Starwood Property Trust (STWD) 10-K 25 Feb 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Feb. 20, 2020	Jun. 30, 2019
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 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		282,613,156
Entity Central Index Key	0001465128
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Public Float			$ 6,183,846,104

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 478,388	$ 239,824
Restricted cash	95,643	248,041
Loans held-for-investment, net ($671,572 and $0 held at fair value)	10,586,074	8,532,356
Loans held-for-sale ($764,622 and $671,282 held at fair value)	884,150	1,187,552
Loans transferred as secured borrowings		74,346
Investment securities ($239,600 and $262,319 held at fair value)	810,238	906,468
Properties, net	2,266,440	2,784,890
Intangible assets ($16,917 and $20,557 held at fair value)	85,700	145,033
Investment in unconsolidated entities	84,329	171,765
Goodwill	259,846	259,846
Derivative assets	28,943	52,691
Accrued interest receivable	64,087	60,355
Other assets	211,323	152,922
Total Assets	78,042,336	68,262,453
Liabilities:
Accounts payable, accrued expenses and other liabilities	212,006	217,663
Related-party payable	40,925	44,043
Dividends payable	137,427	133,466
Derivative liabilities	8,740	15,415
Secured financing agreements, net	8,906,048	8,683,565
Collateralized loan obligations, net	928,060
Unsecured senior notes, net	1,928,622	1,998,831
Secured borrowings on transferred loans, net		74,239
Total Liabilities	72,905,322	63,362,264
Commitments and contingencies (Note 22)
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, 287,380,891 issued and 282,200,751 outstanding as of December 31, 2019 and 280,839,692 issued and 275,659,552 outstanding as of December 31, 2018	2,874	2,808
Additional paid-in capital	5,132,532	4,995,156
Treasury stock (5,180,140 shares)	(104,194)	(104,194)
Accumulated other comprehensive income	50,932	58,660
Accumulated deficit	(381,719)	(348,998)
Total Starwood Property Trust, Inc. Stockholders' Equity	4,700,425	4,603,432
Non-controlling interests in consolidated subsidiaries	436,589	296,757
Total Equity	5,137,014	4,900,189
Total Liabilities and Equity	78,042,336	68,262,453
Primary beneficiary
Assets:
Total Assets	62,187,175	53,446,364
Liabilities:
Total Liabilities	$ 60,743,494	$ 52,195,042

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Loans held-for-investment, net held at fair value	$ 671,572	$ 0
Loans-held-for-sale held at fair value	764,622	671,282
Investment securities held at fair value	239,600	262,319
Intangible assets held at fair value	$ 16,917	$ 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	287,380,891	280,839,692
Common stock, shares outstanding	282,200,751	275,659,552
Treasury stock, shares	5,180,140	5,180,140
Total Assets	$ 78,042,336	$ 68,262,453
Total Liabilities	72,905,322	63,362,264
Primary beneficiary
Total Assets	62,187,175	53,446,364
Total Liabilities	60,743,494	$ 52,195,042
Primary beneficiary | Collateralized Loan Obligation
Total Assets	1,100,000
Total Liabilities	$ 900,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2017
Revenues:
Interest income from loans	$ 724,013	$ 513,814
Interest income from investment securities	76,629	52,813
Servicing fees	54,296	61,446
Rental income	337,966	249,000
Other revenues	3,515	2,815
Total revenues	1,196,419	879,888
Costs and expenses:
Management fees	119,132	122,699
Interest expense	508,729	295,666
General and administrative	155,112	129,587
Acquisition and investment pursuit costs	1,056	3,472
Costs of rental operations	122,982	94,258
Depreciation and amortization	113,322	93,603
Loan loss provision, net	7,126	(5,458)
Other expense	2,365	1,422
Total costs and expenses	1,029,824	735,249
Other income (loss):
Change in net assets related to consolidated VIEs	236,309	252,434
Change in fair value of servicing rights	(3,640)	(24,323)
Change in fair value of investment securities, net	833	(3,811)
Change in fair value of mortgage loans held-for-sale, net	71,601	66,987
(Loss) earnings from unconsolidated entities	(101,354)	30,505
Gain on sale of investments and other assets, net	188,028	20,499
(Loss) gain on derivative financial instruments, net	(6,310)	(72,532)
Foreign currency gain (loss), net	17,582	33,671
Total other-than-temporary impairment ("OTTI")	(267)	(180)
Noncredit portion of OTTI recognized in other comprehensive income	267	71
Net impairment losses recognized in earnings		(109)
Loss on extinguishment of debt	(19,270)	(5,915)
Other (loss) income, net	(207)	2,244
Total other income	383,572	299,650
Income before income taxes	550,167	444,289
Income tax provision	(13,232)	(31,522)
Net income	536,935	412,767
Net income attributable to non-controlling interests	(27,271)	(11,997)
Net income attributable to Starwood Property Trust, Inc.	$ 509,664	$ 400,770
Earnings per share data attributable to Starwood Property Trust, Inc.:
Basic (in dollars per share)	$ 1.81	$ 1.53
Diluted (in dollars per share)	$ 1.79	$ 1.52

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidated Statements of Comprehensive Income
Net income	$ 536,935	$ 411,197	$ 412,767
Other comprehensive (loss) income (net change by component):
Cash flow hedges		(25)	51
Available-for-sale securities	(2,519)	(4,374)	12,960
Foreign currency translation	(5,209)	(6,865)	20,775
Other comprehensive (loss) income	(7,728)	(11,264)	33,786
Comprehensive income	529,207	399,933	446,553
Less: Comprehensive income attributable to non-controlling interests	(27,271)	(25,367)	(11,997)
Comprehensive income attributable to Starwood Property Trust, Inc.	$ 501,936	$ 374,566	$ 434,556

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total Starwood Property Trust, Inc. Stockholders' Equity2018 Notes	Total Starwood Property Trust, Inc. Stockholders' Equity2019 Notes	Total Starwood Property Trust, Inc. Stockholders' Equity2023 Notes	Total Starwood Property Trust, Inc. Stockholders' Equity	Common stock2019 Notes	Common stock	Additional Paid-In Capital2018 Notes	Additional Paid-In Capital2019 Notes	Additional Paid-In Capital2023 Notes	Additional Paid-In Capital	Treasury Stock2023 Notes	Treasury Stock	Accumulated Deficit	Accumulated Other Comprehensive Income	Non-Controlling Interests	2018 Notes	2019 Notes	2023 Notes	Total
Balance at Dec. 31, 2016				$ 4,522,274		$ 2,639				$ 4,691,180		$ (92,104)	$ (115,579)	$ 36,138	$ 37,799				$ 4,560,073
Balance (in shares) at Dec. 31, 2016						263,893,806						4,606,885
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan				702						702									702
Proceeds from DRIP Plan (in shares)						31,626
Equity offering costs				(15)						(15)									(15)
Equity component of Convertible Senior Notes issuance			$ 3,755						$ 3,755									$ 3,755
Equity component of Convertible Senior Notes repurchase	$ (18,105)						$ (18,105)									$ (18,105)
Share-based compensation				18,151		$ 12				18,139									18,151
Share-based compensation (in shares)						1,178,565
Manager incentive fee paid in stock				19,599		$ 9				19,590									19,599
Manager incentive fee paid in stock (in shares)						879,312
Net income				400,770									400,770		11,997				412,767
Dividends declared				(502,503)									(502,503)						(502,503)
Other comprehensive loss, net				33,786										33,786					33,786
VIE non-controlling interests															1,718				1,718
Contributions from non-controlling interests															145,283				145,283
Distributions to non-controlling interests															(96,010)				(96,010)
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				608						608									608
Proceeds from DRIP Plan (in shares)						28,406
Equity offering costs				(22)						(22)									$ (22)
Conversion of 2019 Convertible Notes		$ 238,884			$ 124			$ 238,760									$ 238,884
Conversion of 2019 Convertible Notes (Shares)					12,407,081
Common stock repurchased			$ (12,090)								$ (12,090)							$ (12,090)
Common stock repurchased (in shares)											573,255								573,255
Equity component of Convertible Senior Notes issuance																	32,400
Share-based compensation				22,758		$ 14				22,744									$ 22,758
Share-based compensation (in shares)						1,421,979
Manager incentive fee paid in stock				20,792		$ 10				20,782									20,792
Manager incentive fee paid in stock (in shares)						998,917
Net income				385,830									385,830		25,367				411,197
Dividends declared				(517,516)									(517,516)						(517,516)
Other comprehensive loss, net				(11,264)										(11,264)					(11,264)
VIE non-controlling interests															(5,669)				(5,669)
Contributions from non-controlling interests															430,033				430,033
Distributions to non-controlling interests				(2,962)						(2,962)					(253,442)				(256,404)
Sale of controlling interest in majority owned property asset															(319)				(319)
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				767						767									$ 767
Proceeds from DRIP Plan (in shares)						33,454
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				36,155		$ 15				36,140									36,155
Share-based compensation (in shares)						1,387,346
Manager incentive fee paid in stock				11,915		$ 5				11,910									11,915
Manager incentive fee paid in stock (in shares)						534,305
Net income				509,664									509,664		27,271				536,935
Dividends declared				(542,385)									(542,385)						(542,385)
Other comprehensive loss, net				(7,728)										(7,728)					(7,728)
VIE non-controlling interests															(2,808)				(2,808)
Contributions from non-controlling interests															186,397				186,397
Distributions to non-controlling interests															(49,958)				(49,958)
Balance at Dec. 31, 2019				$ 4,700,425		$ 2,874				$ 5,132,532		$ (104,194)	$ (381,719)	$ 50,932	$ 436,589				$ 5,137,014
Balance (in shares) at Dec. 31, 2019						287,380,891						5,180,140							287,380,891

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	Nov. 08, 2019	Aug. 07, 2019	May 08, 2019	Feb. 28, 2019	Nov. 09, 2018	Aug. 08, 2018	May 04, 2018	Feb. 28, 2018	Nov. 08, 2017	Aug. 09, 2017	May 09, 2017	Feb. 23, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidated Statements of Equity
Dividends declared per common share	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 1.92	$ 1.92	$ 1.92

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Cash Flows from Operating Activities:
Net income	$ 536,935	$ 411,197	$ 412,767
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Amortization of deferred financing costs, premiums and discounts on secured borrowings	36,088	27,832	19,298
Amortization of discounts and deferred financing costs on unsecured senior notes	7,760	11,785	21,531
Accretion of net discount on investment securities	(11,791)	(15,253)	(15,208)
Accretion of net deferred loan fees and discounts	(35,387)	(38,099)	(39,084)
Share-based compensation	36,155	22,758	18,151
Share-based component of incentive fees	11,915	20,792	19,599
Change in fair value of investment securities	(833)	(10,345)	3,811
Change in fair value of consolidated VIEs	(67,798)	(17,408)	(69,483)
Change in fair value of servicing rights	3,640	10,202	24,323
Change in fair value of loans held-for-sale	(71,601)	(40,522)	(66,987)
Change in fair value of derivatives	11,441	(30,828)	68,309
Foreign currency (loss) gain, net	(17,582)	9,158	(33,439)
Gain on sale of investments and other assets	(188,028)	(59,044)	(20,499)
Impairment charges on properties and related intangibles	1,494	1,869	1,146
Loan loss provision, net	7,126	34,821	(5,458)
Depreciation and amortization	113,394	130,838	90,896
Loss (earnings) from unconsolidated entities	101,354	(10,540)	(30,505)
Distributions of earnings from unconsolidated entities	11,631	5,917	67,542
Loss on extinguishment of debt	(19,270)	(5,808)	(5,915)
Origination and purchase of loans held-for-sale, net of principal collections	(3,543,503)	(2,105,232)	(2,199,390)
Proceeds from sale of loans held-for-sale	3,177,640	2,246,989	1,582,050
Changes in operating assets and liabilities:
Related-party payable, net	(3,118)	1,674	4,551
Accrued and capitalized interest receivable, less purchased interest	(114,156)	(62,261)	(94,077)
Other assets	(29,787)	8,207	(35,300)
Accounts payable, accrued expenses and other liabilities	(5,458)	25,155	22,702
Net cash (used in) provided by operating activities	(13,199)	585,470	(246,839)
Cash Flows from Investing Activities:
Origination and purchase of loans held-for-investment	(5,473,399)	(4,428,891)	(3,234,987)
Proceeds from principal collections on loans	3,132,368	3,057,430	2,562,515
Proceeds from loans sold	1,141,411	835,849	52,609
Purchase of investment securities	(98,258)	(492,400)	(98,394)
Proceeds from sales of investment securities	7,326	16,427	11,579
Proceeds from principal collections on investment securities	205,660	382,924	232,793
Infrastructure lending business combination		(2,158,553)
Real estate business combinations, net of cash and restricted cash acquired			(17,639)
Proceeds from sales of real estate and related businesses, net of cash sold	343,896	311,874	55,739
Purchases and additions to properties and other assets	(30,865)	(54,772)	(573,930)
Investment in unconsolidated entities	(18,055)	(3,100)	(32,186)
Distribution of capital from unconsolidated entities	18,127	21,461	14,252
Payments for purchase or termination of derivatives	(42,835)	(29,581)	(40,518)
Proceeds from termination of derivatives	38,756	20,523	31,456
Return of investment basis in purchased derivative asset			151
Net cash used in investing activities	(775,868)	(2,520,809)	(1,036,560)
Cash Flows from Financing Activities:
Proceeds from borrowings	10,167,339	9,412,715	6,273,600
Principal repayments on and repurchases of borrowings	(8,671,085)	(6,360,610)	(4,586,509)
Payment of deferred financing costs	(72,438)	(67,218)	(22,703)
Proceeds from common stock issuances	767	608	702
Payment of equity offering costs	(27)	(22)	(647)
Payment of dividends	(538,424)	(509,966)	(501,663)
Contributions from non-controlling interests	183,520	13,407	106
Distributions to non-controlling interests	(49,958)	(256,404)	(96,010)
Purchase of treasury stock		(12,090)
Issuance of debt of consolidated VIEs	184,540	102,474	25,605
Repayment of debt of consolidated VIEs	(373,155)	(410,453)	(137,208)
Distributions of cash from consolidated VIEs	45,642	92,283	92,411
Net cash provided by financing activities	876,721	2,004,724	1,047,684
Net increase (decrease) in cash, cash equivalents and restricted cash	87,654	69,385	(235,715)
Cash, cash equivalents and restricted cash, beginning of year	487,865	418,273	650,755
Effect of exchange rate changes on cash	(1,488)	207	3,233
Cash, cash equivalents and restricted cash, end of year	574,031	487,865	418,273
Supplemental disclosure of cash flow information:
Cash paid for interest	481,483	337,605	250,690
Income taxes paid	11,284	10,900	20,767
Supplemental disclosure of non-cash investing and financing activities:
Dividends declared, but not yet paid	136,715	133,237	125,844
Consolidation of VIEs (VIE asset/liability additions)	10,368,817	9,885,200	3,925,370
Deconsolidation of VIEs (VIE asset/liability reductions)	377,071	1,649,485	2,480,125
Assets of Ireland real estate subsidiary sold, net of cash	440,966
Liabilities of Ireland real estate subsidiary sold	360,049
Reclassification of residential loans held-for-sale to held-for-investment	340,948
Settlement of 2019 Convertible Notes in shares	75,525	271,243
Settlement of loans transferred as secured borrowings	74,692		35,000
Net assets acquired through foreclosure	53,278
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	31,547
Fair value of assets acquired, net of cash and restricted cash		2,167,652	18,507
Fair value of liabilities assumed		9,099	760
Contribution of Woodstar II Portfolio net assets from non-controlling interests	2,877	$ 416,626	$ 145,177
Loan principal collections temporarily held at master servicer	$ 44,426

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 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 December 31, 2019 and we refer to the investments within these segments as our target assets: ● Real estate commercial and residential lending (the “Commercial and Residential Lending Segment”)—engages primarily in originating, acquiring, financing and managing commercial and residential first mortgages, subordinated mortgages, mezzanine loans, preferred equity, commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”) and other real estate and real estate-related debt investments in both the U.S. and Europe (including distressed or non-performing loans). ​ ● Infrastructure lending (the “Infrastructure Lending Segment”)—engages primarily in originating, acquiring, financing and managing infrastructure debt investments. ​ ● Real estate property (the “Property Segment”)—engages primarily in acquiring and managing equity interests in stabilized commercial real estate properties, including multifamily properties and commercial properties subject to net leases, that are held for investment. ​ ● Real estate investing and servicing (the “Investing and Servicing Segment”)—includes (i) a servicing business in the U.S. that manages and works out problem assets, (ii) an investment business that selectively acquires and manages unrated, investment grade and non-investment grade rated CMBS, including subordinated interests of securitization and resecuritization transactions, (iii) a mortgage loan business which originates conduit loans for the primary purpose of selling these loans into securitization transactions and (iv) an investment business that selectively acquires commercial real estate assets, including properties acquired from CMBS trusts. ​ Our segments exclude the consolidation of securitization variable interest entities (“VIEs”). ​ We are organized and conduct our operations to qualify as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). As such, we will generally not be subject to U.S. federal corporate income tax on that portion of our net income that is distributed to stockholders if we distribute at least 90% of our taxable income to our stockholders by prescribed dates and comply with various other requirements. ​ We are organized as a holding company and conduct our business primarily through our various wholly-owned subsidiaries. We are externally managed and advised by SPT Management, LLC (our “Manager”) pursuant to the terms of a management agreement. Our Manager is controlled by Barry Sternlicht, our Chairman and Chief Executive Officer. Our Manager is an affiliate of Starwood Capital Group, a privately-held private equity firm founded by Mr. Sternlicht.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policie s 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 23 for a presentation of our business segments without consolidation of these VIEs. ​ Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements include our accounts and those of our consolidated subsidiaries and VIEs. Intercompany amounts have been eliminated in consolidation. Entities not deemed to be VIEs are consolidated if we own a majority of the voting securities or interests or hold the general partnership interest, except in those instances in which the minority voting interest owner or limited partner can remove us as general partner without cause, dissolve the partnership without cause or effectively participate through substantive participative rights. Substantive participative rights include the ability to select, terminate and set compensation of the investee’s management, if applicable, and the ability to participate in capital and operating decisions of the investee, including budgets, in the ordinary course of business. We invest in entities with varying structures, many of which do not have voting securities or interests, such as general partnerships, limited partnerships, and limited liability companies. In many of these structures, control of the entity rests with the general partners or managing members, while other members hold passive interests. The general partner or managing member may hold anywhere from a relatively small percentage of the total financial interests to a majority of the financial interests. For entities not deemed to be VIEs, where we serve as the sole general partner or managing member, we are considered to have the controlling financial interest and therefore the entity is consolidated, regardless of our financial interest percentage, unless there are other limited partners or investing members that can remove us as general partner without cause, dissolve the partnership without cause or effectively participate through substantive participative rights. In those circumstances where we, as majority controlling interest owner, can be removed without cause or cannot cause the entity to take actions that are significant in the ordinary course of business, because such actions could be vetoed by the minority controlling interest owner, we do not consolidate the entity. When we consolidate entities other than securitization VIEs, the third party ownership interests are reflected as non-controlling interests in consolidated subsidiaries, a separate component of equity, in our consolidated balance sheet. When we consolidate securitization VIEs, the third party ownership interests are reflected as VIE liabilities in our consolidated balance sheet because the beneficial interests payable to these third parties are legally issued in the form of debt. Our presentation of net income attributes earnings to controlling and non-controlling interests. ​ 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 consolidated statements of operations. The residual difference shown on our 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 consolidated balance sheets. The liabilities of our consolidated securitization VIEs consist solely of obligations to the bondholders of the related trusts, and are thus presented as a single line item entitled “VIE liabilities.” The assets of our consolidated securitization VIEs consist principally of loans, but at times, also include foreclosed loans which have been temporarily converted into real estate owned (“REO”). These assets in the aggregate are likewise presented as a single line item entitled “VIE assets.” ​ Loans comprise the vast majority of our securitization VIE assets and are carried at fair value due to the election of the fair value option. When an asset becomes REO, it is due to nonperformance of the loan. Because the loan is already at fair value, the carrying value of an REO asset is also initially at fair value. Furthermore, when we consolidate a trust, any existing REO would be consolidated at fair value. Once an asset becomes REO, its disposition time is relatively short. As a result, the carrying value of an REO generally approximates fair value under GAAP. ​ In addition to sharing a similar measurement method as the loans in a trust, the securitization VIE assets as a whole can only be used to settle the obligations of the consolidated VIE. The assets of our securitization VIEs are not individually accessible by the bondholders, which creates inherent limitations from a valuation perspective. Also creating limitations from a valuation perspective is our role as special servicer, which provides us very limited visibility, if any, into the performing loans of a trust. ​ REO assets generally represent a very small percentage of the overall asset pool of a trust. In new issue trusts there are no REO assets. We estimate that REO assets constitute approximately representing loans. However, it is important to note that the fair value of our securitization VIE assets is determined by reference to our securitization VIE liabilities as permitted under Accounting Standards Update (“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. ​ 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 ​ Business Combinations Under ASC 805, Business Combinations Effective with our early adoption of ASU 2017-01, Business Combinations (Topic 805) – Clarifying the Definition of a Business , in December 2017, we apply the asset acquisition provisions of ASC 805 in accounting for acquisitions of real estate with in-place leases where substantially all of the fair value of the assets acquired is concentrated in either a single identifiable asset or group of similar identifiable assets. This results in the acquired properties being recognized initially at their purchase price inclusive of acquisition costs, which are capitalized. All other acquisitions of real estate with in-place leases are accounted for in accordance with the business combination provisions of ASC 805. We also apply the asset acquisition provisions of ASC 805 for acquired real estate assets where a lease is entered into concurrently with the acquisition of the asset, such as in sale leaseback transactions. ​ Cash and Cash Equivalents Cash and cash equivalents include cash in banks and short-term investments. Short-term investments are comprised of highly liquid instruments with original maturities of three months or less. The Company maintains its cash and cash equivalents in multiple financial institutions and at times these balances exceed federally insurable limits. ​ Restricted Cash ​ Restricted cash includes cash and cash equivalents that are legally or contractually restricted as to withdrawal or usage and primarily includes (i) loan payments received by our Infrastructure Lending Segment which are restricted by our lender and periodically applied, in part, to the outstanding balance of the Infrastructure Lending debt facility, (ii) cash collateral associated with derivative financial instruments and (iii) funds held on behalf of borrowers and tenants. ​ 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. With regards to our Investing and Servicing Segment’s conduit business, we periodically enter into derivative financial instruments to hedge unpredictable changes in fair value of loans held-for-sale, including changes resulting from both interest rates and credit quality. Because these derivatives are not designated, changes in their fair value are recorded in earnings. In order to best reflect the results of the hedged loan portfolio in earnings, we have elected the fair value option for these loans. As a result, changes in the fair value of the loans are also recorded in earnings. Investment Securities ​ We designate our debt investment securities as held-to-maturity, available-for-sale, or trading depending on our investment strategy and ability to hold such securities to maturity. Held-to-maturity debt securities where we have not elected to apply the fair value option are stated at cost plus any premiums or discounts, which are amortized or accreted through the consolidated statements of operations using the effective interest method. Debt securities we (i) do not hold for the purpose of selling in the near-term, or (ii) may dispose of prior to maturity, are classified as available-for-sale and are carried at fair value in the accompanying financial statements. Unrealized gains or losses on available-for-sale debt securities where we have not elected the fair value option are reported as a component of accumulated other comprehensive income (loss) (“AOCI”) in stockholders’ equity. ​ When the estimated fair value of a debt security for which we have not elected the fair value option is less than its amortized cost, we consider whether there is OTTI in the value of the security. An impairment is deemed an OTTI if (i) we intend to sell the security, (ii) it is more likely than not that we will be required to sell the security before recovering our cost basis or (iii) we do not expect to recover the entire amortized cost basis of the security even if we do not intend to sell the security or do not believe it is more likely than not that we will be required to sell the security before recovering our cost basis. If the impairment is deemed to be an OTTI, the resulting accounting treatment depends on the factors causing the OTTI. If the OTTI has resulted from (i) our intention to sell the security, or (ii) our judgment that it is more likely than not that we will be required to sell the security before recovering our cost basis, an impairment loss is recognized in earnings equal to the entire difference between our amortized cost basis and fair value. Whereas, if the OTTI has resulted from our conclusion that we will not recover our cost basis even if we do not intend to sell the security or do not believe it is more likely than not that we will be required to sell the security before recovering our cost basis, only the credit loss portion of the impairment is recorded in earnings, and the portion of the loss related to other factors, such as changes in interest rates, continues to be recognized in AOCI. Following the recognition of an OTTI through earnings, a new cost basis is established for the security. Determining whether there is an OTTI may require us to exercise significant judgment and make significant assumptions, including, but not limited to, estimated cash flows, estimated prepayments, loss assumptions, and assumptions regarding changes in interest rates. Our only equity investment security is carried at fair value, with unrealized holding gains and losses recorded in earnings. ​ Properties Held-For-Investment ​ Properties, net, as reported on our consolidated balance sheets, consist of commercial real estate properties held-for-investment and are recorded at cost, less accumulated depreciation and impairments, if any. Properties consist primarily of land, buildings and improvements. Land is not depreciated, and buildings and improvements are depreciated on a straight-line basis over their estimated useful lives. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments are capitalized and depreciated on a straight-line basis over their estimated useful lives. We review properties for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability is determined by comparing the carrying amount of the property to the undiscounted future net cash flows it is expected to generate. If such carrying amount exceeds the expected undiscounted future net cash flows, we adjust the carrying amount of the property to its estimated fair value. ​ Properties Held-For-Sale ​ Properties and any associated intangible assets are presented within properties held-for-sale on our consolidated balance sheet when the sale of the property is considered probable, at which time we cease depreciation and amortization of the property and the associated intangibles. Held-for-sale properties are reported at the lower of their carrying value or fair value less costs to sell. There were ​ Servicing Rights Intangibles Our identifiable intangible assets include domestic special servicing rights for which we have elected to apply the fair value measurement method, which is necessary to conform to our election of the fair value option for measuring the assets and liabilities of the VIEs consolidated pursuant to ASC 810. ​ Lease Intangibles ​ In connection with our acquisition of properties, we recognize intangible lease assets and liabilities associated with certain noncancelable operating leases of the acquired properties. These intangible lease assets and liabilities include in-place lease intangible assets, favorable lease intangible assets and unfavorable lease liabilities. In-place lease intangible assets reflect the acquired benefit of purchasing properties with in-place leases and are measured based on estimates of direct costs associated with leasing the property and lost rental income during projected lease-up and free rent periods, both of which are avoided due to the presence of in-place leases at the acquisition date. Favorable and unfavorable lease intangible assets and liabilities reflect the terms of in-place tenant leases being either favorable or unfavorable relative to market terms at the acquisition date. The estimated fair values of our favorable and unfavorable lease assets and liabilities at the respective acquisition dates represent the discounted cash flow differential between the contractual cash flows of such leases and the estimated cash flows that comparable leases at market terms would generate. Our intangible lease assets and liabilities are recognized within intangible assets and other liabilities, respectively, in our consolidated balance sheets. Our in-place lease intangible assets are amortized to amortization expense while our favorable and unfavorable lease intangible assets and liabilities where we are the lessor are amortized to rental income. Favorable and unfavorable lease intangible assets and liabilities where we are the lessee are amortized to costs of rental operations, except in the case of our unfavorable lease liability associated with office space occupied by the Company, which is amortized to general and administrative expense. Both our favorable and unfavorable lease intangible assets and liabilities are amortized over the remaining noncancelable term of the respective leases on a straight-line basis. ​ Leases ​ On January 1, 2019, ASC 842 , Leases , became effective for the Company. ASC 842 establishes a right-of-use model for lessee accounting which results in the recognition of most leased assets and lease liabilities on the balance sheet of the lessee. Lessor accounting was not significantly affected by this ASC. We elected to apply the provisions of ASC 842 as of January 1, 2019 and not to retrospectively adjust prior periods presented. Such application did not result in any cumulative-effect adjustment as of January 1, 2019. We elected the “package of practical expedients” for transition purposes, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs for leases that commenced prior to January 1, 2019. We also elected not to apply the recognition provisions of ASC 842 to short-term leases, which have original lease terms of 12 months or less. As a lessor, we elected not to separate nonlease components, such as reimbursements from tenants for common area maintenance (“CAM”), from lease components for all classes of underlying assets, and continue to recognize such nonlease components ratably in rental income. We also elected to continue to exclude from rental income all sales, use and other similar taxes collected from lessees. As required by ASC 842, we no longer record as revenues and expenses lessor costs (such as property taxes) paid directly by the lessees. The application of ASC 842 has had no material effect on our consolidated financial statements, as all of our leases, as both lessor and lessee, are currently classified as operating leases, which are subject to essentially the same straight-line revenue and expense recognition as in the past. As a lessee, our only significant long-term lease as of January 1, 2019 resulted in the recognition of a $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 consolidated balance sheet as of December 31, 2019. ​ Investment in Unconsolidated Entities We own non-controlling equity interests in various privately-held partnerships and limited liability companies. Unless we elect the fair value option under ASC 825, we use the fair value practicability exception described below to account for investments in which our interest is so minor that we have virtually no influence over the underlying investees. We use the equity method to account for all other non-controlling interests in partnerships and limited liability companies. Equity method investments are initially recorded at cost and subsequently adjusted for our share of income or loss, as well as contributions made or distributions received. Prior to January 1, 2018, all cost method investments were initially recorded at cost with income generally recorded when distributions were received. On January 1, 2018, ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10) – Recognition and Measurement of Financial Assets and Financial Liabilities , became effective prospectively for public companies with a calendar fiscal year. This ASU requires entities to carry all investments in equity securities, including other ownership interests such as partnerships, unincorporated joint ventures, and limited liability companies, at fair value with changes in fair value recognized within net income. This ASU does not apply to equity method investments, investments in Federal Home Loan Bank (“FHLB”) stock, investments that result in consolidation of the investee or investments in certain investment companies. For investments in equity securities without a readily determinable fair value, an entity is permitted to elect a practicability exception, under which the investment will be measured at cost, less impairment, plus or minus observable price changes from orderly transactions of an identical or similar investment of the same issuer. Our equity investments within the scope of this ASU are limited to our other equity investments set forth in Note 8, with the exception of our FHLB stock which is outside the scope of this ASU, and to our marketable equity security discussed in Note 6 for which we had previously elected the fair value option. Our other equity investments within the scope of this ASU do not have readily determinable fair values. Therefore, we have elected the practicability exception whereby we measure these investments at cost, less impairment, plus or minus observable price changes from orderly transactions of identical or similar investments of the same issuer. Additionally, this ASU eliminated the requirement to assess whether an impairment of an equity investment is other than temporary. The impairment model for equity investments subject to this election is now a single-step model whereby an entity performs a qualitative assessment to identify impairment. If the qualitative assessment indicates that an impairment exists, the entity would estimate the fair value of the investment and recognize in net income an impairment loss equal to the difference between the fair value and the carrying amount of the equity investment. We continue to review our equity method and other investments not subject to this election for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods, estimated fair values of underlying assets and available information at the time the analyses are prepared. ​ Goodwill Goodwill is not amortized, but rather tested for impairment annually or more frequently if events or changes in circumstances indicate potential impairment. Goodwill at December 31, 2019 represents the excess of the consideration paid over the fair value of net assets acquired in connection with the acquisitions of LNR Property LLC (“LNR”) in April 2013 and the Infrastructure Lending Segment in September 2018 and October 2018. In testing goodwill for impairment, we follow ASC 350, Intangibles—Goodwill and Other ​ Derivative Instruments and Hedging Activities We record all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on

Acquisitions and Divestitures

Acquisitions and Divestitures	12 Months Ended
	Dec. 31, 2019
Acquisitions and Divestitures
Acquisitions and Divestitures	3. Acquisitions and Divestiture s Ireland Portfolio Sale ​ On December 23, 2019, we sold the U.S. entity which held the net assets related to our Ireland Portfolio. The properties within the entity were sold for a gross purchase price of million. After certain adjustments, including a million, plus estimated net working capital. In connection with the transaction, the buyer assumed our existing third party debt totaling million. Our basis in these assets was million of accumulated depreciation. The resulting gain, after selling costs, was ) million. This amount is included within gain on sale of investments and other assets in our consolidated statement of operations. ​ Upon receipt of the net proceeds from the sale, we unwound all of our foreign currency hedges related to this portfolio, which had a fair value of $16.6 million at the unwind date. ​ During the year ended December 31, 2017, we sold one office property within the Ireland Portfolio for $3.9 million, recognizing an immaterial gain on sale within gain on sale of investments and other assets in our consolidated statement of operations. There were no properties sold within the Ireland Portfolio during the year ended December 31, 2018. ​ Investing and Servicing Segment Property Portfolio ​ During the year ended December 31, 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 15 remaining commercial real estate properties acquired from CMBS trusts prior to December 31, 2018 for an aggregate acquisition price of $227.3 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 consolidated statements of cash flows. ​ During the year ended December 31, 2018, our Investing and Servicing Segment acquired $52.7 million in net assets of three commercial real estate properties from CMBS trusts for a gross purchase price of $53.1 million. During the year ended December 31, 2017, our Investing and Servicing Segment acquired the net equity of million. We applied the business combination provisions of ASC 805 in accounting for the acquisitions in 2017 since they occurred prior to our adoption of ASU 2017-01 in December 2017, whereas we applied the asset acquisition provisions of ASC 805 for the acquisitions in 2018 and 2019. ​ During the year ended December 31, 2019, we sold four properties within the Investing and Servicing Segment for $145.9 million. In connection with these sales, we recognized a total gain of $59.7 million within gain on sale of investments and other assets in our consolidated statements of operations, of which $5.3 million was attributable to non-controlling interests. During the year ended December 31, 2018, we sold nine properties within the Investing and Servicing Segment for $77.9 million. In connection with these sales, we recognized a total gain of million was attributable to non-controlling interests. million non-controlling interest in the property. During the year ended December 31, 2017, we sold million. In connection with these sales, we recognized a total gain of ​ Infrastructure Lending Segment ​ On September 19, 2018, we acquired the project finance origination, underwriting and capital markets business of GE Capital Global Holdings, LLC (“GE Capital”) for approximately $2.0 billion (the “Infrastructure Lending Segment”) and on October 15, 2018, we acquired two additional senior secured project finance loans from GE Capital for $147.1 million. In total, the business included $2.1 billion of funded senior secured project finance loans and investment securities and $466.3 million of unfunded lending commitments (the “Infrastructure Lending Portfolio”) which are secured primarily by natural gas and renewable power facilities. We utilized $1.7 billion in new financing in order to fund the acquisition. ​ As of the acquisition dates, the Infrastructure Lending Portfolio was 97% floating rate with 74% of the collateral located in the U.S., 12% in Mexico, 5% in the United Kingdom and the remaining collateral dispersed through the Middle East, Ireland, Australia, Canada and Spain. The loans were predominantly denominated in U.S. Dollars (“USD”) and backed by long term power purchase agreements primarily with investment grade counterparties. The Company hired a team of professionals from GE Capital’s project finance division in connection with the acquisition to manage and expand the Infrastructure Lending Portfolio. ​ Goodwill of $119.4 million was recognized in connection with the Infrastructure Lending Segment acquisition as the consideration paid exceeded the fair value of the net assets acquired. ​ We applied the provisions of ASC 805, Business Combinations, ​ Woodstar II Portfolio ​ During the year ended December 31, 2018, we acquired the final 19 properties of the 27 affordable housing communities comprising our “Woodstar II Portfolio”. The Woodstar II Portfolio in its entirety is comprised of 6,109 units concentrated primarily in Central and South Florida and is 100% occupied. ​ The 19 affordable housing communities acquired during the year ended December 31, 2018 consist of 4,369 units and were acquired for $438.1 million, including contingent consideration of $29.2 million (the “2018 Closing”). The properties acquired in the 2018 Closing were recognized initially at the purchase price of $408.9 million plus capitalized acquisition costs of $4.1 million. Government sponsored mortgage debt of $27.0 million with weighted average fixed annual interest rates of 3.06% and remaining weighted average terms of 27.5 years was assumed at closing. We financed a portion of the 2018 Closing utilizing new 10-year mortgage debt totaling $300.9 million with weighted average fixed annual interest rates of 3.82% . ​ In December 2017, we acquired eight of the affordable housing communities (the “2017 Closing”), which include 1,740 units, for $156.2 million, including contingent consideration of $10.8 million. We financed the 2017 Closing utilizing 10 -year mortgage debt totaling $116.7 million with a fixed 3.81% interest rate. ​ We effectuated the Woodstar II Portfolio acquisitions via a contribution of the properties by third parties (the “Contributors”) to SPT Dolphin Intermediate LLC (“SPT Dolphin”), a newly-formed, wholly-owned subsidiary of the Company. In exchange for the contribution, the Contributors received cash, Class A units of SPT Dolphin (the “Class A Units”) and rights to receive additional Class A Units if certain contingent events occur. The Class A unitholders have the right to redeem their Class A Units for consideration equal to the current share price of the Company’s common stock on a -for-one basis, with the consideration paid in either cash or the Company’s common stock, at the determination of the Company. ​ The 2018 Closing resulted in the Contributors receiving cash of $225.8 million, 7,403,731 Class A Units and rights to receive an additional 1,411,642 Class A Units if certain contingent events occur. In aggregate, the 2018 Closing and 2017 Closing have resulted in the Contributors receiving cash of $310.7 million, 10,183,505 Class A Units and rights to receive an additional 1,910,563 Class A Units if certain contingent events occur. During the years ended December 31, 2019 and 2018, we issued ​ Since substantially all of the fair value of the properties acquired was concentrated in a group of similar identifiable assets, the Woodstar II Portfolio acquisitions were accounted for in accordance with the asset acquisition provisions of ASC 805. ​ Master Lease Portfolio ​ On September 25, 2017, we acquired 20 retail properties and three industrial properties (the “Master Lease Portfolio”) for a purchase price of $553.3 million, inclusive of $3.7 million of related transaction costs. Concurrently with the acquisition, we leased the properties back to the seller under corporate guaranteed master net lease agreements with initial terms of 24.6 years and periodic rent escalations. These properties, which collectively comprised 5.3 million square feet, are geographically dispersed throughout the U.S., with more than 50% of the portfolio, by carrying value, located in Florida, Texas and Minnesota. We utilized $265.9 million in new financing in order to fund the acquisition. This sale leaseback transaction was accounted for as an asset acquisition. ​ During the year ended December 31, 2018, we sold four retail properties and three industrial properties within the Master Lease Portfolio for $235.4 million, recognizing a gain on sale of $28.5 million within gain on sale of investments and other assets in our consolidated statement of operations. There were no properties sold within the Master Lease Portfolio during the years ended December 31, 2019 and 2017. ​ Purchase Price Allocations of Business Combinations ​ We applied the business combination provisions of ASC 805 in accounting for our acquisition of the Infrastructure Lending Segment and, prior to our adoption of ASU 2017-01 in December 2017, the REIS Equity Portfolio. In doing so, we recorded all identifiable assets acquired and liabilities assumed at fair value as of the respective acquisition dates. ​ ​ The following table summarizes the identified assets acquired and liabilities assumed as of the respective acquisition dates (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 ​ 2017 ​ ​ Infrastructure ​ REIS Equity Assets acquired: Lending Segment Portfolio Loans held-for-investment ​ $ 1,649,630 ​ $ — Loans held-for-sale ​ ​ 319,710 ​ ​ — Investment securities ​ ​ 65,060 ​ ​ — Properties ​ ​ — ​ ​ 38,770 Intangible assets ​ ​ — ​ ​ 11,955 Accrued interest receivable ​ ​ 13,843 ​ ​ — Other assets ​ ​ — ​ ​ 85 Total identifiable assets acquired ​ ​ 2,048,243 ​ ​ 50,810 Liabilities assumed: ​ ​ ​ ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ ​ 8,817 ​ ​ 1,516 Derivative liabilities ​ ​ 282 ​ ​ — Total liabilities assumed ​ ​ 9,099 ​ ​ 1,516 Net assets acquired ​ $ 2,039,144 ​ $ 49,294 ​ Goodwill represents the excess of the purchase price over the fair value of the underlying assets acquired and liabilities assumed. This determination of goodwill resulting from the Infrastructure Lending Segment acquisition is as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ 2018 ​ ​ Infrastructure ​ ​ Lending Segment Purchase price ​ $ 2,158,553 Fair value of net assets acquired ​ 2,039,144 Goodwill ​ $ 119,409 ​ Pro Forma Operating Data (Unaudited) ​ The unaudited pro forma revenues and net income attributable to the Company for the years ended December 31, 2018 and 2017, assuming the Infrastructure Lending Segment was acquired on January 1, 2017, are as follows (amounts in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, (Unaudited) 2018 2017 Revenues ​ $ 1,182,892 ​ $ 966,636 Net income attributable to STWD ​ 392,505 ​ 395,150 Net income per share - Basic ​ 1.47 ​ 1.51 Net income per share - Diluted ​ 1.44 ​ 1.50 ​ ​

Restricted Cash

Restricted Cash	12 Months Ended
	Dec. 31, 2019
Restricted Cash.
Restricted Cash	4. Restricted Cas h A summary of our restricted cash as of December 31, 2019 and 2018 is as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2019 ​ 2018 Cash restricted by lender ​ $ 40,818 ​ $ 175,659 Cash collateral for derivative financial instruments ​ 37,912 ​ 37,245 Funds held on behalf of borrowers and tenants ​ ​ 11,903 ​ ​ 12,838 Other restricted cash ​ 5,010 ​ 22,299 ​ ​ $ 95,643 ​ $ 248,041 ​

Loans

Loans	12 Months Ended
	Dec. 31, 2019
Loans
Loans	5. Loan s 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 December 31, 2019 and 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average Life ​ ​ Carrying ​ Face ​ Average ​ (“WAL”) December 31, 2019 ​ Value ​ Amount ​ Coupon (1) ​ (years)(2) First mortgages (3) ​ $ 7,928,026 ​ $ 7,962,788 5.8 % 2.0 First priority infrastructure loans ​ ​ 1,397,448 ​ ​ 1,416,164 5.6 % 4.9 Subordinated mortgages (4) ​ 75,724 ​ ​ 77,055 8.8 % 3.4 Mezzanine loans (3) ​ 484,164 ​ ​ 484,408 11.0 % 1.9 Residential loans, fair value option (5) ​ ​ 671,572 ​ ​ 654,925 6.1 % 3.8 Other ​ ​ 62,555 ​ ​ 66,525 ​ 8.2 % 1.6 Total loans held-for-investment ​ 10,619,489 ​ ​ 10,661,865 ​ ​ ​ ​ Loans held-for-sale, fair value option, residential (5) ​ ​ 605,384 ​ ​ 587,144 ​ 6.2 % 3.9 Loans held-for-sale, fair value option, commercial ​ ​ 159,238 ​ ​ 160,635 ​ 3.9 % 10.0 Loans held-for-sale, infrastructure ​ ​ 119,724 ​ ​ 121,271 ​ 3.3 % 2.1 Total gross loans ​ 11,503,835 ​ 11,530,915 ​ ​ ​ ​ Loan loss allowance ​ (33,611) ​ — ​ ​ ​ ​ Total net loans ​ $ 11,470,224 ​ $ 11,530,915 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 December 31, 2019 and 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 $967.0 million and $1.0 billion being classified as first mortgages as of December 31, 2019 and 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 year ended December 31, 2019, $340.9 million of residential loans held-for-sale were reclassified into residential loans held-for-investment. ​ During the year ended December 31, 2018, the Company received distributions totaling $15.1 million from a profit participation in a mortgage loan that was repaid in 2016. The loan was secured by a retail and hospitality property located in the Times Square area of New York City. The profit participation is accounted for as a loan in accordance with the acquisition, development and construction accounting guidance within ASC 310-10, which resulted in distributions in excess of basis being recognized within interest income in our consolidated statements of operations. There were no distributions from profit participations received during the years ended December 31, 2019 and 2017. As of December 31, 2019, our variable rate loans held-for-investment were as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Weighted-average ​ December 31, 2019 ​ Value ​ Spread Above Index ​ Commercial loans ​ $ 8,030,499 ​ 4.2 % First priority infrastructure loans ​ ​ 1,397,448 ​ 3.8 % Total variable rate loans held-for-investment ​ $ 9,427,947 ​ 4.2 % ​ ​ We regularly evaluate the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral, as well as the financial and operating capability of the borrower. Specifically, the collateral’s operating results and any cash reserves are analyzed and used to assess (i) whether cash flow from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and/or (iii) the collateral’s liquidation value. We also evaluate the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the collateral. In addition, we consider the overall economic environment, real estate or industry sector, and geographic sub-market in which the borrower operates. Such impairment analyses are completed and reviewed by asset management and finance personnel who utilize various data sources, including (i) periodic financial data such as property operating statements, occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections and (iii) current credit spreads and discussions with market participants. ​ Our evaluation process, as described above, produces an internal risk rating between 1 and 5, which is a weighted average of the numerical ratings in the following categories: (i) sponsor capability and financial condition, (ii) loan and collateral performance relative to underwriting, (iii) quality and stability of collateral cash flows and (iv) loan structure. We utilize the overall risk ratings as a concise means to monitor any credit migration on a loan as well as on the whole portfolio. While the overall risk rating is generally not the sole factor we use in determining whether a loan is impaired, a loan with a higher overall risk rating would tend to have more adverse indicators of impairment and therefore would be more likely to experience a credit loss. ​ The rating categories for commercial real estate loans generally include the characteristics described below, but these are utilized as guidelines and therefore not every loan will have all of the characteristics described in each category: ​ ​ ​ Rating ​ Characteristics 1 ● Sponsor capability and financial condition—Sponsor is highly rated or investment grade or, if private, the equivalent thereof with significant management experience. ​ ​ ● Loan collateral and performance relative to underwriting—The collateral has surpassed underwritten expectations. ​ ​ ● Quality and stability of collateral cash flows—Occupancy is stabilized, the property has had a history of consistently high occupancy, and the property has a diverse and high quality tenant mix. ​ ​ ● Loan structure—Loan to collateral value ratio (“LTV”) does not exceed 65%. The loan has structural features that enhance the credit profile. ​ ​ ​ ​ 2 ​ ● Sponsor capability and financial condition—Strong sponsorship with experienced management team and a responsibly leveraged portfolio. ​ ​ ● Loan collateral and performance relative to underwriting—Collateral performance equals or exceeds underwritten expectations and covenants and performance criteria are being met or exceeded. ​ ​ ● Quality and stability of collateral cash flows—Occupancy is stabilized with a diverse tenant mix. ​ ​ ● Loan structure—LTV does not exceed 70% and unique property risks are mitigated by structural features. ​ ​ ​ ​ 3 ​ ● Sponsor capability and financial condition—Sponsor has historically met its credit obligations, routinely pays off loans at maturity, and has a capable management team. ​ ​ ● Loan collateral and performance relative to underwriting—Property performance is consistent with underwritten expectations. ​ ​ ● Quality and stability of collateral cash flows—Occupancy is stabilized, near stabilized, or is on track with underwriting. ​ ​ ● Loan structure—LTV does not exceed 80%. ​ ​ ​ ​ 4 ​ ● Sponsor capability and financial condition—Sponsor credit history includes missed payments, past due payment, and maturity extensions. Management team is capable but thin. ​ ​ ● Loan collateral and performance relative to underwriting—Property performance lags behind underwritten expectations. Performance criteria and loan covenants have required occasional waivers. A sale of the property may be necessary in order for the borrower to pay off the loan at maturity. ​ ​ ● Quality and stability of collateral cash flows—Occupancy is not stabilized and the property has a large amount of rollover. ​ ​ ● Loan structure—LTV is 80% to 90%. ​ ​ ​ ​ 5 ​ ● Sponsor capability and financial condition—Credit history includes defaults, deeds-in-lieu, foreclosures, and/or bankruptcies. ​ ​ ● Loan collateral and performance relative to underwriting—Property performance is significantly worse than underwritten expectations. The loan is not in compliance with loan covenants and performance criteria and may be in default. Sale proceeds would not be sufficient to pay off the loan at maturity. ​ ​ ● Quality and stability of collateral cash flows—The property has material vacancy and significant rollover of remaining tenants. ​ ​ ● Loan structure—LTV exceeds 90%. ​ The risk ratings for loans subject to our rating system, which excludes loans held-for-sale, by class of loan were as follows as of December 31, 2019 and 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 December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 ​ $ 503 ​ $ — ​ $ — ​ $ — ​ $ 23,550 ​ $ — ​ $ 24,053 ​ 0.2 % 2 ​ 4,186,776 ​ — ​ 37,980 ​ 120,372 ​ 31,178 ​ — ​ 4,376,306 ​ 38.0 % 3 ​ 3,509,601 ​ — ​ 25,767 ​ 363,792 ​ — ​ — ​ 3,899,160 ​ 33.9 % 4 ​ 40,436 ​ — ​ — ​ — ​ — ​ — ​ 40,436 ​ 0.4 % 5 ​ 59,116 ​ — ​ — ​ — ​ — ​ — ​ 59,116 ​ 0.5 % N/A ​ 131,594 (1) 1,397,448 (2) 11,977 (1) — ​ 7,827 (1) — ​ 1,548,846 ​ 13.5 % ​ ​ $ 7,928,026 ​ $ 1,397,448 ​ $ 75,724 ​ $ 484,164 ​ $ 62,555 ​ $ — ​ ​ 9,947,917 ​ ​ ​ Residential loans held-for-investment, fair value option ​ ​ ​ ​ ​ ​ ​ ​ 671,572 ​ 5.8 % Loans held-for-sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 884,346 ​ 7.7 % Total gross loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 11,503,835 ​ 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. ​ In accordance with our loan impairment policy, during the year ended December 31, 2018, we recorded impairment charges of $38.2 million. During the year ended December 31, 2019, we recorded an impairment charge of million non-accretable difference). The ​ During the year ended December 31, 2019, we also charged-off an allowance for impaired loans of $8.3 million relating to a first mortgage loan on a grocery distribution facility located in Montgomery, Alabama that we foreclosed on in March 2019 and obtained physical possession of the underlying collateral property. As of the foreclosure date, our carrying value of the loan totaled $9.0 million ($20.9 million unpaid principal balance net of an $8.3 million allowance for impaired loan and $3.6 million of unamortized discount). 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 loan ($21.9 million unpaid principal and interest balance net of a $3.4 million unamortized discount, and no reserve for impaired loan). ​ As of December 31, 2019, we had allowances for impaired loans of $29.9 million. Of this amount, ​ 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 December 31, 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 year ended December 31, 2019 was $172.8 million. ​ As of December 31, 2019, we held TDRs with unfunded commitments of $3.1 million. There were no TDRs for which interest income was recognized during the year ended December 31, 2019. ​ As of December 31, 2019, certain of the residential conversion project first mortgage and mezzanine loans with a recorded investment of $93.6 million and the department store loans discussed above were 90 days or greater past due, as were $7.4 million of residential loans. 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 year ended December 31, ​ ​ ​ 2019 2018 ​ 2017 ​ Allowance for loan losses at January 1 ​ $ 39,151 ​ $ 4,330 ​ $ 9,788 ​ Provision for (reversal of) loan losses ​ 3,812 ​ (3,384) ​ (5,458) ​ Provision for impaired loans ​ ​ 3,314 ​ ​ 38,205 ​ ​ — ​ Charge-offs ​ (12,666) ​ — ​ — ​ Recoveries ​ — ​ — ​ — ​ Allowance for loan losses at December 31 ​ $ 33,611 ​ $ 39,151 ​ $ 4,330 ​ Recorded investment in loans related to the allowance for loan loss ​ $ 291,768 ​ $ 275,112 ​ $ 170,941 ​ ​ The activity in our loan portfolio was as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2019 2018 2017 Balance at January 1 ​ $ 9,794,254 ​ $ 7,382,641 ​ $ 5,946,274 Acquisitions/originations/additional funding ​ 9,094,714 ​ 6,723,144 ​ 5,500,539 Acquisition of Infrastructure Lending Portfolio ​ ​ — ​ ​ 1,969,340 ​ ​ — Capitalized interest (1) ​ 110,632 ​ 63,047 ​ 74,339 Basis of loans sold (2) ​ (4,311,390) ​ (3,082,347) ​ (1,634,717) Loan maturities/principal repayments ​ (3,304,838) ​ (3,272,666) ​ (2,658,522) Discount accretion/premium amortization ​ 35,387 ​ 38,099 ​ 39,084 Changes in fair value ​ 71,601 ​ 40,522 ​ 66,987 Unrealized foreign currency translation gain (loss) ​ 40,155 ​ (32,341) ​ 42,356 Loan loss provision, net ​ (7,126) ​ (34,821) ​ 5,458 Loan foreclosures ​ ​ (27,303) ​ ​ — ​ ​ — Transfer to/from other asset classifications ​ ​ (25,862) ​ ​ (364) ​ ​ 843 Balance at December 31 ​ $ 11,470,224 ​ $ 9,794,254 ​ $ 7,382,641 (1) Represents accrued interest income on loans whose terms do not require current payment of interest. ​ (2) See Note 12 for additional disclosure on these transactions.

