Starwood Property Trust (STWD) 10-Q 8 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 04, 2019
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 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		281,929,348
Entity Central Index Key	0001465128
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 284,117	$ 239,824
Restricted cash	110,541	248,041
Loans held-for-investment, net ($479,169 and $0 held at fair value)	8,919,653	8,532,356
Loans held-for-sale ($1,170,193 and $671,282 held at fair value)	1,442,119	1,187,552
Loans transferred as secured borrowings		74,346
Investment securities ($252,882 and $262,319 held at fair value)	809,137	906,468
Properties, net	2,729,538	2,784,890
Intangible assets ($18,249 and $20,557 held at fair value)	119,947	145,033
Investment in unconsolidated entities	126,115	171,765
Goodwill	259,846	259,846
Derivative assets	81,483	52,691
Accrued interest receivable	51,777	60,355
Other assets	250,773	152,922
Variable interest entity ("VIE") assets, at fair value	59,249,054	53,446,364
Total Assets	74,434,100	68,262,453
Liabilities:
Accounts payable, accrued expenses and other liabilities	234,120	217,663
Related-party payable	24,486	44,043
Dividends payable	137,273	133,466
Derivative liabilities	4,781	15,415
Secured financing agreements, net	8,248,088	8,683,565
Collateralized loan obligations, net	927,436
Unsecured senior notes, net	1,926,693	1,998,831
Secured borrowings on transferred loans, net		74,239
VIE liabilities, at fair value	58,018,209	52,195,042
Total Liabilities	69,521,086	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, 287,117,159 issued and 281,937,019 outstanding as of September 30, 2019 and 280,839,692 issued and 275,659,552 outstanding as of December 31, 2018	2,871	2,808
Additional paid-in capital	5,121,671	4,995,156
Treasury stock (5,180,140 shares)	(104,194)	(104,194)
Accumulated other comprehensive income	52,377	58,660
Accumulated deficit	(417,529)	(348,998)
Total Starwood Property Trust, Inc. Stockholders' Equity	4,655,196	4,603,432
Non-controlling interests in consolidated subsidiaries	257,818	296,757
Total Equity	4,913,014	4,900,189
Total Liabilities and Equity	$ 74,434,100	$ 68,262,453

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Loans held-for-investment, net held at fair value	$ 479,169	$ 0
Loans-held-for-sale held at fair value	1,170,193	671,282
Investment securities held at fair value	252,882	262,319
Intangible assets held at fair value	$ 18,249	$ 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	287,117,159	280,839,692
Common stock, shares outstanding	281,937,019	275,659,552
Treasury stock, shares	5,180,140	5,180,140
VIE Assets	$ 59,249,054	$ 53,446,364
VIE Liabilities	58,018,209	$ 52,195,042
Collateralized Loan Obligation
VIE Assets	1,100,000
VIE Liabilities	$ 900,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Interest income from loans	$ 172,030	$ 154,501	$ 546,912	$ 443,825
Interest income from investment securities	16,676	11,508	56,853	37,567
Servicing fees	14,333	27,824	47,774	71,206
Rental income	84,654	91,132	255,784	261,133
Other revenues	637	754	2,668	2,131
Total revenues	288,330	285,719	909,991	815,862
Costs and expenses:
Management fees	30,238	26,519	76,227	84,655
Interest expense	123,156	102,658	387,954	281,433
General and administrative	39,766	31,203	112,274	98,873
Acquisition and investment pursuit costs	163	6,527	579	8,465
Costs of rental operations	31,568	30,191	91,874	92,781
Depreciation and amortization	28,269	34,293	86,075	103,187
Loan loss provision, net	(39)	929	3,242	27,726
Other expense	123	76	1,777	677
Total costs and expenses	253,244	232,396	760,002	697,797
Other income (loss):
Change in net assets related to consolidated VIEs	61,767	33,289	164,761	129,888
Change in fair value of servicing rights	(625)	(974)	(2,308)	(8,991)
Change in fair value of investment securities, net	266	301	995	7,854
Change in fair value of mortgage loans held-for-sale, net	32,521	3,940	65,678	26,573
Earnings (loss) from unconsolidated entities	2,747	2,625	(31,636)	6,633
Gain on sale of investments and other assets, net	21,157	1,462	28,157	25,559
Gain on derivative financial instruments, net	21,933	11,735	19,694	27,498
Foreign currency loss, net	(15,664)	(4,078)	(17,134)	(3,793)
Total other-than-temporary impairment ("OTTI")	(267)	0	(267)	0
Noncredit portion of OTTI recognized in other comprehensive income	267		267
Loss on extinguishment of debt	(4,624)	(2,540)	(10,738)	(2,726)
Other loss, net	(50)	(1,421)	(123)	(815)
Total other income	119,428	44,339	217,346	207,680
Income before income taxes	154,514	97,662	367,335	325,745
Income tax provision	(4,513)	(8,281)	(8,380)	(14,480)
Net income	150,001	89,381	358,955	311,265
Net income attributable to non-controlling interests	(9,605)	(4,845)	(21,160)	(17,567)
Net income attributable to Starwood Property Trust, Inc.	$ 140,396	$ 84,536	$ 337,795	$ 293,698
Earnings per share data attributable to Starwood Property Trust, Inc.:
Basic (in dollars per share)	$ 0.50	$ 0.31	$ 1.20	$ 1.11
Diluted (in dollars per share)	$ 0.49	$ 0.31	$ 1.19	$ 1.09

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 150,001	$ 89,381	$ 358,955	$ 311,265
Other comprehensive income (loss) (net change by component):
Cash flow hedges		(6)		(24)
Available-for-sale securities	(579)	737	(1,045)	2,923
Foreign currency translation	(4,168)	(945)	(5,238)	(4,903)
Other comprehensive loss	(4,747)	(214)	(6,283)	(2,004)
Comprehensive income	145,254	89,167	352,672	309,261
Less: Comprehensive income attributable to non-controlling interests	(9,605)	(4,845)	(21,160)	(17,567)
Comprehensive income attributable to Starwood Property Trust, Inc.	$ 135,649	$ 84,322	$ 331,512	$ 291,694

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	459		459					459
Proceeds from DRIP Plan (in shares)		21,512
Equity offering costs	(22)		(22)					(22)
Conversion of 2019 Convertible Notes	215,377	$ 112	215,265					215,377
Conversion of 2019 Convertible Notes (Shares)		11,181,546
Common stock repurchased	(12,090)			$ (12,090)				$ (12,090)
Common stock repurchased (in shares)				573,255				573,255
Share-based compensation	16,454	$ 12	16,442					$ 16,454
Share-based compensation (in shares)		1,215,137
Manager incentive fee paid in stock	18,642	$ 9	18,633					18,642
Manager incentive fee paid in stock (in shares)		900,891
Net income	293,698				293,698		17,567	311,265
Dividends declared	(384,729)				(384,729)			(384,729)
Other comprehensive loss, net	(2,004)					(2,004)		(2,004)
VIE non-controlling interests							(291)	(291)
Contributions from non-controlling interests							387,481	387,481
Distributions to non-controlling interests	(2,962)		(2,962)				(244,185)	(247,147)
Sale of controlling interest in majority owned property asset							(319)	(319)
Balance at Sep. 30, 2018	4,621,237	$ 2,793	4,963,061	$ (104,194)	(308,343)	67,920	261,040	4,882,277
Balance (in shares) at Sep. 30, 2018		279,302,395		5,180,140
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
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan	145		145					145
Proceeds from DRIP Plan (in shares)		6,530
Equity offering costs	(5)		(5)					(5)
Conversion of 2019 Convertible Notes	215,377	$ 112	215,265					215,377
Conversion of 2019 Convertible Notes (Shares)		11,181,546
Share-based compensation	5,849	$ 4	5,845					5,849
Share-based compensation (in shares)		441,315
Manager incentive fee paid in stock	2,844	$ 2	2,842					2,844
Manager incentive fee paid in stock (in shares)		131,179
Net income	84,536				84,536		4,845	89,381
Dividends declared	(132,117)				(132,117)			(132,117)
Other comprehensive loss, net	(214)					(214)		(214)
VIE non-controlling interests							(1,267)	(1,267)
Contributions from non-controlling interests							12,189	12,189
Distributions to non-controlling interests							(9,596)	(9,596)
Balance at Sep. 30, 2018	4,621,237	$ 2,793	4,963,061	$ (104,194)	(308,343)	67,920	261,040	4,882,277
Balance (in shares) at Sep. 30, 2018		279,302,395		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	632		632					$ 632
Proceeds from DRIP Plan (in shares)		27,887
Redemption of Class A Units for common stock	21,070	$ 10	21,060				(21,070)	21,070
Redemption of Class A Units for common stock (in shares)		974,176
Equity offering costs	(27)		(27)					(27)
Conversion of 2019 Convertible Notes	67,562	$ 36	67,526					67,562
Conversion of 2019 Convertible Notes (Shares)		3,611,918
Share-based compensation	26,364	$ 12	26,352					26,364
Share-based compensation (in shares)		1,168,123
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	337,795				337,795		21,160	358,955
Dividends declared	(406,326)				(406,326)			(406,326)
Other comprehensive loss, net	(6,283)					(6,283)		(6,283)
VIE non-controlling interests							(2,792)	(2,792)
Contributions from non-controlling interests							5,294	5,294
Distributions to non-controlling interests							(41,531)	(41,531)
Balance at Sep. 30, 2019	4,655,196	$ 2,871	5,121,671	$ (104,194)	(417,529)	52,377	257,818	$ 4,913,014
Balance (in shares) at Sep. 30, 2019		287,117,159		5,180,140				287,117,159
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
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan	253		253					253
Proceeds from DRIP Plan (in shares)		10,751
Redemption of Class A Units for common stock	4,697	$ 2	4,695				(4,697)
Redemption of Class A Units for common stock (in shares)		219,831
Equity offering costs	(19)		(19)					(19)
Share-based compensation	12,976	$ 5	12,971					12,976
Share-based compensation (in shares)		435,216
Net income	140,396				140,396		9,605	150,001
Dividends declared	(136,067)				(136,067)			(136,067)
Other comprehensive loss, net	(4,747)					(4,747)		(4,747)
VIE non-controlling interests							(2,615)	(2,615)
Contributions from non-controlling interests							658	658
Distributions to non-controlling interests							(10,677)	(10,677)
Balance at Sep. 30, 2019	$ 4,655,196	$ 2,871	$ 5,121,671	$ (104,194)	$ (417,529)	$ 52,377	$ 257,818	$ 4,913,014
Balance (in shares) at Sep. 30, 2019		287,117,159		5,180,140				287,117,159

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	Aug. 07, 2019	May 08, 2019	Feb. 28, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Condensed Consolidated Statements of Equity
Dividends declared per common share	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 1.44	$ 1.44

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows from Operating Activities:
Net income	$ 358,955	$ 311,265
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	25,942	18,156
Amortization of discounts and deferred financing costs on senior notes	5,830	9,674
Accretion of net discount on investment securities	(10,338)	(12,013)
Accretion of net deferred loan fees and discounts	(24,193)	(28,954)
Share-based compensation	26,364	16,454
Share-based component of incentive fees	10,977	18,642
Change in fair value of investment securities	(995)	(7,854)
Change in fair value of consolidated VIEs	(32,984)	(12,173)
Change in fair value of servicing rights	2,308	8,991
Change in fair value of loans held-for-sale	(65,678)	(26,573)
Change in fair value of derivatives	(16,043)	(24,339)
Foreign currency (gain) loss, net	17,134	3,734
Gain on sale of investments and other assets	(28,157)	(25,559)
Impairment charges on properties and related intangibles	1,392	1,864
Loan loss provision, net	3,242	27,726
Depreciation and amortization	86,172	101,760
Loss (earnings) from unconsolidated entities	31,636	(6,633)
Distributions of earnings from unconsolidated entities	9,730	5,001
Loss on extinguishment of debt	10,738	2,726
Origination and purchase of loans held-for-sale, net of principal collections	(2,549,697)	(1,386,609)
Proceeds from sale of loans held-for-sale	1,774,794	1,243,109
Changes in operating assets and liabilities:
Related-party payable, net	(19,557)	(17,083)
Accrued and capitalized interest receivable, less purchased interest	(71,906)	(37,314)
Other assets	(112,723)	(32,348)
Accounts payable, accrued expenses and other liabilities	(2,734)	22,997
Net cash (used in) provided by operating activities	(569,791)	174,647
Cash Flows from Investing Activities:
Origination and purchase of loans held-for-investment	(2,987,685)	(3,495,080)
Proceeds from principal collections on loans	2,312,992	2,225,575
Proceeds from loans sold	945,066	742,496
Purchase of investment securities	(5,165)	(312,339)
Proceeds from sales of investment securities	3,978	6,016
Proceeds from principal collections on investment securities	118,892	355,757
Infrastructure lending business combination		(2,011,428)
Proceeds from sales and insurance recoveries on properties	52,336	105,548
Purchases and additions to properties and other assets	(22,977)	(44,741)
Investment in unconsolidated entities	(8,365)	(3,100)
Distribution of capital from unconsolidated entities	12,455	21,448
Payments for purchase or termination of derivatives	(36,360)	(18,210)
Proceeds from termination of derivatives	12,979	15,521
Net cash provided by (used in) investing activities	398,146	(2,412,537)
Cash Flows from Financing Activities:
Proceeds from borrowings	6,084,209	6,845,138
Principal repayments on and repurchases of borrowings	(5,549,756)	(3,880,450)
Payment of deferred financing costs	(45,403)	(63,219)
Proceeds from common stock issuances	632	459
Payment of equity offering costs	(27)	(22)
Payment of dividends	(402,519)	(378,096)
Contributions from non-controlling interests	5,294	9,066
Distributions to non-controlling interests	(41,531)	(247,147)
Purchase of treasury stock	0	(12,090)
Issuance of debt of consolidated VIEs	149,949	26,849
Repayment of debt of consolidated VIEs	(158,315)	(166,387)
Distributions of cash from consolidated VIEs	38,607	76,294
Net cash provided by financing activities	81,140	2,210,395
Net increase (decrease) in cash, cash equivalents and restricted cash	(90,505)	(27,495)
Cash, cash equivalents and restricted cash, beginning of period	487,865	418,273
Effect of exchange rate changes on cash	(2,702)	(757)
Cash, cash equivalents and restricted cash, end of period	394,658	390,021
Supplemental disclosure of cash flow information:
Cash paid for interest	367,291	241,173
Income taxes paid	8,848	8,223
Supplemental disclosure of non-cash investing and financing activities:
Dividends declared, but not yet paid	136,533	132,408
Consolidation of VIEs (VIE asset/liability additions)	6,103,915	3,438,933
Deconsolidation of VIEs (VIE asset/liability reductions)	341,186	1,395,168
Reclassification of residential loans held-for-sale to held-for-investment	340,948
Settlement of 2019 Convertible Notes in shares	75,525	245,172
Settlement of loans transferred as secured borrowings	74,692
Net assets acquired through foreclosure	27,416
Redemption of Class A Units for common stock	21,070
Lease liabilities arising from obtaining right-of-use assets	9,626
Net assets acquired from consolidated VIEs	$ 8,613	27,737
Fair value of assets acquired, net of cash and restricted cash		2,020,037
Fair value of liabilities assumed		8,609
Contribution of Woodstar II Portfolio net assets from non-controlling interests		$ 378,415

Business and Organization

Business and Organization	9 Months Ended
	Sep. 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 September 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	9 Months Ended
	Sep. 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 nine months ended September 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, we have financed a pool of our loans through a collateralized loan obligation (“CLO”) which is considered a VIE. We also hold interests in certain other entities which are considered VIEs as the limited partners of those 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 . 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 certain eligible financial assets and liabilities of our consolidated securitization VIEs, residential loans held-for-investment, 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 residential mortgage loans held-for-investment were made in order to maintain consistency across all our residential mortgage loans. 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 or we have elected to apply the fair value option at purchase. ​ Loan Impairment ​ We evaluate each loan classified as held-for-investment not under the fair value option 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 recognition of a $12.0 million lease liability and corresponding right-of-use asset, which are classified within “Accounts payable, accrued expenses and other liabilities” and “Other assets”, respectively, in our condensed consolidated balance sheet as of September 30, 2019. ​ Earnings Per Share ​ We present both basic and diluted earnings per share (“EPS”) amounts in our financial statements. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the maximum potential dilution that could occur from (i) our share-based compensation, consisting of unvested restricted stock (“RSAs”) and restricted stock units (“RSUs”), (ii) shares contingently issuable to our Manager, (iii) the conversion options associated with our outstanding convertible senior notes (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 nine months ended September 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 Early application is permitted. We do not expect the application of this ASU to materially impact the Company, as it only affects fair value disclosures. ​ On October 31, 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810) – Targeted Improvements to Related Party Guidance for Variable Interest Entities ​ ​

Acquisitions and Divestitures

Acquisitions and Divestitures	9 Months Ended
	Sep. 30, 2019
Acquisitions and Divestitures
Acquisitions and Divestitures	3. Acquisitions and Divestitures ​ Investing and Servicing Segment Property Portfolio ​ During the three and nine months ended September 30, 2019, our Investing and Servicing Segment acquired $8.6 million in net assets of a commercial real estate property from a CMBS trust for a gross purchase price of $8.8 million. This property, aggregated with the controlling interests in million, comprise the Investing and Servicing Segment Property Portfolio (the “REIS Equity Portfolio”). When the properties are acquired from CMBS trusts that are consolidated as VIEs on our balance sheet, the acquisitions are reflected as repayment of debt of consolidated VIEs in our condensed consolidated statements of cash flows. ​ During the three and nine months ended September 30, 2019, we sold a property within the Investing and Servicing Segment for $51.5 million. In connection with this sale, we recognized a gain of million was attributable to non-controlling interests. During the three and nine months ended September 30, 2018, we sold million non-controlling interest in the property. During the nine months ended September 30, 2018, of the gain on sale was attributable to non-controlling interests during the three months ended September 30, 2018. ​ ​

Loans

Loans	9 Months Ended
	Sep. 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 for either. The following tables summarize our investments in mortgages and loans by subordination class as of September 30, 2019 and December 31, 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average Life ​ ​ Carrying ​ Face ​ Average ​ (“WAL”) September 30, 2019 ​ Value ​ Amount ​ Coupon (1) ​ (years)(2) First mortgages (3) ​ $ 6,532,017 ​ $ 6,557,131 6.2 % 2.0 First priority infrastructure loans ​ ​ 1,281,815 ​ ​ 1,292,807 5.5 % 4.6 Subordinated mortgages (4) ​ 53,008 ​ ​ 54,143 8.6 % 3.0 Mezzanine loans (3) ​ 545,494 ​ ​ 546,434 11.2 % 1.8 Residential loans, fair value option (5) ​ ​ 479,169 ​ ​ 465,344 6.1 % 3.6 Other ​ ​ 60,995 ​ ​ 64,731 ​ 8.2 % 1.8 Total loans held-for-investment ​ 8,952,498 ​ ​ 8,980,590 ​ ​ ​ ​ Loans held-for-sale, fair value option, residential (5) ​ ​ 701,610 ​ ​ 677,548 ​ 6.4 % 3.5 Loans held-for-sale, commercial ($468,583 under fair value option) ​ ​ 576,577 ​ ​ 566,891 ​ 4.1 % 8.3 Loans held-for-sale, infrastructure ​ ​ 164,122 ​ ​ 168,445 ​ 3.4 % 1.8 Total gross loans ​ 10,394,807 ​ 10,393,474 ​ ​ ​ ​ Loan loss allowance ​ (33,035) ​ — ​ ​ ​ ​ Total net loans ​ $ 10,361,772 ​ $ 10,393,474 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First mortgages (3) ​ $ 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 (4) ​ 52,778 ​ 53,996 8.9 % 3.7 Mezzanine loans (3) ​ 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) Calculated using LIBOR or other applicable index rates as of September 30, 2019 and December 31, 2018 for variable rate loans ​ (2) Represents the WAL of each respective group of loans as of the respective balance sheet date. The WAL of each individual loan is calculated using amounts and timing of future principal payments, as projected at origination or acquisition. ​ (3) 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 $809.5 million and $1.0 billion being classified as first mortgages as of September 30, 2019 and December 31, 2018, respectively. ​ (4) 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. ​ (5) During the three and nine months ended September 30, 2019, $340.9 million of residential loans held-for-sale were reclassified into residential loans held-for-investment. ​ During the three and nine months ended September 30, 2018, the Company received distributions totaling $2.8 million and $15.1 million, respectively, 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 nine months ended September 30, 2019. ​ As of September 30, 2019, our variable rate loans held-for-investment were as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Weighted-average ​ September 30, 2019 ​ Value ​ Spread Above Index ​ Commercial loans ​ $ 6,716,670 ​ 4.4 % First priority infrastructure loans ​ ​ 1,281,815 ​ 3.4 % Total variable rate loans held-for-investment ​ $ 7,998,485 ​ 4.3 % ​ 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 September 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 September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 ​ $ 598 ​ $ — ​ $ — ​ $ — ​ $ 23,013 ​ $ — ​ $ 23,611 ​ 0.2 % 2 ​ 3,640,565 ​ — ​ 37,999 ​ 207,997 ​ — ​ — ​ 3,886,561 ​ 37.4 % 3 ​ 2,695,552 ​ — ​ 3,032 ​ ​ 337,497 ​ 31,141 ​ — ​ 3,067,222 ​ 29.5 % 4 ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — % 5 ​ 59,866 ​ — ​ — ​ — ​ — ​ — ​ 59,866 ​ 0.6 % N/A ​ 135,436 (1) 1,281,815 (2) 11,977 (1) — ​ 6,841 (1) — ​ 1,436,069 ​ 13.8 % ​ ​ $ 6,532,017 ​ $ 1,281,815 ​ $ 53,008 ​ $ 545,494 ​ $ 60,995 ​ $ — ​ ​ 8,473,329 ​ ​ ​ Residential loans held-for-investment, fair value option ​ ​ ​ ​ ​ ​ ​ ​ 479,169 ​ 4.6 % Loans held-for-sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,442,309 ​ 13.9 % Total gross loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,394,807 ​ 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 September 30, 2019, we concluded that no additional impairment charges or releases thereof were required. During the nine months ended September 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 September 30, 2019, we had allowances for impaired loans of $29.9 million. Of this amount, $21.6 ​ 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 September 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 nine months ended September 30, 2019 was $156.5 million and $178.1 million, respectively. ​ As of September 30, 2019, we held TDRs with unfunded commitments of $4.3 million. There were ​ As of September 30, 2019, the department store loans discussed above were 90 days or greater past due, as were $5.2 million of residential loans and a $36.2 million infrastructure loan with a carrying value of $29.2 million, net of a $7.0 million 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 Nine Months Ended ​ September 30, ​ 2019 2018 Allowance for loan losses at January 1 $ 39,151 ​ $ 4,330 Provision for (reversal of) loan losses 3,242 ​ (2,127) Provision for impaired loans ​ — ​ ​ 29,853 Charge-offs (9,358) ​ — Recoveries — ​ — Allowance for loan losses at September 30 $ 33,035 ​ $ 32,056 Recorded investment in loans related to the allowance for loan loss $ 254,070 ​ $ 287,242 ​ The activity in our loan portfolio was as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ​ September 30, ​ 2019 2018 Balance at January 1 $ 9,794,254 ​ $ 7,382,641 Acquisitions/originations/additional funding 5,607,829 ​ 5,006,725 Acquisition of Infrastructure Lending Portfolio ​ — ​ ​ 1,826,423 Capitalized interest (1) 79,869 ​ 44,293 Basis of loans sold (2) (2,713,237) ​ (1,985,388) Loan maturities/principal repayments (2,429,078) ​ (2,383,658) Discount accretion/premium amortization 24,193 ​ 28,954 Changes in fair value 65,678 ​ 26,573 Unrealized foreign currency translation loss (37,191) ​ (17,095) Loan loss provision, net (3,242) ​ (27,726) Loan foreclosure ​ (27,303) ​ ​ — Transfer to/from other asset classifications ​ — ​ ​ 50 Balance at September 30 $ 10,361,772 ​ $ 9,901,792 (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	9 Months Ended
	Sep. 30, 2019
Investment Securities
Investment Securities	5. Investment Securities ​ Investment securities were comprised of the following as of September 30, 2019 and December 31, 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of ​ ​ September 30, 2019 December 31, 2018 RMBS, available-for-sale ​ $ 195,297 ​ $ 209,079 RMBS, fair value option (1) ​ ​ 111,122 ​ ​ 87,879 CMBS, fair value option (1) ​ 1,127,637 ​ 1,157,508 Held-to-maturity (“HTM”) debt securities, amortized cost ​ 556,255 ​ 644,149 Equity security, fair value ​ 11,286 ​ 11,893 Subtotal — ​ 2,001,597 ​ 2,110,508 VIE eliminations (1) ​ (1,192,460) ​ ​ (1,204,040) Total investment securities ​ $ 809,137 ​ $ 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 September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ 52,845 ​ $ 10,214 ​ $ — ​ $ — ​ $ (57,894) ​ $ 5,165 Sales ​ — ​ — ​ 49,725 ​ — ​ — ​ (49,725) ​ — Principal collections ​ 7,445 ​ 4,680 ​ 15,859 ​ 35,069 ​ — ​ (17,196) ​ 45,857 Three Months Ended September 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ 45,095 ​ $ 26,258 ​ $ 289,100 ​ $ — ​ $ (68,579) ​ $ 291,874 Acquisition of Infrastructure Lending Portfolio ​ ​ — ​ ​ — ​ ​ — ​ ​ 65,060 ​ ​ — ​ ​ — ​ ​ 65,060 Sales ​ 2,046 ​ — ​ 22,065 ​ — ​ — ​ (18,902) ​ 5,209 Principal collections ​ 9,246 ​ 119 ​ 22,031 ​ 20,577 ​ — ​ (17,903) ​ 34,070 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS, ​ RMBS, fair ​ CMBS, fair ​ HTM ​ Equity ​ Securitization ​ ​ ​ ​ available-for-sale value option value option Securities Security VIEs (1) Total Nine Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ 79,117 ​ $ 62,427 ​ $ — ​ $ — ​ $ (136,379) ​ $ 5,165 Sales ​ — ​ 41,501 ​ 112,426 ​ — ​ — ​ (149,949) ​ 3,978 Principal collections ​ 20,222 ​ 9,772 ​ 37,768 ​ 89,737 ​ — ​ (38,607) ​ 118,892 Nine Months Ended September 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ 45,095 ​ $ 118,166 ​ $ 289,100 ​ $ — ​ $ (140,022) ​ $ 312,339 Acquisition of Infrastructure Lending Portfolio ​ ​ — ​ ​ — ​ ​ — ​ ​ 65,060 ​ ​ — ​ ​ — ​ ​ 65,060 Sales ​ 2,853 ​ — ​ 30,012 ​ — ​ — ​ (26,849) ​ 6,016 Principal collections ​ 27,432 ​ 119 ​ 82,812 ​ 323,061 ​ — ​ (77,667) ​ 355,757 (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 September 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 September 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 September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 152,632 ​ $ (9,805) ​ $ 142,827 ​ $ (333) ​ $ 52,803 ​ $ — ​ $ 52,470 ​ $ 195,297 December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 165,461 ​ $ (9,897) ​ $ 155,564 ​ $ (31) ​ $ 53,546 ​ $ — ​ $ 53,515 ​ $ 209,079 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Coupon (1) Weighted Average WAL September 30, 2019 ​ ​ ​ ​ ​ ​ RMBS 3.3 % BB- 5.8 December 31, 2018 ​ ​ ​ ​ ​ ​ RMBS 3.7 % CCC- ​ 6.0 (1) Calculated using the September 30, 2019 and December 31, 2018 one-month LIBOR rate of 2.016% 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 September 30, 2019, approximately $165.9 million, or 84.9%, of RMBS were variable rate and paid interest at LIBOR plus a weighted average spread of 1.24%. 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 September 30, 2019 and December 31, 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2019 December 31, 2018 Principal balance ​ $ 286,717 ​ $ 309,497 Accretable yield ​ (56,148) ​ (54,779) Non-accretable difference ​ (87,742) ​ (99,154) Total discount ​ (143,890) ​ (153,933) Amortized cost ​ $ 142,827 ​ $ 155,564 ​ The principal balance of credit deteriorated RMBS was $270.9 million and $290.8 million as of September 30, 2019 and December 31, 2018, respectively. Accretable yield related to these securities totaled $50.0 million and $49.5 million as of September 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 nine months ended September 30, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Accretable Three Months Ended September 30, 2019 ​ Accretable Yield ​ Difference Balance as of July 1, 2019 ​ $ 54,821 ​ $ 92,570 Accretion of discount ​ (2,446) ​ — Principal write-downs, net ​ — ​ (1,055) Transfer to/from non-accretable difference ​ 3,773 ​ (3,773) Balance as of September 30, 2019 ​ $ 56,148 ​ $ 87,742 ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ Balance as of January 1, 2019 ​ $ 54,779 ​ $ 99,154 Accretion of discount ​ (7,484) ​ — Principal write-downs, net ​ — ​ (2,559) Transfer to/from non-accretable difference ​ 8,853 ​ (8,853) Balance as of September 30, 2019 ​ $ 56,148 ​ $ 87,742 ​ We have engaged a third party manager who specializes in RMBS to execute the trading of RMBS, the cost of which was $0.3 million for both the three months ended September 30, 2019 and 2018, and $1.1 million and $1.3 million for the nine months ended September 30, 2019 and 2018, respectively, 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 September 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 September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 1,520 ​ $ — ​ $ (333) ​ $ — ​ As of December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 2,148 ​ $ — ​ $ (31) ​ $ — ​ ​ As of both September 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 September 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 $1.1 billion and $2.8 billion, respectively. As of September 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 $111.1 million and $61.7 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 $46.3 million at September 30, 2019) is eliminated against VIE liabilities before arriving at our GAAP balance for fair value option investment securities. ​ As of September 30, 2019, $118.4 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 September 30, 2019 and December 31, 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Carrying Amount ​ Gross Unrealized ​ Gross Unrealized ​ ​ ​ ​ ​ (Amortized Cost) ​ Holding Gains ​ Holding Losses ​ Fair Value September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ CMBS ​ $ 360,640 ​ $ 1,008 ​ $ (2,968) ​ $ 358,680 ​ Preferred interests ​ ​ 141,567 ​ ​ 1,254 ​ ​ — ​ ​ 142,821 ​ Infrastructure bonds ​ ​ 54,048 ​ ​ 122 ​ ​ (1,369) ​ ​ 52,801 ​ Total ​ $ 556,255 ​ $ 2,384 ​ $ (4,337) ​ $ 554,302 ​ December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CMBS ​ $ 408,556 ​ $ 2,435 ​ $ (3,349) ​ $ 407,642 ​ Preferred interests ​ ​ 174,825 ​ ​ 703 ​ ​ — ​ ​ 175,528 ​ Infrastructure bonds ​ ​ 60,768 ​ ​ 178 ​ ​ (168) ​ ​ 60,778 ​ Total ​ $ 644,149 ​ $ 3,316 ​ $ (3,517) ​ $ 643,948 ​ ​ The table below summarizes the maturities of our HTM debt securities by type as of September 30, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred ​ Infrastructure ​ ​ ​ ​ CMBS ​ Interests ​ Bonds ​ Total Less than one year $ 334,249 ​ $ — ​ $ — ​ $ 334,249 One to three years ​ ​ 26,391 ​ ​ — ​ ​ 9,013 ​ ​ 35,404 Three to five years ​ ​ — ​ ​ 141,567 ​ ​ — ​ ​ 141,567 Thereafter ​ — ​ ​ — ​ ​ 45,035 ​ ​ 45,035 Total ​ $ 360,640 ​ $ 141,567 ​ $ 54,048 ​ $ 556,255 ​ As of September 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 $11.3 million and $11.9 million as of September 30, 2019 and December 31, 2018, respectively. As of September 30, 2019, our shares represent an approximate 2% interest in SEREF.