Investment Securities

Investment Securities	12 Months Ended
	Dec. 31, 2019
Investment Securities
Investment Securities	​ ​ 6. Investment Securitie s Investment securities were comprised of the following as of December 31, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of ​ ​ December 31, 2019 December 31, 2018 RMBS, available-for-sale ​ $ 189,576 ​ $ 209,079 RMBS, fair value option (1) ​ ​ 147,034 ​ ​ 87,879 CMBS, fair value option (1), (2) ​ 1,295,363 ​ 1,157,508 Held-to-maturity (“HTM”) debt securities, amortized cost ​ 570,638 ​ 644,149 Equity security, fair value ​ 12,664 ​ 11,893 Subtotal — ​ 2,215,275 ​ 2,110,508 VIE eliminations (1) ​ (1,405,037) ​ ​ (1,204,040) Total investment securities ​ $ 810,238 ​ $ 906,468 (1) Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. ​ (2) Includes $186.6 million and $8.4 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of December 31, 2019 and 2018, respectively. ​ 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 Year Ended December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ 120,103 ​ $ 238,213 ​ $ 91,162 ​ $ — ​ $ (351,220) ​ $ 98,258 Sales ​ — ​ 41,501 ​ 150,365 ​ — ​ — ​ (184,540) ​ 7,326 Principal collections ​ 26,929 ​ 16,500 ​ 40,490 ​ 167,383 ​ — ​ (45,642) ​ 205,660 Year Ended December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ 90,982 ​ $ 323,071 ​ $ 463,810 ​ $ — ​ $ (385,463) ​ $ 492,400 Acquisition of Infrastructure Lending Portfolio ​ ​ — ​ ​ — ​ ​ — ​ ​ 65,060 ​ ​ — ​ ​ — ​ ​ 65,060 Sales ​ 13,264 ​ — ​ 105,637 ​ — ​ — ​ (102,474) ​ 16,427 Principal collections ​ 34,763 ​ 1,439 ​ 114,545 ​ 327,207 ​ — ​ (95,030) ​ 382,924 Year Ended December 31, 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ 7,433 ​ $ — ​ $ 125,776 ​ $ 79,163 ​ $ — ​ $ (113,978) ​ $ 98,394 Sales ​ — ​ — ​ 37,184 ​ — ​ — ​ (25,605) ​ 11,579 Principal collections ​ 40,635 ​ — ​ 109,354 ​ 182,919 ​ — ​ (100,115) ​ 232,793 (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 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 December 31, 2019 and 2018. These RMBS are reported at fair value in the balance sheet with changes in fair value recorded in AOCI. The tables below summarize various attributes of our investments in available-for-sale RMBS as of December 31, 2019 and 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 December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 148,385 ​ $ (9,805) ​ $ 138,580 ​ $ (314) ​ $ 51,310 ​ $ — ​ $ 50,996 ​ $ 189,576 December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 165,461 ​ $ (9,897) ​ $ 155,564 ​ $ (31) ​ $ 53,546 ​ $ — ​ $ 53,515 ​ $ 209,079 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Coupon (1) Weighted Average WAL December 31, 2019 ​ ​ ​ ​ ​ ​ RMBS 3.1 % BB- 5.6 December 31, 2018 ​ ​ ​ ​ ​ ​ RMBS 3.7 % CCC- ​ 6.0 (1) Calculated using the December 31, 2019 and 2018 one-month LIBOR rate of 1.763% 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 December 31, 2019, approximately $160.9 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 December 31, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 December 31, 2018 Principal balance ​ $ 278,853 ​ $ 309,497 Accretable yield ​ (56,108) ​ (54,779) Non-accretable difference ​ (84,165) ​ (99,154) Total discount ​ (140,273) ​ (153,933) Amortized cost ​ $ 138,580 ​ $ 155,564 ​ The principal balance of credit deteriorated RMBS was $263.7 million and $290.8 million as of December 31, 2019 and 2018, respectively. Accretable yield related to these securities totaled $50.3 million and $49.5 million as of December 31, 2019 and 2018, respectively. ​ The following table discloses the changes to accretable yield and non-accretable difference for our RMBS during the years ended December 31, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Accretable ​ ​ Accretable Yield ​ Difference Balance as of January 1, 2018 ​ $ 55,712 ​ $ 121,867 Accretion of discount ​ (10,932) ​ — Principal write-downs, net ​ — ​ (3,682) Sales ​ (9,032) ​ — Transfer to/from non-accretable difference ​ 19,031 ​ (19,031) Balance as of December 31, 2018 ​ ​ 54,779 ​ ​ 99,154 Accretion of discount ​ (9,945) ​ — Principal write-downs, net ​ — ​ (3,715) Transfer to/from non-accretable difference ​ 11,274 ​ (11,274) Balance as of December 31, 2019 ​ $ 56,108 ​ $ 84,165 ​ ​ We have engaged a third party manager who specializes in RMBS to execute the trading of RMBS, the cost of which was $1.5 million, $1.8 million and $1.9 million for the years ended December 31, 2019, 2018 and 2017, respectively, recorded as management fees in the accompanying consolidated statements of operations. ​ During the year ended December 31, 2018, we sold RMBS for proceeds of $13.3 million and realized gross gains of $3.5 million using the specific identification cost method. There were no sales of RMBS during the years ended December 31, 2019 and 2017. ​ 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 December 31, 2019 and 2018, and for which OTTIs (full or partial) have not been recognized in earnings (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value ​ Unrealized Losses ​ Securities with a Securities with a Securities with a Securities with a ​ ​ loss less than ​ loss greater than ​ loss less than ​ loss greater than ​ ​ 12 months ​ 12 months ​ 12 months ​ 12 months As of December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ — ​ $ 1,380 ​ $ — ​ $ (314) ​ As of December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 2,148 ​ $ — ​ $ (31) ​ $ — ​ ​ As of both December 31, 2019 and 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 December 31, 2019, the fair value and unpaid principal balance of CMBS where we have elected the fair value option, excluding the notional value of interest-only securities and before consolidation of securitization VIEs, were $1.3 billion and $3.0 billion, respectively. As of December 31, 2019, the fair value and unpaid principal balance of RMBS where we have elected the fair value option, excluding the notional value of interest-only securities and before consolidation of securitization VIEs, were $147.0 million and $87.4 million, respectively. The $1.4 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 $37.4 million at December 31, 2019) is eliminated against VIE liabilities before arriving at our GAAP balance for fair value option investment securities. ​ As of December 31, 2019, $118.2 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 December 31, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Carrying Amount ​ Gross Unrealized ​ Gross Unrealized ​ ​ ​ ​ ​ (Amortized Cost) ​ Holding Gains ​ Holding Losses ​ Fair Value December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ CMBS ​ $ 383,473 ​ $ 946 ​ $ (3,001) ​ $ 381,418 ​ Preferred interests ​ ​ 142,012 ​ ​ 1,148 ​ ​ (353) ​ ​ 142,807 ​ Infrastructure bonds ​ ​ 45,153 ​ ​ — ​ ​ (651) ​ ​ 44,502 ​ Total ​ $ 570,638 ​ $ 2,094 ​ $ (4,005) ​ $ 568,727 ​ 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 December 31, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred ​ Infrastructure ​ ​ ​ ​ CMBS ​ Interests ​ Bonds ​ Total Less than one year $ 284,251 $ — $ 5,371 $ 289,622 One to three years ​ ​ 99,222 ​ ​ 141,659 ​ ​ — ​ ​ 240,881 Three to five years ​ ​ — ​ ​ 353 ​ ​ — ​ ​ 353 Thereafter ​ — ​ — ​ 39,782 ​ 39,782 Total ​ $ 383,473 ​ $ 142,012 ​ $ 45,153 ​ $ 570,638 ​ As of December 31, 2019 and 2018, $19.8 million and $21.2 million, respectively, of our infrastructure bonds with an aggregate principal balance of $32.8 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 $12.7 million and $11.9 million as of December 31, 2019 and 2018, respectively. As of December 31, 2019, our shares represent an approximate 2% interest in SEREF.

Properties

Properties	12 Months Ended
	Dec. 31, 2019
Properties
Properties	7. Propertie s Our properties are held within the following portfolios: ​ 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 $629.5 million and federal, state and county sponsored financing and other debt of $478.2 million as of December 31, 2019. ​ Woodstar II Portfolio ​ The Woodstar II Portfolio is comprised of 27 affordable housing communities with 6,109 units concentrated primarily in Central and South Florida. 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 were 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 $192.4 million as of December 31, 2019. Refer to Note 3 for further discussion of the Master Lease Portfolio. ​ Investing and Servicing Segment Property Portfolio ​ The REIS Equity Portfolio is comprised of 16 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 $277.8 million and debt of $187.9 million as of December 31, 2019. Refer to Note 3 for further discussion of the REIS Equity Portfolio. ​ The table below summarizes our properties held as of December 31, 2019 and December 31, 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciable Life December 31, 2019 December 31, 2018 Property Segment ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 15 years ​ $ 484,397 ​ $ 648,972 Buildings and building improvements ​ 5 – 45 years ​ ​ 1,687,756 ​ ​ 1,980,283 Furniture & fixtures ​ 3 – 7 years ​ ​ 52,567 ​ ​ 46,048 Investing and Servicing Segment ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 15 years ​ ​ 54,052 ​ ​ 82,332 Buildings and building improvements ​ 3 – 40 years ​ ​ 182,048 ​ ​ 213,010 Furniture & fixtures ​ 2 – 5 years ​ ​ 2,139 ​ ​ 2,158 Commercial and Residential Lending Segment (1) ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 7 years ​ ​ 11,386 ​ ​ — Buildings and building improvements ​ 10 – 23 years ​ ​ 16,285 ​ ​ — Properties, cost ​ ​ ​ ​ 2,490,630 ​ ​ 2,972,803 Less: accumulated depreciation ​ ​ ​ ​ (224,190) ​ ​ (187,913) Properties, net ​ ​ ​ $ 2,266,440 ​ $ 2,784,890 (1) Represents properties acquired through loan foreclosure. Refer to Note 5 for further discussion. ​ ​ During the year ended December 31, 2019, we sold $407.2 million of net property assets relating to the Ireland Portfolio. Refer to Note 3 for further discussion. Also during the year ended December 31, 2019, we sold million. In connection with these REIS Equity Portfolio sales, we recognized a total gain of million was attributable to non-controlling interests. ​ During the years ended December 31, 2018 and 2017, we sold 16 and six operating properties, respectively, for $313.3 million and $56.4 million, respectively. In connection with these sales, we recognized a total gain of $55.1 million and $19.9 million, respectively, within gain on sale of investments and other assets in our consolidated statements of operations, of which $5.1 million and $3.3 million, respectively, was attributable to non-controlling interests. ​ 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): ​ ​ ​ ​ ​ 2020 $ 177,516 2021 ​ 95,524 2022 ​ 89,602 2023 ​ 79,177 2024 ​ ​ 71,271 Thereafter ​ 688,437 Total ​ $ 1,201,527 ​

Investment in Unconsolidated En

Investment in Unconsolidated Entities	12 Months Ended
	Dec. 31, 2019
Investment in Unconsolidated Entities
Investment in Unconsolidated Entities	​ ​ 8. Investment in Unconsolidated Entitie s The table below summarizes our investments in unconsolidated entities as of December 31, 2018 and 2017 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Participation / ​ Carrying value as of December 31, ​ Ownership % (1) 2019 2018 Equity method: ​ ​ ​ ​ ​ ​ ​ ​ Retail Fund (see Note 16) ​ 33% ​ $ — ​ $ 114,362 Equity interest in a natural gas power plant (2) ​ 10% ​ ​ 25,862 ​ ​ — Investor entity which owns equity in an online real estate company ​ 50% ​ ​ 9,473 ​ ​ 9,372 Equity interests in commercial real estate ​ 50% ​ ​ 1,907 ​ ​ 6,294 Equity interest in and advances to a residential mortgage originator (3) N/A ​ 12,002 ​ 9,082 Various 25% - 50% ​ 8,339 ​ 6,984 ​ ​ ​ ​ 57,583 ​ 146,094 Other: ​ ​ ​ ​ ​ ​ ​ ​ Equity interest in a servicing and advisory business (4) ​ 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% - 2% ​ 17,521 ​ 10,239 ​ ​ ​ ​ 26,746 ​ 25,671 ​ ​ ​ ​ $ 84,329 ​ $ 171,765 (1) ​ (2) ​ (3) ​ (4) ​ We own a 33% equity interest in a fund that owns four regional shopping malls (the “Retail Fund”). The fund is an investment company which 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 three months ended March 31, 2019, we recorded a ​ In November 2019, the Retail Fund’s secured financing matured and was not repaid. In light of these events, we commissioned independent appraisals of the underlying assets in order to estimate the fair value of our investment in the Retail Fund as of December 31, 2019. Based upon the results of these appraisals, we recorded an impairment charge of million against the remainder of our investment as of December 31, 2019. These amounts were recognized within (loss) earnings from unconsolidated entities in our consolidated statement of operations during the year ended December 31, 2019. The impairment charge resulted in a ​ As of December 31, 2019, the carrying value of our equity investment in a residential mortgage originator exceeded the underlying equity in net assets of such investee by $1.6 million. This difference is the result of the Company recording its investment in the investee at its acquisition date fair value, which included certain non-amortizing intangible assets not recognized by the investee. Should the Company determine these intangible assets held by the investee are impaired, the Company will recognize such impairment loss through earnings from unconsolidated entities in our consolidated statement of operations, otherwise, such difference between the carrying value of our equity investment in the residential mortgage originator and the underlying equity in the net assets of the residential mortgage originator will continue to exist. ​ During the year ended December 31, 2017, the investor entity which owns equity in an online real estate company sold approximately 88% of its interest in the online real estate company and we received a pre-tax cash distribution of $66.0 million from the investor entity related to the sale. We recognized $53.9 million of income from our investment in this investor entity as a result of the sale within earnings from unconsolidated entities in our consolidated statement of operations during the year ended December 31, 2017. ​ Other than our equity interests in the Retail Fund and the residential mortgage originator, there were no differences between the carrying value of our equity method investments and the underlying equity in the net assets of the investees as of December 31, 2019. ​ During the year ended December 31, 2019, we did not become aware of any observable price changes in our other investments accounted for under the fair value practicability exception discussed in Note 2 or any indicators of impairment.

Goodwill and Intangibles

Goodwill and Intangibles	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangibles
Goodwill and Intangibles	9. Goodwill and Intangibles Goodwill Infrastructure Lending Segment ​ The Infrastructure Lending Segment’s goodwill of $119.4 million at both December 31, 2019 and 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 and is fully tax deductible over 15 years. ​ As discussed in Note 2, goodwill is tested for impairment at least annually. Based on our quantitative assessment during the fourth quarter of 2019, we determined that the fair value of the Infrastructure Lending Segment reporting unit to which goodwill is attributed exceeded its carrying value including goodwill. Therefore, we concluded that the goodwill attributed to the Infrastructure Lending Segment was not impaired. ​ LNR Property LLC (“LNR”) ​ The Investing and Servicing Segment’s goodwill of $140.4 million at both December 31, 2019 and 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. The tax deductible component of this goodwill as of April 19, 2013 was ​ Based on our qualitative assessment during the fourth quarter of 2019, we determined that it is not more likely than not that the fair value of the Investing and Servicing Segment reporting unit to which goodwill is attributed is less than its carrying value including goodwill. Therefore, we concluded that the goodwill attributed to the Investing and Servicing Segment was not impaired. ​ 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. As of December 31, 2019 and 2018, the balance of the domestic servicing intangible was net of $26.2 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 December 31, 2019 and 2018, the domestic servicing intangible had a balance of $43.2 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 December 31, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2019 As of December 31, 2018 ​ Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying ​ ​ Value ​ Amortization ​ Value ​ Value ​ Amortization ​ Value Domestic servicing rights, at fair value ​ $ 16,917 ​ $ — ​ $ 16,917 ​ $ 20,557 ​ $ — ​ $ 20,557 In-place lease intangible assets ​ 135,293 ​ (84,383) ​ 50,910 ​ 198,220 ​ (100,873) ​ 97,347 Favorable lease intangible assets ​ ​ 24,218 ​ ​ (6,345) ​ ​ 17,873 ​ ​ 36,895 ​ ​ (9,766) ​ ​ 27,129 Total net intangible assets ​ $ 176,428 ​ $ (90,728) ​ $ 85,700 ​ $ 255,672 ​ $ (110,639) ​ $ 145,033 ​ The following table summarizes the activity within intangible assets for the years ended December 31, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ In-place Lease ​ Favorable Lease ​ ​ ​ ​ Servicing ​ Intangible ​ Intangible ​ ​ ​ Rights Assets Assets Total Balance as of January 1, 2018 ​ $ 30,759 ​ $ 122,465 ​ $ 29,868 ​ $ 183,092 Acquisition of Woodstar II Portfolio properties ​ ​ — ​ ​ 10,792 ​ ​ — ​ ​ 10,792 Acquisition of additional REIS Equity Portfolio properties ​ ​ — ​ ​ 7,342 ​ ​ 2,687 ​ ​ 10,029 Amortization ​ ​ — ​ ​ (39,830) ​ ​ (4,046) ​ ​ (43,876) Sales ​ ​ — ​ ​ (1,791) ​ ​ (1,036) ​ ​ (2,827) Foreign exchange loss ​ ​ — ​ ​ (1,270) ​ ​ (344) ​ ​ (1,614) Impairment (1) ​ ​ — ​ ​ (361) ​ ​ — ​ ​ (361) Changes in fair value due to changes in inputs and assumptions ​ ​ (10,202) ​ ​ — ​ ​ — ​ ​ (10,202) Balance as of December 31, 2018 ​ $ 20,557 ​ $ 97,347 ​ $ 27,129 ​ $ 145,033 Sale of Ireland Portfolio ​ ​ — ​ ​ (20,271) ​ ​ (5,654) ​ ​ (25,925) Sale of certain REIS Equity Portfolio properties ​ ​ — ​ ​ (5,208) ​ ​ (13) ​ ​ (5,221) Acquisition of additional REIS Equity Portfolio property ​ ​ — ​ ​ 277 ​ ​ — ​ ​ 277 Amortization ​ ​ — ​ ​ (19,297) ​ ​ (3,256) ​ ​ (22,553) Foreign exchange loss ​ ​ — ​ ​ (806) ​ ​ (221) ​ ​ (1,027) Impairment (1) ​ ​ — ​ ​ (1,132) ​ ​ (112) ​ ​ (1,244) Changes in fair value due to changes in inputs and assumptions ​ ​ (3,640) ​ ​ — ​ ​ — ​ ​ (3,640) Balance as of December 31, 2019 ​ $ 16,917 ​ $ 50,910 ​ $ 17,873 ​ $ 85,700 (1) Impairment of intangible lease assets is recognized within other expense in our 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): ​ ​ ​ ​ ​ 2020 $ 11,699 2021 ​ 9,674 2022 ​ 7,892 2023 ​ 6,136 2024 ​ ​ 4,742 Thereafter ​ 28,640 Total ​ $ 68,783 ​ Lease Liabilities In connection with our acquisition of certain properties within our Medical Office Portfolio, we recognized aggregate unfavorable lease liabilities of $4.8 million with a weighted average life of 9.7 years at acquisition. The liability balance was $2.3 million and $2.9 million as of December 31, 2019 and 2018, respectively. ​ In connection with our acquisition of LNR in 2013, we recognized an unfavorable lease liability of $15.3 million related to an assumed operating lease for our offices in Miami Beach, Florida, which expires in 2021. This liability is being amortized over the remaining 1.5 years of the underlying lease term at a rate of approximately $1.9 million per year. The liability balance was $2.8 million and $4.7 million as of December 31, 2019 and 2018, respectively.

Secured Borrowings

Secured Borrowings	12 Months Ended
	Dec. 31, 2019
Secured financing agreements
Secured Financing Agreements
Secured Borrowings	10. Secured Borrowings ​ Secured Financing Agreements ​ The following table is a summary of our secured financing agreements in place as of December 31, 2019 and 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Balance at ​ ​ Current ​ Extended ​ Weighted Average ​ Pledged Asset ​ Maximum ​ December 31, ​ 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) ​ $ 5,327,761 ​ $ 9,066,480 (d) $ 3,640,620 ​ $ 3,598,311 Residential Loans ​ Feb 2021 ​ N/A ​ LIBOR + 2.10% ​ ​ 14,704 ​ ​ 400,000 ​ ​ 11,835 ​ ​ — Infrastructure Loans ​ Feb 2020 ​ Feb 2021 ​ LIBOR + 1.75% ​ ​ 227,463 ​ ​ 500,000 ​ ​ 188,198 ​ ​ — Conduit Loans ​ Feb 2020 to Jun 2022 ​ Feb 2021 to Jun 2023 ​ LIBOR + 2.10% ​ ​ 109,864 ​ ​ 350,000 ​ ​ 86,575 ​ ​ 35,034 CMBS/RMBS ​ Sep 2020 to Dec 2029 (e) Dec 2020 to June 2030 (e) (f) ​ ​ 1,005,348 ​ ​ 837,566 ​ ​ 682,229 ​ ​ 656,405 Total Repurchase Agreements ​ ​ ​ ​ ​ ​ ​ ​ 6,685,140 ​ ​ 11,154,046 ​ ​ 4,609,457 ​ ​ 4,289,750 Other Secured Financing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Borrowing Base Facility ​ Apr 2022 ​ Apr 2024 ​ LIBOR + 2.25% ​ ​ 542,281 ​ ​ 650,000 (g) ​ 198,955 ​ ​ — Infrastructure Acquisition Facility ​ Sep 2021 ​ Sep 2022 ​ (h) ​ ​ 754,443 ​ ​ 771,534 ​ ​ 603,642 ​ ​ 1,551,148 Infrastructure Financing Facilities ​ Jul 2022 to Oct 2022 ​ Oct 2024 to Jul 2027 ​ LIBOR + 2.12% ​ ​ 524,197 ​ ​ 1,000,000 ​ ​ 428,206 ​ ​ — Property Mortgages - Fixed rate ​ Nov 2024 to Aug 2052 (i) N/A ​ 3.94% ​ ​ 1,499,356 ​ ​ 1,196,698 ​ ​ 1,196,492 ​ ​ 1,475,382 Property Mortgages - Variable rate ​ May 2020 to Jun 2026 ​ N/A ​ LIBOR + 2.49% ​ ​ 783,460 ​ ​ 714,810 ​ ​ 696,503 ​ ​ 645,344 Term Loan and Revolver ​ (j) ​ N/A ​ (j) ​ ​ N/A (j) ​ 519,000 ​ ​ 399,000 ​ ​ 300,000 FHLB ​ Feb 2021 ​ N/A ​ (k) ​ ​ 1,262,250 ​ ​ 2,000,000 ​ ​ 867,870 ​ ​ 500,000 Total Other Secured Financing ​ ​ ​ ​ ​ ​ ​ ​ 5,365,987 ​ ​ 6,852,042 ​ ​ 4,390,668 ​ ​ 4,471,874 ​ ​ ​ ​ ​ ​ ​ ​ $ 12,051,127 ​ $ 18,006,088 ​ ​ 9,000,125 ​ ​ 8,761,624 Unamortized net discount ​ ​ ​ ​ ​ ​ ​ ​ ​ (8,347) ​ ​ (963) Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ (85,730) ​ ​ (77,096) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 8,906,048 ​ $ 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 $874.9 million as of December 31, 2019 are indexed to GBP LIBOR and EURIBOR. The remainder have a weighted average rate of LIBOR + 1.90% . (d) The aggregate initial maximum facility size of $8.9 billion may be increased at our option, subject to certain conditions. This amount includes such upsizes. (e) Certain facilities with an outstanding balance of $295.0 million as of December 31, 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 $184.7 million as of December 31, 2019 has a fixed annual interest rate of 3.49% . All other facilities are variable rate with a weighted average rate of LIBOR + 1.58% . (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 9.8 years as of December 31, 2019. (j) Consists of: (i) a $399.0 million term loan facility that matures in July 2026 with an annual interest rate of LIBOR + 2.50% ; and (ii) a $120.0 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 $3.1 billion as of December 31, 2019. (k) FHLB financing with an outstanding balance of $438.5 million as of December 31, 2019 has a weighted average fixed annual interest rate of 2.01% . The remainder is variable rate with a weighted average rate of LIBOR + 0.28% . ​ 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 consolidated statement of operations in connection with the repayment of our previous term loan. In December 2019, the revolving credit facility was amended to increase available borrowings from ​ In July 2019, we entered into a $500.0 million Infrastructure Financing 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 life of the facility. The facility has an annual interest rate between ​ In October 2019, we entered into a $500.0 million Infrastructure Financing Facility 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% . Using proceeds from the unwind of our hedge on the existing debt, we swapped the interest to a fixed rate of . We recognized loss on extinguishment of debt of ​ In November 2019, we entered into mortgage loans with total borrowings of $84.5 million to finance our Woodstar I Portfolio. The loans carry . A portion of the net proceeds from the mortgage loans was used to repay million of outstanding government sponsored mortgage loans. ​ In December 2019, we amended a CMBS/RMBS repurchase facility to increase available borrowings from $150.0 million to $300.0 million. ​ During the year ended December 31, 2019, we entered into and amended several Commercial Loans repurchase facilities resulting in an aggregate upsize of $2.8 billion. ​ Our secured financing agreements contain certain financial tests and covenants. As of December 31, 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 years ended December 31, 2019, 2018 and 2017, approximately $34.3 million, $27.0 million and $19.5 million, respectively, of amortization of deferred financing costs from secured financing agreements was included in interest expense on our 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. During the year ended December 31, 2019, we utilized the reinvestment feature, contributing $88.4 million of additional interests into the CLO. ​ The following table is a summary of our CLO as of December 31, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Face ​ Carrying ​ Weighted ​ ​ ​ ​ ​ Count ​ Amount ​ Value ​ Average Spread ​ Maturity ​ Collateral assets ​ 20 ​ $ 1,073,504 ​ $ 1,073,504 ​ LIBOR + 3.34% (a) Nov 2023 (b) Financing ​ 1 ​ 936,375 ​ ​ 928,060 ​ LIBOR + 1.65% (c) July 2038 (d) (a) Represents the weighted-average coupon earned on variable rate loans during the year ended December 31, 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 year ended December 31, 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 December 31, 2019, our unamortized issuance costs were $8.3 million. ​ The CLO is considered a VIE, for which we are deemed the primary beneficiary. We therefore consolidate the CLO. Refer to Note 15 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. The following table sets forth our principal repayments schedule for secured financings based on the earlier of (i) the extended contractual maturity of each credit facility or (ii) the extended contractual maturity of each of the investments that have been pledged as collateral under the respective credit facility (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Repurchase Other Secured ​ ​ ​ ​ ​ Agreements ​ Financing ​ CLO ​ Total 2020 $ 480,249 $ 564,886 $ — ​ $ 1,045,135 2021 ​ 625,956 ​ 857,429 ​ ​ — ​ 1,483,385 2022 ​ 1,010,970 ​ 552,175 ​ ​ — ​ 1,563,145 2023 ​ 1,056,812 ​ 705,283 ​ ​ — ​ 1,762,095 2024 ​ 1,065,312 ​ 284,235 ​ ​ — ​ 1,349,547 Thereafter ​ 370,158 ​ 1,426,660 ​ ​ 936,375 (a) 2,733,193 Total ​ $ 4,609,457 ​ $ 4,390,668 ​ $ 936,375 ​ $ 9,936,500 (a) Assumes utilization of the reinvestment feature.

Unsecured Senior Notes

Unsecured Senior Notes	12 Months Ended
	Dec. 31, 2019
Convertible Senior Notes
Unsecured Senior Notes
Unsecured Senior Notes	​ ​ 11. Unsecured Senior Notes ​ The following table is a summary of our unsecured senior notes outstanding as of December 31, 2019 and 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ ​ ​ ​ Coupon ​ Effective ​ Maturity ​ Period of ​ Carrying Value at December 31, ​ ​ Rate ​ Rate (1) ​ Date ​ Amortization ​ 2019 ​ 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 ​ 1.1 years ​ ​ 500,000 ​ ​ 500,000 2021 Senior Notes (December) ​ 5.00 % 5.32 % 12/15/2021 ​ 2.0 years ​ ​ 700,000 ​ ​ 700,000 2023 Convertible Notes ​ 4.38 % 4.86 % 4/1/2023 ​ 3.3 years ​ ​ 250,000 ​ ​ 250,000 2025 Senior Notes ​ 4.75 % 5.04 % 3/15/2025 ​ 5.2 years ​ ​ 500,000 ​ ​ 500,000 Total principal amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,950,000 ​ ​ 2,027,969 Unamortized discount—Convertible Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3,610) ​ ​ (4,644) Unamortized discount—Senior Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (12,144) ​ ​ (16,416) Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (5,624) ​ (8,078) Carrying amount of debt components ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,928,622 ​ $ 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. ​ Senior Notes Due February 2021 ​ On January 29, 2018, we issued $500.0 million of 3.625% Senior Notes due 2021 (the “2021 February Notes”). The 2021 February Notes mature on February 1, 2021. Prior to November 1, 2020, we may redeem some or all of the 2021 February Notes at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable date of redemption. On and after November 1, 2020, we may redeem some or all of the 2021 February Notes at a price equal to ​ Senior Notes Due December 2021 ​ % of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable date of redemption. On and after September 15, 2021, we may redeem some or all of the 2021 December Notes at a price equal to 100% of the principal amount thereof. In addition, prior to December 15, 2019, we may redeem up to 35% of the 2021 December Notes at the applicable redemption price using the proceeds of certain equity offerings. Senior Notes Due 2025 ​ % of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable date of redemption. On and after September 15, 2024, we may redeem some or all of the 2025 Notes at a price equal to 100% of the principal amount thereof. In addition, prior to March 15, 2021, we may redeem up to 40% of the 2025 Notes at the applicable redemption price using the proceeds of certain equity offerings. The 2025 Notes were swapped to floating rate (see Note 13). Convertible Notes On March 29, 2017, we issued $250.0 million of 4.375% Convertible Senior Notes due 2023 (the “2023 Notes”). On October 8, 2014, we issued $431.3 million of 3.75% Convertible Senior Notes due 2017 (the “2017 Notes”). On February 15, 2013, we issued $600.0 million of 4.55% Convertible Senior Notes due 2018 (the “2018 Notes”). On July 3, 2013, we issued $460.0 million of 4.00% Convertible Senior Notes due 2019 (the “2019 Notes”). In October 2017, we repaid the full outstanding principal amount of the 2017 Notes in cash upon their maturity. In March 2018, we repaid the full outstanding principal amount of the 2018 Notes in cash upon their maturity. ​ During the year ended December 31, 2019, we settled the remaining $78.0 million principal amount of the 2019 Notes through the issuance of 3.6 million shares of common stock and cash payments of $12.0 million. During the year ended December 31, 2018, we received and settled redemption notices related to the 2019 Notes with a par amount totaling ​ On March 29, 2017, the proceeds from the issuance of the 2023 Notes were used to repurchase $230.0 million of the 2018 Notes for $250.7 million. The repurchase price was allocated between the fair value of the liability component and the fair value of the equity component of the 2018 Notes at the repurchase date. The portion of the repurchase price attributable to the equity component totaled $18.1 million and was recognized as a reduction of additional paid-in capital during the year ended December 31, 2017. The portion of the repurchase price attributable to the liability component exceeded the net carrying amount of the liability component by $5.9 million, which was recognized as a loss on extinguishment of debt in our consolidated statement of operations for the year ended December 31, 2017. ​ We recognized interest expense of $12.3 million, $28.9 million and $72.2 million during the years ended December 31, 2019, 2018 and 2017, respectively, from our Convertible Notes. ​ The following table details the conversion attributes of our Convertible Notes outstanding as of December 31, 2019 (amounts in thousands, except rates): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ Conversion Spread Value - Shares (3) ​ ​ Conversion ​ Conversion ​ For the Year Ended December 31, ​ ​ Rate (1) ​ Price (2) ​ 2019 ​ 2018 ​ 2017 2018 Notes ​ N/A ​ N/A — — 541 2019 Notes ​ N/A ​ N/A — 91 1,358 2023 Notes ​ 38.5959 $ 25.91 — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ — ​ 91 ​ 1,899 ​ (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 December 31, 2019, 2018 and 2017, the market price of the Company’s common stock was $24.86, $19.71 and $21.35 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 $10.1 million at December 31, 2019 as the closing market price of the Company’s common stock of $24.86 was less than the implicit conversion price of $25.91 per share. ​ Effective June 30, 2018, the Company no longer asserts its intent to fully settle the principal amount of the Convertible Notes in cash upon conversion. The if-converted value of the principal amount of the 2023 Notes was $239.9 million as of December 31, 2019. ​ Conditions for Conversion ​ Prior to October 1, 2022, the 2023 Notes will be convertible only upon satisfaction of one or more of the following conditions: (1) the closing market price of the Company’s common stock is at least 110% of the conversion price of the 2023 Notes for at least 20 out of 30 trading days prior to the end of the preceding fiscal quarter, (2) the trading price of the 2023 Notes is less than 98% of the product of (i) the conversion rate and (ii) the closing price of the Company’s common stock during any five consecutive trading day period, (3) the Company issues certain equity instruments at less than the 10 -day average closing market price of its common stock or the per-share value of certain distributions exceeds the market price of the Company’s common stock by more than 10% or (4) certain other specified corporate events (significant consolidation, sale, merger, share exchange, fundamental change, etc.) occur. ​ On or after October 1, 2022, holders of the 2023 Notes may convert each of their notes at the applicable conversion rate at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date.

Loan Securitization_Sale Activi

Loan Securitization/Sale Activities	12 Months Ended
	Dec. 31, 2019
Loan Securitization/Sale Activities
Loan Securitization/Sale Activities	12. Loan Securitization/Sale Activitie s 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 years ended December 31, 2019, 2018 and 2017 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Repayment of ​ ​ ​ ​ ​ ​ repurchase ​ Face Amount Proceeds agreements For the Year Ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 1,781,981 ​ $ 1,845,890 ​ $ 1,289,129 2018 ​ 1,517,599 ​ 1,563,433 ​ ​ 1,147,316 2017 ​ ​ 1,517,368 ​ ​ 1,582,050 ​ ​ 1,152,938 ​ ​ 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 year ended December 31, 2019, we sold residential loans into securitization VIEs into which our commercial loans were sold. In each of 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 For the Year Ended December 31, Face Amount Proceeds Face Amount Proceeds Face Amount Proceeds 2019 ​ $ 751,210 ​ $ 748,045 ​ $ 1,282,527 ​ $ 1,331,856 ​ $ — ​ $ — 2018 ​ 840,400 ​ 835,849 ​ 660,865 ​ 683,556 ​ — ​ — 2017 ​ 55,470 ​ 52,609 ​ — ​ — ​ 75,000 ​ 74,098 ​ During the years ended December 31, 2019 and 2018, we recognized a $6.9 million and $1.3 million, respectively, change in fair value of mortgage loans held-for-sale, net in our consolidated statements of operations in connection with residential mortgage loan securitizations. During the year ended December 31, 2019, gains recognized by the Commercial and Residential Lending Segment on sales of commercial loans were $4.6 million. During the years ended December 31, 2018 and 2017, gains (losses) recognized by the Commercial and Residential Lending Segment on sales of commercial 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 year ended December 31, 2019, the Infrastructure Lending Segment sold loans held-for-sale with an aggregate face amount of $404.1 million for proceeds of $393.3 million, recognizing a gain of $3.1 million. In connection with these sales, we sold an interest rate swap guarantee for cash payment of $3.1 million and recognized a decrease in fair value of $2.7 million within (loss) gain on derivative financial instruments, net in our consolidated statement of operations during the year ended December 31, 2019. Refer to Note 13 for further discussion of our interest rate swap guarantees. There were no sales of loans by the Infrastructure Lending Segment during the year ended December 31, 2018.

Derivatives and Hedging Activit

Derivatives and Hedging Activity	12 Months Ended
	Dec. 31, 2019
Derivatives and Hedging Activity
Derivatives and Hedging Activity	​ ​ 13. Derivatives and Hedging Activit y Risk Management Objective of Using Derivatives We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, foreign exchange, liquidity and credit risk primarily by managing the amount, sources and duration of our debt funding and the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates, credit spreads, and foreign exchange rates. Our derivative financial instruments are used to manage differences in the amount, timing and duration of the known or expected cash receipts and known or expected cash payments principally related to our investments, anticipated level of loan sales, and borrowings. Designated Hedges The Company does not generally elect to apply the hedge accounting designation to its hedging instruments. As of December 31, 2019 and 2018, the Company did not have any designated hedges. Additionally, during the years ended December 31, 2019, 2018 and 2017 the impact of cash flow hedges on our net income was not material, and we did not recognize any hedge ineffectiveness in earnings associated with these cash flow hedges. ​ Non-designated Hedges and Derivatives Derivatives not designated as hedges are derivatives that do not meet the criteria for hedge accounting under GAAP or which we have not elected to designate as hedges. We do not use these derivatives for speculative purposes but instead they are used to manage our exposure to various risks such as foreign exchange rates, interest rate changes and certain credit spreads. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in gain (loss) on derivative financial instruments in our consolidated statements of operations. We have entered into the following types of non-designated hedges and derivatives: ​ ● Foreign exchange (“Fx”) forwards whereby we agree to buy or sell a specified amount of foreign currency for a specified amount of USD at a future date, economically fixing the USD amounts of foreign denominated cash flows we expect to receive or pay related to certain foreign denominated loan investments and properties; ● Interest rate contracts which hedge a portion of our exposure to changes in interest rates; ● Credit index instruments which hedge a portion of our exposure to the credit risk of our commercial loans held-for-sale; and ● Interest rate swap guarantees whereby we guarantee the interest rate swap obligations of certain Infrastructure Lending borrowers. Our interest rate swap guarantees were assumed in connection with the acquisition of the Infrastructure Lending Segment. ​ ​ The following table summarizes our non-designated derivatives as of December 31, 2019 (notional amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Sell Euros ("EUR") ​ 168 ​ 199,183 ​ EUR ​ January 2020 – June 2023 Fx contracts – Sell Pounds Sterling ("GBP") ​ 93 ​ 444,236 ​ GBP ​ January 2020 – December 2023 Fx contracts – Sell Australian dollar ("AUD") ​ 4 ​ 25,850 ​ AUD ​ March 2020 – November 2021 Interest rate swaps – Paying fixed rates ​ 37 ​ 1,299,466 ​ USD ​ July 2022 – January 2030 Interest rate swaps – Receiving fixed rates ​ 2 ​ 970,000 ​ USD ​ January 2021- March 2025 Interest rate caps ​ 12 ​ 742,299 ​ USD ​ January 2020 – August 2023 Credit index instruments ​ 5 ​ 89,000 ​ USD ​ November 2054 – August 2061 Interest rate swap guarantees ​ 6 ​ 394,671 ​ USD ​ March 2022 – June 2025 Interest rate swap guarantees ​ 1 ​ 9,390 ​ GBP ​ December 2024 Total ​ 328 ​ ​ ​ ​ ​ ​ ​ The table below presents the fair value of our derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Derivatives ​ Fair Value of Derivatives ​ ​ in an Asset Position (1) ​ in a Liability Position (2) ​ ​ as of December 31, ​ as of December 31, ​ 2019 2018 2019 2018 Interest rate contracts ​ 14,385 ​ 30,791 ​ — ​ 14,457 Interest rate swap guarantees ​ ​ — ​ ​ — ​ ​ 614 ​ ​ 396 Foreign exchange contracts ​ 14,558 ​ 21,346 ​ 7,834 ​ 562 Credit index instruments ​ — ​ 554 ​ 292 ​ — Total derivatives ​ $ 28,943 ​ $ 52,691 ​ $ 8,740 ​ $ 15,415 (1) Classified as derivative assets in our consolidated balance sheets. ​ (2) Classified as derivative liabilities in our consolidated balance sheets. ​ ​ The tables below present the effect of our derivative financial instruments on the consolidated statements of operations and of comprehensive income for the years ended December 31, 2019, 2018 and 2017 (amounts in thousands): ​ a ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain (Loss) ​ ​ ​ ​ Recognized in Income for the Derivatives Not Designated ​ Location of Gain (Loss) ​ Year Ended December 31, as Hedging Instruments Recognized in Income 2019 2018 ​ 2017 Interest rate contracts (Loss) gain on derivative financial instruments ​ $ (10,516) ​ $ (1,593) ​ $ (5,165) Interest rate swap guarantees ​ (Loss) gain on derivative financial instruments ​ ​ (3,350) ​ ​ (114) ​ ​ — Foreign exchange contracts (Loss) gain on derivative financial instruments ​ 8,801 ​ 36,040 ​ (65,645) Credit index instruments (Loss) gain on derivative financial instruments ​ (1,245) ​ 270 ​ (1,722) ​ ​ ​ ​ $ (6,310) ​ $ 34,603 ​ $ (72,532) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain ​ ​ ​ ​ ​ Gain ​ Reclassified ​ ​ ​ ​ ​ ​ Recognized ​ from AOCI ​ Gain Recognized ​ ​ Derivatives Designated as Hedging Instruments ​ in OCI ​ into Income ​ in Income ​ Location of Gain For the Year Ended December 31, ​ (effective portion) ​ (effective portion) ​ (ineffective portion) ​ Recognized in Income 2019 ​ $ — ​ $ — ​ $ — Interest expense 2018 ​ $ 8 ​ $ 33 ​ $ — Interest expense 2017 ​ $ 54 ​ $ 3 ​ $ — Interest expense ​

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	12 Months Ended
	Dec. 31, 2019
Offsetting Assets and Liabilities
Offsetting Assets and Liabilities	14. Offsetting Assets and Liabilitie s 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 December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ 28,943 ​ $ — ​ $ 28,943 ​ $ 5,312 ​ $ 14,208 ​ $ 9,423 Derivative liabilities ​ $ 8,740 ​ $ — ​ $ 8,740 ​ $ 5,312 ​ $ 292 ​ $ 3,136 Repurchase agreements ​ 4,609,457 ​ — ​ 4,609,457 ​ 4,609,457 ​ — ​ — ​ ​ $ 4,618,197 ​ $ — ​ $ 4,618,197 ​ $ 4,614,769 ​ $ 292 ​ $ 3,136 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	12 Months Ended
	Dec. 31, 2019
Variable Interest Entities
Variable Interest Entities	​ ​ 15. Variable Interest Entitie s 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 year ended December 31, 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 ​ ​ December 31, 2019 Assets: ​ ​ ​ Loans held-for-investment ​ $ 1,073,504 Accrued interest receivable ​ 3,129 Other assets ​ ​ 26,496 Total Assets ​ $ 1,103,129 Liabilities ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 1,362 Collateralized loan obligations, net ​ 928,060 Total Liabilities ​ $ 929,422 ​ 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. 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 total assets of $684.1 million and liabilities of $444.4 million as of December 31, 2019. ​ In December 2019, we entered into a newly-formed joint venture (the “CMBS JV”) within our Investing and Servicing Segment, which is considered a VIE because the third party interest holder does not carry kick-out rights or substantive participating rights. We hold a 51 % ownership interest and are deemed the primary beneficiary of the CMBS JV. This VIE had total assets of $347.2 million and liabilities of $0.4 million as of December 31, 2019. Refer to Note 17 for further discussion. ​ In total, our other consolidated non-securitization VIEs had total assets of $1.1 billion and liabilities of $491.8 million as of December 31, 2019. ​ VIEs in which we are not the Primary Beneficiary In certain instances, we hold a variable interest in a VIE in the form of CMBS, but either (i) we are not appointed, or do not serve as, special servicer or servicing administrator or (ii) an unrelated third party has the rights to unilaterally remove us as special servicer without cause. In these instances, we do not have the power to direct activities that most significantly impact the VIE’s economic performance. In other cases, the variable interest we hold does not obligate us to absorb losses or provide us with the right to receive benefits from the VIE which could potentially be significant. For these structures, we are not deemed to be the primary beneficiary of the VIE, and we do not consolidate these VIEs. As of December 31, 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 December 31, 2019, none of these CDO structures were consolidated. ​ As noted above, we are not obligated to provide, nor have we provided, any financial support for any of our securitization VIEs, whether or not we are deemed to be the primary beneficiary. As such, the risk associated with our involvement in these VIEs is limited to the carrying value of our investment in the entity. As of December 31, 2019, our maximum risk of loss related to securitization VIEs in which we were not the primary beneficiary was $37.4 million on a fair value basis. As of December 31, 2019, the securitization VIEs which we do not consolidate had debt obligations to beneficial interest holders with unpaid principal balances, excluding the notional value of interest-only securities, of $6.1 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. We are not the primary beneficiaries of these VIEs as we do not possess the power to direct the activities of the VIEs that most significantly impact their economic performance and therefore report our interests, which totaled $21.2 million as of December 31, 2019, within investment in unconsolidated entities on our consolidated balance sheet. Our maximum risk of loss is limited to our carrying value of the investments.

Related-Party Transactions

Related-Party Transactions	12 Months Ended
	Dec. 31, 2019
Related-Party Transactions
Related-Party Transactions	​ ​ 16. 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. In February 2018, our board of directors authorized an amendment to our Management Agreement to adjust the calculation of the base management fee and incentive fee to treat equity securities of subsidiaries issued in exchange for properties as issued common stock, effective December 28, 2017 (the “Amendment”). The terms of the Amendment are reflected in the below descriptions of the base management fee and incentive fee calculations. Base Management Fee For the years ended December 31, 2019, 2018 and 2017, approximately $77.0 million, $73.2 million and $67.8 million, respectively, was incurred for base management fees. As of December 31, 2019 and 2018, there were $19.3 million and $19.2 million, respectively, of unpaid base management fees included in related-party payable in our consolidated balance sheets. Incentive Fee . Our Manager is entitled to be paid the incentive fee described below with respect to each calendar quarter if (1) our Core Earnings (as defined below) for the previous 12-month period exceeds an 8% threshold, and (2) our Core Earnings for the 12 most recently completed calendar quarters is greater than zero. The incentive fee is calculated as follows: an amount, not less than zero, equal to the difference between (1) the product of (x) 20% and (y) the difference between (i) our Core Earnings for the previous 12-month three One Core Earnings is a non-GAAP financial measure. We calculate Core Earnings as GAAP net income (loss) excluding non-cash equity compensation expense, the incentive fee, depreciation and amortization of real estate and associated intangibles, acquisition costs associated with successful acquisitions, any unrealized gains, losses or other non-cash items recorded in net income for the period, regardless of whether such items are included in OCI, or in net income and, to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties. The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by our Manager and approved by a majority of our independent directors. For the years ended December 31, 2019, 2018 and 2017, approximately $20.2 million, $41.4 million and $42.1 million, respectively, was incurred for incentive fees. As of December 31, 2019 and 2018, there were $18.1 million and $21.8 million, respectively, of unpaid incentive fees included in related-party payable in our consolidated balance sheets. ​ Expense Reimbursement. We are required to reimburse our Manager for operating expenses incurred by our Manager on our behalf. In addition, pursuant to the terms of the Management Agreement, we are required to reimburse our Manager for the cost of legal, tax, consulting, accounting and other similar services rendered for us by our Manager’s personnel provided that such costs are no greater than those that would be payable if the services were provided by an independent third party. The expense reimbursement is not subject to any dollar limitations but is subject to review by our independent directors. For the years ended December 31, 2019, 2018 and 2017, approximately $7.7 million, $7.7 million and $6.4 million, respectively, was incurred for executive compensation and other reimbursable expenses and recognized within general and administrative expenses in our consolidated statements of operations. As of December 31, 2019 and 2018, there were $3.5 million and $3.0 million, respectively, of unpaid reimbursable executive compensation and other expenses included in related-party payable in our consolidated balance sheets. Equity Awards. In certain instances, we issue RSAs to certain employees of affiliates of our Manager who perform services for us. During the years ended December 31, 2019, 2018 and 2017, we granted ​ Payments to Manager Employees. Termination Fee. We can terminate the Management Agreement without cause, as defined in the Management Agreement, with an affirmative two-thirds vote by our independent directors and 180 days written notice to our Manager. Upon termination without cause, our Manager is due a termination fee equal to three times the sum of the average annual base management fee and incentive fee earned by our Manager over the preceding eight calendar quarters. No termination fee is payable if our Manager is terminated for cause, as defined in the Management Agreement, which can be done at any time with 30 days written notice from our board of directors. 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 recognized share-based compensation expense of $20.2 million, $12.6 million and $10.4 million within management fees in our consolidated statements of operations for the years ended December 31, 2019, 2018 and 2017, respectively. Refer to Note 17 for further discussion of these grants. Investments in Loans and Securities ​ In November 2019, the Company and SEREF, an affiliate of our Manager, each originated €39.0 million of a €192.0 million first mortgage and subordinated loan. The loan was to a third party borrower for the acquisition of an office portfolio located in Spain. The loan matures in November 2023. In December 2019, we sold the first mortgage of million. ​ 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 f irst priority infrastructure term loan. 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 years ended December 31, 2019 and 2018, the Company acquired $353.0 million and $135.6 million, respectively, of loans from a residential mortgage originator in which it holds an equity interest. Also in September 2019 and October 2019, the Company amended a $2.0 million subordinated loan to this residential mortgage originator, which was entered into in June 2018, to extend the maturity from September 2019 to September 2020 and increase the total commitment to $4.5 million. Refer to Note 8 for further discussion. ​ In December 2018, the Company co-originated a £62.5 million mezzanine loan for the development of a residential and hotel property located in Central London with SEREF, an affiliate of our Manager. We originated £21.3 million of the loan and SEREF originated £41.2 million. The loan matures in December 2021. ​ In June 2018, a subordinate CMBS investment in a securitization issued by an affiliate of our Manager was paid off in full. We acquired the security, which was secured by five regional malls in Ohio, California and Washington, for $84.1 million in December 2013. In January 2016, we acquired an additional $9.7 million of this subordinate CMBS investment. In March 2018, the Company acquired a €55.0 million newly-originated loan participation from SEREF, which is secured by a luxury resort in Estepona, Spain. The loan matures in March 2023. In February 2018, a GBP denominated first mortgage loan that we had co-originated with SEREF in November 2013, which was secured by Centre Point, an iconic tower located in Central London, England, was repaid in full. In January 2018, the Company acquired a $130.0 million first mortgage participation from an unaffiliated third party. The loan is secured by four U.S. power plants that each have long-term power purchase agreements with investment grade counterparties. The borrower is an affiliate of our Manager. In August 2017, we originated a $339.2 million first mortgage and mezzanine loan for the acquisition of an office campus located in Irvine, California. An affiliate of our Manager has a non-controlling equity interest in the borrower. ​ ​ In June 2016, we co-originated a £75.0 million first mortgage for the development of a three-property mixed use portfolio located in Greater London with SEREF, an affiliate of our Manager. We originated £60.0 million of the loan and SEREF originated £15.0 million. In June 2017, we amended the first mortgage to reduce the total commitment to £69.3 million, of which our share was £55.4 million. In October 2018, we amended the first mortgage to increase the total commitment to £77.0 million, of which our share is £61.6 million, and remove one of the properties from the collateral pool. The loan matures in February 2020. ​ In May 2017, our conduit business acquired certain commercial real estate loans from an unaffiliated third party for an aggregate purchase price of $50.0 million. The underlying borrowers are affiliates of our Manager. Subsequently during the year ended December 31, 2017, the loans were sold. ​ In March 2015, we purchased a subordinate single-borrower CMBS from a third party for $58.6 million which is secured by 85 U.S. hotel properties. The borrower is an affiliate of Starwood Distressed Opportunity Fund IX (“Fund IX”), an affiliate of our Manager. The subordinate single-borrower CMBS was fully repaid in March 2017. ​ In July 2014, we announced the co-origination of a £101.75 million first mortgage loan for the development of a 46-story residential tower and 18-story housing development containing a total of 366 private residential and affordable housing units located in London. We originated £86.75 million of the loan, and private funds managed by an affiliate of our Manager provided £15.0 million. The first mortgage loan was paid off in full in March 2017. In April 2013, we purchased two B-Notes for $146.7 million from entities substantially all of whose equity was owned by an affiliate of our Manager. The B-Notes are secured by two Class A office buildings located in Austin, Texas. On May 17, 2013, we sold senior participation interests in the B-Notes to a third party, generating $95.0 million in aggregate proceeds. We retained the subordinated interests. In October 2015, we sold one of the subordinated interests in the B-Notes to a third party, generating $29.2 million in aggregate proceeds. The remaining subordinated interest was paid off in full in April 2017. In December 2012, we acquired 9,140,000 ordinary shares in SEREF, a debt fund that is externally managed by an affiliate of our Manager and is listed on the London Stock Exchange, for approximately $14.7 million, which equated to approximately 4% ownership of SEREF. As of December 31, 2019, our shares represent an approximate 2% interest in SEREF. Refer to Note 6 for additional details. Investment in Unconsolidated Entities ​ In October 2014, we committed $150 million for a 33% equity interest in four regional shopping malls (the “Retail Fund”). In August 2017, we funded the remaining $15.5 million capital commitment associated with this investment. During the years ended December 31, 2019, 2018 and 2017, we recognized a loss of $114.4 million, earnings of $3.7 million and a loss of $27.7 million, respectively, and received distributions of $2.1 million during the year ended December 31, 2017. During the period included in our year ended December 31, 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. In addition, we provided an impairment charge of million against the remainder of the investment based on our estimate of the fair value of the underlying retail assets as of December 31, 2019. Refer to Note 8 for further detail. The Retail Fund was established for the purpose of acquiring and operating four leading regional shopping malls located in Florida, Michigan, North Carolina and Virginia. All leasing services and asset management functions for the properties are conducted by an affiliate of our Manager which specializes in redeveloping, managing and repositioning retail real estate assets. In addition, another affiliate of our Manager serves as general partner of the Retail Fund. ​ In April 2013, in connection with our acquisition of LNR, we acquired 50% of a joint venture which owns equity in an online real estate company. An affiliate of ours, Fund IX, owns the remaining 50% of the venture. ​ 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 consolidated statements of cash flows. During the years ended December 31, 2019, 2018 and 2017, we acquired million, respectively. Refer to Note 3 for further discussion of these acquisitions. ​ Other Related-Party Arrangements During the year ended December 31, 2016, we established a co-investment fund which provides key personnel with the opportunity to invest in certain properties included in our REIS Equity Portfolio. These personnel include certain of our employees as well as employees of affiliates of our Manager (collectively, “Fund Participants”). The fund carries an aggregate commitment of equity interest in certain REIS Equity Portfolio properties acquired subsequent to January 1, 2015. As of December 31, 2019, Fund Participants have funded additional funding of the commitment. The capital contributed by Fund Participants is reflected on our consolidated balance sheets as non-controlling interests in consolidated subsidiaries. In an effort to retain key personnel, the fund provides for disproportionate distributions which allows Fund Participants to earn an incremental preferred return to us as general partner of the fund. Amounts earned by Fund Participants pursuant to this waterfall are reflected within net income attributable to non-controlling interests in our consolidated statements of operations. During the years ended December 31, 2019, 2018 and 2017, the non-controlling interests related to this fund received cash distributions of ​ During the years ended December 31, 2019 and 2018, we engaged Highmark Residential (“Highmark”) (formerly known as Milestone Management), an affiliate of our Manager, to provide property management services for 11 and ten properties within our Woodstar I Portfolio, respectively, 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 years ended December 31, 2019 and 2018, property management fees paid to Highmark were $1.6 million and $0.1 million, respectively. ​

Stockholders' Equity and Non-Co

Stockholders' Equity and Non-Controlling Interests	12 Months Ended
	Dec. 31, 2019
Stockholders' Equity and Non-Controlling Interests
Stockholders' Equity and Non-Controlling Interests	17. Stockholders’ Equit y and Non-Controlling Interests The Company’s authorized capital stock consists of 100,000,000 shares of preferred stock, $0.01 par value per share, and 500,000,000 shares of common stock, $0.01 par value per share. In May 2014, we established the Starwood Property Trust, Inc. Dividend Reinvestment and Direct Stock Purchase Plan (the “DRIP Plan”), which provides stockholders with a means of purchasing additional shares of our common stock by reinvesting the cash dividends paid on our common stock and by making additional optional cash purchases. Shares of our common stock purchased under the DRIP Plan will either be issued directly by the Company or purchased in the open market by the plan administrator. The Company may issue up to 11.0 million shares of common stock under the DRIP Plan. During the years ended December 31, 2019, 2018 and 2017, shares issued under the DRIP Plan were not material. In May 2014, we entered into an amended and restated At-The-Market Equity Offering Sales Agreement (the “ATM Agreement”) with Merrill Lynch, Pierce, Fenner & Smith Incorporated to sell shares of the Company’s common stock of up to $500.0 million from time to time, through an “at the market” equity offering program. Sales of shares under the ATM Agreement are made by means of ordinary brokers’ transactions on the NYSE or otherwise at market prices prevailing at the time of sale or at negotiated prices. During the years ended December 31, 2019, 2018 and 2017, there were no shares issued under the ATM Agreement. ​ In September 2014, our board of directors authorized and announced the repurchase of up to $250 million of our outstanding common stock over a period of one year. Subsequent amendments to the repurchase program approved by our board of directors in December 2014, June 2015, January 2016 and February 2017 resulted in the program being (i) amended to increase maximum repurchases to $500.0 million, (ii) expanded to allow for the repurchase of our outstanding Convertible Notes under the program and (iii) extended through January 2019. Purchases made pursuant to the program were made in either the open market or in privately negotiated transactions from time to time as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchases were discretionary and subject to economic and market conditions, stock price, applicable legal requirements and other factors. There were Convertible Note or common stock repurchases under the repurchase program during the years ended December 31, 2019 and 2017. During the year ended December 31, 2018, we repurchased During the years ended December 31, 2019 and 2018, we issued 3.6 million shares and 12.4 million shares, respectively, in connection with the settlement of $78.0 million and $263.4 million, respectively, of our 2019 Notes. Refer to Note 11 for further discussion. ​ Our board of directors declared the following dividends during the years ended December 31 2019, 2018 and 2017: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration Date Record Date Ex-Dividend Date Payment Date Amount Frequency 11/8/19 ​ 12/31/19 ​ 12/30/19 ​ 1/15/20 ​ $ 0.48 ​ Quarterly ​ 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 ​ 11/9/18 ​ 12/31/18 12/28/18 ​ 1/15/19 ​ ​ 0.48 Quarterly ​ 8/8/18 ​ 9/28/18 ​ 9/27/18 ​ 10/15/18 ​ ​ 0.48 ​ Quarterly ​ 5/4/18 ​ 6/29/18 ​ 6/28/18 ​ 7/13/18 ​ ​ 0.48 ​ Quarterly ​ 2/28/18 3/30/18 3/28/18 ​ 4/13/18 ​ ​ 0.48 Quarterly ​ 11/8/17 ​ 12/29/17 12/28/17 ​ 1/12/18 ​ ​ 0.48 Quarterly ​ 8/9/17 9/29/17 9/28/17 ​ 10/13/17 ​ ​ 0.48 Quarterly ​ 5/9/17 6/30/17 6/28/17 ​ 7/14/17 ​ ​ 0.48 Quarterly ​ 2/23/17 3/31/17 3/29/17 ​ 4/14/17 ​ ​ 0.48 Quarterly ​ ​ 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”). As of December 31, 2019, 7,498,820 share awards were available to be issued under either the 2017 Manager Equity Plan or the 2017 Equity Plan, determined on a combined basis. ​ To date, we have only granted RSAs and RSUs under the equity incentive plans. The holders of awards of RSAs or RSUs are entitled to receive dividends or “distribution equivalents” beginning on either the award’s grant date or vest date, depending on the terms of the award. ​ The table below summarizes our share awards granted or vested under the Manager Equity Plan and the 2017 Manager Equity Plan during the years ended December 31, 2019, 2018 and 2017 (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 ​ January 2014 ​ RSU ​ 489,281 ​ ​ 14,776 ​ 3 years ​ January 2014 ​ RSU ​ 2,000,000 ​ ​ 55,420 ​ 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. ​ During the years ended December 31, 2019, 2018 and 2017, we granted 520,236, 851,170 and 742,516 RSAs, respectively, under the Equity Plan and the 2017 Equity Plan to a select group of eligible participants which includes our employees, directors and employees of our Manager who perform services for us. The awards were granted based on the market price of the Company’s common stock on the respective grant date and generally vest over a three-year period. Expenses related to the vesting of these awards are reflected in general and administrative expenses in our consolidated statements of operations. No RSUs were granted under the Equity Plan and the 2017 Equity Plan during the years ended December 31, 2019, 2018 and 2017. ​ The following shares of common stock were issued, without restriction, to our Manager as part of the incentive compensation due under the Management Agreement during the years ended December 31, 2019, 2018 and 2017: ​ ​ ​ ​ ​ ​ ​ ​ Timing of Issuance ​ Shares of Common Stock Issued ​ Price per share November 2019 ​ 38,942 ​ $ 24.08 ​ March 2019 ​ 495,363 ​ ​ 22.16 ​ November 2018 ​ 98,026 ​ ​ 21.94 ​ August 2018 ​ 131,179 ​ ​ 21.67 ​ May 2018 ​ 224,071 ​ ​ 21.49 ​ March 2018 ​ 545,641 ​ ​ 20.13 ​ November 2017 ​ 239,757 ​ ​ 21.64 ​ August 2017 ​ 98,061 ​ ​ 22.10 ​ May 2017 ​ 123,478 ​ ​ 21.83 ​ February 2017 ​ 418,016 ​ ​ 22.84 ​ ​ ​ The following table summarizes our share-based compensation expenses during the years ended December 31, 2019, 2018 and 2017 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2019 ​ 2018 ​ 2017 Management fees: ​ ​ ​ Manager incentive fee ​ $ 10,082 ​ $ 20,700 ​ $ 21,072 2017 Manager Equity Plan (1) ​ 20,255 ​ 12,573 ​ 10,423 ​ ​ 30,337 ​ 33,273 ​ 31,495 General and administrative: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2017 Equity Plan (1) ​ 15,900 ​ 10,185 ​ 7,728 ​ ​ 15,900 ​ 10,185 ​ 7,728 Total share-based compensation expense (2) ​ $ 46,237 ​ $ 43,458 ​ $ 39,223 (1) (2) ​ ​ Schedule of Non-Vested Shares and Share Equivalents (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (518,298) ​ (892,323) (1,410,621) ​ 22.20 Forfeited (25,213) ​ — (25,213) ​ 21.84 Balance as of December 31, 2019 1,413,170 1,305,597 2,718,767 ​ 22.74 (1) Equity-based award activity for awards granted under the Equity Plan and Non-Executive Director Stock Plan is reflected within the 2017 Equity Plan column, and for awards granted under the Manager Equity Plan, within the 2017 Manager Equity Plan column. ​ The weighted average grant date fair value per share of grants during the years ended December 31, 2019, 2018 and 2017 was $24.01, $21.20 and $22.20, respectively. Vesting Schedule ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2017 Equity ​ 2017 Manager ​ ​ ​ ​ Plan ​ Equity Plan ​ Total 2020 799,039 668,701 1,467,740 2021 440,173 391,619 831,792 2022 173,958 245,277 419,235 Total 1,413,170 1,305,597 2,718,767 ​ As of December 31, 2019, there was approximately $49.3 million of total unrecognized compensation costs related to unvested share-based compensation arrangements which are expected to be recognized over a weighted average period of 2.0 years. The total fair value of shares vested during the years ended December 31, 2019, 2018 and 2017 were $33.2 million, $18.3 million and $18.3 million, respectively, as of the respective vesting dates. Non-Controlling Interests in Consolidated Subsidiaries As discussed in Note 3, in connection with our Woodstar II Portfolio acquisitions, we issued 10.2 million Class A Units in SPT Dolphin and rights to receive an additional 1.9 million Class A Units if certain contingent events occur. During the years ended December 31, 2019 and 2018, we issued 0.1 million and 1.7 million, respectively, of the total 1.9 million contingent Class A Units to the Contributors. The Class A Units are redeemable for consideration equal to the current share price of the Company’s common stock on a one -for-one basis, with the consideration paid in either cash or the Company’s common stock, at the determination of the Company. During the year ended December 31, 2019, redemptions of Class A Units were redeemed during the year ended December 31, 2018. In consolidation, the outstanding Class A Units are reflected as non-controlling interests in consolidated subsidiaries on our consolidated balance sheets, the balance of which was $235.9 million and $254.9 million as of December 31, 2019 and 2018, respectively. 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 consolidated statements of operations. During the years ended December 31, 2019 and 2018, we recognized net income attributable to non-controlling interests of ​ As discussed in Note 15, we entered into the CMBS JV within our Investing and Servicing Segment in December 2019. In connection with the formation of this venture, we sold assets totaling million of related interest receivables. We obtained a million of joint venture interests that we contributed into the CMBS JV relate to joint ventures which we consolidate. The CMBS within these ventures carried a fair value of ​ Because the CMBS JV was deemed a VIE for which we were the primary beneficiary (see Note 15), this transaction was not recognized as a sale for GAAP purposes. Instead, the 49% interest of our joint venture partner is reflected as a non-controlling interest in consolidated subsidiaries on our consolidated balance sheet, and any net income attributable to this 49% joint venture interest will be reflected within net income attributable to non-controlling interests in our consolidated statement of operations. The non-controlling interests in CMBS JV was million as of December 31, 2019. During the year ended December 31, 2019, net income attributable to non-controlling interests was immaterial. In March 2018, we acquired the non-controlling interest held by a third party in one of our consolidated REIS Equity Portfolio properties, which was carried at $0.3 million, for $3.3 million. The excess of the consideration paid to acquire the non-controlling interest over the carrying value of the non-controlling interest was recorded as a reduction of stockholders’ equity in March 2018.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2019
Earnings per Share
Earnings per Share	​ ​ 18. Earnings per Shar e ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2019 2018 ​ 2017 Basic Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ Income attributable to STWD common stockholders ​ $ 509,664 ​ $ 385,830 ​ $ 400,770 Less: Income attributable to participating shares not already deducted as non-controlling interests ​ (3,873) ​ (3,592) ​ (3,183) Basic earnings ​ $ 505,791 ​ $ 382,238 ​ $ 397,587 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ Income attributable to STWD common stockholders ​ $ 509,664 ​ $ 385,830 ​ $ 400,770 Less: Income attributable to participating shares not already deducted as non-controlling interests ​ (3,873) ​ (3,592) ​ (3,183) Add: Interest expense on Convertible Notes (1) ​ ​ 12,354 ​ ​ 25,148 ​ ​ — Add: Loss on extinguishment of Convertible Notes (1) ​ ​ — ​ ​ 2,099 ​ ​ — Diluted earnings ​ $ 518,145 ​ $ 409,485 ​ $ 397,587 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic — Average shares outstanding ​ 279,337 ​ 265,279 ​ 259,620 Effect of dilutive securities — Convertible Notes (1) ​ 9,805 ​ 22,659 ​ 1,899 Effect of dilutive securities — Contingently issuable shares ​ 360 ​ 546 ​ 508 Effect of dilutive securities — Unvested non-participating shares ​ ​ 210 ​ ​ — ​ ​ 52 Diluted — Average shares outstanding ​ 289,712 ​ 288,484 ​ 262,079 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings Per Share Attributable to STWD Common Stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 1.81 ​ $ 1.44 ​ $ 1.53 Diluted ​ $ 1.79 ​ $ 1.42 ​ $ 1.52 (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 years ended December 31, 2019 and 2018 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 11 for further discussion. ​ ​ As of December 31, 2019, 2018 and 2017, participating shares of 13.3 million, 13.8 million and 4.2 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 December 31, 2019 and 2018 include 11.0 million and 11.9 million potential shares, respectively, of our common stock issuable upon redemption of the Class A Units in SPT Dolphin, as discussed in Note 17.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2019
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income	19. Accumulated Other Comprehensive Incom e 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 Balance at January 1, 2017 ​ $ (26) ​ $ 44,929 ​ $ (8,765) ​ $ 36,138 OCI before reclassifications ​ 54 ​ 13,055 ​ 20,775 ​ ​ 33,884 Amounts reclassified from AOCI ​ (3) ​ (95) ​ — ​ ​ (98) Net period OCI ​ 51 ​ 12,960 ​ 20,775 ​ 33,786 Balance at December 31, 2017 ​ ​ 25 ​ ​ 57,889 ​ ​ 12,010 ​ ​ 69,924 OCI before reclassifications ​ 8 ​ (1,390) ​ (6,865) ​ (8,247) Amounts reclassified from AOCI ​ (33) ​ (2,984) ​ — ​ (3,017) Net period OCI ​ (25) ​ ​ (4,374) ​ ​ (6,865) ​ ​ (11,264) Balance at December 31, 2018 ​ ​ — ​ ​ 53,515 ​ ​ 5,145 ​ ​ 58,660 OCI before reclassifications ​ — ​ (2,460) ​ (3,665) ​ (6,125) Amounts reclassified from AOCI ​ — ​ (59) ​ (1,544) ​ (1,603) Net period OCI ​ — ​ (2,519) ​ (5,209) ​ (7,728) Balance at December 31, 2019 ​ $ — ​ $ 50,996 ​ $ (64) ​ $ 50,932 ​ The reclassifications out of AOCI impacted the consolidated statements of operations for the years ended December 31, 2019, 2018 and 2017 as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts Reclassified from ​ ​ ​ ​ AOCI during the Year ​ Affected Line Item ​ ​ Ended December 31, ​ in the Statements Details about AOCI Components 2019 2018 2017 of Operations Gain (loss) on cash flow hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts ​ $ — ​ $ 33 ​ $ 3 ​ Interest expense Unrealized gains on available-for-sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest realized upon collection ​ ​ 59 ​ ​ 46 ​ ​ 95 ​ Interest income from investment securities Net realized gain on sale of investment ​ ​ — ​ ​ 2,938 ​ ​ — ​ Gain on sale of investments and other assets, net Total ​ ​ 59 ​ ​ 2,984 ​ ​ 95 ​ ​ Foreign currency translation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency gain from sale of Ireland Portfolio ​ ​ 1,544 ​ ​ — ​ ​ — ​ Gain on sale of investments and other assets, net Total reclassifications for the period ​ $ 1,603 ​ $ 3,017 ​ $ 98 ​ ​

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2019
Fair Value
Fair Value	​ ​ 20. Fair Valu e 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 Unobservable Inputs Fair Value on a Recurring Basis Loans held-for-sale, commercial 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 CMBS Equity security Domestic servicing rights ​ Derivatives 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 December 31, 2019 and 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 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 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 consolidated balance sheets by their level in the fair value hierarchy as of December 31, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ Total Level I Level II Level III Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans under fair value option ​ $ 1,436,194 ​ $ — ​ $ — ​ $ 1,436,194 RMBS ​ 189,576 ​ — ​ — ​ 189,576 CMBS ​ 37,360 ​ — ​ 12,352 ​ 25,008 Equity security ​ 12,664 ​ 12,664 ​ — ​ — Domestic servicing rights ​ 16,917 ​ — ​ — ​ 16,917 Derivative assets ​ 28,943 ​ — ​ 28,943 ​ — VIE assets ​ 62,187,175 ​ — ​ ​ ​ 62,187,175 Total ​ $ 63,908,829 ​ $ 12,664 ​ $ 41,295 ​ $ 63,854,870 Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 8,740 ​ $ — ​ $ 8,740 ​ $ — VIE liabilities ​ 60,743,494 ​ — ​ 58,206,102 ​ 2,537,392 Total ​ $ 60,752,234 ​ $ — ​ $ 58,214,842 ​ $ 2,537,392 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 years ended December 31, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans at ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ ​ ​ 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 ​ 40,217 ​ 3,527 ​ 2,568 ​ (10,202) ​ (5,835,225) ​ 1,022,887 ​ (4,776,228) Net accretion ​ — ​ 10,932 ​ — ​ — ​ — ​ — ​ 10,932 Included in OCI ​ — ​ (4,374) ​ — ​ — ​ — ​ — ​ (4,374) Purchases / Originations ​ 2,276,788 ​ — ​ 3,621 ​ — ​ — ​ — ​ 2,280,409 Sales ​ (2,051,634) ​ (13,264) ​ (3,163) ​ — ​ — ​ — ​ (2,068,061) Issuances ​ — ​ — ​ — ​ — ​ — ​ (102,474) ​ (102,474) Cash repayments / receipts ​ (144,322) ​ (34,763) ​ (23,520) ​ — ​ — ​ (89,747) ​ (292,352) Transfers into Level III ​ — ​ — ​ 16,845 ​ — ​ — ​ (1,043,920) ​ (1,027,075) Transfers out of Level III ​ (195,510) ​ — ​ — ​ — ​ — ​ 922,985 ​ 727,475 Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 9,885,200 ​ (212,257) ​ 9,672,943 Deconsolidation of VIEs ​ — ​ — ​ 4,686 ​ — ​ (1,649,485) ​ 250,017 ​ (1,394,782) December 31, 2018 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 ​ 71,337 ​ — ​ 505 ​ (3,640) ​ (1,250,935) ​ 47,308 ​ (1,135,425) OTTI ​ — ​ — ​ — ​ — ​ — ​ — ​ — Net accretion ​ — ​ 9,945 ​ — ​ — ​ — ​ — ​ 9,945 Included in OCI ​ — ​ (2,519) ​ — ​ — ​ — ​ — ​ (2,519) Purchases / Originations ​ 4,015,167 ​ — ​ 5,165 ​ — ​ — ​ — ​ 4,020,332 Sales ​ (2,951,713) ​ — ​ (7,326) ​ — ​ — ​ — ​ (2,959,039) Issuances ​ — ​ — ​ — ​ — ​ — ​ (116,273) ​ (116,273) Cash repayments / receipts ​ (144,066) ​ (26,929) ​ (11,348) ​ — ​ — ​ (16,093) ​ (198,436) Transfers into Level III ​ — ​ — ​ 5,350 ​ — ​ — ​ (1,728,562) ​ (1,723,212) Transfers out of Level III ​ (225,813) ​ — ​ — ​ — ​ — ​ 991,378 ​ 765,565 Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 10,368,817 ​ (311,748) ​ 10,057,069 Deconsolidation of VIEs ​ — ​ — ​ 7,434 ​ — ​ (377,071) ​ 38,044 ​ (331,593) December 31, 2019 balance ​ $ 1,436,194 ​ $ 189,576 ​ $ 25,008 ​ $ 16,917 ​ $ 62,187,175 ​ $ (2,537,392) ​ $ 61,317,478 Amount of total (losses) gains included in earnings attributable to assets still held at: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ $ (3,753) ​ ​ 10,398 ​ ​ (352) ​ ​ (10,202) ​ ​ (5,835,225) ​ ​ 1,022,887 ​ $ (4,816,247) December 31, 2019 ​ ​ (4,459) ​ ​ 9,858 ​ ​ (666) ​ ​ (3,640) ​ ​ (1,250,935) ​ ​ 47,308 ​ ​ (1,202,534) ​ ​ ​ 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 consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ December 31, 2018 ​ Carrying Fair Carrying Fair ​ ​ Value ​ Value ​ Value ​ Value Financial assets not carried at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held-for-investment, loans held-for-sale and loans transferred as secured borrowings ​ $ 10,034,030 ​ $ 10,086,372 ​ $ 9,122,972 ​ $ 9,178,709 HTM debt securities ​ 570,638 ​ 568,727 ​ 644,149 ​ 643,948 Financial liabilities not carried at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured financing agreements, CLO and secured borrowings on transferred loans ​ $ 9,834,108 ​ $ 9,826,511 ​ $ 8,757,804 ​ $ 8,662,548 Unsecured senior notes ​ 1,928,622 ​ 2,022,283 ​ 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) ​ December 31, 2019 Technique Input December 31, 2019 December 31, 2018 Loans under fair value option ​ $ 1,436,194 ​ Discounted cash flow ​ Yield (b) ​ 3.4% - 5.9% ​ 4.6% - 6.1% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 1.3 - 11.3 years ​ 2.5 - 14.4 years RMBS ​ 189,576 ​ Discounted cash flow ​ Constant prepayment rate (a) ​ 3.1% - 24.9% ​ 3.2% - 25.2% ​ ​ ​ ​ ​ ​ ​ Constant default rate (b) ​ 0.5% - 5.0% ​ 1.1% - 5.5% ​ ​ ​ ​ ​ ​ ​ Loss severity (b) ​ 0% - 93% (e) ​ 0% - 73% (e) ​ ​ ​ ​ ​ ​ ​ Delinquency rate (c) ​ 5% - 29% ​ 4% - 31% ​ ​ ​ ​ ​ ​ ​ Servicer advances (a) ​ 27% - 85% ​ 21% - 83% ​ ​ ​ ​ ​ ​ ​ Annual coupon deterioration (b) ​ 0% - 1.6% ​ 0% - 1.4% ​ ​ ​ ​ ​ ​ ​ Putback amount per projected total collateral loss (d) ​ 0% - 28% ​ 0% - 7% CMBS ​ 25,008 ​ Discounted cash flow ​ Yield (b) ​ 0% - 122.9% ​ 0% - 473.5% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 9.7 years ​ 0 - 9.7 years Domestic servicing rights ​ 16,917 ​ Discounted cash flow ​ Debt yield (a) ​ 7.5% ​ 7.75% ​ ​ ​ ​ ​ ​ ​ Discount rate (b) ​ 15% ​ 15% ​ ​ ​ ​ ​ ​ ​ Control migration (b) ​ 0% - 80% ​ 0% - 80% VIE assets ​ 62,187,175 ​ Discounted cash flow ​ Yield (b) ​ 0% - 690.7% ​ 0% - 290.9% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 19.2 years ​ 0 - 20.4 years VIE liabilities ​ (2,537,392) ​ Discounted cash flow ​ Yield (b) ​ 0% - 690.7% ​ 0% - 290.9% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 12.7 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) 34% and 55% of the portfolio falls within a range of 45% - 80% as of December 31, 2019 and 2018, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Taxes
Income Taxes	21. Income Taxe s 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 December 31, 2019 and 2018, approximately $1.6 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. ​ Our income tax provision consisted of the following for the years ended December 31, 2019, 2018 and 2017 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2019 2018 2017 Current ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 4,917 ​ $ 10,508 ​ $ 17,495 State ​ 3,182 ​ 3,010 ​ 3,115 Foreign ​ 977 ​ 293 ​ 8 Total current ​ 9,076 ​ 13,811 ​ 20,618 Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ 3,869 ​ 1,189 ​ 10,815 State ​ 287 ​ 330 ​ 89 Total deferred ​ 4,156 ​ 1,519 ​ 10,904 Total income tax provision ​ $ 13,232 ​ $ 15,330 ​ $ 31,522 ​ On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted which, amongst other corporate and individual tax law changes, lowered the corporate tax rate effective January 1, 2018. The Act reduced our Federal statutory rate from 35% to 21 % effective January 1, 2018. As a result of this tax rate change, we remeasured our deferred tax assets, which resulted in a $10.4 million write-off of a portion of these assets. This charge was recognized within income tax provision in our consolidated statement of operations for the year ended December 31, 2017. ​ Deferred income taxes in our U.S. tax jurisdiction reflect the net tax effects of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table presents the tax effects of temporary differences on net deferred tax assets which are classified in other assets in our consolidated balance sheets (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 ​ 2018 Deferred tax asset, net ​ ​ ​ ​ ​ ​ Reserves and accruals ​ $ 4,017 ​ $ 5,161 Domestic intangible assets ​ 8,185 ​ 14,022 Lease assets ​ (1,950) ​ — Lease liabilities ​ ​ 2,752 ​ ​ — Investment in unconsolidated entities ​ (116) ​ (1,842) Deferred income ​ 19 ​ 134 Net operating and capital loss carryforwards ​ 885 ​ — Other U.S. temporary differences ​ 228 ​ 702 Net deferred tax assets ​ $ 14,020 ​ $ 18,177 ​ ​ Unrecognized tax benefits were not material as of and during the years ended December 31, 2019 and 2018. The Company’s tax returns are no longer subject to audit for years ended prior to January 1, 2016. The Company had pre-tax income from foreign operations of $0.9 million and $1.4 million during the years ended December 31, 2019 and 2018, respectively. The Company had pre-tax loss from foreign operations of $26.6 million during the year ended December 31, 2017. 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 years ended December 31, 2019, 2018 and 2017 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2019 ​ 2018 ​ 2017 Federal statutory tax rate $ 115,535 21.0 % $ 89,571 21.0 % $ 155,501 35.0 % REIT and other non-taxable income ​ ​ (106,301) (19.3) % ​ (77,972) (18.3) % ​ (135,830) ​ (30.6) % State income taxes ​ 3,034 0.5 % ​ 3,038 0.7 % ​ 3,091 ​ 0.7 % Federal benefit of state tax deduction ​ (637) (0.1) % ​ (638) (0.1) % ​ (1,082) ​ (0.2) % Changes in tax law ​ ​ — — % ​ ​ — — % ​ ​ 10,365 ​ 2.3 % Other ​ 1,601 0.3 % ​ 1,331 0.3 % ​ (523) ​ (0.1) % Effective tax rate ​ $ 13,232 ​ 2.4 % ​ $ 15,330 ​ 3.6 % ​ $ 31,522 ​ 7.1 % ​ During the year ended December 31, 2017, we recognized $53.9 million in earnings from unconsolidated entities related to our interest in an investor entity which owns equity in an online real estate company (see Note 8). The income tax effect of these earnings, net of the related Manager incentive fee, was $18.3 million in our consolidated statement of operations for the year ended December 31, 2017. ​ There were no valuation allowances during the years ended December 31, 2019 and 2018. During the year ended December 31, 2017, $5.5 million of a valuation allowance associated with our deferred tax assets was released to the income tax provision.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies.
Commitments and Contingencies	​ ​ 22. Commitments and Contingencie s ​ As of December 31, 2019, our Commercial and Residential Lending Segment had future commercial loan funding commitments totaling $3.2 billion, of which we expect to fund $2.9 billion. These future funding commitments primarily relate to construction projects, capital improvements, tenant improvements and leasing commissions. ​ As of December 31, 2019, our Infrastructure Lending Segment had future infrastructure loan funding commitments totaling $360.6 million, including $145.1 million under revolvers and letters of credit (“LCs”), and $215.5 million under delayed draw term loans. As of December 31, 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 December 31, 2019, we had seven outstanding guarantees on interest rate swaps maturing between March 2022 and June 2025. Refer to Note 13 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 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 Year Ended December 31, ​ 2019 2018 2017 Operating lease costs $ 5,634 $ 4,962 $ 4,699 Short-term lease costs ​ 115 ​ 210 ​ 96 Sublease income ​ (1,613) ​ (1,643) ​ (1,500) Total lease cost ​ $ 4,136 ​ $ 3,529 ​ $ 3,295 ​ ​ Information concerning our operating lease liabilities, which are classified within accounts payable, accrued expenses and other liabilities in our consolidated balance sheet as of December 31, 2019, is as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities—operating $ 5,215 ​ ​ ​ ​ ​ ​ December 31, 2019 Weighted-average remaining lease term 6.0 years Weighted-average discount rate ​ 4.4 % ​ ​ ​ ​ ​ Future maturity of operating lease liabilities: ​ ​ 2020 ​ $ 6,163 2021 ​ ​ 3,480 2022 ​ ​ 1,272 2023 ​ ​ 1,281 2024 ​ ​ 6,206 Thereafter ​ ​ 1,002 Total ​ ​ 19,404 Less interest component ​ ​ (2,316) Operating lease liability ​ $ 17,088 ​

Segment and Geographic Data

Segment and Geographic Data	12 Months Ended
	Dec. 31, 2019
Segment Data and Geographic Data
Segment and Geographic Data	23. Segment and Geographic 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 year ended December 31, 2019 by business segment (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential Infrastructure ​ Investing ​ ​ ​ ​ ​ ​ Lending ​ Lending ​ Property ​ and Servicing ​ ​ ​ ​ ​ Securitization ​ ​ ​ ​ Segment ​ Segment ​ Segment ​ Segment ​ Corporate ​ Subtotal ​ VIEs ​ Total Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income from loans ​ $ 610,316 ​ $ 99,580 ​ $ — ​ $ 14,117 ​ $ — ​ $ 724,013 ​ $ — ​ $ 724,013 Interest income from investment securities ​ 81,255 ​ 6,318 ​ — ​ 117,663 ​ ​ — ​ 205,236 ​ (128,607) ​ 76,629 Servicing fees ​ 423 ​ — ​ — ​ 69,962 ​ ​ — ​ 70,385 ​ (16,089) ​ 54,296 Rental income ​ ​ — ​ ​ — ​ ​ 287,094 ​ ​ 50,872 ​ ​ — ​ ​ 337,966 ​ ​ — ​ ​ 337,966 Other revenues ​ 1,038 ​ 751 ​ 409 ​ 1,317 ​ ​ 26 ​ 3,541 ​ (26) ​ 3,515 Total revenues ​ 693,032 ​ 106,649 ​ 287,503 ​ 253,931 ​ 26 ​ 1,341,141 ​ (144,722) ​ 1,196,419 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 1,495 ​ — ​ — ​ 72 ​ 117,404 ​ 118,971 ​ 161 ​ 119,132 Interest expense ​ 222,118 ​ 62,836 ​ 76,838 ​ 33,621 ​ ​ 113,964 ​ 509,377 ​ (648) ​ 508,729 General and administrative ​ 29,481 ​ 18,260 ​ 6,232 ​ 87,115 ​ ​ 13,681 ​ 154,769 ​ 343 ​ 155,112 Acquisition and investment pursuit costs ​ 1,351 ​ 75 ​ 217 ​ (587) ​ ​ — ​ 1,056 ​ — ​ 1,056 Costs of rental operations ​ ​ 2,691 ​ ​ — ​ ​ 95,370 ​ ​ 24,921 ​ ​ — ​ ​ 122,982 ​ ​ — ​ ​ 122,982 Depreciation and amortization ​ 1,091 ​ 83 ​ 92,561 ​ 19,587 ​ ​ — ​ 113,322 ​ — ​ 113,322 Loan loss provision, net ​ 2,616 ​ 4,510 ​ — ​ — ​ ​ — ​ 7,126 ​ — ​ 7,126 Other expense ​ 307 ​ — ​ 1,693 ​ 365 ​ ​ — ​ 2,365 ​ — ​ 2,365 Total costs and expenses ​ 261,150 ​ 85,764 ​ 272,911 ​ 165,094 ​ ​ 245,049 ​ 1,029,968 ​ (144) ​ 1,029,824 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ — ​ — ​ — ​ — ​ — ​ 236,309 ​ 236,309 Change in fair value of servicing rights ​ — ​ — ​ — ​ (1,468) ​ ​ — ​ (1,468) ​ (2,172) ​ (3,640) Change in fair value of investment securities, net ​ (1,084) ​ — ​ — ​ 89,206 ​ ​ — ​ 88,122 ​ (87,289) ​ 833 Change in fair value of mortgage loans held-for-sale, net ​ 10,462 ​ — ​ — ​ 61,139 ​ ​ — ​ 71,601 ​ — ​ 71,601 Earnings (loss) from unconsolidated entities ​ 10,649 ​ — ​ (114,362) ​ 4,166 ​ ​ — ​ (99,547) ​ (1,807) ​ (101,354) Gain on sale of investments and other assets, net ​ 4,619 ​ 3,041 ​ 119,746 ​ 60,622 ​ ​ — ​ 188,028 ​ — ​ 188,028 (Loss) gain on derivative financial instruments, net ​ (20,325) ​ (3,349) ​ (1,284) ​ (7,414) ​ ​ 26,062 ​ (6,310) ​ — ​ (6,310) Foreign currency gain (loss), net ​ 17,342 ​ 205 ​ 37 ​ (2) ​ ​ — ​ 17,582 ​ — ​ 17,582 Loss on extinguishment of debt ​ ​ (857) ​ ​ (11,357) ​ ​ (4,745) ​ ​ (845) ​ ​ (1,466) ​ ​ (19,270) ​ ​ — ​ ​ (19,270) Other (loss) income, net ​ — ​ (50) ​ (100) ​ 16 ​ ​ (73) ​ (207) ​ — ​ (207) Total other income (loss) ​ 20,806 ​ (11,510) ​ (708) ​ 205,420 ​ ​ 24,523 ​ 238,531 ​ 145,041 ​ 383,572 Income (loss) before income taxes ​ 452,688 ​ 9,375 ​ 13,884 ​ 294,257 ​ ​ (220,500) ​ 549,704 ​ 463 ​ 550,167 Income tax (provision) benefit ​ (4,818) ​ 89 ​ (393) ​ (8,110) ​ ​ — ​ (13,232) ​ — ​ (13,232) Net income (loss) ​ 447,870 ​ 9,464 ​ 13,491 ​ 286,147 ​ ​ (220,500) ​ 536,472 ​ 463 ​ 536,935 Net income attributable to non-controlling interests ​ (392) ​ — ​ (21,630) ​ (4,786) ​ ​ — ​ (26,808) ​ (463) ​ (27,271) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 447,478 ​ $ 9,464 ​ $ (8,139) ​ $ 281,361 ​ $ (220,500) ​ $ 509,664 ​ $ — ​ $ 509,664 ​ The table below presents our results of operations for the year ended 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 Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income from loans ​ $ 576,564 ​ $ 28,995 ​ $ — ​ $ 14,984 ​ $ — ​ $ 620,543 ​ $ — ​ $ 620,543 Interest income from investment securities ​ 50,063 ​ ​ 1,095 ​ — ​ 127,100 ​ ​ — ​ 178,258 ​ (121,419) ​ 56,839 Servicing fees ​ 421 ​ ​ — ​ — ​ 103,866 ​ ​ — ​ 104,287 ​ (25,521) ​ 78,766 Rental income ​ — ​ ​ — ​ ​ 292,453 ​ ​ 57,231 ​ ​ — ​ 349,684 ​ — ​ 349,684 Other revenues ​ 902 ​ ​ 619 ​ 444 ​ 1,299 ​ ​ 360 ​ 3,624 ​ (176) ​ 3,448 Total revenues ​ 627,950 ​ ​ 30,709 ​ 292,897 ​ 304,480 ​ 360 ​ 1,256,396 ​ (147,116) ​ 1,109,280 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 1,838 ​ ​ — ​ — ​ 72 ​ 127,133 ​ 129,043 ​ 412 ​ 129,455 Interest expense ​ 160,769 ​ ​ 20,949 ​ 75,192 ​ 27,459 ​ ​ 124,805 ​ 409,174 ​ (986) ​ 408,188 General and administrative ​ 26,324 ​ ​ 5,631 ​ 7,113 ​ 84,978 ​ ​ 11,747 ​ 135,793 ​ 339 ​ 136,132 Acquisition and investment pursuit costs ​ 2,490 ​ ​ 6,806 ​ (46) ​ (663) ​ ​ — ​ 8,587 ​ — ​ 8,587 Costs of rental operations ​ ​ — ​ ​ — ​ ​ 99,632 ​ ​ 27,436 ​ ​ — ​ 127,068 ​ — ​ 127,068 Depreciation and amortization ​ 76 ​ ​ — ​ 110,684 ​ 21,889 ​ ​ — ​ 132,649 ​ — ​ 132,649 Loan loss provision, net ​ 34,821 ​ ​ — ​ — ​ — ​ ​ — ​ 34,821 ​ — ​ 34,821 Other expense ​ 307 ​ ​ — ​ (27) ​ 452 ​ ​ — ​ 732 ​ — ​ 732 Total costs and expenses ​ 226,625 ​ ​ 33,386 ​ 292,548 ​ 161,623 ​ ​ 263,685 ​ 977,867 ​ (235) ​ 977,632 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ 165,892 ​ 165,892 Change in fair value of servicing rights ​ — ​ ​ — ​ — ​ (14,373) ​ ​ — ​ (14,373) ​ 4,171 ​ (10,202) Change in fair value of investment securities, net ​ (2,765) ​ ​ — ​ — ​ 33,229 ​ ​ — ​ 30,464 ​ (20,119) ​ 10,345 Change in fair value of mortgage loans held-for-sale, net ​ (6,851) ​ ​ — ​ — ​ 47,373 ​ ​ — ​ 40,522 ​ — ​ 40,522 Earnings from unconsolidated entities ​ 5,063 ​ ​ — ​ 3,658 ​ 3,809 ​ ​ — ​ 12,530 ​ (1,990) ​ 10,540 Gain on sale of investments and other assets, net ​ 4,019 ​ ​ — ​ 28,468 ​ 26,557 ​ ​ — ​ 59,044 ​ — ​ 59,044 Gain (loss) on derivative financial instruments, net ​ 17,654 ​ ​ 1,821 ​ 22,756 ​ (298) ​ ​ (7,330) ​ 34,603 ​ — ​ 34,603 Foreign currency loss, net ​ (7,816) ​ ​ (1,425) ​ (2) ​ (2) ​ ​ — ​ (9,245) ​ — ​ (9,245) Loss on extinguishment of debt ​ ​ (730) ​ ​ — ​ ​ (2,661) ​ ​ (318) ​ ​ (2,099) ​ ​ (5,808) ​ ​ — ​ ​ (5,808) Other income (loss), net ​ 43 ​ ​ — ​ 508 ​ (1,363) ​ ​ — ​ (812) ​ — ​ (812) Total other income (loss) ​ 8,617 ​ ​ 396 ​ 52,727 ​ 94,614 ​ ​ (9,429) ​ 146,925 ​ 147,954 ​ 294,879 Income (loss) before income taxes ​ 409,942 ​ ​ (2,281) ​ 53,076 ​ 237,471 ​ ​ (272,754) ​ 425,454 ​ 1,073 ​ 426,527 Income tax provision ​ (2,801) ​ ​ (292) ​ ​ (7,549) ​ (4,688) ​ ​ — ​ (15,330) ​ — ​ (15,330) Net income (loss) ​ 407,141 ​ ​ (2,573) ​ 45,527 ​ 232,783 ​ ​ (272,754) ​ 410,124 ​ 1,073 ​ 411,197 Net income attributable to non-controlling interests ​ (1,451) ​ ​ — ​ (17,623) ​ (5,220) ​ ​ — ​ (24,294) ​ (1,073) ​ (25,367) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 405,690 ​ $ (2,573) ​ $ 27,904 ​ $ 227,563 ​ $ (272,754) ​ $ 385,830 ​ $ — ​ $ 385,830 ​ The table below presents our results of operations for the year ended December 31, 2017 by business segment (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and ​ ​ ​ ​ ​ ​ ​ Residential ​ ​ Investing ​ ​ ​ ​ ​ ​ Lending ​ Property ​ and Servicing ​ ​ ​ ​ ​ Securitization ​ ​ ​ ​ Segment ​ Segment ​ Segment ​ Corporate ​ Subtotal ​ VIEs ​ Total Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income from loans ​ $ 499,806 ​ $ — ​ $ 14,008 ​ $ — ​ $ 513,814 ​ $ — ​ $ 513,814 Interest income from investment securities ​ 46,710 ​ ​ — ​ 134,743 ​ ​ — ​ 181,453 ​ (128,640) ​ 52,813 Servicing fees ​ 711 ​ ​ — ​ 111,158 ​ ​ — ​ 111,869 ​ (50,423) ​ 61,446 Rental income ​ ​ — ​ ​ 198,466 ​ ​ 50,534 ​ ​ — ​ 249,000 ​ — ​ 249,000 Other revenues ​ 686 ​ ​ 645 ​ 1,794 ​ ​ — ​ 3,125 ​ (310) ​ 2,815 Total revenues ​ 547,913 ​ 199,111 ​ 312,237 ​ — ​ 1,059,261 ​ (179,373) ​ 879,888 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 1,933 ​ — ​ 72 ​ 120,387 ​ 122,392 ​ 307 ​ 122,699 Interest expense ​ 107,167 ​ ​ 46,552 ​ 19,840 ​ ​ 123,201 ​ 296,760 ​ (1,094) ​ 295,666 General and administrative ​ 19,981 ​ ​ 4,734 ​ 94,625 ​ ​ 9,911 ​ 129,251 ​ 336 ​ 129,587 Acquisition and investment pursuit costs ​ 3,240 ​ ​ 375 ​ (143) ​ ​ — ​ 3,472 ​ — ​ 3,472 Costs of rental operations ​ ​ — ​ ​ 72,208 ​ ​ 22,050 ​ ​ — ​ ​ 94,258 ​ ​ — ​ ​ 94,258 Depreciation and amortization ​ 66 ​ ​ 73,538 ​ 19,999 ​ ​ — ​ 93,603 ​ — ​ 93,603 Loan loss provision, net ​ (5,458) ​ ​ — ​ — ​ ​ — ​ (5,458) ​ — ​ (5,458) Other expense ​ 149 ​ ​ 110 ​ 1,163 ​ ​ — ​ 1,422 ​ — ​ 1,422 Total costs and expenses ​ 127,078 ​ ​ 197,517 ​ 157,606 ​ ​ 253,499 ​ 735,700 ​ (451) ​ 735,249 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ — ​ — ​ — ​ — ​ 252,434 ​ 252,434 Change in fair value of servicing rights ​ — ​ ​ — ​ (30,315) ​ ​ — ​ (30,315) ​ 5,992 ​ (24,323) Change in fair value of investment securities, net ​ 175 ​ ​ — ​ 54,333 ​ ​ — ​ 54,508 ​ (58,319) ​ (3,811) Change in fair value of mortgage loans held-for-sale, net ​ 2,324 ​ ​ — ​ 64,663 ​ ​ — ​ 66,987 ​ — ​ 66,987 Earnings (loss) from unconsolidated entities ​ 3,365 ​ ​ (27,685) ​ 68,192 ​ ​ — ​ 43,872 ​ (13,367) ​ 30,505 (Loss) gain on sale of investments and other assets, net ​ (59) ​ ​ 77 ​ 20,481 ​ ​ — ​ 20,499 ​ — ​ 20,499 Loss on derivative financial instruments, net ​ (35,262) ​ ​ (32,333) ​ (2,497) ​ ​ (2,440) ​ (72,532) ​ — ​ (72,532) Foreign currency gain, net ​ 33,651 ​ ​ 14 ​ 6 ​ ​ — ​ 33,671 ​ — ​ 33,671 OTTI ​ (109) ​ ​ — ​ — ​ ​ — ​ (109) ​ — ​ (109) Loss on extinguishment of debt ​ ​ — ​ ​ — ​ ​ — ​ ​ (5,915) ​ ​ (5,915) ​ ​ — ​ ​ (5,915) Other income, net ​ — ​ ​ 7 ​ 1,105 ​ ​ 1,745 ​ 2,857 ​ (613) ​ 2,244 Total other income (loss) ​ 4,085 ​ ​ (59,920) ​ 175,968 ​ ​ (6,610) ​ 113,523 ​ 186,127 ​ 299,650 Income (loss) before income taxes ​ 424,920 ​ ​ (58,326) ​ 330,599 ​ ​ (260,109) ​ 437,084 ​ 7,205 ​ 444,289 Income tax provision ​ (143) ​ ​ (249) ​ (31,130) ​ ​ — ​ (31,522) ​ — ​ (31,522) Net income (loss) ​ 424,777 ​ ​ (58,575) ​ 299,469 ​ ​ (260,109) ​ 405,562 ​ 7,205 ​ 412,767 Net income attributable to non-controlling interests ​ (1,419) ​ ​ — ​ (3,373) ​ ​ — ​ (4,792) ​ (7,205) ​ (11,997) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 423,358 ​ $ (58,575) ​ $ 296,096 ​ $ (260,109) ​ $ 400,770 ​ $ — ​ $ 400,770 ​ The table below presents our consolidated balance sheet as of December 31, 2019 by business segment (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ Infrastructure ​ ​ ​ Investing ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lending ​ Lending ​ Property ​ and Servicing ​ ​ ​ ​ ​ Securitization ​ ​ ​ ​ Segment ​ Segment ​ Segment ​ Segment ​ Corporate ​ Subtotal ​ VIEs ​ Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 26,278 ​ $ 2,209 ​ $ 30,123 ​ $ 61,693 ​ $ 356,864 ​ $ 477,167 ​ $ 1,221 ​ $ 478,388 Restricted cash ​ 36,135 ​ 41,967 ​ 7,171 ​ 10,370 ​ — ​ 95,643 ​ — ​ 95,643 Loans held-for-investment, net ​ 9,187,332 ​ 1,397,448 ​ — ​ 1,294 ​ — ​ 10,586,074 ​ — ​ 10,586,074 Loans held-for-sale ​ 605,384 ​ 119,528 ​ — ​ 159,238 ​ — ​ 884,150 ​ — ​ 884,150 Investment securities ​ 992,974 ​ 45,153 ​ — ​ 1,177,148 ​ — ​ 2,215,275 ​ (1,405,037) ​ 810,238 Properties, net ​ ​ 26,834 ​ ​ — ​ ​ 2,029,024 ​ ​ 210,582 ​ ​ — ​ ​ 2,266,440 ​ ​ — ​ ​ 2,266,440 Intangible assets ​ — ​ — ​ 47,303 ​ 64,644 ​ — ​ 111,947 ​ (26,247) ​ 85,700 Investment in unconsolidated entities ​ 46,921 ​ 25,862 ​ — ​ 32,183 ​ — ​ 104,966 ​ (20,637) ​ 84,329 Goodwill ​ — ​ 119,409 ​ — ​ 140,437 ​ — ​ 259,846 ​ — ​ 259,846 Derivative assets ​ 14,718 ​ 7 ​ 3 ​ 7 ​ 14,208 ​ 28,943 ​ — ​ 28,943 Accrued interest receivable ​ 45,996 ​ 3,134 ​ 133 ​ 2,388 ​ 13,242 ​ 64,893 ​ (806) ​ 64,087 Other assets ​ 59,170 ​ 6,101 ​ 82,910 ​ 54,238 ​ 8,911 ​ 211,330 ​ (7) ​ 211,323 VIE assets, at fair value ​ — ​ — ​ — ​ — ​ — ​ — ​ 62,187,175 ​ 62,187,175 Total Assets ​ $ 11,041,742 ​ $ 1,760,818 ​ $ 2,196,667 ​ $ 1,914,222 ​ $ 393,225 ​ $ 17,306,674 ​ $ 60,735,662 ​ $ 78,042,336 Liabilities and Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 30,594 ​ $ 6,443 ​ $ 48,370 ​ $ 73,021 ​ $ 53,494 ​ $ 211,922 ​ $ 84 ​ $ 212,006 Related-party payable ​ — ​ — ​ — ​ 5 ​ 40,920 ​ 40,925 ​ — ​ 40,925 Dividends payable ​ — ​ — ​ — ​ — ​ 137,427 ​ 137,427 ​ — ​ 137,427 Derivative liabilities ​ 7,698 ​ 750 ​ — ​ 292 ​ — ​ 8,740 ​ — ​ 8,740 Secured financing agreements, net ​ 5,038,876 ​ 1,217,066 ​ 1,698,334 ​ 574,507 ​ 391,215 ​ 8,919,998 ​ (13,950) ​ 8,906,048 Collateralized loan obligations, net ​ ​ 928,060 ​ ​ — ​ ​ — ​ — ​ — ​ 928,060 ​ ​ — ​ ​ 928,060 Unsecured senior notes, net ​ — ​ — ​ — ​ — ​ 1,928,622 ​ 1,928,622 ​ — ​ 1,928,622 VIE liabilities, at fair value ​ — ​ — ​ — ​ — ​ — ​ — ​ 60,743,494 ​ 60,743,494 Total Liabilities ​ 6,005,228 ​ 1,224,259 ​ 1,746,704 ​ 647,825 ​ 2,551,678 ​ 12,175,694 ​ 60,729,628 ​ 72,905,322 Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Starwood Property Trust, Inc. Stockholders’ Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ — ​ — ​ — ​ — ​ 2,874 ​ 2,874 ​ — ​ 2,874 Additional paid-in capital ​ 1,522,360 ​ 529,668 ​ 208,650 ​ (123,210) ​ 2,995,064 ​ 5,132,532 ​ — ​ 5,132,532 Treasury stock ​ — ​ — ​ — ​ — ​ (104,194) ​ (104,194) ​ — ​ (104,194) Accumulated other comprehensive income (loss) ​ 50,996 ​ — ​ — ​ (64) ​ — ​ 50,932 ​ — ​ 50,932 Retained earnings (accumulated deficit) ​ 3,463,158 ​ 6,891 ​ 5,431 ​ 1,194,998 ​ (5,052,197) ​ (381,719) ​ — ​ (381,719) Total Starwood Property Trust, Inc. Stockholders’ Equity ​ 5,036,514 ​ 536,559 ​ 214,081 ​ 1,071,724 ​ (2,158,453) ​ 4,700,425 ​ — ​ 4,700,425 Non-controlling interests in consolidated subsidiaries ​ — ​ — ​ 235,882 ​ 194,673 ​ — ​ 430,555 ​ 6,034 ​ 436,589 Total Equity ​ 5,036,514 ​ 536,559 ​ 449,963 ​ 1,266,397 ​ (2,158,453) ​ 5,130,980 ​ 6,034 ​ 5,137,014 Total Liabilities and Equity ​ $ 11,041,742 ​ $ 1,760,818 ​ $ 2,196,667 ​ $ 1,914,222 ​ $ 393,225 ​ $ 17,306,674 ​ $ 60,735,662 ​ $ 78,042,336 ​ The table below presents our 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 ​ Revenues generated from foreign sources were $115.6 million, $90.5 million and $82.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. The majority of our revenues generated from foreign sources are derived from the United Kingdom and Ireland. Refer to Schedules III and IV for a detailed listing of the properties and loans held by the Company, including their respective geographic locations.