Properties

Properties	9 Months Ended
	Sep. 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 $627.9 million and federal, state and county sponsored financing and other debt of $405.8 million as of September 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 $192.3 million as of September 30, 2019. ​ 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. The REIS Equity Portfolio includes total gross properties and lease intangibles of $337.5 million and debt of $225.4 million as of September 30, 2019. Refer to Note 3 for further discussion of the REIS Equity Portfolio. ​ The table below summarizes our properties held as of September 30, 2019 and December 31, 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciable Life September 30, 2019 December 31, 2018 Property Segment ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 15 years ​ $ 640,831 ​ $ 648,972 Buildings and building improvements ​ 5 – 45 years ​ ​ 1,969,326 ​ ​ 1,980,283 Furniture & fixtures ​ 3 – 7 years ​ ​ 51,148 ​ ​ 46,048 Investing and Servicing Segment ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 15 years ​ ​ 69,640 ​ ​ 82,332 Buildings and building improvements ​ 3 – 40 years ​ ​ 221,796 ​ ​ 213,010 Furniture & fixtures ​ 2 – 5 years ​ ​ 2,752 ​ ​ 2,158 Commercial and Residential Lending Segment (1) ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 7 years ​ ​ 11,386 ​ ​ — Buildings ​ 20 – 23 years ​ ​ 16,067 ​ ​ — Properties, cost ​ ​ ​ ​ 2,982,946 ​ ​ 2,972,803 Less: accumulated depreciation ​ ​ ​ ​ (253,408) ​ ​ (187,913) Properties, net ​ ​ ​ $ 2,729,538 ​ $ 2,784,890 (1) Represents properties acquired through loan foreclosure. Refer to Note 4 for further discussion. ​ During the three and nine months ended September 30, 2019, we sold one operating property for $51.5 million. In connection with this sale, we recognized a gain of 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 nine months ended September 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) $ 67,051 2020 ​ 170,056 2021 ​ 117,115 2022 ​ 110,199 2023 ​ ​ 94,699 Thereafter ​ 818,876 Total ​ $ 1,377,996 ​

Investment in Unconsolidated En

Investment in Unconsolidated Entities	9 Months Ended
	Sep. 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 September 30, 2019 and December 31, 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Participation / ​ Carrying value as of ​ Ownership % (1) September 30, 2019 December 31, 2018 Equity method: ​ ​ ​ ​ ​ ​ ​ ​ Retail Fund ​ 33% ​ $ 71,824 ​ $ 114,362 Investor entity which owns equity in an online real estate company ​ 50% ​ ​ 9,441 ​ ​ 9,372 Equity interests in commercial real estate ​ 50% ​ ​ 2,165 ​ ​ 6,294 Equity interest in and advances to a residential mortgage originator (2) N/A ​ 9,404 ​ 9,082 Various 25% - 50% ​ 8,277 ​ 6,984 ​ ​ ​ ​ 101,111 ​ 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% ​ 15,779 ​ 10,239 ​ ​ ​ ​ 25,004 ​ 25,671 ​ ​ ​ ​ $ 126,115 ​ $ 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 nine months ended September 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 nine months ended September 30, 2019, the Retail Fund reported unrealized decreases in the fair value of its real estate properties, which resulted in a million decrease to our investment. This amount was recognized within earnings (loss) from unconsolidated entities in our condensed consolidated statement of operations during the nine months ended September 30, 2019. Refer to Note 23 for further discussion. ​ As of September 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 September 30, 2019. ​ During the three and nine months ended September 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	9 Months Ended
	Sep. 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 September 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 September 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 September 30, 2019 and December 31, 2018, the balance of the domestic servicing intangible was net of $24.8 million and $24.1 million, respectively, which was eliminated in consolidation pursuant to ASC 810 against VIE assets in connection with our consolidation of securitization VIEs. Before VIE consolidation, as of September 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 September 30, 2019 and December 31, 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 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 ​ $ 18,249 ​ $ — ​ $ 18,249 ​ $ 20,557 ​ $ — ​ $ 20,557 In-place lease intangible assets ​ 186,660 ​ (109,145) ​ 77,515 ​ 198,220 ​ (100,873) ​ 97,347 Favorable lease intangible assets ​ ​ 35,917 ​ ​ (11,734) ​ ​ 24,183 ​ ​ 36,895 ​ ​ (9,766) ​ ​ 27,129 Total net intangible assets ​ $ 240,826 ​ $ (120,879) ​ $ 119,947 ​ $ 255,672 ​ $ (110,639) ​ $ 145,033 ​ The following table summarizes the activity within intangible assets for the nine months ended September 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 Acquisition of additional REIS Equity Portfolio property ​ ​ — ​ ​ 277 ​ ​ — ​ ​ 277 Amortization ​ ​ — ​ ​ (15,284) ​ ​ (2,519) ​ ​ (17,803) Sales ​ ​ — ​ ​ (2,612) ​ ​ — ​ ​ (2,612) Foreign exchange loss ​ ​ — ​ ​ (1,160) ​ ​ (321) ​ ​ (1,481) Impairment (1) ​ ​ — ​ ​ (1,053) ​ ​ (106) ​ ​ (1,159) Changes in fair value due to changes in inputs and assumptions ​ ​ (2,308) ​ ​ — ​ ​ — ​ ​ (2,308) Balance as of September 30, 2019 ​ $ 18,249 ​ $ 77,515 ​ $ 24,183 ​ $ 119,947 (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) $ 4,935 2020 ​ 16,502 2021 ​ 14,197 2022 ​ 11,727 2023 ​ 8,556 Thereafter ​ 45,781 Total ​ $ 101,698 ​

Secured Borrowings

Secured Borrowings	9 Months Ended
	Sep. 30, 2019
Secured financing agreements
Secured Financing Agreements
Secured Financing Agreements	​ ​ 9. Secured Borrowings ​ Secured Financing Agreements ​ The following table is a summary of our secured financing agreements in place as of September 30, 2019 and December 31, 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Balance at ​ ​ Current ​ Extended ​ Weighted Average ​ Pledged Asset ​ Maximum ​ September 30, ​ December 31, ​ ​ Maturity Maturity (a) Pricing Carrying Value Facility Size 2019 2018 Repurchase Agreements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Loans ​ Aug 2020 to Jan 2024 (b) Aug 2021 to Apr 2028 (b) (c) ​ $ 4,458,046 ​ $ 7,879,032 (d) $ 2,945,331 ​ $ 3,598,311 Residential Loans ​ Feb 2021 ​ N/A ​ LIBOR + 2.10% ​ ​ 16,332 ​ ​ 400,000 ​ ​ 13,190 ​ ​ — Infrastructure Loans ​ Feb 2020 to Jul 2022 ​ Feb 2021 to Jul 2027 ​ LIBOR + 1.75% ​ ​ 316,759 ​ ​ 1,000,000 ​ ​ 263,664 ​ ​ — Conduit Loans ​ Feb 2020 to Jun 2022 ​ Feb 2021 to Jun 2023 ​ LIBOR + 2.22% ​ ​ 358,405 ​ ​ 363,225 ​ ​ 234,025 ​ ​ 35,034 CMBS/RMBS ​ Jun 2020 to Dec 2028 (e) Sep 2020 to Oct 2029 (e) (f) ​ ​ 1,069,948 ​ ​ 778,025 ​ ​ 676,648 ​ ​ 656,405 Total Repurchase Agreements ​ ​ ​ ​ ​ ​ ​ ​ 6,219,490 ​ ​ 10,420,282 ​ ​ 4,132,858 ​ ​ 4,289,750 Other Secured Financing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Borrowing Base Facility ​ Apr 2022 ​ Apr 2024 ​ LIBOR + 2.25% ​ ​ 49,754 ​ ​ 650,000 (g) ​ 37,313 ​ ​ — Infrastructure Acquisition Facility ​ Sep 2021 ​ Sep 2022 ​ (h) ​ ​ 1,062,553 ​ ​ 1,086,201 ​ ​ 883,173 ​ ​ 1,551,148 Property Mortgages - Fixed rate ​ Nov 2024 to Aug 2052 (i) N/A ​ 3.41% ​ ​ 1,921,951 ​ ​ 1,453,116 ​ ​ 1,452,970 ​ ​ 1,475,382 Property Mortgages - Variable rate ​ May 2020 to Apr 2025 ​ N/A ​ LIBOR + 2.44% ​ ​ 831,275 ​ ​ 694,351 ​ ​ 643,261 ​ ​ 645,344 Term Loan and Revolver ​ (j) ​ N/A ​ (j) ​ ​ N/A (j) ​ 500,000 ​ ​ 400,000 ​ ​ 300,000 FHLB ​ Feb 2021 ​ N/A ​ (k) ​ ​ 1,164,449 ​ ​ 2,000,000 ​ ​ 780,754 ​ ​ 500,000 Total Other Secured Financing ​ ​ ​ ​ ​ ​ ​ ​ 5,029,982 ​ ​ 6,383,668 ​ ​ 4,197,471 ​ ​ 4,471,874 ​ ​ ​ ​ ​ ​ ​ ​ $ 11,249,472 ​ $ 16,803,950 ​ ​ 8,330,329 ​ ​ 8,761,624 Unamortized net discount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2,920) ​ ​ (963) Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (79,321) ​ ​ (77,096) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 8,248,088 ​ $ 8,683,565 (a) Subject to certain conditions as defined in the respective facility agreement. (b) For certain facilities, borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions. (c) Certain facilities with an outstanding balance of $593.8 million as of September 30, 2019 are indexed to GBP LIBOR and EURIBOR. The remainder have a weighted average rate of LIBOR + 1.93% . (d) The aggregate initial maximum facility size of $6.8 billion may be increased at our option, subject to certain conditions. This amount includes such upsizes. (e) Certain facilities with an outstanding balance of $393.8 million as of September 30, 2019 carry a rolling 11-month or 12-month term which may reset monthly with the lender's consent. These facilities carry no maximum facility size. (f) A facility with an outstanding balance of $78.6 million as of September 30, 2019 has a fixed annual interest rate of 4.09% . All other facilities are variable rate with a weighted average rate of LIBOR + 1.55% . (g) The initial maximum facility size of $300.0 million may be increased to $650.0 million, subject to certain conditions. (h) 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. (i) The weighted average maturity is 9.3 years as of September 30, 2019. (j) Consists of: (i) a $400.0 million term loan facility that matures in July 2026 with an annual interest rate of LIBOR + 2.50% ; and (ii) a $100.0 million revolving credit facility that matures in July 2024 with an annual interest rate of LIBOR + 3.00% . These facilities are secured by the equity interests in certain of our subsidiaries which totaled $3.5 billion as of September 30, 2019. (k) FHLB financing with an outstanding balance of $312.0 million as of September 30, 2019 has a weighted average fixed annual interest rate of 2.08% . The remainder is variable rate with a weighted average rate of LIBOR + 0.28% . ​ 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 February 2019, we entered into a $500.0 million Infrastructure Loans repurchase facility. The facility carries a one-year initial term with a one-year extension option and an annual interest rate of LIBOR + 1.75%. ​ In February 2019, we amended a Residential Loans repurchase facility to increase available borrowings by $200.0 million and extend the current maturity from June 2019 to February 2021. ​ 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 Borrowing Base Facility to extend the current maturity from February 2021 to April 2022 with two one-year extension options. ​ In July 2019, we entered into the following credit agreements: (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 the term loan was used to repay the amount outstanding under our previous term loan. We recognized a loss on extinguishment of debt of $1.5 million in our condensed consolidated statements of operations in connection with the repayment of our previous term loan. ​ In July 2019, we entered into a $500.0 million Infrastructure Loans repurchase 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, with such term-match not to exceed the eight-year life of the facility. The facility has an annual interest rate of ​ During the three and nine months ended September 30, 2019, we entered into and amended several Commercial Loans repurchase facilities resulting in an aggregate upsize of $550.0 million and $1.6 billion, respectively, with weighted average spreads over the applicable index rates of index + 2.33% and index + 2.21%, respectively. ​ Our secured financing agreements contain certain financial tests and covenants. As of September 30, 2019, we were in compliance with all such covenants. ​ 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 agreement. ​ For the three and nine months ended September 30, 2019, approximately $8.1 million and $24.9 million, respectively, of amortization of deferred financing costs from secured financing agreements was included in interest expense on our condensed consolidated statements of operations. For the three and nine months ended September 30, 2018, approximately $6.6 million and $17.5 million, respectively, of amortization of deferred financing costs from secured financing agreements was included in interest expense on our condensed consolidated statements of operations. ​ Collateralized Loan Obligations ​ In August 2019, we refinanced a pool of our commercial loans held-for-investment through a CLO, STWD 2019-FL1. On the closing date, the CLO issued $1.1 billion principal amount of notes, of which $936.4 million was purchased by third party investors. We retained $86.6 million of notes, along with preferred shares with a liquidation preference of $77.0 million. The CLO contains a reinvestment feature that, subject to certain eligibility criteria, allows us to contribute new loans or participation interests in loans to the CLO in exchange for cash. For the three months ended September 30, 2019, we utilized the reinvestment feature, contributing $1.8 million of additional interests into the CLO. ​ The following table is a summary of our CLO as of September 30, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Face ​ Carrying ​ Weighted ​ ​ ​ ​ ​ Count ​ Amount ​ Value ​ Average Spread ​ Maturity ​ Collateral assets ​ 21 ​ $ 1,098,817 ​ $ 1,098,817 ​ LIBOR + 3.23% (a) Aug 2023 (b) Financing ​ 1 ​ 936,375 ​ ​ 927,436 ​ LIBOR + 1.65% (c) July 2038 (d) (a) Represents the weighted-average coupon earned on variable rate loans during the three months ended September 30, 2019. Of the loans financed by the CLO, 9% earned fixed weighted average interest of 6.84% . (b) Represents the weighted-average maturity, assuming the extended contractual maturity of the collateral assets. (c) Represents the weighted-average cost of financing incurred during the three months ended September 30, 2019, inclusive of deferred issuance costs. (d) Repayments of the CLO are tied to timing of the related collateral asset repayments. The term of the CLO financing obligation represents the legal final maturity date. ​ We incurred $9.2 million of issuance costs in connection with the CLO, which are amortized on an effective yield basis over the estimated life of the CLO. As of September 30, 2019, our unamortized issuance costs were $8.9 million. ​ The CLO is considered a VIE, for which we are deemed the primary beneficiary. We therefore consolidate the CLO. Refer to Note 14 for further discussion. ​ Maturities ​ 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Repurchase Other Secured ​ ​ ​ ​ ​ Agreements ​ Financing ​ CLO ​ Total 2019 (remainder of) $ 53,273 $ 405,283 $ — ​ $ 458,556 2020 ​ 474,502 ​ 198,376 ​ ​ — ​ 672,878 2021 ​ 1,123,670 ​ 823,199 ​ ​ — ​ 1,946,869 2022 ​ 681,928 ​ 685,635 ​ ​ — ​ 1,367,563 2023 ​ 1,106,086 ​ 582,157 ​ ​ — ​ 1,688,243 Thereafter ​ 693,399 ​ 1,502,821 ​ ​ 936,375 (a) 3,132,595 Total ​ $ 4,132,858 ​ $ 4,197,471 ​ $ 936,375 ​ $ 9,266,704 (a) Assumes utilization of the reinvestment feature.

Unsecured Senior Notes

Unsecured Senior Notes	9 Months Ended
	Sep. 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 September 30, 2019 and December 31, 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ ​ ​ ​ Coupon ​ Effective ​ Maturity ​ Period of ​ Carrying Value at ​ ​ Rate ​ Rate (1) ​ Date ​ Amortization ​ September 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 ​ 1.3 years ​ ​ 500,000 ​ ​ 500,000 2021 Senior Notes (December) ​ 5.00 % 5.32 % 12/15/2021 ​ 2.2 years ​ ​ 700,000 ​ ​ 700,000 2023 Convertible Notes ​ 4.38 % 4.86 % 4/1/2023 ​ 3.5 years ​ ​ 250,000 ​ ​ 250,000 2025 Senior Notes ​ 4.75 % 5.04 % 3/15/2025 ​ 5.5 years ​ ​ 500,000 ​ ​ 500,000 Total principal amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,950,000 ​ ​ 2,027,969 Unamortized discount—Convertible Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3,865) ​ ​ (4,644) Unamortized discount—Senior Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (13,216) ​ ​ (16,416) Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (6,226) ​ (8,078) Carrying amount of debt components ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,926,693 ​ $ 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 nine months ended September 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. During the three and nine months ended September 30, 2018, we received redemption notices related to the 2019 Notes with a par amount totaling ​ We recognized interest expense of $3.1 million and $9.3 million during the three and nine months ended September 30, 2019, respectively, from our unsecured Convertible Notes. We recognized interest expense of $5.9 million and $24.8 million during the three and nine months ended September 30, 2018, respectively, from our unsecured Convertible Notes. ​ ​ The following table details the conversion attributes of our Convertible Notes outstanding as of September 30, 2019 (amounts in thousands, except rates): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2019 ​ Conversion Spread Value - Shares (3) ​ ​ Conversion ​ Conversion ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ ​ Rate (1) ​ Price (2) ​ 2019 ​ 2018 ​ 2019 ​ 2018 2019 Notes ​ N/A ​ N/A — 542 — 559 2023 Notes ​ 38.5959 $ 25.91 — — ​ — — ​ ​ ​ ​ ​ ​ ​ — ​ 542 ​ — ​ 559 (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 September 30, 2019 and 2018, the market price of the Company’s common stock was $24.22 and $21.52 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 $16.3 million at September 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 $233.7 million as of September 30, 2019.

Loan Securitization_Sale Activi

Loan Securitization/Sale Activities	9 Months Ended
	Sep. 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 nine months ended September 30, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Repayment of ​ ​ ​ ​ ​ ​ repurchase ​ Face Amount Proceeds agreements For the Three Months Ended September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 262,528 ​ $ 274,714 ​ $ 201,363 2018 ​ 360,651 ​ 372,300 ​ 272,156 For the Nine Months Ended September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 787,160 ​ $ 826,932 ​ $ 608,348 2018 ​ 825,610 ​ 854,065 ​ 623,538 ​ ​ Securitization Financing Arrangements and Sales ​ Within the Commercial and Residential Lending Segment, we originate or acquire residential and commercial mortgage loans, subsequently selling all or a portion thereof. Typically, our motivation for entering into these transactions is to effectively create leverage on the subordinated position that we will retain and hold for investment. These loans may be sold directly or through a securitization. In certain instances, we retain an interest in the VIE and continue to act as servicer, special servicer or servicing administrator for the loan following its sale. In these circumstances, similar to the case of our Investing and Servicing Segment described above, we generally consolidate the VIE into which the loans were sold. During the three and nine months ended September 30, 2019, we consolidated the securitization VIEs into which our residential loans were sold. In these instances, we retained interests in the VIEs. 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 September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 53,288 ​ $ 53,249 ​ $ 547,660 ​ $ 571,333 ​ $ — ​ $ — 2018 ​ 550,000 ​ 547,776 ​ 374,071 ​ 389,044 ​ — ​ — For the Nine Months Ended September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 554,710 ​ $ 551,700 ​ $ 911,713 ​ $ 947,862 ​ $ — ​ $ — 2018 ​ 746,400 ​ 742,496 ​ 374,071 ​ 389,044 ​ — ​ — ​ During the three and nine months ended September 30, 2019, we recognized a $6.4 million and $6.7 million, respectively, change in fair value of mortgage loans held-for-sale, net in our condensed consolidated statements of operations in connection with residential mortgage loan securitizations. During the three and nine months ended September 30, 2018, we recognized a $2.4 million change in fair value of mortgage loans held-for-sale, net in our condensed consolidated statements of operations in connection with a residential mortgage loan securitization. During the three and nine months ended September 30, 2019, gains recognized by the Commercial and Residential Lending Segment on sales of commercial loans were $0.5 million and $3.5 million, respectively. During the three and nine months ended September 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 nine months ended September 30, 2019, the Infrastructure Lending Segment sold loans held-for-sale with an aggregate face amount of $47.3 million and $404.1 million, respectively, for proceeds of $47.0 million and $393.3 million, respectively. A gain of $3.1 million was recognized during the nine months ended September 30, 2019. There was

Derivatives and Hedging Activit

Derivatives and Hedging Activity	9 Months Ended
	Sep. 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 September 30, 2019 and December 31, 2018, the Company did not have any designated hedges. As of September 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 nine months ended September 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; ● Forward loan purchase commitments whereby we agree to buy a specified amount of residential mortgage loans at a future date for a specified price and the counterparty is contractually obligated to deliver such mortgage loans (see Note 21); 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 September 30, 2019 (notional amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Sell Euros ("EUR") ​ 114 ​ 307,452 ​ EUR ​ November 2019 – November 2022 Fx contracts – Sell Pounds Sterling ("GBP") ​ 97 ​ 322,315 ​ GBP ​ October 2019 – April 2022 Fx contracts – Sell Australian dollar ("AUD") ​ 2 ​ 12,307 ​ AUD ​ October 2019 – November 2021 Fx contracts – Buy GBP ​ 1 ​ 921 ​ GBP ​ October 2019 Interest rate swaps – Paying fixed rates ​ 54 ​ 1,292,709 ​ USD ​ July 2022 – October 2029 Interest rate swaps – Receiving fixed rates ​ 2 ​ 970,000 ​ USD ​ January 2021 – March 2025 Interest rate caps ​ 9 ​ 127,528 ​ USD ​ January 2020 – August 2023 Credit index instruments ​ 5 ​ 89,000 ​ USD ​ November 2054 – August 2061 Forward loan purchase commitments ​ 1 ​ 46,486 ​ USD ​ October 2019 Interest rate swap guarantees ​ 6 ​ 390,970 ​ USD ​ March 2022 – June 2025 Interest rate swap guarantees ​ 1 ​ 10,263 ​ GBP ​ December 2024 Total ​ 292 ​ ​ ​ ​ ​ ​ ​ 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 September 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 ​ ​ September 30, ​ December 31, ​ September 30, ​ December 31, ​ 2019 ​ 2018 ​ 2019 ​ 2018 Interest rate contracts ​ $ 24,664 ​ $ 30,791 ​ $ 3,587 ​ $ 14,457 Interest rate swap guarantees ​ ​ — ​ ​ — ​ ​ 904 ​ ​ 396 Foreign exchange contracts ​ 56,611 ​ 21,346 ​ 156 ​ 562 Credit index instruments ​ 208 ​ 554 ​ 134 ​ — Total derivatives ​ $ 81,483 ​ $ 52,691 ​ $ 4,781 ​ $ 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 nine months ended September 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 September 30, ​ Nine Months Ended September 30, as Hedging Instruments Recognized in Income 2019 2018 2019 2018 Interest rate contracts Gain on derivative financial instruments ​ $ (7,898) ​ $ 4,444 ​ $ (21,733) ​ $ 10,553 Interest rate swap guarantees ​ Gain on derivative financial instruments ​ ​ (468) ​ ​ — ​ ​ (3,640) ​ ​ — Foreign exchange contracts Gain on derivative financial instruments ​ 30,426 ​ 8,073 ​ 46,116 ​ 17,748 Credit index instruments Gain on derivative financial instruments ​ (127) ​ (782) ​ (1,049) ​ (803) ​ ​ ​ ​ $ 21,933 ​ $ 11,735 ​ $ 19,694 ​ $ 27,498 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 September 30, ​ (effective portion) ​ (effective portion) ​ (ineffective portion) ​ Recognized in Income 2019 ​ $ — ​ $ — ​ $ — Interest expense 2018 ​ $ — ​ $ 6 ​ $ — Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ — ​ $ — ​ $ — Interest expense 2018 ​ $ 8 ​ $ 32 ​ $ — Interest expense ​

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	9 Months Ended
	Sep. 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 September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ 81,483 ​ $ — ​ $ 81,483 ​ $ 679 ​ $ 20,727 ​ $ 60,077 Derivative liabilities ​ $ 4,781 ​ $ — ​ $ 4,781 ​ $ 679 ​ $ 3,198 ​ $ 904 Repurchase agreements ​ 4,132,858 ​ — ​ 4,132,858 ​ 4,132,858 ​ — ​ — ​ ​ $ 4,137,639 ​ $ — ​ $ 4,137,639 ​ $ 4,133,537 ​ $ 3,198 ​ $ 904 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	9 Months Ended
	Sep. 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. ​ During the three months ended September 30, 2019, we refinanced a pool of our commercial loans held-for-investment through a CLO, which is considered to be a VIE. We are the primary beneficiary of, and therefore consolidate, the CLO in our financial statements as we have both (i) the power to direct the activities in our role as collateral manager that most significantly impact the CLO’s economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the CLO that could be potentially significant through the subordinate interests we own. ​ ​ The following table details the assets and liabilities of our consolidated CLO (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ As of ​ ​ September 30, 2019 Assets: ​ ​ ​ Loans held-for-investment ​ $ 1,098,817 Accrued interest receivable ​ 2,384 Other assets ​ ​ 1,183 Total Assets ​ $ 1,102,384 Liabilities ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 1,402 Collateralized loan obligations, net ​ 927,436 Total Liabilities ​ $ 928,838 ​ Assets held by this CLO are restricted and can be used only to settle obligations of the CLO, including the subordinate interests owned by us. The liabilities of this CLO are non-recourse to us and can only be satisfied from the assets of the CLO. ​ We also hold controlling interests in other 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 million as of September 30, 2019. In total, our other consolidated non-securitization VIEs, including SPT Dolphin described above, 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 September 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 September 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 September 30, 2019, our maximum risk of loss related to securitization VIEs in which we were not the primary beneficiary was $46.3 million on a fair value basis. ​ As of September 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 $7.1 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 September 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	9 Months Ended
	Sep. 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. For the three months ended September 30, 2019 and 2018, approximately ​ Expense Reimbursement. For both the three months ended September 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 September 30, 2019 and 2018, there were million during the three months ended September 30, 2019 and 2018, respectively, and are reflected in general and administrative expenses in our condensed consolidated statements of operations. During the nine months ended September 30, 2019 and 2018, we granted million during the nine months ended September 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 September 2019, we granted RSUs to our Manager under the 2017 Manager Equity Plan. In April 2018, we granted 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 September 2019, the Company co-originated a €73.6 million first mortgage loan with SEREF, an affiliate of our Manager. The loan was to a third party borrower for the development of a Grade A office building and convention center in Dublin, Ireland. The Company originated €58.9 million of the loan and SEREF originated €14.7 million. The loan matures in May 2022. ​ In February 2019, the Company acquired a $60.0 million participation in a $1.0 billion first priority infrastructure term loan which bears interest at LIBOR plus 3.75% . In April 2019 and July 2019, the Company acquired participations of domestic natural gas power plants. An affiliate of our Manager, Starwood Energy Group, is the borrower under the term loan. ​ 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 nine months ended September 30, 2019, the Company acquired $97.4 million and $273.5 million, respectively, of loans from a residential mortgage originator in which it holds an equity interest. Also in September 2019, the Company amended a $2.0 million subordinated loan to this residential mortgage originator to extend the maturity from September 2019 to September 2020. Refer to Note 7 for further discussion. ​ Other Related-Party Arrangements ​ During the nine months ended September 30, 2019, we engaged Highmark Residential (“Highmark”) (formerly known as Milestone Management), an affiliate of our Manager, to provide property management services for 11 additional properties 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 nine months ended September 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. million. real estate assets were acquired from consolidated CMBS trusts during the three months ended September 30, 2018. ​ 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	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity and Non-Controlling Interests
Stockholders' Equity and Non-Controlling Interests	16. Stockholders’ Equity and Non-Controlling Interests ​ During the nine months ended September 30, 2019, our board of directors declared the following dividends: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration Date Record Date Ex-Dividend Date Payment Date Amount Frequency 8/7/19 ​ 9/30/19 ​ 9/27/19 ​ 10/15/19 ​ $ 0.48 ​ Quarterly 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 nine months ended September 30, 2019, we issued 3.6 million shares of common stock in connection with the settlement of $78.0 million of our 2019 Notes. There were shares of common stock issued in connection with the settlement of our 2019 Notes during the three months ended September 30, 2019. During the three and nine months ended September 30, 2018, we issued million of our 2019 Notes. Refer to Note 10 for further discussion. ​ During the nine months ended September 30, 2019 and 2018, there were no shares issued under our At-The-Market Equity Offering Sales Agreement. During the nine months ended September 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 nine months ended September 30, 2019. During the nine months ended September 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 nine months ended September 30, 2019 and 2018 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grant Date Type Amount Granted Grant Date Fair Value Vesting Period September 2019 ​ RSU ​ 1,200,000 ​ $ 29,484 ​ (1) ​ 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 ​ (1) Of the amount granted, 218,898 vested immediately on the grant date and the remaining amount vests over a three-year period. ​ 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 ​ 520,236 ​ 1,200,000 1,720,236 ​ 24.01 Vested (499,735) ​ (662,648) (1,162,383) ​ 22.10 Forfeited (14,761) ​ — (14,761) ​ 22.07 Balance as of September 30, 2019 1,442,185 1,535,272 2,977,457 ​ 22.72 ​ As of September 30, 2019, there were 7.5 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 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.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 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 Nine Months Ended ​ September 30, ​ September 30, ​ 2019 2018 2019 2018 Basic Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income attributable to STWD common stockholders $ 140,396 ​ $ 84,536 ​ $ 337,795 ​ $ 293,698 Less: Income attributable to participating shares not already deducted as non-controlling interests (1,205) ​ (970) ​ (2,779) ​ (2,725) Basic earnings $ 139,191 ​ $ 83,566 ​ $ 335,016 ​ $ 290,973 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income attributable to STWD common stockholders $ 140,396 ​ $ 84,536 ​ $ 337,795 ​ $ 293,698 Less: Income attributable to participating shares not already deducted as non-controlling interests (1,205) ​ (970) ​ (2,779) ​ (2,725) Add: Interest expense on Convertible Notes (1) ​ 3,071 ​ ​ * ​ ​ 9,306 ​ ​ 21,102 Add: Loss on extinguishment of Convertible Notes (1) ​ — ​ ​ * ​ ​ — ​ ​ 1,810 Add: Undistributed earnings to participating shares 188 ​ — ​ — ​ — Less: Undistributed earnings reallocated to participating shares (182) ​ — ​ — ​ — Diluted earnings $ 142,268 ​ $ 83,566 ​ $ 344,322 ​ $ 313,885 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic — Average shares outstanding 279,992 ​ 265,355 ​ 278,934 ​ 262,356 Effect of dilutive securities — Convertible Notes (1) 9,649 ​ * ​ 9,857 ​ 25,675 Effect of dilutive securities — Contingently issuable shares 38 ​ 99 ​ ​ 38 ​ 99 Effect of dilutive securities — Unvested non-participating shares ​ 233 ​ ​ 2 ​ ​ 192 ​ ​ — Diluted — Average shares outstanding 289,912 ​ 265,456 ​ 289,021 ​ 288,130 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings Per Share Attributable to STWD Common Stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic $ 0.50 ​ $ 0.31 ​ $ 1.20 ​ $ 1.11 Diluted $ 0.49 ​ $ 0.31 ​ $ 1.19 ​ $ 1.09 (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 September 30, 2019 and 2018, participating shares of 13.4 million and 12.2 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 September 30, 2019 and 2018 included 10.9 million and 10.2 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	9 Months Ended
	Sep. 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 September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at July 1, 2019 ​ $ — ​ $ 53,049 ​ $ 4,075 ​ $ 57,124 OCI before reclassifications ​ — ​ (520) ​ (4,168) ​ (4,688) Amounts reclassified from AOCI ​ — ​ (59) ​ — ​ (59) Net period OCI ​ — ​ (579) ​ (4,168) ​ (4,747) Balance at September 30, 2019 ​ $ — ​ $ 52,470 ​ $ (93) ​ $ 52,377 Three Months Ended September 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at July 1, 2018 ​ $ 7 ​ $ 60,075 ​ $ 8,052 ​ $ 68,134 OCI before reclassifications ​ — ​ ​ 715 ​ (945) ​ (230) Amounts reclassified from AOCI ​ (6) ​ 22 ​ — ​ 16 Net period OCI ​ (6) ​ 737 ​ (945) ​ (214) Balance at September 30, 2018 ​ $ 1 ​ $ 60,812 ​ $ 7,107 ​ $ 67,920 Nine Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1, 2019 ​ $ — ​ $ 53,515 ​ $ 5,145 ​ $ 58,660 OCI before reclassifications ​ — ​ (986) ​ (5,238) ​ (6,224) Amounts reclassified from AOCI ​ — ​ (59) ​ — ​ (59) Net period OCI ​ — ​ (1,045) ​ (5,238) ​ (6,283) Balance at September 30, 2019 ​ $ — ​ $ 52,470 ​ $ (93) ​ $ 52,377 Nine Months Ended September 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1, 2018 ​ $ 25 ​ $ 57,889 ​ $ 12,010 ​ $ 69,924 OCI before reclassifications ​ 8 ​ 2,977 ​ (4,903) ​ (1,918) Amounts reclassified from AOCI ​ (32) ​ (54) ​ — ​ (86) Net period OCI ​ (24) ​ 2,923 ​ (4,903) ​ (2,004) Balance at September 30, 2018 ​ $ 1 ​ $ 60,812 ​ $ 7,107 ​ $ 67,920 ​ The reclassifications out of AOCI impacted the condensed consolidated statements of operations for the three and nine months ended September 30, 2019 and 2018 as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts Reclassified from ​ Amounts Reclassified from ​ ​ ​ ​ AOCI during the Three Months ​ AOCI during the Nine Months ​ Affected Line Item ​ ​ Ended September 30, ​ Ended September 30, ​ in the Statements Details about AOCI Components 2019 2018 2019 2018 of Operations Gain (loss) on cash flow hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts ​ $ — ​ $ 6 $ — ​ $ 32 ​ Interest expense Unrealized gains (losses) on available-for-sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest realized upon collection ​ ​ 59 ​ ​ — ​ ​ 59 ​ ​ 46 ​ Interest income from investment securities Net realized (loss) gain on sale of investment ​ ​ — ​ ​ (22) ​ ​ — ​ ​ 8 ​ Gain on sale of investments and other assets, net Total ​ ​ 59 ​ ​ (22) ​ ​ 59 ​ ​ 54 ​ ​ Total reclassifications for the period ​ $ 59 ​ $ (16) ​ $ 59 ​ $ 86 ​ ​ ​ ​

Fair Value

Fair Value	9 Months Ended
	Sep. 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 and loans held-for-investment, residential ​ We measure the fair value of our residential mortgage loans held-for-sale and held-for-investment 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 September 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 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 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, CLO, unsecured senior notes not convertible and secured borrowings on transferred loans The fair value of the secured financing agreements, CLO, 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 September 30, 2019 and December 31, 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2019 ​ Total Level I Level II Level III Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans under fair value option ​ $ 1,649,362 ​ $ — ​ $ 225,813 ​ $ 1,423,549 RMBS ​ 195,297 ​ — ​ — ​ 195,297 CMBS ​ 46,299 ​ — ​ 10,419 ​ 35,880 Equity security ​ 11,286 ​ 11,286 ​ — ​ — Domestic servicing rights ​ 18,249 ​ — ​ — ​ 18,249 Derivative assets ​ 81,483 ​ — ​ 81,483 ​ — VIE assets ​ 59,249,054 ​ — ​ — ​ 59,249,054 Total ​ $ 61,251,030 ​ $ 11,286 ​ $ 317,715 ​ $ 60,922,029 Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 4,781 ​ $ — ​ $ 4,781 ​ $ — VIE liabilities ​ 58,018,209 ​ — ​ 55,748,104 ​ 2,270,105 Total ​ $ 58,022,990 ​ $ — ​ $ 55,752,885 ​ $ 2,270,105 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ Total Level I Level II Level III Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans under 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 nine months ended September 30, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans at ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Three Months Ended September 30, 2019 ​ Fair Value ​ RMBS ​ CMBS ​ Rights ​ VIE Assets ​ Liabilities ​ Total July 1, 2019 balance ​ $ 1,372,398 ​ $ 200,874 ​ $ 34,283 ​ $ 18,874 ​ $ 57,667,606 ​ $ (2,374,002) ​ $ 56,920,033 Total realized and unrealized gains (losses): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value / gain on sale ​ 32,512 ​ — ​ 432 ​ ​ (625) ​ (380,973) ​ 28,005 ​ (320,649) Net accretion ​ — ​ 2,446 ​ — ​ — ​ — ​ — ​ 2,446 Included in OCI ​ — ​ (578) ​ — ​ — ​ — ​ — ​ (578) Purchases / Originations ​ 1,123,553 ​ — ​ 5,165 ​ — ​ — ​ — ​ 1,128,718 Sales ​ (846,047) ​ — ​ — ​ — ​ — ​ — ​ (846,047) Issuances ​ — ​ — ​ — ​ — ​ — ​ (22,958) ​ (22,958) Cash repayments / receipts ​ (33,054) ​ (7,445) ​ (3,343) ​ — ​ — ​ (12,516) ​ (56,358) Transfers into Level III ​ — ​ — ​ — ​ — ​ — ​ (122,911) ​ (122,911) Transfers out of Level III ​ (225,813) ​ — ​ — ​ — ​ — ​ 319,727 ​ 93,914 Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 1,999,780 ​ (85,450) ​ 1,914,330 Deconsolidation of VIEs ​ — ​ — ​ (657) ​ — ​ (37,359) ​ — ​ (38,016) September 30, 2019 balance ​ $ 1,423,549 ​ $ 195,297 ​ $ 35,880 ​ $ 18,249 ​ $ 59,249,054 ​ $ (2,270,105) ​ $ 58,651,924 Amount of total gains (losses) included in earnings attributable to assets still held at September 30, 2019 ​ $ 4,537 ​ $ 2,390 ​ $ 434 ​ $ (625) ​ $ (380,973) ​ $ 28,005 ​ $ (346,232) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans at ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Three Months Ended September 30, 2018 ​ Fair Value ​ RMBS ​ CMBS ​ Rights ​ VIE Assets ​ Liabilities ​ Total July 1, 2018 balance ​ $ 897,259 ​ $ 235,796 ​ $ 24,650 ​ $ 22,742 ​ $ 48,044,873 ​ $ (2,002,115) ​ $ 47,223,205 Total realized and unrealized gains (losses): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value / gain on sale ​ 4,036 ​ 100 ​ ​ 63 ​ ​ (974) ​ ​ (1,261,314) ​ ​ 371,310 ​ (886,779) Net accretion ​ — ​ 2,526 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ 2,526 Included in OCI ​ — ​ 737 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ 737 Purchases / Originations ​ ​ 597,318 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 597,318 Sales ​ (565,990) ​ (2,046) ​ ​ (3,163) ​ ​ — ​ ​ — ​ ​ — ​ (571,199) Issuances ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (18,901) ​ (18,901) Cash repayments / receipts ​ ​ (19,118) ​ (9,246) ​ ​ (6,815) ​ ​ — ​ ​ — ​ ​ (17,268) ​ (52,447) Transfers into Level III ​ — ​ — ​ ​ 27,776 ​ ​ — ​ ​ — ​ ​ (259,701) ​ (231,925) Transfers out of Level III ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 108,123 ​ 108,123 Consolidation of VIEs ​ — ​ — ​ ​ 3,304 ​ ​ — ​ ​ 1,623,863 ​ ​ (23,095) ​ 1,604,072 Deconsolidation of VIEs ​ — ​ — ​ ​ — ​ ​ — ​ ​ (372,812) ​ ​ 48,442 ​ (324,370) September 30, 2018 balance ​ $ 913,505 ​ $ 227,867 ​ $ 45,815 ​ $ 21,768 ​ $ 48,034,610 ​ $ (1,793,205) ​ $ 47,450,360 Amount of total (losses) gains included in earnings attributable to assets still held at September 30, 2018 ​ $ (2,501) ​ $ 2,526 ​ $ (884) ​ $ (974) ​ $ (1,261,314) ​ $ 371,310 ​ $ (891,837) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans at ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Nine Months Ended September 30, 2019 ​ Fair Value ​ 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 ​ 65,669 ​ — ​ 1,153 ​ (2,308) ​ 39,961 ​ 51,907 ​ 156,382 Net accretion ​ — ​ 7,484 ​ — ​ — ​ — ​ — ​ 7,484 Included in OCI ​ — ​ (1,044) ​ — ​ — ​ — ​ — ​ (1,044) Purchases / Originations ​ 2,775,787 ​ — ​ 5,165 ​ — ​ — ​ — ​ 2,780,952 Sales ​ (1,774,794) ​ — ​ (3,978) ​ — ​ — ​ — ​ (1,778,772) Issuances ​ — ​ — ​ — ​ — ​ — ​ (81,681) ​ (81,681) Cash repayments / receipts ​ (88,582) ​ (20,222) ​ (8,933) ​ — ​ — ​ (15,786) ​ (133,523) Transfers into Level III ​ — ​ — ​ 5,350 ​ — ​ — ​ (1,374,505) ​ (1,369,155) Transfers out of Level III ​ (225,813) ​ — ​ — ​ — ​ — ​ 750,546 ​ 524,733 Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 6,103,915 ​ (193,300) ​ 5,910,615 Deconsolidation of VIEs ​ — ​ — ​ 11,895 ​ — ​ (341,186) ​ 34,160 ​ (295,131) September 30, 2019 balance ​ $ 1,423,549 ​ $ 195,297 ​ $ 35,880 ​ $ 18,249 ​ $ 59,249,054 ​ $ (2,270,105) ​ $ 58,651,924 Amount of total gains (losses) included in earnings attributable to assets still held at September 30, 2019 ​ $ 6,775 ​ $ 7,397 ​ $ 101 ​ $ (2,308) ​ $ 39,961 ​ $ 51,907 ​ $ 103,833 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans at ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Nine Months Ended September 30, 2018 ​ Fair Value ​ 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 ​ 26,669 ​ ​ 241 ​ 76 ​ (8,991) ​ (5,055,029) ​ 906,360 ​ (4,130,674) Net accretion ​ — ​ ​ 7,967 ​ — ​ — ​ — ​ — ​ 7,967 Included in OCI ​ — ​ ​ 2,923 ​ — ​ — ​ — ​ — ​ 2,923 Purchases / Originations ​ ​ 1,508,010 ​ ​ — ​ 1,463 ​ — ​ — ​ — ​ ​ 1,509,473 Sales ​ (1,047,755) ​ ​ (2,853) ​ (3,163) ​ — ​ — ​ — ​ (1,053,771) Issuances ​ — ​ ​ — ​ — ​ — ​ — ​ (26,849) ​ (26,849) Cash repayments / receipts ​ ​ (123,652) ​ ​ (27,432) ​ (7,832) ​ — ​ — ​ (75,078) ​ (233,994) Transfers into Level III ​ — ​ ​ — ​ 27,776 ​ — ​ — ​ (950,660) ​ (922,884) Transfers out of Level III ​ (195,510) ​ ​ — ​ — ​ — ​ — ​ 425,973 ​ 230,463 Consolidation of VIEs ​ — ​ ​ — ​ 3,304 ​ — ​ 3,438,933 ​ (23,095) ​ 3,419,142 Deconsolidation of VIEs ​ — ​ ​ — ​ — ​ — ​ (1,395,168) ​ 139,081 ​ (1,256,087) September 30, 2018 balance ​ $ 913,505 ​ $ 227,867 ​ $ 45,815 ​ $ 21,768 ​ $ 48,034,610 ​ $ (1,793,205) ​ $ 47,450,360 Amount of total (losses) gains included in earnings attributable to assets still held at September 30, 2018 ​ $ (2,023) ​ $ 7,913 ​ $ (1,252) ​ $ (8,991) ​ $ (5,055,029) ​ $ 906,360 ​ $ (4,153,022) ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 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 ​ $ 8,712,410 ​ $ 8,772,670 ​ $ 9,122,972 ​ $ 9,178,709 HTM debt securities ​ 556,255 ​ 554,302 ​ 644,149 ​ 643,948 Financial liabilities not carried at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured financing agreements, CLO and secured borrowings on transferred loans ​ $ 9,175,524 ​ $ 9,155,331 ​ $ 8,757,804 ​ $ 8,662,548 Unsecured senior notes ​ 1,926,693 ​ 2,027,863 ​ 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) ​ September 30, 2019 Technique Input September 30, 2019 December 31, 2018 Loans under fair value option ​ $ 1,423,549 ​ Discounted cash flow ​ Yield (b) ​ 3.4% - 6.1% ​ 4.6% - 6.1% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 1.3 - 10.7 years ​ 2.5 - 14.4 years RMBS ​ 195,297 ​ Discounted cash flow ​ Constant prepayment rate (a) ​ 3.3% - 19.9% ​ 3.2% - 25.2% ​ ​ ​ ​ ​ ​ ​ Constant default rate (b) ​ 1.1% - 4.5% ​ 1.1% - 5.5% ​ ​ ​ ​ ​ ​ ​ Loss severity (b) ​ 0% - 96% (e) ​ 0% - 73% (e) ​ ​ ​ ​ ​ ​ ​ Delinquency rate (c) ​ 4% - 31% ​ 4% - 31% ​ ​ ​ ​ ​ ​ ​ Servicer advances (a) ​ 22% - 84% ​ 21% - 83% ​ ​ ​ ​ ​ ​ ​ Annual coupon deterioration (b) ​ 0% - 1.8% ​ 0% - 1.4% ​ ​ ​ ​ ​ ​ ​ Putback amount per projected total collateral loss (d) ​ 0% - 28% ​ 0% - 7% CMBS ​ 35,880 ​ Discounted cash flow ​ Yield (b) ​ 0% - 715.4% ​ 0% - 473.5% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 9.7 years ​ 0 - 9.7 years Domestic servicing rights ​ 18,249 ​ Discounted cash flow ​ Debt yield (a) ​ 7.50% ​ 7.75% ​ ​ ​ ​ ​ ​ ​ Discount rate (b) ​ 15% ​ 15% ​ ​ ​ ​ ​ ​ ​ Control migration (b) ​ 0% - 80% ​ 0% - 80% VIE assets ​ 59,249,054 ​ Discounted cash flow ​ Yield (b) ​ 0% - 823.6% ​ 0% - 290.9% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 – 19.3 years ​ 0 - 20.4 years VIE liabilities ​ (2,270,105) ​ Discounted cash flow ​ Yield (b) ​ 0% - 823.6% ​ 0% - 290.9% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 11.5 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) 25% and 55% of the portfolio falls within a range of 45% - 80% as of September 30, 2019 and December 31, 2018, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 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 September 30, 2019 and December 31, 2018, approximately $2.1 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 nine months ended September 30, 2019 and 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, For the Nine Months Ended September 30, ​ 2019 ​ 2018 2019 ​ 2018 Federal statutory tax rate $ 32,448 21.0 % $ 20,509 21.0 % $ 77,140 ​ 21.0 % $ 68,406 21.0 % REIT and other non-taxable income ​ (28,870) (18.7) % ​ (13,628) ​ (13.9) % ​ (71,042) (19.3) % ​ (57,128) ​ (17.6) % State income taxes ​ 937 0.6 % ​ 1,803 ​ 1.8 % ​ 1,597 0.4 % ​ 2,954 ​ 0.9 % Federal benefit of state tax deduction ​ (196) (0.1) % ​ (378) ​ (0.4) % ​ (335) (0.1) % ​ (620) ​ (0.2) % Other ​ 194 0.1 % ​ (25) ​ — % ​ 1,020 0.3 % ​ 868 ​ 0.3 % Effective tax rate ​ $ 4,513 ​ 2.9 % ​ $ 8,281 ​ 8.5 % ​ $ 8,380 ​ 2.3 % ​ $ 14,480 ​ 4.4 % ​ ​

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies.
Commitments and Contingencies	21. Commitments and Contingencie s ​ As of September 30, 2019, our Commercial and Residential Lending Segment had future commercial loan funding commitments totaling $2.7 billion, of which we expect to fund $2.5 billion. These future funding commitments primarily relate to construction projects, capital improvements, tenant improvements and leasing commissions. Additionally, as of September 30, 2019, our Commercial and Residential Lending Segment had outstanding residential mortgage loan purchase commitments of $46.5 million to a third party residential mortgage originator. ​ As of September 30, 2019, our Infrastructure Lending Segment had future infrastructure loan funding commitments totaling $189.8 million, including $155.0 million under revolvers and letters of credit (“LCs”), and $34.8 million under delayed draw term loans. As of September 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 September 30, 2019, we had 7 outstanding guarantees on interest rate swaps maturing between March 2022 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 Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2019 2018 2019 2018 Operating lease costs $ 1,667 ​ $ 1,245 ​ $ 4,177 ​ $ 3,721 Short-term lease costs ​ 29 ​ 40 ​ 92 ​ 116 Sublease income ​ (405) ​ (396) ​ (1,209) ​ (1,231) Total lease cost ​ $ 1,291 ​ $ 889 ​ $ 3,060 ​ $ 2,606 ​ 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 September 30, 2019, is as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended For the Nine Months Ended ​ ​ September 30, 2019 ​ September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities—operating $ 1,310 ​ $ 3,904 ​ ​ ​ ​ ​ ​ September 30, 2019 Weighted-average remaining lease term 6.0 years Weighted-average discount rate ​ 4.4 % ​ ​ ​ ​ ​ Future maturity of operating lease liabilities: ​ ​ 2019 (remainder of) ​ $ 1,310 2020 ​ ​ 6,163 2021 ​ ​ 3,480 2022 ​ ​ 1,272 2023 ​ ​ 1,281 Thereafter ​ ​ 7,208 Total ​ ​ 20,714 Less interest component ​ ​ (2,513) Operating lease liability ​ $ 18,201 ​

Segment Data

Segment Data	9 Months Ended
	Sep. 30, 2019
Segment Data
Segment Data	22. Segment Dat a ​ In its operation of the business, management, including our chief operating decision maker, who is our Chief Executive Officer, reviews certain financial information, including segmented internal profit and loss statements prepared on a basis prior to the impact of consolidating securitization VIEs under ASC 810. The segment information within this Note is reported on that basis. ​ The table below presents our results of operations for the three months ended September 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 ​ $ 145,290 ​ $ 22,763 ​ $ — ​ $ 3,977 ​ $ — ​ $ 172,030 ​ $ — ​ $ 172,030 Interest income from investment securities ​ 18,163 ​ 810 ​ — ​ 32,556 ​ ​ — ​ 51,529 ​ (34,853) ​ 16,676 Servicing fees ​ 97 ​ — ​ — ​ 18,243 ​ ​ — ​ 18,340 ​ (4,007) ​ 14,333 Rental income ​ ​ — ​ ​ — ​ ​ 72,251 ​ ​ 12,403 ​ ​ — ​ ​ 84,654 ​ ​ — ​ ​ 84,654 Other revenues ​ 258 ​ 39 ​ 125 ​ 218 ​ ​ — ​ 640 ​ (3) ​ 637 Total revenues ​ 163,808 ​ 23,612 ​ 72,376 ​ 67,397 ​ — ​ 327,193 ​ (38,863) ​ 288,330 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 363 ​ — ​ — ​ 18 ​ 29,829 ​ 30,210 ​ 28 ​ 30,238 Interest expense ​ 51,844 ​ 14,422 ​ 19,020 ​ 8,891 ​ ​ 29,142 ​ 123,319 ​ (163) ​ 123,156 General and administrative ​ 7,104 ​ 4,315 ​ 2,170 ​ 22,915 ​ ​ 3,184 ​ 39,688 ​ 78 ​ 39,766 Acquisition and investment pursuit costs ​ 506 ​ 21 ​ — ​ (364) ​ ​ — ​ 163 ​ — ​ 163 Costs of rental operations ​ ​ 765 ​ ​ — ​ ​ 24,784 ​ ​ 6,019 ​ ​ — ​ ​ 31,568 ​ ​ — ​ ​ 31,568 Depreciation and amortization ​ 339 ​ 15 ​ 23,106 ​ 4,809 ​ ​ — ​ 28,269 ​ — ​ 28,269 Loan loss provision, net ​ (39) ​ — ​ — ​ — ​ ​ — ​ (39) ​ — ​ (39) Other expense ​ 77 ​ — ​ 46 ​ — ​ ​ — ​ 123 ​ — ​ 123 Total costs and expenses ​ 60,959 ​ 18,773 ​ 69,126 ​ 42,288 ​ ​ 62,155 ​ 253,301 ​ (57) ​ 253,244 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ — ​ — ​ — ​ — ​ — ​ 61,767 ​ 61,767 Change in fair value of servicing rights ​ — ​ — ​ — ​ 57 ​ ​ — ​ 57 ​ (682) ​ (625) Change in fair value of investment securities, net ​ (303) ​ — ​ — ​ 22,476 ​ ​ — ​ 22,173 ​ (21,907) ​ 266 Change in fair value of mortgage loans held-for-sale, net ​ 10,088 ​ — ​ — ​ 22,433 ​ ​ — ​ 32,521 ​ — ​ 32,521 Earnings from unconsolidated entities ​ 2,507 ​ — ​ 223 ​ 253 ​ ​ — ​ 2,983 ​ (236) ​ 2,747 Gain (loss) on sale of investments and other assets, net ​ 482 ​ (25) ​ — ​ 20,700 ​ ​ — ​ 21,157 ​ — ​ 21,157 Gain (loss) on derivative financial instruments, net ​ 15,729 ​ (109) ​ 5,900 ​ (6,376) ​ ​ 6,789 ​ 21,933 ​ — ​ 21,933 Foreign currency loss, net ​ (15,337) ​ (319) ​ (8) ​ — ​ ​ — ​ (15,664) ​ — ​ (15,664) Loss on extinguishment of debt ​ ​ (857) ​ ​ (2,101) ​ ​ — ​ ​ (194) ​ ​ (1,472) ​ ​ (4,624) ​ ​ — ​ ​ (4,624) Other loss, net ​ — ​ (50) ​ — ​ — ​ ​ — ​ (50) ​ — ​ (50) Total other income (loss) ​ 12,309 ​ (2,604) ​ 6,115 ​ 59,349 ​ ​ 5,317 ​ 80,486 ​ 38,942 ​ 119,428 Income (loss) before income taxes ​ 115,158 ​ 2,235 ​ 9,365 ​ 84,458 ​ ​ (56,838) ​ 154,378 ​ 136 ​ 154,514 Income tax (provision) benefit ​ (3,194) ​ 475 ​ — ​ (1,794) ​ ​ — ​ (4,513) ​ — ​ (4,513) Net income (loss) ​ 111,964 ​ 2,710 ​ 9,365 ​ 82,664 ​ ​ (56,838) ​ 149,865 ​ 136 ​ 150,001 Net income attributable to non-controlling interests ​ — ​ — ​ (5,250) ​ (4,219) ​ ​ — ​ (9,469) ​ (136) ​ (9,605) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 111,964 ​ $ 2,710 ​ $ 4,115 ​ $ 78,445 ​ $ (56,838) ​ $ 140,396 ​ $ — ​ $ 140,396 ​ The table below presents our results of operations for the three months ended September 30, 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 Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income from loans ​ $ 147,913 ​ ​ 3,053 ​ $ — ​ $ 3,535 ​ $ — ​ $ 154,501 ​ $ — ​ $ 154,501 Interest income from investment securities ​ 10,320 ​ ​ 107 ​ — ​ 34,477 ​ ​ — ​ 44,904 ​ (33,396) ​ 11,508 Servicing fees ​ 98 ​ ​ — ​ — ​ 34,100 ​ ​ — ​ 34,198 ​ (6,374) ​ 27,824 Rental income ​ ​ — ​ ​ — ​ ​ 76,067 ​ ​ 15,065 ​ ​ — ​ 91,132 ​ — ​ 91,132 Other revenues ​ 265 ​ ​ 44 ​ 169 ​ 229 ​ ​ 89 ​ 796 ​ (42) ​ 754 Total revenues ​ 158,596 ​ ​ 3,204 ​ 76,236 ​ 87,406 ​ 89 ​ 325,531 ​ (39,812) ​ 285,719 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 453 ​ ​ — ​ — ​ 18 ​ 25,937 ​ 26,408 ​ 111 ​ 26,519 Interest expense ​ 43,322 ​ ​ 2,258 ​ 19,483 ​ 7,396 ​ ​ 30,475 ​ 102,934 ​ (276) ​ 102,658 General and administrative ​ 7,016 ​ ​ 537 ​ 1,680 ​ 19,131 ​ ​ 2,753 ​ 31,117 ​ 86 ​ 31,203 Acquisition and investment pursuit costs ​ 341 ​ ​ 6,725 ​ — ​ (539) ​ ​ — ​ 6,527 ​ — ​ 6,527 Costs of rental operations ​ ​ — ​ ​ — ​ ​ 23,052 ​ ​ 7,139 ​ ​ — ​ 30,191 ​ — ​ 30,191 Depreciation and amortization ​ 17 ​ ​ — ​ 28,448 ​ 5,828 ​ ​ — ​ 34,293 ​ — ​ 34,293 Loan loss provision, net ​ 929 ​ ​ — ​ — ​ — ​ ​ — ​ 929 ​ — ​ 929 Other expense ​ 76 ​ ​ — ​ — ​ — ​ ​ — ​ 76 ​ — ​ 76 Total costs and expenses ​ 52,154 ​ ​ 9,520 ​ 72,663 ​ 38,973 ​ ​ 59,165 ​ 232,475 ​ (79) ​ 232,396 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ 33,289 ​ 33,289 Change in fair value of servicing rights ​ — ​ ​ — ​ — ​ (1,994) ​ ​ — ​ (1,994) ​ 1,020 ​ (974) Change in fair value of investment securities, net ​ 238 ​ ​ — ​ — ​ (4,966) ​ ​ — ​ (4,728) ​ 5,029 ​ 301 Change in fair value of mortgage loans held-for-sale, net ​ 1,343 ​ ​ — ​ — ​ 2,597 ​ ​ — ​ 3,940 ​ — ​ 3,940 Earnings (loss) from unconsolidated entities ​ 514 ​ ​ — ​ 1,988 ​ (134) ​ ​ — ​ 2,368 ​ 257 ​ 2,625 Gain on sale of investments and other assets, net ​ 47 ​ ​ — ​ — ​ 1,415 ​ ​ — ​ 1,462 ​ — ​ 1,462 Gain (loss) on derivative financial instruments, net ​ 7,278 ​ ​ 455 ​ 5,895 ​ 3,076 ​ ​ (4,969) ​ 11,735 ​ — ​ 11,735 Foreign currency loss, net ​ (3,546) ​ ​ (531) ​ (1) ​ — ​ ​ — ​ (4,078) ​ — ​ (4,078) Loss on extinguishment of debt ​ ​ (730) ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,810) ​ ​ (2,540) ​ ​ — ​ ​ (2,540) Other (loss) income, net ​ (1) ​ ​ — ​ 2 ​ (1,422) ​ ​ — ​ (1,421) ​ — ​ (1,421) Total other income (loss) ​ 5,143 ​ ​ (76) ​ 7,884 ​ (1,428) ​ ​ (6,779) ​ 4,744 ​ 39,595 ​ 44,339 Income (loss) before income taxes ​ 111,585 ​ ​ (6,392) ​ 11,457 ​ 47,005 ​ ​ (65,855) ​ ​ 97,800 ​ (138) ​ 97,662 Income tax provision ​ (314) ​ ​ — ​ ​ (125) ​ (7,842) ​ ​ — ​ (8,281) ​ — ​ (8,281) Net income (loss) ​ 111,271 ​ ​ (6,392) ​ 11,332 ​ 39,163 ​ ​ (65,855) ​ 89,519 ​ (138) ​ 89,381 Net (income) loss attributable to non-controlling interests ​ (365) ​ ​ — ​ (4,769) ​ 151 ​ ​ — ​ (4,983) ​ 138 ​ (4,845) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 110,906 ​ ​ (6,392) ​ $ 6,563 ​ $ 39,314 ​ $ (65,855) ​ $ 84,536 ​ $ — ​ $ 84,536 ​ ​ The table below presents our results of operations for the nine months ended September 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 ​ $ 462,956 ​ $ 74,969 ​ $ — ​ $ 8,987 ​ $ — ​ $ 546,912 ​ $ — ​ $ 546,912 Interest income from investment securities ​ 62,438 ​ 2,563 ​ — ​ 88,012 ​ ​ — ​ 153,013 ​ (96,160) ​ 56,853 Servicing fees ​ 310 ​ — ​ — ​ 61,366 ​ ​ — ​ 61,676 ​ (13,902) ​ 47,774 Rental income ​ ​ — ​ ​ — ​ ​ 215,098 ​ ​ 40,686 ​ ​ — ​ ​ 255,784 ​ ​ — ​ ​ 255,784 Other revenues ​ 714 ​ 732 ​ 291 ​ 929 ​ ​ 26 ​ 2,692 ​ (24) ​ 2,668 Total revenues ​ 526,418 ​ 78,264 ​ 215,389 ​ 199,980 ​ 26 ​ 1,020,077 ​ (110,086) ​ 909,991 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 1,127 ​ — ​ — ​ 54 ​ 74,924 ​ 76,105 ​ 122 ​ 76,227 Interest expense ​ 172,012 ​ 49,257 ​ 57,142 ​ 25,152 ​ ​ 84,878 ​ 388,441 ​ (487) ​ 387,954 General and administrative ​ 20,626 ​ 13,624 ​ 5,394 ​ 61,943 ​ ​ 10,429 ​ 112,016 ​ 258 ​ 112,274 Acquisition and investment pursuit costs ​ 915 ​ 51 ​ — ​ (387) ​ ​ — ​ 579 ​ — ​ 579 Costs of rental operations ​ ​ 1,525 ​ ​ — ​ ​ 70,846 ​ ​ 19,503 ​ ​ — ​ ​ 91,874 ​ ​ — ​ ​ 91,874 Depreciation and amortization ​ 695 ​ 15 ​ 70,078 ​ 15,287 ​ ​ — ​ 86,075 ​ — ​ 86,075 Loan loss provision, net ​ 2,046 ​ 1,196 ​ — ​ — ​ ​ — ​ 3,242 ​ — ​ 3,242 Other expense ​ 230 ​ — ​ 1,353 ​ 194 ​ ​ — ​ 1,777 ​ — ​ 1,777 Total costs and expenses ​ 199,176 ​ 64,143 ​ 204,813 ​ 121,746 ​ ​ 170,231 ​ 760,109 ​ (107) ​ 760,002 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ — ​ — ​ — ​ — ​ — ​ 164,761 ​ 164,761 Change in fair value of servicing rights ​ — ​ — ​ — ​ (1,617) ​ ​ — ​ (1,617) ​ (691) ​ (2,308) Change in fair value of investment securities, net ​ (2,945) ​ — ​ — ​ 56,431 ​ ​ — ​ 53,486 ​ (52,491) ​ 995 Change in fair value of mortgage loans held-for-sale, net ​ 16,837 ​ — ​ — ​ 48,841 ​ ​ — ​ 65,678 ​ — ​ 65,678 Earnings (loss) from unconsolidated entities ​ 8,576 ​ — ​ (42,538) ​ 3,601 ​ ​ — ​ (30,361) ​ (1,275) ​ (31,636) Gain on sale of investments and other assets, net ​ 3,476 ​ 3,041 ​ — ​ 21,640 ​ ​ — ​ 28,157 ​ — ​ 28,157 Gain (loss) on derivative financial instruments, net ​ 12,024 ​ (3,337) ​ (3,957) ​ (16,761) ​ ​ 31,725 ​ 19,694 ​ — ​ 19,694 Foreign currency loss, net ​ (17,025) ​ (102) ​ (7) ​ — ​ ​ — ​ (17,134) ​ — ​ (17,134) Loss on extinguishment of debt ​ ​ (857) ​ ​ (8,221) ​ ​ — ​ ​ (194) ​ ​ (1,466) ​ ​ (10,738) ​ ​ — ​ ​ (10,738) Other loss, net ​ — ​ (50) ​ — ​ — ​ ​ (73) ​ (123) ​ — ​ (123) Total other income (loss) ​ 20,086 ​ (8,669) ​ (46,502) ​ 111,941 ​ ​ 30,186 ​ 107,042 ​ 110,304 ​ 217,346 Income (loss) before income taxes ​ 347,328 ​ 5,452 ​ (35,926) ​ 190,175 ​ ​ (140,019) ​ 367,010 ​ 325 ​ 367,335 Income tax (provision) benefit ​ (4,778) ​ 746 ​ (258) ​ (4,090) ​ ​ — ​ (8,380) ​ — ​ (8,380) Net income (loss) ​ 342,550 ​ 6,198 ​ (36,184) ​ 186,085 ​ ​ (140,019) ​ 358,630 ​ 325 ​ 358,955 Net income attributable to non-controlling interests ​ (392) ​ — ​ (16,322) ​ (4,121) ​ ​ — ​ (20,835) ​ (325) ​ (21,160) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 342,158 ​ $ 6,198 ​ $ (52,506) ​ $ 181,964 ​ $ (140,019) ​ $ 337,795 ​ $ — ​ $ 337,795 ​ The table below presents our results of operations for the nine months ended September 30, 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 Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income from loans ​ $ 431,153 ​ ​ 3,053 ​ $ — ​ $ 9,619 ​ $ — ​ $ 443,825 ​ $ — ​ $ 443,825 Interest income from investment securities ​ 33,689 ​ ​ 107 ​ — ​ 99,348 ​ ​ — ​ 133,144 ​ (95,577) ​ 37,567 Servicing fees ​ 313 ​ ​ — ​ — ​ 92,221 ​ ​ — ​ 92,534 ​ (21,328) ​ 71,206 Rental income ​ — ​ ​ — ​ ​ 217,178 ​ ​ 43,955 ​ ​ — ​ 261,133 ​ — ​ 261,133 Other revenues ​ 683 ​ ​ 44 ​ 351 ​ 973 ​ ​ 227 ​ 2,278 ​ (147) ​ 2,131 Total revenues ​ 465,838 ​ ​ 3,204 ​ 217,529 ​ 246,116 ​ 227 ​ 932,914 ​ (117,052) ​ 815,862 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 1,396 ​ ​ — ​ — ​ 54 ​ 82,895 ​ 84,345 ​ 310 ​ 84,655 Interest expense ​ 110,169 ​ ​ 2,258 ​ 55,397 ​ 18,298 ​ ​ 96,132 ​ 282,254 ​ (821) ​ 281,433 General and administrative ​ 19,962 ​ ​ 537 ​ 5,510 ​ 64,006 ​ ​ 8,602 ​ 98,617 ​ 256 ​ 98,873 Acquisition and investment pursuit costs ​ 2,253 ​ ​ 6,725 ​ (46) ​ (467) ​ ​ — ​ 8,465 ​ — ​ 8,465 Costs of rental operations ​ ​ — ​ ​ — ​ ​ 72,531 ​ ​ 20,250 ​ ​ — ​ 92,781 ​ — ​ 92,781 Depreciation and amortization ​ 50 ​ ​ — ​ 86,655 ​ 16,482 ​ ​ — ​ 103,187 ​ — ​ 103,187 Loan loss provision, net ​ 27,726 ​ ​ — ​ — ​ — ​ ​ — ​ 27,726 ​ — ​ 27,726 Other expense ​ 230 ​ ​ — ​ — ​ 447 ​ ​ — ​ 677 ​ — ​ 677 Total costs and expenses ​ 161,786 ​ ​ 9,520 ​ 220,047 ​ 119,070 ​ ​ 187,629 ​ 698,052 ​ (255) ​ 697,797 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ 129,888 ​ 129,888 Change in fair value of servicing rights ​ — ​ ​ — ​ — ​ (14,417) ​ ​ — ​ (14,417) ​ 5,426 ​ (8,991) Change in fair value of investment securities, net ​ 16 ​ ​ — ​ — ​ 24,123 ​ ​ — ​ 24,139 ​ (16,285) ​ 7,854 Change in fair value of mortgage loans held-for-sale, net ​ (165) ​ ​ — ​ — ​ 26,738 ​ ​ — ​ 26,573 ​ — ​ 26,573 Earnings from unconsolidated entities ​ 3,761 ​ ​ — ​ 1,406 ​ 2,916 ​ ​ — ​ 8,083 ​ (1,450) ​ 6,633 Gain on sale of investments and other assets, net ​ 461 ​ ​ — ​ 6,883 ​ 18,215 ​ ​ — ​ 25,559 ​ — ​ 25,559 Gain (loss) on derivative financial instruments, net ​ 15,927 ​ ​ 455 ​ 27,734 ​ 7,720 ​ ​ (24,338) ​ 27,498 ​ — ​ 27,498 Foreign currency loss, net ​ (3,260) ​ ​ (531) ​ — ​ (2) ​ ​ — ​ (3,793) ​ — ​ (3,793) Loss on extinguishment of debt ​ ​ (730) ​ ​ — ​ ​ — ​ ​ (186) ​ ​ (1,810) ​ ​ (2,726) ​ ​ — ​ ​ (2,726) Other income (loss), net ​ 42 ​ ​ — ​ 508 ​ (1,365) ​ ​ — ​ (815) ​ — ​ (815) Total other income (loss) ​ 16,052 ​ ​ (76) ​ 36,531 ​ 63,742 ​ ​ (26,148) ​ 90,101 ​ 117,579 ​ 207,680 Income (loss) before income taxes ​ 320,104 ​ ​ (6,392) ​ 34,013 ​ 190,788 ​ ​ (213,550) ​ 324,963 ​ 782 ​ 325,745 Income tax provision ​ (2,981) ​ ​ — ​ ​ (1,997) ​ (9,502) ​ ​ — ​ (14,480) ​ — ​ (14,480) Net income (loss) ​ 317,123 ​ ​ (6,392) ​ 32,016 ​ 181,286 ​ ​ (213,550) ​ 310,483 ​ 782 ​ 311,265 Net income attributable to non-controlling interests ​ (1,087) ​ ​ — ​ (11,906) ​ (3,792) ​ ​ — ​ (16,785) ​ (782) ​ (17,567) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 316,036 ​ ​ (6,392) ​ $ 20,110 ​ $ 177,494 ​ $ (213,550) ​ $ 293,698 ​ $ — ​ $ 293,698 ​ The table below presents our condensed consolidated balance sheet as of September 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 ​ $ 64,343 ​ $ 6,404 ​ $ 35,940 ​ $ 46,872 ​ $ 129,369 ​ $ 282,928 ​ $ 1,189 ​ $ 284,117 Restricted cash ​ 36,771 ​ 33,366 ​ 21,186 ​ 19,218 ​ — ​ 110,541 ​ — ​ 110,541 Loans held-for-investment, net ​ 7,636,475 ​ 1,281,815 ​ — ​ 1,363 ​ — ​ 8,919,653 ​ — ​ 8,919,653 Loans held-for-sale ​ 809,604 ​ 163,932 ​ — ​ 468,583 ​ — ​ 1,442,119 ​ — ​ 1,442,119 Investment securities ​ 938,300 ​ 54,048 ​ — ​ 1,009,249 ​ — ​ 2,001,597 ​ (1,192,460) ​ 809,137 Properties, net ​ ​ 26,902 ​ ​ — ​ ​ 2,441,480 ​ ​ 261,156 ​ ​ — ​ ​ 2,729,538 ​ ​ — ​ ​ 2,729,538 Intangible assets ​ — ​ — ​ 75,965 ​ 68,748 ​ — ​ 144,713 ​ (24,766) ​ 119,947 Investment in unconsolidated entities ​ 42,518 ​ — ​ 71,824 ​ 33,246 ​ — ​ 147,588 ​ (21,473) ​ 126,115 Goodwill ​ — ​ 119,409 ​ — ​ 140,437 ​ — ​ 259,846 ​ — ​ 259,846 Derivative assets ​ 37,507 ​ 652 ​ 21,994 ​ 603 ​ 20,727 ​ 81,483 ​ — ​ 81,483 Accrued interest receivable ​ 43,747 ​ 4,015 ​ 245 ​ 1,321 ​ 3,125 ​ 52,453 ​ (676) ​ 51,777 Other assets ​ 98,664 ​ 5,978 ​ 72,932 ​ 64,068 ​ 9,129 ​ 250,771 ​ 2 ​ 250,773 VIE assets, at fair value ​ — ​ — ​ — ​ — ​ — ​ — ​ 59,249,054 ​ 59,249,054 Total Assets ​ $ 9,734,831 ​ $ 1,669,619 ​ $ 2,741,566 ​ $ 2,114,864 ​ $ 162,350 ​ $ 16,423,230 ​ $ 58,010,870 ​ $ 74,434,100 Liabilities and Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 25,836 ​ $ 15,719 ​ $ 69,550 ​ $ 72,055 ​ $ 50,868 ​ $ 234,028 ​ $ 92 ​ $ 234,120 Related-party payable ​ — ​ — ​ — ​ 44 ​ 24,442 ​ 24,486 ​ — ​ 24,486 Dividends payable ​ — ​ — ​ — ​ — ​ 137,273 ​ 137,273 ​ — ​ 137,273 Derivative liabilities ​ 2,336 ​ 904 ​ — ​ 1,541 ​ — ​ 4,781 ​ — ​ 4,781 Secured financing agreements, net ​ 4,061,849 ​ 1,168,166 ​ 1,868,416 ​ 771,618 ​ 391,989 ​ 8,262,038 ​ (13,950) ​ 8,248,088 Collateralized loan obligations, net ​ ​ 927,436 ​ ​ — ​ ​ — ​ — ​ — ​ 927,436 ​ ​ — ​ ​ 927,436 Unsecured senior notes, net ​ — ​ — ​ — ​ — ​ 1,926,693 ​ 1,926,693 ​ — ​ 1,926,693 VIE liabilities, at fair value ​ — ​ — ​ — ​ — ​ — ​ — ​ 58,018,209 ​ 58,018,209 Total Liabilities ​ 5,017,457 ​ 1,184,789 ​ 1,937,966 ​ 845,258 ​ 2,531,265 ​ 11,516,735 ​ 58,004,351 ​ 69,521,086 Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Starwood Property Trust, Inc. Stockholders’ Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ — ​ — ​ — ​ — ​ 2,871 ​ 2,871 ​ — ​ 2,871 Additional paid-in capital ​ 1,307,064 ​ 481,206 ​ 609,241 ​ 156,094 ​ 2,568,066 ​ 5,121,671 ​ — ​ 5,121,671 Treasury stock ​ — ​ — ​ — ​ — ​ (104,194) ​ (104,194) ​ — ​ (104,194) Accumulated other comprehensive income (loss) ​ 52,471 ​ — ​ (30) ​ (64) ​ — ​ 52,377 ​ — ​ 52,377 Retained earnings (accumulated deficit) ​ 3,357,839 ​ 3,624 ​ (38,936) ​ 1,095,602 ​ (4,835,658) ​ (417,529) ​ — ​ (417,529) Total Starwood Property Trust, Inc. Stockholders’ Equity ​ 4,717,374 ​ 484,830 ​ 570,275 ​ 1,251,632 ​ (2,368,915) ​ 4,655,196 ​ — ​ 4,655,196 Non-controlling interests in consolidated subsidiaries ​ — ​ — ​ 233,325 ​ 17,974 ​ — ​ 251,299 ​ 6,519 ​ 257,818 Total Equity ​ 4,717,374 ​ 484,830 ​ 803,600 ​ 1,269,606 ​ (2,368,915) ​ 4,906,495 ​ 6,519 ​ 4,913,014 Total Liabilities and Equity ​ $ 9,734,831 ​ $ 1,669,619 ​ $ 2,741,566 ​ $ 2,114,864 ​ $ 162,350 ​ $ 16,423,230 ​ $ 58,010,870 ​ $ 74,434,100 ​ The table below presents our condensed consolidated balance sheet as of December 31, 2018 by business segment (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ Infrastructure ​ ​ ​ Investing ​ ​ ​ ​ ​ ​ ​ ​ ​ Lending ​ Lending ​ Property ​ and Servicing ​ ​ ​ ​ ​ Securitization ​ ​ ​ Segment ​ Segment ​ Segment ​ Segment ​ Corporate ​ Subtotal ​ VIEs ​ Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents $ 14,385 $ 13 ​ $ 27,408 $ 31,449 $ 164,015 $ 237,270 $ 2,554 $ 239,824 Restricted cash ​ 28,324 ​ ​ 175,659 ​ 25,144 ​ 11,679 ​ 7,235 ​ 248,041 ​ — ​ 248,041 Loans held-for-investment, net ​ 7,072,220 ​ ​ 1,456,779 ​ — ​ 3,357 ​ — ​ 8,532,356 ​ — ​ 8,532,356 Loans held-for-sale ​ 670,155 ​ ​ 469,775 ​ — ​ 47,622 ​ — ​ 1,187,552 ​ — ​ 1,187,552 Loans transferred as secured borrowings ​ 74,346 ​ ​ — ​ — ​ — ​ — ​ 74,346 ​ — ​ 74,346 Investment securities ​ 1,050,920 ​ ​ 60,768 ​ — ​ 998,820 ​ — ​ 2,110,508 ​ (1,204,040) ​ 906,468 Properties, net ​ ​ — ​ ​ — ​ ​ 2,512,847 ​ ​ 272,043 ​ ​ — ​ 2,784,890 ​ — ​ 2,784,890 Intangible assets ​ — ​ ​ — ​ 90,889 ​ 78,219 ​ — ​ 169,108 ​ (24,075) ​ 145,033 Investment in unconsolidated entities ​ 35,274 ​ ​ — ​ 114,362 ​ 44,129 ​ — ​ 193,765 ​ (22,000) ​ 171,765 Goodwill ​ — ​ ​ 119,409 ​ — ​ 140,437 ​ — ​ 259,846 ​ — ​ 259,846 Derivative assets ​ 18,174 ​ ​ 1,066 ​ 32,733 ​ 718 ​ — ​ 52,691 ​ — ​ 52,691 Accrued interest receivable ​ 39,862 ​ ​ 6,982 ​ 359 ​ 616 ​ 13,177 ​ 60,996 ​ (641) ​ 60,355 Other assets ​ 13,958 ​ ​ 20,472 ​ 67,098 ​ 49,363 ​ 2,057 ​ 152,948 ​ (26) ​ 152,922 VIE assets, at fair value ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ 53,446,364 ​ 53,446,364 Total Assets ​ $ 9,017,618 ​ $ 2,310,923 ​ $ 2,870,840 ​ $ 1,678,452 ​ $ 186,484 ​ $ 16,064,317 ​ $ 52,198,136 ​ $ 68,262,453 Liabilities and Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 26,508 ​ $ 26,476 ​ $ 67,415 ​ $ 75,655 ​ $ 21,467 ​ $ 217,521 ​ $ 142 ​ $ 217,663 Related-party payable ​ — ​ ​ — ​ — ​ 53 ​ 43,990 ​ 44,043 ​ — ​ 44,043 Dividends payable ​ — ​ ​ — ​ — ​ — ​ 133,466 ​ 133,466 ​ — ​ 133,466 Derivative liabilities ​ 1,290 ​ ​ 477 ​ 37 ​ 1,423 ​ 12,188 ​ 15,415 ​ — ​ 15,415 Secured financing agreements, net ​ 4,405,599 ​ ​ 1,524,551 ​ 1,884,187 ​ 585,258 ​ 297,920 ​ 8,697,515 ​ (13,950) ​ 8,683,565 Unsecured senior notes, net ​ — ​ ​ — ​ — ​ — ​ 1,998,831 ​ 1,998,831 ​ — ​ 1,998,831 Secured borrowings on transferred loans ​ 74,239 ​ ​ — ​ — ​ — ​ — ​ 74,239 ​ — ​ 74,239 VIE liabilities, at fair value ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ 52,195,042 ​ 52,195,042 Total Liabilities ​ 4,507,636 ​ ​ 1,551,504 ​ 1,951,639 ​ 662,389 ​ 2,507,862 ​ 11,181,030 ​ 52,181,234 ​ 63,362,264 Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Starwood Property Trust, Inc. Stockholders’ Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ — ​ ​ — ​ — ​ — ​ 2,808 ​ 2,808 ​ — ​ 2,808 Additional paid-in capital ​ 1,430,503 ​ ​ 761,992 ​ 645,561 ​ 87,779 ​ 2,069,321 ​ 4,995,156 ​ — ​ 4,995,156 Treasury stock ​ — ​ ​ — ​ — ​ — ​ (104,194) ​ (104,194) ​ — ​ (104,194) Accumulated other comprehensive income (loss) ​ 53,516 ​ ​ — ​ 5,208 ​ (64) ​ — ​ 58,660 ​ — ​ 58,660 Retained earnings (accumulated deficit) ​ 3,015,676 ​ ​ (2,573) ​ 13,570 ​ 913,642 ​ (4,289,313) ​ (348,998) ​ — ​ (348,998) Total Starwood Property Trust, Inc. Stockholders’ Equity ​ 4,499,695 ​ ​ 759,419 ​ 664,339 ​ 1,001,357 ​ (2,321,378) ​ 4,603,432 ​ — ​ 4,603,432 Non-controlling interests in consolidated subsidiaries ​ 10,287 ​ ​ — ​ 254,862 ​ 14,706 ​ — ​ 279,855 ​ 16,902 ​ 296,757 Total Equity ​ 4,509,982 ​ ​ 759,419 ​ 919,201 ​ 1,016,063 ​ (2,321,378) ​ 4,883,287 ​ 16,902 ​ 4,900,189 Total Liabilities and Equity ​ $ 9,017,618 ​ $ 2,310,923 ​ $ 2,870,840 ​ $ 1,678,452 ​ $ 186,484 ​ $ 16,064,317 ​ $ 52,198,136 ​ $ 68,262,453 ​