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)	24. Quarterly Financial Data (Unaudited ) The following table summarizes our quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations (amounts in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three-Month Periods Ended ​ March 31 ​ June 30 ​ September 30 ​ December 31 2019: ​ ​ ​ ​ ​ Revenues ​ $ 310,480 ​ $ 311,181 ​ $ 288,330 ​ $ 286,428 Net income ​ 76,508 ​ 132,446 ​ 150,001 ​ 177,980 Net income attributable to Starwood Property Trust, Inc. ​ 70,383 ​ 127,016 ​ 140,396 ​ 171,869 Earnings per share — Basic ​ ​ 0.25 ​ ​ 0.45 ​ ​ 0.50 ​ ​ 0.61 Earnings per share — Diluted ​ ​ 0.25 ​ ​ 0.45 ​ ​ 0.49 ​ 0.60 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018: ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 260,587 ​ $ 269,556 ​ $ 285,719 ​ $ 293,418 Net income ​ 104,794 ​ 117,090 ​ 89,381 ​ 99,932 Net income attributable to Starwood Property Trust, Inc. ​ 99,932 ​ 109,230 ​ 84,536 ​ 92,132 Earnings per share — Basic ​ ​ 0.38 ​ ​ 0.41 ​ ​ 0.31 ​ ​ 0.33 Earnings per share — Diluted ​ ​ 0.38 ​ ​ 0.40 ​ ​ 0.31 ​ 0.33 ​ ​ Annual EPS may not equal the sum of each quarter’s EPS due to rounding and other computational factors.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events
Subsequent Events	25. Subsequent Event s ​ Our significant events subsequent to December 31, 2019 were as follows: ​ Residential Mortgage Loan Securitization ​ In February 2020, we securitized residential mortgage loans held-for-sale with a principal balance of $381.3 million. ​ Dividend Declaration ​ On February 25, 2020, our board of directors declared a dividend of $0.48 per share for the first quarter of 2020, which is payable on April 15, 2020 to common stockholders of record as of March 31, 2020. ​

Schedule III-Real Estate and Ac

Schedule III-Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2019
Schedule III-Real Estate and Accumulated Depreciation
Schedule III-Real Estate and Accumulated Depreciation	​ Starwood Property Trust, Inc. and Subsidiaries Schedule III—Real Estate and Accumulated Depreciation December 31, 2019 (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost ​ Costs ​ Gross Amounts Carried at ​ ​ ​ ​ ​ ​ ​ ​ to Company ​ Capitalized ​ December 31, 2019 ​ ​ ​ ​ Property Type / ​ ​ ​ ​ ​ Depreciable ​ Subsequent to ​ ​ ​ Depreciable ​ ​ ​ Accumulated ​ Acquisition Geographic Location Encumbrances Land Property Acquisition(1) Land Property Total Depreciation(3) Date Aggregated Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hotel—U.S., Midwest (1 property) ​ $ — ​ $ — ​ $ 5,565 ​ $ 929 ​ $ — ​ $ 6,494 ​ $ 6,494 ​ $ (1,807) ​ Feb-18 Medical office—U.S., Midwest (7 properties) ​ ​ 78,048 ​ ​ 2,764 ​ ​ 97,802 ​ ​ 503 ​ ​ 2,764 ​ ​ 98,305 ​ ​ 101,069 ​ ​ (9,705) ​ Dec-16 Medical office—U.S., North East (7 properties) ​ ​ 191,661 ​ ​ 11,283 ​ ​ 176,999 ​ ​ — ​ ​ 11,283 ​ ​ 176,999 ​ ​ 188,282 ​ ​ (16,437) ​ Dec-16 Medical office—U.S., South East (6 properties) ​ ​ 107,252 ​ ​ 7,930 ​ ​ 117,740 ​ ​ 159 ​ ​ 7,930 ​ ​ 117,899 ​ ​ 125,829 ​ ​ (11,555) ​ Dec-16 Medical office—U.S., South West (8 properties) ​ ​ 125,345 ​ ​ 15,921 ​ ​ 126,842 ​ ​ 667 ​ ​ 15,921 ​ ​ 127,509 ​ ​ 143,430 ​ ​ (13,493) ​ Dec-16 Medical office—U.S., West (6 properties) ​ ​ 97,694 ​ ​ 13,415 ​ ​ 107,844 ​ ​ 488 ​ ​ 13,415 ​ ​ 108,332 ​ ​ 121,747 ​ ​ (12,243) ​ Dec-16 Mixed Use—U.S., West (1 property) ​ ​ 8,667 ​ ​ 1,002 ​ ​ 14,323 ​ ​ 246 ​ ​ 1,002 ​ ​ 14,569 ​ ​ 15,571 ​ ​ (1,659) ​ Feb-16 Multifamily—U.S., South East (60 properties) ​ ​ 930,351 ​ ​ 251,084 ​ ​ 926,809 ​ ​ 31,202 ​ ​ 251,113 ​ ​ 957,982 ​ ​ 1,209,095 ​ ​ (113,293) ​ Oct-15 to Aug-19 Office—U.S., North East (1 property) ​ ​ 17,474 ​ ​ 7,250 ​ ​ 10,614 ​ ​ 2,538 ​ ​ 7,250 ​ ​ 13,152 ​ ​ 20,402 ​ ​ (1,505) ​ May-18 Office—U.S., South East (2 properties) ​ ​ 23,809 ​ ​ 7,081 ​ ​ 31,528 ​ ​ 3,503 ​ ​ 7,081 ​ ​ 35,031 ​ ​ 42,112 ​ ​ (7,585) ​ May-16 to Oct-16 Office—U.S., South West (2 properties) ​ ​ 28,334 ​ ​ 8,188 ​ ​ 28,019 ​ ​ 2,252 ​ ​ 8,188 ​ ​ 30,271 ​ ​ 38,459 ​ ​ (2,735) ​ Sep-17 to Feb-18 Office—U.S., West (1 property) ​ ​ 15,448 ​ ​ — ​ ​ 4,261 ​ ​ 5,592 ​ ​ — ​ ​ 9,853 ​ ​ 9,853 ​ ​ (1,301) ​ Oct-17 Retail—U.S., Mid Atlantic (1 property) ​ ​ 11,438 ​ ​ 6,432 ​ ​ 6,315 ​ ​ 11,940 ​ ​ 6,432 ​ ​ 18,255 ​ ​ 24,687 ​ ​ (1,985) ​ Mar-16 Retail—U.S., Midwest (7 properties) ​ ​ 79,300 ​ ​ 24,384 ​ ​ 109,445 ​ ​ 1,354 ​ ​ 24,384 ​ ​ 110,799 ​ ​ 135,183 ​ ​ (9,573) ​ Nov-15 to Sep-17 Retail—U.S., North East (1 property) ​ ​ 11,580 ​ ​ 472 ​ ​ 12,260 ​ ​ 568 ​ ​ 472 ​ ​ 12,828 ​ ​ 13,300 ​ ​ (1,877) ​ Nov-15 Retail—U.S., South East (5 properties) ​ ​ 42,200 ​ ​ 21,353 ​ ​ 60,618 ​ ​ 49 ​ ​ 21,353 ​ ​ 60,667 ​ ​ 82,020 ​ ​ (4,352) ​ Sep-16 to Sep-17 Retail—U.S., South West (6 properties) ​ ​ 76,894 ​ ​ 37,458 ​ ​ 78,579 ​ ​ 90 ​ ​ 37,458 ​ ​ 78,669 ​ ​ 116,127 ​ ​ (8,012) ​ Oct-14 to Sep-17 Retail—U.S., West (2 properties) ​ ​ 33,000 ​ ​ 18,633 ​ ​ 36,794 ​ ​ — ​ ​ 18,633 ​ ​ 36,794 ​ ​ 55,427 ​ ​ (2,875) ​ Sep-17 Self-storage—U.S., North East (1 property) ​ ​ 14,500 ​ ​ 2,202 ​ ​ 11,498 ​ ​ 172 ​ ​ 2,202 ​ ​ 11,670 ​ ​ 13,872 ​ ​ (1,361) ​ Dec-15 Industrial—U.S., South East (2 properties) ​ ​ — ​ ​ 10,121 ​ ​ 17,295 ​ ​ 255 ​ ​ 10,121 ​ ​ 17,550 ​ ​ 27,671 ​ ​ (837) ​ Mar-19 to Apr-19 ​ ​ $ 1,892,995 ​ $ 446,973 ​ $ 1,981,150 ​ $ 62,507 ​ $ 447,002 ​ $ 2,043,628 ​ $ 2,490,630 (2) $ (224,190) ​ ​ Notes to Schedule III: ​ (1) No material costs subsequent to acquisition were capitalized to land. ​ (2) The aggregate cost for federal income tax purposes is $2.6 billion. ​ (3) Depreciation is computed based upon estimated useful lives as described in Note 7 to the Consolidated Financial Statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2018 ​ 2017 Beginning balance, January 1 $ 2,972,803 $ 2,755,050 $ 1,986,285 Additions during the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisitions (1) ​ 8,472 ​ 445,170 ​ 725,955 Acquisitions through foreclosure ​ 27,416 ​ — ​ — Improvements ​ 30,865 ​ 25,764 ​ 18,575 Contingent consideration issued ​ ​ 2,877 ​ ​ 38,211 ​ ​ — Measurement period adjustments ​ ​ — ​ ​ — ​ ​ 660 Foreign currency translation ​ ​ — ​ ​ — ​ ​ 59,508 Total additions ​ 69,630 ​ 509,145 ​ 804,698 Deductions during the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of real estate sold ​ (535,417) ​ (269,989) ​ (35,774) Foreign currency translation ​ ​ (15,702) ​ ​ (21,260) ​ ​ — Other ​ (684) ​ (143) ​ (159) Total deductions ​ (551,803) ​ (291,392) ​ (35,933) Ending balance, December 31 ​ $ 2,490,630 ​ $ 2,972,803 ​ $ 2,755,050 (1) Refer to Note 16 to the Consolidated Financial Statements for a discussion of property acquisitions from related parties. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2018 ​ 2017 Beginning balance, January 1 $ 187,913 $ 107,569 $ 41,565 Depreciation expense ​ ​ 92,024 ​ ​ 91,188 ​ ​ 65,253 Disposition/write-offs ​ ​ (54,260) ​ ​ (9,389) ​ ​ (1,785) Foreign currency translation ​ ​ (1,487) ​ ​ (1,455) ​ ​ 2,536 Ending balance, December 31 ​ $ 224,190 ​ $ 187,913 ​ $ 107,569 ​

Schedule IV-Mortgage Loans on R

Schedule IV-Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2019
Schedule IV-Mortgage Loans on Real Estate
Schedule IV-Mortgage Loans on Real Estate	Starwood Property Trust, Inc. and Subsidiaries Schedule IV—Mortgage Loans on Real Estat e December 31, 2019 (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prior ​ Face ​ Carrying ​ ​ ​ Payment ​ Maturity ​ Principal Amount of Description/ Location Liens (1) Amount Amount Interest Rate (2) Terms (3) Date (4) Delinquent Loans Individually Significant First Mortgages: (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mixed Use, Birmingham, United Kingdom ​ $ — ​ $ 331,342 ​ $ 327,235 ​ 3GBP+4.35% ​ I/O ​ 1/11/2024 ​ $ — Multifamily, Various, United Kingdom ​ ​ — ​ ​ 301,709 ​ ​ 299,822 ​ 3GBP+4.50% ​ I/O ​ 10/26/2021 ​ ​ — Office, Irvine, CA ​ ​ — ​ ​ 303,516 ​ ​ 302,496 ​ L+2.25% to 4.50% ​ I/O ​ 9/9/2020 ​ ​ — Aggregated First Mortgages: (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hotel, International, Floating (3 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 33,265 ​ 3EU+4.90% ​ N/A ​ 2022 ​ ​ — Hotel, International, Floating (2 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 32,798 ​ L+3.00% to 9.00% ​ N/A ​ 2021 ​ ​ — Hotel, Mid Atlantic, Floating (4 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 95,277 ​ L+2.00% to 6.80% ​ N/A ​ 2022 ​ ​ — Hotel, Midwest, Floating (4 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 53,482 ​ L+2.25% to 8.63% ​ N/A ​ 2020 ​ ​ — Hotel, North East, Floating (4 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 159,787 ​ L+2.50% to 10.00% ​ N/A ​ 2020-2023 ​ ​ — Hotel, South East, Floating (4 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 59,462 ​ L+2.40% to 7.40% ​ N/A ​ 2022 ​ ​ — Hotel, South West, Floating (8 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 158,577 ​ L+2.00% to 7.67% ​ N/A ​ 2023 ​ ​ — Hotel, Various, Floating (9 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 364,603 ​ L+2.00% to 10.50% ​ N/A ​ 2021 ​ ​ — Hotel, West, Floating (17 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 414,745 ​ L+2.00% to 9.50% ​ N/A ​ 2021-2024 ​ ​ — Industrial, South East, Fixed (4 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 37,365 ​ 8.18% ​ N/A ​ 2024 ​ ​ — Mixed Use, International, Fixed (1 mortgage) ​ ​ N/A ​ ​ N/A ​ ​ 27,069 ​ 8.50% ​ N/A ​ 2021 ​ ​ — Mixed Use, International, Floating (2 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 98,646 ​ 3EU+4.85% ​ N/A ​ 2023 ​ ​ — Mixed Use, International, Floating (3 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 118,001 ​ GBP+3.15% to 5.75% ​ N/A ​ 2020-2022 ​ ​ — Mixed Use, Mid Atlantic, Floating (1 mortgage) ​ ​ N/A ​ ​ N/A ​ ​ 3,796 ​ L+3.15% ​ N/A ​ 2024 ​ ​ — Mixed Use, South East, Fixed (4 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 108,133 ​ 5.00% to 12.00% ​ N/A ​ 2024 ​ ​ — Mixed Use, South West, Floating (10 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 129,970 ​ L+2.50% to 10.00% ​ N/A ​ 2020-2022 ​ ​ — Mixed Use, West, Floating (2 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 208,279 ​ L+6.37% ​ N/A ​ 2020 ​ ​ — Multi-family, International, Fixed (1 mortgage) ​ ​ N/A ​ ​ N/A ​ ​ 10,655 ​ 8.00% ​ N/A ​ 2021 ​ ​ — Multi-family, Midwest, Fixed (1 mortgage) ​ ​ N/A ​ ​ N/A ​ ​ 1,294 ​ 6.28% ​ N/A ​ 2024 ​ ​ — Multi-family, Mid Atlantic, Floating (2 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 89,970 ​ L+1.75% to 5.75% ​ N/A ​ 2023 ​ ​ — Multi-family, North East, Floating (7 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 280,322 ​ L+1.85% to 6.45% ​ N/A ​ 2021-2023 ​ ​ — Multi-family, South West, Floating (10 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 183,159 ​ L+2.50% to 3.00% ​ N/A ​ 2021-2022 ​ ​ — Multi-family, West, Floating (4 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 24,201 ​ L+3.75% to 9.25% ​ N/A ​ 2020 ​ ​ — Office, International, Fixed (1 mortgage) ​ ​ N/A ​ ​ N/A ​ ​ 151,772 ​ 5.35% ​ N/A ​ 2021 ​ ​ — Office, International, Floating (2 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 259,567 ​ 3GBP+3.50% to 3.65% ​ N/A ​ 2023 ​ ​ — Office, International, Floating (2 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 26,780 ​ EUR+6.00% to 7.80% ​ N/A ​ 2021-2022 ​ ​ — Office, Mid Atlantic, Floating (25 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 609,434 ​ L+1.75% to 7.50% ​ N/A ​ 2021-2023 ​ ​ — Office, Midwest, Floating (6 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 129,593 ​ L+1.75% to 9.75% ​ N/A ​ 2021 ​ ​ — Office, North East, Floating (22 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 826,429 ​ L+2.80% to 12.00% ​ N/A ​ 2020-2023 ​ ​ — Office, South East, Floating (4 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 126,443 ​ L+2.00% to 8.25% ​ N/A ​ 2020 ​ ​ — Office, South West, Floating (11 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 271,045 ​ L+2.00% to 8.55% ​ N/A ​ 2020-2023 ​ ​ — Office, West, Floating (19 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 631,645 ​ L+1.25% to 8.60% ​ N/A ​ 2021-2024 ​ ​ — Other, Midwest, Floating (4 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 59,729 ​ L+4.50% to 11.17% ​ N/A ​ 2021 ​ ​ — Other, Various, Fixed (1 mortgage) ​ ​ N/A ​ ​ N/A ​ ​ 40,583 ​ 10.00% ​ N/A ​ 2025 ​ ​ — Other, Various, Floating (1 mortgage) ​ ​ N/A ​ ​ N/A ​ ​ 76,583 ​ 3M L+4.00% ​ N/A ​ 2024 ​ ​ — Other, West, Floating (4 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 24,356 ​ L+7.00% ​ N/A ​ 2021 ​ ​ — Residential, North East, Fixed (1 mortgage) ​ ​ N/A ​ ​ N/A ​ ​ 31,855 ​ 8.00% ​ N/A ​ 2020 ​ ​ 16,167 Residential, North East, Floating (16 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 727,851 ​ L+2.50% to 8.60% ​ N/A ​ 2020-2022 ​ ​ 49,149 Residential, West, Floating (3 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 34,118 ​ L+2.75% to 8.75% ​ N/A ​ 2021 ​ ​ — Residential, Various, Fixed (1,197 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 671,572 ​ 3.25% to 9.00% ​ N/A ​ 2013-2019 ​ ​ 5,619 Retail, Midwest, Floating (4 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 40,436 ​ L+2.75% to 10.75% ​ N/A ​ 2020 ​ ​ — Retail, North East, Floating (1 mortgage) ​ ​ N/A ​ ​ N/A ​ ​ 167,678 ​ L+7.25% ​ N/A ​ 2021 ​ ​ — Retail, South West, Floating (8 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 71,350 ​ L+2.25% to 15.25% ​ N/A ​ 2020 ​ ​ — Retail, West, Fixed (1 mortgage) ​ ​ N/A ​ ​ N/A ​ ​ 503 ​ 7.26% ​ N/A ​ 2023 ​ ​ — Loans Held-for-Sale, Various, Fixed ​ ​ N/A ​ ​ N/A ​ ​ 764,622 ​ 3.40% to 9.13% ​ N/A ​ 2015-2029 ​ ​ 2,528 Aggregated Subordinated and Mezzanine Loans: (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hotel, North East, Floating (2 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 36,167 ​ L+7.55% to 9.00% ​ N/A ​ 2021 ​ ​ — Hotel, South East, Floating (3 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 82,947 ​ L+6.75% to 7.04% ​ N/A ​ 2021-2022 ​ ​ — Industrial, South East, Fixed (1 mortgage) ​ ​ N/A ​ ​ N/A ​ ​ 2,337 ​ 8.18% ​ N/A ​ 2024 ​ ​ — Industrial, South East, Floating (2 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 21,882 ​ L+12.75% ​ N/A ​ 2020 ​ ​ — Mixed Use, International, Floating (1 mortgage) ​ ​ N/A ​ ​ N/A ​ ​ 56,515 ​ 3EU+7.25% ​ N/A ​ 2022 ​ ​ — Mixed Use, South East, Floating (2 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 25,628 ​ L+5.50% to 10.25% ​ N/A ​ 2021 ​ ​ — Mixed Use, South West, Floating (1 mortgage) ​ ​ N/A ​ ​ N/A ​ ​ 83,353 ​ L+11.85% ​ N/A ​ 2021 ​ ​ — Multi-family, Mid Atlantic, Floating (1 mortgage) ​ ​ N/A ​ ​ N/A ​ ​ 24,330 ​ L+9.75% ​ N/A ​ 2022 ​ ​ — Multi-family, North East, Floating (3 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 62,780 ​ L+7.10% to 9.25% ​ N/A ​ 2021-2023 ​ ​ — Office, International, Floating (2 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 23,491 ​ 3EU+8.95% ​ N/A ​ 2024 ​ ​ — Office, North East, Fixed (2 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 34,456 ​ 8.72% ​ N/A ​ 2023 ​ ​ — Office, South East, Fixed (1 mortgage) ​ ​ N/A ​ ​ N/A ​ ​ 7,245 ​ 8.25% ​ N/A ​ 2020 ​ ​ — Office, West, Floating (1 mortgage) ​ ​ N/A ​ ​ N/A ​ ​ 25,300 ​ L+6.67% ​ N/A ​ 2022 ​ ​ — Other, West, Floating (2 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 61,577 ​ L+11.00% ​ N/A ​ 2021 ​ ​ — Retail, Midwest, Fixed (2 mortgages) ​ ​ N/A ​ ​ N/A ​ ​ 11,977 ​ 7.16% ​ N/A ​ 2024 ​ ​ 11,977 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prior ​ Face ​ Carrying ​ ​ ​ Payment ​ Maturity ​ Principal Amount of Description/ Location Liens (1) Amount Amount Interest Rate (2) Terms (3) Date (4) Delinquent Loans Loan Loss Allowance ​ ​ — ​ — ​ (33,415) ​ ​ ​ ​ ​ ​ ​ ​ — Prepaid Loan Costs, Net ​ ​ — ​ — ​ (2,230) ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ $ 9,890,693 (6) ​ ​ ​ ​ ​ ​ $ 85,440 ​ ​ Notes to Schedule IV: ​ (1) Represents third party priority liens. Third party portions of pari-passu participations are not considered prior liens. Additionally, excludes the outstanding debt on third party joint ventures of underlying borrowers. ​ (2) L = one month LIBOR rate, 3M L = three month LIBOR rate, GBP = one month GBP LIBOR rate, 3GBP = three month GBP LIBOR rate, 3EU = three month EURO LIBOR rate. ​ (3) I/O = interest only until maturity. ​ (4) Based on management’s judgment of extension options being exercised. ​ (5) 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. ​ (6) The aggregate cost for federal income tax purposes is $10.0 billion. ​ The following schedule presents activity within our Commercial and Residential Lending Segment and Investing and Servicing Segment loan portfolios during the years ended December 31, 2019, 2018 and 2017 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2019 2018 2017 Balance at January 1 ​ $ 7,806,699 ​ $ 7,357,034 ​ $ 5,946,274 Acquisitions/originations/additional funding ​ 8,174,321 ​ 6,543,873 ​ 5,494,837 Capitalized interest ​ 109,978 ​ 62,445 ​ 73,784 Basis of loans sold ​ (3,921,171) ​ (3,082,347) ​ (1,634,717) Loan maturities/principal repayments ​ (2,387,843) ​ (3,086,107) ​ (2,657,696) Discount accretion/premium amortization ​ 29,775 ​ 37,408 ​ 38,560 Changes in fair value ​ 71,601 ​ 40,522 ​ 66,987 Unrealized foreign currency translation gain (loss) ​ 38,050 ​ (26,645) ​ 42,356 Loan loss provision, net ​ (2,616) ​ (34,821) ​ 5,458 Loan foreclosures ​ ​ (27,303) ​ ​ — ​ ​ — Transfer to/from other asset classifications ​ ​ (798) ​ ​ (4,663) ​ ​ (18,809) Balance at December 31 ​ $ 9,890,693 ​ $ 7,806,699 ​ $ 7,357,034 ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Summary of Significant Accounting Policies
Balance Sheet Presentation of Securitization Variable Interest Entities	Balance Sheet Presentation of Securitization Variable Interest Entities We operate investment businesses that acquire unrated, investment grade and non-investment grade rated CMBS and RMBS. These securities represent interests in securitization structures (commonly referred to as special purpose entities, or “SPEs”). These SPEs are structured as pass through entities that receive principal and interest on the underlying collateral and distribute those payments to the certificate holders. Under accounting principles generally accepted in the United States of America (“GAAP”), SPEs typically qualify as VIEs. These are entities that, by design, either (1) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. Because we often serve as the special servicer or servicing administrator of the trusts in which we invest, or we have the ability to remove and replace the special servicer without cause, consolidation of these structures is required pursuant to GAAP as outlined in detail below. This results in a consolidated balance sheet which presents the gross assets and liabilities of the VIEs. The assets and other instruments held by these VIEs are restricted and can only be used to fulfill the obligations of the entity. Additionally, the obligations of the VIEs do not have any recourse to the general credit of any other consolidated entities, nor to us as the consolidator of these VIEs. The VIE liabilities initially represent investment securities on our balance sheet (pre-consolidation). Upon consolidation of these VIEs, our associated investment securities are eliminated, as is the interest income related to those securities. Similarly, the fees we earn in our roles as special servicer of the bonds issued by the consolidated VIEs or as collateral administrator of the consolidated VIEs are also eliminated. Finally, an allocable portion of the identified servicing intangible associated with the eliminated fee streams is eliminated in consolidation. Refer to the segment data in Note 23 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 consolidated financial statements include our accounts and those of our consolidated subsidiaries and VIEs. Intercompany amounts have been eliminated in consolidation. Entities not deemed to be VIEs are consolidated if we own a majority of the voting securities or interests or hold the general partnership interest, except in those instances in which the minority voting interest owner or limited partner can remove us as general partner without cause, dissolve the partnership without cause or effectively participate through substantive participative rights. Substantive participative rights include the ability to select, terminate and set compensation of the investee’s management, if applicable, and the ability to participate in capital and operating decisions of the investee, including budgets, in the ordinary course of business. We invest in entities with varying structures, many of which do not have voting securities or interests, such as general partnerships, limited partnerships, and limited liability companies. In many of these structures, control of the entity rests with the general partners or managing members, while other members hold passive interests. The general partner or managing member may hold anywhere from a relatively small percentage of the total financial interests to a majority of the financial interests. For entities not deemed to be VIEs, where we serve as the sole general partner or managing member, we are considered to have the controlling financial interest and therefore the entity is consolidated, regardless of our financial interest percentage, unless there are other limited partners or investing members that can remove us as general partner without cause, dissolve the partnership without cause or effectively participate through substantive participative rights. In those circumstances where we, as majority controlling interest owner, can be removed without cause or cannot cause the entity to take actions that are significant in the ordinary course of business, because such actions could be vetoed by the minority controlling interest owner, we do not consolidate the entity. When we consolidate entities other than securitization VIEs, the third party ownership interests are reflected as non-controlling interests in consolidated subsidiaries, a separate component of equity, in our consolidated balance sheet. When we consolidate securitization VIEs, the third party ownership interests are reflected as VIE liabilities in our consolidated balance sheet because the beneficial interests payable to these third parties are legally issued in the form of debt. Our presentation of net income attributes earnings to controlling and non-controlling interests.
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 consolidated statements of operations. The residual difference shown on our 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 consolidated balance sheets. The liabilities of our consolidated securitization VIEs consist solely of obligations to the bondholders of the related trusts, and are thus presented as a single line item entitled “VIE liabilities.” The assets of our consolidated securitization VIEs consist principally of loans, but at times, also include foreclosed loans which have been temporarily converted into real estate owned (“REO”). These assets in the aggregate are likewise presented as a single line item entitled “VIE assets.” ​ Loans comprise the vast majority of our securitization VIE assets and are carried at fair value due to the election of the fair value option. When an asset becomes REO, it is due to nonperformance of the loan. Because the loan is already at fair value, the carrying value of an REO asset is also initially at fair value. Furthermore, when we consolidate a trust, any existing REO would be consolidated at fair value. Once an asset becomes REO, its disposition time is relatively short. As a result, the carrying value of an REO generally approximates fair value under GAAP. ​ In addition to sharing a similar measurement method as the loans in a trust, the securitization VIE assets as a whole can only be used to settle the obligations of the consolidated VIE. The assets of our securitization VIEs are not individually accessible by the bondholders, which creates inherent limitations from a valuation perspective. Also creating limitations from a valuation perspective is our role as special servicer, which provides us very limited visibility, if any, into the performing loans of a trust. ​ REO assets generally represent a very small percentage of the overall asset pool of a trust. In new issue trusts there are no REO assets. We estimate that REO assets constitute approximately representing loans. However, it is important to note that the fair value of our securitization VIE assets is determined by reference to our securitization VIE liabilities as permitted under Accounting Standards Update (“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.
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
Business Combinations	Business Combinations Under ASC 805, Business Combinations Effective with our early adoption of ASU 2017-01, Business Combinations (Topic 805) – Clarifying the Definition of a Business , in December 2017, we apply the asset acquisition provisions of ASC 805 in accounting for acquisitions of real estate with in-place leases where substantially all of the fair value of the assets acquired is concentrated in either a single identifiable asset or group of similar identifiable assets. This results in the acquired properties being recognized initially at their purchase price inclusive of acquisition costs, which are capitalized. All other acquisitions of real estate with in-place leases are accounted for in accordance with the business combination provisions of ASC 805. We also apply the asset acquisition provisions of ASC 805 for acquired real estate assets where a lease is entered into concurrently with the acquisition of the asset, such as in sale leaseback transactions.
Cash and Cash Equivalents	​ Cash and Cash Equivalents Cash and cash equivalents include cash in banks and short-term investments. Short-term investments are comprised of highly liquid instruments with original maturities of three months or less. The Company maintains its cash and cash equivalents in multiple financial institutions and at times these balances exceed federally insurable limits.
Restricted Cash	Restricted Cash ​ Restricted cash includes cash and cash equivalents that are legally or contractually restricted as to withdrawal or usage and primarily includes (i) loan payments received by our Infrastructure Lending Segment which are restricted by our lender and periodically applied, in part, to the outstanding balance of the Infrastructure Lending debt facility, (ii) cash collateral associated with derivative financial instruments and (iii) funds held on behalf of borrowers and tenants.
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. With regards to our Investing and Servicing Segment’s conduit business, we periodically enter into derivative financial instruments to hedge unpredictable changes in fair value of loans held-for-sale, including changes resulting from both interest rates and credit quality. Because these derivatives are not designated, changes in their fair value are recorded in earnings. In order to best reflect the results of the hedged loan portfolio in earnings, we have elected the fair value option for these loans. As a result, changes in the fair value of the loans are also recorded in earnings.
Investment Securities	Investment Securities ​ We designate our debt investment securities as held-to-maturity, available-for-sale, or trading depending on our investment strategy and ability to hold such securities to maturity. Held-to-maturity debt securities where we have not elected to apply the fair value option are stated at cost plus any premiums or discounts, which are amortized or accreted through the consolidated statements of operations using the effective interest method. Debt securities we (i) do not hold for the purpose of selling in the near-term, or (ii) may dispose of prior to maturity, are classified as available-for-sale and are carried at fair value in the accompanying financial statements. Unrealized gains or losses on available-for-sale debt securities where we have not elected the fair value option are reported as a component of accumulated other comprehensive income (loss) (“AOCI”) in stockholders’ equity. ​ When the estimated fair value of a debt security for which we have not elected the fair value option is less than its amortized cost, we consider whether there is OTTI in the value of the security. An impairment is deemed an OTTI if (i) we intend to sell the security, (ii) it is more likely than not that we will be required to sell the security before recovering our cost basis or (iii) we do not expect to recover the entire amortized cost basis of the security even if we do not intend to sell the security or do not believe it is more likely than not that we will be required to sell the security before recovering our cost basis. If the impairment is deemed to be an OTTI, the resulting accounting treatment depends on the factors causing the OTTI. If the OTTI has resulted from (i) our intention to sell the security, or (ii) our judgment that it is more likely than not that we will be required to sell the security before recovering our cost basis, an impairment loss is recognized in earnings equal to the entire difference between our amortized cost basis and fair value. Whereas, if the OTTI has resulted from our conclusion that we will not recover our cost basis even if we do not intend to sell the security or do not believe it is more likely than not that we will be required to sell the security before recovering our cost basis, only the credit loss portion of the impairment is recorded in earnings, and the portion of the loss related to other factors, such as changes in interest rates, continues to be recognized in AOCI. Following the recognition of an OTTI through earnings, a new cost basis is established for the security. Determining whether there is an OTTI may require us to exercise significant judgment and make significant assumptions, including, but not limited to, estimated cash flows, estimated prepayments, loss assumptions, and assumptions regarding changes in interest rates. Our only equity investment security is carried at fair value, with unrealized holding gains and losses recorded in earnings.
Properties Held-For-Investment	Properties Held-For-Investment ​ Properties, net, as reported on our consolidated balance sheets, consist of commercial real estate properties held-for-investment and are recorded at cost, less accumulated depreciation and impairments, if any. Properties consist primarily of land, buildings and improvements. Land is not depreciated, and buildings and improvements are depreciated on a straight-line basis over their estimated useful lives. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments are capitalized and depreciated on a straight-line basis over their estimated useful lives. We review properties for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability is determined by comparing the carrying amount of the property to the undiscounted future net cash flows it is expected to generate. If such carrying amount exceeds the expected undiscounted future net cash flows, we adjust the carrying amount of the property to its estimated fair value.
Properties Held-For-Sale	Properties Held-For-Sale ​ Properties and any associated intangible assets are presented within properties held-for-sale on our consolidated balance sheet when the sale of the property is considered probable, at which time we cease depreciation and amortization of the property and the associated intangibles. Held-for-sale properties are reported at the lower of their carrying value or fair value less costs to sell. There were
Servicing Rights Intangibles	Servicing Rights Intangibles Our identifiable intangible assets include domestic special servicing rights for which we have elected to apply the fair value measurement method, which is necessary to conform to our election of the fair value option for measuring the assets and liabilities of the VIEs consolidated pursuant to ASC 810.
Lease Intangibles	Lease Intangibles ​ In connection with our acquisition of properties, we recognize intangible lease assets and liabilities associated with certain noncancelable operating leases of the acquired properties. These intangible lease assets and liabilities include in-place lease intangible assets, favorable lease intangible assets and unfavorable lease liabilities. In-place lease intangible assets reflect the acquired benefit of purchasing properties with in-place leases and are measured based on estimates of direct costs associated with leasing the property and lost rental income during projected lease-up and free rent periods, both of which are avoided due to the presence of in-place leases at the acquisition date. Favorable and unfavorable lease intangible assets and liabilities reflect the terms of in-place tenant leases being either favorable or unfavorable relative to market terms at the acquisition date. The estimated fair values of our favorable and unfavorable lease assets and liabilities at the respective acquisition dates represent the discounted cash flow differential between the contractual cash flows of such leases and the estimated cash flows that comparable leases at market terms would generate. Our intangible lease assets and liabilities are recognized within intangible assets and other liabilities, respectively, in our consolidated balance sheets. Our in-place lease intangible assets are amortized to amortization expense while our favorable and unfavorable lease intangible assets and liabilities where we are the lessor are amortized to rental income. Favorable and unfavorable lease intangible assets and liabilities where we are the lessee are amortized to costs of rental operations, except in the case of our unfavorable lease liability associated with office space occupied by the Company, which is amortized to general and administrative expense. Both our favorable and unfavorable lease intangible assets and liabilities are amortized over the remaining noncancelable term of the respective leases on a straight-line basis.
Leases (Lessee)	Leases ​ On January 1, 2019, ASC 842 , Leases , became effective for the Company. ASC 842 establishes a right-of-use model for lessee accounting which results in the recognition of most leased assets and lease liabilities on the balance sheet of the lessee. Lessor accounting was not significantly affected by this ASC. We elected to apply the provisions of ASC 842 as of January 1, 2019 and not to retrospectively adjust prior periods presented. Such application did not result in any cumulative-effect adjustment as of January 1, 2019. We elected the “package of practical expedients” for transition purposes, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs for leases that commenced prior to January 1, 2019. We also elected not to apply the recognition provisions of ASC 842 to short-term leases, which have original lease terms of 12 months or less. As a lessor, we elected not to separate nonlease components, such as reimbursements from tenants for common area maintenance (“CAM”), from lease components for all classes of underlying assets, and continue to recognize such nonlease components ratably in rental income. We also elected to continue to exclude from rental income all sales, use and other similar taxes collected from lessees. As required by ASC 842, we no longer record as revenues and expenses lessor costs (such as property taxes) paid directly by the lessees. The application of ASC 842 has had no material effect on our consolidated financial statements, as all of our leases, as both lessor and lessee, are currently classified as operating leases, which are subject to essentially the same straight-line revenue and expense recognition as in the past. As a lessee, our only significant long-term lease as of January 1, 2019 resulted in the recognition of a $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 consolidated balance sheet as of December 31, 2019.
Investment in Unconsolidated Entities	Investment in Unconsolidated Entities We own non-controlling equity interests in various privately-held partnerships and limited liability companies. Unless we elect the fair value option under ASC 825, we use the fair value practicability exception described below to account for investments in which our interest is so minor that we have virtually no influence over the underlying investees. We use the equity method to account for all other non-controlling interests in partnerships and limited liability companies. Equity method investments are initially recorded at cost and subsequently adjusted for our share of income or loss, as well as contributions made or distributions received. Prior to January 1, 2018, all cost method investments were initially recorded at cost with income generally recorded when distributions were received. On January 1, 2018, ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10) – Recognition and Measurement of Financial Assets and Financial Liabilities , became effective prospectively for public companies with a calendar fiscal year. This ASU requires entities to carry all investments in equity securities, including other ownership interests such as partnerships, unincorporated joint ventures, and limited liability companies, at fair value with changes in fair value recognized within net income. This ASU does not apply to equity method investments, investments in Federal Home Loan Bank (“FHLB”) stock, investments that result in consolidation of the investee or investments in certain investment companies. For investments in equity securities without a readily determinable fair value, an entity is permitted to elect a practicability exception, under which the investment will be measured at cost, less impairment, plus or minus observable price changes from orderly transactions of an identical or similar investment of the same issuer. Our equity investments within the scope of this ASU are limited to our other equity investments set forth in Note 8, with the exception of our FHLB stock which is outside the scope of this ASU, and to our marketable equity security discussed in Note 6 for which we had previously elected the fair value option. Our other equity investments within the scope of this ASU do not have readily determinable fair values. Therefore, we have elected the practicability exception whereby we measure these investments at cost, less impairment, plus or minus observable price changes from orderly transactions of identical or similar investments of the same issuer. Additionally, this ASU eliminated the requirement to assess whether an impairment of an equity investment is other than temporary. The impairment model for equity investments subject to this election is now a single-step model whereby an entity performs a qualitative assessment to identify impairment. If the qualitative assessment indicates that an impairment exists, the entity would estimate the fair value of the investment and recognize in net income an impairment loss equal to the difference between the fair value and the carrying amount of the equity investment. We continue to review our equity method and other investments not subject to this election for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods, estimated fair values of underlying assets and available information at the time the analyses are prepared.
Goodwill	Goodwill Goodwill is not amortized, but rather tested for impairment annually or more frequently if events or changes in circumstances indicate potential impairment. Goodwill at December 31, 2019 represents the excess of the consideration paid over the fair value of net assets acquired in connection with the acquisitions of LNR Property LLC (“LNR”) in April 2013 and the Infrastructure Lending Segment in September 2018 and October 2018. In testing goodwill for impairment, we follow ASC 350, Intangibles—Goodwill and Other
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities We record all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on whether we have elected to designate a derivative in a hedging relationship and have satisfied the criteria necessary to apply hedge accounting under GAAP. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We regularly enter into derivative contracts that are intended to economically hedge certain of our risks, even though the transactions may not qualify for, or we may not elect to pursue, hedge accounting. In such cases, changes in the fair value of the derivatives are recorded in earnings. Generally, our derivatives are subject to master netting arrangements, though we elect to present all derivative assets and liabilities on a gross basis within our consolidated balance sheets.
Convertible Senior Notes	Convertible Senior Notes ASC 470, Debt Upon settlement of convertible debt instruments, ASC 470-20 requires the issuer to allocate total settlement consideration, inclusive of transaction costs, amongst the liability and equity components of the instrument based on the fair value of the liability component immediately prior to repurchase. The difference between the settlement consideration allocated to the liability component and the net carrying value of the liability component, including unamortized debt issuance costs, is recognized as gain (loss) on extinguishment of debt in our consolidated statements of operations. The remaining settlement consideration allocated to the equity component is recognized as a reduction of additional paid-in capital in our consolidated balance sheets. ​
Revenue Recognition	Revenue Recognition On January 1, 2018, new accounting rules regarding revenue recognition became effective for public companies with a calendar fiscal year. None of our significant revenue sources – interest income from loans and investment securities, loan servicing fees, and rental income – are within the scope of the new revenue recognition guidance. The revenue recognition guidance also included revisions to existing accounting rules regarding the determination of whether a company is acting as a principal or agent in an arrangement and accounting for sales of nonfinancial assets where the seller has continuing involvement. These additional revisions also did not materially impact the Company. Interest Income Interest income on performing loans and financial instruments is accrued based on the outstanding principal amount and contractual terms of the instrument. For loans where we do not elect the fair value option, origination fees and direct loan origination costs are also recognized in interest income over the loan term as a yield adjustment using the effective interest method. When we elect the fair value option, origination fees and direct loan costs are recorded directly in income and are not deferred. Discounts or premiums associated with the purchase of non-performing loans and investment securities are amortized or accreted into interest income as a yield adjustment on the effective interest method, based on expected cash flows through the expected maturity date of the investment. On at least a quarterly basis, we review and, if appropriate, make adjustments to our cash flow projections. ​ We cease accruing interest on non-performing loans at the earlier of (i) the loan becoming significantly past due or (ii) management concluding that a full recovery of all interest and principal is doubtful. Interest income on non-accrual loans in which management expects a full recovery of the loan’s outstanding principal balance is only recognized when received in cash. If a full recovery of principal is doubtful, the cost recovery method is applied whereby any cash received is applied to the outstanding principal balance of the loan. A non-accrual loan is returned to accrual status at such time as the loan becomes contractually current and management believes all future principal and interest will be received according to the contractual loan terms. ​ For loans acquired with deteriorated credit quality, interest income is only recognized to the extent that our estimate of undiscounted expected principal and interest exceeds our investment in the loan. Accretable yield, if any, is recognized as interest income on a level-yield basis over the life of the loan. ​ difference. This amount of non-accretable difference may change over time based on the actual performance of these securities, their underlying collateral, actual and projected cash flow from such collateral, economic conditions and other factors. If the performance of a credit deteriorated security is more favorable than forecasted, we will generally accrete more credit discount into interest income than initially or previously expected. These adjustments are made prospectively beginning in the period subsequent to the determination that a favorable change in performance is projected. Conversely, if the performance of a credit deteriorated security is less favorable than forecasted, an OTTI may be taken, and the amount of discount accreted into income will generally be less than previously expected. Upon the sale of loans or securities which are not accounted for pursuant to the fair value option, the excess (or deficiency) of net proceeds over the net carrying value of such loans or securities is recognized as a realized gain (loss). Servicing Fees We typically seek to be the special servicer on CMBS transactions in which we invest. When we are appointed to serve in this capacity, we earn special servicing fees from the related activities performed, which consist primarily of overseeing the workout of under-performing and non-performing loans underlying the CMBS transactions. These fees are recognized in income in the period in which the services are performed and the revenue recognition criteria have been met. Rental Income ​ Rental income is recognized when earned from tenants. For leases that provide rent concessions or fixed escalations over the lease term, rental income is recognized on a straight-line basis over the noncancelable term of the lease. In net lease arrangements, costs reimbursable from tenants are recognized in rental income in the period in which the related expenses are incurred as we are generally the primary obligor with respect to purchasing goods and services for property operations. In instances where the tenant is responsible for property maintenance and repairs and contracts and settles such costs directly with third party service providers, we do not reflect those expenses in our consolidated statement of operations as the tenant is the primary obligor.
Securitizations, Sales and Financing Arrangements	Securitizations, Sales and Financing Arrangements We periodically sell our financial assets, such as commercial mortgage loans, residential mortgage loans, CMBS, RMBS and other assets. In connection with these transactions, we may retain or acquire senior or subordinated interests in the related assets. Gains and losses on such transactions are recognized in accordance with ASC 860, Transfers and Servicing
Deferred Financing Costs	Deferred Financing Costs Costs incurred in connection with debt issuance are capitalized and amortized to interest expense over the terms of the respective debt agreements. Such costs are presented as a direct deduction from the carrying value of the related debt liability.
Acquisition and Investment Pursuit Costs	Acquisition and Investment Pursuit Costs Costs incurred in connection with acquisitions of investments, loans and businesses, as well as in pursuing unsuccessful acquisitions and investments, are recorded within acquisition and investment pursuit costs in our consolidated statements of operations when incurred. Costs incurred in connection with acquisitions of real estate not accounted for as business combinations are capitalized within the purchase price. These costs reflect services performed by third parties and principally include due diligence and legal services.
Share-Based Payments	Share-Based Payments The fair value of the restricted stock (“RSAs”) or restricted stock units (“RSUs”) granted is recorded as expense on a straight-line basis over the vesting period for the award, with an offsetting increase in stockholders’ equity. For grants to employees and directors, the fair value is determined based upon the stock price on the grant date. ​ Effective July 1, 2018, we early adopted ASU 2018-07, Compensation – Stock Compensation (Topic 718) –Improvements to Nonemployee Share-Based Payment Accounting , which aligns the accounting for nonemployee share-based compensation with the existing accounting model for employee share based compensation. Prior to our adoption of ASU 2018-07, nonemployee share awards were recognized as an expense on a straight-line basis over the vesting period of the award with the fair value of the award remeasured at each vesting date. After our adoption of ASU 2018-07, nonemployee share awards continue to be recorded as expense on a straight-line basis over their vesting period, however, the fair value of the award is only determined on the grant date and not remeasured at subsequent vesting dates, consistent with the accounting for employee share awards. For non-employee awards granted prior to our July 1, 2018 adoption date, the awards were remeasured at fair value as of our July 1, 2018 adoption date with no subsequent remeasurement.
Foreign Currency Translation	Foreign Currency Translation Our assets and liabilities denominated in foreign currencies are translated into U.S. dollars using foreign currency exchange rates at the end of the reporting period. Income and expenses are translated at the average exchange rates for each reporting period. The effects of translating the assets, liabilities and income of our foreign investments held by entities with a U.S. dollar functional currency are included in foreign currency gain (loss) in the consolidated statements of operations or other comprehensive income (“OCI”) for debt securities available-for-sale for which the fair value option has not been elected. The effects of translating the assets, liabilities and income of our foreign investments held by entities with functional currencies other than the U.S. dollar are included in OCI. Realized foreign currency gains and losses and changes in the value of foreign currency denominated monetary assets and liabilities are included in the determination of net income and are reported as foreign currency gain (loss) in our consolidated statements of operations.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Code. The Company is subject to federal income taxation at corporate rates on its REIT taxable income, however, the Company is allowed a deduction for the amount of dividends paid to its stockholders in arriving at its REIT taxable income. As a result, distributed net income of the Company is subjected to taxation at the stockholder level only. The Company intends to continue operating in a manner that will permit it to maintain its qualification as a REIT for tax purposes. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company evaluates the realizability of its deferred tax assets and recognizes a valuation allowance if, based on the available evidence, both positive and negative, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers, among other matters, estimates of expected future taxable income, nature of current and cumulative losses, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. We recognize tax positions in the financial statements only when it is more likely than not that, based on the technical merits of the tax position, the position will be sustained upon examination by the relevant taxing authority. A tax position is measured at the largest amount of benefit that will more likely than not be realized upon settlement. If, as a result of new events or information, a recognized tax position no longer is considered more likely than not to be sustained upon examination, a liability is established for the unrecognized benefit with a corresponding charge to income tax expense in our consolidated statement of operations. We report interest and penalties, if any, related to income tax matters as a component of income tax expense.
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 RSAs and RSUs, (ii) shares contingently issuable to our Manager, (iii) the conversion options associated with our outstanding Convertible Notes (see Notes 11 and 18), and (iv) non-controlling interests that are redeemable with our common stock (see Note 17). Potential dilutive shares are excluded from the calculation if they have an anti-dilutive effect in the period. Nearly all of the Company’s unvested RSUs and RSAs contain rights to receive non-forfeitable dividends and thus are participating securities. 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 17). 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 years ended December 31, 2019, 2018 and 2017, the two-class method resulted in the most dilutive EPS calculation.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash investments, CMBS, RMBS, loan investments and interest receivable. We may place cash investments in excess of insured amounts with high quality financial institutions. We perform an ongoing analysis of credit risk concentrations in our investment portfolio by evaluating exposure to various counterparties, markets, underlying property types, contract terms, tenant mix and other credit metrics.
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. We expect this ASU to result in our recognition of higher levels of potential credit losses earlier in the credit cycle. Though we are still in the process of finalizing the effect of this ASU, we expect to record an initial increase in our allowance for credit losses of between ​ On January 26, 2017, the FASB issued ASU 2017-04, Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment ​ On August 28, 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework ​ On October 31, 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810) – Targeted Improvements to Related Party Guidance for Variable Interest Entities ​

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	12 Months Ended
	Dec. 31, 2019
Acquisitions and Divestitures
Summary of assets acquired and liabilities assumed	​ The following table summarizes the identified assets acquired and liabilities assumed as of the respective acquisition dates (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 ​ 2017 ​ ​ Infrastructure ​ REIS Equity Assets acquired: Lending Segment Portfolio Loans held-for-investment ​ $ 1,649,630 ​ $ — Loans held-for-sale ​ ​ 319,710 ​ ​ — Investment securities ​ ​ 65,060 ​ ​ — Properties ​ ​ — ​ ​ 38,770 Intangible assets ​ ​ — ​ ​ 11,955 Accrued interest receivable ​ ​ 13,843 ​ ​ — Other assets ​ ​ — ​ ​ 85 Total identifiable assets acquired ​ ​ 2,048,243 ​ ​ 50,810 Liabilities assumed: ​ ​ ​ ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ ​ 8,817 ​ ​ 1,516 Derivative liabilities ​ ​ 282 ​ ​ — Total liabilities assumed ​ ​ 9,099 ​ ​ 1,516 Net assets acquired ​ $ 2,039,144 ​ $ 49,294
Schedule of the determination of goodwill	Goodwill represents the excess of the purchase price over the fair value of the underlying assets acquired and liabilities assumed. This determination of goodwill resulting from the Infrastructure Lending Segment acquisition is as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ 2018 ​ ​ Infrastructure ​ ​ Lending Segment Purchase price ​ $ 2,158,553 Fair value of net assets acquired ​ 2,039,144 Goodwill ​ $ 119,409
Schedule of pro forma revenue and net income	The unaudited pro forma revenues and net income attributable to the Company for the years ended December 31, 2018 and 2017, assuming the Infrastructure Lending Segment was acquired on January 1, 2017, are as follows (amounts in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, (Unaudited) 2018 2017 Revenues ​ $ 1,182,892 ​ $ 966,636 Net income attributable to STWD ​ 392,505 ​ 395,150 Net income per share - Basic ​ 1.47 ​ 1.51 Net income per share - Diluted ​ 1.44 ​ 1.50

Restricted Cash (Tables)

Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2019
Restricted Cash.
Summary of restricted cash	A summary of our restricted cash as of December 31, 2019 and 2018 is as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2019 ​ 2018 Cash restricted by lender ​ $ 40,818 ​ $ 175,659 Cash collateral for derivative financial instruments ​ 37,912 ​ 37,245 Funds held on behalf of borrowers and tenants ​ ​ 11,903 ​ ​ 12,838 Other restricted cash ​ 5,010 ​ 22,299 ​ ​ $ 95,643 ​ $ 248,041

Loans (Tables)

Loans (Tables)	12 Months Ended
	Dec. 31, 2019
Loans
Summary of investments in mortgages and loans by subordination class	The following tables summarize our investments in mortgages and loans by subordination class as of December 31, 2019 and 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average Life ​ ​ Carrying ​ Face ​ Average ​ (“WAL”) December 31, 2019 ​ Value ​ Amount ​ Coupon (1) ​ (years)(2) First mortgages (3) ​ $ 7,928,026 ​ $ 7,962,788 5.8 % 2.0 First priority infrastructure loans ​ ​ 1,397,448 ​ ​ 1,416,164 5.6 % 4.9 Subordinated mortgages (4) ​ 75,724 ​ ​ 77,055 8.8 % 3.4 Mezzanine loans (3) ​ 484,164 ​ ​ 484,408 11.0 % 1.9 Residential loans, fair value option (5) ​ ​ 671,572 ​ ​ 654,925 6.1 % 3.8 Other ​ ​ 62,555 ​ ​ 66,525 ​ 8.2 % 1.6 Total loans held-for-investment ​ 10,619,489 ​ ​ 10,661,865 ​ ​ ​ ​ Loans held-for-sale, fair value option, residential (5) ​ ​ 605,384 ​ ​ 587,144 ​ 6.2 % 3.9 Loans held-for-sale, fair value option, commercial ​ ​ 159,238 ​ ​ 160,635 ​ 3.9 % 10.0 Loans held-for-sale, infrastructure ​ ​ 119,724 ​ ​ 121,271 ​ 3.3 % 2.1 Total gross loans ​ 11,503,835 ​ 11,530,915 ​ ​ ​ ​ Loan loss allowance ​ (33,611) ​ — ​ ​ ​ ​ Total net loans ​ $ 11,470,224 ​ $ 11,530,915 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 December 31, 2019 and 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 $967.0 million and $1.0 billion being classified as first mortgages as of December 31, 2019 and 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 year ended December 31, 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 December 31, 2019, our variable rate loans held-for-investment were as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Weighted-average ​ December 31, 2019 ​ Value ​ Spread Above Index ​ Commercial loans ​ $ 8,030,499 ​ 4.2 % First priority infrastructure loans ​ ​ 1,397,448 ​ 3.8 % Total variable rate loans held-for-investment ​ $ 9,427,947 ​ 4.2 %
Schedule of internal rating categories	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%.
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 December 31, 2019 and 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 December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 ​ $ 503 ​ $ — ​ $ — ​ $ — ​ $ 23,550 ​ $ — ​ $ 24,053 ​ 0.2 % 2 ​ 4,186,776 ​ — ​ 37,980 ​ 120,372 ​ 31,178 ​ — ​ 4,376,306 ​ 38.0 % 3 ​ 3,509,601 ​ — ​ 25,767 ​ 363,792 ​ — ​ — ​ 3,899,160 ​ 33.9 % 4 ​ 40,436 ​ — ​ — ​ — ​ — ​ — ​ 40,436 ​ 0.4 % 5 ​ 59,116 ​ — ​ — ​ — ​ — ​ — ​ 59,116 ​ 0.5 % N/A ​ 131,594 (1) 1,397,448 (2) 11,977 (1) — ​ 7,827 (1) — ​ 1,548,846 ​ 13.5 % ​ ​ $ 7,928,026 ​ $ 1,397,448 ​ $ 75,724 ​ $ 484,164 ​ $ 62,555 ​ $ — ​ ​ 9,947,917 ​ ​ ​ Residential loans held-for-investment, fair value option ​ ​ ​ ​ ​ ​ ​ ​ 671,572 ​ 5.8 % Loans held-for-sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 884,346 ​ 7.7 % Total gross loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 11,503,835 ​ 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	The following table presents the activity in our allowance for loan losses (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ ​ 2019 2018 ​ 2017 ​ Allowance for loan losses at January 1 ​ $ 39,151 ​ $ 4,330 ​ $ 9,788 ​ Provision for (reversal of) loan losses ​ 3,812 ​ (3,384) ​ (5,458) ​ Provision for impaired loans ​ ​ 3,314 ​ ​ 38,205 ​ ​ — ​ Charge-offs ​ (12,666) ​ — ​ — ​ Recoveries ​ — ​ — ​ — ​ Allowance for loan losses at December 31 ​ $ 33,611 ​ $ 39,151 ​ $ 4,330 ​ Recorded investment in loans related to the allowance for loan loss ​ $ 291,768 ​ $ 275,112 ​ $ 170,941 ​
Schedule of activity in loan portfolio	The activity in our loan portfolio was as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2019 2018 2017 Balance at January 1 ​ $ 9,794,254 ​ $ 7,382,641 ​ $ 5,946,274 Acquisitions/originations/additional funding ​ 9,094,714 ​ 6,723,144 ​ 5,500,539 Acquisition of Infrastructure Lending Portfolio ​ ​ — ​ ​ 1,969,340 ​ ​ — Capitalized interest (1) ​ 110,632 ​ 63,047 ​ 74,339 Basis of loans sold (2) ​ (4,311,390) ​ (3,082,347) ​ (1,634,717) Loan maturities/principal repayments ​ (3,304,838) ​ (3,272,666) ​ (2,658,522) Discount accretion/premium amortization ​ 35,387 ​ 38,099 ​ 39,084 Changes in fair value ​ 71,601 ​ 40,522 ​ 66,987 Unrealized foreign currency translation gain (loss) ​ 40,155 ​ (32,341) ​ 42,356 Loan loss provision, net ​ (7,126) ​ (34,821) ​ 5,458 Loan foreclosures ​ ​ (27,303) ​ ​ — ​ ​ — Transfer to/from other asset classifications ​ ​ (25,862) ​ ​ (364) ​ ​ 843 Balance at December 31 ​ $ 11,470,224 ​ $ 9,794,254 ​ $ 7,382,641 (1) Represents accrued interest income on loans whose terms do not require current payment of interest. ​ (2) See Note 12 for additional disclosure on these transactions.