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events
Subsequent Events	23. Subsequent Events ​ Our significant events subsequent to September 30, 2019 were as follows: ​ Secured Financing Agreements ​ In October 2019, we entered into a $500.0 million credit agreement to finance loans within the Infrastructure Lending Segment. The facility carries a ​ In October 2019, we entered into a $600.0 million first mortgage and mezzanine loan to refinance our existing Medical Office Portfolio debt of $494.3 million. The facility carries a two-year term with three one-year extension options and a weighted average floating rate of interest of LIBOR + 2.07%, which we have swapped to fixed rate. ​ Residential Mortgage Loan Securitization ​ In October 2019, we securitized residential mortgage loans held-for-sale with a principal balance of $370.3 million. ​ The Retail Fund ​ On November 8, 2019, the secured financing of the Retail Fund, an investment in which we own a 33% equity interest (see Note 7), reached its maturity date. We believe the Retail Fund will not have the ability to repay the financing at maturity and such inability to repay may constitute an event of default under its financing facilities. ​ Dividend Declaration ​ On November 8, 2019, our board of directors declared a dividend of $0.48 per share for the fourth quarter of 2019, which is payable on January 15, 2020 to common stockholders of record as of December 31, 2019. ​ ​ ​ ​ ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 nine months ended September 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, we have financed a pool of our loans through a collateralized loan obligation (“CLO”) which is considered a VIE. We also hold interests in certain other entities which are considered VIEs as the limited partners of those 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 . 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 certain eligible financial assets and liabilities of our consolidated securitization VIEs, residential loans held-for-investment, 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 residential mortgage loans held-for-investment were made in order to maintain consistency across all our residential mortgage loans. 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 or we have elected to apply the fair value option at purchase. ​
Loan Impairment	Loan Impairment ​ We evaluate each loan classified as held-for-investment not under the fair value option 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 recognition of a $12.0 million lease liability and corresponding right-of-use asset, which are classified within “Accounts payable, accrued expenses and other liabilities” and “Other assets”, respectively, in our condensed consolidated balance sheet as of September 30, 2019. ​
Leases (Lessor)	Leases ​ On January 1, 2019, ASC 842 , Leases , became effective for the Company. ASC 842 establishes a right-of-use model for lessee accounting which results in the recognition of most leased assets and lease liabilities on the balance sheet of the lessee. Lessor accounting was not significantly affected by this ASC. We elected to apply the provisions of ASC 842 as of January 1, 2019 and not to retrospectively adjust prior periods presented. Such application did not result in any cumulative-effect adjustment as of January 1, 2019. We elected the “package of practical expedients” for transition purposes, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs for leases that commenced prior to January 1, 2019. We also elected not to apply the recognition provisions of ASC 842 to short-term leases, which have original lease terms of 12 months or less. As a lessor, we elected not to separate nonlease components, such as reimbursements from tenants for common area maintenance (“CAM”), from lease components for all classes of underlying assets, and continue to recognize such nonlease components ratably in rental income. We also elected to continue to exclude from rental income all sales, use and other similar taxes collected from lessees. As required by ASC 842, we no longer record as revenues and expenses lessor costs (such as property taxes) paid directly by the lessees. The application of ASC 842 has had no material effect on our consolidated financial statements, as all of our leases, as both lessor and lessee, are currently classified as operating leases, which are subject to essentially the same straight-line revenue and expense recognition as in the past. As a lessee, our only significant long-term lease as of recognition of a $12.0 million lease liability and corresponding right-of-use asset, which are classified within “Accounts payable, accrued expenses and other liabilities” and “Other assets”, respectively, in our condensed consolidated balance sheet as of September 30, 2019.
Earnings Per Share	Earnings Per Share ​ We present both basic and diluted earnings per share (“EPS”) amounts in our financial statements. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the maximum potential dilution that could occur from (i) our share-based compensation, consisting of unvested restricted stock (“RSAs”) and restricted stock units (“RSUs”), (ii) shares contingently issuable to our Manager, (iii) the conversion options associated with our outstanding convertible senior notes (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 nine months ended September 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 Early application is permitted. We do not expect the application of this ASU to materially impact the Company, as it only affects fair value disclosures. ​ On October 31, 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810) – Targeted Improvements to Related Party Guidance for Variable Interest Entities ​

Loans (Tables)

Loans (Tables)	9 Months Ended
	Sep. 30, 2019
Loans
Summary of investments in mortgages and loans by subordination class	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average Life ​ ​ Carrying ​ Face ​ Average ​ (“WAL”) September 30, 2019 ​ Value ​ Amount ​ Coupon (1) ​ (years)(2) First mortgages (3) ​ $ 6,532,017 ​ $ 6,557,131 6.2 % 2.0 First priority infrastructure loans ​ ​ 1,281,815 ​ ​ 1,292,807 5.5 % 4.6 Subordinated mortgages (4) ​ 53,008 ​ ​ 54,143 8.6 % 3.0 Mezzanine loans (3) ​ 545,494 ​ ​ 546,434 11.2 % 1.8 Residential loans, fair value option (5) ​ ​ 479,169 ​ ​ 465,344 6.1 % 3.6 Other ​ ​ 60,995 ​ ​ 64,731 ​ 8.2 % 1.8 Total loans held-for-investment ​ 8,952,498 ​ ​ 8,980,590 ​ ​ ​ ​ Loans held-for-sale, fair value option, residential (5) ​ ​ 701,610 ​ ​ 677,548 ​ 6.4 % 3.5 Loans held-for-sale, commercial ($468,583 under fair value option) ​ ​ 576,577 ​ ​ 566,891 ​ 4.1 % 8.3 Loans held-for-sale, infrastructure ​ ​ 164,122 ​ ​ 168,445 ​ 3.4 % 1.8 Total gross loans ​ 10,394,807 ​ 10,393,474 ​ ​ ​ ​ Loan loss allowance ​ (33,035) ​ — ​ ​ ​ ​ Total net loans ​ $ 10,361,772 ​ $ 10,393,474 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First mortgages (3) ​ $ 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 (4) ​ 52,778 ​ 53,996 8.9 % 3.7 Mezzanine loans (3) ​ 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) Calculated using LIBOR or other applicable index rates as of September 30, 2019 and December 31, 2018 for variable rate loans ​ (2) Represents the WAL of each respective group of loans as of the respective balance sheet date. The WAL of each individual loan is calculated using amounts and timing of future principal payments, as projected at origination or acquisition. ​ (3) 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 $809.5 million and $1.0 billion being classified as first mortgages as of September 30, 2019 and December 31, 2018, respectively. ​ (4) 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. ​ (5) During the three and nine months ended September 30, 2019, $340.9 million of residential loans held-for-sale were reclassified into residential loans held-for-investment. ​
Summary of variable rate loans held-for-investment	As of September 30, 2019, our variable rate loans held-for-investment were as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Weighted-average ​ September 30, 2019 ​ Value ​ Spread Above Index ​ Commercial loans ​ $ 6,716,670 ​ 4.4 % First priority infrastructure loans ​ ​ 1,281,815 ​ 3.4 % Total variable rate loans held-for-investment ​ $ 7,998,485 ​ 4.3 %
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 September 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 September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 ​ $ 598 ​ $ — ​ $ — ​ $ — ​ $ 23,013 ​ $ — ​ $ 23,611 ​ 0.2 % 2 ​ 3,640,565 ​ — ​ 37,999 ​ 207,997 ​ — ​ — ​ 3,886,561 ​ 37.4 % 3 ​ 2,695,552 ​ — ​ 3,032 ​ ​ 337,497 ​ 31,141 ​ — ​ 3,067,222 ​ 29.5 % 4 ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — % 5 ​ 59,866 ​ — ​ — ​ — ​ — ​ — ​ 59,866 ​ 0.6 % N/A ​ 135,436 (1) 1,281,815 (2) 11,977 (1) — ​ 6,841 (1) — ​ 1,436,069 ​ 13.8 % ​ ​ $ 6,532,017 ​ $ 1,281,815 ​ $ 53,008 ​ $ 545,494 ​ $ 60,995 ​ $ — ​ ​ 8,473,329 ​ ​ ​ Residential loans held-for-investment, fair value option ​ ​ ​ ​ ​ ​ ​ ​ 479,169 ​ 4.6 % Loans held-for-sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,442,309 ​ 13.9 % Total gross loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,394,807 ​ 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 Nine Months Ended ​ September 30, ​ 2019 2018 Allowance for loan losses at January 1 $ 39,151 ​ $ 4,330 Provision for (reversal of) loan losses 3,242 ​ (2,127) Provision for impaired loans ​ — ​ ​ 29,853 Charge-offs (9,358) ​ — Recoveries — ​ — Allowance for loan losses at September 30 $ 33,035 ​ $ 32,056 Recorded investment in loans related to the allowance for loan loss $ 254,070 ​ $ 287,242
Schedule of activity in loan portfolio	The activity in our loan portfolio was as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ​ September 30, ​ 2019 2018 Balance at January 1 $ 9,794,254 ​ $ 7,382,641 Acquisitions/originations/additional funding 5,607,829 ​ 5,006,725 Acquisition of Infrastructure Lending Portfolio ​ — ​ ​ 1,826,423 Capitalized interest (1) 79,869 ​ 44,293 Basis of loans sold (2) (2,713,237) ​ (1,985,388) Loan maturities/principal repayments (2,429,078) ​ (2,383,658) Discount accretion/premium amortization 24,193 ​ 28,954 Changes in fair value 65,678 ​ 26,573 Unrealized foreign currency translation loss (37,191) ​ (17,095) Loan loss provision, net (3,242) ​ (27,726) Loan foreclosure ​ (27,303) ​ ​ — Transfer to/from other asset classifications ​ — ​ ​ 50 Balance at September 30 $ 10,361,772 ​ $ 9,901,792 (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)	9 Months Ended
	Sep. 30, 2019
Schedule of investment securities	Investment securities were comprised of the following as of September 30, 2019 and December 31, 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of ​ ​ September 30, 2019 December 31, 2018 RMBS, available-for-sale ​ $ 195,297 ​ $ 209,079 RMBS, fair value option (1) ​ ​ 111,122 ​ ​ 87,879 CMBS, fair value option (1) ​ 1,127,637 ​ 1,157,508 Held-to-maturity (“HTM”) debt securities, amortized cost ​ 556,255 ​ 644,149 Equity security, fair value ​ 11,286 ​ 11,893 Subtotal — ​ 2,001,597 ​ 2,110,508 VIE eliminations (1) ​ (1,192,460) ​ ​ (1,204,040) Total investment securities ​ $ 809,137 ​ $ 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 September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ 52,845 ​ $ 10,214 ​ $ — ​ $ — ​ $ (57,894) ​ $ 5,165 Sales ​ — ​ — ​ 49,725 ​ — ​ — ​ (49,725) ​ — Principal collections ​ 7,445 ​ 4,680 ​ 15,859 ​ 35,069 ​ — ​ (17,196) ​ 45,857 Three Months Ended September 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ 45,095 ​ $ 26,258 ​ $ 289,100 ​ $ — ​ $ (68,579) ​ $ 291,874 Acquisition of Infrastructure Lending Portfolio ​ ​ — ​ ​ — ​ ​ — ​ ​ 65,060 ​ ​ — ​ ​ — ​ ​ 65,060 Sales ​ 2,046 ​ — ​ 22,065 ​ — ​ — ​ (18,902) ​ 5,209 Principal collections ​ 9,246 ​ 119 ​ 22,031 ​ 20,577 ​ — ​ (17,903) ​ 34,070 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS, ​ RMBS, fair ​ CMBS, fair ​ HTM ​ Equity ​ Securitization ​ ​ ​ ​ available-for-sale value option value option Securities Security VIEs (1) Total Nine Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ 79,117 ​ $ 62,427 ​ $ — ​ $ — ​ $ (136,379) ​ $ 5,165 Sales ​ — ​ 41,501 ​ 112,426 ​ — ​ — ​ (149,949) ​ 3,978 Principal collections ​ 20,222 ​ 9,772 ​ 37,768 ​ 89,737 ​ — ​ (38,607) ​ 118,892 Nine Months Ended September 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ 45,095 ​ $ 118,166 ​ $ 289,100 ​ $ — ​ $ (140,022) ​ $ 312,339 Acquisition of Infrastructure Lending Portfolio ​ ​ — ​ ​ — ​ ​ — ​ ​ 65,060 ​ ​ — ​ ​ — ​ ​ 65,060 Sales ​ 2,853 ​ — ​ 30,012 ​ — ​ — ​ (26,849) ​ 6,016 Principal collections ​ 27,432 ​ 119 ​ 82,812 ​ 323,061 ​ — ​ (77,667) ​ 355,757 (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 September 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 September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 152,632 ​ $ (9,805) ​ $ 142,827 ​ $ (333) ​ $ 52,803 ​ $ — ​ $ 52,470 ​ $ 195,297 December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 165,461 ​ $ (9,897) ​ $ 155,564 ​ $ (31) ​ $ 53,546 ​ $ — ​ $ 53,515 ​ $ 209,079 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Coupon (1) Weighted Average WAL September 30, 2019 ​ ​ ​ ​ ​ ​ RMBS 3.3 % BB- 5.8 December 31, 2018 ​ ​ ​ ​ ​ ​ RMBS 3.7 % CCC- ​ 6.0 (1) Calculated using the September 30, 2019 and December 31, 2018 one-month LIBOR rate of 2.016% 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 September 30, 2019 and December 31, 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2019 December 31, 2018 Principal balance ​ $ 286,717 ​ $ 309,497 Accretable yield ​ (56,148) ​ (54,779) Non-accretable difference ​ (87,742) ​ (99,154) Total discount ​ (143,890) ​ (153,933) Amortized cost ​ $ 142,827 ​ $ 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 nine months ended September 30, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Accretable Three Months Ended September 30, 2019 ​ Accretable Yield ​ Difference Balance as of July 1, 2019 ​ $ 54,821 ​ $ 92,570 Accretion of discount ​ (2,446) ​ — Principal write-downs, net ​ — ​ (1,055) Transfer to/from non-accretable difference ​ 3,773 ​ (3,773) Balance as of September 30, 2019 ​ $ 56,148 ​ $ 87,742 ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ Balance as of January 1, 2019 ​ $ 54,779 ​ $ 99,154 Accretion of discount ​ (7,484) ​ — Principal write-downs, net ​ — ​ (2,559) Transfer to/from non-accretable difference ​ 8,853 ​ (8,853) Balance as of September 30, 2019 ​ $ 56,148 ​ $ 87,742
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 September 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 September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 1,520 ​ $ — ​ $ (333) ​ $ — ​ 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 September 30, 2019 and December 31, 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Carrying Amount ​ Gross Unrealized ​ Gross Unrealized ​ ​ ​ ​ ​ (Amortized Cost) ​ Holding Gains ​ Holding Losses ​ Fair Value September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ CMBS ​ $ 360,640 ​ $ 1,008 ​ $ (2,968) ​ $ 358,680 ​ Preferred interests ​ ​ 141,567 ​ ​ 1,254 ​ ​ — ​ ​ 142,821 ​ Infrastructure bonds ​ ​ 54,048 ​ ​ 122 ​ ​ (1,369) ​ ​ 52,801 ​ Total ​ $ 556,255 ​ $ 2,384 ​ $ (4,337) ​ $ 554,302 ​ December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CMBS ​ $ 408,556 ​ $ 2,435 ​ $ (3,349) ​ $ 407,642 ​ Preferred interests ​ ​ 174,825 ​ ​ 703 ​ ​ — ​ ​ 175,528 ​ Infrastructure bonds ​ ​ 60,768 ​ ​ 178 ​ ​ (168) ​ ​ 60,778 ​ Total ​ $ 644,149 ​ $ 3,316 ​ $ (3,517) ​ $ 643,948 ​
Summary of maturities of preferred equity interests in limited liability companies that own commercial real estate	The table below summarizes the maturities of our HTM debt securities by type as of September 30, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred ​ Infrastructure ​ ​ ​ ​ CMBS ​ Interests ​ Bonds ​ Total Less than one year $ 334,249 ​ $ — ​ $ — ​ $ 334,249 One to three years ​ ​ 26,391 ​ ​ — ​ ​ 9,013 ​ ​ 35,404 Three to five years ​ ​ — ​ ​ 141,567 ​ ​ — ​ ​ 141,567 Thereafter ​ — ​ ​ — ​ ​ 45,035 ​ ​ 45,035 Total ​ $ 360,640 ​ $ 141,567 ​ $ 54,048 ​ $ 556,255

Properties (Tables)

Properties (Tables)	9 Months Ended
	Sep. 30, 2019
Properties
Summary of properties	The table below summarizes our properties held as of September 30, 2019 and December 31, 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciable Life September 30, 2019 December 31, 2018 Property Segment ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 15 years ​ $ 640,831 ​ $ 648,972 Buildings and building improvements ​ 5 – 45 years ​ ​ 1,969,326 ​ ​ 1,980,283 Furniture & fixtures ​ 3 – 7 years ​ ​ 51,148 ​ ​ 46,048 Investing and Servicing Segment ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 15 years ​ ​ 69,640 ​ ​ 82,332 Buildings and building improvements ​ 3 – 40 years ​ ​ 221,796 ​ ​ 213,010 Furniture & fixtures ​ 2 – 5 years ​ ​ 2,752 ​ ​ 2,158 Commercial and Residential Lending Segment (1) ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 7 years ​ ​ 11,386 ​ ​ — Buildings ​ 20 – 23 years ​ ​ 16,067 ​ ​ — Properties, cost ​ ​ ​ ​ 2,982,946 ​ ​ 2,972,803 Less: accumulated depreciation ​ ​ ​ ​ (253,408) ​ ​ (187,913) Properties, net ​ ​ ​ $ 2,729,538 ​ $ 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) $ 67,051 2020 ​ 170,056 2021 ​ 117,115 2022 ​ 110,199 2023 ​ ​ 94,699 Thereafter ​ 818,876 Total ​ $ 1,377,996

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2019
Investment in Unconsolidated Entities
Summary of investments in unconsolidated entities	The table below summarizes our investments in unconsolidated entities as of September 30, 2019 and December 31, 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Participation / ​ Carrying value as of ​ Ownership % (1) September 30, 2019 December 31, 2018 Equity method: ​ ​ ​ ​ ​ ​ ​ ​ Retail Fund ​ 33% ​ $ 71,824 ​ $ 114,362 Investor entity which owns equity in an online real estate company ​ 50% ​ ​ 9,441 ​ ​ 9,372 Equity interests in commercial real estate ​ 50% ​ ​ 2,165 ​ ​ 6,294 Equity interest in and advances to a residential mortgage originator (2) N/A ​ 9,404 ​ 9,082 Various 25% - 50% ​ 8,277 ​ 6,984 ​ ​ ​ ​ 101,111 ​ 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% ​ 15,779 ​ 10,239 ​ ​ ​ ​ 25,004 ​ 25,671 ​ ​ ​ ​ $ 126,115 ​ $ 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 nine months ended September 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)	9 Months Ended
	Sep. 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 September 30, 2019 and December 31, 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 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 ​ $ 18,249 ​ $ — ​ $ 18,249 ​ $ 20,557 ​ $ — ​ $ 20,557 In-place lease intangible assets ​ 186,660 ​ (109,145) ​ 77,515 ​ 198,220 ​ (100,873) ​ 97,347 Favorable lease intangible assets ​ ​ 35,917 ​ ​ (11,734) ​ ​ 24,183 ​ ​ 36,895 ​ ​ (9,766) ​ ​ 27,129 Total net intangible assets ​ $ 240,826 ​ $ (120,879) ​ $ 119,947 ​ $ 255,672 ​ $ (110,639) ​ $ 145,033
Summary of activity within intangible assets	The following table summarizes the activity within intangible assets for the nine months ended September 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 Acquisition of additional REIS Equity Portfolio property ​ ​ — ​ ​ 277 ​ ​ — ​ ​ 277 Amortization ​ ​ — ​ ​ (15,284) ​ ​ (2,519) ​ ​ (17,803) Sales ​ ​ — ​ ​ (2,612) ​ ​ — ​ ​ (2,612) Foreign exchange loss ​ ​ — ​ ​ (1,160) ​ ​ (321) ​ ​ (1,481) Impairment (1) ​ ​ — ​ ​ (1,053) ​ ​ (106) ​ ​ (1,159) Changes in fair value due to changes in inputs and assumptions ​ ​ (2,308) ​ ​ — ​ ​ — ​ ​ (2,308) Balance as of September 30, 2019 ​ $ 18,249 ​ $ 77,515 ​ $ 24,183 ​ $ 119,947 (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) $ 4,935 2020 ​ 16,502 2021 ​ 14,197 2022 ​ 11,727 2023 ​ 8,556 Thereafter ​ 45,781 Total ​ $ 101,698

Secured Borrowings (Tables)

Secured Borrowings (Tables)	9 Months Ended
	Sep. 30, 2019
Secured Borrowings
Schedule of outstanding balance of repurchase agreements related to the following asset collateral classes	​
Summary of secured financing agreements	The following table is a summary of our secured financing agreements in place as of September 30, 2019 and December 31, 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Balance at ​ ​ Current ​ Extended ​ Weighted Average ​ Pledged Asset ​ Maximum ​ September 30, ​ December 31, ​ ​ Maturity Maturity (a) Pricing Carrying Value Facility Size 2019 2018 Repurchase Agreements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Loans ​ Aug 2020 to Jan 2024 (b) Aug 2021 to Apr 2028 (b) (c) ​ $ 4,458,046 ​ $ 7,879,032 (d) $ 2,945,331 ​ $ 3,598,311 Residential Loans ​ Feb 2021 ​ N/A ​ LIBOR + 2.10% ​ ​ 16,332 ​ ​ 400,000 ​ ​ 13,190 ​ ​ — Infrastructure Loans ​ Feb 2020 to Jul 2022 ​ Feb 2021 to Jul 2027 ​ LIBOR + 1.75% ​ ​ 316,759 ​ ​ 1,000,000 ​ ​ 263,664 ​ ​ — Conduit Loans ​ Feb 2020 to Jun 2022 ​ Feb 2021 to Jun 2023 ​ LIBOR + 2.22% ​ ​ 358,405 ​ ​ 363,225 ​ ​ 234,025 ​ ​ 35,034 CMBS/RMBS ​ Jun 2020 to Dec 2028 (e) Sep 2020 to Oct 2029 (e) (f) ​ ​ 1,069,948 ​ ​ 778,025 ​ ​ 676,648 ​ ​ 656,405 Total Repurchase Agreements ​ ​ ​ ​ ​ ​ ​ ​ 6,219,490 ​ ​ 10,420,282 ​ ​ 4,132,858 ​ ​ 4,289,750 Other Secured Financing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Borrowing Base Facility ​ Apr 2022 ​ Apr 2024 ​ LIBOR + 2.25% ​ ​ 49,754 ​ ​ 650,000 (g) ​ 37,313 ​ ​ — Infrastructure Acquisition Facility ​ Sep 2021 ​ Sep 2022 ​ (h) ​ ​ 1,062,553 ​ ​ 1,086,201 ​ ​ 883,173 ​ ​ 1,551,148 Property Mortgages - Fixed rate ​ Nov 2024 to Aug 2052 (i) N/A ​ 3.41% ​ ​ 1,921,951 ​ ​ 1,453,116 ​ ​ 1,452,970 ​ ​ 1,475,382 Property Mortgages - Variable rate ​ May 2020 to Apr 2025 ​ N/A ​ LIBOR + 2.44% ​ ​ 831,275 ​ ​ 694,351 ​ ​ 643,261 ​ ​ 645,344 Term Loan and Revolver ​ (j) ​ N/A ​ (j) ​ ​ N/A (j) ​ 500,000 ​ ​ 400,000 ​ ​ 300,000 FHLB ​ Feb 2021 ​ N/A ​ (k) ​ ​ 1,164,449 ​ ​ 2,000,000 ​ ​ 780,754 ​ ​ 500,000 Total Other Secured Financing ​ ​ ​ ​ ​ ​ ​ ​ 5,029,982 ​ ​ 6,383,668 ​ ​ 4,197,471 ​ ​ 4,471,874 ​ ​ ​ ​ ​ ​ ​ ​ $ 11,249,472 ​ $ 16,803,950 ​ ​ 8,330,329 ​ ​ 8,761,624 Unamortized net discount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2,920) ​ ​ (963) Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (79,321) ​ ​ (77,096) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 8,248,088 ​ $ 8,683,565 (a) Subject to certain conditions as defined in the respective facility agreement. (b) For certain facilities, borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions. (c) Certain facilities with an outstanding balance of $593.8 million as of September 30, 2019 are indexed to GBP LIBOR and EURIBOR. The remainder have a weighted average rate of LIBOR + 1.93% . (d) The aggregate initial maximum facility size of $6.8 billion may be increased at our option, subject to certain conditions. This amount includes such upsizes. (e) Certain facilities with an outstanding balance of $393.8 million as of September 30, 2019 carry a rolling 11-month or 12-month term which may reset monthly with the lender's consent. These facilities carry no maximum facility size. (f) A facility with an outstanding balance of $78.6 million as of September 30, 2019 has a fixed annual interest rate of 4.09% . All other facilities are variable rate with a weighted average rate of LIBOR + 1.55% . (g) The initial maximum facility size of $300.0 million may be increased to $650.0 million, subject to certain conditions. (h) 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. (i) The weighted average maturity is 9.3 years as of September 30, 2019. (j) Consists of: (i) a $400.0 million term loan facility that matures in July 2026 with an annual interest rate of LIBOR + 2.50% ; and (ii) a $100.0 million revolving credit facility that matures in July 2024 with an annual interest rate of LIBOR + 3.00% . These facilities are secured by the equity interests in certain of our subsidiaries which totaled $3.5 billion as of September 30, 2019. (k) FHLB financing with an outstanding balance of $312.0 million as of September 30, 2019 has a weighted average fixed annual interest rate of 2.08% . The remainder is variable rate with a weighted average rate of LIBOR + 0.28% .
Schedule of collateralized loan obligations	The following table is a summary of our CLO as of September 30, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Face ​ Carrying ​ Weighted ​ ​ ​ ​ ​ Count ​ Amount ​ Value ​ Average Spread ​ Maturity ​ Collateral assets ​ 21 ​ $ 1,098,817 ​ $ 1,098,817 ​ LIBOR + 3.23% (a) Aug 2023 (b) Financing ​ 1 ​ 936,375 ​ ​ 927,436 ​ LIBOR + 1.65% (c) July 2038 (d) (a) Represents the weighted-average coupon earned on variable rate loans during the three months ended September 30, 2019. Of the loans financed by the CLO, 9% earned fixed weighted average interest of 6.84% . (b) Represents the weighted-average maturity, assuming the extended contractual maturity of the collateral assets. (c) Represents the weighted-average cost of financing incurred during the three months ended September 30, 2019, inclusive of deferred issuance costs. (d) Repayments of the CLO are tied to timing of the related collateral asset repayments. The term of the CLO financing obligation represents the legal final maturity date.
Schedule of five-year principal repayments for secured financings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Repurchase Other Secured ​ ​ ​ ​ ​ Agreements ​ Financing ​ CLO ​ Total 2019 (remainder of) $ 53,273 $ 405,283 $ — ​ $ 458,556 2020 ​ 474,502 ​ 198,376 ​ ​ — ​ 672,878 2021 ​ 1,123,670 ​ 823,199 ​ ​ — ​ 1,946,869 2022 ​ 681,928 ​ 685,635 ​ ​ — ​ 1,367,563 2023 ​ 1,106,086 ​ 582,157 ​ ​ — ​ 1,688,243 Thereafter ​ 693,399 ​ 1,502,821 ​ ​ 936,375 (a) 3,132,595 Total ​ $ 4,132,858 ​ $ 4,197,471 ​ $ 936,375 ​ $ 9,266,704 (a) Assumes utilization of the reinvestment feature.

Unsecured Senior Notes (Tables)

Unsecured Senior Notes (Tables)	9 Months Ended
	Sep. 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 September 30, 2019 and December 31, 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ ​ ​ ​ Coupon ​ Effective ​ Maturity ​ Period of ​ Carrying Value at ​ ​ Rate ​ Rate (1) ​ Date ​ Amortization ​ September 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 ​ 1.3 years ​ ​ 500,000 ​ ​ 500,000 2021 Senior Notes (December) ​ 5.00 % 5.32 % 12/15/2021 ​ 2.2 years ​ ​ 700,000 ​ ​ 700,000 2023 Convertible Notes ​ 4.38 % 4.86 % 4/1/2023 ​ 3.5 years ​ ​ 250,000 ​ ​ 250,000 2025 Senior Notes ​ 4.75 % 5.04 % 3/15/2025 ​ 5.5 years ​ ​ 500,000 ​ ​ 500,000 Total principal amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,950,000 ​ ​ 2,027,969 Unamortized discount—Convertible Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3,865) ​ ​ (4,644) Unamortized discount—Senior Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (13,216) ​ ​ (16,416) Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (6,226) ​ (8,078) Carrying amount of debt components ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,926,693 ​ $ 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 September 30, 2019 (amounts in thousands, except rates): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2019 ​ Conversion Spread Value - Shares (3) ​ ​ Conversion ​ Conversion ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ ​ Rate (1) ​ Price (2) ​ 2019 ​ 2018 ​ 2019 ​ 2018 2019 Notes ​ N/A ​ N/A — 542 — 559 2023 Notes ​ 38.5959 $ 25.91 — — ​ — — ​ ​ ​ ​ ​ ​ ​ — ​ 542 ​ — ​ 559 (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 September 30, 2019 and 2018, the market price of the Company’s common stock was $24.22 and $21.52 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)	9 Months Ended
	Sep. 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 September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 262,528 ​ $ 274,714 ​ $ 201,363 2018 ​ 360,651 ​ 372,300 ​ 272,156 For the Nine Months Ended September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 787,160 ​ $ 826,932 ​ $ 608,348 2018 ​ 825,610 ​ 854,065 ​ 623,538
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 September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 53,288 ​ $ 53,249 ​ $ 547,660 ​ $ 571,333 ​ $ — ​ $ — 2018 ​ 550,000 ​ 547,776 ​ 374,071 ​ 389,044 ​ — ​ — For the Nine Months Ended September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 554,710 ​ $ 551,700 ​ $ 911,713 ​ $ 947,862 ​ $ — ​ $ — 2018 ​ 746,400 ​ 742,496 ​ 374,071 ​ 389,044 ​ — ​ —

Derivatives and Hedging Activ_2

Derivatives and Hedging Activity (Tables)	9 Months Ended
	Sep. 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 September 30, 2019 (notional amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Sell Euros ("EUR") ​ 114 ​ 307,452 ​ EUR ​ November 2019 – November 2022 Fx contracts – Sell Pounds Sterling ("GBP") ​ 97 ​ 322,315 ​ GBP ​ October 2019 – April 2022 Fx contracts – Sell Australian dollar ("AUD") ​ 2 ​ 12,307 ​ AUD ​ October 2019 – November 2021 Fx contracts – Buy GBP ​ 1 ​ 921 ​ GBP ​ October 2019 Interest rate swaps – Paying fixed rates ​ 54 ​ 1,292,709 ​ USD ​ July 2022 – October 2029 Interest rate swaps – Receiving fixed rates ​ 2 ​ 970,000 ​ USD ​ January 2021 – March 2025 Interest rate caps ​ 9 ​ 127,528 ​ USD ​ January 2020 – August 2023 Credit index instruments ​ 5 ​ 89,000 ​ USD ​ November 2054 – August 2061 Forward loan purchase commitments ​ 1 ​ 46,486 ​ USD ​ October 2019 Interest rate swap guarantees ​ 6 ​ 390,970 ​ USD ​ March 2022 – June 2025 Interest rate swap guarantees ​ 1 ​ 10,263 ​ GBP ​ December 2024 Total ​ 292 ​ ​ ​ ​ ​ ​ ​
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 September 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 ​ ​ September 30, ​ December 31, ​ September 30, ​ December 31, ​ 2019 ​ 2018 ​ 2019 ​ 2018 Interest rate contracts ​ $ 24,664 ​ $ 30,791 ​ $ 3,587 ​ $ 14,457 Interest rate swap guarantees ​ ​ — ​ ​ — ​ ​ 904 ​ ​ 396 Foreign exchange contracts ​ 56,611 ​ 21,346 ​ 156 ​ 562 Credit index instruments ​ 208 ​ 554 ​ 134 ​ — Total derivatives ​ $ 81,483 ​ $ 52,691 ​ $ 4,781 ​ $ 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 September 30, ​ Nine Months Ended September 30, as Hedging Instruments Recognized in Income 2019 2018 2019 2018 Interest rate contracts Gain on derivative financial instruments ​ $ (7,898) ​ $ 4,444 ​ $ (21,733) ​ $ 10,553 Interest rate swap guarantees ​ Gain on derivative financial instruments ​ ​ (468) ​ ​ — ​ ​ (3,640) ​ ​ — Foreign exchange contracts Gain on derivative financial instruments ​ 30,426 ​ 8,073 ​ 46,116 ​ 17,748 Credit index instruments Gain on derivative financial instruments ​ (127) ​ (782) ​ (1,049) ​ (803) ​ ​ ​ ​ $ 21,933 ​ $ 11,735 ​ $ 19,694 ​ $ 27,498
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 September 30, ​ (effective portion) ​ (effective portion) ​ (ineffective portion) ​ Recognized in Income 2019 ​ $ — ​ $ — ​ $ — Interest expense 2018 ​ $ — ​ $ 6 ​ $ — Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ — ​ $ — ​ $ — Interest expense 2018 ​ $ 8 ​ $ 32 ​ $ — Interest expense

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	9 Months Ended
	Sep. 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 September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ 81,483 ​ $ — ​ $ 81,483 ​ $ 679 ​ $ 20,727 ​ $ 60,077 Derivative liabilities ​ $ 4,781 ​ $ — ​ $ 4,781 ​ $ 679 ​ $ 3,198 ​ $ 904 Repurchase agreements ​ 4,132,858 ​ — ​ 4,132,858 ​ 4,132,858 ​ — ​ — ​ ​ $ 4,137,639 ​ $ — ​ $ 4,137,639 ​ $ 4,133,537 ​ $ 3,198 ​ $ 904 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 (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2019
Variable Interest Entities
Summary of assets and liabilities of our consolidated CLO	The following table details the assets and liabilities of our consolidated CLO (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ As of ​ ​ September 30, 2019 Assets: ​ ​ ​ Loans held-for-investment ​ $ 1,098,817 Accrued interest receivable ​ 2,384 Other assets ​ ​ 1,183 Total Assets ​ $ 1,102,384 Liabilities ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 1,402 Collateralized loan obligations, net ​ 927,436 Total Liabilities ​ $ 928,838

Stockholders' Equity and Non-_2

Stockholders' Equity and Non-Controlling Interests (Tables)	9 Months Ended
	Sep. 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 8/7/19 ​ 9/30/19 ​ 9/27/19 ​ 10/15/19 ​ $ 0.48 ​ Quarterly 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 nine months ended September 30, 2019 and 2018 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grant Date Type Amount Granted Grant Date Fair Value Vesting Period September 2019 ​ RSU ​ 1,200,000 ​ $ 29,484 ​ (1) ​ 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 ​ (1) Of the amount granted, 218,898 vested immediately on the grant date and the remaining amount vests over a three-year period.
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 ​ 520,236 ​ 1,200,000 1,720,236 ​ 24.01 Vested (499,735) ​ (662,648) (1,162,383) ​ 22.10 Forfeited (14,761) ​ — (14,761) ​ 22.07 Balance as of September 30, 2019 1,442,185 1,535,272 2,977,457 ​ 22.72

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended ​ September 30, ​ September 30, ​ 2019 2018 2019 2018 Basic Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income attributable to STWD common stockholders $ 140,396 ​ $ 84,536 ​ $ 337,795 ​ $ 293,698 Less: Income attributable to participating shares not already deducted as non-controlling interests (1,205) ​ (970) ​ (2,779) ​ (2,725) Basic earnings $ 139,191 ​ $ 83,566 ​ $ 335,016 ​ $ 290,973 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income attributable to STWD common stockholders $ 140,396 ​ $ 84,536 ​ $ 337,795 ​ $ 293,698 Less: Income attributable to participating shares not already deducted as non-controlling interests (1,205) ​ (970) ​ (2,779) ​ (2,725) Add: Interest expense on Convertible Notes (1) ​ 3,071 ​ ​ * ​ ​ 9,306 ​ ​ 21,102 Add: Loss on extinguishment of Convertible Notes (1) ​ — ​ ​ * ​ ​ — ​ ​ 1,810 Add: Undistributed earnings to participating shares 188 ​ — ​ — ​ — Less: Undistributed earnings reallocated to participating shares (182) ​ — ​ — ​ — Diluted earnings $ 142,268 ​ $ 83,566 ​ $ 344,322 ​ $ 313,885 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic — Average shares outstanding 279,992 ​ 265,355 ​ 278,934 ​ 262,356 Effect of dilutive securities — Convertible Notes (1) 9,649 ​ * ​ 9,857 ​ 25,675 Effect of dilutive securities — Contingently issuable shares 38 ​ 99 ​ ​ 38 ​ 99 Effect of dilutive securities — Unvested non-participating shares ​ 233 ​ ​ 2 ​ ​ 192 ​ ​ — Diluted — Average shares outstanding 289,912 ​ 265,456 ​ 289,021 ​ 288,130 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings Per Share Attributable to STWD Common Stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic $ 0.50 ​ $ 0.31 ​ $ 1.20 ​ $ 1.11 Diluted $ 0.49 ​ $ 0.31 ​ $ 1.19 ​ $ 1.09 (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)	9 Months Ended
	Sep. 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 September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at July 1, 2019 ​ $ — ​ $ 53,049 ​ $ 4,075 ​ $ 57,124 OCI before reclassifications ​ — ​ (520) ​ (4,168) ​ (4,688) Amounts reclassified from AOCI ​ — ​ (59) ​ — ​ (59) Net period OCI ​ — ​ (579) ​ (4,168) ​ (4,747) Balance at September 30, 2019 ​ $ — ​ $ 52,470 ​ $ (93) ​ $ 52,377 Three Months Ended September 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at July 1, 2018 ​ $ 7 ​ $ 60,075 ​ $ 8,052 ​ $ 68,134 OCI before reclassifications ​ — ​ ​ 715 ​ (945) ​ (230) Amounts reclassified from AOCI ​ (6) ​ 22 ​ — ​ 16 Net period OCI ​ (6) ​ 737 ​ (945) ​ (214) Balance at September 30, 2018 ​ $ 1 ​ $ 60,812 ​ $ 7,107 ​ $ 67,920 Nine Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1, 2019 ​ $ — ​ $ 53,515 ​ $ 5,145 ​ $ 58,660 OCI before reclassifications ​ — ​ (986) ​ (5,238) ​ (6,224) Amounts reclassified from AOCI ​ — ​ (59) ​ — ​ (59) Net period OCI ​ — ​ (1,045) ​ (5,238) ​ (6,283) Balance at September 30, 2019 ​ $ — ​ $ 52,470 ​ $ (93) ​ $ 52,377 Nine Months Ended September 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1, 2018 ​ $ 25 ​ $ 57,889 ​ $ 12,010 ​ $ 69,924 OCI before reclassifications ​ 8 ​ 2,977 ​ (4,903) ​ (1,918) Amounts reclassified from AOCI ​ (32) ​ (54) ​ — ​ (86) Net period OCI ​ (24) ​ 2,923 ​ (4,903) ​ (2,004) Balance at September 30, 2018 ​ $ 1 ​ $ 60,812 ​ $ 7,107 ​ $ 67,920
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 nine months ended September 30, 2019 and 2018 as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts Reclassified from ​ Amounts Reclassified from ​ ​ ​ ​ AOCI during the Three Months ​ AOCI during the Nine Months ​ Affected Line Item ​ ​ Ended September 30, ​ Ended September 30, ​ in the Statements Details about AOCI Components 2019 2018 2019 2018 of Operations Gain (loss) on cash flow hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts ​ $ — ​ $ 6 $ — ​ $ 32 ​ Interest expense Unrealized gains (losses) on available-for-sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest realized upon collection ​ ​ 59 ​ ​ — ​ ​ 59 ​ ​ 46 ​ Interest income from investment securities Net realized (loss) gain on sale of investment ​ ​ — ​ ​ (22) ​ ​ — ​ ​ 8 ​ Gain on sale of investments and other assets, net Total ​ ​ 59 ​ ​ (22) ​ ​ 59 ​ ​ 54 ​ ​ Total reclassifications for the period ​ $ 59 ​ $ (16) ​ $ 59 ​ $ 86 ​ ​

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 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 September 30, 2019 and December 31, 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2019 ​ Total Level I Level II Level III Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans under fair value option ​ $ 1,649,362 ​ $ — ​ $ 225,813 ​ $ 1,423,549 RMBS ​ 195,297 ​ — ​ — ​ 195,297 CMBS ​ 46,299 ​ — ​ 10,419 ​ 35,880 Equity security ​ 11,286 ​ 11,286 ​ — ​ — Domestic servicing rights ​ 18,249 ​ — ​ — ​ 18,249 Derivative assets ​ 81,483 ​ — ​ 81,483 ​ — VIE assets ​ 59,249,054 ​ — ​ — ​ 59,249,054 Total ​ $ 61,251,030 ​ $ 11,286 ​ $ 317,715 ​ $ 60,922,029 Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 4,781 ​ $ — ​ $ 4,781 ​ $ — VIE liabilities ​ 58,018,209 ​ — ​ 55,748,104 ​ 2,270,105 Total ​ $ 58,022,990 ​ $ — ​ $ 55,752,885 ​ $ 2,270,105 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ Total Level I Level II Level III Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans under 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 nine months ended September 30, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans at ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Three Months Ended September 30, 2019 ​ Fair Value ​ RMBS ​ CMBS ​ Rights ​ VIE Assets ​ Liabilities ​ Total July 1, 2019 balance ​ $ 1,372,398 ​ $ 200,874 ​ $ 34,283 ​ $ 18,874 ​ $ 57,667,606 ​ $ (2,374,002) ​ $ 56,920,033 Total realized and unrealized gains (losses): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value / gain on sale ​ 32,512 ​ — ​ 432 ​ ​ (625) ​ (380,973) ​ 28,005 ​ (320,649) Net accretion ​ — ​ 2,446 ​ — ​ — ​ — ​ — ​ 2,446 Included in OCI ​ — ​ (578) ​ — ​ — ​ — ​ — ​ (578) Purchases / Originations ​ 1,123,553 ​ — ​ 5,165 ​ — ​ — ​ — ​ 1,128,718 Sales ​ (846,047) ​ — ​ — ​ — ​ — ​ — ​ (846,047) Issuances ​ — ​ — ​ — ​ — ​ — ​ (22,958) ​ (22,958) Cash repayments / receipts ​ (33,054) ​ (7,445) ​ (3,343) ​ — ​ — ​ (12,516) ​ (56,358) Transfers into Level III ​ — ​ — ​ — ​ — ​ — ​ (122,911) ​ (122,911) Transfers out of Level III ​ (225,813) ​ — ​ — ​ — ​ — ​ 319,727 ​ 93,914 Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 1,999,780 ​ (85,450) ​ 1,914,330 Deconsolidation of VIEs ​ — ​ — ​ (657) ​ — ​ (37,359) ​ — ​ (38,016) September 30, 2019 balance ​ $ 1,423,549 ​ $ 195,297 ​ $ 35,880 ​ $ 18,249 ​ $ 59,249,054 ​ $ (2,270,105) ​ $ 58,651,924 Amount of total gains (losses) included in earnings attributable to assets still held at September 30, 2019 ​ $ 4,537 ​ $ 2,390 ​ $ 434 ​ $ (625) ​ $ (380,973) ​ $ 28,005 ​ $ (346,232) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans at ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Three Months Ended September 30, 2018 ​ Fair Value ​ RMBS ​ CMBS ​ Rights ​ VIE Assets ​ Liabilities ​ Total July 1, 2018 balance ​ $ 897,259 ​ $ 235,796 ​ $ 24,650 ​ $ 22,742 ​ $ 48,044,873 ​ $ (2,002,115) ​ $ 47,223,205 Total realized and unrealized gains (losses): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value / gain on sale ​ 4,036 ​ 100 ​ ​ 63 ​ ​ (974) ​ ​ (1,261,314) ​ ​ 371,310 ​ (886,779) Net accretion ​ — ​ 2,526 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ 2,526 Included in OCI ​ — ​ 737 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ 737 Purchases / Originations ​ ​ 597,318 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 597,318 Sales ​ (565,990) ​ (2,046) ​ ​ (3,163) ​ ​ — ​ ​ — ​ ​ — ​ (571,199) Issuances ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (18,901) ​ (18,901) Cash repayments / receipts ​ ​ (19,118) ​ (9,246) ​ ​ (6,815) ​ ​ — ​ ​ — ​ ​ (17,268) ​ (52,447) Transfers into Level III ​ — ​ — ​ ​ 27,776 ​ ​ — ​ ​ — ​ ​ (259,701) ​ (231,925) Transfers out of Level III ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 108,123 ​ 108,123 Consolidation of VIEs ​ — ​ — ​ ​ 3,304 ​ ​ — ​ ​ 1,623,863 ​ ​ (23,095) ​ 1,604,072 Deconsolidation of VIEs ​ — ​ — ​ ​ — ​ ​ — ​ ​ (372,812) ​ ​ 48,442 ​ (324,370) September 30, 2018 balance ​ $ 913,505 ​ $ 227,867 ​ $ 45,815 ​ $ 21,768 ​ $ 48,034,610 ​ $ (1,793,205) ​ $ 47,450,360 Amount of total (losses) gains included in earnings attributable to assets still held at September 30, 2018 ​ $ (2,501) ​ $ 2,526 ​ $ (884) ​ $ (974) ​ $ (1,261,314) ​ $ 371,310 ​ $ (891,837) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans at ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Nine Months Ended September 30, 2019 ​ Fair Value ​ 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 ​ 65,669 ​ — ​ 1,153 ​ (2,308) ​ 39,961 ​ 51,907 ​ 156,382 Net accretion ​ — ​ 7,484 ​ — ​ — ​ — ​ — ​ 7,484 Included in OCI ​ — ​ (1,044) ​ — ​ — ​ — ​ — ​ (1,044) Purchases / Originations ​ 2,775,787 ​ — ​ 5,165 ​ — ​ — ​ — ​ 2,780,952 Sales ​ (1,774,794) ​ — ​ (3,978) ​ — ​ — ​ — ​ (1,778,772) Issuances ​ — ​ — ​ — ​ — ​ — ​ (81,681) ​ (81,681) Cash repayments / receipts ​ (88,582) ​ (20,222) ​ (8,933) ​ — ​ — ​ (15,786) ​ (133,523) Transfers into Level III ​ — ​ — ​ 5,350 ​ — ​ — ​ (1,374,505) ​ (1,369,155) Transfers out of Level III ​ (225,813) ​ — ​ — ​ — ​ — ​ 750,546 ​ 524,733 Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 6,103,915 ​ (193,300) ​ 5,910,615 Deconsolidation of VIEs ​ — ​ — ​ 11,895 ​ — ​ (341,186) ​ 34,160 ​ (295,131) September 30, 2019 balance ​ $ 1,423,549 ​ $ 195,297 ​ $ 35,880 ​ $ 18,249 ​ $ 59,249,054 ​ $ (2,270,105) ​ $ 58,651,924 Amount of total gains (losses) included in earnings attributable to assets still held at September 30, 2019 ​ $ 6,775 ​ $ 7,397 ​ $ 101 ​ $ (2,308) ​ $ 39,961 ​ $ 51,907 ​ $ 103,833 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans at ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Nine Months Ended September 30, 2018 ​ Fair Value ​ 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 ​ 26,669 ​ ​ 241 ​ 76 ​ (8,991) ​ (5,055,029) ​ 906,360 ​ (4,130,674) Net accretion ​ — ​ ​ 7,967 ​ — ​ — ​ — ​ — ​ 7,967 Included in OCI ​ — ​ ​ 2,923 ​ — ​ — ​ — ​ — ​ 2,923 Purchases / Originations ​ ​ 1,508,010 ​ ​ — ​ 1,463 ​ — ​ — ​ — ​ ​ 1,509,473 Sales ​ (1,047,755) ​ ​ (2,853) ​ (3,163) ​ — ​ — ​ — ​ (1,053,771) Issuances ​ — ​ ​ — ​ — ​ — ​ — ​ (26,849) ​ (26,849) Cash repayments / receipts ​ ​ (123,652) ​ ​ (27,432) ​ (7,832) ​ — ​ — ​ (75,078) ​ (233,994) Transfers into Level III ​ — ​ ​ — ​ 27,776 ​ — ​ — ​ (950,660) ​ (922,884) Transfers out of Level III ​ (195,510) ​ ​ — ​ — ​ — ​ — ​ 425,973 ​ 230,463 Consolidation of VIEs ​ — ​ ​ — ​ 3,304 ​ — ​ 3,438,933 ​ (23,095) ​ 3,419,142 Deconsolidation of VIEs ​ — ​ ​ — ​ — ​ — ​ (1,395,168) ​ 139,081 ​ (1,256,087) September 30, 2018 balance ​ $ 913,505 ​ $ 227,867 ​ $ 45,815 ​ $ 21,768 ​ $ 48,034,610 ​ $ (1,793,205) ​ $ 47,450,360 Amount of total (losses) gains included in earnings attributable to assets still held at September 30, 2018 ​ $ (2,023) ​ $ 7,913 ​ $ (1,252) ​ $ (8,991) ​ $ (5,055,029) ​ $ 906,360 ​ $ (4,153,022)
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 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 ​ $ 8,712,410 ​ $ 8,772,670 ​ $ 9,122,972 ​ $ 9,178,709 HTM debt securities ​ 556,255 ​ 554,302 ​ 644,149 ​ 643,948 Financial liabilities not carried at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured financing agreements, CLO and secured borrowings on transferred loans ​ $ 9,175,524 ​ $ 9,155,331 ​ $ 8,757,804 ​ $ 8,662,548 Unsecured senior notes ​ 1,926,693 ​ 2,027,863 ​ 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) ​ September 30, 2019 Technique Input September 30, 2019 December 31, 2018 Loans under fair value option ​ $ 1,423,549 ​ Discounted cash flow ​ Yield (b) ​ 3.4% - 6.1% ​ 4.6% - 6.1% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 1.3 - 10.7 years ​ 2.5 - 14.4 years RMBS ​ 195,297 ​ Discounted cash flow ​ Constant prepayment rate (a) ​ 3.3% - 19.9% ​ 3.2% - 25.2% ​ ​ ​ ​ ​ ​ ​ Constant default rate (b) ​ 1.1% - 4.5% ​ 1.1% - 5.5% ​ ​ ​ ​ ​ ​ ​ Loss severity (b) ​ 0% - 96% (e) ​ 0% - 73% (e) ​ ​ ​ ​ ​ ​ ​ Delinquency rate (c) ​ 4% - 31% ​ 4% - 31% ​ ​ ​ ​ ​ ​ ​ Servicer advances (a) ​ 22% - 84% ​ 21% - 83% ​ ​ ​ ​ ​ ​ ​ Annual coupon deterioration (b) ​ 0% - 1.8% ​ 0% - 1.4% ​ ​ ​ ​ ​ ​ ​ Putback amount per projected total collateral loss (d) ​ 0% - 28% ​ 0% - 7% CMBS ​ 35,880 ​ Discounted cash flow ​ Yield (b) ​ 0% - 715.4% ​ 0% - 473.5% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 9.7 years ​ 0 - 9.7 years Domestic servicing rights ​ 18,249 ​ Discounted cash flow ​ Debt yield (a) ​ 7.50% ​ 7.75% ​ ​ ​ ​ ​ ​ ​ Discount rate (b) ​ 15% ​ 15% ​ ​ ​ ​ ​ ​ ​ Control migration (b) ​ 0% - 80% ​ 0% - 80% VIE assets ​ 59,249,054 ​ Discounted cash flow ​ Yield (b) ​ 0% - 823.6% ​ 0% - 290.9% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 – 19.3 years ​ 0 - 20.4 years VIE liabilities ​ (2,270,105) ​ Discounted cash flow ​ Yield (b) ​ 0% - 823.6% ​ 0% - 290.9% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 11.5 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) 25% and 55% of the portfolio falls within a range of 45% - 80% as of September 30, 2019 and December 31, 2018, respectively.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2019 and 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, For the Nine Months Ended September 30, ​ 2019 ​ 2018 2019 ​ 2018 Federal statutory tax rate $ 32,448 21.0 % $ 20,509 21.0 % $ 77,140 ​ 21.0 % $ 68,406 21.0 % REIT and other non-taxable income ​ (28,870) (18.7) % ​ (13,628) ​ (13.9) % ​ (71,042) (19.3) % ​ (57,128) ​ (17.6) % State income taxes ​ 937 0.6 % ​ 1,803 ​ 1.8 % ​ 1,597 0.4 % ​ 2,954 ​ 0.9 % Federal benefit of state tax deduction ​ (196) (0.1) % ​ (378) ​ (0.4) % ​ (335) (0.1) % ​ (620) ​ (0.2) % Other ​ 194 0.1 % ​ (25) ​ — % ​ 1,020 0.3 % ​ 868 ​ 0.3 % Effective tax rate ​ $ 4,513 ​ 2.9 % ​ $ 8,281 ​ 8.5 % ​ $ 8,380 ​ 2.3 % ​ $ 14,480 ​ 4.4 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies.
Schedule of lease costs and sublease income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended For the Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2019 2018 2019 2018 Operating lease costs $ 1,667 ​ $ 1,245 ​ $ 4,177 ​ $ 3,721 Short-term lease costs ​ 29 ​ 40 ​ 92 ​ 116 Sublease income ​ (405) ​ (396) ​ (1,209) ​ (1,231) Total lease cost ​ $ 1,291 ​ $ 889 ​ $ 3,060 ​ $ 2,606 ​ 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 September 30, 2019, is as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended For the Nine Months Ended ​ ​ September 30, 2019 ​ September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities—operating $ 1,310 ​ $ 3,904 ​ ​ ​ ​ ​ ​ September 30, 2019 Weighted-average remaining lease term 6.0 years Weighted-average discount rate ​ 4.4 %
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) ​ $ 1,310 2020 ​ ​ 6,163 2021 ​ ​ 3,480 2022 ​ ​ 1,272 2023 ​ ​ 1,281 Thereafter ​ ​ 7,208 Total ​ ​ 20,714 Less interest component ​ ​ (2,513) Operating lease liability ​ $ 18,201

Segment Data (Tables)