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
	Dec. 31, 2019
Schedule of investment securities	Investment securities were comprised of the following as of December 31, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of ​ ​ December 31, 2019 December 31, 2018 RMBS, available-for-sale ​ $ 189,576 ​ $ 209,079 RMBS, fair value option (1) ​ ​ 147,034 ​ ​ 87,879 CMBS, fair value option (1), (2) ​ 1,295,363 ​ 1,157,508 Held-to-maturity (“HTM”) debt securities, amortized cost ​ 570,638 ​ 644,149 Equity security, fair value ​ 12,664 ​ 11,893 Subtotal — ​ 2,215,275 ​ 2,110,508 VIE eliminations (1) ​ (1,405,037) ​ ​ (1,204,040) Total investment securities ​ $ 810,238 ​ $ 906,468 (1) Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. ​ (2) Includes $186.6 million and $8.4 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of December 31, 2019 and 2018, respectively.
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 Year Ended December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ 120,103 ​ $ 238,213 ​ $ 91,162 ​ $ — ​ $ (351,220) ​ $ 98,258 Sales ​ — ​ 41,501 ​ 150,365 ​ — ​ — ​ (184,540) ​ 7,326 Principal collections ​ 26,929 ​ 16,500 ​ 40,490 ​ 167,383 ​ — ​ (45,642) ​ 205,660 Year Ended December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ 90,982 ​ $ 323,071 ​ $ 463,810 ​ $ — ​ $ (385,463) ​ $ 492,400 Acquisition of Infrastructure Lending Portfolio ​ ​ — ​ ​ — ​ ​ — ​ ​ 65,060 ​ ​ — ​ ​ — ​ ​ 65,060 Sales ​ 13,264 ​ — ​ 105,637 ​ — ​ — ​ (102,474) ​ 16,427 Principal collections ​ 34,763 ​ 1,439 ​ 114,545 ​ 327,207 ​ — ​ (95,030) ​ 382,924 Year Ended December 31, 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ 7,433 ​ $ — ​ $ 125,776 ​ $ 79,163 ​ $ — ​ $ (113,978) ​ $ 98,394 Sales ​ — ​ — ​ 37,184 ​ — ​ — ​ (25,605) ​ 11,579 Principal collections ​ 40,635 ​ — ​ 109,354 ​ 182,919 ​ — ​ (100,115) ​ 232,793 (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 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 December 31, 2019 and 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 December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 148,385 ​ $ (9,805) ​ $ 138,580 ​ $ (314) ​ $ 51,310 ​ $ — ​ $ 50,996 ​ $ 189,576 December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 165,461 ​ $ (9,897) ​ $ 155,564 ​ $ (31) ​ $ 53,546 ​ $ — ​ $ 53,515 ​ $ 209,079 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Coupon (1) Weighted Average WAL December 31, 2019 ​ ​ ​ ​ ​ ​ RMBS 3.1 % BB- 5.6 December 31, 2018 ​ ​ ​ ​ ​ ​ RMBS 3.7 % CCC- ​ 6.0 (1) Calculated using the December 31, 2019 and 2018 one-month LIBOR rate of 1.763% 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 December 31, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 December 31, 2018 Principal balance ​ $ 278,853 ​ $ 309,497 Accretable yield ​ (56,108) ​ (54,779) Non-accretable difference ​ (84,165) ​ (99,154) Total discount ​ (140,273) ​ (153,933) Amortized cost ​ $ 138,580 ​ $ 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 years ended December 31, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Accretable ​ ​ Accretable Yield ​ Difference Balance as of January 1, 2018 ​ $ 55,712 ​ $ 121,867 Accretion of discount ​ (10,932) ​ — Principal write-downs, net ​ — ​ (3,682) Sales ​ (9,032) ​ — Transfer to/from non-accretable difference ​ 19,031 ​ (19,031) Balance as of December 31, 2018 ​ ​ 54,779 ​ ​ 99,154 Accretion of discount ​ (9,945) ​ — Principal write-downs, net ​ — ​ (3,715) Transfer to/from non-accretable difference ​ 11,274 ​ (11,274) Balance as of December 31, 2019 ​ $ 56,108 ​ $ 84,165
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 December 31, 2019 and 2018, and for which OTTIs (full or partial) have not been recognized in earnings (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value ​ Unrealized Losses ​ Securities with a Securities with a Securities with a Securities with a ​ ​ loss less than ​ loss greater than ​ loss less than ​ loss greater than ​ ​ 12 months ​ 12 months ​ 12 months ​ 12 months As of December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ — ​ $ 1,380 ​ $ — ​ $ (314) ​ 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 December 31, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Carrying Amount ​ Gross Unrealized ​ Gross Unrealized ​ ​ ​ ​ ​ (Amortized Cost) ​ Holding Gains ​ Holding Losses ​ Fair Value December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ CMBS ​ $ 383,473 ​ $ 946 ​ $ (3,001) ​ $ 381,418 ​ Preferred interests ​ ​ 142,012 ​ ​ 1,148 ​ ​ (353) ​ ​ 142,807 ​ Infrastructure bonds ​ ​ 45,153 ​ ​ — ​ ​ (651) ​ ​ 44,502 ​ Total ​ $ 570,638 ​ $ 2,094 ​ $ (4,005) ​ $ 568,727 ​ 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 December 31, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred ​ Infrastructure ​ ​ ​ ​ CMBS ​ Interests ​ Bonds ​ Total Less than one year $ 284,251 $ — $ 5,371 $ 289,622 One to three years ​ ​ 99,222 ​ ​ 141,659 ​ ​ — ​ ​ 240,881 Three to five years ​ ​ — ​ ​ 353 ​ ​ — ​ ​ 353 Thereafter ​ — ​ — ​ 39,782 ​ 39,782 Total ​ $ 383,473 ​ $ 142,012 ​ $ 45,153 ​ $ 570,638

Properties (Tables)

Properties (Tables)	12 Months Ended
	Dec. 31, 2019
Properties
Summary of properties	​ The table below summarizes our properties held as of December 31, 2019 and December 31, 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciable Life December 31, 2019 December 31, 2018 Property Segment ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 15 years ​ $ 484,397 ​ $ 648,972 Buildings and building improvements ​ 5 – 45 years ​ ​ 1,687,756 ​ ​ 1,980,283 Furniture & fixtures ​ 3 – 7 years ​ ​ 52,567 ​ ​ 46,048 Investing and Servicing Segment ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 15 years ​ ​ 54,052 ​ ​ 82,332 Buildings and building improvements ​ 3 – 40 years ​ ​ 182,048 ​ ​ 213,010 Furniture & fixtures ​ 2 – 5 years ​ ​ 2,139 ​ ​ 2,158 Commercial and Residential Lending Segment (1) ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 7 years ​ ​ 11,386 ​ ​ — Buildings and building improvements ​ 10 – 23 years ​ ​ 16,285 ​ ​ — Properties, cost ​ ​ ​ ​ 2,490,630 ​ ​ 2,972,803 Less: accumulated depreciation ​ ​ ​ ​ (224,190) ​ ​ (187,913) Properties, net ​ ​ ​ $ 2,266,440 ​ $ 2,784,890 (1) Represents properties acquired through loan foreclosure. Refer to Note 5 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): ​ ​ ​ ​ ​ 2020 $ 177,516 2021 ​ 95,524 2022 ​ 89,602 2023 ​ 79,177 2024 ​ ​ 71,271 Thereafter ​ 688,437 Total ​ $ 1,201,527

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	12 Months Ended
	Dec. 31, 2019
Investment in Unconsolidated Entities
Summary of investments in unconsolidated entities	The table below summarizes our investments in unconsolidated entities as of December 31, 2018 and 2017 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Participation / ​ Carrying value as of December 31, ​ Ownership % (1) 2019 2018 Equity method: ​ ​ ​ ​ ​ ​ ​ ​ Retail Fund (see Note 16) ​ 33% ​ $ — ​ $ 114,362 Equity interest in a natural gas power plant (2) ​ 10% ​ ​ 25,862 ​ ​ — Investor entity which owns equity in an online real estate company ​ 50% ​ ​ 9,473 ​ ​ 9,372 Equity interests in commercial real estate ​ 50% ​ ​ 1,907 ​ ​ 6,294 Equity interest in and advances to a residential mortgage originator (3) N/A ​ 12,002 ​ 9,082 Various 25% - 50% ​ 8,339 ​ 6,984 ​ ​ ​ ​ 57,583 ​ 146,094 Other: ​ ​ ​ ​ ​ ​ ​ ​ Equity interest in a servicing and advisory business (4) ​ 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% - 2% ​ 17,521 ​ 10,239 ​ ​ ​ ​ 26,746 ​ 25,671 ​ ​ ​ ​ $ 84,329 ​ $ 171,765 (1) ​ (2) ​ (3) ​ (4) ​

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangibles
Summary of intangibles assets	​ The following table summarizes our intangible assets, which are comprised of servicing rights intangibles and lease intangibles, as of December 31, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2019 As of December 31, 2018 ​ Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying ​ ​ Value ​ Amortization ​ Value ​ Value ​ Amortization ​ Value Domestic servicing rights, at fair value ​ $ 16,917 ​ $ — ​ $ 16,917 ​ $ 20,557 ​ $ — ​ $ 20,557 In-place lease intangible assets ​ 135,293 ​ (84,383) ​ 50,910 ​ 198,220 ​ (100,873) ​ 97,347 Favorable lease intangible assets ​ ​ 24,218 ​ ​ (6,345) ​ ​ 17,873 ​ ​ 36,895 ​ ​ (9,766) ​ ​ 27,129 Total net intangible assets ​ $ 176,428 ​ $ (90,728) ​ $ 85,700 ​ $ 255,672 ​ $ (110,639) ​ $ 145,033
Summary of activity within intangible assets	The following table summarizes the activity within intangible assets for the years ended December 31, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ In-place Lease ​ Favorable Lease ​ ​ ​ ​ Servicing ​ Intangible ​ Intangible ​ ​ ​ Rights Assets Assets Total Balance as of January 1, 2018 ​ $ 30,759 ​ $ 122,465 ​ $ 29,868 ​ $ 183,092 Acquisition of Woodstar II Portfolio properties ​ ​ — ​ ​ 10,792 ​ ​ — ​ ​ 10,792 Acquisition of additional REIS Equity Portfolio properties ​ ​ — ​ ​ 7,342 ​ ​ 2,687 ​ ​ 10,029 Amortization ​ ​ — ​ ​ (39,830) ​ ​ (4,046) ​ ​ (43,876) Sales ​ ​ — ​ ​ (1,791) ​ ​ (1,036) ​ ​ (2,827) Foreign exchange loss ​ ​ — ​ ​ (1,270) ​ ​ (344) ​ ​ (1,614) Impairment (1) ​ ​ — ​ ​ (361) ​ ​ — ​ ​ (361) Changes in fair value due to changes in inputs and assumptions ​ ​ (10,202) ​ ​ — ​ ​ — ​ ​ (10,202) Balance as of December 31, 2018 ​ $ 20,557 ​ $ 97,347 ​ $ 27,129 ​ $ 145,033 Sale of Ireland Portfolio ​ ​ — ​ ​ (20,271) ​ ​ (5,654) ​ ​ (25,925) Sale of certain REIS Equity Portfolio properties ​ ​ — ​ ​ (5,208) ​ ​ (13) ​ ​ (5,221) Acquisition of additional REIS Equity Portfolio property ​ ​ — ​ ​ 277 ​ ​ — ​ ​ 277 Amortization ​ ​ — ​ ​ (19,297) ​ ​ (3,256) ​ ​ (22,553) Foreign exchange loss ​ ​ — ​ ​ (806) ​ ​ (221) ​ ​ (1,027) Impairment (1) ​ ​ — ​ ​ (1,132) ​ ​ (112) ​ ​ (1,244) Changes in fair value due to changes in inputs and assumptions ​ ​ (3,640) ​ ​ — ​ ​ — ​ ​ (3,640) Balance as of December 31, 2019 ​ $ 16,917 ​ $ 50,910 ​ $ 17,873 ​ $ 85,700 (1) Impairment of intangible lease assets is recognized within other expense in our 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): ​ ​ ​ ​ ​ 2020 $ 11,699 2021 ​ 9,674 2022 ​ 7,892 2023 ​ 6,136 2024 ​ ​ 4,742 Thereafter ​ 28,640 Total ​ $ 68,783

Secured Borrowings (Tables)

Secured Borrowings (Tables)	12 Months Ended
	Dec. 31, 2019
Secured Borrowings
Summary of secured financing agreements	The following table is a summary of our secured financing agreements in place as of December 31, 2019 and 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Balance at ​ ​ Current ​ Extended ​ Weighted Average ​ Pledged Asset ​ Maximum ​ December 31, ​ 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) ​ $ 5,327,761 ​ $ 9,066,480 (d) $ 3,640,620 ​ $ 3,598,311 Residential Loans ​ Feb 2021 ​ N/A ​ LIBOR + 2.10% ​ ​ 14,704 ​ ​ 400,000 ​ ​ 11,835 ​ ​ — Infrastructure Loans ​ Feb 2020 ​ Feb 2021 ​ LIBOR + 1.75% ​ ​ 227,463 ​ ​ 500,000 ​ ​ 188,198 ​ ​ — Conduit Loans ​ Feb 2020 to Jun 2022 ​ Feb 2021 to Jun 2023 ​ LIBOR + 2.10% ​ ​ 109,864 ​ ​ 350,000 ​ ​ 86,575 ​ ​ 35,034 CMBS/RMBS ​ Sep 2020 to Dec 2029 (e) Dec 2020 to June 2030 (e) (f) ​ ​ 1,005,348 ​ ​ 837,566 ​ ​ 682,229 ​ ​ 656,405 Total Repurchase Agreements ​ ​ ​ ​ ​ ​ ​ ​ 6,685,140 ​ ​ 11,154,046 ​ ​ 4,609,457 ​ ​ 4,289,750 Other Secured Financing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Borrowing Base Facility ​ Apr 2022 ​ Apr 2024 ​ LIBOR + 2.25% ​ ​ 542,281 ​ ​ 650,000 (g) ​ 198,955 ​ ​ — Infrastructure Acquisition Facility ​ Sep 2021 ​ Sep 2022 ​ (h) ​ ​ 754,443 ​ ​ 771,534 ​ ​ 603,642 ​ ​ 1,551,148 Infrastructure Financing Facilities ​ Jul 2022 to Oct 2022 ​ Oct 2024 to Jul 2027 ​ LIBOR + 2.12% ​ ​ 524,197 ​ ​ 1,000,000 ​ ​ 428,206 ​ ​ — Property Mortgages - Fixed rate ​ Nov 2024 to Aug 2052 (i) N/A ​ 3.94% ​ ​ 1,499,356 ​ ​ 1,196,698 ​ ​ 1,196,492 ​ ​ 1,475,382 Property Mortgages - Variable rate ​ May 2020 to Jun 2026 ​ N/A ​ LIBOR + 2.49% ​ ​ 783,460 ​ ​ 714,810 ​ ​ 696,503 ​ ​ 645,344 Term Loan and Revolver ​ (j) ​ N/A ​ (j) ​ ​ N/A (j) ​ 519,000 ​ ​ 399,000 ​ ​ 300,000 FHLB ​ Feb 2021 ​ N/A ​ (k) ​ ​ 1,262,250 ​ ​ 2,000,000 ​ ​ 867,870 ​ ​ 500,000 Total Other Secured Financing ​ ​ ​ ​ ​ ​ ​ ​ 5,365,987 ​ ​ 6,852,042 ​ ​ 4,390,668 ​ ​ 4,471,874 ​ ​ ​ ​ ​ ​ ​ ​ $ 12,051,127 ​ $ 18,006,088 ​ ​ 9,000,125 ​ ​ 8,761,624 Unamortized net discount ​ ​ ​ ​ ​ ​ ​ ​ ​ (8,347) ​ ​ (963) Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ (85,730) ​ ​ (77,096) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 8,906,048 ​ $ 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 $874.9 million as of December 31, 2019 are indexed to GBP LIBOR and EURIBOR. The remainder have a weighted average rate of LIBOR + 1.90% . (d) The aggregate initial maximum facility size of $8.9 billion may be increased at our option, subject to certain conditions. This amount includes such upsizes. (e) Certain facilities with an outstanding balance of $295.0 million as of December 31, 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 $184.7 million as of December 31, 2019 has a fixed annual interest rate of 3.49% . All other facilities are variable rate with a weighted average rate of LIBOR + 1.58% . (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 9.8 years as of December 31, 2019. (j) Consists of: (i) a $399.0 million term loan facility that matures in July 2026 with an annual interest rate of LIBOR + 2.50% ; and (ii) a $120.0 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 $3.1 billion as of December 31, 2019. (k) FHLB financing with an outstanding balance of $438.5 million as of December 31, 2019 has a weighted average fixed annual interest rate of 2.01% . 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 December 31, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Face ​ Carrying ​ Weighted ​ ​ ​ ​ ​ Count ​ Amount ​ Value ​ Average Spread ​ Maturity ​ Collateral assets ​ 20 ​ $ 1,073,504 ​ $ 1,073,504 ​ LIBOR + 3.34% (a) Nov 2023 (b) Financing ​ 1 ​ 936,375 ​ ​ 928,060 ​ LIBOR + 1.65% (c) July 2038 (d) (a) Represents the weighted-average coupon earned on variable rate loans during the year ended December 31, 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 year ended December 31, 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	Our credit facilities generally require principal to be paid down prior to the facilities’ respective maturities if and when we receive principal payments on, or sell, the investment collateral that we have pledged. The following table sets forth our principal repayments schedule for secured financings based on the earlier of (i) the extended contractual maturity of each credit facility or (ii) the extended contractual maturity of each of the investments that have been pledged as collateral under the respective credit facility (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Repurchase Other Secured ​ ​ ​ ​ ​ Agreements ​ Financing ​ CLO ​ Total 2020 $ 480,249 $ 564,886 $ — ​ $ 1,045,135 2021 ​ 625,956 ​ 857,429 ​ ​ — ​ 1,483,385 2022 ​ 1,010,970 ​ 552,175 ​ ​ — ​ 1,563,145 2023 ​ 1,056,812 ​ 705,283 ​ ​ — ​ 1,762,095 2024 ​ 1,065,312 ​ 284,235 ​ ​ — ​ 1,349,547 Thereafter ​ 370,158 ​ 1,426,660 ​ ​ 936,375 (a) 2,733,193 Total ​ $ 4,609,457 ​ $ 4,390,668 ​ $ 936,375 ​ $ 9,936,500 (a) Assumes utilization of the reinvestment feature.

Unsecured Senior Notes (Tables)

Unsecured Senior Notes (Tables)	12 Months Ended
	Dec. 31, 2019
Unsecured Senior Notes
Schedule of unsecured convertible senior notes outstanding	​ The following table is a summary of our unsecured senior notes outstanding as of December 31, 2019 and 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ ​ ​ ​ Coupon ​ Effective ​ Maturity ​ Period of ​ Carrying Value at December 31, ​ ​ Rate ​ Rate (1) ​ Date ​ Amortization ​ 2019 ​ 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 ​ 1.1 years ​ ​ 500,000 ​ ​ 500,000 2021 Senior Notes (December) ​ 5.00 % 5.32 % 12/15/2021 ​ 2.0 years ​ ​ 700,000 ​ ​ 700,000 2023 Convertible Notes ​ 4.38 % 4.86 % 4/1/2023 ​ 3.3 years ​ ​ 250,000 ​ ​ 250,000 2025 Senior Notes ​ 4.75 % 5.04 % 3/15/2025 ​ 5.2 years ​ ​ 500,000 ​ ​ 500,000 Total principal amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,950,000 ​ ​ 2,027,969 Unamortized discount—Convertible Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3,610) ​ ​ (4,644) Unamortized discount—Senior Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (12,144) ​ ​ (16,416) Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (5,624) ​ (8,078) Carrying amount of debt components ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,928,622 ​ $ 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 December 31, 2019 (amounts in thousands, except rates): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ Conversion Spread Value - Shares (3) ​ ​ Conversion ​ Conversion ​ For the Year Ended December 31, ​ ​ Rate (1) ​ Price (2) ​ 2019 ​ 2018 ​ 2017 2018 Notes ​ N/A ​ N/A — — 541 2019 Notes ​ N/A ​ N/A — 91 1,358 2023 Notes ​ 38.5959 $ 25.91 — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ — ​ 91 ​ 1,899 ​ (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 December 31, 2019, 2018 and 2017, the market price of the Company’s common stock was $24.86, $19.71 and $21.35 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)	12 Months Ended
	Dec. 31, 2019
Investing and Servicing Segment
Summary of fair value and par value of loans sold and amount of sale proceeds used in part to repay the outstanding balance of the repurchase agreements associated with the loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Repayment of ​ ​ ​ ​ ​ ​ repurchase ​ Face Amount Proceeds agreements For the Year Ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 1,781,981 ​ $ 1,845,890 ​ $ 1,289,129 2018 ​ 1,517,599 ​ 1,563,433 ​ ​ 1,147,316 2017 ​ ​ 1,517,368 ​ ​ 1,582,050 ​ ​ 1,152,938
Commercial and Residential Lending Segment
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 For the Year Ended December 31, Face Amount Proceeds Face Amount Proceeds Face Amount Proceeds 2019 ​ $ 751,210 ​ $ 748,045 ​ $ 1,282,527 ​ $ 1,331,856 ​ $ — ​ $ — 2018 ​ 840,400 ​ 835,849 ​ 660,865 ​ 683,556 ​ — ​ — 2017 ​ 55,470 ​ 52,609 ​ — ​ — ​ 75,000 ​ 74,098

Derivatives and Hedging Activ_2

Derivatives and Hedging Activity (Tables)	12 Months Ended
	Dec. 31, 2019
Derivatives and Hedging Activity
Summary of foreign exchange ("Fx") forwards, interest rate swaps, interest rate caps and credit index instruments	​ The following table summarizes our non-designated derivatives as of December 31, 2019 (notional amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Sell Euros ("EUR") ​ 168 ​ 199,183 ​ EUR ​ January 2020 – June 2023 Fx contracts – Sell Pounds Sterling ("GBP") ​ 93 ​ 444,236 ​ GBP ​ January 2020 – December 2023 Fx contracts – Sell Australian dollar ("AUD") ​ 4 ​ 25,850 ​ AUD ​ March 2020 – November 2021 Interest rate swaps – Paying fixed rates ​ 37 ​ 1,299,466 ​ USD ​ July 2022 – January 2030 Interest rate swaps – Receiving fixed rates ​ 2 ​ 970,000 ​ USD ​ January 2021- March 2025 Interest rate caps ​ 12 ​ 742,299 ​ USD ​ January 2020 – August 2023 Credit index instruments ​ 5 ​ 89,000 ​ USD ​ November 2054 – August 2061 Interest rate swap guarantees ​ 6 ​ 394,671 ​ USD ​ March 2022 – June 2025 Interest rate swap guarantees ​ 1 ​ 9,390 ​ GBP ​ December 2024 Total ​ 328 ​ ​ ​ ​ ​ ​ ​
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 consolidated balance sheets as of December 31, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Derivatives ​ Fair Value of Derivatives ​ ​ in an Asset Position (1) ​ in a Liability Position (2) ​ ​ as of December 31, ​ as of December 31, ​ 2019 2018 2019 2018 Interest rate contracts ​ 14,385 ​ 30,791 ​ — ​ 14,457 Interest rate swap guarantees ​ ​ — ​ ​ — ​ ​ 614 ​ ​ 396 Foreign exchange contracts ​ 14,558 ​ 21,346 ​ 7,834 ​ 562 Credit index instruments ​ — ​ 554 ​ 292 ​ — Total derivatives ​ $ 28,943 ​ $ 52,691 ​ $ 8,740 ​ $ 15,415 (1) Classified as derivative assets in our consolidated balance sheets. ​ (2) Classified as derivative liabilities in our consolidated balance sheets. ​
Schedule of effect of derivative financial instruments on the consolidated statements of operations and of comprehensive income	​ a ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain (Loss) ​ ​ ​ ​ Recognized in Income for the Derivatives Not Designated ​ Location of Gain (Loss) ​ Year Ended December 31, as Hedging Instruments Recognized in Income 2019 2018 ​ 2017 Interest rate contracts (Loss) gain on derivative financial instruments ​ $ (10,516) ​ $ (1,593) ​ $ (5,165) Interest rate swap guarantees ​ (Loss) gain on derivative financial instruments ​ ​ (3,350) ​ ​ (114) ​ ​ — Foreign exchange contracts (Loss) gain on derivative financial instruments ​ 8,801 ​ 36,040 ​ (65,645) Credit index instruments (Loss) gain on derivative financial instruments ​ (1,245) ​ 270 ​ (1,722) ​ ​ ​ ​ $ (6,310) ​ $ 34,603 ​ $ (72,532)
Schedule of Gain / (Loss) recognized in Income for Derivatives Not Designated as Hedging Instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain ​ ​ ​ ​ ​ Gain ​ Reclassified ​ ​ ​ ​ ​ ​ Recognized ​ from AOCI ​ Gain Recognized ​ ​ Derivatives Designated as Hedging Instruments ​ in OCI ​ into Income ​ in Income ​ Location of Gain For the Year Ended December 31, ​ (effective portion) ​ (effective portion) ​ (ineffective portion) ​ Recognized in Income 2019 ​ $ — ​ $ — ​ $ — Interest expense 2018 ​ $ 8 ​ $ 33 ​ $ — Interest expense 2017 ​ $ 54 ​ $ 3 ​ $ — Interest expense

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Offsetting Assets and Liabilities
Schedule of offsetting assets and liabilities	The following tables present the potential effects of netting arrangements on our financial position for financial assets and liabilities within the scope of ASC 210-20, Balance Sheet—Offsetting ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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 December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ 28,943 ​ $ — ​ $ 28,943 ​ $ 5,312 ​ $ 14,208 ​ $ 9,423 Derivative liabilities ​ $ 8,740 ​ $ — ​ $ 8,740 ​ $ 5,312 ​ $ 292 ​ $ 3,136 Repurchase agreements ​ 4,609,457 ​ — ​ 4,609,457 ​ 4,609,457 ​ — ​ — ​ ​ $ 4,618,197 ​ $ — ​ $ 4,618,197 ​ $ 4,614,769 ​ $ 292 ​ $ 3,136 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)	12 Months Ended
	Dec. 31, 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 ​ ​ December 31, 2019 Assets: ​ ​ ​ Loans held-for-investment ​ $ 1,073,504 Accrued interest receivable ​ 3,129 Other assets ​ ​ 26,496 Total Assets ​ $ 1,103,129 Liabilities ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 1,362 Collateralized loan obligations, net ​ 928,060 Total Liabilities ​ $ 929,422

Stockholders' Equity and Non-_2

Stockholders' Equity and Non-Controlling Interests (Tables)	12 Months Ended
	Dec. 31, 2019
Stockholders' Equity and Non-Controlling Interests
Schedule of dividends declared by board of directors	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration Date Record Date Ex-Dividend Date Payment Date Amount Frequency 11/8/19 ​ 12/31/19 ​ 12/30/19 ​ 1/15/20 ​ $ 0.48 ​ Quarterly ​ 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 ​ 11/9/18 ​ 12/31/18 12/28/18 ​ 1/15/19 ​ ​ 0.48 Quarterly ​ 8/8/18 ​ 9/28/18 ​ 9/27/18 ​ 10/15/18 ​ ​ 0.48 ​ Quarterly ​ 5/4/18 ​ 6/29/18 ​ 6/28/18 ​ 7/13/18 ​ ​ 0.48 ​ Quarterly ​ 2/28/18 3/30/18 3/28/18 ​ 4/13/18 ​ ​ 0.48 Quarterly ​ 11/8/17 ​ 12/29/17 12/28/17 ​ 1/12/18 ​ ​ 0.48 Quarterly ​ 8/9/17 9/29/17 9/28/17 ​ 10/13/17 ​ ​ 0.48 Quarterly ​ 5/9/17 6/30/17 6/28/17 ​ 7/14/17 ​ ​ 0.48 Quarterly ​ 2/23/17 3/31/17 3/29/17 ​ 4/14/17 ​ ​ 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 years ended December 31, 2019, 2018 and 2017 (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 ​ January 2014 ​ RSU ​ 489,281 ​ ​ 14,776 ​ 3 years ​ January 2014 ​ RSU ​ 2,000,000 ​ ​ 55,420 ​ 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 common stock issued as incentive compensation under the Management Agreement	​ ​ ​ ​ ​ ​ ​ ​ Timing of Issuance ​ Shares of Common Stock Issued ​ Price per share November 2019 ​ 38,942 ​ $ 24.08 ​ March 2019 ​ 495,363 ​ ​ 22.16 ​ November 2018 ​ 98,026 ​ ​ 21.94 ​ August 2018 ​ 131,179 ​ ​ 21.67 ​ May 2018 ​ 224,071 ​ ​ 21.49 ​ March 2018 ​ 545,641 ​ ​ 20.13 ​ November 2017 ​ 239,757 ​ ​ 21.64 ​ August 2017 ​ 98,061 ​ ​ 22.10 ​ May 2017 ​ 123,478 ​ ​ 21.83 ​ February 2017 ​ 418,016 ​ ​ 22.84 ​
Summary of share-based compensation expenses	​ The following table summarizes our share-based compensation expenses during the years ended December 31, 2019, 2018 and 2017 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2019 ​ 2018 ​ 2017 Management fees: ​ ​ ​ Manager incentive fee ​ $ 10,082 ​ $ 20,700 ​ $ 21,072 2017 Manager Equity Plan (1) ​ 20,255 ​ 12,573 ​ 10,423 ​ ​ 30,337 ​ 33,273 ​ 31,495 General and administrative: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2017 Equity Plan (1) ​ 15,900 ​ 10,185 ​ 7,728 ​ ​ 15,900 ​ 10,185 ​ 7,728 Total share-based compensation expense (2) ​ $ 46,237 ​ $ 43,458 ​ $ 39,223 (1) (2) ​
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 (518,298) ​ (892,323) (1,410,621) ​ 22.20 Forfeited (25,213) ​ — (25,213) ​ 21.84 Balance as of December 31, 2019 1,413,170 1,305,597 2,718,767 ​ 22.74 (1) Equity-based award activity for awards granted under the Equity Plan and Non-Executive Director Stock Plan is reflected within the 2017 Equity Plan column, and for awards granted under the Manager Equity Plan, within the 2017 Manager Equity Plan column. ​
Vesting Schedule	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2017 Equity ​ 2017 Manager ​ ​ ​ ​ Plan ​ Equity Plan ​ Total 2020 799,039 668,701 1,467,740 2021 440,173 391,619 831,792 2022 173,958 245,277 419,235 Total 1,413,170 1,305,597 2,718,767

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings per Share
Reconciliation of net income from continuing operations and the number of shares of common stock used in the computation of basic EPS and diluted EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2019 2018 ​ 2017 Basic Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ Income attributable to STWD common stockholders ​ $ 509,664 ​ $ 385,830 ​ $ 400,770 Less: Income attributable to participating shares not already deducted as non-controlling interests ​ (3,873) ​ (3,592) ​ (3,183) Basic earnings ​ $ 505,791 ​ $ 382,238 ​ $ 397,587 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ Income attributable to STWD common stockholders ​ $ 509,664 ​ $ 385,830 ​ $ 400,770 Less: Income attributable to participating shares not already deducted as non-controlling interests ​ (3,873) ​ (3,592) ​ (3,183) Add: Interest expense on Convertible Notes (1) ​ ​ 12,354 ​ ​ 25,148 ​ ​ — Add: Loss on extinguishment of Convertible Notes (1) ​ ​ — ​ ​ 2,099 ​ ​ — Diluted earnings ​ $ 518,145 ​ $ 409,485 ​ $ 397,587 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic — Average shares outstanding ​ 279,337 ​ 265,279 ​ 259,620 Effect of dilutive securities — Convertible Notes (1) ​ 9,805 ​ 22,659 ​ 1,899 Effect of dilutive securities — Contingently issuable shares ​ 360 ​ 546 ​ 508 Effect of dilutive securities — Unvested non-participating shares ​ ​ 210 ​ ​ — ​ ​ 52 Diluted — Average shares outstanding ​ 289,712 ​ 288,484 ​ 262,079 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings Per Share Attributable to STWD Common Stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 1.81 ​ $ 1.44 ​ $ 1.53 Diluted ​ $ 1.79 ​ $ 1.42 ​ $ 1.52 (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 years ended December 31, 2019 and 2018 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 11 for further discussion.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2019
Accumulated Other Comprehensive Income
Schedule of changes in AOCI by component	The changes in AOCI by component are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cumulative ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized Gain ​ ​ ​ ​ ​ ​ ​ ​ Effective Portion of ​ (Loss) on ​ Foreign ​ ​ ​ ​ ​ Cumulative Loss on ​ Available-for- ​ Currency ​ ​ ​ ​ ​ Cash Flow Hedges ​ Sale Securities ​ Translation ​ Total Balance at January 1, 2017 ​ $ (26) ​ $ 44,929 ​ $ (8,765) ​ $ 36,138 OCI before reclassifications ​ 54 ​ 13,055 ​ 20,775 ​ ​ 33,884 Amounts reclassified from AOCI ​ (3) ​ (95) ​ — ​ ​ (98) Net period OCI ​ 51 ​ 12,960 ​ 20,775 ​ 33,786 Balance at December 31, 2017 ​ ​ 25 ​ ​ 57,889 ​ ​ 12,010 ​ ​ 69,924 OCI before reclassifications ​ 8 ​ (1,390) ​ (6,865) ​ (8,247) Amounts reclassified from AOCI ​ (33) ​ (2,984) ​ — ​ (3,017) Net period OCI ​ (25) ​ ​ (4,374) ​ ​ (6,865) ​ ​ (11,264) Balance at December 31, 2018 ​ ​ — ​ ​ 53,515 ​ ​ 5,145 ​ ​ 58,660 OCI before reclassifications ​ — ​ (2,460) ​ (3,665) ​ (6,125) Amounts reclassified from AOCI ​ — ​ (59) ​ (1,544) ​ (1,603) Net period OCI ​ — ​ (2,519) ​ (5,209) ​ (7,728) Balance at December 31, 2019 ​ $ — ​ $ 50,996 ​ $ (64) ​ $ 50,932
Schedule of reclassifications out of AOCI that impacted the condensed consolidated statements of operations	The reclassifications out of AOCI impacted the consolidated statements of operations for the years ended December 31, 2019, 2018 and 2017 as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts Reclassified from ​ ​ ​ ​ AOCI during the Year ​ Affected Line Item ​ ​ Ended December 31, ​ in the Statements Details about AOCI Components 2019 2018 2017 of Operations Gain (loss) on cash flow hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts ​ $ — ​ $ 33 ​ $ 3 ​ Interest expense Unrealized gains on available-for-sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest realized upon collection ​ ​ 59 ​ ​ 46 ​ ​ 95 ​ Interest income from investment securities Net realized gain on sale of investment ​ ​ — ​ ​ 2,938 ​ ​ — ​ Gain on sale of investments and other assets, net Total ​ ​ 59 ​ ​ 2,984 ​ ​ 95 ​ ​ Foreign currency translation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency gain from sale of Ireland Portfolio ​ ​ 1,544 ​ ​ — ​ ​ — ​ Gain on sale of investments and other assets, net Total reclassifications for the period ​ $ 1,603 ​ $ 3,017 ​ $ 98 ​ ​

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value
Schedule of financial assets and liabilities carried at fair value on a recurring basis	The following tables present our financial assets and liabilities carried at fair value on a recurring basis in the consolidated balance sheets by their level in the fair value hierarchy as of December 31, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ Total Level I Level II Level III Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans under fair value option ​ $ 1,436,194 ​ $ — ​ $ — ​ $ 1,436,194 RMBS ​ 189,576 ​ — ​ — ​ 189,576 CMBS ​ 37,360 ​ — ​ 12,352 ​ 25,008 Equity security ​ 12,664 ​ 12,664 ​ — ​ — Domestic servicing rights ​ 16,917 ​ — ​ — ​ 16,917 Derivative assets ​ 28,943 ​ — ​ 28,943 ​ — VIE assets ​ 62,187,175 ​ — ​ ​ ​ 62,187,175 Total ​ $ 63,908,829 ​ $ 12,664 ​ $ 41,295 ​ $ 63,854,870 Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 8,740 ​ $ — ​ $ 8,740 ​ $ — VIE liabilities ​ 60,743,494 ​ — ​ 58,206,102 ​ 2,537,392 Total ​ $ 60,752,234 ​ $ — ​ $ 58,214,842 ​ $ 2,537,392 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 years ended December 31, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans at ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ ​ ​ 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 ​ 40,217 ​ 3,527 ​ 2,568 ​ (10,202) ​ (5,835,225) ​ 1,022,887 ​ (4,776,228) Net accretion ​ — ​ 10,932 ​ — ​ — ​ — ​ — ​ 10,932 Included in OCI ​ — ​ (4,374) ​ — ​ — ​ — ​ — ​ (4,374) Purchases / Originations ​ 2,276,788 ​ — ​ 3,621 ​ — ​ — ​ — ​ 2,280,409 Sales ​ (2,051,634) ​ (13,264) ​ (3,163) ​ — ​ — ​ — ​ (2,068,061) Issuances ​ — ​ — ​ — ​ — ​ — ​ (102,474) ​ (102,474) Cash repayments / receipts ​ (144,322) ​ (34,763) ​ (23,520) ​ — ​ — ​ (89,747) ​ (292,352) Transfers into Level III ​ — ​ — ​ 16,845 ​ — ​ — ​ (1,043,920) ​ (1,027,075) Transfers out of Level III ​ (195,510) ​ — ​ — ​ — ​ — ​ 922,985 ​ 727,475 Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 9,885,200 ​ (212,257) ​ 9,672,943 Deconsolidation of VIEs ​ — ​ — ​ 4,686 ​ — ​ (1,649,485) ​ 250,017 ​ (1,394,782) December 31, 2018 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 ​ 71,337 ​ — ​ 505 ​ (3,640) ​ (1,250,935) ​ 47,308 ​ (1,135,425) OTTI ​ — ​ — ​ — ​ — ​ — ​ — ​ — Net accretion ​ — ​ 9,945 ​ — ​ — ​ — ​ — ​ 9,945 Included in OCI ​ — ​ (2,519) ​ — ​ — ​ — ​ — ​ (2,519) Purchases / Originations ​ 4,015,167 ​ — ​ 5,165 ​ — ​ — ​ — ​ 4,020,332 Sales ​ (2,951,713) ​ — ​ (7,326) ​ — ​ — ​ — ​ (2,959,039) Issuances ​ — ​ — ​ — ​ — ​ — ​ (116,273) ​ (116,273) Cash repayments / receipts ​ (144,066) ​ (26,929) ​ (11,348) ​ — ​ — ​ (16,093) ​ (198,436) Transfers into Level III ​ — ​ — ​ 5,350 ​ — ​ — ​ (1,728,562) ​ (1,723,212) Transfers out of Level III ​ (225,813) ​ — ​ — ​ — ​ — ​ 991,378 ​ 765,565 Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 10,368,817 ​ (311,748) ​ 10,057,069 Deconsolidation of VIEs ​ — ​ — ​ 7,434 ​ — ​ (377,071) ​ 38,044 ​ (331,593) December 31, 2019 balance ​ $ 1,436,194 ​ $ 189,576 ​ $ 25,008 ​ $ 16,917 ​ $ 62,187,175 ​ $ (2,537,392) ​ $ 61,317,478 Amount of total (losses) gains included in earnings attributable to assets still held at: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ $ (3,753) ​ ​ 10,398 ​ ​ (352) ​ ​ (10,202) ​ ​ (5,835,225) ​ ​ 1,022,887 ​ $ (4,816,247) December 31, 2019 ​ ​ (4,459) ​ ​ 9,858 ​ ​ (666) ​ ​ (3,640) ​ ​ (1,250,935) ​ ​ 47,308 ​ ​ (1,202,534) ​
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 consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ December 31, 2018 ​ Carrying Fair Carrying Fair ​ ​ Value ​ Value ​ Value ​ Value Financial assets not carried at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held-for-investment, loans held-for-sale and loans transferred as secured borrowings ​ $ 10,034,030 ​ $ 10,086,372 ​ $ 9,122,972 ​ $ 9,178,709 HTM debt securities ​ 570,638 ​ 568,727 ​ 644,149 ​ 643,948 Financial liabilities not carried at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured financing agreements, CLO and secured borrowings on transferred loans ​ $ 9,834,108 ​ $ 9,826,511 ​ $ 8,757,804 ​ $ 8,662,548 Unsecured senior notes ​ 1,928,622 ​ 2,022,283 ​ 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) ​ December 31, 2019 Technique Input December 31, 2019 December 31, 2018 Loans under fair value option ​ $ 1,436,194 ​ Discounted cash flow ​ Yield (b) ​ 3.4% - 5.9% ​ 4.6% - 6.1% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 1.3 - 11.3 years ​ 2.5 - 14.4 years RMBS ​ 189,576 ​ Discounted cash flow ​ Constant prepayment rate (a) ​ 3.1% - 24.9% ​ 3.2% - 25.2% ​ ​ ​ ​ ​ ​ ​ Constant default rate (b) ​ 0.5% - 5.0% ​ 1.1% - 5.5% ​ ​ ​ ​ ​ ​ ​ Loss severity (b) ​ 0% - 93% (e) ​ 0% - 73% (e) ​ ​ ​ ​ ​ ​ ​ Delinquency rate (c) ​ 5% - 29% ​ 4% - 31% ​ ​ ​ ​ ​ ​ ​ Servicer advances (a) ​ 27% - 85% ​ 21% - 83% ​ ​ ​ ​ ​ ​ ​ Annual coupon deterioration (b) ​ 0% - 1.6% ​ 0% - 1.4% ​ ​ ​ ​ ​ ​ ​ Putback amount per projected total collateral loss (d) ​ 0% - 28% ​ 0% - 7% CMBS ​ 25,008 ​ Discounted cash flow ​ Yield (b) ​ 0% - 122.9% ​ 0% - 473.5% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 9.7 years ​ 0 - 9.7 years Domestic servicing rights ​ 16,917 ​ Discounted cash flow ​ Debt yield (a) ​ 7.5% ​ 7.75% ​ ​ ​ ​ ​ ​ ​ Discount rate (b) ​ 15% ​ 15% ​ ​ ​ ​ ​ ​ ​ Control migration (b) ​ 0% - 80% ​ 0% - 80% VIE assets ​ 62,187,175 ​ Discounted cash flow ​ Yield (b) ​ 0% - 690.7% ​ 0% - 290.9% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 19.2 years ​ 0 - 20.4 years VIE liabilities ​ (2,537,392) ​ Discounted cash flow ​ Yield (b) ​ 0% - 690.7% ​ 0% - 290.9% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 12.7 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) 34% and 55% of the portfolio falls within a range of 45% - 80% as of December 31, 2019 and 2018, respectively.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Taxes
Schedule of income tax provision	Our income tax provision consisted of the following for the years ended December 31, 2019, 2018 and 2017 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2019 2018 2017 Current ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 4,917 ​ $ 10,508 ​ $ 17,495 State ​ 3,182 ​ 3,010 ​ 3,115 Foreign ​ 977 ​ 293 ​ 8 Total current ​ 9,076 ​ 13,811 ​ 20,618 Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ 3,869 ​ 1,189 ​ 10,815 State ​ 287 ​ 330 ​ 89 Total deferred ​ 4,156 ​ 1,519 ​ 10,904 Total income tax provision ​ $ 13,232 ​ $ 15,330 ​ $ 31,522 ​
Schedule of tax effects of temporary differences on net deferred tax assets	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2019 ​ 2018 Deferred tax asset, net ​ ​ ​ ​ ​ ​ Reserves and accruals ​ $ 4,017 ​ $ 5,161 Domestic intangible assets ​ 8,185 ​ 14,022 Lease assets ​ (1,950) ​ — Lease liabilities ​ ​ 2,752 ​ ​ — Investment in unconsolidated entities ​ (116) ​ (1,842) Deferred income ​ 19 ​ 134 Net operating and capital loss carryforwards ​ 885 ​ — Other U.S. temporary differences ​ 228 ​ 702 Net deferred tax assets ​ $ 14,020 ​ $ 18,177
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 years ended December 31, 2019, 2018 and 2017 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2019 ​ 2018 ​ 2017 Federal statutory tax rate $ 115,535 21.0 % $ 89,571 21.0 % $ 155,501 35.0 % REIT and other non-taxable income ​ ​ (106,301) (19.3) % ​ (77,972) (18.3) % ​ (135,830) ​ (30.6) % State income taxes ​ 3,034 0.5 % ​ 3,038 0.7 % ​ 3,091 ​ 0.7 % Federal benefit of state tax deduction ​ (637) (0.1) % ​ (638) (0.1) % ​ (1,082) ​ (0.2) % Changes in tax law ​ ​ — — % ​ ​ — — % ​ ​ 10,365 ​ 2.3 % Other ​ 1,601 0.3 % ​ 1,331 0.3 % ​ (523) ​ (0.1) % Effective tax rate ​ $ 13,232 ​ 2.4 % ​ $ 15,330 ​ 3.6 % ​ $ 31,522 ​ 7.1 % ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies.
Schedule of lease costs and sublease income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2019 2018 2017 Operating lease costs $ 5,634 $ 4,962 $ 4,699 Short-term lease costs ​ 115 ​ 210 ​ 96 Sublease income ​ (1,613) ​ (1,643) ​ (1,500) Total lease cost ​ $ 4,136 ​ $ 3,529 ​ $ 3,295 ​ ​ Information concerning our operating lease liabilities, which are classified within accounts payable, accrued expenses and other liabilities in our consolidated balance sheet as of December 31, 2019, is as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities—operating $ 5,215 ​ ​ ​ ​ ​ ​ December 31, 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: ​ ​ 2020 ​ $ 6,163 2021 ​ ​ 3,480 2022 ​ ​ 1,272 2023 ​ ​ 1,281 2024 ​ ​ 6,206 Thereafter ​ ​ 1,002 Total ​ ​ 19,404 Less interest component ​ ​ (2,316) Operating lease liability ​ $ 17,088

Segment Data (Tables)

Segment Data (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Data and Geographic Data
Schedule of results of operations by business segment	The table below presents our results of operations for the year ended December 31, 2019 by business segment (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential Infrastructure ​ Investing ​ ​ ​ ​ ​ ​ Lending ​ Lending ​ Property ​ and Servicing ​ ​ ​ ​ ​ Securitization ​ ​ ​ ​ Segment ​ Segment ​ Segment ​ Segment ​ Corporate ​ Subtotal ​ VIEs ​ Total Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income from loans ​ $ 610,316 ​ $ 99,580 ​ $ — ​ $ 14,117 ​ $ — ​ $ 724,013 ​ $ — ​ $ 724,013 Interest income from investment securities ​ 81,255 ​ 6,318 ​ — ​ 117,663 ​ ​ — ​ 205,236 ​ (128,607) ​ 76,629 Servicing fees ​ 423 ​ — ​ — ​ 69,962 ​ ​ — ​ 70,385 ​ (16,089) ​ 54,296 Rental income ​ ​ — ​ ​ — ​ ​ 287,094 ​ ​ 50,872 ​ ​ — ​ ​ 337,966 ​ ​ — ​ ​ 337,966 Other revenues ​ 1,038 ​ 751 ​ 409 ​ 1,317 ​ ​ 26 ​ 3,541 ​ (26) ​ 3,515 Total revenues ​ 693,032 ​ 106,649 ​ 287,503 ​ 253,931 ​ 26 ​ 1,341,141 ​ (144,722) ​ 1,196,419 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 1,495 ​ — ​ — ​ 72 ​ 117,404 ​ 118,971 ​ 161 ​ 119,132 Interest expense ​ 222,118 ​ 62,836 ​ 76,838 ​ 33,621 ​ ​ 113,964 ​ 509,377 ​ (648) ​ 508,729 General and administrative ​ 29,481 ​ 18,260 ​ 6,232 ​ 87,115 ​ ​ 13,681 ​ 154,769 ​ 343 ​ 155,112 Acquisition and investment pursuit costs ​ 1,351 ​ 75 ​ 217 ​ (587) ​ ​ — ​ 1,056 ​ — ​ 1,056 Costs of rental operations ​ ​ 2,691 ​ ​ — ​ ​ 95,370 ​ ​ 24,921 ​ ​ — ​ ​ 122,982 ​ ​ — ​ ​ 122,982 Depreciation and amortization ​ 1,091 ​ 83 ​ 92,561 ​ 19,587 ​ ​ — ​ 113,322 ​ — ​ 113,322 Loan loss provision, net ​ 2,616 ​ 4,510 ​ — ​ — ​ ​ — ​ 7,126 ​ — ​ 7,126 Other expense ​ 307 ​ — ​ 1,693 ​ 365 ​ ​ — ​ 2,365 ​ — ​ 2,365 Total costs and expenses ​ 261,150 ​ 85,764 ​ 272,911 ​ 165,094 ​ ​ 245,049 ​ 1,029,968 ​ (144) ​ 1,029,824 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ — ​ — ​ — ​ — ​ — ​ 236,309 ​ 236,309 Change in fair value of servicing rights ​ — ​ — ​ — ​ (1,468) ​ ​ — ​ (1,468) ​ (2,172) ​ (3,640) Change in fair value of investment securities, net ​ (1,084) ​ — ​ — ​ 89,206 ​ ​ — ​ 88,122 ​ (87,289) ​ 833 Change in fair value of mortgage loans held-for-sale, net ​ 10,462 ​ — ​ — ​ 61,139 ​ ​ — ​ 71,601 ​ — ​ 71,601 Earnings (loss) from unconsolidated entities ​ 10,649 ​ — ​ (114,362) ​ 4,166 ​ ​ — ​ (99,547) ​ (1,807) ​ (101,354) Gain on sale of investments and other assets, net ​ 4,619 ​ 3,041 ​ 119,746 ​ 60,622 ​ ​ — ​ 188,028 ​ — ​ 188,028 (Loss) gain on derivative financial instruments, net ​ (20,325) ​ (3,349) ​ (1,284) ​ (7,414) ​ ​ 26,062 ​ (6,310) ​ — ​ (6,310) Foreign currency gain (loss), net ​ 17,342 ​ 205 ​ 37 ​ (2) ​ ​ — ​ 17,582 ​ — ​ 17,582 Loss on extinguishment of debt ​ ​ (857) ​ ​ (11,357) ​ ​ (4,745) ​ ​ (845) ​ ​ (1,466) ​ ​ (19,270) ​ ​ — ​ ​ (19,270) Other (loss) income, net ​ — ​ (50) ​ (100) ​ 16 ​ ​ (73) ​ (207) ​ — ​ (207) Total other income (loss) ​ 20,806 ​ (11,510) ​ (708) ​ 205,420 ​ ​ 24,523 ​ 238,531 ​ 145,041 ​ 383,572 Income (loss) before income taxes ​ 452,688 ​ 9,375 ​ 13,884 ​ 294,257 ​ ​ (220,500) ​ 549,704 ​ 463 ​ 550,167 Income tax (provision) benefit ​ (4,818) ​ 89 ​ (393) ​ (8,110) ​ ​ — ​ (13,232) ​ — ​ (13,232) Net income (loss) ​ 447,870 ​ 9,464 ​ 13,491 ​ 286,147 ​ ​ (220,500) ​ 536,472 ​ 463 ​ 536,935 Net income attributable to non-controlling interests ​ (392) ​ — ​ (21,630) ​ (4,786) ​ ​ — ​ (26,808) ​ (463) ​ (27,271) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 447,478 ​ $ 9,464 ​ $ (8,139) ​ $ 281,361 ​ $ (220,500) ​ $ 509,664 ​ $ — ​ $ 509,664 ​ The table below presents our results of operations for the year ended 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 Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income from loans ​ $ 576,564 ​ $ 28,995 ​ $ — ​ $ 14,984 ​ $ — ​ $ 620,543 ​ $ — ​ $ 620,543 Interest income from investment securities ​ 50,063 ​ ​ 1,095 ​ — ​ 127,100 ​ ​ — ​ 178,258 ​ (121,419) ​ 56,839 Servicing fees ​ 421 ​ ​ — ​ — ​ 103,866 ​ ​ — ​ 104,287 ​ (25,521) ​ 78,766 Rental income ​ — ​ ​ — ​ ​ 292,453 ​ ​ 57,231 ​ ​ — ​ 349,684 ​ — ​ 349,684 Other revenues ​ 902 ​ ​ 619 ​ 444 ​ 1,299 ​ ​ 360 ​ 3,624 ​ (176) ​ 3,448 Total revenues ​ 627,950 ​ ​ 30,709 ​ 292,897 ​ 304,480 ​ 360 ​ 1,256,396 ​ (147,116) ​ 1,109,280 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 1,838 ​ ​ — ​ — ​ 72 ​ 127,133 ​ 129,043 ​ 412 ​ 129,455 Interest expense ​ 160,769 ​ ​ 20,949 ​ 75,192 ​ 27,459 ​ ​ 124,805 ​ 409,174 ​ (986) ​ 408,188 General and administrative ​ 26,324 ​ ​ 5,631 ​ 7,113 ​ 84,978 ​ ​ 11,747 ​ 135,793 ​ 339 ​ 136,132 Acquisition and investment pursuit costs ​ 2,490 ​ ​ 6,806 ​ (46) ​ (663) ​ ​ — ​ 8,587 ​ — ​ 8,587 Costs of rental operations ​ ​ — ​ ​ — ​ ​ 99,632 ​ ​ 27,436 ​ ​ — ​ 127,068 ​ — ​ 127,068 Depreciation and amortization ​ 76 ​ ​ — ​ 110,684 ​ 21,889 ​ ​ — ​ 132,649 ​ — ​ 132,649 Loan loss provision, net ​ 34,821 ​ ​ — ​ — ​ — ​ ​ — ​ 34,821 ​ — ​ 34,821 Other expense ​ 307 ​ ​ — ​ (27) ​ 452 ​ ​ — ​ 732 ​ — ​ 732 Total costs and expenses ​ 226,625 ​ ​ 33,386 ​ 292,548 ​ 161,623 ​ ​ 263,685 ​ 977,867 ​ (235) ​ 977,632 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ 165,892 ​ 165,892 Change in fair value of servicing rights ​ — ​ ​ — ​ — ​ (14,373) ​ ​ — ​ (14,373) ​ 4,171 ​ (10,202) Change in fair value of investment securities, net ​ (2,765) ​ ​ — ​ — ​ 33,229 ​ ​ — ​ 30,464 ​ (20,119) ​ 10,345 Change in fair value of mortgage loans held-for-sale, net ​ (6,851) ​ ​ — ​ — ​ 47,373 ​ ​ — ​ 40,522 ​ — ​ 40,522 Earnings from unconsolidated entities ​ 5,063 ​ ​ — ​ 3,658 ​ 3,809 ​ ​ — ​ 12,530 ​ (1,990) ​ 10,540 Gain on sale of investments and other assets, net ​ 4,019 ​ ​ — ​ 28,468 ​ 26,557 ​ ​ — ​ 59,044 ​ — ​ 59,044 Gain (loss) on derivative financial instruments, net ​ 17,654 ​ ​ 1,821 ​ 22,756 ​ (298) ​ ​ (7,330) ​ 34,603 ​ — ​ 34,603 Foreign currency loss, net ​ (7,816) ​ ​ (1,425) ​ (2) ​ (2) ​ ​ — ​ (9,245) ​ — ​ (9,245) Loss on extinguishment of debt ​ ​ (730) ​ ​ — ​ ​ (2,661) ​ ​ (318) ​ ​ (2,099) ​ ​ (5,808) ​ ​ — ​ ​ (5,808) Other income (loss), net ​ 43 ​ ​ — ​ 508 ​ (1,363) ​ ​ — ​ (812) ​ — ​ (812) Total other income (loss) ​ 8,617 ​ ​ 396 ​ 52,727 ​ 94,614 ​ ​ (9,429) ​ 146,925 ​ 147,954 ​ 294,879 Income (loss) before income taxes ​ 409,942 ​ ​ (2,281) ​ 53,076 ​ 237,471 ​ ​ (272,754) ​ 425,454 ​ 1,073 ​ 426,527 Income tax provision ​ (2,801) ​ ​ (292) ​ ​ (7,549) ​ (4,688) ​ ​ — ​ (15,330) ​ — ​ (15,330) Net income (loss) ​ 407,141 ​ ​ (2,573) ​ 45,527 ​ 232,783 ​ ​ (272,754) ​ 410,124 ​ 1,073 ​ 411,197 Net income attributable to non-controlling interests ​ (1,451) ​ ​ — ​ (17,623) ​ (5,220) ​ ​ — ​ (24,294) ​ (1,073) ​ (25,367) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 405,690 ​ $ (2,573) ​ $ 27,904 ​ $ 227,563 ​ $ (272,754) ​ $ 385,830 ​ $ — ​ $ 385,830 ​ The table below presents our results of operations for the year ended December 31, 2017 by business segment (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and ​ ​ ​ ​ ​ ​ ​ Residential ​ ​ Investing ​ ​ ​ ​ ​ ​ Lending ​ Property ​ and Servicing ​ ​ ​ ​ ​ Securitization ​ ​ ​ ​ Segment ​ Segment ​ Segment ​ Corporate ​ Subtotal ​ VIEs ​ Total Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income from loans ​ $ 499,806 ​ $ — ​ $ 14,008 ​ $ — ​ $ 513,814 ​ $ — ​ $ 513,814 Interest income from investment securities ​ 46,710 ​ ​ — ​ 134,743 ​ ​ — ​ 181,453 ​ (128,640) ​ 52,813 Servicing fees ​ 711 ​ ​ — ​ 111,158 ​ ​ — ​ 111,869 ​ (50,423) ​ 61,446 Rental income ​ ​ — ​ ​ 198,466 ​ ​ 50,534 ​ ​ — ​ 249,000 ​ — ​ 249,000 Other revenues ​ 686 ​ ​ 645 ​ 1,794 ​ ​ — ​ 3,125 ​ (310) ​ 2,815 Total revenues ​ 547,913 ​ 199,111 ​ 312,237 ​ — ​ 1,059,261 ​ (179,373) ​ 879,888 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 1,933 ​ — ​ 72 ​ 120,387 ​ 122,392 ​ 307 ​ 122,699 Interest expense ​ 107,167 ​ ​ 46,552 ​ 19,840 ​ ​ 123,201 ​ 296,760 ​ (1,094) ​ 295,666 General and administrative ​ 19,981 ​ ​ 4,734 ​ 94,625 ​ ​ 9,911 ​ 129,251 ​ 336 ​ 129,587 Acquisition and investment pursuit costs ​ 3,240 ​ ​ 375 ​ (143) ​ ​ — ​ 3,472 ​ — ​ 3,472 Costs of rental operations ​ ​ — ​ ​ 72,208 ​ ​ 22,050 ​ ​ — ​ ​ 94,258 ​ ​ — ​ ​ 94,258 Depreciation and amortization ​ 66 ​ ​ 73,538 ​ 19,999 ​ ​ — ​ 93,603 ​ — ​ 93,603 Loan loss provision, net ​ (5,458) ​ ​ — ​ — ​ ​ — ​ (5,458) ​ — ​ (5,458) Other expense ​ 149 ​ ​ 110 ​ 1,163 ​ ​ — ​ 1,422 ​ — ​ 1,422 Total costs and expenses ​ 127,078 ​ ​ 197,517 ​ 157,606 ​ ​ 253,499 ​ 735,700 ​ (451) ​ 735,249 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ — ​ — ​ — ​ — ​ 252,434 ​ 252,434 Change in fair value of servicing rights ​ — ​ ​ — ​ (30,315) ​ ​ — ​ (30,315) ​ 5,992 ​ (24,323) Change in fair value of investment securities, net ​ 175 ​ ​ — ​ 54,333 ​ ​ — ​ 54,508 ​ (58,319) ​ (3,811) Change in fair value of mortgage loans held-for-sale, net ​ 2,324 ​ ​ — ​ 64,663 ​ ​ — ​ 66,987 ​ — ​ 66,987 Earnings (loss) from unconsolidated entities ​ 3,365 ​ ​ (27,685) ​ 68,192 ​ ​ — ​ 43,872 ​ (13,367) ​ 30,505 (Loss) gain on sale of investments and other assets, net ​ (59) ​ ​ 77 ​ 20,481 ​ ​ — ​ 20,499 ​ — ​ 20,499 Loss on derivative financial instruments, net ​ (35,262) ​ ​ (32,333) ​ (2,497) ​ ​ (2,440) ​ (72,532) ​ — ​ (72,532) Foreign currency gain, net ​ 33,651 ​ ​ 14 ​ 6 ​ ​ — ​ 33,671 ​ — ​ 33,671 OTTI ​ (109) ​ ​ — ​ — ​ ​ — ​ (109) ​ — ​ (109) Loss on extinguishment of debt ​ ​ — ​ ​ — ​ ​ — ​ ​ (5,915) ​ ​ (5,915) ​ ​ — ​ ​ (5,915) Other income, net ​ — ​ ​ 7 ​ 1,105 ​ ​ 1,745 ​ 2,857 ​ (613) ​ 2,244 Total other income (loss) ​ 4,085 ​ ​ (59,920) ​ 175,968 ​ ​ (6,610) ​ 113,523 ​ 186,127 ​ 299,650 Income (loss) before income taxes ​ 424,920 ​ ​ (58,326) ​ 330,599 ​ ​ (260,109) ​ 437,084 ​ 7,205 ​ 444,289 Income tax provision ​ (143) ​ ​ (249) ​ (31,130) ​ ​ — ​ (31,522) ​ — ​ (31,522) Net income (loss) ​ 424,777 ​ ​ (58,575) ​ 299,469 ​ ​ (260,109) ​ 405,562 ​ 7,205 ​ 412,767 Net income attributable to non-controlling interests ​ (1,419) ​ ​ — ​ (3,373) ​ ​ — ​ (4,792) ​ (7,205) ​ (11,997) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 423,358 ​ $ (58,575) ​ $ 296,096 ​ $ (260,109) ​ $ 400,770 ​ $ — ​ $ 400,770 ​ The table below presents our consolidated balance sheet as of December 31, 2019 by business segment (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ Infrastructure ​ ​ ​ Investing ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lending ​ Lending ​ Property ​ and Servicing ​ ​ ​ ​ ​ Securitization ​ ​ ​ ​ Segment ​ Segment ​ Segment ​ Segment ​ Corporate ​ Subtotal ​ VIEs ​ Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 26,278 ​ $ 2,209 ​ $ 30,123 ​ $ 61,693 ​ $ 356,864 ​ $ 477,167 ​ $ 1,221 ​ $ 478,388 Restricted cash ​ 36,135 ​ 41,967 ​ 7,171 ​ 10,370 ​ — ​ 95,643 ​ — ​ 95,643 Loans held-for-investment, net ​ 9,187,332 ​ 1,397,448 ​ — ​ 1,294 ​ — ​ 10,586,074 ​ — ​ 10,586,074 Loans held-for-sale ​ 605,384 ​ 119,528 ​ — ​ 159,238 ​ — ​ 884,150 ​ — ​ 884,150 Investment securities ​ 992,974 ​ 45,153 ​ — ​ 1,177,148 ​ — ​ 2,215,275 ​ (1,405,037) ​ 810,238 Properties, net ​ ​ 26,834 ​ ​ — ​ ​ 2,029,024 ​ ​ 210,582 ​ ​ — ​ ​ 2,266,440 ​ ​ — ​ ​ 2,266,440 Intangible assets ​ — ​ — ​ 47,303 ​ 64,644 ​ — ​ 111,947 ​ (26,247) ​ 85,700 Investment in unconsolidated entities ​ 46,921 ​ 25,862 ​ — ​ 32,183 ​ — ​ 104,966 ​ (20,637) ​ 84,329 Goodwill ​ — ​ 119,409 ​ — ​ 140,437 ​ — ​ 259,846 ​ — ​ 259,846 Derivative assets ​ 14,718 ​ 7 ​ 3 ​ 7 ​ 14,208 ​ 28,943 ​ — ​ 28,943 Accrued interest receivable ​ 45,996 ​ 3,134 ​ 133 ​ 2,388 ​ 13,242 ​ 64,893 ​ (806) ​ 64,087 Other assets ​ 59,170 ​ 6,101 ​ 82,910 ​ 54,238 ​ 8,911 ​ 211,330 ​ (7) ​ 211,323 VIE assets, at fair value ​ — ​ — ​ — ​ — ​ — ​ — ​ 62,187,175 ​ 62,187,175 Total Assets ​ $ 11,041,742 ​ $ 1,760,818 ​ $ 2,196,667 ​ $ 1,914,222 ​ $ 393,225 ​ $ 17,306,674 ​ $ 60,735,662 ​ $ 78,042,336 Liabilities and Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 30,594 ​ $ 6,443 ​ $ 48,370 ​ $ 73,021 ​ $ 53,494 ​ $ 211,922 ​ $ 84 ​ $ 212,006 Related-party payable ​ — ​ — ​ — ​ 5 ​ 40,920 ​ 40,925 ​ — ​ 40,925 Dividends payable ​ — ​ — ​ — ​ — ​ 137,427 ​ 137,427 ​ — ​ 137,427 Derivative liabilities ​ 7,698 ​ 750 ​ — ​ 292 ​ — ​ 8,740 ​ — ​ 8,740 Secured financing agreements, net ​ 5,038,876 ​ 1,217,066 ​ 1,698,334 ​ 574,507 ​ 391,215 ​ 8,919,998 ​ (13,950) ​ 8,906,048 Collateralized loan obligations, net ​ ​ 928,060 ​ ​ — ​ ​ — ​ — ​ — ​ 928,060 ​ ​ — ​ ​ 928,060 Unsecured senior notes, net ​ — ​ — ​ — ​ — ​ 1,928,622 ​ 1,928,622 ​ — ​ 1,928,622 VIE liabilities, at fair value ​ — ​ — ​ — ​ — ​ — ​ — ​ 60,743,494 ​ 60,743,494 Total Liabilities ​ 6,005,228 ​ 1,224,259 ​ 1,746,704 ​ 647,825 ​ 2,551,678 ​ 12,175,694 ​ 60,729,628 ​ 72,905,322 Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Starwood Property Trust, Inc. Stockholders’ Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ — ​ — ​ — ​ — ​ 2,874 ​ 2,874 ​ — ​ 2,874 Additional paid-in capital ​ 1,522,360 ​ 529,668 ​ 208,650 ​ (123,210) ​ 2,995,064 ​ 5,132,532 ​ — ​ 5,132,532 Treasury stock ​ — ​ — ​ — ​ — ​ (104,194) ​ (104,194) ​ — ​ (104,194) Accumulated other comprehensive income (loss) ​ 50,996 ​ — ​ — ​ (64) ​ — ​ 50,932 ​ — ​ 50,932 Retained earnings (accumulated deficit) ​ 3,463,158 ​ 6,891 ​ 5,431 ​ 1,194,998 ​ (5,052,197) ​ (381,719) ​ — ​ (381,719) Total Starwood Property Trust, Inc. Stockholders’ Equity ​ 5,036,514 ​ 536,559 ​ 214,081 ​ 1,071,724 ​ (2,158,453) ​ 4,700,425 ​ — ​ 4,700,425 Non-controlling interests in consolidated subsidiaries ​ — ​ — ​ 235,882 ​ 194,673 ​ — ​ 430,555 ​ 6,034 ​ 436,589 Total Equity ​ 5,036,514 ​ 536,559 ​ 449,963 ​ 1,266,397 ​ (2,158,453) ​ 5,130,980 ​ 6,034 ​ 5,137,014 Total Liabilities and Equity ​ $ 11,041,742 ​ $ 1,760,818 ​ $ 2,196,667 ​ $ 1,914,222 ​ $ 393,225 ​ $ 17,306,674 ​ $ 60,735,662 ​ $ 78,042,336 ​ The table below presents our 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
Schedule of condensed consolidated balance sheet by business segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and ​ ​ ​ ​ ​ ​ ​ Residential ​ ​ Investing ​ ​ ​ ​ ​ ​ Lending ​ Property ​ and Servicing ​ ​ ​ ​ ​ Securitization ​ ​ ​ ​ Segment ​ Segment ​ Segment ​ Corporate ​ Subtotal ​ VIEs ​ Total Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income from loans ​ $ 499,806 ​ $ — ​ $ 14,008 ​ $ — ​ $ 513,814 ​ $ — ​ $ 513,814 Interest income from investment securities ​ 46,710 ​ ​ — ​ 134,743 ​ ​ — ​ 181,453 ​ (128,640) ​ 52,813 Servicing fees ​ 711 ​ ​ — ​ 111,158 ​ ​ — ​ 111,869 ​ (50,423) ​ 61,446 Rental income ​ ​ — ​ ​ 198,466 ​ ​ 50,534 ​ ​ — ​ 249,000 ​ — ​ 249,000 Other revenues ​ 686 ​ ​ 645 ​ 1,794 ​ ​ — ​ 3,125 ​ (310) ​ 2,815 Total revenues ​ 547,913 ​ 199,111 ​ 312,237 ​ — ​ 1,059,261 ​ (179,373) ​ 879,888 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 1,933 ​ — ​ 72 ​ 120,387 ​ 122,392 ​ 307 ​ 122,699 Interest expense ​ 107,167 ​ ​ 46,552 ​ 19,840 ​ ​ 123,201 ​ 296,760 ​ (1,094) ​ 295,666 General and administrative ​ 19,981 ​ ​ 4,734 ​ 94,625 ​ ​ 9,911 ​ 129,251 ​ 336 ​ 129,587 Acquisition and investment pursuit costs ​ 3,240 ​ ​ 375 ​ (143) ​ ​ — ​ 3,472 ​ — ​ 3,472 Costs of rental operations ​ ​ — ​ ​ 72,208 ​ ​ 22,050 ​ ​ — ​ ​ 94,258 ​ ​ — ​ ​ 94,258 Depreciation and amortization ​ 66 ​ ​ 73,538 ​ 19,999 ​ ​ — ​ 93,603 ​ — ​ 93,603 Loan loss provision, net ​ (5,458) ​ ​ — ​ — ​ ​ — ​ (5,458) ​ — ​ (5,458) Other expense ​ 149 ​ ​ 110 ​ 1,163 ​ ​ — ​ 1,422 ​ — ​ 1,422 Total costs and expenses ​ 127,078 ​ ​ 197,517 ​ 157,606 ​ ​ 253,499 ​ 735,700 ​ (451) ​ 735,249 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ — ​ — ​ — ​ — ​ 252,434 ​ 252,434 Change in fair value of servicing rights ​ — ​ ​ — ​ (30,315) ​ ​ — ​ (30,315) ​ 5,992 ​ (24,323) Change in fair value of investment securities, net ​ 175 ​ ​ — ​ 54,333 ​ ​ — ​ 54,508 ​ (58,319) ​ (3,811) Change in fair value of mortgage loans held-for-sale, net ​ 2,324 ​ ​ — ​ 64,663 ​ ​ — ​ 66,987 ​ — ​ 66,987 Earnings (loss) from unconsolidated entities ​ 3,365 ​ ​ (27,685) ​ 68,192 ​ ​ — ​ 43,872 ​ (13,367) ​ 30,505 (Loss) gain on sale of investments and other assets, net ​ (59) ​ ​ 77 ​ 20,481 ​ ​ — ​ 20,499 ​ — ​ 20,499 Loss on derivative financial instruments, net ​ (35,262) ​ ​ (32,333) ​ (2,497) ​ ​ (2,440) ​ (72,532) ​ — ​ (72,532) Foreign currency gain, net ​ 33,651 ​ ​ 14 ​ 6 ​ ​ — ​ 33,671 ​ — ​ 33,671 OTTI ​ (109) ​ ​ — ​ — ​ ​ — ​ (109) ​ — ​ (109) Loss on extinguishment of debt ​ ​ — ​ ​ — ​ ​ — ​ ​ (5,915) ​ ​ (5,915) ​ ​ — ​ ​ (5,915) Other income, net ​ — ​ ​ 7 ​ 1,105 ​ ​ 1,745 ​ 2,857 ​ (613) ​ 2,244 Total other income (loss) ​ 4,085 ​ ​ (59,920) ​ 175,968 ​ ​ (6,610) ​ 113,523 ​ 186,127 ​ 299,650 Income (loss) before income taxes ​ 424,920 ​ ​ (58,326) ​ 330,599 ​ ​ (260,109) ​ 437,084 ​ 7,205 ​ 444,289 Income tax provision ​ (143) ​ ​ (249) ​ (31,130) ​ ​ — ​ (31,522) ​ — ​ (31,522) Net income (loss) ​ 424,777 ​ ​ (58,575) ​ 299,469 ​ ​ (260,109) ​ 405,562 ​ 7,205 ​ 412,767 Net income attributable to non-controlling interests ​ (1,419) ​ ​ — ​ (3,373) ​ ​ — ​ (4,792) ​ (7,205) ​ (11,997) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 423,358 ​ $ (58,575) ​ $ 296,096 ​ $ (260,109) ​ $ 400,770 ​ $ — ​ $ 400,770