Segment Data (Tables)	9 Months Ended
	Sep. 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 September 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 ​ $ 145,290 ​ $ 22,763 ​ $ — ​ $ 3,977 ​ $ — ​ $ 172,030 ​ $ — ​ $ 172,030 Interest income from investment securities ​ 18,163 ​ 810 ​ — ​ 32,556 ​ ​ — ​ 51,529 ​ (34,853) ​ 16,676 Servicing fees ​ 97 ​ — ​ — ​ 18,243 ​ ​ — ​ 18,340 ​ (4,007) ​ 14,333 Rental income ​ ​ — ​ ​ — ​ ​ 72,251 ​ ​ 12,403 ​ ​ — ​ ​ 84,654 ​ ​ — ​ ​ 84,654 Other revenues ​ 258 ​ 39 ​ 125 ​ 218 ​ ​ — ​ 640 ​ (3) ​ 637 Total revenues ​ 163,808 ​ 23,612 ​ 72,376 ​ 67,397 ​ — ​ 327,193 ​ (38,863) ​ 288,330 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 363 ​ — ​ — ​ 18 ​ 29,829 ​ 30,210 ​ 28 ​ 30,238 Interest expense ​ 51,844 ​ 14,422 ​ 19,020 ​ 8,891 ​ ​ 29,142 ​ 123,319 ​ (163) ​ 123,156 General and administrative ​ 7,104 ​ 4,315 ​ 2,170 ​ 22,915 ​ ​ 3,184 ​ 39,688 ​ 78 ​ 39,766 Acquisition and investment pursuit costs ​ 506 ​ 21 ​ — ​ (364) ​ ​ — ​ 163 ​ — ​ 163 Costs of rental operations ​ ​ 765 ​ ​ — ​ ​ 24,784 ​ ​ 6,019 ​ ​ — ​ ​ 31,568 ​ ​ — ​ ​ 31,568 Depreciation and amortization ​ 339 ​ 15 ​ 23,106 ​ 4,809 ​ ​ — ​ 28,269 ​ — ​ 28,269 Loan loss provision, net ​ (39) ​ — ​ — ​ — ​ ​ — ​ (39) ​ — ​ (39) Other expense ​ 77 ​ — ​ 46 ​ — ​ ​ — ​ 123 ​ — ​ 123 Total costs and expenses ​ 60,959 ​ 18,773 ​ 69,126 ​ 42,288 ​ ​ 62,155 ​ 253,301 ​ (57) ​ 253,244 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ — ​ — ​ — ​ — ​ — ​ 61,767 ​ 61,767 Change in fair value of servicing rights ​ — ​ — ​ — ​ 57 ​ ​ — ​ 57 ​ (682) ​ (625) Change in fair value of investment securities, net ​ (303) ​ — ​ — ​ 22,476 ​ ​ — ​ 22,173 ​ (21,907) ​ 266 Change in fair value of mortgage loans held-for-sale, net ​ 10,088 ​ — ​ — ​ 22,433 ​ ​ — ​ 32,521 ​ — ​ 32,521 Earnings from unconsolidated entities ​ 2,507 ​ — ​ 223 ​ 253 ​ ​ — ​ 2,983 ​ (236) ​ 2,747 Gain (loss) on sale of investments and other assets, net ​ 482 ​ (25) ​ — ​ 20,700 ​ ​ — ​ 21,157 ​ — ​ 21,157 Gain (loss) on derivative financial instruments, net ​ 15,729 ​ (109) ​ 5,900 ​ (6,376) ​ ​ 6,789 ​ 21,933 ​ — ​ 21,933 Foreign currency loss, net ​ (15,337) ​ (319) ​ (8) ​ — ​ ​ — ​ (15,664) ​ — ​ (15,664) Loss on extinguishment of debt ​ ​ (857) ​ ​ (2,101) ​ ​ — ​ ​ (194) ​ ​ (1,472) ​ ​ (4,624) ​ ​ — ​ ​ (4,624) Other loss, net ​ — ​ (50) ​ — ​ — ​ ​ — ​ (50) ​ — ​ (50) Total other income (loss) ​ 12,309 ​ (2,604) ​ 6,115 ​ 59,349 ​ ​ 5,317 ​ 80,486 ​ 38,942 ​ 119,428 Income (loss) before income taxes ​ 115,158 ​ 2,235 ​ 9,365 ​ 84,458 ​ ​ (56,838) ​ 154,378 ​ 136 ​ 154,514 Income tax (provision) benefit ​ (3,194) ​ 475 ​ — ​ (1,794) ​ ​ — ​ (4,513) ​ — ​ (4,513) Net income (loss) ​ 111,964 ​ 2,710 ​ 9,365 ​ 82,664 ​ ​ (56,838) ​ 149,865 ​ 136 ​ 150,001 Net income attributable to non-controlling interests ​ — ​ — ​ (5,250) ​ (4,219) ​ ​ — ​ (9,469) ​ (136) ​ (9,605) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 111,964 ​ $ 2,710 ​ $ 4,115 ​ $ 78,445 ​ $ (56,838) ​ $ 140,396 ​ $ — ​ $ 140,396 ​ The table below presents our results of operations for the three months ended September 30, 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 Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income from loans ​ $ 147,913 ​ ​ 3,053 ​ $ — ​ $ 3,535 ​ $ — ​ $ 154,501 ​ $ — ​ $ 154,501 Interest income from investment securities ​ 10,320 ​ ​ 107 ​ — ​ 34,477 ​ ​ — ​ 44,904 ​ (33,396) ​ 11,508 Servicing fees ​ 98 ​ ​ — ​ — ​ 34,100 ​ ​ — ​ 34,198 ​ (6,374) ​ 27,824 Rental income ​ ​ — ​ ​ — ​ ​ 76,067 ​ ​ 15,065 ​ ​ — ​ 91,132 ​ — ​ 91,132 Other revenues ​ 265 ​ ​ 44 ​ 169 ​ 229 ​ ​ 89 ​ 796 ​ (42) ​ 754 Total revenues ​ 158,596 ​ ​ 3,204 ​ 76,236 ​ 87,406 ​ 89 ​ 325,531 ​ (39,812) ​ 285,719 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 453 ​ ​ — ​ — ​ 18 ​ 25,937 ​ 26,408 ​ 111 ​ 26,519 Interest expense ​ 43,322 ​ ​ 2,258 ​ 19,483 ​ 7,396 ​ ​ 30,475 ​ 102,934 ​ (276) ​ 102,658 General and administrative ​ 7,016 ​ ​ 537 ​ 1,680 ​ 19,131 ​ ​ 2,753 ​ 31,117 ​ 86 ​ 31,203 Acquisition and investment pursuit costs ​ 341 ​ ​ 6,725 ​ — ​ (539) ​ ​ — ​ 6,527 ​ — ​ 6,527 Costs of rental operations ​ ​ — ​ ​ — ​ ​ 23,052 ​ ​ 7,139 ​ ​ — ​ 30,191 ​ — ​ 30,191 Depreciation and amortization ​ 17 ​ ​ — ​ 28,448 ​ 5,828 ​ ​ — ​ 34,293 ​ — ​ 34,293 Loan loss provision, net ​ 929 ​ ​ — ​ — ​ — ​ ​ — ​ 929 ​ — ​ 929 Other expense ​ 76 ​ ​ — ​ — ​ — ​ ​ — ​ 76 ​ — ​ 76 Total costs and expenses ​ 52,154 ​ ​ 9,520 ​ 72,663 ​ 38,973 ​ ​ 59,165 ​ 232,475 ​ (79) ​ 232,396 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ 33,289 ​ 33,289 Change in fair value of servicing rights ​ — ​ ​ — ​ — ​ (1,994) ​ ​ — ​ (1,994) ​ 1,020 ​ (974) Change in fair value of investment securities, net ​ 238 ​ ​ — ​ — ​ (4,966) ​ ​ — ​ (4,728) ​ 5,029 ​ 301 Change in fair value of mortgage loans held-for-sale, net ​ 1,343 ​ ​ — ​ — ​ 2,597 ​ ​ — ​ 3,940 ​ — ​ 3,940 Earnings (loss) from unconsolidated entities ​ 514 ​ ​ — ​ 1,988 ​ (134) ​ ​ — ​ 2,368 ​ 257 ​ 2,625 Gain on sale of investments and other assets, net ​ 47 ​ ​ — ​ — ​ 1,415 ​ ​ — ​ 1,462 ​ — ​ 1,462 Gain (loss) on derivative financial instruments, net ​ 7,278 ​ ​ 455 ​ 5,895 ​ 3,076 ​ ​ (4,969) ​ 11,735 ​ — ​ 11,735 Foreign currency loss, net ​ (3,546) ​ ​ (531) ​ (1) ​ — ​ ​ — ​ (4,078) ​ — ​ (4,078) Loss on extinguishment of debt ​ ​ (730) ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,810) ​ ​ (2,540) ​ ​ — ​ ​ (2,540) Other (loss) income, net ​ (1) ​ ​ — ​ 2 ​ (1,422) ​ ​ — ​ (1,421) ​ — ​ (1,421) Total other income (loss) ​ 5,143 ​ ​ (76) ​ 7,884 ​ (1,428) ​ ​ (6,779) ​ 4,744 ​ 39,595 ​ 44,339 Income (loss) before income taxes ​ 111,585 ​ ​ (6,392) ​ 11,457 ​ 47,005 ​ ​ (65,855) ​ ​ 97,800 ​ (138) ​ 97,662 Income tax provision ​ (314) ​ ​ — ​ ​ (125) ​ (7,842) ​ ​ — ​ (8,281) ​ — ​ (8,281) Net income (loss) ​ 111,271 ​ ​ (6,392) ​ 11,332 ​ 39,163 ​ ​ (65,855) ​ 89,519 ​ (138) ​ 89,381 Net (income) loss attributable to non-controlling interests ​ (365) ​ ​ — ​ (4,769) ​ 151 ​ ​ — ​ (4,983) ​ 138 ​ (4,845) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 110,906 ​ ​ (6,392) ​ $ 6,563 ​ $ 39,314 ​ $ (65,855) ​ $ 84,536 ​ $ — ​ $ 84,536 ​ ​ The table below presents our results of operations for the nine months ended September 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 ​ $ 462,956 ​ $ 74,969 ​ $ — ​ $ 8,987 ​ $ — ​ $ 546,912 ​ $ — ​ $ 546,912 Interest income from investment securities ​ 62,438 ​ 2,563 ​ — ​ 88,012 ​ ​ — ​ 153,013 ​ (96,160) ​ 56,853 Servicing fees ​ 310 ​ — ​ — ​ 61,366 ​ ​ — ​ 61,676 ​ (13,902) ​ 47,774 Rental income ​ ​ — ​ ​ — ​ ​ 215,098 ​ ​ 40,686 ​ ​ — ​ ​ 255,784 ​ ​ — ​ ​ 255,784 Other revenues ​ 714 ​ 732 ​ 291 ​ 929 ​ ​ 26 ​ 2,692 ​ (24) ​ 2,668 Total revenues ​ 526,418 ​ 78,264 ​ 215,389 ​ 199,980 ​ 26 ​ 1,020,077 ​ (110,086) ​ 909,991 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 1,127 ​ — ​ — ​ 54 ​ 74,924 ​ 76,105 ​ 122 ​ 76,227 Interest expense ​ 172,012 ​ 49,257 ​ 57,142 ​ 25,152 ​ ​ 84,878 ​ 388,441 ​ (487) ​ 387,954 General and administrative ​ 20,626 ​ 13,624 ​ 5,394 ​ 61,943 ​ ​ 10,429 ​ 112,016 ​ 258 ​ 112,274 Acquisition and investment pursuit costs ​ 915 ​ 51 ​ — ​ (387) ​ ​ — ​ 579 ​ — ​ 579 Costs of rental operations ​ ​ 1,525 ​ ​ — ​ ​ 70,846 ​ ​ 19,503 ​ ​ — ​ ​ 91,874 ​ ​ — ​ ​ 91,874 Depreciation and amortization ​ 695 ​ 15 ​ 70,078 ​ 15,287 ​ ​ — ​ 86,075 ​ — ​ 86,075 Loan loss provision, net ​ 2,046 ​ 1,196 ​ — ​ — ​ ​ — ​ 3,242 ​ — ​ 3,242 Other expense ​ 230 ​ — ​ 1,353 ​ 194 ​ ​ — ​ 1,777 ​ — ​ 1,777 Total costs and expenses ​ 199,176 ​ 64,143 ​ 204,813 ​ 121,746 ​ ​ 170,231 ​ 760,109 ​ (107) ​ 760,002 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ — ​ — ​ — ​ — ​ — ​ 164,761 ​ 164,761 Change in fair value of servicing rights ​ — ​ — ​ — ​ (1,617) ​ ​ — ​ (1,617) ​ (691) ​ (2,308) Change in fair value of investment securities, net ​ (2,945) ​ — ​ — ​ 56,431 ​ ​ — ​ 53,486 ​ (52,491) ​ 995 Change in fair value of mortgage loans held-for-sale, net ​ 16,837 ​ — ​ — ​ 48,841 ​ ​ — ​ 65,678 ​ — ​ 65,678 Earnings (loss) from unconsolidated entities ​ 8,576 ​ — ​ (42,538) ​ 3,601 ​ ​ — ​ (30,361) ​ (1,275) ​ (31,636) Gain on sale of investments and other assets, net ​ 3,476 ​ 3,041 ​ — ​ 21,640 ​ ​ — ​ 28,157 ​ — ​ 28,157 Gain (loss) on derivative financial instruments, net ​ 12,024 ​ (3,337) ​ (3,957) ​ (16,761) ​ ​ 31,725 ​ 19,694 ​ — ​ 19,694 Foreign currency loss, net ​ (17,025) ​ (102) ​ (7) ​ — ​ ​ — ​ (17,134) ​ — ​ (17,134) Loss on extinguishment of debt ​ ​ (857) ​ ​ (8,221) ​ ​ — ​ ​ (194) ​ ​ (1,466) ​ ​ (10,738) ​ ​ — ​ ​ (10,738) Other loss, net ​ — ​ (50) ​ — ​ — ​ ​ (73) ​ (123) ​ — ​ (123) Total other income (loss) ​ 20,086 ​ (8,669) ​ (46,502) ​ 111,941 ​ ​ 30,186 ​ 107,042 ​ 110,304 ​ 217,346 Income (loss) before income taxes ​ 347,328 ​ 5,452 ​ (35,926) ​ 190,175 ​ ​ (140,019) ​ 367,010 ​ 325 ​ 367,335 Income tax (provision) benefit ​ (4,778) ​ 746 ​ (258) ​ (4,090) ​ ​ — ​ (8,380) ​ — ​ (8,380) Net income (loss) ​ 342,550 ​ 6,198 ​ (36,184) ​ 186,085 ​ ​ (140,019) ​ 358,630 ​ 325 ​ 358,955 Net income attributable to non-controlling interests ​ (392) ​ — ​ (16,322) ​ (4,121) ​ ​ — ​ (20,835) ​ (325) ​ (21,160) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 342,158 ​ $ 6,198 ​ $ (52,506) ​ $ 181,964 ​ $ (140,019) ​ $ 337,795 ​ $ — ​ $ 337,795 ​ The table below presents our results of operations for the nine months ended September 30, 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 Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income from loans ​ $ 431,153 ​ ​ 3,053 ​ $ — ​ $ 9,619 ​ $ — ​ $ 443,825 ​ $ — ​ $ 443,825 Interest income from investment securities ​ 33,689 ​ ​ 107 ​ — ​ 99,348 ​ ​ — ​ 133,144 ​ (95,577) ​ 37,567 Servicing fees ​ 313 ​ ​ — ​ — ​ 92,221 ​ ​ — ​ 92,534 ​ (21,328) ​ 71,206 Rental income ​ — ​ ​ — ​ ​ 217,178 ​ ​ 43,955 ​ ​ — ​ 261,133 ​ — ​ 261,133 Other revenues ​ 683 ​ ​ 44 ​ 351 ​ 973 ​ ​ 227 ​ 2,278 ​ (147) ​ 2,131 Total revenues ​ 465,838 ​ ​ 3,204 ​ 217,529 ​ 246,116 ​ 227 ​ 932,914 ​ (117,052) ​ 815,862 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 1,396 ​ ​ — ​ — ​ 54 ​ 82,895 ​ 84,345 ​ 310 ​ 84,655 Interest expense ​ 110,169 ​ ​ 2,258 ​ 55,397 ​ 18,298 ​ ​ 96,132 ​ 282,254 ​ (821) ​ 281,433 General and administrative ​ 19,962 ​ ​ 537 ​ 5,510 ​ 64,006 ​ ​ 8,602 ​ 98,617 ​ 256 ​ 98,873 Acquisition and investment pursuit costs ​ 2,253 ​ ​ 6,725 ​ (46) ​ (467) ​ ​ — ​ 8,465 ​ — ​ 8,465 Costs of rental operations ​ ​ — ​ ​ — ​ ​ 72,531 ​ ​ 20,250 ​ ​ — ​ 92,781 ​ — ​ 92,781 Depreciation and amortization ​ 50 ​ ​ — ​ 86,655 ​ 16,482 ​ ​ — ​ 103,187 ​ — ​ 103,187 Loan loss provision, net ​ 27,726 ​ ​ — ​ — ​ — ​ ​ — ​ 27,726 ​ — ​ 27,726 Other expense ​ 230 ​ ​ — ​ — ​ 447 ​ ​ — ​ 677 ​ — ​ 677 Total costs and expenses ​ 161,786 ​ ​ 9,520 ​ 220,047 ​ 119,070 ​ ​ 187,629 ​ 698,052 ​ (255) ​ 697,797 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ 129,888 ​ 129,888 Change in fair value of servicing rights ​ — ​ ​ — ​ — ​ (14,417) ​ ​ — ​ (14,417) ​ 5,426 ​ (8,991) Change in fair value of investment securities, net ​ 16 ​ ​ — ​ — ​ 24,123 ​ ​ — ​ 24,139 ​ (16,285) ​ 7,854 Change in fair value of mortgage loans held-for-sale, net ​ (165) ​ ​ — ​ — ​ 26,738 ​ ​ — ​ 26,573 ​ — ​ 26,573 Earnings from unconsolidated entities ​ 3,761 ​ ​ — ​ 1,406 ​ 2,916 ​ ​ — ​ 8,083 ​ (1,450) ​ 6,633 Gain on sale of investments and other assets, net ​ 461 ​ ​ — ​ 6,883 ​ 18,215 ​ ​ — ​ 25,559 ​ — ​ 25,559 Gain (loss) on derivative financial instruments, net ​ 15,927 ​ ​ 455 ​ 27,734 ​ 7,720 ​ ​ (24,338) ​ 27,498 ​ — ​ 27,498 Foreign currency loss, net ​ (3,260) ​ ​ (531) ​ — ​ (2) ​ ​ — ​ (3,793) ​ — ​ (3,793) Loss on extinguishment of debt ​ ​ (730) ​ ​ — ​ ​ — ​ ​ (186) ​ ​ (1,810) ​ ​ (2,726) ​ ​ — ​ ​ (2,726) Other income (loss), net ​ 42 ​ ​ — ​ 508 ​ (1,365) ​ ​ — ​ (815) ​ — ​ (815) Total other income (loss) ​ 16,052 ​ ​ (76) ​ 36,531 ​ 63,742 ​ ​ (26,148) ​ 90,101 ​ 117,579 ​ 207,680 Income (loss) before income taxes ​ 320,104 ​ ​ (6,392) ​ 34,013 ​ 190,788 ​ ​ (213,550) ​ 324,963 ​ 782 ​ 325,745 Income tax provision ​ (2,981) ​ ​ — ​ ​ (1,997) ​ (9,502) ​ ​ — ​ (14,480) ​ — ​ (14,480) Net income (loss) ​ 317,123 ​ ​ (6,392) ​ 32,016 ​ 181,286 ​ ​ (213,550) ​ 310,483 ​ 782 ​ 311,265 Net income attributable to non-controlling interests ​ (1,087) ​ ​ — ​ (11,906) ​ (3,792) ​ ​ — ​ (16,785) ​ (782) ​ (17,567) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 316,036 ​ ​ (6,392) ​ $ 20,110 ​ $ 177,494 ​ $ (213,550) ​ $ 293,698 ​ $ — ​ $ 293,698
Schedule of condensed consolidated balance sheet by business segment	The table below presents our condensed consolidated balance sheet as of September 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 ​ $ 64,343 ​ $ 6,404 ​ $ 35,940 ​ $ 46,872 ​ $ 129,369 ​ $ 282,928 ​ $ 1,189 ​ $ 284,117 Restricted cash ​ 36,771 ​ 33,366 ​ 21,186 ​ 19,218 ​ — ​ 110,541 ​ — ​ 110,541 Loans held-for-investment, net ​ 7,636,475 ​ 1,281,815 ​ — ​ 1,363 ​ — ​ 8,919,653 ​ — ​ 8,919,653 Loans held-for-sale ​ 809,604 ​ 163,932 ​ — ​ 468,583 ​ — ​ 1,442,119 ​ — ​ 1,442,119 Investment securities ​ 938,300 ​ 54,048 ​ — ​ 1,009,249 ​ — ​ 2,001,597 ​ (1,192,460) ​ 809,137 Properties, net ​ ​ 26,902 ​ ​ — ​ ​ 2,441,480 ​ ​ 261,156 ​ ​ — ​ ​ 2,729,538 ​ ​ — ​ ​ 2,729,538 Intangible assets ​ — ​ — ​ 75,965 ​ 68,748 ​ — ​ 144,713 ​ (24,766) ​ 119,947 Investment in unconsolidated entities ​ 42,518 ​ — ​ 71,824 ​ 33,246 ​ — ​ 147,588 ​ (21,473) ​ 126,115 Goodwill ​ — ​ 119,409 ​ — ​ 140,437 ​ — ​ 259,846 ​ — ​ 259,846 Derivative assets ​ 37,507 ​ 652 ​ 21,994 ​ 603 ​ 20,727 ​ 81,483 ​ — ​ 81,483 Accrued interest receivable ​ 43,747 ​ 4,015 ​ 245 ​ 1,321 ​ 3,125 ​ 52,453 ​ (676) ​ 51,777 Other assets ​ 98,664 ​ 5,978 ​ 72,932 ​ 64,068 ​ 9,129 ​ 250,771 ​ 2 ​ 250,773 VIE assets, at fair value ​ — ​ — ​ — ​ — ​ — ​ — ​ 59,249,054 ​ 59,249,054 Total Assets ​ $ 9,734,831 ​ $ 1,669,619 ​ $ 2,741,566 ​ $ 2,114,864 ​ $ 162,350 ​ $ 16,423,230 ​ $ 58,010,870 ​ $ 74,434,100 Liabilities and Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 25,836 ​ $ 15,719 ​ $ 69,550 ​ $ 72,055 ​ $ 50,868 ​ $ 234,028 ​ $ 92 ​ $ 234,120 Related-party payable ​ — ​ — ​ — ​ 44 ​ 24,442 ​ 24,486 ​ — ​ 24,486 Dividends payable ​ — ​ — ​ — ​ — ​ 137,273 ​ 137,273 ​ — ​ 137,273 Derivative liabilities ​ 2,336 ​ 904 ​ — ​ 1,541 ​ — ​ 4,781 ​ — ​ 4,781 Secured financing agreements, net ​ 4,061,849 ​ 1,168,166 ​ 1,868,416 ​ 771,618 ​ 391,989 ​ 8,262,038 ​ (13,950) ​ 8,248,088 Collateralized loan obligations, net ​ ​ 927,436 ​ ​ — ​ ​ — ​ — ​ — ​ 927,436 ​ ​ — ​ ​ 927,436 Unsecured senior notes, net ​ — ​ — ​ — ​ — ​ 1,926,693 ​ 1,926,693 ​ — ​ 1,926,693 VIE liabilities, at fair value ​ — ​ — ​ — ​ — ​ — ​ — ​ 58,018,209 ​ 58,018,209 Total Liabilities ​ 5,017,457 ​ 1,184,789 ​ 1,937,966 ​ 845,258 ​ 2,531,265 ​ 11,516,735 ​ 58,004,351 ​ 69,521,086 Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Starwood Property Trust, Inc. Stockholders’ Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ — ​ — ​ — ​ — ​ 2,871 ​ 2,871 ​ — ​ 2,871 Additional paid-in capital ​ 1,307,064 ​ 481,206 ​ 609,241 ​ 156,094 ​ 2,568,066 ​ 5,121,671 ​ — ​ 5,121,671 Treasury stock ​ — ​ — ​ — ​ — ​ (104,194) ​ (104,194) ​ — ​ (104,194) Accumulated other comprehensive income (loss) ​ 52,471 ​ — ​ (30) ​ (64) ​ — ​ 52,377 ​ — ​ 52,377 Retained earnings (accumulated deficit) ​ 3,357,839 ​ 3,624 ​ (38,936) ​ 1,095,602 ​ (4,835,658) ​ (417,529) ​ — ​ (417,529) Total Starwood Property Trust, Inc. Stockholders’ Equity ​ 4,717,374 ​ 484,830 ​ 570,275 ​ 1,251,632 ​ (2,368,915) ​ 4,655,196 ​ — ​ 4,655,196 Non-controlling interests in consolidated subsidiaries ​ — ​ — ​ 233,325 ​ 17,974 ​ — ​ 251,299 ​ 6,519 ​ 257,818 Total Equity ​ 4,717,374 ​ 484,830 ​ 803,600 ​ 1,269,606 ​ (2,368,915) ​ 4,906,495 ​ 6,519 ​ 4,913,014 Total Liabilities and Equity ​ $ 9,734,831 ​ $ 1,669,619 ​ $ 2,741,566 ​ $ 2,114,864 ​ $ 162,350 ​ $ 16,423,230 ​ $ 58,010,870 ​ $ 74,434,100 ​ 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)	9 Months Ended
	Sep. 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	Sep. 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	$ 18,201	$ 12,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]		Accounts Payable and Accrued Liabilities
Variable Interest Entities
REO assets as a percent of consolidated VIE assets	1.00%
Loans as a percent of consolidated VIE assets	99.00%
Fair Value Measurements
Permitted reinvestment under static investment in VIEs	$ 0

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)property	Sep. 30, 2018USD ($)property	Sep. 30, 2019USD ($)property	Sep. 30, 2018USD ($)property	Dec. 31, 2018USD ($)
Acquisitions and Divestitures
Number of properties sold | property	1	1	1	9
Gain on sale of property	$ 20,700	$ 1,400	$ 20,700	$ 25,100
Amount of non-controlling interest already held by a purchaser of a property	4,000		4,000	300
Liabilities assumed:
Goodwill	$ 259,846		$ 259,846		$ 259,846
Non-Controlling Interests
Acquisitions and Divestitures
Amount of non-controlling interest already held by a purchaser of a property		$ 0		$ 3,700
Investing and Servicing Segment
Acquisitions and Divestitures
Number of business previously acquired | property	18		18
Aggregate gross acquisition price	$ 8,800		$ 8,800
Number of properties sold | property		1		6
Proceeds from sale of property	51,500	$ 8,700	51,500	$ 48,700
Gain on sale of property	20,700	1,400	20,700	18,200
Amount of non-controlling interest already held by a purchaser of a property				300
Liabilities assumed:
Net assets acquired	8,600		8,600
Purchase price	278,200		278,200
Goodwill	140,400		140,400		$ 140,400
Investing and Servicing Segment | Non-Controlling Interests
Acquisitions and Divestitures
Gain on sale of property	$ 4,000	$ 0	$ 4,000	$ 3,700

Loans - Held for Investment (De

Loans - Held for Investment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Investments in loans
Total gross loans	$ 10,394,807		$ 10,394,807		$ 9,833,405
Loan loss allowance (loans held-for-investment)	(33,035)	$ (32,056)	(33,035)	$ (32,056)	(39,151)	$ (4,330)
Carrying amount of commercial loans			468,583		47,622
Carrying Value	10,361,772	9,901,792	10,361,772	9,901,792	9,794,254	$ 7,382,641
Proceeds from borrowings			6,084,209	6,845,138
Payment of debt			5,549,756	3,880,450
Face Amount	10,393,474		10,393,474		9,876,545
Loans with variable rates of interest	7,998,485		7,998,485
Reclassification to held for investment	$ 340,900		$ 340,900
Weighted average spread of loans (as a percent)	4.30%		4.30%
Total loans held-for-investment
Investments in loans
Total gross loans	$ 8,952,498		$ 8,952,498		8,571,507
Face Amount	8,980,590		8,980,590		8,610,457
Loans held-for-sale
Investments in loans
Total gross loans	1,442,309		1,442,309
Loans held-for-sale, residential
Investments in loans
Total gross loans	701,610		701,610		623,660
Face Amount	677,548		$ 677,548		$ 609,571
Weighted Average Life			3 years 6 months		6 years 7 months 6 days
Loans held-for-sale, residential | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)			6.40%		6.30%
Loans held-for-sale, commercial
Investments in loans
Total gross loans	576,577		$ 576,577		$ 94,117
Face Amount	566,891		$ 566,891		$ 94,916
Weighted Average Life			8 years 3 months 18 days		6 years 2 months 12 days
Loans held-for-sale, commercial | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)			4.10%		5.40%
Loans Held For Sale Infrastructure
Investments in loans
Total gross loans	164,122		$ 164,122		$ 469,775
Face Amount	168,445		$ 168,445		$ 486,909
Weighted Average Life			1 year 9 months 18 days		3 months 18 days
Loans Held For Sale Infrastructure | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)			3.40%		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	6,532,017		$ 6,532,017		$ 6,607,117
Face Amount	6,557,131		$ 6,557,131		$ 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)			6.20%		6.90%
First priority infrastructure receivables
Investments in loans
Loans with variable rates of interest	$ 1,281,815		$ 1,281,815
Weighted average spread of loans (as a percent)	3.40%		3.40%
First priority infrastructure receivables | Total loans held-for-investment
Investments in loans
Total gross loans	$ 1,281,815		$ 1,281,815		$ 1,456,779
Face Amount	1,292,807		$ 1,292,807		$ 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)			5.50%		5.70%
Mortgage, Residual Profit Participation | Retail and Hospitality Property
Investments in loans
Total distributions received from residual profit participation	0	$ 2,800	$ 0	$ 15,100
Subordinated mortgages | Total loans held-for-investment
Investments in loans
Total gross loans	53,008		53,008		$ 52,778
Face Amount	54,143		$ 54,143		$ 53,996
Weighted Average Life			3 years		3 years 8 months 12 days
Subordinated mortgages | Total loans held-for-investment | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)			8.60%		8.90%
Mezzanine Loans
Investments in loans
Carrying Value	809,500		$ 809,500		$ 1,000,000
Mezzanine Loans | Total loans held-for-investment
Investments in loans
Total gross loans	545,494		545,494		393,832
Face Amount	546,434		$ 546,434		$ 394,739
Weighted Average Life			1 year 9 months 18 days		2 years
Mezzanine Loans | Total loans held-for-investment | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)			11.20%		10.60%
Residential loans, fair value option
Investments in loans
Total gross loans	479,169		$ 479,169
Residential loans, fair value option | Total loans held-for-investment
Investments in loans
Total gross loans	479,169		479,169
Face Amount	465,344		$ 465,344
Weighted Average Life			3 years 7 months 6 days
Residential loans, fair value option | Total loans held-for-investment | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)			6.10%
Other | Total loans held-for-investment
Investments in loans
Total gross loans	60,995		$ 60,995		$ 61,001
Face Amount	$ 64,731		$ 64,731		$ 64,658
Weighted Average Life			1 year 9 months 18 days		2 years 6 months
Other | Total loans held-for-investment | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)			8.20%		8.20%

Loans - Variable Rate Loans Hel

Loans - Variable Rate Loans Held for Investment (Details) $ in Thousands	Sep. 30, 2019USD ($)
Loans Receivable with Variable Rates of Interest [Abstract]
Total variable rate loans held-for-investment, Carrying value	$ 7,998,485
Weighted average spread of loans (as a percent)	4.30%
Commercial loans
Loans Receivable with Variable Rates of Interest [Abstract]
Total variable rate loans held-for-investment, Carrying value	$ 6,716,670
Weighted average spread of loans (as a percent)	4.40%
First priority infrastructure receivables
Loans Receivable with Variable Rates of Interest [Abstract]
Total variable rate loans held-for-investment, Carrying value	$ 1,281,815
Weighted average spread of loans (as a percent)	3.40%

Loans - Ratings (Details)

Loans - Ratings (Details) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Apr. 30, 2019USD ($)	Sep. 30, 2019USD ($)item	Sep. 30, 2019USD ($)item	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Investments in loans
Total gross loans		$ 10,394,807	$ 10,394,807		$ 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				$ 29,853
Average recorded investment		156,500	178,100
Carrying amount of loans 90 days or more past due		29,200	29,200
Unfunded commitment		4,300	4,300
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		$ 23,611	$ 23,611		$ 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		$ 3,886,561	$ 3,886,561		$ 3,549,546
Total gross loans (as a percent)		37.40%	37.40%		36.10%
Rating 2 | Maximum
Investments in loans
LTV (as a percent)		70.00%	70.00%
Rating 3
Investments in loans
Total gross loans		$ 3,067,222	$ 3,067,222		$ 3,334,111
Total gross loans (as a percent)		29.50%	29.50%		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		$ 59,866	$ 59,866
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		$ 1,436,069	$ 1,436,069		$ 1,668,797
Total gross loans (as a percent)		13.80%	13.80%		17.00%
Total
Investments in loans
Total gross loans		$ 8,473,329	$ 8,473,329		$ 8,645,853
Unsecured promissory note | New York City
Investments in loans
Allowance for impaired loans		0	0
Recorded investment		6,800	6,800
Unpaid principal balance		7,700	7,700
Residential loans, fair value option
Investments in loans
Total gross loans		$ 479,169	$ 479,169
Total gross loans (as a percent)		4.60%	4.60%
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		$ 135,400	135,400
Unpaid principal balance		107,200	107,200
Total loans held-for-investment
Investments in loans
Total gross loans		8,952,498	8,952,498		8,571,507
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Rating 1
Investments in loans
Total gross loans		598	598		6,538
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Rating 2
Investments in loans
Total gross loans		3,640,565	3,640,565		3,356,342
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Rating 3
Investments in loans
Total gross loans		2,695,552	2,695,552		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		59,866	59,866
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | N/A
Investments in loans
Total gross loans		135,436	135,436		193,847
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Total
Investments in loans
Total gross loans		6,532,017	6,532,017		6,607,117
Total loans held-for-investment | First Priority Infrastructure Loans | N/A
Investments in loans
Total gross loans		1,281,815	1,281,815		1,456,779
Total loans held-for-investment | First Priority Infrastructure Loans | Total
Investments in loans
Total gross loans		1,281,815	1,281,815		1,456,779
Total loans held-for-investment | Subordinated mortgages
Investments in loans
Total gross loans		53,008	53,008		52,778
Total loans held-for-investment | Subordinated mortgages | Rating 2
Investments in loans
Total gross loans		37,999	37,999		7,392
Total loans held-for-investment | Subordinated mortgages | Rating 3
Investments in loans
Total gross loans		3,032	3,032		33,410
Total loans held-for-investment | Subordinated mortgages | N/A
Investments in loans
Total gross loans		11,977	11,977		11,976
Total loans held-for-investment | Subordinated mortgages | Total
Investments in loans
Total gross loans		53,008	53,008		52,778
Total loans held-for-investment | Mezzanine Loans
Investments in loans
Total gross loans		545,494	545,494		393,832
Total loans held-for-investment | Mezzanine Loans | Rating 2
Investments in loans
Total gross loans		207,997	207,997		111,466
Total loans held-for-investment | Mezzanine Loans | Rating 3
Investments in loans
Total gross loans		337,497	337,497		282,366
Total loans held-for-investment | Mezzanine Loans | Total
Investments in loans
Total gross loans		545,494	545,494		393,832
Total loans held-for-investment | Residential loans, fair value option
Investments in loans
Total gross loans		479,169	479,169
Total loans held-for-investment | Other
Investments in loans
Total gross loans		60,995	60,995		61,001
Total loans held-for-investment | Other | Rating 1
Investments in loans
Total gross loans		23,013	23,013		23,767
Total loans held-for-investment | Other | Rating 3
Investments in loans
Total gross loans		31,141	31,141		31,039
Total loans held-for-investment | Other | N/A
Investments in loans
Total gross loans		6,841	6,841		6,195
Total loans held-for-investment | Other | Total
Investments in loans
Total gross loans		60,995	60,995		$ 61,001
Loans held-for-sale
Investments in loans
Total gross loans		$ 1,442,309	$ 1,442,309
Total gross loans (as a percent)		13.90%	13.90%		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		$ 701,610	$ 701,610		623,660
Carrying amount of loans 90 days or more past due		5,200	5,200
Loans held-for-sale, commercial
Investments in loans
Total gross loans		576,577	576,577		94,117
Loans Held For Sale Infrastructure
Investments in loans
Total gross loans		164,122	164,122		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) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
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			3,242	(2,127)
Provision for impaired loans				29,853
Charge-offs			(9,358)
Allowance for loan losses at the end of the period	$ 33,035	$ 32,056	33,035	32,056
Recorded investment in loans related to the allowance for loan loss	254,070	287,242	254,070	287,242
Activity in loan portfolio
Balance at the beginning of the period			9,794,254	7,382,641
Acquisitions/origination/additional funding			5,607,829	5,006,725
Acquisition of Infrastructure Lending Portfolio				1,826,423
Capitalized Interest			79,869	44,293
Basis of loans sold			(2,713,237)	(1,985,388)
Loan maturities/principal repayments			(2,429,078)	(2,383,658)
Discount accretion/premium amortization			24,193	28,954
Changes in fair value	32,521	3,940	65,678	26,573
Unrealized foreign currency translation loss			(37,191)	(17,095)
Loan loss provision, net			(3,242)	(27,726)
Loan foreclosure			(27,303)
Transfer to/from other asset classifications				50
Balance at the end of the period	$ 10,361,772	$ 9,901,792	$ 10,361,772	$ 9,901,792

Investment Securities (Details)

Investment Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Sep. 30, 2019	Dec. 31, 2018
Investment Securities
Investment securities						$ 809,137	$ 906,468
Purchases	$ 5,165	$ 291,874	$ 5,165	$ 312,339
Acquisition of Infrastructure Lending Portfolio		65,060		65,060
Sales		5,209	3,978	6,016
Principal collections	45,857	34,070	118,892	355,757
Amortized cost							21,200
Changes to non accretable difference
Cost of third party management			1,100	1,300
VIE eliminations
Investment Securities
Purchases	(57,894)	(68,579)	(136,379)	(140,022)
Sales	(49,725)	(18,902)	(149,949)	(26,849)
Principal collections	(17,196)	(17,903)	(38,607)	(77,667)
Before consolidation of securitization VIEs
Investment Securities
Investment securities						$ 2,001,597	$ 2,110,508
Available-for-sale | One-month LIBOR
Investment Securities
Effective variable rate basis (as a percent)						2.016%	2.503%
Fair value option
Investment Securities
Fair Value						$ 1,200
Fair value option | VIE eliminations
Investment Securities
Investment securities						(1,192,460)	$ (1,204,040)
Held-to-maturity
Investment Securities
Purchases		289,100		289,100
Acquisition of Infrastructure Lending Portfolio		65,060		65,060
Principal collections	35,069	20,577	89,737	323,061
Held-to-maturity | Before consolidation of securitization VIEs
Investment Securities
Investment securities						556,255	644,149
RMBS
Investment Securities
Portion of securities with variable rate						165,900
RMBS | Available-for-sale
Investment Securities
Sales		2,046		2,853
Principal collections	7,445	9,246	20,222	27,432
Purchase Amortized Cost						152,632	165,461
Credit OTTI						(9,805)	(9,897)
Recorded Amortized Cost						142,827	155,564
Non-Credit OTTI						(333)	(31)
Gross Unrealized Gains						52,803	53,546
Net Fair Value Adjustment						52,470	53,515
Fair Value						$ 195,297	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						$ 286,717	$ 309,497
Accretable yield	(56,148)		(56,148)		$ (54,779)	(56,148)	(54,779)
Non-accretable difference						(87,742)	(99,154)
Total discount						(143,890)	(153,933)
Amortized cost						142,827	155,564
Credit deteriorated RMBS						270,900	290,800
Accretable yield related to credit deteriorated RMBS						$ 50,000	$ 49,500
Changes to accretable yield
Balance at the beginning of the period	54,821		54,779
Accretion of discount	(2,446)		(7,484)
Transfer to/from non-accretable difference	3,773		8,853
Balance at the end of the period	56,148		56,148		54,779
Changes to non accretable difference
Balance at the beginning of the period	92,570		99,154
Principal write-downs, net	(1,055)		(2,559)
Transfer to/from non-accretable difference	(3,773)		(8,853)
Balance at the end of the period	87,742		$ 87,742		$ 99,154
Cost of third party management	300
RMBS | Available-for-sale | LIBOR
Investment Securities
Variable rate, weighted average spread (as a percent)			1.24%		1.22%
RMBS | Available-for-sale | B-
Investment Securities
Weighted Average Coupon (as a percent)						3.30%	3.70%
WAL (Years)			5 years 9 months 18 days		6 years
RMBS | Available-for-sale | Before consolidation of securitization VIEs
Investment Securities
Investment securities						$ 195,297	$ 209,079
RMBS | Fair value option
Investment Securities
Purchases	52,845	45,095	$ 79,117	45,095
Sales			41,501
Principal collections	4,680	119	9,772	119
Portion of securities with variable rate						0
RMBS | Fair value option | Before consolidation of securitization VIEs
Investment Securities
Investment securities						111,122	87,879
CMBS | Fair value option
Investment Securities
Purchases	10,214	26,258	62,427	118,166
Sales	49,725	22,065	112,426	30,012
Principal collections	15,859	$ 22,031	37,768	$ 82,812
Portion of securities with variable rate						118,400
CMBS | Fair value option | Before consolidation of securitization VIEs
Investment Securities
Investment securities						1,127,637	1,157,508
Equity security | Fair value option | Before consolidation of securitization VIEs
Investment Securities
Investment securities						11,286	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	Sep. 30, 2019USD ($)security	Dec. 31, 2018USD ($)
RMBS
Unrealized Losses
Portion of securities with variable rate	$ 165,900
RMBS | Available-for-sale
Estimated Fair Value
Securities with a loss less than 12 months	1,520	$ 2,148
Unrealized Losses
Securities with a loss less than 12 months	$ (333)	(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	$ 111,100
Unpaid principal balance of investment securities before consolidation of VIEs	61,700
Portion of securities with variable rate	0
CMBS | Fair value option
Unrealized Losses
Fair value of investment securities before consolidation of VIEs	1,100,000
Unpaid principal balance of investment securities before consolidation of VIEs	2,800,000
Portion of securities with variable rate	118,400
VIE eliminations
Unrealized Losses
Fair value of investment securities before consolidation of VIEs eliminated against VIE liabilities	$ 46,300

Investment Securities - HTM (De

Investment Securities - HTM (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
HTM Securities
Net Carrying Amount (Amortized Cost)	$ 556,255	$ 644,149
Gross Unrealized Holdings Gains	2,384	3,316
Gross Unrealized Holdings Losses	(4,337)	(3,517)
Fair Value	554,302	643,948
HTM preferred equity interests
Less than one year	334,249
One to three years	35,404
Three to five years	141,567
Thereafter	45,035
Total	556,255	644,149
CMBS
HTM Securities
Net Carrying Amount (Amortized Cost)	360,640	408,556
Gross Unrealized Holdings Gains	1,008	2,435
Gross Unrealized Holdings Losses	(2,968)	(3,349)
Fair Value	358,680	407,642
HTM preferred equity interests
Less than one year	334,249
One to three years	26,391
Total	360,640	408,556
Preferred interests
HTM Securities
Net Carrying Amount (Amortized Cost)	141,567	174,825
Gross Unrealized Holdings Gains	1,254	703
Fair Value	142,821	175,528
HTM preferred equity interests
Three to five years	141,567
Total	141,567	174,825
Infrastructure bonds
HTM Securities
Net Carrying Amount (Amortized Cost)	54,048	60,768
Gross Unrealized Holdings Gains	122	178
Gross Unrealized Holdings Losses	(1,369)	(168)
Fair Value	52,801	60,778
HTM preferred equity interests
One to three years	9,013
Thereafter	45,035
Total	$ 54,048	$ 60,768

Investment Securities - SEREF (

Investment Securities - SEREF (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2012	Dec. 31, 2018
Residential Real Estate
Fair value of the investment	$ 25,004		$ 25,671
Ownership percentage	2.00%
SEREF
Residential Real Estate
Number of shares acquired		9,140,000
Fair value of the investment	$ 11,300		$ 11,900

Properties (Details)