Quarterly Financial Data (Una_2

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Data (Unaudited)
Summary of quarterly financial data	The following table summarizes our quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations (amounts in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three-Month Periods Ended ​ March 31 ​ June 30 ​ September 30 ​ December 31 2019: ​ ​ ​ ​ ​ Revenues ​ $ 310,480 ​ $ 311,181 ​ $ 288,330 ​ $ 286,428 Net income ​ 76,508 ​ 132,446 ​ 150,001 ​ 177,980 Net income attributable to Starwood Property Trust, Inc. ​ 70,383 ​ 127,016 ​ 140,396 ​ 171,869 Earnings per share — Basic ​ ​ 0.25 ​ ​ 0.45 ​ ​ 0.50 ​ ​ 0.61 Earnings per share — Diluted ​ ​ 0.25 ​ ​ 0.45 ​ ​ 0.49 ​ 0.60 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018: ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 260,587 ​ $ 269,556 ​ $ 285,719 ​ $ 293,418 Net income ​ 104,794 ​ 117,090 ​ 89,381 ​ 99,932 Net income attributable to Starwood Property Trust, Inc. ​ 99,932 ​ 109,230 ​ 84,536 ​ 92,132 Earnings per share — Basic ​ ​ 0.38 ​ ​ 0.41 ​ ​ 0.31 ​ ​ 0.33 Earnings per share — Diluted ​ ​ 0.38 ​ ​ 0.40 ​ ​ 0.31 ​ 0.33 ​

Business and Organization (Deta

Business and Organization (Details)	12 Months Ended
	Dec. 31, 2019segment
Business and Organization
Number of reportable business segments	4
Minimum annual REIT taxable income distributable to stockholders (as a percent)	90.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Properties held-for-sale		$ 0		$ 0
Leases
Right-of-use asset			$ 12,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]			Usgaap:OtherAssetsMember
Operating Lease, Liability			$ 12,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]		us-gaap:AccountsPayableAndAccruedLiabilitiesMember	us-gaap:AccountsPayableAndAccruedLiabilitiesMember
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
Minimum | Forecast | ASU 2016-13
Fair Value Measurements
Initial increase in allowance for credit losses	$ 30,000
Maximum | Forecast | ASU 2016-13
Fair Value Measurements
Initial increase in allowance for credit losses	$ 40,000

Acquisitions and Divestitures_2

Acquisitions and Divestitures (Details) $ / shares in Units, € in Millions, ft² in Millions	Dec. 23, 2019EUR (€)	Dec. 23, 2019USD ($)	Oct. 15, 2018USD ($)item	Sep. 19, 2018USD ($)	Sep. 25, 2017USD ($)ft²property	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)property	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2019USD ($)ft²propertyitemshares	Dec. 31, 2018USD ($)property$ / sharesshares	Dec. 31, 2017USD ($)property$ / sharesshares	Dec. 31, 2016USD ($)ft²itemproperty	Dec. 31, 2015USD ($)itemproperty	Dec. 31, 2018USD ($)property	Dec. 23, 2019USD ($)
Acquisitions and Divestitures
Payments to Acquire Businesses, Net of Cash Acquired	€ 507.6																	$ 17,639,000
Number of properties acquired by a third party which already held a non-controlling interest in the property | property																	1
Non-controlling interest																	$ 300,000
Principal Amount								$ 1,950,000,000				$ 2,027,969,000				$ 1,950,000,000	$ 2,027,969,000				$ 2,027,969,000
Number of properties sold | property																	16	6
Gain on sale of property																59,700,000	$ 55,100,000	$ 19,900,000
Liabilities assumed:
Revenues								286,428,000	$ 288,330,000	$ 311,181,000	$ 310,480,000	293,418,000	$ 285,719,000	$ 269,556,000	$ 260,587,000	1,196,419,000	1,109,280,000	879,888,000
Net income (loss)								177,980,000	$ 150,001,000	$ 132,446,000	$ 76,508,000	99,932,000	$ 89,381,000	$ 117,090,000	$ 104,794,000	536,935,000	411,197,000	412,767,000
(Loss) gain on derivative financial instruments, net																(6,310,000)	34,603,000	(72,532,000)
Goodwill								$ 259,846,000				259,846,000				$ 259,846,000	259,846,000				259,846,000
Pro forma revenue and net income
Revenues																	1,182,892,000	966,636,000
Net income attributable to STWD																	$ 392,505,000	$ 395,150,000
Net income per share - Basic | $ / shares																	$ 1.47	$ 1.51
Net income per share - Diluted | $ / shares																	$ 1.44	$ 1.50
Ireland Portfolio
Acquisitions and Divestitures
Accumulated depreciation | €	67.5
Basis in assets | €	394.7
Gain (Loss) on Disposition of Assets	108	$ 119,700,000
Withhold Tax Reduction Of Purchase Price | €	20.7
Aggregate gross acquisition price | €	530
Infrastructure Lending Segment of GE Capital
Acquisitions and Divestitures
Purchase price			$ 147,100,000	$ 2,000,000,000													$ 2,158,553,000
Funded commitments			$ 2,100,000,000
Number of additional loans acquired | item			2
Unfunded commitments			$ 466,300,000
Percentage of floating rate				97.00%
Principal Amount			$ 1,700,000,000
Assets acquired:
Loans held-for-investment												1,649,630,000					1,649,630,000				1,649,630,000
Loans held-for-sale												319,710,000					319,710,000				319,710,000
Investment securities												65,060,000					65,060,000				65,060,000
Accrued interest receivable												13,843,000					13,843,000				13,843,000
Total assets acquired												2,048,243,000					2,048,243,000				2,048,243,000
Liabilities assumed:
Accounts payable, accrued expenses and other liabilities												8,817,000					8,817,000				8,817,000
Derivative liabilities												282,000					282,000				282,000
Total liabilities assumed												9,099,000					9,099,000				9,099,000
Net assets acquired												2,039,144,000					2,039,144,000				2,039,144,000
Goodwill				$ 119,400,000								119,409,000					$ 119,409,000				119,409,000
Infrastructure Lending Segment of GE Capital | MEXICO
Acquisitions and Divestitures
Percentage of floating rate				12.00%
Infrastructure Lending Segment of GE Capital | UNITED KINGDOM
Acquisitions and Divestitures
Percentage of floating rate								5.00%								5.00%
Infrastructure Lending Segment of GE Capital | US
Acquisitions and Divestitures
Percentage of floating rate				74.00%
Master Lease Mortgages
Acquisitions and Divestitures
Number of retail properties acquired | property					20											16
Number of industrial properties acquired | property					3
Purchase price					$ 553,300,000
Acquisition-related costs					$ 3,700,000
Term of master lease agreements					24 years 7 months 6 days			24 years 7 months 6 days								24 years 7 months 6 days
Number of square feet of properties | ft²					5.3											1.9
Maximum borrowing capacity					$ 265,900,000
Liabilities assumed:
Total liabilities assumed								$ 192,400,000								$ 192,400,000
Master Lease Mortgages | Utah, Florida, Texas and Minnesota
Acquisitions and Divestitures
Concentration risk (as a percent)					50.00%											50.00%
Master Lease Mortgages | Disposed of by sale
Acquisitions and Divestitures
Number of industrial properties acquired | property																	3
Number of properties sold | property																	4
Proceeds from sale of property																	$ 235,400,000
Gain on sale of property																	$ 28,500,000
Medical Office Portfolio
Acquisitions and Divestitures
Area of property | ft²																			1.9
Number of acquired properties closed | item																			34
Liabilities assumed:
Total liabilities assumed								590,900,000								$ 590,900,000
Woodstar Portfolio
Acquisitions and Divestitures
Number of properties in portfolio investment | property																32
Number of acquired properties closed | item																			14	18
Number of units acquired | item																8,948
Liabilities assumed:
Total liabilities assumed								$ 478,200,000								$ 478,200,000
Ireland Portfolio
Acquisitions and Divestitures
Fair Value Hedge Assets																						$ 16,600,000
Number of properties sold | property																4	0	1
Proceeds from sale of property																		$ 3,900,000
Ireland Portfolio | Ireland Portfolio
Acquisitions and Divestitures
Third party debt | €	€ 316.3
REIS Equity Portfolio
Acquisitions and Divestitures
Non-controlling interest						$ 300,000
Assets acquired:
Properties							$ 38,770,000											38,770,000
Intangible assets							11,955,000											11,955,000
Other assets							85,000											85,000
Total assets acquired							50,810,000											50,810,000
Liabilities assumed:
Accounts payable, accrued expenses and other liabilities							1,516,000											1,516,000
Total liabilities assumed							1,516,000											1,516,000
Net assets acquired							49,294,000											49,294,000
Woodstar II Portfolio
Acquisitions and Divestitures
Purchase price							156,200,000										$ 408,900,000
Contingent consideration							$ 10,800,000					29,200,000					$ 29,200,000	10,800,000			29,200,000
Maturity period							10 years										10 years
Amount issued							$ 116,700,000											$ 116,700,000
Interest rate (as a percent)							3.81%	3.82%								3.82%		3.81%
Number of properties acquired | property																	19
Percentage of occupied portfolio																	100.00%
Capitalized acquisition costs												4,100,000					$ 4,100,000				4,100,000
Principal Amount												300,900,000					$ 300,900,000				300,900,000
Number of properties in portfolio investment | property							8									27	27
Initial aggregate purchase price												438,100,000					$ 438,100,000				$ 438,100,000
Number of units acquired | property							1,740										4,369				6,109
Liabilities assumed:
Total liabilities assumed								$ 436,900,000								$ 436,900,000
Woodstar II Portfolio | Class A Units
Acquisitions and Divestitures
Shares issued | shares																100,000	1,700,000
Right to receive additional shares | shares																1,900,000
Woodstar II Portfolio | SPT Dolphin
Acquisitions and Divestitures
Aggregate gross acquisition price																	$ 225,800,000	$ 310,700,000
Woodstar II Portfolio | SPT Dolphin | Class A Units
Acquisitions and Divestitures
Shares issued | shares																10,200,000	7,403,731	10,183,505
Number of Shares Issued for contingent consideration | shares																120,926	1,727,314
Right to receive additional shares | shares																1,910,563	1,411,642	1,910,563
Redemption of units | shares																974,176	0
Number of common stock per unit																1	1
Woodstar II Portfolio | Additional Mortgage Facilities Acquired
Acquisitions and Divestitures
Amount issued												$ 27,000,000					$ 27,000,000				$ 27,000,000
Interest rate (as a percent)												3.06%					3.06%				3.06%
Woodstar II Portfolio | Additional Mortgage Facilities Acquired | Weighted-average
Acquisitions and Divestitures
Maturity period																27 years 6 months
Master Lease Portfolio, REO Portfolio, Medical Office Portfolio and Woodstar Portfolio | Disposed of by sale
Acquisitions and Divestitures
Number of properties sold | property																0		0
Non-Controlling Interests
Acquisitions and Divestitures
Gain on sale of property																$ 5,300,000	$ 5,100,000	$ 3,300,000
Liabilities assumed:
Net income (loss)																$ 27,271,000	$ 25,367,000	$ 11,997,000
Non-Controlling Interests | Woodstar II Portfolio | SPT Dolphin | Class A Units
Acquisitions and Divestitures
Redemption of units | shares																235,900,000	254,900,000
Investing and Servicing Segment
Acquisitions and Divestitures
Payment to acquire investment property																$ 8,600,000	$ 52,700,000
Number of retail properties acquired | property																		3
Number of industrial properties acquired | property																	3
Purchase price																	$ 227,300,000	$ 227,300,000	$ 227,300,000	$ 227,300,000
Number of properties acquired by a third party which already held a non-controlling interest in the property | property																	1
Non-controlling interest																	$ 300,000
Number of real estate businesses acquired | property																	15	15	15	15
Number of properties in portfolio investment | property																16
Aggregate gross acquisition price																$ 8,800,000	$ 53,100,000	$ 48,700,000
Number of properties sold | property																4	9	5
Proceeds from sale of property																$ 145,900,000	$ 77,900,000	$ 52,400,000
Gain on sale of property																59,700,000	26,600,000	19,800,000
Liabilities assumed:
Total liabilities assumed								187,900,000								187,900,000
Goodwill								$ 140,400,000				$ 140,400,000				140,400,000	140,400,000				$ 140,400,000
Investing and Servicing Segment | Non-Controlling Interests
Acquisitions and Divestitures
Gain on sale of property																$ 5,300,000	$ 5,100,000	$ 3,300,000

Acquisitions and Divestitures -

Acquisitions and Divestitures - Determination of Goodwill (Details) - USD ($) $ in Thousands	Oct. 15, 2018	Sep. 19, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Acquisitions and Divestitures
Goodwill			$ 259,846	$ 259,846
Repayment of debt of consolidated VIEs			$ 373,155	410,453	$ 137,208
Infrastructure Lending Segment of GE Capital
Acquisitions and Divestitures
Purchase price	$ 147,100	$ 2,000,000		2,158,553
Fair value of net assets acquired				2,039,144
Goodwill		$ 119,400		$ 119,409

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Restricted cash
Cash restricted by lender	$ 40,818	$ 175,659
Cash collateral for derivative financial instruments	37,912	37,245
Funds held on behalf of borrowers and tenants	11,903	12,838
Other restricted cash	5,010	22,299
Restricted cash	$ 95,643	$ 248,041

Loans - Held for Investment (De

Loans - Held for Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investments in loans
Total gross loans	$ 11,503,835	$ 9,833,405
Loan loss allowance (loans held-for-investment)	(33,611)	(39,151)	$ (4,330)	$ (9,788)
Carrying amount of commercial loans		47,622
Carrying Value	11,470,224	9,794,254	7,382,641	$ 5,946,274
Carrying Value	11,470,224	9,794,254
Total distributions received from residual profit participation	0
Proceeds from borrowings	10,167,339	9,412,715	6,273,600
Payment of debt	8,671,085	6,360,610	$ 4,586,509
Face Amount	11,530,915	9,876,545
Loans with variable rates of interest	$ 9,427,947
Weighted average spread of loans (as a percent)	4.20%
Total loans held-for-investment
Investments in loans
Total gross loans	$ 10,619,489	8,571,507
Face Amount	10,661,865	8,610,457
Loans held-for-sale
Investments in loans
Total gross loans	884,346	1,187,552
Loans held-for-sale, residential
Investments in loans
Total gross loans	605,384	623,660
Face Amount	$ 587,144	$ 609,571
Weighted Average Life	3 years 10 months 24 days	6 years 7 months 6 days
Loans held-for-sale, residential | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	6.20%	6.30%
Loans held-for-sale, commercial
Investments in loans
Total gross loans	$ 159,238	$ 94,117
Face Amount	$ 160,635	$ 94,916
Weighted Average Life	10 years	6 years 2 months 12 days
Loans held-for-sale, commercial | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	3.90%	5.40%
Loans Held For Sale Infrastructure
Investments in loans
Total gross loans	$ 119,724	$ 469,775
Face Amount	$ 121,271	$ 486,909
Weighted Average Life	2 years 1 month 6 days	3 months 18 days
Loans Held For Sale Infrastructure | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	3.30%	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	$ 7,928,026	$ 6,607,117
Face Amount	$ 7,962,788	$ 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)	5.80%	6.90%
First priority infrastructure receivables
Investments in loans
Loans with variable rates of interest	$ 1,397,448
Weighted average spread of loans (as a percent)	3.80%
First priority infrastructure receivables | Total loans held-for-investment
Investments in loans
Total gross loans	$ 1,397,448	$ 1,456,779
Face Amount	$ 1,416,164	$ 1,465,828
Weighted Average Life	4 years 10 months 24 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)	5.60%	5.70%
Mortgage, Residual Profit Participation | Retail and Hospitality Property
Investments in loans
Total distributions received from residual profit participation		$ 15,100
Subordinated mortgages | Total loans held-for-investment
Investments in loans
Total gross loans	$ 75,724	52,778
Face Amount	$ 77,055	$ 53,996
Weighted Average Life	3 years 4 months 24 days	3 years 8 months 12 days
Subordinated mortgages | Total loans held-for-investment | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	8.80%	8.90%
Mezzanine Loans
Investments in loans
Carrying Value	$ 967,000,000	$ 1,000
Mezzanine Loans | Total loans held-for-investment
Investments in loans
Total gross loans	484,164	393,832
Face Amount	$ 484,408	$ 394,739
Weighted Average Life	1 year 10 months 24 days	2 years
Mezzanine Loans | Total loans held-for-investment | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	11.00%	10.60%
Residential loans, fair value option
Investments in loans
Reclassification to held for investment	$ 340,900
Residential loans, fair value option | Total loans held-for-investment
Investments in loans
Total gross loans	671,572
Face Amount	$ 654,925
Weighted Average Life	3 years 9 months 18 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
Investments in loans
Total gross loans	$ 62,555	$ 61,001
Face Amount	$ 66,525	$ 64,658
Weighted Average Life	1 year 7 months 6 days	2 years 6 months
Other | 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	Dec. 31, 2019USD ($)
Variable rate loans held-for-investment
Total variable rate loans held-for-investment, carrying value	$ 9,427,947
Weighted average spread of loans (as a percent)	4.20%
Commercial loans
Variable rate loans held-for-investment
Total variable rate loans held-for-investment, carrying value	$ 8,030,499
Weighted average spread of loans (as a percent)	4.20%
First priority infrastructure receivables
Variable rate loans held-for-investment
Total variable rate loans held-for-investment, carrying value	$ 1,397,448
Weighted average spread of loans (as a percent)	3.80%

Loans - Ratings (Details)

Loans - Ratings (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2019USD ($)	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)	Mar. 31, 2019USD ($)
Investments in loans
Total gross loans		$ 11,503,835	$ 9,833,405
Total gross loans (as a percent)		100.00%	100.00%
Allowance for impaired loans		$ 29,900		$ 8,300
Impairment charges recorded			$ 38,200
Unpaid principal balance				20,900
Unamortized discount				3,600
Provision for impaired loans		3,314	38,205
Average recorded investment		172,800
Carrying amount of loans 90 days or more past due		7,400
Unfunded commitment		3,100
TDRs for which interest income was recognized		0
New York City
Investments in loans
Allowance for impaired loans		21,600
Greater Chicago
Investments in loans
Allowance for impaired loans		8,300
Recorded investment		12,200
Unpaid principal balance		12,000
Provision for impaired loans		$ 8,300
Number of Subordinated Mortgages | item		2
Montgomery, Alabama
Investments in loans
Allowance for impaired loans		$ 8,300
Recorded investment				$ 9,000
Orlando, Florida
Investments in loans
Recorded investment	$ 18,500
Unpaid principal balance	21,900
Unamortized discount	3,400
Provision for impaired loans	$ 0
Rating 1
Investments in loans
Total gross loans		$ 24,053	$ 30,305
Total gross loans (as a percent)		0.20%	0.30%
Rating 1 | Maximum
Investments in loans
LTV (as a percent)		65.00%
Rating 2
Investments in loans
Total gross loans		$ 4,376,306	$ 3,549,546
Total gross loans (as a percent)		38.00%	36.10%
Rating 2 | Maximum
Investments in loans
LTV (as a percent)		70.00%
Rating 3
Investments in loans
Total gross loans		$ 3,899,160	$ 3,334,111
Total gross loans (as a percent)		33.90%	33.90%
Rating 3 | Maximum
Investments in loans
LTV (as a percent)		80.00%
Rating 4
Investments in loans
Total gross loans		$ 40,436	$ 63,094
Total gross loans (as a percent)		0.40%	0.60%
Allowance for loan losses as a percent of carrying amount		1.50%
Rating 4 | Minimum
Investments in loans
LTV (as a percent)		80.00%
Rating 4 | Maximum
Investments in loans
LTV (as a percent)		90.00%
Rating 5
Investments in loans
Total gross loans		$ 59,116
Total gross loans (as a percent)		0.50%
Allowance for loan losses as a percent of carrying amount		5.00%
Rating 5 | Minimum
Investments in loans
LTV (as a percent)		90.00%
N/A
Investments in loans
Total gross loans		$ 1,548,846	$ 1,668,797
Total gross loans (as a percent)		13.50%	17.00%
Total
Investments in loans
Total gross loans		$ 9,947,917	$ 8,645,853
First Mortgages, excluding Cost Recovery Loans | New York City
Investments in loans
Recorded investment		131,600
Unpaid principal balance		104,200
Provision for impaired loans		21,600
Interest income accrued on loans		38,400
Unsecured promissory note | New York City
Investments in loans
Allowance for impaired loans		0
Recorded investment		7,800
Unpaid principal balance		8,900
First Mortgage Loan and Mezzanine Loan
Investments in loans
Recorded investment		93,600
Other
Investments in loans
Total gross loans		62,555	61,001
Infrastructure Loans
Investments in loans
Allowance for impaired loans		3,300
Recorded investment		29,200
Impairment charges recorded		3,300
Unpaid principal balance		36,200
Non-accretable difference		7,000
Carrying amount of loans in default		25,900
Total loans held-for-investment
Investments in loans
Total gross loans		10,619,489	8,571,507
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Rating 1
Investments in loans
Total gross loans		503	6,538
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Rating 2
Investments in loans
Total gross loans		4,186,776	3,356,342
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Rating 3
Investments in loans
Total gross loans		3,509,601	2,987,296
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Rating 4
Investments in loans
Total gross loans		40,436	63,094
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Rating 5
Investments in loans
Total gross loans		59,116
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | N/A
Investments in loans
Total gross loans		131,594	193,847
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Total
Investments in loans
Total gross loans		7,928,026	6,607,117
Total loans held-for-investment | First Priority Infrastructure Loans | N/A
Investments in loans
Total gross loans		1,397,448	1,456,779
Total loans held-for-investment | First Priority Infrastructure Loans | Total
Investments in loans
Total gross loans		1,397,448	1,456,779
Total loans held-for-investment | Subordinated mortgages
Investments in loans
Total gross loans		75,724	52,778
Total loans held-for-investment | Subordinated mortgages | Rating 2
Investments in loans
Total gross loans		37,980	7,392
Total loans held-for-investment | Subordinated mortgages | Rating 3
Investments in loans
Total gross loans		25,767	33,410
Total loans held-for-investment | Subordinated mortgages | N/A
Investments in loans
Total gross loans		11,977	11,976
Total loans held-for-investment | Subordinated mortgages | Total
Investments in loans
Total gross loans		75,724	52,778
Total loans held-for-investment | Mezzanine Loans
Investments in loans
Total gross loans		484,164	393,832
Total loans held-for-investment | Mezzanine Loans | Rating 2
Investments in loans
Total gross loans		120,372	111,466
Total loans held-for-investment | Mezzanine Loans | Rating 3
Investments in loans
Total gross loans		363,792	282,366
Total loans held-for-investment | Mezzanine Loans | Total
Investments in loans
Total gross loans		484,164	393,832
Total loans held-for-investment | Residential loans, fair value option
Investments in loans
Total gross loans		$ 671,572
Total gross loans (as a percent)		5.80%
Total loans held-for-investment | Other | Rating 1
Investments in loans
Total gross loans		$ 23,550	23,767
Total loans held-for-investment | Other | Rating 2
Investments in loans
Total gross loans		31,178
Total loans held-for-investment | Other | Rating 3
Investments in loans
Total gross loans			31,039
Total loans held-for-investment | Other | N/A
Investments in loans
Total gross loans		7,827	6,195
Total loans held-for-investment | Other | Total
Investments in loans
Total gross loans		62,555	61,001
Loans held-for-sale
Investments in loans
Total gross loans		$ 884,346	$ 1,187,552
Total gross loans (as a percent)		7.70%	12.10%
Loans held-for-sale, residential
Investments in loans
Total gross loans		$ 605,384	$ 623,660
Loans held-for-sale, commercial
Investments in loans
Total gross loans		159,238	94,117
Loans Held For Sale Infrastructure
Investments in loans
Total gross loans		$ 119,724	469,775
Loans transferred as secured borrowings
Investments in loans
Total gross loans			74,346
Loans transferred as secured borrowings | Rating 2
Investments in loans
Total gross loans			74,346
Loans transferred as secured borrowings | Total
Investments in loans
Total gross loans			$ 74,346

Loans - Activity in Portfolio (

Loans - Activity in Portfolio (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Activity in allowance for loan losses
Allowance for loan losses at the beginning of the period	$ 39,151	$ 4,330	$ 9,788
Provision for (reversal of) loan losses	(3,812)	3,384	5,458
Provision for impaired loans	3,314	38,205
Charge-offs	(12,666)
Allowance for loan losses at the end of the period	33,611	39,151	4,330
Recorded investment in loans related to the allowance for loan loss	291,768	275,112	170,941
Activity in loan portfolio
Balance at the beginning of the period	9,794,254	7,382,641	5,946,274
Acquisitions/origination/additional funding	9,094,714	6,723,144	5,500,539
Acquisition of Infrastructure Lending Portfolio		1,969,340
Capitalized Interest	110,632	63,047	74,339
Basis of loans sold	(4,311,390)	(3,082,347)	(1,634,717)
Loan maturities/principal repayments	(3,304,838)	(3,272,666)	(2,658,522)
Discount accretion/premium amortization	35,387	38,099	39,084
Changes in fair value	71,601	40,522	66,987
Unrealized foreign currency translation (loss) gain	40,155	(32,341)	42,356
Loan loss provision, net	(7,126)	(34,821)	5,458
Loan foreclosure	(27,303)
Transfer to/from other asset classifications	(25,862)	(364)	843
Balance at the end of the period	$ 11,470,224	$ 9,794,254	$ 7,382,641

Investment Securities (Details)

Investment Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Investment Securities
Investment securities				$ 810,238	$ 906,468
Purchases	$ 98,258	$ 492,400	$ 98,394
Acquisition of Infrastructure Lending Portfolio		65,060
Sales	7,326	16,427	11,579
Principal collections	205,660	382,924	232,793
VIE eliminations
Investment Securities
Purchases	(351,220)	(385,463)	(113,978)
Sales	(184,540)	(102,474)	(25,605)
Principal collections	(45,642)	(95,030)	(100,115)
Before consolidation of securitization VIEs
Investment Securities
Investment securities				2,215,275	2,110,508
Fair value option | VIE eliminations
Investment Securities
Investment securities				(1,405,037)	(1,204,040)
Held-to-maturity
Investment Securities
Purchases	91,162	463,810	79,163
Acquisition of Infrastructure Lending Portfolio		65,060
Principal collections	167,383	327,207	182,919
Held-to-maturity | Before consolidation of securitization VIEs
Investment Securities
Investment securities				570,638	644,149
RMBS | Available-for-sale
Investment Securities
Purchases			7,433
Sales		13,264
Principal collections	26,929	34,763	40,635
Purchase Amortized Cost				148,385	165,461
Credit OTTI				(9,805)	(9,897)
Recorded Amortized Cost				138,580	155,564
Non-Credit OTTI				(314)	(31)
Gross Unrealized Gains				51,310	53,546
Net Fair Value Adjustment				50,996	53,515
Fair Value				189,576	209,079
Portion of securities with variable rate				$ 160,900	$ 177,400
Portion of securities with variable rate (as a percent)				84.90%	84.90%
Principal balance				$ 278,853	$ 309,497
Accretable yield	(54,779)	(55,712)	(55,712)	(56,108)	(54,779)
Non-accretable difference				(84,165)	(99,154)
Total discount				(140,273)	(153,933)
Amortized cost				138,580	155,564
Credit deteriorated RMBS				263,700	290,800
Accretable yield related to credit deteriorated RMBS				$ 50,300	$ 49,500
Changes to accretable yield
Balance at the beginning of the period	54,779	55,712
Accretion of discount	(9,945)	(10,932)
Sales		(9,032)
Transfer to/from non-accretable difference	11,274	19,031
Balance at the end of the period	56,108	54,779	55,712
Changes to non accretable difference
Balance at the beginning of the period	99,154	121,867
Principal write-downs, net	(3,715)	(3,682)
Transfer to/from non-accretable difference	(11,274)	(19,031)
Balance at the end of the period	84,165	99,154	121,867
Cost of third party management	1,500	1,800	1,900
Proceeds from sale of securities	$ 0	13,300	0
Realized gain on sale of securities		$ 3,500
RMBS | Available-for-sale | LIBOR
Investment Securities
Variable rate, weighted average spread (as a percent)	1.24%	1.22%
RMBS | Available-for-sale | One-month LIBOR
Investment Securities
Effective variable rate basis (as a percent)				1.763%	2.503%
RMBS | Available-for-sale | B
Investment Securities
Weighted Average Coupon (as a percent)					3.70%
WAL (Years)		6 years
RMBS | Available-for-sale | CCC-
Investment Securities
Weighted Average Coupon (as a percent)				3.10%
WAL (Years)	5 years 7 months 6 days
RMBS | Available-for-sale | Before consolidation of securitization VIEs
Investment Securities
Investment securities				$ 189,576	$ 209,079
RMBS | Fair value option
Investment Securities
Purchases	$ 120,103	$ 90,982
Sales	41,501
Principal collections	16,500	1,439
Portion of securities with variable rate				0
RMBS | Fair value option | Before consolidation of securitization VIEs
Investment Securities
Investment securities				147,034	87,879
CMBS
Investment Securities
Amount not rated				186,600	8,400
CMBS | Fair value option
Investment Securities
Purchases	238,213	323,071	125,776
Sales	150,365	105,637	37,184
Principal collections	$ 40,490	$ 114,545	$ 109,354
Portion of securities with variable rate				118,200
CMBS | Fair value option | Before consolidation of securitization VIEs
Investment Securities
Investment securities				1,295,363	1,157,508
Equity security | Fair value option | Before consolidation of securitization VIEs
Investment Securities
Investment securities				12,664	11,893
Infrastructure bonds
Investment Securities
Principal balance				32,800	34,200
Non-accretable difference				(13,000)
Amortized cost				$ 19,800	$ 21,200

Investment Securities - AFS and

Investment Securities - AFS and Fair Value Option (Details) $ in Thousands	Dec. 31, 2019USD ($)security	Dec. 31, 2018USD ($)security
CMBS/RMBS | Fair value option
Unrealized Losses
Fair value of investment securities before consolidation of VIEs	$ 1,400,000
RMBS | Available-for-sale
Estimated Fair Value
Securities with a loss less than 12 months		$ 2,148
Securities with a loss greater than 12 months	1,380
Unrealized Losses
Securities with a loss less than 12 months		$ (31)
Securities with a loss greater than 12 months	$ (314)
Number of securities with unrealized loss position | security	1	1
Portion of securities with variable rate	$ 160,900	$ 177,400
RMBS | Fair value option
Unrealized Losses
Fair value of investment securities before consolidation of VIEs	147,000
Unpaid principal balance of investment securities before consolidation of VIEs	87,400
Portion of securities with variable rate	0
CMBS | Fair value option
Unrealized Losses
Fair value of investment securities before consolidation of VIEs	1,300,000
Unpaid principal balance of investment securities before consolidation of VIEs	3,000,000
Portion of securities with variable rate	118,200
VIE eliminations
Unrealized Losses
Fair value of investment securities before consolidation of VIEs eliminated against VIE liabilities	$ 37,400

Investment Securities - HTM (De

Investment Securities - HTM (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
HTM Securities
Net Carrying Amount (Amortized Cost)	$ 570,638	$ 644,149
Gross Unrealized Holdings Gains	2,094	3,316
Gross Unrealized Holdings Losses	(4,005)	(3,517)
Fair Value	568,727	643,948
HTM preferred equity interests
Less than one year	289,622
One to three years	240,881
Three to five years	353
Thereafter	39,782
Total	570,638	644,149
CMBS
HTM Securities
Net Carrying Amount (Amortized Cost)	383,473	408,556
Gross Unrealized Holdings Gains	946	2,435
Gross Unrealized Holdings Losses	(3,001)	(3,349)
Fair Value	381,418	407,642
HTM preferred equity interests
Less than one year	284,251
One to three years	99,222
Total	383,473	408,556
Preferred interests
HTM Securities
Net Carrying Amount (Amortized Cost)	142,012	174,825
Gross Unrealized Holdings Gains	1,148	703
Gross Unrealized Holdings Losses	(353)
Fair Value	142,807	175,528
HTM preferred equity interests
One to three years	141,659
Three to five years	353
Total	142,012	174,825
Infrastructure bonds
HTM Securities
Net Carrying Amount (Amortized Cost)	45,153	60,768
Gross Unrealized Holdings Gains		178
Gross Unrealized Holdings Losses	(651)	(168)
Fair Value	44,502	60,778
Accretable yield	0
HTM preferred equity interests
Less than one year	5,371
Thereafter	39,782
Total	$ 45,153	$ 60,768

Investment Securities - SEREF (

Investment Securities - SEREF (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2019	Dec. 31, 2012	Dec. 31, 2018
Residential Real Estate
Fair value of the investment		$ 26,746		$ 25,671
Ownership percentage		2.00%
SEREF
Residential Real Estate
Number of shares acquired	9,140,000		9,140,000
Fair value of the investment		$ 12,700		$ 11,900
Ownership percentage		2.00%

Properties (Details)

Properties (Details) $ in Thousands, ft² in Millions	Sep. 25, 2017ft²property	Dec. 31, 2017property	Dec. 31, 2019USD ($)ft²propertyitem	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property	Dec. 31, 2016ft²item	Dec. 31, 2015item	Dec. 31, 2018USD ($)property
Properties
Number of properties sold | property				16	6
Proceeds from sale of operating properties				$ 313,300	$ 56,400
Gain on sale of property			$ 59,700	$ 55,100	19,900
Number of properties acquired by a third party which already held a non-controlling interest in the property | property				1
Amount of non-controlling interest already held by a purchaser of a property				$ 300
Summary of properties
Properties, cost			2,490,630	2,972,803				$ 2,972,803
Less: accumulated depreciation			(224,190)	(187,913)				(187,913)
Properties, net			2,266,440	2,784,890				2,784,890
Future rental payments due from tenants under existing non-cancellable operating leases
2020			177,516
2021			95,524
2022			89,602
2023			79,177
2024			71,271
Thereafter			688,437
Total			1,201,527
Non-Controlling Interests
Properties
Gain on sale of property			5,300	5,100	$ 3,300
Property Segment
Summary of properties
Land and land improvements			484,397	648,972				648,972
Buildings and building improvements			1,687,756	1,980,283				1,980,283
Furniture & fixtures			$ 52,567	$ 46,048				46,048
Property Segment | Minimum
Summary of properties
Land improvements, useful life			0 years	0 years
Building and building improvements, useful life			5 years	5 years
Furniture & fixtures, useful life			3 years	3 years
Property Segment | Maximum
Summary of properties
Land improvements, useful life			15 years	15 years
Building and building improvements, useful life			45 years	45 years
Furniture & fixtures, useful life			7 years	7 years
Investing and Servicing Segment
Properties
Number of properties in portfolio investment | property			16
Total gross properties and lease intangibles			$ 277,800
Total liabilities assumed			$ 187,900
Number of retail properties acquired | property					3
Number of equity interests in unconsolidated commercial real estate properties | property			1
Number of industrial properties acquired | property				3
Number of properties sold | property			4	9	5
Gain on sale of property			$ 59,700	$ 26,600	$ 19,800
Number of properties acquired by a third party which already held a non-controlling interest in the property | property				1
Amount of non-controlling interest already held by a purchaser of a property				$ 300
Summary of properties
Land and land improvements			54,052	82,332				82,332
Buildings and building improvements			182,048	213,010				213,010
Furniture & fixtures			$ 2,139	$ 2,158				$ 2,158
Investing and Servicing Segment | Minimum
Summary of properties
Land improvements, useful life			0 years	0 years
Building and building improvements, useful life			3 years	3 years
Furniture & fixtures, useful life			2 years	2 years
Investing and Servicing Segment | Maximum
Summary of properties
Land improvements, useful life			15 years	15 years
Building and building improvements, useful life			40 years	40 years
Furniture & fixtures, useful life			5 years	5 years
Investing and Servicing Segment | Non-Controlling Interests
Properties
Gain on sale of property			$ 5,300	$ 5,100	$ 3,300
Commercial and Residential Lending Segment
Summary of properties
Land and land improvements			11,386
Buildings and building improvements			$ 16,285
Commercial and Residential Lending Segment | Minimum
Summary of properties
Land improvements, useful life			0 years
Building and building improvements, useful life			10 years
Commercial and Residential Lending Segment | Maximum
Summary of properties
Land improvements, useful life			7 years
Building and building improvements, useful life			23 years
Ireland Portfolio
Properties
Number of properties sold | property			4	0	1
Proceeds from sale of operating properties			$ 407,200
Woodstar Portfolio
Properties
Number of properties in portfolio investment | property			32
Total gross properties and lease intangibles			$ 629,500
Total liabilities assumed			$ 478,200
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 | property		8	27	27
Total gross properties and lease intangibles			$ 605,500
Total liabilities assumed			436,900
Number of units acquired | property		1,740		4,369				6,109
Percentage of occupied portfolio				100.00%
Medical Office Portfolio
Properties
Area of property | ft²						1.9
Total gross properties and lease intangibles			759,900
Total liabilities assumed			590,900
Number of acquired properties closed | item						34
Master Lease Mortgages
Properties
Total gross properties and lease intangibles			343,800
Total liabilities assumed			$ 192,400
Number of retail properties acquired | property	20		16
Number of industrial properties acquired | property	3
Number of square feet of properties | ft²	5.3		1.9
Term of master lease agreements	24 years 7 months 6 days		24 years 7 months 6 days
Master Lease Mortgages | Disposed of by sale
Properties
Number of industrial properties acquired | property				3
Number of properties sold | property				4
Gain on sale of property				$ 28,500
REIS Equity Portfolio
Properties
Proceeds from sale of operating properties			$ 145,900
Utah, Florida, Texas and Minnesota | Master Lease Mortgages
Properties
Concentration risk (as a percent)	50.00%		50.00%

Investment in Unconsolidated _3

Investment in Unconsolidated Entities (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Aug. 31, 2017USD ($)	Oct. 31, 2014USD ($)
Investment in Unconsolidated Entities
Equity method, Carrying value			$ 57,583	$ 146,094
Fair value of the investment			26,746	25,671
Investment in unconsolidated entities			84,329	171,765
Capital distribution			$ 18,127	$ 21,461	$ 14,252
Retail Fund
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %			33.00%	33.00%
Equity method, Carrying value				$ 114,362			$ 150,000
Investment in unconsolidated entities						$ 15,500
Carrying amount			$ 0
Number of regional shopping malls | item			4
Decrease in investment		$ 44,900
Capital distribution					$ 2,100
Impairment charge			$ 71,900
Investor entity which owns equity in two real estate services providers
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %			50.00%	50.00%
Equity method, Carrying value			$ 9,473	$ 9,372
Percentage of equity sold					88.00%
Equity interest in a natural gas power plant
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	10.00%		10.00%	10.00%
Equity method, Carrying value			$ 25,862
Equity interest in a natural gas power plant | Infrastructure Loans
Investment in Unconsolidated Entities
Past due loan amount	$ 36,200
Carrying amount	$ 25,900
Time lag for reporting financial information	3 months
Equity interests in commercial real estate
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %			50.00%	50.00%
Equity method, Carrying value			$ 1,907	$ 6,294
Cash proceeds					$ 66,000
Income on sale of investments					$ 53,900
Equity interest in a residential mortgage originator
Investment in Unconsolidated Entities
Equity method, Carrying value			12,002	9,082
Carrying value over (under) equity in net assets			1,600
Equity interest in a residential mortgage originator | Subordinated Loans
Investment in Unconsolidated Entities
Equity method, Carrying value			4,500	2,000
Various - Equity method
Investment in Unconsolidated Entities
Equity method, Carrying value			$ 8,339	$ 6,984
Various - Equity method | Minimum
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %			25.00%	25.00%
Various - Equity method | Maximum
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %			50.00%	50.00%
Equity interest in a servicing and advisory business
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %			4.00%	4.00%
Equity method, Carrying value				$ 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
Investment funds which own equity in a loan servicer and other real estate assets | Minimum
Investment in Unconsolidated Entities
Cost method, Ownership %			4.00%	4.00%
Investment funds which own equity in a loan servicer and other real estate assets | Maximum
Investment in Unconsolidated Entities
Cost method, Ownership %			6.00%	6.00%
Various
Investment in Unconsolidated Entities
Fair value of the investment			$ 17,521	$ 10,239
Various | Minimum
Investment in Unconsolidated Entities
Cost method, Ownership %			0.00%	0.00%
Various | Maximum
Investment in Unconsolidated Entities
Cost method, Ownership %			2.00%	2.00%

Goodwill and Intangibles (Detai

Goodwill and Intangibles (Details) - USD ($) $ in Thousands	Apr. 19, 2013	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Intangible Assets
Goodwill		$ 259,846	$ 259,846
Summary of Intangible Assets
Gross Carrying Value		176,428	255,672
Accumulated Amortization		(90,728)	(110,639)
Net Carrying Value		85,700	145,033	$ 183,092
In-place lease
Summary of Intangible Assets
Gross Carrying Value		135,293	198,220
Accumulated Amortization		(84,383)	(100,873)
Net Carrying Value		50,910	97,347	122,465
Favorable lease
Summary of Intangible Assets
Gross Carrying Value		24,218	36,895
Accumulated Amortization		(6,345)	(9,766)
Net Carrying Value		17,873	27,129	29,868
Domestic Servicing Rights
Summary of Intangible Assets
Gross Carrying Value		16,917	20,557
Net Carrying Value		16,917	20,557	$ 30,759
Domestic Servicing Rights | Before consolidation of securitization VIEs
Intangible Assets
Servicing rights intangibles		43,200	44,600
Domestic Servicing Rights | VIE eliminations
Intangible Assets
Servicing rights intangibles		26,200	24,100
Infrastructure Lending Segment
Intangible Assets
Goodwill		$ 119,400	119,400
Amortization period (in years)		15 years
Investing and Servicing Segment
Intangible Assets
Goodwill		$ 140,400	$ 140,400
Amortization period (in years)	15 years
Expected tax deductible expenses for goodwill	$ 149,900

Goodwill and Intangibles - Acti

Goodwill and Intangibles - Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2013
Summary of activity within intangible assets
Balance as of beginning of period	$ 145,033	$ 183,092
Amortization	(22,553)	(43,876)
Sales	(5,221)	(2,827)
Foreign exchange loss	1,027	1,614
Impairment	(1,244)	(361)
Changes in fair value due to changes in inputs and assumptions	(3,640)	(10,202)
Balance as of end of period	85,700	145,033
Unfavorable lease liability	2,300	2,900
Future rental payments due to us from tenants under existing non-cancellable operating leases
2020	11,699
2021	9,674
2022	7,892
2023	6,136
2024	4,742
Thereafter	28,640
Total	68,783
Medical Office Portfolio
Summary of activity within intangible assets
Unfavorable lease liability	$ 4,800
Amortization period of unfavorable lease liability	9 years 8 months 12 days
Woodstar II Portfolio
Summary of activity within intangible assets
Acquisition of properties		10,792
REIS Equity Portfolio
Summary of activity within intangible assets
Acquisition of properties	$ 277	10,029
Ireland Portfolio
Summary of activity within intangible assets
Sales	(25,925)
LNR
Summary of activity within intangible assets
Unfavorable lease liability	2,800	4,700	$ 15,300
Amortization period of unfavorable lease liability			1 year 6 months
Amortization of intangible unfavorable lease liability per year			$ 1,900
In-place lease
Summary of activity within intangible assets
Balance as of beginning of period	97,347	122,465
Amortization	(19,297)	(39,830)
Sales	(5,208)	(1,791)
Foreign exchange loss	806	1,270
Impairment	(1,132)	(361)
Balance as of end of period	50,910	97,347
In-place lease | Woodstar II Portfolio
Summary of activity within intangible assets
Acquisition of properties		10,792
In-place lease | REIS Equity Portfolio
Summary of activity within intangible assets
Acquisition of properties	277	7,342
In-place lease | Ireland Portfolio
Summary of activity within intangible assets
Sales	(20,271)
Favorable lease
Summary of activity within intangible assets
Balance as of beginning of period	27,129	29,868
Amortization	(3,256)	(4,046)
Sales	(13)	(1,036)
Foreign exchange loss	221	344
Impairment	(112)
Balance as of end of period	17,873	27,129
Favorable lease | REIS Equity Portfolio
Summary of activity within intangible assets
Acquisition of properties		2,687
Favorable lease | Ireland Portfolio
Summary of activity within intangible assets
Sales	(5,654)
Domestic Servicing Rights
Summary of activity within intangible assets
Balance as of beginning of period	20,557	30,759
Changes in fair value due to changes in inputs and assumptions	(3,640)	(10,202)
Balance as of end of period	$ 16,917	$ 20,557

Secured Borrowings (Details)