Properties (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019USD ($)property	Sep. 30, 2018USD ($)property	Sep. 30, 2019USD ($)ft²propertyitem	Sep. 30, 2018USD ($)property	Dec. 31, 2018USD ($)item	Dec. 31, 2017item	Dec. 31, 2016ft²item	Dec. 31, 2015ft²propertyitem
Properties
Number of properties sold | property	1	1	1	9
Proceeds from sale of operating properties	$ 51,500	$ 8,700	$ 51,500	$ 104,300
Gain on sale of property	20,700	1,400	20,700	$ 25,100
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	4,000		4,000	$ 300
Summary of properties
Properties, cost	2,982,946		2,982,946		$ 2,972,803
Less: accumulated depreciation	(253,408)		(253,408)		(187,913)
Properties, net	2,729,538		2,729,538		2,784,890
Future rental payments due from tenants under existing non-cancellable operating leases
2019 (remainder of)	67,051		67,051
2020	170,056		170,056
2021	117,115		117,115
2022	110,199		110,199
2023	94,699		94,699
Thereafter	818,876		818,876
Total	1,377,996		1,377,996
Non-Controlling Interests
Properties
Amount of non-controlling interest already held by a purchaser of a property		$ 0		$ 3,700
Property Segment
Summary of properties
Land and land improvements	640,831		640,831		648,972
Buildings and building improvements	1,969,326		1,969,326		1,980,283
Furniture & fixtures	51,148		$ 51,148		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
Properties
Number of properties sold | property		1		6
Gain on sale of property	20,700	$ 1,400	$ 20,700	$ 18,200
Amount of non-controlling interest already held by a purchaser of a property				300
Summary of properties
Land and land improvements	69,640		69,640		82,332
Buildings and building improvements	221,796		221,796		213,010
Furniture & fixtures	2,752		$ 2,752		$ 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
Investing and Servicing Segment | Non-Controlling Interests
Properties
Gain on sale of property	4,000	$ 0	$ 4,000	$ 3,700
Commercial and Residential Lending Segment
Summary of properties
Land and land improvements	11,386		11,386
Buildings	16,067		$ 16,067
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	498,100		$ 498,100
Total liabilities assumed	343,300		$ 343,300
Woodstar Portfolio
Properties
Number of properties in portfolio investment | item			32
Total gross properties and lease intangibles	627,900		$ 627,900
Total liabilities assumed	405,800		$ 405,800
Number of units acquired | item			8,948
Number of acquired properties closed | item							14	18
Woodstar II Portfolio
Properties
Number of properties in portfolio investment | item			27			27
Total gross properties and lease intangibles	600,700		$ 600,700
Total liabilities assumed	437,600		$ 437,600
Number of units in portfolio investment | item			6,109
Number of acquired properties closed | item					19	8
Medical Office Portfolio
Properties
Area of property | ft²							1,900,000
Total gross properties and lease intangibles	759,500		$ 759,500
Total liabilities assumed	489,400		489,400
Number of acquired properties closed | item							34
Master Lease Mortgages
Properties
Total gross properties and lease intangibles	343,800		343,800
Total liabilities assumed	$ 192,300		$ 192,300
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		24 years 7 months 6 days
REIS Equity Portfolio
Properties
Total gross properties and lease intangibles	$ 337,500		$ 337,500
Total liabilities assumed	$ 225,400		$ 225,400
Number of retail properties acquired | property			19
Number of equity interests in unconsolidated commercial real estate properties | property			1
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	9 Months Ended
	Sep. 30, 2019USD ($)item	Sep. 30, 2019USD ($)item	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Investment in Unconsolidated Entities
Equity method, Carrying value	$ 101,111	$ 101,111		$ 146,094
Fair value of the investment	25,004	25,004		25,671
Investment in unconsolidated entities	126,115	126,115		171,765
Capital distribution		12,455	$ 21,448
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	$ 71,824	$ 71,824		114,362
Number of regional shopping malls | item	4	4
Decrease in investment		$ 46,000
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	$ 9,441	$ 9,441		9,372
Equity interests in commercial real estate
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	50.00%	50.00%
Equity method, Carrying value	$ 2,165	$ 2,165		6,294
Equity interest in a residential mortgage originator
Investment in Unconsolidated Entities
Equity method, Carrying value	9,404	9,404		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	$ 8,277	$ 8,277		$ 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%
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	$ 15,779	$ 15,779		$ 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	Sep. 30, 2019	Dec. 31, 2018
Intangible Assets
Goodwill	$ 259,846	$ 259,846
Summary of Intangible Assets
Gross Carrying Value	240,826	255,672
Accumulated Amortization	(120,879)	(110,639)
Net Carrying Value	119,947	145,033
In-place lease
Summary of Intangible Assets
Gross Carrying Value	186,660	198,220
Accumulated Amortization	(109,145)	(100,873)
Net Carrying Value	77,515	97,347
Favorable lease
Summary of Intangible Assets
Gross Carrying Value	35,917	36,895
Accumulated Amortization	(11,734)	(9,766)
Net Carrying Value	24,183	27,129
Domestic Servicing Rights
Summary of Intangible Assets
Gross Carrying Value	18,249	20,557
Net Carrying Value	18,249	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	24,800	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	9 Months Ended
	Sep. 30, 2019USD ($)
Summary of activity within intangible assets
Balance as of beginning of period	$ 145,033
Acquisition of additional REIS Equity Portfolio property	277
Amortization	(17,803)
Sales	(2,612)
Foreign exchange loss	(1,481)
Impairment	(1,159)
Changes in fair value due to changes in inputs and assumptions	(2,308)
Balance as of end of period	119,947
Future rental payments due to us from tenants under existing non-cancellable operating leases
2019 (remainder of)	4,935
2020	16,502
2021	14,197
2022	11,727
2023	8,556
Thereafter	45,781
Total	101,698
In-place lease
Summary of activity within intangible assets
Balance as of beginning of period	97,347
Acquisition of additional REIS Equity Portfolio property	277
Amortization	(15,284)
Sales	(2,612)
Foreign exchange loss	(1,160)
Impairment	(1,053)
Balance as of end of period	77,515
Favorable lease
Summary of activity within intangible assets
Balance as of beginning of period	27,129
Amortization	(2,519)
Foreign exchange loss	(321)
Impairment	(106)
Balance as of end of period	24,183
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	(2,308)
Balance as of end of period	$ 18,249

Secured Borrowings (Details)

Secured Borrowings (Details) $ in Thousands	1 Months Ended				3 Months Ended		9 Months Ended
	Jul. 31, 2019USD ($)item	Apr. 30, 2019item	Feb. 28, 2019USD ($)	Sep. 30, 2018	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Aug. 31, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Secured Financing Agreements
Carrying Value					$ 8,248,088		$ 8,248,088				$ 8,683,565
Loss on extinguishment of debt					(4,624)	$ (2,540)	(10,738)	$ (2,726)
Purchased by investors					927,436		$ 927,436
Revolving credit facility
Secured Financing Agreements
Pricing margin (as a percent)	3.00%						3.00%
Equity interests in certain subsidiaries used to secure facilities							$ 3,500,000
Maximum borrowing capacity	$ 100,000				100,000		100,000
Maturity period	5 years
Lender 7 Secured Financing
Secured Financing Agreements
Number of extension options | item		2
Extended term / option		1 year
Infrastructure Loans Repurchase Facility
Secured Financing Agreements
Pricing margin (as a percent)	2.00%		1.75%
Maximum Facility Size			$ 500,000
Maximum borrowing capacity	$ 500,000
Maturity period	3 years		1 year
Number of extension options | item	2
Number of extension options at Company's discretion | item	1
Extended term / option			1 year
Maximum term of the facility	1 year
Additional term-match to respective collateral	5 years
FHLB
Secured Financing Agreements
Maximum Facility Size										$ 500,000
Maximum facility size subject to certain conditions										$ 2,000,000
Revolving Credit Agreement
Secured Financing Agreements
Maximum Facility Size					300,000		300,000
Maximum facility size subject to certain conditions					$ 650,000		$ 650,000
Infrastructure Acquisition Facility
Secured Financing Agreements
Pricing margin (as a percent)				1.50%
Increase in spread in each of the second and third years of the facility				0.25%
Property Mortgages - Fixed rate
Secured Financing Agreements
Maturity period							9 years 3 months 18 days
FHLB
Secured Financing Agreements
Pricing margin (as a percent)							2.08%
Interest rate (as a percent)					0.28%		0.28%
Carrying Value					$ 312,000		$ 312,000
Collateralized Loan Obligation
Secured Financing Agreements
Principal Amount									$ 86,600
Principal amount of notes									1,100,000
Purchased by investors									936,400
Liquidation preference									$ 77,000
Additional Contribution to CLO					1,800
Term loan facility
Secured Financing Agreements
Pricing margin (as a percent)							2.50%
Loss on extinguishment of debt	$ 1,500
Maximum borrowing capacity	$ 400,000				400,000		$ 400,000
Term loan facility | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	2.50%
Maturity period	7 years
Commercial Loans
Secured Financing Agreements
Maximum Facility Size					6,800,000		6,800,000
Carrying Value					$ 593,800		$ 593,800
Commercial Loans | LIBOR | Weighted-average
Secured Financing Agreements
Interest rate (as a percent)					1.93%		1.93%
Commercial Loans | Repurchase facility
Secured Financing Agreements
Pricing margin (as a percent)					2.33%		2.21%
Aggregate upsize					$ 550,000		$ 1,600,000
Residential Loans
Secured Financing Agreements
Increase in available borrowings							$ 200,000
CMBS/RMBS
Secured Financing Agreements
Pricing margin (as a percent)							4.09%
Maximum Facility Size					0		$ 0
Carrying Value					$ 78,600		$ 78,600
CMBS/RMBS | LIBOR | Weighted-average
Secured Financing Agreements
Interest rate (as a percent)					1.55%		1.55%
CMBS/RMBS | Certain Facilities
Secured Financing Agreements
Carrying Value					$ 393,800		$ 393,800
Rolling maturity period							11 months
Maturity period							12 months
Secured financing agreements
Secured Financing Agreements
Pledged Asset Carrying Value					11,249,472		$ 11,249,472
Maximum Facility Size					16,803,950		16,803,950
Principal Amount					8,330,329		8,330,329				8,761,624
Unamortized premium (discount), net					(2,920)		(2,920)				(963)
Unamortized deferred financing costs					(79,321)		(79,321)				(77,096)
Carrying Value					8,248,088		8,248,088				8,683,565
Secured financing agreements | Other Secured Financing
Secured Financing Agreements
Pledged Asset Carrying Value					5,029,982		5,029,982
Maximum Facility Size					6,383,668		6,383,668
Principal Amount					4,197,471		4,197,471				4,471,874
Secured financing agreements | Revolving Credit Agreement
Secured Financing Agreements
Pledged Asset Carrying Value					49,754		49,754
Maximum Facility Size					650,000		650,000
Principal Amount					37,313		$ 37,313
Secured financing agreements | Revolving Credit Agreement | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)							2.25%
Secured financing agreements | Infrastructure Acquisition Facility
Secured Financing Agreements
Pledged Asset Carrying Value					1,062,553		$ 1,062,553
Maximum Facility Size					1,086,201		1,086,201
Principal Amount					883,173		$ 883,173				1,551,148
Secured financing agreements | Property Mortgages - Fixed rate
Secured Financing Agreements
Pricing margin (as a percent)							3.41%
Pledged Asset Carrying Value					1,921,951		$ 1,921,951
Maximum Facility Size					1,453,116		1,453,116
Principal Amount					1,452,970		1,452,970				1,475,382
Secured financing agreements | Property Mortgages - Variable rate
Secured Financing Agreements
Pledged Asset Carrying Value					831,275		831,275
Maximum Facility Size					694,351		694,351
Principal Amount					643,261		$ 643,261				645,344
Secured financing agreements | Property Mortgages - Variable rate | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)							2.44%
Secured financing agreements | Term Loan and Revolver
Secured Financing Agreements
Maximum Facility Size					500,000		$ 500,000
Principal Amount					400,000		400,000				300,000
Secured financing agreements | FHLB
Secured Financing Agreements
Pledged Asset Carrying Value					1,164,449		1,164,449
Maximum Facility Size					2,000,000		2,000,000
Principal Amount					780,754		780,754				500,000
Secured financing agreements | Repurchase Agreements
Secured Financing Agreements
Pledged Asset Carrying Value					6,219,490		6,219,490
Maximum Facility Size					10,420,282		10,420,282
Principal Amount					4,132,858		4,132,858				4,289,750
Secured financing agreements | Commercial Loans
Secured Financing Agreements
Pledged Asset Carrying Value					4,458,046		4,458,046
Maximum Facility Size					7,879,032		7,879,032
Principal Amount					2,945,331		2,945,331				3,598,311
Secured financing agreements | Residential Loans
Secured Financing Agreements
Pledged Asset Carrying Value					16,332		16,332
Maximum Facility Size					400,000		400,000
Principal Amount					13,190		$ 13,190
Secured financing agreements | Residential Loans | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)							2.10%
Secured financing agreements | Infrastructure Loans
Secured Financing Agreements
Pledged Asset Carrying Value					316,759		$ 316,759
Maximum Facility Size					1,000,000		1,000,000
Principal Amount					263,664		$ 263,664
Secured financing agreements | Infrastructure Loans | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)							1.75%
Secured financing agreements | Conduit Loans
Secured Financing Agreements
Pledged Asset Carrying Value					358,405		$ 358,405
Maximum Facility Size					363,225		363,225
Principal Amount					234,025		$ 234,025				35,034
Secured financing agreements | Conduit Loans | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)							2.22%
Secured financing agreements | CMBS/RMBS
Secured Financing Agreements
Pledged Asset Carrying Value					1,069,948		$ 1,069,948
Maximum Facility Size					778,025		778,025
Principal Amount					$ 676,648		$ 676,648				$ 656,405

Secured Borrowings - Principal

Secured Borrowings - Principal Repayments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
CLO
Repayment of secured financings
Thereafter	$ 936,375		$ 936,375
Total	936,375		936,375
Secured financing agreements
Repayment of secured financings
2019 (remainder of)	458,556		458,556
2020	672,878		672,878
2021	1,946,869		1,946,869
2022	1,367,563		1,367,563
2023	1,688,243		1,688,243
Thereafter	3,132,595		3,132,595
Total	8,330,329		8,330,329		$ 8,761,624
Total	9,266,704		9,266,704
Amortization of deferred financing costs from secured financing agreements included in interest expense	8,100	$ 6,600	24,900	$ 17,500
Repurchase Agreements
Repayment of secured financings
2019 (remainder of)	53,273		53,273
2020	474,502		474,502
2021	1,123,670		1,123,670
2022	681,928		681,928
2023	1,106,086		1,106,086
Thereafter	693,399		693,399
Total	4,132,858		4,132,858
Other Secured Financing
Repayment of secured financings
2019 (remainder of)	405,283		405,283
2020	198,376		198,376
2021	823,199		823,199
2022	685,635		685,635
2023	582,157		582,157
Thereafter	1,502,821		1,502,821
Total	$ 4,197,471		$ 4,197,471

Secured Borrowings - Repurchase

Secured Borrowings - Repurchase Agreements (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Secured financing agreements
Secured Financing Agreements
Principal Amount	$ 8,330,329	$ 8,761,624
Repurchase Agreements
Secured Financing Agreements
Principal Amount	$ 4,132,858
Percentage of repurchase agreements for which margin calls are limited to collateral specific credit marks	77.00%
Percentage of repurchase agreements containing margin call provisions that pertain to loans held-for-sale	23.00%

Secured Borrowings- Collaterali

Secured Borrowings- Collateralized Loan Obligations (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)item	Sep. 30, 2019USD ($)item	Aug. 31, 2019USD ($)
Summary of CLO
Collateralized loan obligations, net	$ 927,436	$ 927,436
LIBOR | Collateral assets
Summary of CLO
Spread (as a percent)		3.23%
LIBOR | Financing
Summary of CLO
Spread (as a percent)		1.65%
Collateralized Loan Obligation
Summary of CLO
Amount issued			$ 1,100,000
Collateralized loan obligations, net			936,400
Deferred financing costs, net of amortization	$ 8,900	$ 8,900	$ 9,200
Collateralized Loan Obligation | Collateral assets
Summary of CLO
Count | item	21	21
Amount issued	$ 1,098,817	$ 1,098,817
Collateralized loan obligations, net	$ 1,098,817	$ 1,098,817
Loans financed by the CLO (as a percent)	9.00%
Fixed weighted average interest	6.84%	6.84%
Collateralized Loan Obligation | Financing
Summary of CLO
Count | item	1	1
Amount issued	$ 936,375	$ 936,375
Collateralized loan obligations, net	$ 927,436	$ 927,436

Unsecured Secured Notes (Detail

Unsecured Secured Notes (Details) $ / shares in Units, shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2018USD ($)$ / sharesshares	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2018USD ($)$ / sharesshares	Dec. 31, 2018USD ($)
Unsecured Senior Notes
Carrying amount of debt components	$ 1,926,693,000		$ 1,926,693,000		$ 1,998,831,000
Interest expense	123,156,000	$ 102,658,000	387,954,000	$ 281,433,000
Loss on extinguishment of debt	4,624,000	$ 2,540,000	10,738,000	$ 2,726,000
Conversion Spread Value - Shares | shares		542		559
Principal amount of notes, basis for conversion	$ 1,000		$ 1,000
Closing share price (in dollars per share) | $ / shares	$ 24.22	$ 21.52	$ 24.22	$ 21.52
2019 Notes
Unsecured Senior Notes
Principal Amount		$ 263,400,000		$ 263,400,000	77,969,000
Amount issued		235,500,000		$ 235,500,000
Debt conversion original amount		$ 266,000,000
Shares issued to settle redemption | shares	0	11,200	3,600	11,200
Cash payments to settle redemptions		$ 20,800,000
Settlement consideration attributable to the liability component				$ 236,200,000
Loss on extinguishment of debt		1,800,000		1,800,000
Portion of repurchase price attributable to equity component recognized as a reduction of additional paid-in-capital		29,800,000		29,800,000
Fair value of shares issued				245,200,000
Value of shares issued to settle redemption		$ 235,500,000	$ 78,000,000	$ 235,500,000
Conversion Spread Value - Shares | shares		542		559
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 3 months 18 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 2 months 12 days
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 6 months
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	$ 24.22		$ 24.22
If-converted value	$ 233,700,000		$ 233,700,000
Amount by which if-converted value of the Notes are less than principal amount			$ 16,300,000
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 6 months
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	(6,226,000)		(6,226,000)		(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	1,926,693,000		1,926,693,000		1,998,831,000
Convertible Senior Notes
Unsecured Senior Notes
Unamortized discount	$ (3,865,000)		$ (3,865,000)		(4,644,000)
Loss on extinguishment of debt				$ 1,810,000
Convertible Senior Notes | 2019 Notes
Unsecured Senior Notes
Coupon Rate (as a percent)	4.00%		4.00%
Interest expense	$ 3,100,000	$ 5,900,000	$ 9,300,000	$ 24,800,000
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	$ (13,216,000)		$ (13,216,000)		$ (16,416,000)

Loan Securitization_Sale Acti_3

Loan Securitization/Sale Activities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Loan Transfers Accounted for as Sales
Net gains (losses) on the sale of loan qualifying for sales treatment	$ 6,400	$ 2,400	$ 6,700	$ 2,400
Interest Rate Swap Guarantees
Loan Transfers Accounted for as Sales
Cash consideration			3,100
Investing and Servicing Segment
Loan Transfer Activities
Face Amount	262,528	360,651	787,160	825,610
Proceeds	274,714	372,300	826,932	854,065
Repayment of purchase agreements	201,363	272,156	608,348	623,538
Commercial and Residential Lending Segment
Loan Transfers Accounted for as Sales
Net gains (losses) on the sale of loan qualifying for sales treatment	500			3,500
Commercial and Residential Lending Segment | Loans held-for-sale, commercial
Loan Transfers Accounted for as Sales
Face Amount	53,288	550,000	554,710	746,400
Proceeds	53,249	547,776	551,700	742,496
Commercial and Residential Lending Segment | Loans held-for-sale, residential
Loan Transfers Accounted for as Sales
Face Amount	547,660	374,071	911,713	374,071
Proceeds	571,333	$ 389,044	947,862	389,044
Infrastructure Lending Segment
Loan Transfer Activities
Face Amount	47,300		404,100	$ 0
Proceeds	47,000		393,300
Loan Transfers Accounted for as Sales
Net gains (losses) on the sale of loan qualifying for sales treatment	$ 0		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	Sep. 30, 2019USD ($)item	Sep. 30, 2019GBP (£)item	Sep. 30, 2019EUR (€)item	Sep. 30, 2018item
Derivatives
Number of contracts	292	292	292
Foreign exchange contracts | EUR | Short
Derivatives
Number of contracts	114	114	114
Aggregate notional amount | €			€ 307,452
Foreign exchange contracts | AUD | Short
Derivatives
Number of contracts	2	2	2
Aggregate notional amount | $	$ 12,307
Foreign exchange contracts | GBP | Long
Derivatives
Number of contracts	1	1	1
Aggregate notional amount | $	$ 921
Foreign exchange contracts | GBP | Short
Derivatives
Number of contracts	97	97	97
Aggregate notional amount | £		£ 322,315
Interest rate swaps | Derivatives designated as hedging instruments
Derivatives
Number of contracts				1
Interest rate swaps - Paying fixed rates | USD
Derivatives
Number of contracts	54	54	54
Aggregate notional amount | $	$ 1,292,709
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	6	6	6
Aggregate notional amount | $	$ 390,970
Interest rate caps | USD
Derivatives
Number of contracts	9	9	9
Aggregate notional amount | $	$ 127,528
Credit spread instrument | USD
Derivatives
Number of contracts	5	5	5
Aggregate notional amount | $	$ 89,000
Forward loan purchase commitments | USD
Derivatives
Number of contracts	1	1	1
Aggregate notional amount | $	$ 46,486

Derivatives and Hedging Activ_4

Derivatives and Hedging Activity - Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	$ 81,483	$ 52,691
Fair Value of Derivatives in a Liability Position	4,781	15,415
Interest rate swaps | Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	24,664	30,791
Fair Value of Derivatives in a Liability Position	3,587	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	904	396
Foreign exchange contracts | Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	56,611	21,346
Fair Value of Derivatives in a Liability Position	156	562
Credit spread instrument | Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	208	$ 554
Fair Value of Derivatives in a Liability Position	$ 134

Derivatives and Hedging Activ_5

Derivatives and Hedging Activity - Effect on Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivatives
Gain on derivative financial instruments, net	$ 21,933	$ 11,735	$ 19,694	$ 27,498
Interest rate swaps
Derivatives
Gain on derivative financial instruments, net	(7,898)	4,444	(21,733)	10,553
Interest rate swap guarantees
Derivatives
Gain on derivative financial instruments, net	(468)		(3,640)
Foreign exchange contracts
Derivatives
Gain on derivative financial instruments, net	30,426	8,073	46,116	17,748
Credit spread instrument
Derivatives
Gain on derivative financial instruments, net	$ (127)	(782)	$ (1,049)	(803)
Cash flow hedges | Interest rate swaps | Derivatives designated as hedging instruments
Derivatives
Gain (Loss) Recognized in OCI (effective portion)				8
Gain (Loss) Reclassified from AOCI into Income (effective portion)		$ 6		$ 32

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Net Amounts of Assets Presented in the Statement of Financial Position	$ 81,483	$ 52,691
Liabilities
Gross Amounts of Recognized Liabilities	4,137,639	4,305,165
Net Amounts of Liabilities Presented in the Statement of Financial	4,137,639	4,305,165
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	4,133,537	4,291,158
Cash Collateral Pledged	3,198	8,658
Net Amount	904	5,349
Derivatives
Assets
Gross Amounts of Recognized Assets	81,483	52,691
Net Amounts of Assets Presented in the Statement of Financial Position	81,483	52,691
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	679	1,408
Cash Collateral Received	20,727
Net Amount	60,077	51,283
Liabilities
Gross Amounts of Recognized Liabilities	4,781	15,415
Net Amounts of Liabilities Presented in the Statement of Financial	4,781	15,415
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	679	1,408
Cash Collateral Pledged	3,198	8,658
Net Amount	904	5,349
Repurchase Agreements
Liabilities
Gross Amounts of Recognized Liabilities	4,132,858	4,289,750
Net Amounts of Liabilities Presented in the Statement of Financial	4,132,858	4,289,750
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	$ 4,132,858	$ 4,289,750

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Consolidated CLO (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets:
Total Assets	$ 59,249,054	$ 53,446,364
Liabilities
Total Liabilities	58,018,209	$ 52,195,042
Collateralized Loan Obligation
Assets:
Loans held-for-investment, net	1,098,817
Accrued interest receivable	2,384
Other assets	1,183
Total Assets	1,102,384
Liabilities
Accounts payable, accrued expenses and other liabilities	1,402
Secured financing agreements (1)	927,436
Total Liabilities	$ 928,838

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Sep. 30, 2019USD ($)item	Dec. 31, 2018USD ($)
Variable interest entities
VIE Assets	$ 59,249,054	$ 53,446,364
VIE Liabilities	58,018,209	52,195,042
Interest in VIE	126,115	$ 171,765
Primary beneficiary | ASU 2015-02
Variable interest entities
VIE Assets	766,500
VIE Liabilities	506,900
Primary beneficiary | SPT Dolphin | ASU 2015-02
Variable interest entities
VIE assets	685,200
VIE liabilities	$ 446,200
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	$ 46,300
Not primary beneficiary | ASU 2015-02 | Measurement Period Adjustments
Variable interest entities
Interest in VIE	90,500
Not primary beneficiary | Securitization SPEs
Variable interest entities
Debt obligations to beneficial interest holders, unpaid principal balances	$ 7,100,000

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($) $ in Millions	1 Months Ended				3 Months Ended		9 Months Ended
	Sep. 30, 2019	Apr. 30, 2018	Mar. 31, 2017	May 31, 2015	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related-Party Transactions
Base management fee incurred							$ 57.7	$ 53.9
Base management fee payable	$ 19.2				$ 19.2		$ 19.2
Granted (in shares)							1,720,236
Ownership percentage							2.00%
Restricted stock units
Related-Party Transactions
Share-based compensation expense, before tax							$ 15.2
Starwood Property Trust, Inc. Manager Equity Plan
Related-Party Transactions
Granted (in shares)							1,200,000
Starwood Property Trust, Inc. Manager Equity Plan | Restricted stock units
Related-Party Transactions
Granted (in shares)	1,200,000	775,000	1,000,000	675,000	1,200,000
Award vesting period		3 years	3 years	3 years
Share-based compensation expense, before tax					$ 8.8	$ 3.2		9.4
Manager
Related-Party Transactions
Base management fee incurred					19.2	18.4
Incentive fee incurred					1.8	$ 4.3	$ 2	19.6
Incentive fees payable	$ 1.8				1.8		1.8		$ 21.8
Executive compensation and other reimbursable expenses					1.9		5.8	$ 5.9
Executive compensation and other reimbursable expense payable	$ 3.4				$ 3.4		$ 3.4		$ 3
Manager | Restricted stock units
Related-Party Transactions
Granted (in shares)					0	0	182,861	189,813
Grant date fair value							$ 4.1	$ 4
Award vesting period							3 years	3 years
Share-based compensation expense, before tax					$ 1.2	$ 0.8	$ 3	$ 2.1
Investing and Servicing Segment
Related-Party Transactions
Purchase price					278.2		278.2
CMBS | Investing and Servicing Segment | REO Portfolio
Related-Party Transactions
Purchase price					$ 8.8		$ 8.8	$ 28

Related-Party Transactions - In

Related-Party Transactions - Investments in Loans and Securities and Other Arrangements (Details) $ in Thousands, € in Millions	1 Months Ended					3 Months Ended			4 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2019USD ($)property	Jul. 31, 2019USD ($)	Apr. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Feb. 28, 2019USD ($)Plant	Sep. 30, 2019USD ($)property	Sep. 30, 2019EUR (€)	Sep. 30, 2018USD ($)	Jul. 31, 2019USD ($)	Sep. 30, 2019USD ($)property	Sep. 30, 2018USD ($)	Dec. 31, 2012shares	Dec. 31, 2018USD ($)	Feb. 28, 2018USD ($)
Related-Party Transactions
Acquisitions and originations of mortgage financing										$ 5,607,829	$ 5,006,725
Spread on interest rate basis (as a percent)	4.30%					4.30%				4.30%
Purchase price of notes										$ 2,987,685	3,495,080
Ownership percentage										2.00%
Equity method, Carrying value	$ 101,111					$ 101,111				$ 101,111			$ 146,094
Distribution of capital from unconsolidated entities										12,455	21,448
Earnings (loss) from unconsolidated entities						2,747		$ 2,625		(31,636)	6,633
Interest in VIE	126,115					126,115				126,115			171,765
Contribution										5,294	9,066
Purchase of first priority infrastructure term loan participation
Related-Party Transactions
Acquisitions and originations of mortgage financing		$ 16,000	$ 5,000		$ 60,000
First priority infrastructure term loan														$ 1,000,000
Upsize to term loan									$ 300
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 partnership
Related-Party Transactions
Acquisitions and originations of mortgage financing				$ 22,500
Ownership percentage				50.00%
Development of Grade A office building and convention center
Related-Party Transactions
Acquisitions and originations of mortgage financing | €							€ 58.9
SEREF
Related-Party Transactions
Acquisitions and originations of mortgage financing | €							14.7
Number of shares acquired | shares												9,140,000
SEREF | Development of Grade A office building and convention center
Related-Party Transactions
Acquisitions and originations of mortgage financing | €							€ 73.6
Retail Fund
Related-Party Transactions
Equity method, Carrying value	$ 71,824					71,824				71,824			$ 114,362
Investing and Servicing Segment
Related-Party Transactions
Purchase price						278,200				278,200
REO Portfolio | Investing and Servicing Segment | CMBS
Related-Party Transactions
Payments to acquire security						8,600		$ 0		8,600	27,700
Purchase price						$ 8,800				$ 8,800	$ 28,000
Highmark Residential
Related-Party Transactions
Number of additional properties under management | property										11
Number of properties under management | property	21					21				21
Payments to related party						$ 400				$ 1,100
Loans held-for-sale, residential | Residential mortgage originator
Related-Party Transactions
Acquisitions and originations of mortgage financing	$ 2,000					$ 97,400				$ 273,500

Stockholders' Equity and Non-_3

Stockholders' Equity and Non-Controlling Interests (Details)	Aug. 07, 2019$ / shares	May 08, 2019$ / shares	Feb. 28, 2019$ / shares	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2018USD ($)$ / sharesshares	Sep. 30, 2019USD ($)item$ / sharesshares	Sep. 30, 2018USD ($)$ / sharesshares	Feb. 28, 2017USD ($)
Stockholders' Equity
Dividend declared (in dollars per share) | $ / shares	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 1.44	$ 1.44
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				$ 9,605,000	$ 4,845,000	$ 21,160,000	$ 17,567,000
2019 Notes
Stockholders' Equity
Shares issued to settle redemption | shares				0	11,200,000	3,600,000	11,200,000
Value of shares issued to settle redemption					$ 235,500,000	$ 78,000,000	$ 235,500,000
Convertible Senior Notes
Stockholders' Equity
Debt repurchased amount				$ 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		1,000,000
Woodstar II Portfolio | Class A Units
Stockholders' Equity
Net income attributable to non-controlling interests				$ 5,200,000	$ 4,800,000	$ 16,300,000	$ 11,900,000
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		9 Months Ended
	Sep. 30, 2019	Apr. 30, 2018	Mar. 31, 2017	May 31, 2015	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	May 31, 2017
Equity Incentive Plans
Granted (in shares)							1,720,236
Vested immediately on the grant date
Equity Incentive Plans
Granted (in shares)							218,898
Remaining vesting
Equity Incentive Plans
Award vesting period							3 years
Restricted stock units
Equity Incentive Plans
Share-based compensation expense, before tax							$ 15,200,000
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	7,500,000				7,500,000		7,500,000
Starwood Property Trust, Inc. Equity Plan
Equity Incentive Plans
Granted (in shares)							520,236
Starwood Property Trust, Inc. Manager Equity Plan
Equity Incentive Plans
Granted (in shares)							1,200,000
Starwood Property Trust, Inc. Manager Equity Plan | Restricted stock units
Equity Incentive Plans
Share-based compensation expense, before tax					$ 8,800,000	$ 3,200,000		$ 9,400,000
Granted (in shares)	1,200,000	775,000	1,000,000	675,000	1,200,000
Awards granted, fair value	$ 29,484,000	$ 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)	9 Months Ended
	Sep. 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)	1,720,236
Vested (in shares)	(1,162,383)
Forfeited (in shares)	(14,761)
Balance at the end of the period (in shares)	2,977,457
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	24.01
Vested (in dollars per share) | $ / shares	22.10
Forfeited (in dollars per share) | $ / shares	22.07
Balance at the end of period (in dollars per share) | $ / shares	$ 22.72
Starwood Property Trust, Inc. Equity Plan
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	1,436,445
Granted (in shares)	520,236
Vested (in shares)	(499,735)
Forfeited (in shares)	(14,761)
Balance at the end of the period (in shares)	1,442,185
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
Granted (in shares)	1,200,000
Vested (in shares)	(662,648)
Balance at the end of the period (in shares)	1,535,272

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Continuing Operations:
Basic - Income attributable to STWD common stockholders	$ 140,396	$ 84,536	$ 337,795	$ 293,698
Less: Income attributable to participating shares not already deducted as non-controlling interests	(1,205)	(970)	(2,779)	(2,725)
Basic earnings	139,191	83,566	335,016	290,973
Continuing Operations:
Basic - Income attributable to STWD common stockholders	140,396	84,536	337,795	293,698
Less: Income attributable to participating shares not already deducted as non-controlling interests	(1,205)	(970)	(2,779)	(2,725)
Add: Loss on extinguishment of debt	4,624	2,540	10,738	2,726
Add: Undistributed earnings to participating shares	188
Less: Undistributed earnings reallocated to participating shares	(182)
Diluted earnings	$ 142,268	$ 83,566	$ 344,322	$ 313,885
Number of Shares:
Basic - Average shares outstanding	279,992	265,355	278,934	262,356
Effect of dilutive securities - Convertible Notes (in shares)	9,649		9,857	25,675
Effect of dilutive securities - Contingently issuable shares (in shares)	38	99	38	99
Effect of dilutive securities - Unvested non-participating shares	233	2	192
Diluted - Average shares outstanding	289,912	265,456	289,021	288,130
Basic:
Basic (in dollars per share)	$ 0.50	$ 0.31	$ 1.20	$ 1.11
Diluted:
Diluted (in dollars per share)	$ 0.49	$ 0.31	$ 1.19	$ 1.09
Convertible Senior Notes
Continuing Operations:
Add: Interest expense on Convertible Notes	$ 3,071		$ 9,306	$ 21,102
Add: Loss on extinguishment of debt				$ 1,810

Earnings per Share - Dilutive a

Earnings per Share - Dilutive and Antidilutive securities (Details) shares in Millions, item in Millions	9 Months Ended
	Sep. 30, 2019itemshares	Sep. 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	10.9	10.2
Restricted stock
Antidilutive securities and effect of dilutive securities
Number of anti-dilutive common shares excluded from the calculation of diluted income per share | shares	13.4	12.2

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Changes in AOCI by component
Beginning balance	$ 57,124	$ 68,134	$ 58,660	$ 69,924
OCI before reclassifications	(4,688)	(230)	(6,224)	(1,918)
Amounts reclassified from AOCI	(59)	16	(59)	(86)
Net period OCI	(4,747)	(214)	(6,283)	(2,004)
Ending balance	52,377	67,920	52,377	67,920
Effective Portion of Cumulative Loss on Cash Flow Hedges
Changes in AOCI by component
Beginning balance		7		25
OCI before reclassifications				8
Amounts reclassified from AOCI		(6)		(32)
Net period OCI		(6)		(24)
Ending balance		1		1
Cumulative Unrealized Gain (Loss) on Available-for-Sale Securities
Changes in AOCI by component
Beginning balance	53,049	60,075	53,515	57,889
OCI before reclassifications	(520)	715	(986)	2,977
Amounts reclassified from AOCI	(59)	22	(59)	(54)
Net period OCI	(579)	737	(1,045)	2,923
Ending balance	52,470	60,812	52,470	60,812
Foreign Currency Translation
Changes in AOCI by component
Beginning balance	4,075	8,052	5,145	12,010
OCI before reclassifications	(4,168)	(945)	(5,238)	(4,903)
Net period OCI	(4,168)	(945)	(5,238)	(4,903)
Ending balance	$ (93)	$ 7,107	$ (93)	$ 7,107

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Impact of Reclassifications out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accumulated Other Comprehensive Income
Interest expense	$ (123,156)	$ (102,658)	$ (387,954)	$ (281,433)
Interest income from investment securities	16,676	11,508	56,853	37,567
Gain on sale of investments and other assets, net		(22)		8
Total	59	(22)	59	54
Net income	150,001	89,381	358,955	311,265
Amounts Reclassified from AOCI
Accumulated Other Comprehensive Income
Net income	59	(16)	59	86
Effective Portion of Cumulative Loss on Cash Flow Hedges | Interest rate contracts | Amounts Reclassified from AOCI
Accumulated Other Comprehensive Income
Interest expense		$ 6		32
Cumulative Unrealized Gain (Loss) on Available-for-Sale Securities | Amounts Reclassified from AOCI
Accumulated Other Comprehensive Income
Interest income from investment securities	$ 59		$ 59	$ 46