Secured Borrowings (Details) $ in Thousands	1 Months Ended						12 Months Ended
	Dec. 31, 2019USD ($)	Nov. 30, 2019USD ($)	Oct. 31, 2019USD ($)Optionitem	Jul. 31, 2019USD ($)Option	Apr. 30, 2019item	Feb. 28, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Aug. 31, 2019USD ($)	Mar. 31, 2019USD ($)
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%
Principal Amount	$ 1,950,000						$ 1,950,000	$ 2,027,969
Carrying Value	8,906,048						8,906,048	8,683,565
Loss on extinguishment of debt				$ 1,500			(19,270)	(5,808)	$ (5,915)
Purchased by investors	928,060						928,060
Long-term Debt	1,928,622						1,928,622	1,998,831
Payment of debt							8,671,085	6,360,610	$ 4,586,509
Revolving credit facility
Secured Financing Agreements
Equity interests in certain subsidiaries used to secure facilities							3,100
Maximum borrowing capacity	$ 120,000	$ 100,000		$ 100,000			$ 120,000
Maturity period				5 years
Revolving credit facility | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)				3.00%
Interest rate (as a percent)	3.00%						3.00%
Lender 7 Secured Financing
Secured Financing Agreements
Number of extension options | item					2
Extended term / option					1 year
Woodstar I Portfolio
Secured Financing Agreements
Interest rate (as a percent)		4.79%
Maximum Facility Size		$ 84,500
Maturity period		6 years
Payment of debt		$ 9,200
Infrastructure Loans Repurchase Facility
Secured Financing Agreements
Maximum Facility Size						$ 500,000
Maturity period						1 year
Extended term / option						1 year
Infrastructure Loans Repurchase Facility | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)						1.75%
Infrastructure Loans Repurchase Facility | Revolving credit facility | Minimum
Secured Financing Agreements
Pricing margin (as a percent)							2.00%
Infrastructure Loans Repurchase Facility | Revolving credit facility | Maximum
Secured Financing Agreements
Pricing margin (as a percent)							2.85%
Residential Loans repurchase facility
Secured Financing Agreements
Increase in available borrowings						$ 200,000
Medical Office Portfolio
Secured Financing Agreements
Loss on extinguishment of debt			$ 4,700
Maturity period			2 years
Number of extension options | item			3
Extended term / option			1 year
Long-term Debt			$ 494,300
Medical Office Portfolio | Weighted-average
Secured Financing Agreements
Interest rate (as a percent)			3.30%
Medical Office Portfolio | LIBOR | Weighted-average
Secured Financing Agreements
Pricing margin (as a percent)			2.07%
Revolving Credit Agreement
Secured Financing Agreements
Maximum Facility Size	$ 300,000						$ 300,000
Maximum facility size subject to certain conditions	650,000						$ 650,000
Property Mortgages - Fixed rate
Secured Financing Agreements
Maturity period							9 years 9 months 18 days
FHLB
Secured Financing Agreements
Carrying Value	$ 438,500						$ 438,500
Maximum borrowing capacity						$ 500,000					$ 2,000,000
FHLB | Weighted-average
Secured Financing Agreements
Interest rate (as a percent)	2.01%						2.01%
FHLB | LIBOR | Weighted-average
Secured Financing Agreements
Pricing margin (as a percent)							0.28%
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							$ 88,400
Term loan facility
Secured Financing Agreements
Maximum borrowing capacity	$ 399,000			$ 400,000			$ 399,000
Maturity period				7 years
Term loan facility | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)				2.50%			2.50%
Commercial Loans
Secured Financing Agreements
Maximum Facility Size	8,900,000						$ 8,900,000
Carrying Value	$ 874,900						$ 874,900
Commercial Loans | LIBOR | Weighted-average
Secured Financing Agreements
Interest rate (as a percent)	1.90%						1.90%
Commercial Loans | Repurchase facility
Secured Financing Agreements
Aggregate upsize							$ 2,800,000
Infrastructure Loans | Revolving credit facility
Secured Financing Agreements
Maximum borrowing capacity			$ 500,000	$ 500,000
Maturity period			3 years	3 years
Number of extension options			2	2
Number of extension options at Company's discretion | Option				1
Extended term / option			1 year	1 year
Maximum term of the facility				8 years
Extension term				5 years
Infrastructure Loans | Revolving credit facility | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)			1.75%
Mezzanine [Member] | Revolving credit facility
Secured Financing Agreements
Maximum borrowing capacity			$ 600,000
CMBS/RMBS
Secured Financing Agreements
Pricing margin (as a percent)							3.49%
Carrying Value	$ 184,700						$ 184,700
Increase in available borrowings	$ 300,000	$ 150,000
CMBS/RMBS | LIBOR | Weighted-average
Secured Financing Agreements
Interest rate (as a percent)	1.58%						1.58%
CMBS/RMBS | Certain Facilities
Secured Financing Agreements
Maximum Facility Size	$ 295,000						$ 295,000
Rolling maturity period							11 months
Maturity period							12 months
Secured financing agreements
Secured Financing Agreements
Pledged Asset Carrying Value	12,051,127						$ 12,051,127
Maximum Facility Size	18,006,088						18,006,088
Principal Amount	9,000,125						9,000,125	8,761,624
Unamortized net discount	(8,347)						(8,347)	(963)
Unamortized deferred financing costs	(85,730)						(85,730)	(77,096)
Carrying Value	8,906,048						8,906,048	8,683,565
Secured financing agreements | Other Secured Financing
Secured Financing Agreements
Pledged Asset Carrying Value	5,365,987						5,365,987
Maximum Facility Size	6,852,042						6,852,042
Principal Amount	4,390,668						4,390,668	4,471,874
Secured financing agreements | Revolving Credit Agreement
Secured Financing Agreements
Pledged Asset Carrying Value	542,281						542,281
Maximum Facility Size	650,000						650,000
Principal Amount	198,955						$ 198,955
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	754,443						$ 754,443
Maximum Facility Size	771,534						771,534
Principal Amount	603,642						603,642	1,551,148
Secured financing agreements | Infrastructure Revolvers
Secured Financing Agreements
Pledged Asset Carrying Value	524,197						524,197
Maximum Facility Size	1,000,000						1,000,000
Principal Amount	428,206						$ 428,206
Secured financing agreements | Infrastructure Revolvers | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)							2.12%
Secured financing agreements | Property Mortgages - Fixed rate
Secured Financing Agreements
Pledged Asset Carrying Value	1,499,356						$ 1,499,356
Maximum Facility Size	1,196,698						1,196,698
Principal Amount	1,196,492						$ 1,196,492	1,475,382
Secured financing agreements | Property Mortgages - Fixed rate | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)							3.94%
Secured financing agreements | Property Mortgages - Variable rate
Secured Financing Agreements
Pledged Asset Carrying Value	783,460						$ 783,460
Maximum Facility Size	714,810						714,810
Principal Amount	696,503						$ 696,503	645,344
Secured financing agreements | Property Mortgages - Variable rate | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)							2.49%
Secured financing agreements | Term Loan and Revolver
Secured Financing Agreements
Maximum Facility Size	519,000						$ 519,000
Principal Amount	399,000						399,000	300,000
Secured financing agreements | FHLB
Secured Financing Agreements
Pledged Asset Carrying Value	1,262,250						1,262,250
Maximum Facility Size	2,000,000						2,000,000
Principal Amount	867,870						867,870	500,000
Secured financing agreements | Repurchase Agreements
Secured Financing Agreements
Pledged Asset Carrying Value	6,685,140						6,685,140
Maximum Facility Size	11,154,046						11,154,046
Principal Amount	4,609,457						4,609,457	4,289,750
Secured financing agreements | Commercial Loans
Secured Financing Agreements
Pledged Asset Carrying Value	5,327,761						5,327,761
Maximum Facility Size	9,066,480						9,066,480
Principal Amount	3,640,620						3,640,620	3,598,311
Secured financing agreements | Residential Loans
Secured Financing Agreements
Pledged Asset Carrying Value	14,704						14,704
Maximum Facility Size	400,000						400,000
Principal Amount	11,835						$ 11,835
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	227,463						$ 227,463
Maximum Facility Size	500,000						500,000
Principal Amount	188,198						$ 188,198
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	109,864						$ 109,864
Maximum Facility Size	350,000						350,000
Principal Amount	86,575						$ 86,575	35,034
Secured financing agreements | Conduit Loans | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)							2.10%
Secured financing agreements | CMBS/RMBS
Secured Financing Agreements
Pledged Asset Carrying Value	1,005,348						$ 1,005,348
Maximum Facility Size	837,566						837,566
Principal Amount	$ 682,229						$ 682,229	$ 656,405

Secured Borrowings - Principal

Secured Borrowings - Principal Repayments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Repayment of secured financings
Amortization of deferred financing costs	$ 34,300	$ 27,000	$ 19,500
CLO
Repayment of secured financings
Thereafter	936,375
Total	936,375
Secured financing agreements
Repayment of secured financings
2020	1,045,135
2021	1,483,385
2022	1,563,145
2023	1,762,095
2024	1,349,547
Thereafter	2,733,193
Total	9,936,500
Repurchase Agreements
Repayment of secured financings
2020	480,249
2021	625,956
2022	1,010,970
2023	1,056,812
2024	1,065,312
Thereafter	370,158
Total	4,609,457
Other Secured Financing
Repayment of secured financings
2020	564,886
2021	857,429
2022	552,175
2023	705,283
2024	284,235
Thereafter	1,426,660
Total	$ 4,390,668

Secured Borrowings - Repurchase

Secured Borrowings - Repurchase Agreements (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Secured Financing Agreements
Principal Amount	$ 1,950,000	$ 2,027,969
Secured financing agreements
Secured Financing Agreements
Principal Amount	$ 9,000,125	$ 8,761,624
Repurchase Agreements
Secured Financing Agreements
Percentage of repurchase agreements for which margin calls are limited to collateral specific credit marks	78.00%
Percentage of repurchase agreements containing margin call provisions that pertain to loans held-for-sale	22.00%

Secured Borrowings- Collaterali

Secured Borrowings- Collateralized Loan Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Aug. 31, 2019
Summary of CLO
Collateralized loan obligations, net	$ 928,060
Spread (as a percent)	1.50%
Amortization of deferred financing costs	$ 34,300	$ 27,000	$ 19,500
Deferred financing costs, net of amortization	$ 5,624	$ 8,078
Collateral assets
Summary of CLO
Count	20
Amount issued	$ 1,073,504
Collateralized loan obligations, net	$ 1,073,504
Financing
Summary of CLO
Count	1
Amount issued	$ 936,375
Collateralized loan obligations, net	928,060
Collateralized Loan Obligation
Summary of CLO
Amount issued				$ 1,100,000
Collateralized loan obligations, net				$ 936,400
Deferred financing costs, net of amortization	9,200
Unamortized issuance costs	$ 8,300
Collateralized Loan Obligation | Collateral assets
Summary of CLO
Loans financed by the CLO (as a percent)	9.00%
Fixed weighted average interest	6.84%
Collateralized Loan Obligation | LIBOR | Collateral assets
Summary of CLO
Spread (as a percent)	3.34%
Collateralized Loan Obligation | LIBOR | Financing
Summary of CLO
Spread (as a percent)	1.65%

Unsecured Secured Notes (Detail

Unsecured Secured Notes (Details) $ / shares in Units, shares in Thousands	Jan. 29, 2018USD ($)	Dec. 04, 2017USD ($)	Dec. 16, 2016USD ($)	Jul. 31, 2019USD ($)	Dec. 31, 2019USD ($)item$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Mar. 29, 2017USD ($)	Oct. 08, 2014USD ($)	Jul. 03, 2013USD ($)	Feb. 15, 2013USD ($)
Unsecured Senior Notes
Principal Amount					$ 1,950,000,000	$ 2,027,969,000
Unamortized deferred financing costs					(5,624,000)	(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
Carrying amount of debt components					1,928,622,000	1,998,831,000
Interest expense					508,729,000	408,188,000	$ 295,666,000
Loss on extinguishment of debt				$ (1,500,000)	19,270,000	$ 5,808,000	$ 5,915,000
Conversion Spread Value - Shares | shares						91	1,899
Principal amount of notes, basis for conversion					$ 1,000
Closing share price (in dollars per share) | $ / shares					$ 24.86	$ 19.71	$ 21.35
Conversion upon satisfaction of closing market price condition | Maximum
Unsecured Senior Notes
Period of average closing market price of common stock as a basis for debt conversion					10 days
2018 Notes
Unsecured Senior Notes
Coupon Rate (as a percent)											4.55%
Amount issued											$ 600,000,000
Conversion Spread Value - Shares | shares							541
2019 Notes
Unsecured Senior Notes
Coupon Rate (as a percent)										4.00%
Principal Amount						$ 77,969,000
Amount issued						263,400,000				$ 460,000,000
Debt conversion original amount						$ 296,800,000
Shares issued to settle redemption | shares					3,600	12,400
Cash payments to settle redemptions						$ 25,500,000
Settlement consideration attributable to the liability component						264,400,000
Loss on extinguishment of debt						2,100,000
Portion of repurchase price attributable to equity component recognized as a reduction of additional paid-in-capital						32,400,000
Fair value of shares issued						271,200,000
Value of shares issued to settle redemption					$ 78,000,000	$ 263,400,000
Conversion Spread Value - Shares | shares						91	1,358
2021 Senior Notes 3.625%
Unsecured Senior Notes
Coupon Rate (as a percent)	3.625%				3.63%
Effective Rate (as a percent)					3.89%
Remaining Period of Amortization					1 year 1 month 6 days
Principal Amount					$ 500,000,000	$ 500,000,000
Amount issued	$ 500,000,000
2021 Senior Notes 3.625% | Maximum
Unsecured Senior Notes
Percentage of principal amount that may be redeemed	40.00%
2021 Senior Notes 3.625% | Debt instrument redemption period one
Unsecured Senior Notes
Percentage of principal amount that may be redeemed	100.00%
2021 Senior Notes 3.625% | Conversion upon satisfaction of trading price condition
Unsecured Senior Notes
Percentage of principal amount that may be redeemed	100.00%
2021 Senior Notes 5.00%
Unsecured Senior Notes
Coupon Rate (as a percent)			5.00%		5.00%
Effective Rate (as a percent)					5.32%
Remaining Period of Amortization					2 years
Principal Amount					$ 700,000,000	700,000,000
Amount issued			$ 700,000,000
2021 Senior Notes 5.00% | Maximum
Unsecured Senior Notes
Percentage of principal amount that may be redeemed			35.00%
2021 Senior Notes 5.00% | Debt instrument redemption period one
Unsecured Senior Notes
Percentage of principal amount that may be redeemed			100.00%
2021 Senior Notes 5.00% | Debt instrument redemption period two
Unsecured Senior Notes
Percentage of principal amount that may be redeemed			100.00%
2023 Notes
Unsecured Senior Notes
Coupon Rate (as a percent)					4.38%			4.375%	3.75%
Effective Rate (as a percent)					4.86%
Remaining Period of Amortization					3 years 3 months 18 days
Principal Amount					$ 250,000,000	250,000,000
Amount issued								$ 250,000,000	$ 431,300,000
Portion of repurchase price attributable to equity component recognized as a reduction of additional paid-in-capital							$ 3,755,000
Conversion Rate					38.5959
Conversion price (in dollars per share) | $ / shares					$ 25.91
Closing share price (in dollars per share) | $ / shares					$ 24.86
If-converted value					$ 239,900,000
Amount by which if-converted value of the Notes are less than principal amount					$ 10,100,000
2025 Senior Notes
Unsecured Senior Notes
Coupon Rate (as a percent)		4.75%			4.75%
Effective Rate (as a percent)					5.04%
Remaining Period of Amortization					5 years 2 months 12 days
Principal Amount					$ 500,000,000	500,000,000
Amount issued		$ 500,000,000
2025 Senior Notes | Maximum
Unsecured Senior Notes
Percentage of principal amount that may be redeemed		40.00%
2025 Senior Notes | Debt instrument redemption period one
Unsecured Senior Notes
Percentage of principal amount that may be redeemed		100.00%
2025 Senior Notes | Debt instrument redemption period two
Unsecured Senior Notes
Percentage of principal amount that may be redeemed		100.00%
Convertible Senior Notes
Unsecured Senior Notes
Unamortized discount					(3,610,000)	(4,644,000)
Interest expense					$ 12,354,000	25,148,000
Loss on extinguishment of debt						2,099,000
Amount of debt repurchased								250,700,000
Minimum number of conditions to be satisfied for conversion of debt | item					1
Convertible Senior Notes | Conversion upon satisfaction of closing market price condition
Unsecured Senior Notes
Minimum trading period as a basis for debt conversion					20 days
Consecutive trading period as a basis for debt conversion					30 days
Convertible Senior Notes | Conversion upon satisfaction of closing market price condition | Minimum
Unsecured Senior Notes
Percentage of per share value of distributions that exceeds the market price of the entity's common stock as a basis for debt conversion					10.00%
Convertible Senior Notes | Conversion upon satisfaction of trading price condition
Unsecured Senior Notes
Consecutive trading period as a basis for debt conversion					5 days
Convertible Senior Notes | Conversion upon satisfaction of trading price condition | Maximum
Unsecured Senior Notes
Percentage of conversion price and last reported sales price as a basis for debt conversion					98.00%
Convertible Senior Notes | 2017 Notes | Conversion upon satisfaction of closing market price condition | Minimum
Unsecured Senior Notes
Percentage of conversion price as a basis for debt conversion					110.00%
Convertible Senior Notes | 2018 Notes
Unsecured Senior Notes
Loss on extinguishment of debt							5,900,000
Portion of repurchase price attributable to equity component recognized as a reduction of additional paid-in-capital							18,100,000
Amount of debt repurchased								$ 230,000,000
Convertible Senior Notes | 2019 Notes
Unsecured Senior Notes
Interest expense					$ 12,300,000	28,900,000	$ 72,200,000
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
Amount of debt repurchased						0
Senior Notes
Unsecured Senior Notes
Unamortized discount					$ (12,144,000)	$ (16,416,000)

Loan Securitization_Sale Acti_3

Loan Securitization/Sale Activities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)
Loan Transfers Accounted for as Secured Borrowings
Net gains (losses) on the sale of loan qualifying for sales treatment	$ 6,900	$ 1,300
Interest Rate Swap Guarantees
Loan Transfers Accounted for as Secured Borrowings
Cash consideration	3,100
Investing and Servicing Segment
Loan Transfer Activities
Face Amount	1,781,981	1,517,599	$ 1,517,368
Proceeds	1,845,890	1,563,433	1,582,050
Repayment of purchase agreements	$ 1,289,129	$ 1,147,316	1,152,938
Commercial and Residential Lending Segment
Loan Transfers Accounted for as Secured Borrowings
Number of VIEs that were consolidated | item	3	2
Number of VIEs into which the commercial loans were sold | item		2
Face Amount			75,000
Proceeds			74,098
Net gains (losses) on the sale of loan qualifying for sales treatment	$ 4,600
Commercial and Residential Lending Segment | Loans held-for-sale, commercial
Loan Transfers Accounted for as Sales
Face Amount	751,210	$ 840,400	55,470
Proceeds	748,045	835,849	$ 52,609
Commercial and Residential Lending Segment | Loans held-for-sale, residential
Loan Transfers Accounted for as Sales
Face Amount	1,282,527	660,865
Proceeds	1,331,856	683,556
Infrastructure Lending Segment
Loan Transfer Activities
Face Amount	404,100	$ 0
Proceeds	393,300
Loan Transfers Accounted for as Secured Borrowings
Net gains (losses) on the sale of loan qualifying for sales treatment	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	Dec. 31, 2019USD ($)item
Derivatives
Number of contracts	328
Foreign exchange contracts | EUR | Short
Derivatives
Number of contracts	168
Aggregate notional amount | $	$ 199,183
Foreign exchange contracts | AUD | Short
Derivatives
Number of contracts	4
Aggregate notional amount | $	$ 25,850
Foreign exchange contracts | GBP | Short
Derivatives
Number of contracts	93
Aggregate notional amount | $	$ 444,236
Interest rate swaps - Paying fixed rates | USD
Derivatives
Number of contracts	37
Aggregate notional amount | $	$ 1,299,466
Interest rate swaps - Receiving fixed rates | USD
Derivatives
Number of contracts	2
Aggregate notional amount | $	$ 970,000
Interest Rate Swap Guarantees | GBP
Derivatives
Number of contracts	1
Aggregate notional amount | $	$ 9,390
Interest Rate Swap Guarantees | USD
Derivatives
Number of contracts	6
Aggregate notional amount | $	$ 394,671
Interest rate caps | USD
Derivatives
Number of contracts	12
Aggregate notional amount | $	$ 742,299
Credit spread instrument | USD
Derivatives
Number of contracts	5
Aggregate notional amount | $	$ 89,000

Derivatives and Hedging Activ_4

Derivatives and Hedging Activity - Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	$ 28,943	$ 52,691
Fair Value of Derivatives in a Liability Position	8,740	15,415
Interest rate swaps | Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	14,385	30,791
Fair Value of Derivatives in a Liability Position		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	614	396
Foreign exchange contracts | Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	14,558	21,346
Fair Value of Derivatives in a Liability Position	7,834	562
Credit spread instrument | Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position		$ 554
Fair Value of Derivatives in a Liability Position	$ 292

Derivatives and Hedging Activ_5

Derivatives and Hedging Activity - Effect on Financial Statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivatives
(Loss) gain on derivative financial instruments, net	$ (6,310)	$ 34,603	$ (72,532)
Interest rate swaps
Derivatives
(Loss) gain on derivative financial instruments, net	(10,516)	(1,593)	(5,165)
Interest rate swap guarantees
Derivatives
(Loss) gain on derivative financial instruments, net	(3,350)	(114)
Foreign exchange contracts
Derivatives
(Loss) gain on derivative financial instruments, net	8,801	36,040	(65,645)
Credit spread instrument
Derivatives
(Loss) gain on derivative financial instruments, net	$ (1,245)	270	(1,722)
Cash flow hedges | Interest rate swaps | Derivatives designated as hedging instruments
Derivatives
Gain (Loss) Recognized in OCI (effective portion)		8	54
Gain (Loss) Reclassified from AOCI into Income (effective portion)		$ 33	$ 3

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Net Amounts of Assets Presented in the Statement of Financial Position	$ 28,943	$ 52,691
Liabilities
Gross Amounts of Recognized Liabilities	4,618,197	4,305,165
Net Amounts of Liabilities Presented in the Statement of Financial Position	4,618,197	4,305,165
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	4,614,769	4,291,158
Cash Collateral Pledged	292	8,658
Net Amount	3,136	5,349
Derivatives
Assets
Gross Amounts of Recognized Assets	28,943	52,691
Net Amounts of Assets Presented in the Statement of Financial Position	28,943	52,691
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	5,312	1,408
Cash Collateral Received	14,208
Net Amount	9,423	51,283
Liabilities
Gross Amounts of Recognized Liabilities	8,740	15,415
Net Amounts of Liabilities Presented in the Statement of Financial Position	8,740	15,415
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	5,312	1,408
Cash Collateral Pledged	292	8,658
Net Amount	3,136	5,349
Repurchase Agreements
Liabilities
Gross Amounts of Recognized Liabilities	4,609,457	4,289,750
Net Amounts of Liabilities Presented in the Statement of Financial Position	4,609,457	4,289,750
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	$ 4,609,457	$ 4,289,750

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Consolidated CLO (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets:
Total Assets	$ 78,042,336	$ 68,262,453
Liabilities
Total Liabilities	72,905,322	$ 63,362,264
Collateralized Loan Obligation
Assets:
Loans held-for-investment, net	1,073,504
Accrued interest receivable	3,129
Other assets	26,496
Total Assets	1,103,129
Liabilities
Accounts payable, accrued expenses and other liabilities	1,362
Collateralized loan obligations, net	928,060
Total Liabilities	$ 929,422

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)
Variable interest entities
Total Assets	$ 78,042,336	$ 68,262,453
Total Liabilities	72,905,322	63,362,264
Debt obligations to beneficial interest holders, unpaid principal balances	1,950,000	2,027,969
Interest in VIE	$ 84,329	171,765
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	$ 37,400
Not primary beneficiary | ASU 2015-02
Variable interest entities
Interest in VIE	21,200
Not primary beneficiary | Securitization SPEs
Variable interest entities
Debt obligations to beneficial interest holders, unpaid principal balances	6,100,000
Primary beneficiary
Variable interest entities
Total Assets	62,187,175	53,446,364
Total Liabilities	$ 60,743,494	$ 52,195,042
Equity Method Investment, Ownership Percentage	51.00%
Primary beneficiary | ASU 2015-02
Variable interest entities
Total Assets	$ 1,100,000
Total Liabilities	491,800
Primary beneficiary | CMBS Venture Holdings
Variable interest entities
Total Assets	347,200
Total Liabilities	400
Primary beneficiary | SPT Dolphin | ASU 2015-02
Variable interest entities
Total Assets	684,100
Total Liabilities	$ 444,400

Related-Party Transactions (Det

Related-Party Transactions (Details) $ in Thousands, £ in Millions	1 Months Ended							12 Months Ended
	Sep. 30, 2019shares	Dec. 31, 2018USD ($)	Apr. 30, 2018shares	May 31, 2017USD ($)	Mar. 31, 2017shares	Jun. 30, 2016GBP (£)	May 31, 2015shares	Dec. 31, 2019USD ($)itemshares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Termination Fee
Granted (in shares) | shares								1,720,236
Total fair value of shares vested								$ 33,200	$ 18,300	$ 18,300
Share-based compensation expense, before tax								$ 46,237	43,458	39,223
Ownership percentage								2.00%
General and administrative:
Termination Fee
Share-based compensation expense, before tax								$ 15,900	10,185	7,728
Starwood Property Trust, Inc. Manager Equity Plan
Termination Fee
Granted (in shares) | shares								1,200,000
Starwood Property Trust, Inc. Manager Equity Plan | Restricted stock units
Termination Fee
Granted (in shares) | shares	1,200,000		775,000		1,000,000		675,000
Award vesting period								3 years
Share-based compensation expense, before tax								$ 20,200	12,600	10,400
Co-origination of loan with SEREF and private funds, London
Termination Fee
Loans funded by the reporting entity		$ 21,300				£ 60
Manager
Related-Party Transactions
Base management fee as a percentage of stock holders' equity								1.50%
Base management fee incurred								$ 77,000	73,200	67,800
Base management fee payable		19,200						$ 19,300	19,200
Period for calculation of threshold Core Earnings percentage								12 months
Threshold percentage of Core Earnings for payment of incentive fee								8.00%
Number of prior calendar quarters for calculation of threshold Core Earnings amount								3 years
Threshold amount of Core Earnings for payment of incentive fee								$ 0
Threshold amount of incentive fee to be paid								$ 0
Incentive fee calculation, multiplication factor (as a percent)								20.00%
Incentive fee calculation, period								12 months
Incentive fee calculation, stock value factor (as a percent)								8.00%
Number of calendar quarters of incentive fee paid subtracted in incentive fee calculation								9 months
Portion of incentive fee quarterly installment payable in shares (as a percent)								50.00%
Stock ownership limit (as a percent)								9.80%
Number of trading days price used to calculate average stock price for payment of incentive fees in shares | item								5
Incentive fee incurred								$ 20,200	41,400	42,100
Incentive fees payable		21,800						18,100	21,800
Executive compensation and other reimbursable expenses								7,700	7,700	$ 6,400
Executive compensation and other reimbursable expense payable		$ 3,000						$ 3,500	$ 3,000
Termination Fee
Affirmative vote required by Company's independent directors for termination of management agreement without cause								two-thirds
Notice period for termination of management agreement without cause								180 days
Termination fee, factor applied to average base and incentive management fees | item								3
Termination period of calculation								2 years
Termination fee payable upon termination of manager for cause								$ 0
Notice period for termination of management agreement with cause								30 days
Manager | Restricted stock units
Termination Fee
Granted (in shares) | shares								182,861	252,375	138,264
Grant date fair value								$ 4,100	$ 5,300	$ 3,100
Share-based compensation expense, before tax								4,100	2,900	2,700
Affiliates of Manager
Termination Fee
Purchase price				$ 50,000
Investing and Servicing Segment
Termination Fee
Purchase price									227,300	227,300	$ 227,300	$ 227,300
Infrastructure Lending Segment | Manager | General and administrative:
Termination Fee
Cash payment								0	1,300	0
CMBS | Investing and Servicing Segment | REO Portfolio
Termination Fee
Purchase price								$ 8,800	$ 28,000	$ 31,300

Related-Party Transactions - In

Related-Party Transactions - Investments in Loans and Securities and Other Arrangements (Details) £ in Thousands, $ in Thousands, € in Millions	May 17, 2013USD ($)	Nov. 30, 2019EUR (€)	Sep. 30, 2019EUR (€)	Jul. 31, 2019USD ($)	Apr. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Feb. 28, 2019USD ($)Plant	Dec. 31, 2018USD ($)property	Oct. 31, 2018GBP (£)	Jun. 30, 2018USD ($)building	Mar. 31, 2018USD ($)	Jan. 31, 2018USD ($)Plant	Aug. 31, 2017USD ($)	Jun. 30, 2017GBP (£)	May 31, 2017USD ($)	Jun. 30, 2016GBP (£)property	Jan. 31, 2016USD ($)	Oct. 31, 2015USD ($)loan	Mar. 31, 2015USD ($)property	Oct. 31, 2014USD ($)item	Jul. 31, 2014GBP (£)item	Apr. 30, 2013USD ($)item	Dec. 31, 2012USD ($)shares	Oct. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2012USD ($)shares	Dec. 31, 2019EUR (€)itemproperty	Dec. 31, 2019USD ($)itemproperty
Related-Party Transactions
Acquisitions and originations of mortgage financing																									$ 9,094,714	$ 6,723,144	$ 5,500,539
Spread on interest rate basis (as a percent)																															4.20%	4.20%
Purchase price of notes																									$ 5,473,399	4,428,891	3,234,987
Ownership percentage																									2.00%
Equity method, Carrying value								$ 146,094																		146,094						$ 57,583
Distribution of capital from unconsolidated entities																									$ 18,127	21,461	14,252
Total other-than-temporary impairment ("OTTI")																									267		180
Earnings (loss) from unconsolidated entities																									(101,354)	10,540	30,505
Interest in VIE								171,765																		171,765						$ 84,329
Contribution																									$ 183,520	13,407	106
CMBS
Related-Party Transactions
Payments to acquire security										$ 84,100							$ 9,700
Number of regional malls by which investment is secured | building										5
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				$ 300,000,000
Number of domestic natural gas power plants | Plant							2
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%
Co-origination of loan with SEREF and private funds, London
Related-Party Transactions
Acquisitions and originations of mortgage financing								62,500								£ 75,000
Number of properties | property																3
Loans funded by the reporting entity								21,300								£ 60,000
Co-origination of loan with affiliated private funds for London development
Related-Party Transactions
Acquisitions and originations of mortgage financing | £																					£ 101,750
Number of stories in the building | item																					46
Number of stories in the housing development | item																					18
Number of private residential and affordable housing units | item																					366
Loans funded by the reporting entity | £																					£ 86,750
Purchase of First Mortgage Loan Participation | First mortgage loan participation
Related-Party Transactions
Acquisitions and originations of mortgage financing												$ 130,000
Number of properties | Plant												4
Origination Of Loan For Acquisition Of Office Campus In Irvine, California
Related-Party Transactions
Acquisitions and originations of mortgage financing													$ 339,200
Purchase of first mortgage loan participation for acquisition of luxury resort, Spain from SEREF | First mortgage loan participation
Related-Party Transactions
Acquisitions and originations of mortgage financing											$ 55,000
Purchase of B-Notes secured by Class-A office buildings | CMBS
Related-Party Transactions
Aggregate proceeds from sale of interests in notes	$ 95,000
Purchase of B-Notes secured by Class-A office buildings | B Notes
Related-Party Transactions
Number of loans | item																						2
Purchase price of notes																						$ 146,700
Number of Class A office buildings with loans | item																						2
Number of loans sold | loan																		1
Aggregate proceeds from sale of interests in notes																		$ 29,200
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
First priority infrastructure term loan | €																															€ 15
Number of shares acquired | shares																							9,140,000							9,140,000
Value of shares acquired																							$ 14,700							$ 14,700
Ownership percentage acquired																							4.00%
Ownership percentage																									2.00%
SEREF | Co-origination of loan with SEREF and private funds, London
Related-Party Transactions
Loans funded by the related party								41,200								£ 15,000
SEREF | Development of Grade A office building and convention center
Related-Party Transactions
Acquisitions and originations of mortgage financing | €		€ 39	€ 73.6
Retail Fund
Related-Party Transactions
Equity method, Carrying value								114,362												$ 150,000						114,362
Distribution of capital from unconsolidated entities																											2,100
Investments in and Advances to Affiliates, at Fair Value, Gross Reductions																									$ 47,200
Total other-than-temporary impairment ("OTTI")																									71,900
Number of regional shopping malls | item																				4											4	4
Earnings (loss) from unconsolidated entities																									114,400	3,700	27,700
Percentage of acquired interest in joint venture																				33.00%
Interest in VIE													$ 15,500
Joint venture
Related-Party Transactions
Percentage of acquired interest in joint venture																						50.00%
Investing and Servicing Segment
Related-Party Transactions
Purchase price																										227,300	227,300	$ 227,300	$ 227,300
Investing and Servicing Segment | Co-origination of loan with SEREF and private funds, London | CMBS
Related-Party Transactions
Total commitments									£ 77,000	$ 4,500				£ 69,300
Amount committed for loans by the entity | £									£ 61,600					£ 55,400
REO Portfolio | Investing and Servicing Segment | CMBS
Related-Party Transactions
Net real estate assets								$ 27,700																		27,700	30,900					$ 8,600
Purchase price																									8,800	$ 28,000	31,300
REIS Equity Portfolio
Related-Party Transactions
Net real estate assets																											50,810
Fund IX | CMBS
Related-Party Transactions
Payments to acquire security																			$ 58,600
Number of properties | property																			85
Fund IX | Joint venture
Related-Party Transactions
Percentage of acquired interest in joint venture																						50.00%
SEREF | Development of Grade A office building and convention center
Related-Party Transactions
First priority infrastructure term loan | €		€ 192
Highmark Residential
Related-Party Transactions
Number of properties under management | property								10																		10					11	11
Payments to related party																									1,600	$ 100
Highmark Residential | SEREF
Related-Party Transactions
Number of properties under management | property																															21	21
Affiliated private funds | Co-origination of loan with affiliated private funds for London development
Related-Party Transactions
Loans funded by the related party | £																					£ 15,000
Affiliates of Manager
Related-Party Transactions
Purchase price															$ 50,000
Fund Participants | REO Portfolio
Related-Party Transactions
Aggregate commitment																									15,000
Capital commitments funded																									4,900
Amount of additional funding of capital commitments expected																									$ 0
Incremental percentage to earn on all operating cash flows attributable to capital account, net																									60.00%
Preferred return to general partner of the fund																									5.00%
Income recognized by non-controlling interests																									$ 1,300	2,000	$ 1,400
Fund Participants | REO Portfolio | Fund Participants
Related-Party Transactions
Equity interest in REO properties acquired after January 1, 2015 (as percent)																															10.00%	10.00%
Loans held-for-sale, residential | Residential mortgage originator
Related-Party Transactions
Acquisitions and originations of mortgage financing																								$ 2,000	$ 353,000	$ 135,600

Stockholders' Equity and Non-_3

Stockholders' Equity and Non-Controlling Interests (Details) - USD ($)	Nov. 08, 2019	Aug. 07, 2019	May 08, 2019	Feb. 28, 2019	Nov. 09, 2018	Aug. 08, 2018	May 04, 2018	Feb. 28, 2018	Nov. 08, 2017	Aug. 09, 2017	May 09, 2017	Feb. 23, 2017	Dec. 31, 2019	Mar. 31, 2018	Sep. 30, 2014	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Nov. 30, 2019	Mar. 29, 2017	Jan. 31, 2016	May 31, 2014
Stockholders' Equity
Dividend declared (in dollars per share)	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48				$ 1.92	$ 1.92	$ 1.92
Shares issued under ATM Agreement																0	0	0
Authorized amount of share repurchases															$ 250,000,000						$ 500,000,000
Number of shares that may be issued under the DRIP Plan																						11,000,000
Value of shares that may be issued under the ATM Agreement																						$ 500,000,000
Period for repurchase of common stock															1 year
Common stock repurchased (in shares)																	573,255
Repurchase of common stock																	$ 12,090,000
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures													$ 84,329,000			$ 84,329,000	171,765,000
Net income attributable to non-controlling interests																27,271,000	25,367,000	$ 11,997,000
Investment securities													810,238,000			810,238,000	906,468,000
Accrued interest receivable													64,087,000			64,087,000	60,355,000
Amount of non-controlling interest already held by a purchaser of a property																	300,000
Payment to acquire non-controlling interest																$ 49,958,000	$ 256,404,000	96,010,000
2019 Notes
Stockholders' Equity
Shares issued to settle redemption																3,600,000	12,400,000
Value of shares issued to settle redemption																$ 78,000,000	$ 263,400,000
Convertible Senior Notes
Stockholders' Equity
Face amount of debt repurchased																				$ 250,700,000
Convertible Senior Notes | 2019 Notes
Stockholders' Equity
Shares issued to settle redemption																3,600,000
Value of shares issued to settle redemption																$ 78,000,000
Face amount of debt repurchased																	0
Convertible Senior Notes | 2019 Notes | Common stock
Stockholders' Equity
Face amount of debt repurchased													$ 0			0		$ 0
Class A Units
Stockholders' Equity
Net income attributable to non-controlling interests																$ 21,600,000	$ 17,600,000
CMBS JV
Stockholders' Equity
Equity Method Investment, Ownership Percentage													51.00%			51.00%
Assets sold to joint venture													$ 333,000,000			$ 333,000,000
Investment securities													318,300,000			318,300,000			$ 24,500,000
Investments in existing CMBS JV													13,300,000			13,300,000
Accrued interest receivable													1,400,000			1,400,000
Amount of equity method investment funded													169,800,000
Non-controlling interest													$ 175,600,000			$ 175,600,000			$ 11,200,000
CMBS JV | Joint Venture Partner
Stockholders' Equity
Equity Method Investment, Ownership Percentage													49.00%			49.00%
Amount of equity method investment funded													$ 163,200,000
Woodstar II Portfolio | Class A Units
Stockholders' Equity
Shares issued																100,000	1,700,000
Right to receive additional shares																1,900,000
Woodstar II Portfolio | Class A Units | SPT Dolphin
Stockholders' Equity
Shares issued																10,200,000	7,403,731	10,183,505
Right to receive additional shares																1,910,563	1,411,642	1,910,563
Number of common stock per unit																1	1
Redemption of units																974,176	0
Woodstar II Portfolio | Class A Units | SPT Dolphin | Non-Controlling Interests
Stockholders' Equity
Redemption of units																235,900,000	254,900,000
REIS Equity Portfolio
Stockholders' Equity
Amount of non-controlling interest already held by a purchaser of a property														$ 300,000
Payment to acquire non-controlling interest														$ 3,300,000

Stockholders' Equity and Non-_4

Stockholders' Equity and Non-Controlling Interests - Equity Incentive Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 15, 2014	Nov. 30, 2019	Sep. 30, 2019	Mar. 31, 2019	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Apr. 30, 2018	Mar. 31, 2018	Nov. 30, 2017	Aug. 31, 2017	May 31, 2017	Mar. 31, 2017	Feb. 28, 2017	May 31, 2015	Jan. 31, 2014	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Equity Incentive Plans
Share-based compensation expense, before tax																	$ 46,237	$ 43,458	$ 39,223
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
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																	7,498,820
Starwood Property Trust, Inc. Equity Plan and Manager Equity Plan | Restricted stock units
Equity Incentive Plans
Granted (in shares)	2,000,000		1,200,000					775,000					1,000,000		675,000	489,281
Awards granted, fair value	$ 55,420		$ 29,484					$ 16,329					$ 22,240		$ 16,511	$ 14,776
Award vesting period	3 years							3 years					3 years		3 years	3 years
Starwood Property Trust, Inc. Equity Plan
Equity Incentive Plans
Granted (in shares)																	520,236
Award vesting period																	3 years
Starwood Property Trust, Inc. Equity Plan | Restricted stock
Equity Incentive Plans
Granted (in shares)																	520,236	851,170	742,516
Starwood Property Trust, Inc. Equity Plan | Restricted stock units
Equity Incentive Plans
Granted (in shares)																	0	0	0
Starwood Property Trust, Inc. Manager Equity Plan
Equity Incentive Plans
Granted (in shares)																	1,200,000
Shares of common stock issued		38,942		495,363	98,026	131,179	224,071		545,641	239,757	98,061	123,478		418,016
Price per share		$ 24.08		$ 22.16	$ 21.94	$ 21.67	$ 21.49		$ 20.13	$ 21.64	$ 22.10	$ 21.83		$ 22.84
Starwood Property Trust, Inc. Manager Equity Plan | Restricted stock units
Equity Incentive Plans
Share-based compensation expense, before tax																	$ 20,200	$ 12,600	$ 10,400
Granted (in shares)			1,200,000					775,000					1,000,000		675,000
Award vesting period																	3 years

Stockholders' Equity and Non-_5

Stockholders' Equity and Non-Controlling Interests - Share-based Compensation Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based compensation expenses
Total share-based compensation expense	$ 46,237	$ 43,458	$ 39,223
Income tax effect	1,700	1,300
Management fees
Share-based compensation expenses
Total share-based compensation expense	30,337	33,273	31,495
Management fees | Starwood Property Trust, Inc. Manager Equity Plan
Share-based compensation expenses
Total share-based compensation expense	20,255	12,573	10,423
Management fees | Management agreement
Share-based compensation expenses
Total share-based compensation expense	10,082	20,700	21,072
General and administrative:
Share-based compensation expenses
Total share-based compensation expense	15,900	10,185	7,728
General and administrative: | Starwood Property Trust, Inc. Equity Plan
Share-based compensation expenses
Total share-based compensation expense	$ 15,900	$ 10,185	$ 7,728

Stockholders' Equity and Non-_6

Stockholders' Equity and Non-Controlling Interests - Non-Vested Shares (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019
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)	(1,410,621)
Forfeited (in shares)	(25,213)
Balance at the end of the period (in shares)	2,718,767	2,434,365
Weighted Average Grant Date Fair Value (per share)
Balance at the beginning of period (in dollars per share)	$ 21.52
Granted (in dollars per share)	24.01	$ 21.20	$ 22.20
Vested (in dollars per share)	22.20
Forfeited (in dollars per share)	21.84
Balance at the end of period (in dollars per share)	$ 22.74	$ 21.52
Vesting Schedule
2020 (in shares)				1,467,740
2021 (in shares)				831,792
2022 (in shares)				419,235
Total (in shares)	2,718,767	2,434,365		2,718,767
Total unrecognized compensation costs related to unvested share-based compensation				$ 49.3
Total fair value of shares vested	$ 33.2	$ 18.3	$ 18.3
Period over which unrecognized compensation cost is expected to be recognized	2 years
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)	(518,298)
Forfeited (in shares)	(25,213)
Balance at the end of the period (in shares)	1,413,170	1,436,445
Vesting Schedule
2020 (in shares)				799,039
2021 (in shares)				440,173
2022 (in shares)				173,958
Total (in shares)	1,413,170	1,436,445		1,413,170
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)	(892,323)
Balance at the end of the period (in shares)	1,305,597	997,920
Vesting Schedule
2020 (in shares)				668,701
2021 (in shares)				391,619
2022 (in shares)				245,277
Total (in shares)	1,305,597	997,920		1,305,597

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Jul. 31, 2019	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Continuing Operations:
Basic - Income attributable to STWD common stockholders										$ 509,664	$ 385,830	$ 400,770
Less: Income attributable to participating shares not already deducted as non-controlling interests										(3,873)	(3,592)	(3,183)
Basic earnings										505,791	382,238	397,587
Continuing Operations:
Basic - Income attributable to STWD common stockholders										509,664	385,830	400,770
Less: Income attributable to participating shares not already deducted as non-controlling interests										(3,873)	(3,592)	(3,183)
Add: Loss on extinguishment of debt	$ (1,500)									19,270	5,808	5,915
Diluted earnings										$ 518,145	$ 409,485	$ 397,587
Number of Shares:
Basic - Average shares outstanding										279,337	265,279	259,620
Effect of dilutive securities - Contingently issuable shares (in shares)										360	546	508
Effect of dilutive securities - Unvested non-participating shares										210		52
Diluted - Average shares outstanding										289,712	288,484	262,079
Basic:
Basic (in dollars per share)		$ 0.61	$ 0.50	$ 0.45	$ 0.25	$ 0.33	$ 0.31	$ 0.41	$ 0.38	$ 1.81	$ 1.44	$ 1.53
Diluted:
Diluted (in dollars per share)		$ 0.60	$ 0.49	$ 0.45	$ 0.25	$ 0.33	$ 0.31	$ 0.40	$ 0.38	$ 1.79	$ 1.42	$ 1.52
Convertible Senior Notes
Continuing Operations:
Add: Loss on extinguishment of debt											$ 2,099
Number of Shares:
Effect of dilutive securities - Convertible Notes (in shares)										9,805	22,659	1,899

Earnings per Share - Dilutive a

Earnings per Share - Dilutive and Antidilutive securities (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class A Units
Antidilutive securities and effect of dilutive securities
Number of anti-dilutive common shares excluded from the calculation of diluted income per share	11	11.9
Restricted stock
Antidilutive securities and effect of dilutive securities
Number of anti-dilutive common shares excluded from the calculation of diluted income per share	13.3	13.8	4.2

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Changes in AOCI by component
Beginning balance	$ 58,660	$ 69,924	$ 36,138
OCI before reclassifications	(6,125)	(8,247)	33,884
Amounts reclassified from AOCI	(1,603)	(3,017)	(98)
Net period OCI	(7,728)	(11,264)	33,786
Ending balance	50,932	58,660	69,924
Effective Portion of Cumulative Loss on Cash Flow Hedges
Changes in AOCI by component
Beginning balance		25	(26)
OCI before reclassifications		8	54
Amounts reclassified from AOCI		(33)	(3)
Net period OCI		(25)	51
Ending balance			25
Cumulative Unrealized Gain (Loss) on Available-for-Sale Securities
Changes in AOCI by component
Beginning balance	53,515	57,889	44,929
OCI before reclassifications	(2,460)	(1,390)	13,055
Amounts reclassified from AOCI	(59)	(2,984)	(95)
Net period OCI	(2,519)	(4,374)	12,960
Ending balance	50,996	53,515	57,889
Foreign Currency Translation
Changes in AOCI by component
Beginning balance	5,145	12,010	(8,765)
OCI before reclassifications	(3,665)	(6,865)	20,775
Amounts reclassified from AOCI	(1,544)
Net period OCI	(5,209)	(6,865)	20,775
Ending balance	$ (64)	$ 5,145	$ 12,010

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Impact of Reclassifications out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income
Interest expense									$ (508,729)	$ (408,188)	$ (295,666)
Interest income from investment securities									76,629	56,839	52,813
Foreign currency gain (loss), net									17,582	(9,245)	33,671
Net income	$ 177,980	$ 150,001	$ 132,446	$ 76,508	$ 99,932	$ 89,381	$ 117,090	$ 104,794	536,935	411,197	412,767
Amounts Reclassified from AOCI
Accumulated Other Comprehensive Income
Net income									1,603	3,017	98
Effective Portion of Cumulative Loss on Cash Flow Hedges | Interest rate contracts | Amounts Reclassified from AOCI
Accumulated Other Comprehensive Income
Interest expense										33	3
Cumulative Unrealized Gain (Loss) on Available-for-Sale Securities | Amounts Reclassified from AOCI
Accumulated Other Comprehensive Income
Interest income from investment securities									59	46	95
Gain on sale of investments and other assets, net										2,938
Total									59	$ 2,984	$ 95
Foreign Currency Translation | Amounts Reclassified from AOCI
Accumulated Other Comprehensive Income
Foreign currency gain (loss), net									$ 1,544

Fair Value - Financial Assets a

Fair Value - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets and liabilities measured at fair value
Permitted reinvestment under static investment in VIEs	$ 0
Marketable securities	810,238	$ 906,468
Domestic servicing rights	16,917	20,557
Derivative assets	28,943	52,691
Total Assets	78,042,336	68,262,453
Total Liabilities	72,905,322	63,362,264
Derivative liabilities	8,740	15,415
Fair value measurements on recurring basis
Assets and liabilities measured at fair value
Derivative assets		52,691
Total Assets	63,908,829	54,453,213
Derivative liabilities	8,740	15,415
Total Liabilities	60,752,234	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	1,436,194	671,282
Fair value measurements on recurring basis | RMBS
Assets and liabilities measured at fair value
Available-for-sale securities	189,576	209,079
Fair value measurements on recurring basis | CMBS
Assets and liabilities measured at fair value
Available-for-sale securities	37,360	41,347
Fair value measurements on recurring basis | Equity security
Assets and liabilities measured at fair value
Marketable securities	12,664	11,893
Fair value measurements on recurring basis | Domestic Servicing Rights
Assets and liabilities measured at fair value
Domestic servicing rights	16,917	20,557
Fair value measurements on recurring basis | Level I
Assets and liabilities measured at fair value
Total Assets	12,664	11,893
Fair value measurements on recurring basis | Level I | Equity security
Assets and liabilities measured at fair value
Marketable securities	12,664	11,893
Fair value measurements on recurring basis | Level II
Assets and liabilities measured at fair value
Derivative assets		52,691
Total Assets	41,295	68,810
Derivative liabilities	8,740	15,415
Total Liabilities	58,214,842	50,769,011
Fair value measurements on recurring basis | Level II | CMBS
Assets and liabilities measured at fair value
Available-for-sale securities	12,352	16,119
Fair value measurements on recurring basis | Level III
Assets and liabilities measured at fair value
Total Assets	63,854,870	54,372,510
Total Liabilities	2,537,392	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	1,436,194	671,282
Fair value measurements on recurring basis | Level III | RMBS
Assets and liabilities measured at fair value
Available-for-sale securities	189,576	209,079
Fair value measurements on recurring basis | Level III | CMBS
Assets and liabilities measured at fair value
Available-for-sale securities	25,008	25,228
Fair value measurements on recurring basis | Level III | Domestic Servicing Rights
Assets and liabilities measured at fair value
Domestic servicing rights	16,917	20,557
Primary beneficiary
Assets and liabilities measured at fair value
Total Assets	62,187,175	53,446,364
Total Liabilities	60,743,494	52,195,042
Primary beneficiary | Fair value measurements on recurring basis
Assets and liabilities measured at fair value
Derivative assets	28,943
Total Assets	62,187,175	53,446,364
Total Liabilities	60,743,494	52,195,042
Primary beneficiary | Fair value measurements on recurring basis | Level II
Assets and liabilities measured at fair value
Derivative assets	28,943
Total Liabilities	58,206,102	50,753,596
Primary beneficiary | Fair value measurements on recurring basis | Level III
Assets and liabilities measured at fair value
Total Assets	62,187,175	53,446,364
Total Liabilities	$ 2,537,392	$ 1,441,446

Fair Value - Level III (Details

Fair Value - Level III (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Total realized and unrealized gains (losses):
Included in earnings: OTTI			$ (109)
Included in earnings: Net accretion	$ 11,791	$ 15,253	15,208
Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	52,931,064	49,904,651
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	(1,135,425)	(4,776,228)
Included in earnings: Net accretion	9,945	10,932
Included in OCI	(2,519)	(4,374)
Purchases / Originations	4,020,332	2,280,409
Sales	(2,959,039)	(2,068,061)
Issuances	116,273	102,474
Cash repayments / receipts	(198,436)	(292,352)
Transfers into Level III	1,723,212	1,027,075
Transfers out of Level III	765,565	727,475
Consolidations of VIEs	10,057,069	9,672,943
Deconsolidations of VIEs	(331,593)	(1,394,782)
Balance at the end of the period	61,317,478	52,931,064	49,904,651
Amount of total (losses) gains included in earnings attributable to assets still held at period end	(1,202,534)	(4,816,247)
Loans held-for-sale | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	671,282	745,743
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	71,337	40,217
Purchases / Originations	4,015,167	2,276,788
Sales	(2,951,713)	(2,051,634)
Cash repayments / receipts	(144,066)	(144,322)
Transfers out of Level III	(225,813)	(195,510)
Balance at the end of the period	1,436,194	671,282	745,743
Amount of total (losses) gains included in earnings attributable to assets still held at period end	(4,459)	(3,753)
RMBS | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	209,079	247,021
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale		3,527
Included in earnings: Net accretion	9,945	10,932
Included in OCI	(2,519)	(4,374)
Sales		(13,264)
Cash repayments / receipts	(26,929)	(34,763)
Balance at the end of the period	189,576	209,079	247,021
Amount of total (losses) gains included in earnings attributable to assets still held at period end	9,858	10,398
CMBS | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	25,228	24,191
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	505	2,568
Purchases / Originations	5,165	3,621
Sales	(7,326)	(3,163)
Cash repayments / receipts	(11,348)	(23,520)
Transfers into Level III	(5,350)	(16,845)
Deconsolidations of VIEs	7,434	4,686
Balance at the end of the period	25,008	25,228	24,191
Amount of total (losses) gains included in earnings attributable to assets still held at period end	(666)	(352)
Domestic Servicing Rights | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	20,557	30,759
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	(3,640)	(10,202)
Balance at the end of the period	16,917	20,557	30,759
Amount of total (losses) gains included in earnings attributable to assets still held at period end	(3,640)	(10,202)
VIE Assets | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	53,446,364	51,045,874
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	(1,250,935)	(5,835,225)
Consolidations of VIEs	10,368,817	9,885,200
Deconsolidations of VIEs	(377,071)	(1,649,485)
Balance at the end of the period	62,187,175	53,446,364	51,045,874
Amount of total (losses) gains included in earnings attributable to assets still held at period end	(1,250,935)	(5,835,225)
VIE liabilities | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	(1,441,446)	(2,188,937)
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	47,308	1,022,887
Issuances	116,273	102,474
Cash repayments / receipts	(16,093)	(89,747)
Transfers into Level III	1,728,562	1,043,920
Transfers out of Level III	991,378	922,985
Consolidations of VIEs	(311,748)	(212,257)
Deconsolidations of VIEs	38,044	250,017
Balance at the end of the period	(2,537,392)	(1,441,446)	$ (2,188,937)
Changes in financial liabilities classified as Level III
Amount of total gains (losses) included in earnings attributable to assets still held at end of period	$ 47,308	$ 1,022,887

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financial assets not carried at fair value:
HTM securities	$ 570,638	$ 644,149
Financial liabilities not carried at fair value:
Unsecured senior notes	1,928,622	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	10,034,030	9,122,972
HTM securities	570,638	644,149
Financial liabilities not carried at fair value:
Secured financing agreements and secured borrowings on transferred loans	9,834,108	8,757,804
Unsecured senior notes	1,928,622	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	10,086,372	9,178,709
HTM securities	568,727	643,948
Financial liabilities not carried at fair value:
Secured financing agreements and secured borrowings on transferred loans	9,826,511	8,662,548
Unsecured senior notes	$ 2,022,283	$ 1,945,160