Fair Value - Financial Assets a

Fair Value - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets and liabilities measured at fair value
Permitted reinvestment under static investment in VIEs	$ 0
Marketable securities	809,137	$ 906,468
Domestic servicing rights	18,249	20,557
Derivative assets	81,483	52,691
VIE Assets	59,249,054	53,446,364
Derivative liabilities	4,781	15,415
VIE Liabilities	58,018,209	52,195,042
Fair value measurements on recurring basis
Assets and liabilities measured at fair value
Derivative assets	81,483	52,691
Total Assets	61,251,030	54,453,213
Derivative liabilities	4,781	15,415
Total Liabilities	58,022,990	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	1,649,362	671,282
Fair value measurements on recurring basis | RMBS
Assets and liabilities measured at fair value
Available-for-sale securities	195,297	209,079
Fair value measurements on recurring basis | CMBS
Assets and liabilities measured at fair value
Available-for-sale securities	46,299	41,347
Fair value measurements on recurring basis | Equity security
Assets and liabilities measured at fair value
Marketable securities	11,286	11,893
Fair value measurements on recurring basis | Domestic Servicing Rights
Assets and liabilities measured at fair value
Domestic servicing rights	18,249	20,557
Fair value measurements on recurring basis | VIE Assets
Assets and liabilities measured at fair value
VIE Assets	59,249,054	53,446,364
Fair value measurements on recurring basis | VIE liabilities
Assets and liabilities measured at fair value
VIE Liabilities	58,018,209	52,195,042
Fair value measurements on recurring basis | Level I
Assets and liabilities measured at fair value
Total Assets	11,286	11,893
Fair value measurements on recurring basis | Level I | Equity security
Assets and liabilities measured at fair value
Marketable securities	11,286	11,893
Fair value measurements on recurring basis | Level II
Assets and liabilities measured at fair value
Derivative assets	81,483	52,691
Total Assets	317,715	68,810
Derivative liabilities	4,781	15,415
Total Liabilities	55,752,885	50,769,011
Fair value measurements on recurring basis | Level II | Loans held-for-sale
Assets and liabilities measured at fair value
Loans held-for-sale, fair value option	225,813
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	55,748,104	50,753,596
Fair value measurements on recurring basis | Level III
Assets and liabilities measured at fair value
Total Assets	60,922,029	54,372,510
Total Liabilities	2,270,105	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	1,423,549	671,282
Fair value measurements on recurring basis | Level III | RMBS
Assets and liabilities measured at fair value
Available-for-sale securities	195,297	209,079
Fair value measurements on recurring basis | Level III | CMBS
Assets and liabilities measured at fair value
Available-for-sale securities	35,880	25,228
Fair value measurements on recurring basis | Level III | Domestic Servicing Rights
Assets and liabilities measured at fair value
Domestic servicing rights	18,249	20,557
Fair value measurements on recurring basis | Level III | VIE Assets
Assets and liabilities measured at fair value
VIE Assets	59,249,054	53,446,364
Fair value measurements on recurring basis | Level III | VIE liabilities
Assets and liabilities measured at fair value
VIE Liabilities	$ 2,270,105	$ 1,441,446

Fair Value - Level III (Details

Fair Value - Level III (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Total realized and unrealized gains (losses):
Included in earnings: Net accretion			$ 10,338	$ 12,013
Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	$ 56,920,033	$ 47,223,205	52,931,064	49,904,651
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	(320,649)	(886,779)	156,382	(4,130,674)
Included in earnings: Net accretion	2,446	2,526	7,484	7,967
Included in OCI	(578)	737	(1,044)	2,923
Purchases / Originations	1,128,718	597,318	2,780,952	1,509,473
Sales	(846,047)	(571,199)	(1,778,772)	(1,053,771)
Issuances	(22,958)	(18,901)	(81,681)	(26,849)
Cash repayments / receipts	(56,358)	(52,447)	(133,523)	(233,994)
Transfers into Level III	(122,911)	(231,925)	(1,369,155)	(922,884)
Transfers out of Level III	93,914	108,123	524,733	230,463
Consolidations of VIEs	1,914,330	1,604,072	5,910,615	3,419,142
Deconsolidations of VIEs	(38,016)	(324,370)	(295,131)	(1,256,087)
Balance at the end of the period	58,651,924	47,450,360	58,651,924	47,450,360
Amount of total (losses) gains included in earnings attributable to assets still held at period end	(346,232)	(891,837)	103,833	(4,153,022)
Loans held-for-sale | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	1,372,398	897,259	671,282	745,743
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	32,512	4,036	65,669	26,669
Purchases / Originations	1,123,553	597,318	2,775,787	1,508,010
Sales	(846,047)	(565,990)	(1,774,794)	(1,047,755)
Cash repayments / receipts	(33,054)	(19,118)	(88,582)	(123,652)
Transfers out of Level III	(225,813)		(225,813)	(195,510)
Balance at the end of the period	1,423,549	913,505	1,423,549	913,505
Amount of total (losses) gains included in earnings attributable to assets still held at period end	4,537	(2,501)	6,775	(2,023)
RMBS | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	200,874	235,796	209,079	247,021
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale		100		241
Included in earnings: Net accretion	2,446	2,526	7,484	7,967
Included in OCI	(578)	737	(1,044)	2,923
Sales		(2,046)		(2,853)
Cash repayments / receipts	(7,445)	(9,246)	(20,222)	(27,432)
Balance at the end of the period	195,297	227,867	195,297	227,867
Amount of total (losses) gains included in earnings attributable to assets still held at period end	2,390	2,526	7,397	7,913
CMBS | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	34,283	24,650	25,228	24,191
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	432	63	1,153	76
Purchases / Originations	5,165		5,165	1,463
Sales		(3,163)	(3,978)	(3,163)
Cash repayments / receipts	(3,343)	(6,815)	(8,933)	(7,832)
Transfers into Level III		27,776	5,350	27,776
Consolidations of VIEs		3,304		3,304
Deconsolidations of VIEs	(657)		11,895
Balance at the end of the period	35,880	45,815	35,880	45,815
Amount of total (losses) gains included in earnings attributable to assets still held at period end	434	(884)	101	(1,252)
Domestic Servicing Rights | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	18,874	22,742	20,557	30,759
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	(625)	(974)	(2,308)	(8,991)
Balance at the end of the period	18,249	21,768	18,249	21,768
Amount of total (losses) gains included in earnings attributable to assets still held at period end	(625)	(974)	(2,308)	(8,991)
VIE Assets | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	57,667,606	48,044,873	53,446,364	51,045,874
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	(380,973)	(1,261,314)	39,961	(5,055,029)
Consolidations of VIEs	1,999,780	1,623,863	6,103,915	3,438,933
Deconsolidations of VIEs	(37,359)	(372,812)	(341,186)	(1,395,168)
Balance at the end of the period	59,249,054	48,034,610	59,249,054	48,034,610
Amount of total (losses) gains included in earnings attributable to assets still held at period end	(380,973)	(1,261,314)	39,961	(5,055,029)
VIE liabilities | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	(2,374,002)	(2,002,115)	(1,441,446)	(2,188,937)
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	28,005	371,310	51,907	906,360
Issuances	(22,958)	(18,901)	(81,681)	(26,849)
Cash repayments / receipts	(12,516)	(17,268)	(15,786)	(75,078)
Transfers into Level III	(122,911)	(259,701)	(1,374,505)	(950,660)
Transfers out of Level III	319,727	108,123	750,546	425,973
Consolidations of VIEs	(85,450)	(23,095)	(193,300)	(23,095)
Deconsolidations of VIEs		48,442	34,160	139,081
Balance at the end of the period	(2,270,105)	(1,793,205)	(2,270,105)	(1,793,205)
Amount of total (losses) gains included in earnings attributable to assets still held at period end	$ 28,005	$ 371,310	$ 51,907	$ 906,360

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Financial assets not carried at fair value:
HTM securities	$ 556,255	$ 644,149
Financial liabilities not carried at fair value:
Unsecured senior notes	1,926,693	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	8,712,410	9,122,972
HTM securities	556,255	644,149
Financial liabilities not carried at fair value:
Secured financing agreements and secured borrowings on transferred loans	9,175,524	8,757,804
Unsecured senior notes	1,926,693	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	8,772,670	9,178,709
HTM securities	554,302	643,948
Financial liabilities not carried at fair value:
Secured financing agreements and secured borrowings on transferred loans	9,155,331	8,662,548
Unsecured senior notes	$ 2,027,863	$ 1,945,160

Fair Value - Significant unobse

Fair Value - Significant unobservable inputs (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Domestic servicing rights	$ 18,249	$ 20,557
VIE Assets	59,249,054	53,446,364
VIE liabilities	(58,018,209)	(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	1,649,362	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	195,297	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	46,299	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	18,249	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	59,249,054	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	(58,018,209)	(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	$ 1,423,549	$ 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	1 year 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	3.4	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	10 years 8 months 12 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	$ 195,297	$ 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)	25.00%	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	1.1	1.1
Fair value measurements on recurring basis | Level III | RMBS | Minimum | Loss severity
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0	0
Fair value measurements on recurring basis | Level III | RMBS | Minimum | Delinquency rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	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	19.9	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	4.5	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	96	73
Fair value measurements on recurring basis | Level III | RMBS | Maximum | Delinquency rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	31	31
Fair value measurements on recurring basis | Level III | RMBS | Maximum | Servicer advances
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	84	83
Fair value measurements on recurring basis | Level III | RMBS | Maximum | Annual coupon deterioration
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	1.8	1.4
Fair value measurements on recurring basis | Level III | RMBS | Maximum | Putback amount per projected total collateral loss
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	28	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	$ 35,880	$ 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	715.4	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	$ 18,249	$ 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	7.50	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	$ 59,249,054	$ 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)	19 years 3 months 18 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	823.6	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	$ (2,270,105)	$ (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)	11 years 6 months	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	823.6	290.9

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Income Taxes
Assets	$ 74,434,100	$ 68,262,453
Cash	284,117	239,824
Investing and Servicing Segment | TRS entities
Income Taxes
Assets	$ 2,100,000	$ 553,500

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Reconciliation of statutory tax to effective tax
Federal statutory tax rate	$ 32,448	$ 20,509	$ 77,140	$ 68,406
REIT and other non-taxable income	(28,870)	(13,628)	(71,042)	(57,128)
State income taxes	937	1,803	1,597	2,954
Federal benefit of state tax deduction	(196)	(378)	(335)	(620)
Other	194	(25)	1,020	868
Total income tax provision	$ 4,513	$ 8,281	$ 8,380	$ 14,480
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)	(18.70%)	(13.90%)	(19.30%)	(17.60%)
State income taxes (as a percent)	0.60%	1.80%	0.40%	0.90%
Federal benefit of state tax deduction (as a percent)	(0.10%)	(0.40%)	(0.10%)	(0.20%)
Other (as a percent)	0.10%		0.30%	0.30%
Effective tax rate (as a percent)	2.90%	8.50%	2.30%	4.40%

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2019USD ($)instrument
Interest rate swaps | Derivatives designated as hedging instruments
Operating leases
Number of guarantees | instrument	7
Infrastructure Lending Segment
Operating leases
Outstanding	$ 18.4
Commitments | Commercial and Residential Lending Segment
Operating leases
Value of loans with future funding commitments	2,700
Value of loans with future funding commitments expected to fund	2,500
Agreement to purchase	46.5
Commitments | Infrastructure Lending Segment
Operating leases
Value of loans with future funding commitments	189.8
Revolvers and letters of credit | Infrastructure Lending Segment
Operating leases
Value of loans with future funding commitments	155
Delayed draw term loans | Infrastructure Lending Segment
Operating leases
Value of loans with future funding commitments	$ 34.8

Commitments and Contingencies -

Commitments and Contingencies - Lease cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Commitments and Contingencies.
Operating lease costs	$ 1,667	$ 1,245	$ 4,177	$ 3,721
Short-term lease costs	29	40	92	116
Sublease income	(405)	(396)	(1,209)	(1,231)
Total lease cost	$ 1,291	$ 889	$ 3,060	$ 2,606

Commitments and Contingencies_3

Commitments and Contingencies - Cash paid (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Commitments and Contingencies.
Cash paid for amounts included in the measurement of lease liabilities-operating	$ 1,310	$ 3,904

Commitments and Contingencies_4

Commitments and Contingencies - Weighted average lease (Details)	Sep. 30, 2019
Commitments and Contingencies.
Weighted-average remaining lease term	6 years
Weighted-average discount rate	4.40%

Commitments and Contingencies_5

Commitments and Contingencies - Future maturity of lease (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019
Future maturity of operating lease liabilities:
2019 (remainder of)	$ 1,310
2020	6,163
2021	3,480
2022	1,272
2023	1,281
Thereafter	7,208
Total	20,714
Less interest component	(2,513)
Operating lease liability	$ 18,201	$ 12,000

Segment Data - Results of Opera

Segment Data - Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Interest income from loans	$ 172,030	$ 154,501	$ 546,912	$ 443,825
Interest income from investment securities	16,676	11,508	56,853	37,567
Servicing fees	14,333	27,824	47,774	71,206
Rental income	84,654	91,132	255,784	261,133
Other revenues	637	754	2,668	2,131
Total revenues	288,330	285,719	909,991	815,862
Costs and expenses:
Management fees	30,238	26,519	76,227	84,655
Interest expense	123,156	102,658	387,954	281,433
General and administrative	39,766	31,203	112,274	98,873
Acquisition and investment pursuit costs	163	6,527	579	8,465
Costs of rental operations	31,568	30,191	91,874	92,781
Depreciation and amortization	28,269	34,293	86,075	103,187
Loan loss provision, net	(39)	929	3,242	27,726
Other expense	123	76	1,777	677
Total costs and expenses	253,244	232,396	760,002	697,797
Other income (loss):
Change in net assets related to consolidated VIEs	61,767	33,289	164,761	129,888
Change in fair value of servicing rights	(625)	(974)	(2,308)	(8,991)
Change in fair value of investment securities, net	266	301	995	7,854
Change in fair value of mortgage loans held-for-sale, net	32,521	3,940	65,678	26,573
Earnings (loss) from unconsolidated entities	2,747	2,625	(31,636)	6,633
(Loss) gain on derivative financial instruments, net	21,157	1,462	28,157	25,559
Gain on derivative financial instruments, net	21,933	11,735	19,694	27,498
Foreign currency gain (loss), net	(15,664)	(4,078)	(17,134)	(3,793)
Loss on extinguishment of debt	(4,624)	(2,540)	(10,738)	(2,726)
Other loss, net	(50)	(1,421)	(123)	(815)
Total other income	119,428	44,339	217,346	207,680
Income before income taxes	154,514	97,662	367,335	325,745
Income tax provision	(4,513)	(8,281)	(8,380)	(14,480)
Net income	150,001	89,381	358,955	311,265
Net income attributable to Starwood Property Trust, Inc.	(9,605)	(4,845)	(21,160)	(17,567)
Net income attributable to Starwood Property Trust, Inc.	140,396	84,536	337,795	293,698
Operating Segments and Corporate
Revenues:
Interest income from loans	172,030	154,501	546,912	443,825
Interest income from investment securities	51,529	44,904	153,013	133,144
Servicing fees	18,340	34,198	61,676	92,534
Rental income	84,654	91,132	255,784	261,133
Other revenues	640	796	2,692	2,278
Total revenues	327,193	325,531	1,020,077	932,914
Costs and expenses:
Management fees	30,210	26,408	76,105	84,345
Interest expense	123,319	102,934	388,441	282,254
General and administrative	39,688	31,117	112,016	98,617
Acquisition and investment pursuit costs	163	6,527	579	8,465
Costs of rental operations	31,568	30,191	91,874	92,781
Depreciation and amortization	28,269	34,293	86,075	103,187
Loan loss provision, net	(39)	929	3,242	27,726
Other expense	123	76	1,777	677
Total costs and expenses	253,301	232,475	760,109	698,052
Other income (loss):
Change in fair value of servicing rights	57	(1,994)	(1,617)	(14,417)
Change in fair value of investment securities, net	22,173	(4,728)	53,486	24,139
Change in fair value of mortgage loans held-for-sale, net	32,521	3,940	65,678	26,573
Earnings (loss) from unconsolidated entities	2,983	2,368	(30,361)	8,083
(Loss) gain on derivative financial instruments, net	21,157	1,462	28,157	25,559
Gain on derivative financial instruments, net	21,933	11,735	19,694	27,498
Foreign currency gain (loss), net	(15,664)	(4,078)	(17,134)	(3,793)
Loss on extinguishment of debt	(4,624)	(2,540)	(10,738)	(2,726)
Other loss, net	(50)	(1,421)	(123)	(815)
Total other income	80,486	4,744	107,042	90,101
Income before income taxes	154,378	97,800	367,010	324,963
Income tax provision	(4,513)	(8,281)	(8,380)	(14,480)
Net income	149,865	89,519	358,630	310,483
Net income attributable to Starwood Property Trust, Inc.	(9,469)	(4,983)	(20,835)	(16,785)
Net income attributable to Starwood Property Trust, Inc.	140,396	84,536	337,795	293,698
Operating segment | Commercial and Residential Lending Segment
Revenues:
Interest income from loans	145,290	147,913	462,956	431,153
Interest income from investment securities	18,163	10,320	62,438	33,689
Servicing fees	97	98	310	313
Other revenues	258	265	714	683
Total revenues	163,808	158,596	526,418	465,838
Costs and expenses:
Management fees	363	453	1,127	1,396
Interest expense	51,844	43,322	172,012	110,169
General and administrative	7,104	7,016	20,626	19,962
Acquisition and investment pursuit costs	506	341	915	2,253
Costs of rental operations	765		1,525
Depreciation and amortization	339	17	695	50
Loan loss provision, net	(39)	929	2,046	27,726
Other expense	77	76	230	230
Total costs and expenses	60,959	52,154	199,176	161,786
Other income (loss):
Change in fair value of investment securities, net	(303)	238	(2,945)	16
Change in fair value of mortgage loans held-for-sale, net	10,088	1,343	16,837	(165)
Earnings (loss) from unconsolidated entities	2,507	514	8,576	3,761
(Loss) gain on derivative financial instruments, net	482	47	3,476	461
Gain on derivative financial instruments, net	15,729	7,278	12,024	15,927
Foreign currency gain (loss), net	(15,337)	(3,546)	(17,025)	(3,260)
Loss on extinguishment of debt	(857)	(730)	(857)	(730)
Other loss, net		(1)		42
Total other income	12,309	5,143	20,086	16,052
Income before income taxes	115,158	111,585	347,328	320,104
Income tax provision	(3,194)	(314)	(4,778)	(2,981)
Net income	111,964	111,271	342,550	317,123
Net income attributable to Starwood Property Trust, Inc.		(365)	(392)	(1,087)
Net income attributable to Starwood Property Trust, Inc.	111,964	110,906	342,158	316,036
Operating segment | Infrastructure Lending Segment
Revenues:
Interest income from loans	22,763	3,053	74,969	3,053
Interest income from investment securities	810	107	2,563	107
Other revenues	39	44	732	44
Total revenues	23,612	3,204	78,264	3,204
Costs and expenses:
Interest expense	14,422	2,258	49,257	2,258
General and administrative	4,315	537	13,624	537
Acquisition and investment pursuit costs	21	6,725	51	6,725
Depreciation and amortization	15		15
Loan loss provision, net			1,196
Total costs and expenses	18,773	9,520	64,143	9,520
Other income (loss):
(Loss) gain on derivative financial instruments, net	(25)		3,041
Gain on derivative financial instruments, net	(109)	455	(3,337)	455
Foreign currency gain (loss), net	(319)	(531)	(102)	(531)
Loss on extinguishment of debt	(2,101)		(8,221)
Other loss, net	(50)		(50)
Total other income	(2,604)	(76)	(8,669)	(76)
Income before income taxes	2,235	(6,392)	5,452	(6,392)
Income tax provision	475		746
Net income	2,710	(6,392)	6,198	(6,392)
Net income attributable to Starwood Property Trust, Inc.	2,710	(6,392)	6,198	(6,392)
Operating segment | Investing and Servicing Segment
Revenues:
Interest income from loans	3,977	3,535	8,987	9,619
Interest income from investment securities	32,556	34,477	88,012	99,348
Servicing fees	18,243	34,100	61,366	92,221
Rental income	12,403	15,065	40,686	43,955
Other revenues	218	229	929	973
Total revenues	67,397	87,406	199,980	246,116
Costs and expenses:
Management fees	18	18	54	54
Interest expense	8,891	7,396	25,152	18,298
General and administrative	22,915	19,131	61,943	64,006
Acquisition and investment pursuit costs	(364)	(539)	(387)	(467)
Costs of rental operations	6,019	7,139	19,503	20,250
Depreciation and amortization	4,809	5,828	15,287	16,482
Other expense			194	447
Total costs and expenses	42,288	38,973	121,746	119,070
Other income (loss):
Change in fair value of servicing rights	57	(1,994)	(1,617)	(14,417)
Change in fair value of investment securities, net	22,476	(4,966)	56,431	24,123
Change in fair value of mortgage loans held-for-sale, net	22,433	2,597	48,841	26,738
Earnings (loss) from unconsolidated entities	253	(134)	3,601	2,916
(Loss) gain on derivative financial instruments, net	20,700	1,415	21,640	18,215
Gain on derivative financial instruments, net	(6,376)	3,076	(16,761)	7,720
Foreign currency gain (loss), net				(2)
Loss on extinguishment of debt	(194)		(194)	(186)
Other loss, net		(1,422)		(1,365)
Total other income	59,349	(1,428)	111,941	63,742
Income before income taxes	84,458	47,005	190,175	190,788
Income tax provision	(1,794)	(7,842)	(4,090)	(9,502)
Net income	82,664	39,163	186,085	181,286
Net income attributable to Starwood Property Trust, Inc.	(4,219)	151	(4,121)	(3,792)
Net income attributable to Starwood Property Trust, Inc.	78,445	39,314	181,964	177,494
Operating segment | Property Segment
Revenues:
Rental income	72,251	76,067	215,098	217,178
Other revenues	125	169	291	351
Total revenues	72,376	76,236	215,389	217,529
Costs and expenses:
Interest expense	19,020	19,483	57,142	55,397
General and administrative	2,170	1,680	5,394	5,510
Acquisition and investment pursuit costs				(46)
Costs of rental operations	24,784	23,052	70,846	72,531
Depreciation and amortization	23,106	28,448	70,078	86,655
Other expense	46		1,353
Total costs and expenses	69,126	72,663	204,813	220,047
Other income (loss):
Earnings (loss) from unconsolidated entities	223	1,988	(42,538)	1,406
(Loss) gain on derivative financial instruments, net				6,883
Gain on derivative financial instruments, net	5,900	5,895	(3,957)	27,734
Foreign currency gain (loss), net	(8)	(1)	(7)
Other loss, net		2		508
Total other income	6,115	7,884	(46,502)	36,531
Income before income taxes	9,365	11,457	(35,926)	34,013
Income tax provision		(125)	(258)	(1,997)
Net income	9,365	11,332	(36,184)	32,016
Net income attributable to Starwood Property Trust, Inc.	(5,250)	(4,769)	(16,322)	(11,906)
Net income attributable to Starwood Property Trust, Inc.	4,115	6,563	(52,506)	20,110
Corporate
Revenues:
Other revenues		89	26	227
Total revenues		89	26	227
Costs and expenses:
Management fees	29,829	25,937	74,924	82,895
Interest expense	29,142	30,475	84,878	96,132
General and administrative	3,184	2,753	10,429	8,602
Total costs and expenses	62,155	59,165	170,231	187,629
Other income (loss):
Gain on derivative financial instruments, net	6,789	(4,969)	31,725	(24,338)
Loss on extinguishment of debt	(1,472)	(1,810)	(1,466)	(1,810)
Other loss, net			(73)
Total other income	5,317	(6,779)	30,186	(26,148)
Income before income taxes	(56,838)	(65,855)	(140,019)	(213,550)
Net income	(56,838)	(65,855)	(140,019)	(213,550)
Net income attributable to Starwood Property Trust, Inc.	(56,838)	(65,855)	(140,019)	(213,550)
LNR VIEs
Revenues:
Interest income from investment securities	(34,853)	(33,396)	(96,160)	(95,577)
Servicing fees	(4,007)	(6,374)	(13,902)	(21,328)
Other revenues	(3)	(42)	(24)	(147)
Total revenues	(38,863)	(39,812)	(110,086)	(117,052)
Costs and expenses:
Management fees	28	111	122	310
Interest expense	(163)	(276)	(487)	(821)
General and administrative	78	86	258	256
Total costs and expenses	(57)	(79)	(107)	(255)
Other income (loss):
Change in net assets related to consolidated VIEs	61,767	33,289	164,761	129,888
Change in fair value of servicing rights	(682)	1,020	(691)	5,426
Change in fair value of investment securities, net	(21,907)	5,029	(52,491)	(16,285)
Earnings (loss) from unconsolidated entities	(236)	257	(1,275)	(1,450)
Total other income	38,942	39,595	110,304	117,579
Income before income taxes	136	(138)	325	782
Net income	136	(138)	325	782
Net income attributable to Starwood Property Trust, Inc.	$ (136)	$ 138	$ (325)	$ (782)

Segment Data - Balance sheets (

Segment Data - Balance sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Assets:
Cash and cash equivalents	$ 284,117		$ 239,824
Restricted cash	110,541		248,041
Loans held-for-investment, net ($479,169 and $0 held at fair value)	8,919,653		8,532,356
Loans held-for-sale	1,442,119		1,187,552
Loans transferred as secured borrowings			74,346
Investment securities	809,137		906,468
Properties, net	2,729,538		2,784,890
Intangible assets	119,947		145,033
Investment in unconsolidated entities	126,115		171,765
Goodwill	259,846		259,846
Derivative assets	81,483		52,691
Accrued interest receivable	51,777		60,355
Other assets	250,773		152,922
VIE assets, at fair value	59,249,054		53,446,364
Total Assets	74,434,100		68,262,453
Liabilities:
Accounts payable, accrued expenses and other liabilities	234,120		217,663
Related-party payable	24,486		44,043
Dividends payable	137,273		133,466
Derivative liabilities	4,781		15,415
Secured financing agreements, net	8,248,088		8,683,565
Collateralized loan obligations, net	927,436
Unsecured senior notes, net	1,926,693		1,998,831
Secured borrowings on transferred loans, net			74,239
VIE liabilities, at fair value	58,018,209		52,195,042
Total Liabilities	69,521,086		63,362,264
Starwood Property Trust, Inc. Stockholders' Equity:
Common stock	2,871		2,808
Additional paid-in capital	5,121,671		4,995,156
Treasury stock	(104,194)		(104,194)
Accumulated other comprehensive income (loss)	52,377	$ 57,124	58,660	$ 67,920	$ 68,134	$ 69,924
Retained earnings (accumulated deficit)	(417,529)		(348,998)
Total Starwood Property Trust, Inc. Stockholders' Equity	4,655,196		4,603,432
Non-controlling interests in consolidated subsidiaries	257,818		296,757
Total Equity	4,913,014	$ 4,903,251	4,900,189	$ 4,882,277	$ 4,699,691	$ 4,579,201
Total Liabilities and Equity	74,434,100		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	282,928		237,270
Restricted cash	110,541		248,041
Loans held-for-investment, net ($479,169 and $0 held at fair value)	8,919,653		8,532,356
Loans held-for-sale	1,442,119		1,187,552
Loans transferred as secured borrowings			74,346
Investment securities	2,001,597		2,110,508
Properties, net	2,729,538		2,784,890
Intangible assets	144,713		169,108
Investment in unconsolidated entities	147,588		193,765
Goodwill	259,846		259,846
Derivative assets	81,483		52,691
Accrued interest receivable	52,453		60,996
Other assets	250,771		152,948
Total Assets	16,423,230		16,064,317
Liabilities:
Accounts payable, accrued expenses and other liabilities	234,028		217,521
Related-party payable	24,486		44,043
Dividends payable	137,273		133,466
Derivative liabilities	4,781		15,415
Secured financing agreements, net	8,262,038		8,697,515
Collateralized loan obligations, net	927,436
Unsecured senior notes, net	1,926,693		1,998,831
Secured borrowings on transferred loans, net			74,239
Total Liabilities	11,516,735		11,181,030
Starwood Property Trust, Inc. Stockholders' Equity:
Common stock	2,871		2,808
Additional paid-in capital	5,121,671		4,995,156
Treasury stock	(104,194)		(104,194)
Accumulated other comprehensive income (loss)	52,377		58,660
Retained earnings (accumulated deficit)	(417,529)		(348,998)
Total Starwood Property Trust, Inc. Stockholders' Equity	4,655,196		4,603,432
Non-controlling interests in consolidated subsidiaries	251,299		279,855
Total Equity	4,906,495		4,883,287
Total Liabilities and Equity	16,423,230		16,064,317
Operating segment | Commercial and Residential Lending Segment
Assets:
Cash and cash equivalents	64,343		14,385
Restricted cash	36,771		28,324
Loans held-for-investment, net ($479,169 and $0 held at fair value)	7,636,475		7,072,220
Loans held-for-sale	809,604		670,155
Loans transferred as secured borrowings			74,346
Investment securities	938,300		1,050,920
Properties, net	26,902
Investment in unconsolidated entities	42,518		35,274
Derivative assets	37,507		18,174
Accrued interest receivable	43,747		39,862
Other assets	98,664		13,958
Total Assets	9,734,831		9,017,618
Liabilities:
Accounts payable, accrued expenses and other liabilities	25,836		26,508
Derivative liabilities	2,336		1,290
Secured financing agreements, net	4,061,849		4,405,599
Collateralized loan obligations, net	927,436
Secured borrowings on transferred loans, net			74,239
Total Liabilities	5,017,457		4,507,636
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	1,307,064		1,430,503
Accumulated other comprehensive income (loss)	52,471		53,516
Retained earnings (accumulated deficit)	3,357,839		3,015,676
Total Starwood Property Trust, Inc. Stockholders' Equity	4,717,374		4,499,695
Non-controlling interests in consolidated subsidiaries			10,287
Total Equity	4,717,374		4,509,982
Total Liabilities and Equity	9,734,831		9,017,618
Operating segment | Infrastructure Lending Segment
Assets:
Cash and cash equivalents	6,404		13
Restricted cash	33,366		175,659
Loans held-for-investment, net ($479,169 and $0 held at fair value)	1,281,815		1,456,779
Loans held-for-sale	163,932		469,775
Investment securities	54,048		60,768
Goodwill	119,409		119,409
Derivative assets	652		1,066
Accrued interest receivable	4,015		6,982
Other assets	5,978		20,472
Total Assets	1,669,619		2,310,923
Liabilities:
Accounts payable, accrued expenses and other liabilities	15,719		26,476
Derivative liabilities	904		477
Secured financing agreements, net	1,168,166		1,524,551
Total Liabilities	1,184,789		1,551,504
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	481,206		761,992
Retained earnings (accumulated deficit)	3,624		(2,573)
Total Starwood Property Trust, Inc. Stockholders' Equity	484,830		759,419
Total Equity	484,830		759,419
Total Liabilities and Equity	1,669,619		2,310,923
Operating segment | Property Segment
Assets:
Cash and cash equivalents	35,940		27,408
Restricted cash	21,186		25,144
Properties, net	2,441,480		2,512,847
Intangible assets	75,965		90,889
Investment in unconsolidated entities	71,824		114,362
Derivative assets	21,994		32,733
Accrued interest receivable	245		359
Other assets	72,932		67,098
Total Assets	2,741,566		2,870,840
Liabilities:
Accounts payable, accrued expenses and other liabilities	69,550		67,415
Derivative liabilities			37
Secured financing agreements, net	1,868,416		1,884,187
Total Liabilities	1,937,966		1,951,639
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	609,241		645,561
Accumulated other comprehensive income (loss)	(30)		5,208
Retained earnings (accumulated deficit)	(38,936)		13,570
Total Starwood Property Trust, Inc. Stockholders' Equity	570,275		664,339
Non-controlling interests in consolidated subsidiaries	233,325		254,862
Total Equity	803,600		919,201
Total Liabilities and Equity	2,741,566		2,870,840
Operating segment | Investing and Servicing Segment
Assets:
Cash and cash equivalents	46,872		31,449
Restricted cash	19,218		11,679
Loans held-for-investment, net ($479,169 and $0 held at fair value)	1,363		3,357
Loans held-for-sale	468,583		47,622
Investment securities	1,009,249		998,820
Properties, net	261,156		272,043
Intangible assets	68,748		78,219
Investment in unconsolidated entities	33,246		44,129
Goodwill	140,437		140,437
Derivative assets	603		718
Accrued interest receivable	1,321		616
Other assets	64,068		49,363
Total Assets	2,114,864		1,678,452
Liabilities:
Accounts payable, accrued expenses and other liabilities	72,055		75,655
Related-party payable	44		53
Derivative liabilities	1,541		1,423
Secured financing agreements, net	771,618		585,258
Total Liabilities	845,258		662,389
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	156,094		87,779
Accumulated other comprehensive income (loss)	(64)		(64)
Retained earnings (accumulated deficit)	1,095,602		913,642
Total Starwood Property Trust, Inc. Stockholders' Equity	1,251,632		1,001,357
Non-controlling interests in consolidated subsidiaries	17,974		14,706
Total Equity	1,269,606		1,016,063
Total Liabilities and Equity	2,114,864		1,678,452
Corporate
Assets:
Cash and cash equivalents	129,369		164,015
Restricted cash			7,235
Derivative assets	20,727
Accrued interest receivable	3,125		13,177
Other assets	9,129		2,057
Total Assets	162,350		186,484
Liabilities:
Accounts payable, accrued expenses and other liabilities	50,868		21,467
Related-party payable	24,442		43,990
Dividends payable	137,273		133,466
Derivative liabilities			12,188
Secured financing agreements, net	391,989		297,920
Unsecured senior notes, net	1,926,693		1,998,831
Total Liabilities	2,531,265		2,507,862
Starwood Property Trust, Inc. Stockholders' Equity:
Common stock	2,871		2,808
Additional paid-in capital	2,568,066		2,069,321
Treasury stock	(104,194)		(104,194)
Retained earnings (accumulated deficit)	(4,835,658)		(4,289,313)
Total Starwood Property Trust, Inc. Stockholders' Equity	(2,368,915)		(2,321,378)
Total Equity	(2,368,915)		(2,321,378)
Total Liabilities and Equity	162,350		186,484
LNR VIEs
Assets:
Cash and cash equivalents	1,189		2,554
Investment securities	(1,192,460)		(1,204,040)
Intangible assets	(24,766)		(24,075)
Investment in unconsolidated entities	(21,473)		(22,000)
Accrued interest receivable	(676)		(641)
Other assets	2		(26)
VIE assets, at fair value	59,249,054		53,446,364
Total Assets	58,010,870		52,198,136
Liabilities:
Accounts payable, accrued expenses and other liabilities	92		142
Secured financing agreements, net	(13,950)		(13,950)
VIE liabilities, at fair value	58,018,209		52,195,042
Total Liabilities	58,004,351		52,181,234
Starwood Property Trust, Inc. Stockholders' Equity:
Non-controlling interests in consolidated subsidiaries	6,519		16,902
Total Equity	6,519		16,902
Total Liabilities and Equity	$ 58,010,870		$ 52,198,136

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands	Nov. 08, 2019$ / shares	Aug. 07, 2019$ / shares	May 08, 2019$ / shares	Feb. 28, 2019$ / shares	Oct. 31, 2019USD ($)item	Jul. 31, 2019USD ($)	Sep. 30, 2019USD ($)$ / shares	Sep. 30, 2018$ / shares	Sep. 30, 2019USD ($)$ / shares	Sep. 30, 2018$ / shares	Dec. 31, 2018USD ($)
Subsequent Events
Dividend declared (in dollars per share) | $ / shares		$ 0.48	$ 0.48	$ 0.48			$ 0.48	$ 0.48	$ 1.44	$ 1.44
Carrying Value							$ 8,248,088		$ 8,248,088		$ 8,683,565
Term loan facility
Subsequent Events
Maximum borrowing capacity						$ 400,000	$ 400,000		$ 400,000
Spread (as a percent)									2.50%
Term loan facility | LIBOR
Subsequent Events
Maturity period						7 years
Spread (as a percent)						2.50%
Subsequent event
Subsequent Events
Dividend declared (in dollars per share) | $ / shares	$ 0.48
Subsequent event | RMBS
Subsequent Events
Securitization of loans held for sale					$ 370,300
Subsequent event | Secured financing
Subsequent Events
Equity interest acquired (as a percent)	33.00%
Maximum borrowing capacity					$ 500,000
Maturity period					3 years
Number of extension options | item					2
Extension option term					1 year
Subsequent event | Secured financing | LIBOR
Subsequent Events
Spread (as a percent)					1.75%
Subsequent event | First mortgage and mezzanine loan
Subsequent Events
Maximum borrowing capacity					$ 600,000
Maturity period					2 years
Number of extension options | item					3
Extension option term					1 year
Subsequent event | First mortgage and mezzanine loan | LIBOR
Subsequent Events
Spread (as a percent)					2.07%
Subsequent event | Medical Office Mortgages
Subsequent Events
Carrying Value					$ 494,300