Fair Value - Significant unobse

Fair Value - Significant unobservable inputs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Domestic servicing rights	$ 16,917	$ 20,557
Total Assets	78,042,336	68,262,453
Total Liabilities	72,905,322	63,362,264
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	1,436,194	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	189,576	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	37,360	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	16,917	20,557
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	$ 1,436,194	$ 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	0.034	0.046
Fair value measurements on recurring basis | Level III | Loans held-for-sale | Maximum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans held-for-sale, duration	11 years 3 months 18 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	0.059	0.061
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	$ 189,576	$ 209,079
Debt Securities, Available-for-sale, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Portfolio percentage	34.00%	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	0.031	0.032
Fair value measurements on recurring basis | Level III | RMBS | Minimum | Constant default rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.005	0.011
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	0.05	0.04
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	0.27	0.21
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	0.249	0.252
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	0.050	0.055
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	0.93	0.73
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	0.29	0.31
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	0.85	0.83
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	0.016	0.014
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	0.28	0.07
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	$ 25,008	$ 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 securities, measurement input	0	0
Available-for-sale debt securities, term	0 years	0 years
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 securities, measurement input	1.229	4.735
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 | 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	$ 16,917	$ 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	0.075	0.0775
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	0.15	0.15
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	0.80	0.80
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
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 assets, measurement input	0	0
VIE duration (in years)	0 years	0 years
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 assets, measurement input	6.907	2.909
VIE duration (in years)	19 years 2 months 12 days	20 years 4 months 24 days
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
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
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)	12 years 8 months 12 days	13 years 8 months 12 days
VIE liabilities, measurement input	6.907	2.909
Primary beneficiary
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Total Assets	$ 62,187,175	$ 53,446,364
Total Liabilities	60,743,494	52,195,042
Primary beneficiary | Fair value measurements on recurring basis
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Total Assets	62,187,175	53,446,364
Total Liabilities	60,743,494	52,195,042
Primary beneficiary | Fair value measurements on recurring basis | Level III
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Total Assets	62,187,175	53,446,364
Total Liabilities	$ 2,537,392	$ 1,441,446

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes
Assets	$ 78,042,336	$ 68,262,453
Cash	478,388	239,824
Current
Federal	4,917	10,508	$ 17,495
Foreign	977	293	8
State	3,182	3,010	3,115
Total current	9,076	13,811	20,618
Deferred
Federal	3,869	1,189	10,815
State	287	330	89
Total deferred	4,156	1,519	10,904
Total income tax provision	13,232	15,330	31,522
Tax Cuts and Jobs Act
Deferred income tax provision - Tax Cuts and Jobs Act			$ 10,400
Deferred tax assets and liabilities
Lease assets	(1,950)
Lease liabilities	2,752
Net deferred tax assets (liabilities)	14,020	18,177
U.S.
Deferred tax assets and liabilities
Reserves and accruals	4,017	5,161
Domestic intangible assets	8,185	14,022
Investment in unconsolidated entities	(116)	(1,842)
Deferred income	19	134
Net operating and capital loss carryforwards	885
Other temporary differences (asset)	228	702
Investing and Servicing Segment | TRS entities
Income Taxes
Assets	$ 1,600	$ 553,500

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Tax Rate (Details) - USD ($)	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of statutory tax to effective tax
Federal statutory tax rate		$ 35	$ 115,535,000	$ 89,571,000	$ 155,501,000
REIT and other non-taxable income			(106,301,000)	(77,972,000)	(135,830,000)
State income taxes			3,034,000	3,038,000	3,091,000
Federal benefit of state tax deduction			(637,000)	(638,000)	(1,082,000)
Valuation allowance			0	0	5,500,000
Changes in tax law					10,365,000
Other			1,601,000	1,331,000	(523,000)
Total income tax provision			13,232,000	15,330,000	31,522,000
Discrete income tax provision					18,300,000
Earnings from unconsolidated entities					53,900,000
Pre-tax income (loss) from foreign operations			$ 900,000	$ 1,400,000	$ (26,600,000)
Reconciliation of statutory tax rate to effective tax rate
Federal statutory tax rate (as a percent)	21.00%		21.00%	21.00%	35.00%
REIT and other non-taxable income (as a percent)			(19.30%)	(18.30%)	(30.60%)
State income taxes (as a percent)			0.50%	0.70%	0.70%
Federal benefit of state tax deduction (as a percent)			(0.10%)	(0.10%)	(0.20%)
Changes in federal tax code (as a percent)					2.30%
Other (as a percent)			0.30%	0.30%	(0.10%)
Effective tax rate (as a percent)			2.40%	3.60%	7.10%

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2019USD ($)itemcontract
Operating leases
Number of contracts | item	328
Infrastructure Lending Segment | Interest rate swaps | Derivatives designated as hedging instruments
Operating leases
Number of contracts | contract	7
Commitments | Commercial and Residential Lending Segment
Operating leases
Value of loans with future funding commitments	$ 3,200
Value of loans with future funding commitments expected to fund	2,900
Commitments | Infrastructure Lending Segment
Operating leases
Value of loans with future funding commitments	360.6
Revolvers and letters of credit | Infrastructure Lending Segment
Operating leases
Value of loans with future funding commitments	145.1
Outstanding	19.7
Delayed draw term loans | Infrastructure Lending Segment
Operating leases
Value of loans with future funding commitments	$ 215.5

Commitments and Contingencies -

Commitments and Contingencies - Lease cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Commitments and Contingencies.
Operating lease costs	$ 5,634	$ 4,962	$ 4,699
Short-term lease costs	115	210	96
Sublease income	(1,613)	(1,643)	(1,500)
Total lease cost	$ 4,136	$ 3,529	$ 3,295

Commitments and Contingencies_3

Commitments and Contingencies - Cash paid (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Commitments and Contingencies.
Cash paid for amounts included in the measurement of lease liabilities-operating	$ 5,215

Commitments and Contingencies_4

Commitments and Contingencies - Weighted average lease (Details)	Dec. 31, 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	Dec. 31, 2019	Jan. 01, 2019
Future maturity of operating lease liabilities:
2020	$ 6,163
2021	3,480
2022	1,272
2023	1,281
2024	6,206
Thereafter	1,002
Total	19,404
Less interest component	$ (2,316)
Operating lease liability		$ 12,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesMember	us-gaap:AccountsPayableAndAccruedLiabilitiesMember

Segment Data and Geographic Dat

Segment Data and Geographic Data - Results of Operations (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Jul. 31, 2019	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Interest income from loans										$ 724,013	$ 620,543	$ 513,814
Interest income from investment securities										76,629	56,839	52,813
Servicing fees										54,296	78,766	61,446
Rental income										337,966	349,684	249,000
Other revenues										3,515	3,448	2,815
Total revenues		$ 286,428	$ 288,330	$ 311,181	$ 310,480	$ 293,418	$ 285,719	$ 269,556	$ 260,587	1,196,419	1,109,280	879,888
Costs and expenses:
Management fees										119,132	129,455	122,699
Interest expense										508,729	408,188	295,666
General and administrative										155,112	136,132	129,587
Acquisition and investment pursuit costs										1,056	8,587	3,472
Costs of rental operations										122,982	127,068	94,258
Depreciation and amortization										113,322	132,649	93,603
Loan loss provision, net										7,126	34,821	(5,458)
Other expense										2,365	732	1,422
Total costs and expenses										1,029,824	977,632	735,249
Other income (loss):
Change in net assets related to consolidated VIEs										236,309	165,892	252,434
Change in fair value of servicing rights										(3,640)	(10,202)	(24,323)
Change in fair value of investment securities, net										833	10,345	(3,811)
Change in fair value of mortgage loans held-for-sale, net										71,601	40,522	66,987
Earnings (loss) from unconsolidated entities										(101,354)	10,540	30,505
(Loss) gain on derivative financial instruments, net										188,028	59,044	20,499
(Loss) gain on derivative financial instruments, net										(6,310)	34,603	(72,532)
Foreign currency gain (loss), net										17,582	(9,245)	33,671
OTTI/Impairment												(109)
Loss on extinguishment of debt	$ 1,500									(19,270)	(5,808)	(5,915)
Other (loss) income, net										(207)	(812)	2,244
Total other income										383,572	294,879	299,650
Income before income taxes										550,167	426,527	444,289
Income tax provision										(13,232)	(15,330)	(31,522)
Net income		177,980	150,001	132,446	76,508	99,932	89,381	117,090	104,794	536,935	411,197	412,767
Net income attributable to Starwood Property Trust, Inc.										(27,271)	(25,367)	(11,997)
Net income attributable to Starwood Property Trust, Inc.		$ 171,869	$ 140,396	$ 127,016	$ 70,383	$ 92,132	$ 84,536	$ 109,230	$ 99,932	509,664	385,830	400,770
Operating Segments and Corporate
Revenues:
Interest income from loans										724,013	620,543	513,814
Interest income from investment securities										205,236	178,258	181,453
Servicing fees										70,385	104,287	111,869
Rental income										337,966	349,684	249,000
Other revenues										3,541	3,624	3,125
Total revenues										1,341,141	1,256,396	1,059,261
Costs and expenses:
Management fees										118,971	129,043	122,392
Interest expense										509,377	409,174	296,760
General and administrative										154,769	135,793	129,251
Acquisition and investment pursuit costs										1,056	8,587	3,472
Costs of rental operations										122,982	127,068	94,258
Depreciation and amortization										113,322	132,649	93,603
Loan loss provision, net										7,126	34,821	(5,458)
Other expense										2,365	732	1,422
Total costs and expenses										1,029,968	977,867	735,700
Other income (loss):
Change in fair value of servicing rights										(1,468)	(14,373)	(30,315)
Change in fair value of investment securities, net										88,122	30,464	54,508
Change in fair value of mortgage loans held-for-sale, net										71,601	40,522	66,987
Earnings (loss) from unconsolidated entities										(99,547)	12,530	43,872
(Loss) gain on derivative financial instruments, net										188,028	59,044	20,499
(Loss) gain on derivative financial instruments, net										(6,310)	34,603	(72,532)
Foreign currency gain (loss), net										17,582	(9,245)	33,671
OTTI/Impairment												(109)
Loss on extinguishment of debt										(19,270)	(5,808)	(5,915)
Other (loss) income, net										(207)	(812)	2,857
Total other income										238,531	146,925	113,523
Income before income taxes										549,704	425,454	437,084
Income tax provision										(13,232)	(15,330)	(31,522)
Net income										536,472	410,124	405,562
Net income attributable to Starwood Property Trust, Inc.										(26,808)	(24,294)	(4,792)
Net income attributable to Starwood Property Trust, Inc.										509,664	385,830	400,770
Operating segment | Commercial and Residential Lending Segment
Revenues:
Interest income from loans										610,316	576,564	499,806
Interest income from investment securities										81,255	50,063	46,710
Servicing fees										423	421	711
Other revenues										1,038	902	686
Total revenues										693,032	627,950	547,913
Costs and expenses:
Management fees										1,495	1,838	1,933
Interest expense										222,118	160,769	107,167
General and administrative										29,481	26,324	19,981
Acquisition and investment pursuit costs										1,351	2,490	3,240
Costs of rental operations										2,691
Depreciation and amortization										1,091	76	66
Loan loss provision, net										2,616	34,821	(5,458)
Other expense										307	307	149
Total costs and expenses										261,150	226,625	127,078
Other income (loss):
Change in fair value of investment securities, net										(1,084)	(2,765)	175
Change in fair value of mortgage loans held-for-sale, net										10,462	(6,851)	2,324
Earnings (loss) from unconsolidated entities										10,649	5,063	3,365
(Loss) gain on derivative financial instruments, net										4,619	4,019	(59)
(Loss) gain on derivative financial instruments, net										(20,325)	17,654	(35,262)
Foreign currency gain (loss), net										17,342	(7,816)	33,651
OTTI/Impairment												(109)
Loss on extinguishment of debt										(857)	(730)
Other (loss) income, net											43
Total other income										20,806	8,617	4,085
Income before income taxes										452,688	409,942	424,920
Income tax provision										(4,818)	(2,801)	(143)
Net income										447,870	407,141	424,777
Net income attributable to Starwood Property Trust, Inc.										(392)	(1,451)	(1,419)
Net income attributable to Starwood Property Trust, Inc.										447,478	405,690	423,358
Operating segment | Infrastructure Lending Segment
Revenues:
Interest income from loans										99,580	28,995
Interest income from investment securities										6,318	1,095
Other revenues										751	619
Total revenues										106,649	30,709
Costs and expenses:
Interest expense										62,836	20,949
General and administrative										18,260	5,631
Acquisition and investment pursuit costs										75	6,806
Depreciation and amortization										83
Loan loss provision, net										4,510
Total costs and expenses										85,764	33,386
Other income (loss):
(Loss) gain on derivative financial instruments, net										3,041
(Loss) gain on derivative financial instruments, net										(3,349)	1,821
Foreign currency gain (loss), net										205	(1,425)
Loss on extinguishment of debt										(11,357)
Other (loss) income, net										(50)
Total other income										(11,510)	396
Income before income taxes										9,375	(2,281)
Income tax provision										89	(292)
Net income										9,464	(2,573)
Net income attributable to Starwood Property Trust, Inc.										9,464	(2,573)
Operating segment | Investing and Servicing Segment
Revenues:
Interest income from loans										14,117	14,984	14,008
Interest income from investment securities										117,663	127,100	134,743
Servicing fees										69,962	103,866	111,158
Rental income										50,872	57,231	50,534
Other revenues										1,317	1,299	1,794
Total revenues										253,931	304,480	312,237
Costs and expenses:
Management fees										72	72	72
Interest expense										33,621	27,459	19,840
General and administrative										87,115	84,978	94,625
Acquisition and investment pursuit costs										(587)	(663)	(143)
Costs of rental operations										24,921	27,436	22,050
Depreciation and amortization										19,587	21,889	19,999
Other expense										365	452	1,163
Total costs and expenses										165,094	161,623	157,606
Other income (loss):
Change in fair value of servicing rights										(1,468)	(14,373)	(30,315)
Change in fair value of investment securities, net										89,206	33,229	54,333
Change in fair value of mortgage loans held-for-sale, net										61,139	47,373	64,663
Earnings (loss) from unconsolidated entities										4,166	3,809	68,192
(Loss) gain on derivative financial instruments, net										60,622	26,557	20,481
(Loss) gain on derivative financial instruments, net										(7,414)	(298)	(2,497)
Foreign currency gain (loss), net										(2)	(2)	6
Loss on extinguishment of debt										(845)	(318)
Other (loss) income, net										16	(1,363)	1,105
Total other income										205,420	94,614	175,968
Income before income taxes										294,257	237,471	330,599
Income tax provision										(8,110)	(4,688)	(31,130)
Net income										286,147	232,783	299,469
Net income attributable to Starwood Property Trust, Inc.										(4,786)	(5,220)	(3,373)
Net income attributable to Starwood Property Trust, Inc.										281,361	227,563	296,096
Operating segment | Property Segment
Revenues:
Rental income										287,094	292,453	198,466
Other revenues										409	444	645
Total revenues										287,503	292,897	199,111
Costs and expenses:
Interest expense										76,838	75,192	46,552
General and administrative										6,232	7,113	4,734
Acquisition and investment pursuit costs										217	(46)	375
Costs of rental operations										95,370	99,632	72,208
Depreciation and amortization										92,561	110,684	73,538
Other expense										1,693	(27)	110
Total costs and expenses										272,911	292,548	197,517
Other income (loss):
Earnings (loss) from unconsolidated entities										(114,362)	3,658	(27,685)
(Loss) gain on derivative financial instruments, net										119,746	28,468	77
(Loss) gain on derivative financial instruments, net										(1,284)	22,756	(32,333)
Foreign currency gain (loss), net										37	(2)	14
Loss on extinguishment of debt										(4,745)	(2,661)
Other (loss) income, net										(100)	508	7
Total other income										(708)	52,727	(59,920)
Income before income taxes										13,884	53,076	(58,326)
Income tax provision										(393)	(7,549)	(249)
Net income										13,491	45,527	(58,575)
Net income attributable to Starwood Property Trust, Inc.										(21,630)	(17,623)
Net income attributable to Starwood Property Trust, Inc.										(8,139)	27,904	(58,575)
Corporate
Revenues:
Other revenues										26	360
Total revenues										26	360
Costs and expenses:
Management fees										117,404	127,133	120,387
Interest expense										113,964	124,805	123,201
General and administrative										13,681	11,747	9,911
Total costs and expenses										245,049	263,685	253,499
Other income (loss):
(Loss) gain on derivative financial instruments, net										26,062	(7,330)	(2,440)
Loss on extinguishment of debt										(1,466)	(2,099)	(5,915)
Other (loss) income, net										(73)		1,745
Total other income										24,523	(9,429)	(6,610)
Income before income taxes										(220,500)	(272,754)	(260,109)
Net income										(220,500)	(272,754)	(260,109)
Net income attributable to Starwood Property Trust, Inc.										(220,500)	(272,754)	(260,109)
LNR VIEs
Revenues:
Interest income from investment securities										(128,607)	(121,419)	(128,640)
Servicing fees										(16,089)	(25,521)	(50,423)
Other revenues										(26)	(176)	(310)
Total revenues										(144,722)	(147,116)	(179,373)
Costs and expenses:
Management fees										161	412	307
Interest expense										(648)	(986)	(1,094)
General and administrative										343	339	336
Total costs and expenses										(144)	(235)	(451)
Other income (loss):
Change in net assets related to consolidated VIEs										236,309	165,892	252,434
Change in fair value of servicing rights										(2,172)	4,171	5,992
Change in fair value of investment securities, net										(87,289)	(20,119)	(58,319)
Earnings (loss) from unconsolidated entities										(1,807)	(1,990)	(13,367)
Other (loss) income, net												(613)
Total other income										145,041	147,954	186,127
Income before income taxes										463	1,073	7,205
Net income										463	1,073	7,205
Net income attributable to Starwood Property Trust, Inc.										$ (463)	$ (1,073)	$ (7,205)

Segment Data and Geographic D_2

Segment Data and Geographic Data - Balance sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets:
Cash and cash equivalents	$ 478,388	$ 239,824
Restricted cash	95,643	248,041
Loans held-for-investment, net ($671,572 and $0 held at fair value)	10,586,074	8,532,356
Loans held-for-sale	884,150	1,187,552
Loans transferred as secured borrowings		74,346
Investment securities	810,238	906,468
Properties, net	2,266,440	2,784,890
Intangible assets	85,700	145,033	$ 183,092
Investment in unconsolidated entities	84,329	171,765
Goodwill	259,846	259,846
Derivative assets	28,943	52,691
Accrued interest receivable	64,087	60,355
Other assets	211,323	152,922
Total Assets	78,042,336	68,262,453
Liabilities:
Accounts payable, accrued expenses and other liabilities	212,006	217,663
Related-party payable	40,925	44,043
Dividends payable	137,427	133,466
Derivative liabilities	8,740	15,415
Secured financing agreements, net	8,906,048	8,683,565
Collateralized loan obligations, net	928,060
Unsecured senior notes, net	1,928,622	1,998,831
Secured borrowings on transferred loans, net		74,239
Total Liabilities	72,905,322	63,362,264
Starwood Property Trust, Inc. Stockholders' Equity:
Common stock	2,874	2,808
Additional paid-in capital	5,132,532	4,995,156
Treasury stock	(104,194)	(104,194)
Accumulated other comprehensive income (loss)	50,932	58,660	69,924	$ 36,138
Retained earnings (accumulated deficit)	(381,719)	(348,998)
Total Starwood Property Trust, Inc. Stockholders' Equity	4,700,425	4,603,432
Non-controlling interests in consolidated subsidiaries	436,589	296,757
Total Equity	5,137,014	4,900,189	$ 4,579,201	$ 4,560,073
Total Liabilities and Equity	78,042,336	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	477,167	237,270
Restricted cash	95,643	248,041
Loans held-for-investment, net ($671,572 and $0 held at fair value)	10,586,074	8,532,356
Loans held-for-sale	884,150	1,187,552
Loans transferred as secured borrowings		74,346
Investment securities	2,215,275	2,110,508
Properties, net	2,266,440	2,784,890
Intangible assets	111,947	169,108
Investment in unconsolidated entities	104,966	193,765
Goodwill	259,846	259,846
Derivative assets	28,943	52,691
Accrued interest receivable	64,893	60,996
Other assets	211,330	152,948
Total Assets	17,306,674	16,064,317
Liabilities:
Accounts payable, accrued expenses and other liabilities	211,922	217,521
Related-party payable	40,925	44,043
Dividends payable	137,427	133,466
Derivative liabilities	8,740	15,415
Secured financing agreements, net	8,919,998	8,697,515
Collateralized loan obligations, net	928,060
Unsecured senior notes, net	1,928,622	1,998,831
Secured borrowings on transferred loans, net		74,239
Total Liabilities	12,175,694	11,181,030
Starwood Property Trust, Inc. Stockholders' Equity:
Common stock	2,874	2,808
Additional paid-in capital	5,132,532	4,995,156
Treasury stock	(104,194)	(104,194)
Accumulated other comprehensive income (loss)	50,932	58,660
Retained earnings (accumulated deficit)	(381,719)	(348,998)
Total Starwood Property Trust, Inc. Stockholders' Equity	4,700,425	4,603,432
Non-controlling interests in consolidated subsidiaries	430,555	279,855
Total Equity	5,130,980	4,883,287
Total Liabilities and Equity	17,306,674	16,064,317
Operating segment | Commercial and Residential Lending Segment
Assets:
Cash and cash equivalents	26,278	14,385
Restricted cash	36,135	28,324
Loans held-for-investment, net ($671,572 and $0 held at fair value)	9,187,332	7,072,220
Loans held-for-sale	605,384	670,155
Loans transferred as secured borrowings		74,346
Investment securities	992,974	1,050,920
Properties, net	26,834
Investment in unconsolidated entities	46,921	35,274
Derivative assets	14,718	18,174
Accrued interest receivable	45,996	39,862
Other assets	59,170	13,958
Total Assets	11,041,742	9,017,618
Liabilities:
Accounts payable, accrued expenses and other liabilities	30,594	26,508
Derivative liabilities	7,698	1,290
Secured financing agreements, net	5,038,876	4,405,599
Collateralized loan obligations, net	928,060
Secured borrowings on transferred loans, net		74,239
Total Liabilities	6,005,228	4,507,636
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	1,522,360	1,430,503
Accumulated other comprehensive income (loss)	50,996	53,516
Retained earnings (accumulated deficit)	3,463,158	3,015,676
Total Starwood Property Trust, Inc. Stockholders' Equity	5,036,514	4,499,695
Non-controlling interests in consolidated subsidiaries		10,287
Total Equity	5,036,514	4,509,982
Total Liabilities and Equity	11,041,742	9,017,618
Operating segment | Infrastructure Lending Segment
Assets:
Cash and cash equivalents	2,209	13
Restricted cash	41,967	175,659
Loans held-for-investment, net ($671,572 and $0 held at fair value)	1,397,448	1,456,779
Loans held-for-sale	119,528	469,775
Investment securities	45,153	60,768
Investment in unconsolidated entities	25,862
Goodwill	119,409	119,409
Derivative assets	7	1,066
Accrued interest receivable	3,134	6,982
Other assets	6,101	20,472
Total Assets	1,760,818	2,310,923
Liabilities:
Accounts payable, accrued expenses and other liabilities	6,443	26,476
Derivative liabilities	750	477
Secured financing agreements, net	1,217,066	1,524,551
Total Liabilities	1,224,259	1,551,504
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	529,668	761,992
Retained earnings (accumulated deficit)	6,891	(2,573)
Total Starwood Property Trust, Inc. Stockholders' Equity	536,559	759,419
Total Equity	536,559	759,419
Total Liabilities and Equity	1,760,818	2,310,923
Operating segment | Property Segment
Assets:
Cash and cash equivalents	30,123	27,408
Restricted cash	7,171	25,144
Properties, net	2,029,024	2,512,847
Intangible assets	47,303	90,889
Investment in unconsolidated entities		114,362
Derivative assets	3	32,733
Accrued interest receivable	133	359
Other assets	82,910	67,098
Total Assets	2,196,667	2,870,840
Liabilities:
Accounts payable, accrued expenses and other liabilities	48,370	67,415
Derivative liabilities		37
Secured financing agreements, net	1,698,334	1,884,187
Total Liabilities	1,746,704	1,951,639
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	208,650	645,561
Accumulated other comprehensive income (loss)		5,208
Retained earnings (accumulated deficit)	5,431	13,570
Total Starwood Property Trust, Inc. Stockholders' Equity	214,081	664,339
Non-controlling interests in consolidated subsidiaries	235,882	254,862
Total Equity	449,963	919,201
Total Liabilities and Equity	2,196,667	2,870,840
Operating segment | Investing and Servicing Segment
Assets:
Cash and cash equivalents	61,693	31,449
Restricted cash	10,370	11,679
Loans held-for-investment, net ($671,572 and $0 held at fair value)	1,294	3,357
Loans held-for-sale	159,238	47,622
Investment securities	1,177,148	998,820
Properties, net	210,582	272,043
Intangible assets	64,644	78,219
Investment in unconsolidated entities	32,183	44,129
Goodwill	140,437	140,437
Derivative assets	7	718
Accrued interest receivable	2,388	616
Other assets	54,238	49,363
Total Assets	1,914,222	1,678,452
Liabilities:
Accounts payable, accrued expenses and other liabilities	73,021	75,655
Related-party payable	5	53
Derivative liabilities	292	1,423
Secured financing agreements, net	574,507	585,258
Total Liabilities	647,825	662,389
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	(123,210)	87,779
Accumulated other comprehensive income (loss)	(64)	(64)
Retained earnings (accumulated deficit)	1,194,998	913,642
Total Starwood Property Trust, Inc. Stockholders' Equity	1,071,724	1,001,357
Non-controlling interests in consolidated subsidiaries	194,673	14,706
Total Equity	1,266,397	1,016,063
Total Liabilities and Equity	1,914,222	1,678,452
Corporate
Assets:
Cash and cash equivalents	356,864	164,015
Restricted cash		7,235
Derivative assets	14,208
Accrued interest receivable	13,242	13,177
Other assets	8,911	2,057
Total Assets	393,225	186,484
Liabilities:
Accounts payable, accrued expenses and other liabilities	53,494	21,467
Related-party payable	40,920	43,990
Dividends payable	137,427	133,466
Derivative liabilities		12,188
Secured financing agreements, net	391,215	297,920
Unsecured senior notes, net	1,928,622	1,998,831
Total Liabilities	2,551,678	2,507,862
Starwood Property Trust, Inc. Stockholders' Equity:
Common stock	2,874	2,808
Additional paid-in capital	2,995,064	2,069,321
Treasury stock	(104,194)	(104,194)
Retained earnings (accumulated deficit)	(5,052,197)	(4,289,313)
Total Starwood Property Trust, Inc. Stockholders' Equity	(2,158,453)	(2,321,378)
Total Equity	(2,158,453)	(2,321,378)
Total Liabilities and Equity	393,225	186,484
LNR VIEs
Assets:
Cash and cash equivalents	1,221	2,554
Investment securities	(1,405,037)	(1,204,040)
Intangible assets	(26,247)	(24,075)
Investment in unconsolidated entities	(20,637)	(22,000)
Accrued interest receivable	(806)	(641)
Other assets	(7)	(26)
Total Assets	60,735,662	52,198,136
Liabilities:
Accounts payable, accrued expenses and other liabilities	84	142
Secured financing agreements, net	(13,950)	(13,950)
Total Liabilities	60,729,628	52,181,234
Starwood Property Trust, Inc. Stockholders' Equity:
Non-controlling interests in consolidated subsidiaries	6,034	16,902
Total Equity	6,034	16,902
Total Liabilities and Equity	60,735,662	52,198,136
Primary beneficiary
Assets:
Total Assets	62,187,175	53,446,364
Liabilities:
Total Liabilities	60,743,494	52,195,042
Primary beneficiary | LNR VIEs
Assets:
Total Assets	62,187,175	53,446,364
Liabilities:
Total Liabilities	$ 60,743,494	$ 52,195,042

Segment and Geographic Data - F

Segment and Geographic Data - Foreign revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Revenues	$ 286,428	$ 288,330	$ 311,181	$ 310,480	$ 293,418	$ 285,719	$ 269,556	$ 260,587	$ 1,196,419	$ 1,109,280	$ 879,888
Foreign
Revenues
Revenues									$ 115,600	$ 90,500	$ 82,000

Quarterly Financial Data (Una_3

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Data (Unaudited)
Revenues	$ 286,428	$ 288,330	$ 311,181	$ 310,480	$ 293,418	$ 285,719	$ 269,556	$ 260,587	$ 1,196,419	$ 1,109,280	$ 879,888
Net income	177,980	150,001	132,446	76,508	99,932	89,381	117,090	104,794	536,935	411,197	412,767
Net income attributable to Starwood Property Trust, Inc.	$ 171,869	$ 140,396	$ 127,016	$ 70,383	$ 92,132	$ 84,536	$ 109,230	$ 99,932	$ 509,664	$ 385,830	$ 400,770
Basic earnings per share:
Earnings per share - Basic (in dollars per share)	$ 0.61	$ 0.50	$ 0.45	$ 0.25	$ 0.33	$ 0.31	$ 0.41	$ 0.38	$ 1.81	$ 1.44	$ 1.53
Diluted earnings per share:
Earnings per share - Diluted (in dollars per share)	$ 0.60	$ 0.49	$ 0.45	$ 0.25	$ 0.33	$ 0.31	$ 0.40	$ 0.38	$ 1.79	$ 1.42	$ 1.52

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions

Feb. 25, 2020

Nov. 08, 2019

Aug. 07, 2019

May 08, 2019

Feb. 28, 2019

Nov. 09, 2018

Aug. 08, 2018

May 04, 2018

Feb. 28, 2018

Nov. 08, 2017

Aug. 09, 2017

May 09, 2017

Feb. 23, 2017

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Feb. 29, 2020

Subsequent Events

Dividend declared (in dollars per share)

$ 0.48

$ 0.48

$ 0.48

$ 0.48

$ 0.48

$ 0.48

$ 0.48

$ 0.48

$ 0.48

$ 0.48

$ 0.48

$ 0.48

$ 1.92

$ 1.92

$ 1.92

Subsequent event

Subsequent Events

Dividend declared (in dollars per share)

$ 0.48

Subsequent event | RMBS

Subsequent Events

Securitization of loans held for sale

$ 381.3

Schedule III-Real Estate and _2

Schedule III-Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Schedule III-Residential Real Estate
Encumbrances	$ 1,892,995
Initial Cost to Company
Land	446,973
Depreciable Property	1,981,150
Costs Capitalized Subsequent to Acquisition
Land	0
Depreciable Property	62,507
Gross Amounts Carried
Land	447,002
Depreciable Property	2,043,628
Total	2,490,630	$ 2,972,803	$ 2,755,050	$ 1,986,285
Accumulated Depreciation	(224,190)	$ (187,913)	$ (107,569)	$ (41,565)
Aggregate cost for federal income tax purposes	$ 2,600,000
Hotel - U. S. Midwest
Schedule III-Residential Real Estate
Number of properties | property	(1)
Initial Cost to Company
Depreciable Property	$ 5,565
Costs Capitalized Subsequent to Acquisition
Depreciable Property	929
Gross Amounts Carried
Depreciable Property	6,494
Total	6,494
Accumulated Depreciation	$ (1,807)
Medical office - U.S. Midwest
Schedule III-Residential Real Estate
Number of properties | property	(7)
Encumbrances	$ 78,048
Initial Cost to Company
Land	2,764
Depreciable Property	97,802
Costs Capitalized Subsequent to Acquisition
Depreciable Property	503
Gross Amounts Carried
Land	2,764
Depreciable Property	98,305
Total	101,069
Accumulated Depreciation	$ (9,705)
Medical office - U.S. North East
Schedule III-Residential Real Estate
Number of properties | property	(7)
Encumbrances	$ 191,661
Initial Cost to Company
Land	11,283
Depreciable Property	176,999
Gross Amounts Carried
Land	11,283
Depreciable Property	176,999
Total	188,282
Accumulated Depreciation	$ (16,437)
Medical office - U.S. South East
Schedule III-Residential Real Estate
Number of properties | property	(6)
Encumbrances	$ 107,252
Initial Cost to Company
Land	7,930
Depreciable Property	117,740
Costs Capitalized Subsequent to Acquisition
Depreciable Property	159
Gross Amounts Carried
Land	7,930
Depreciable Property	117,899
Total	125,829
Accumulated Depreciation	$ (11,555)
Medical office - U.S. South West
Schedule III-Residential Real Estate
Number of properties | property	(8)
Encumbrances	$ 125,345
Initial Cost to Company
Land	15,921
Depreciable Property	126,842
Costs Capitalized Subsequent to Acquisition
Depreciable Property	667
Gross Amounts Carried
Land	15,921
Depreciable Property	127,509
Total	143,430
Accumulated Depreciation	$ (13,493)
Medical office - U.S. West
Schedule III-Residential Real Estate
Number of properties | property	(6)
Encumbrances	$ 97,694
Initial Cost to Company
Land	13,415
Depreciable Property	107,844
Costs Capitalized Subsequent to Acquisition
Depreciable Property	488
Gross Amounts Carried
Land	13,415
Depreciable Property	108,332
Total	121,747
Accumulated Depreciation	$ (12,243)
Mixed Use - U.S., West
Schedule III-Residential Real Estate
Number of properties | property	(1)
Encumbrances	$ 8,667
Initial Cost to Company
Land	1,002
Depreciable Property	14,323
Costs Capitalized Subsequent to Acquisition
Depreciable Property	246
Gross Amounts Carried
Land	1,002
Depreciable Property	14,569
Total	15,571
Accumulated Depreciation	$ (1,659)
Multifamily - U.S., South East (64 properties)
Schedule III-Residential Real Estate
Number of properties | property	(60)
Encumbrances	$ 930,351
Initial Cost to Company
Land	251,084
Depreciable Property	926,809
Costs Capitalized Subsequent to Acquisition
Depreciable Property	31,202
Gross Amounts Carried
Land	251,113
Depreciable Property	957,982
Total	1,209,095
Accumulated Depreciation	$ (113,293)
Office - U.S. North East
Schedule III-Residential Real Estate
Number of properties | property	(1)
Encumbrances	$ 17,474
Initial Cost to Company
Land	7,250
Depreciable Property	10,614
Costs Capitalized Subsequent to Acquisition
Depreciable Property	2,538
Gross Amounts Carried
Land	7,250
Depreciable Property	13,152
Total	20,402
Accumulated Depreciation	$ (1,505)
Office - U.S., South East
Schedule III-Residential Real Estate
Number of properties | property	(2)
Encumbrances	$ 23,809
Initial Cost to Company
Land	7,081
Depreciable Property	31,528
Costs Capitalized Subsequent to Acquisition
Depreciable Property	3,503
Gross Amounts Carried
Land	7,081
Depreciable Property	35,031
Total	42,112
Accumulated Depreciation	$ (7,585)
Office - U.S., South West
Schedule III-Residential Real Estate
Number of properties | property	(2)
Encumbrances	$ 28,334
Initial Cost to Company
Land	8,188
Depreciable Property	28,019
Costs Capitalized Subsequent to Acquisition
Depreciable Property	2,252
Gross Amounts Carried
Land	8,188
Depreciable Property	30,271
Total	38,459
Accumulated Depreciation	$ (2,735)
Office - U.S., West
Schedule III-Residential Real Estate
Number of properties | property	(1)
Encumbrances	$ 15,448
Initial Cost to Company
Depreciable Property	4,261
Costs Capitalized Subsequent to Acquisition
Depreciable Property	5,592
Gross Amounts Carried
Depreciable Property	9,853
Total	9,853
Accumulated Depreciation	$ (1,301)
Retail - U.S., Mid Atlantic
Schedule III-Residential Real Estate
Number of properties | property	(1)
Encumbrances	$ 11,438
Initial Cost to Company
Land	6,432
Depreciable Property	6,315
Costs Capitalized Subsequent to Acquisition
Depreciable Property	11,940
Gross Amounts Carried
Land	6,432
Depreciable Property	18,255
Total	24,687
Accumulated Depreciation	$ (1,985)
Retail - U.S., Midwest (7 properties)
Schedule III-Residential Real Estate
Number of properties | property	(7)
Encumbrances	$ 79,300
Initial Cost to Company
Land	24,384
Depreciable Property	109,445
Costs Capitalized Subsequent to Acquisition
Depreciable Property	1,354
Gross Amounts Carried
Land	24,384
Depreciable Property	110,799
Total	135,183
Accumulated Depreciation	$ (9,573)
Retail - U.S., North East
Schedule III-Residential Real Estate
Number of properties | property	(1)
Encumbrances	$ 11,580
Initial Cost to Company
Land	472
Depreciable Property	12,260
Costs Capitalized Subsequent to Acquisition
Depreciable Property	568
Gross Amounts Carried
Land	472
Depreciable Property	12,828
Total	13,300
Accumulated Depreciation	$ (1,877)
Retail - U.S., South East (5 properties)
Schedule III-Residential Real Estate
Number of properties | property	(5)
Encumbrances	$ 42,200
Initial Cost to Company
Land	21,353
Depreciable Property	60,618
Costs Capitalized Subsequent to Acquisition
Depreciable Property	49
Gross Amounts Carried
Land	21,353
Depreciable Property	60,667
Total	82,020
Accumulated Depreciation	$ (4,352)
Retail - U.S., South West (6 properties)
Schedule III-Residential Real Estate
Number of properties | property	(6)
Encumbrances	$ 76,894
Initial Cost to Company
Land	37,458
Depreciable Property	78,579
Costs Capitalized Subsequent to Acquisition
Depreciable Property	90
Gross Amounts Carried
Land	37,458
Depreciable Property	78,669
Total	116,127
Accumulated Depreciation	$ (8,012)
Retail - U.S., West
Schedule III-Residential Real Estate
Number of properties | property	(2)
Encumbrances	$ 33,000
Initial Cost to Company
Land	18,633
Depreciable Property	36,794
Gross Amounts Carried
Land	18,633
Depreciable Property	36,794
Total	55,427
Accumulated Depreciation	$ (2,875)
Self-storage - U.S., North East
Schedule III-Residential Real Estate
Number of properties | property	(1)
Encumbrances	$ 14,500
Initial Cost to Company
Land	2,202
Depreciable Property	11,498
Costs Capitalized Subsequent to Acquisition
Depreciable Property	172
Gross Amounts Carried
Land	2,202
Depreciable Property	11,670
Total	13,872
Accumulated Depreciation	$ (1,361)
Industrial - U.S. South East
Schedule III-Residential Real Estate
Number of properties | property	(2)
Initial Cost to Company
Land	$ 10,121
Depreciable Property	17,295
Costs Capitalized Subsequent to Acquisition
Depreciable Property	255
Gross Amounts Carried
Land	10,121
Depreciable Property	17,550
Total	27,671
Accumulated Depreciation	$ (837)

Schedule III-Real Estate and _3

Schedule III-Real Estate and Accumulated Depreciation - Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate activity
Beginning balance	$ 2,972,803	$ 2,755,050	$ 1,986,285
Additions during the year:
Acquisitions (1)	8,472	445,170	725,955
Acquisitions through foreclosure	27,416
Improvements	30,865	25,764	18,575
Contingent consideration issued	2,877	38,211
Measurement period adjustments			660
Foreign currency translation			59,508
Total additions	69,630	509,145	804,698
Deductions during the year:
Costs of real estate sold	(535,417)	(269,989)	(35,774)
Foreign currency translation	(15,702)	(21,260)
Other	(684)	(143)	(159)
Total deductions	(551,803)	(291,392)	(35,933)
Ending balance	2,490,630	2,972,803	2,755,050
Accumulated depreciation activity
Beginning balance	187,913	107,569	41,565
Depreciation expense	92,024	91,188	65,253
Disposition/write-offs	(54,260)	(9,389)	(1,785)
Foreign currency translation	(1,487)	(1,455)	2,536
Ending balance	$ 224,190	$ 187,913	$ 107,569

Schedule IV-Mortgage Loans on_2

Schedule IV-Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Mortgage Loans on Real Estate
Face Amount	$ 11,530,915	$ 9,876,545
Carrying Amount	$ 11,470,224	9,794,254	$ 7,382,641	$ 5,946,274
Weighted average spread of loans (as a percent)	4.20%
Principal Amount of Delinquent Loans	$ 85,440
Aggregate cost for federal income tax purposes	10,000,000
Aggregated Subordinated and Mezzanine Loans
Mortgage Loans on Real Estate
Loan loss allowance	(33,415)
Prepaid Loan Costs, Net	(2,230)
Mixed Use, Birmingham, United Kingdom | Individually Significant First Mortgages
Mortgage Loans on Real Estate
Face Amount	331,342
Carrying Amount	$ 327,235
Mixed Use, Birmingham, United Kingdom | Individually Significant First Mortgages | 3 Month GBP LIBOR
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	4.35%
Multifamily, Various, United Kingdom | Individually Significant First Mortgages
Mortgage Loans on Real Estate
Face Amount	$ 301,709
Carrying Amount	$ 299,822
Multifamily, Various, United Kingdom | Individually Significant First Mortgages | 3 Month GBP LIBOR
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	4.50%
Office, Irvine, CA | Individually Significant First Mortgages
Mortgage Loans on Real Estate
Face Amount	$ 303,516
Carrying Amount	$ 302,496
Office, Irvine, CA | Individually Significant First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	2.25%
Office, Irvine, CA | Individually Significant First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	4.50%
Hotel, International, Floating (3 mortgages) | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 33,265
Number of loans | loan	3
Hotel, International, Floating (3 mortgages) | Aggregated First Mortgages | Three-month EURIBOR
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	4.90%
Hotel, International, Floating (2 mortgages) | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 32,798
Number of loans | loan	2
Hotel, International, Floating (2 mortgages) | Aggregated First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	3.00%
Hotel, International, Floating (2 mortgages) | Aggregated First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	9.00%
Hotel, Mid Atlantic, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 95,277
Number of loans | loan	4
Hotel, Mid Atlantic, Floating | Aggregated First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	2.00%
Hotel, Mid Atlantic, Floating | Aggregated First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	6.80%
Hotel, Midwest, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 53,482
Number of loans | loan	4
Hotel, Midwest, Floating | Aggregated First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	2.25%
Hotel, Midwest, Floating | Aggregated First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	8.63%
Hotel, North East, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 159,787
Number of loans | loan	4
Hotel, North East, Floating | Aggregated First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	2.50%
Hotel, North East, Floating | Aggregated First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	10.00%
Hotel, North East, Floating | Aggregated Subordinated and Mezzanine Loans
Mortgage Loans on Real Estate
Carrying Amount	$ 36,167
Number of loans | loan	2
Hotel, North East, Floating | Aggregated Subordinated and Mezzanine Loans | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	7.55%
Hotel, North East, Floating | Aggregated Subordinated and Mezzanine Loans | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	9.00%
Hotel, South East, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 59,462
Number of loans | loan	4
Hotel, South East, Floating | Aggregated First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	2.40%
Hotel, South East, Floating | Aggregated First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	7.40%
Hotel, South East, Floating | Aggregated Subordinated and Mezzanine Loans
Mortgage Loans on Real Estate
Carrying Amount	$ 82,947
Number of loans | loan	3
Hotel, South East, Floating | Aggregated Subordinated and Mezzanine Loans | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	6.75%
Hotel, South East, Floating | Aggregated Subordinated and Mezzanine Loans | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	7.04%
Hotel, South West, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 158,577
Number of loans | loan	8
Hotel, South West, Floating | Aggregated First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	2.00%
Hotel, South West, Floating | Aggregated First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	7.67%
Hotel, Various, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 364,603
Number of loans | loan	9
Hotel, Various, Floating | Aggregated First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	2.00%
Hotel, Various, Floating | Aggregated First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	10.50%
Hotel, West, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 414,745
Number of loans | loan	17
Hotel, West, Floating | Aggregated First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	2.00%
Hotel, West, Floating | Aggregated First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	9.50%
Industrial, South East, Fixed | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 37,365
Weighted Average Coupon (as a percent)	8.18%
Number of loans | loan	4
Industrial, South East, Fixed | Aggregated Subordinated and Mezzanine Loans
Mortgage Loans on Real Estate
Carrying Amount	$ 2,337
Weighted Average Coupon (as a percent)	8.18%
Number of loans | loan	1
Industrial, South East, Floating | Aggregated Subordinated and Mezzanine Loans
Mortgage Loans on Real Estate
Carrying Amount	$ 21,882
Number of loans | loan	2
Industrial, South East, Floating | Aggregated Subordinated and Mezzanine Loans | 1-month LIBOR
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	12.75%
Mixed Use, International, Fixed | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 27,069
Weighted Average Coupon (as a percent)	8.50%
Number of loans | loan	1
Mixed Use, International, Floating (2 mortgages) | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 98,646
Number of loans | loan	2
Mixed Use, International, Floating (2 mortgages) | Aggregated First Mortgages | Three-month EURIBOR
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	4.85%
Mixed Use, International, Floating (3 mortgages) | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 118,001
Number of loans | loan	3
Mixed Use, International, Floating (3 mortgages) | Aggregated First Mortgages | 1-month GBP LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	3.15%
Mixed Use, International, Floating (3 mortgages) | Aggregated First Mortgages | 1-month GBP LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	5.75%
Mixed Use, International, Floating (1 mortgage) | Aggregated Subordinated and Mezzanine Loans
Mortgage Loans on Real Estate
Carrying Amount	$ 56,515
Number of loans | loan	1
Mixed Use, International, Floating (1 mortgage) | Aggregated Subordinated and Mezzanine Loans | Three-month EURIBOR
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	7.25%
Mixed Use, Mid Atlantic, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 3,796
Number of loans | loan	1
Mixed Use, Mid Atlantic, Floating | Aggregated First Mortgages | 1-month LIBOR
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	3.15%
Mixed Use, South East, Fixed | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 108,133
Number of loans | loan	4
Mixed Use, South East, Fixed | Aggregated First Mortgages | Minimum
Mortgage Loans on Real Estate
Weighted Average Coupon (as a percent)	5.00%
Mixed Use, South East, Fixed | Aggregated First Mortgages | Maximum
Mortgage Loans on Real Estate
Weighted Average Coupon (as a percent)	12.00%
Mixed Use South East Floating | Aggregated Subordinated and Mezzanine Loans
Mortgage Loans on Real Estate
Carrying Amount	$ 25,628
Number of loans | loan	2
Mixed Use South East Floating | Aggregated Subordinated and Mezzanine Loans | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	5.50%
Mixed Use South East Floating | Aggregated Subordinated and Mezzanine Loans | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	10.25%
Mixed Use, South West, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 129,970
Number of loans | loan	10
Mixed Use, South West, Floating | Aggregated First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	2.50%
Mixed Use, South West, Floating | Aggregated First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	10.00%
Mixed Use, South West, Floating | Aggregated Subordinated and Mezzanine Loans
Mortgage Loans on Real Estate
Carrying Amount	$ 83,353
Number of loans | loan	1
Mixed Use, South West, Floating | Aggregated Subordinated and Mezzanine Loans | 1-month LIBOR
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	11.85%
Mixed Use, West, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 208,279
Number of loans | loan	2
Mixed Use, West, Floating | Aggregated First Mortgages | 1-month LIBOR
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	6.37%
Multi-family, International, Fixed | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 10,655
Weighted Average Coupon (as a percent)	8.00%
Number of loans | loan	1
Multi Family, Midwest, Fixed | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 1,294
Weighted Average Coupon (as a percent)	6.28%
Number of loans | loan	1
Multi-Family, Mid Atlantic, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 89,970
Number of loans | loan	2
Multi-Family, Mid Atlantic, Floating | Aggregated First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	1.75%
Multi-Family, Mid Atlantic, Floating | Aggregated First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	5.75%
Multi-Family, Mid Atlantic, Floating | Aggregated Subordinated and Mezzanine Loans | 1-month LIBOR
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	9.75%
Multi-Family, North East, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 280,322
Number of loans | loan	7
Multi-Family, North East, Floating | Aggregated First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	1.85%
Multi-Family, North East, Floating | Aggregated First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	6.45%
Multi-Family, North East, Floating | Aggregated Subordinated and Mezzanine Loans
Mortgage Loans on Real Estate
Carrying Amount	$ 62,780
Number of loans | loan	3
Multi-Family, North East, Floating | Aggregated Subordinated and Mezzanine Loans | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	7.10%
Multi-Family, North East, Floating | Aggregated Subordinated and Mezzanine Loans | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	9.25%
Multifamily, South West Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 183,159
Number of loans | loan	10
Multifamily, South West Floating | Aggregated First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	2.50%
Multifamily, South West Floating | Aggregated First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	3.00%
Multi-Family, West, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 24,201
Number of loans | loan	4
Multi-Family, West, Floating | Aggregated First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	3.75%
Multi-Family, West, Floating | Aggregated First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	9.25%
Office , International , Fixed | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 151,772
Weighted Average Coupon (as a percent)	5.35%
Number of loans | loan	1
Office, Mid Atlantic, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 609,434
Number of loans | loan	25
Office, Mid Atlantic, Floating | Aggregated First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	1.75%
Office, Mid Atlantic, Floating | Aggregated First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	7.50%
Office, Midwest, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 129,593
Number of loans | loan	6
Office, Midwest, Floating | Aggregated First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	1.75%
Office, Midwest, Floating | Aggregated First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	9.75%
Office, North East, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 826,429
Number of loans | loan	22
Office, North East, Floating | Aggregated First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	2.80%
Office, North East, Floating | Aggregated First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	12.00%
Office , South East , Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 126,443
Number of loans | loan	4
Office , South East , Floating | Aggregated First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	2.00%
Office , South East , Floating | Aggregated First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	8.25%
Office, South West, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 271,045
Number of loans | loan	11
Office, South West, Floating | Aggregated First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	2.00%
Office, South West, Floating | Aggregated First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	8.55%
Office, West, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 631,645
Number of loans | loan	19
Office, West, Floating | Aggregated First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	1.25%
Office, West, Floating | Aggregated First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	8.60%
Office, West, Floating | Aggregated Subordinated and Mezzanine Loans
Mortgage Loans on Real Estate
Carrying Amount	$ 25,300
Number of loans | loan	1
Office, West, Floating | Aggregated Subordinated and Mezzanine Loans | 1-month LIBOR
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	6.67%
Other, Midwest, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 59,729
Number of loans | loan	4
Other, Midwest, Floating | Aggregated First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	4.50%
Other, Midwest, Floating | Aggregated First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	11.17%
Other, Various, Fixed | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 40,583
Weighted Average Coupon (as a percent)	10.00%
Number of loans | loan	1
Other, Various, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 76,583
Number of loans | loan	1
Other, Various, Floating | Aggregated First Mortgages | 3-month LIBOR
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	4.00%
Other, West, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 24,356
Number of loans | loan	4
Other, West, Floating | Aggregated First Mortgages | 1-month LIBOR
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	7.00%
Other, West, Floating | Aggregated Subordinated and Mezzanine Loans
Mortgage Loans on Real Estate
Carrying Amount	$ 61,577
Number of loans | loan	2
Other, West, Floating | Aggregated Subordinated and Mezzanine Loans | 1-month LIBOR
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	11.00%
Office , International , Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 259,567
Number of loans | loan	2
Office , International , Floating | Aggregated First Mortgages | 3 Month GBP LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	3.50%
Office , International , Floating | Aggregated First Mortgages | 3 Month GBP LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	3.65%
Office , International , Floating | Aggregated Subordinated and Mezzanine Loans
Mortgage Loans on Real Estate
Carrying Amount	$ 23,491
Number of loans | loan	2
Office , International , Floating | Aggregated Subordinated and Mezzanine Loans | Three-month EURIBOR
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	8.95%
Office , International , Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 26,780
Number of loans | loan	2
Office , International , Floating | Aggregated First Mortgages | One-month EURIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	6.00%
Office , International , Floating | Aggregated First Mortgages | One-month EURIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	7.80%
Office, North East, Fixed | Aggregated Subordinated and Mezzanine Loans
Mortgage Loans on Real Estate
Carrying Amount	$ 34,456
Weighted Average Coupon (as a percent)	8.72%
Number of loans | loan	2
Office, North East, Fixed | Aggregated Subordinated and Mezzanine Loans | Minimum
Mortgage Loans on Real Estate
Weighted Average Coupon (as a percent)	8.72%
Residential, North East, Fixed | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 31,855
Weighted Average Coupon (as a percent)	8.00%
Principal Amount of Delinquent Loans	$ 16,167
Number of loans | loan	1
Residential, North East, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 727,851
Principal Amount of Delinquent Loans	$ 49,149
Number of loans | loan	16
Residential, North East, Floating | Aggregated First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	2.50%
Residential, North East, Floating | Aggregated First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	8.60%
Residential, West, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 34,118
Number of loans | loan	3
Residential, West, Floating | Aggregated First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	2.75%
Residential, West, Floating | Aggregated First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	8.75%
Retail , Midwest ,Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 40,436
Number of loans | loan	4
Retail , Midwest ,Floating | Aggregated First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	2.75%
Retail , Midwest ,Floating | Aggregated First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	10.75%
Retail, North East, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 167,678
Number of loans | loan	1
Retail, North East, Floating | Aggregated First Mortgages | 1-month LIBOR
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	7.25%
Retail, South West, Floating | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 71,350
Number of loans | loan	8
Retail, South West, Floating | Aggregated First Mortgages | 1-month LIBOR | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	2.25%
Retail, South West, Floating | Aggregated First Mortgages | 1-month LIBOR | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	15.25%
Retail, West, Fixed | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 503
Weighted Average Coupon (as a percent)	7.26%
Number of loans | loan	1
Multi-family, Mid Atlantic, Floating | Aggregated Subordinated and Mezzanine Loans
Mortgage Loans on Real Estate
Carrying Amount	$ 24,330
Number of loans | loan	1
Office, South East, Fixed | Aggregated Subordinated and Mezzanine Loans
Mortgage Loans on Real Estate
Carrying Amount	$ 7,245
Weighted Average Coupon (as a percent)	8.25%
Number of loans | loan	1
Retail, Midwest, Fixed | Aggregated Subordinated and Mezzanine Loans
Mortgage Loans on Real Estate
Carrying Amount	$ 11,977
Weighted Average Coupon (as a percent)	7.16%
Principal Amount of Delinquent Loans	$ 11,977
Number of loans | loan	2
Loans Held-for-Sale, Various, Fixed | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 764,622
Principal Amount of Delinquent Loans	$ 2,528
Loans Held-for-Sale, Various, Fixed | Aggregated First Mortgages | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	3.40%
Loans Held-for-Sale, Various, Fixed | Aggregated First Mortgages | Maximum
Mortgage Loans on Real Estate
Weighted Average Coupon (as a percent)	9.13%
Residential, Various, Fixed | Aggregated First Mortgages
Mortgage Loans on Real Estate
Carrying Amount	$ 671,572
Principal Amount of Delinquent Loans	$ 5,619
Number of loans | loan	1,197
Residential, Various, Fixed | Aggregated First Mortgages | Minimum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	3.25%
Residential, Various, Fixed | Aggregated First Mortgages | Maximum
Mortgage Loans on Real Estate
Weighted average spread of loans (as a percent)	9.00%
Commercial and Residential Lending Segment and Investing and Servicing Segment
Mortgage Loans on Real Estate
Carrying Amount	$ 9,890,693	$ 7,806,699	$ 7,357,034	$ 5,946,274

Schedule IV-Mortgage Loans on_3

Schedule IV-Mortgage Loans on Real Estate - Activity of loan portfolio (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Mortgage Loans on Real Estate
Balance at the beginning of the period	$ 9,794,254	$ 7,382,641	$ 5,946,274
Acquisitions/origination/additional funding	9,094,714	6,723,144	5,500,539
Capitalized Interest	110,632	63,047	74,339
Basis of loans sold	(4,311,390)	(3,082,347)	(1,634,717)
Loan maturities/principal repayments	(3,304,838)	(3,272,666)	(2,658,522)
Discount accretion/premium amortization	35,387	38,099	39,084
Changes in fair value	71,601	40,522	66,987
Unrealized foreign currency translation (loss) gain	40,155	(32,341)	42,356
Loan loss provision, net	(7,126)	(34,821)	5,458
Transfer to/from other asset classifications	(25,862)	(364)	843
Balance at the end of the period	11,470,224	9,794,254	7,382,641
Commercial and Residential Lending Segment and Investing and Servicing Segment
Mortgage Loans on Real Estate
Balance at the beginning of the period	7,806,699	7,357,034	5,946,274
Acquisitions/origination/additional funding	8,174,321	6,543,873	5,494,837
Capitalized Interest	109,978	62,445	73,784
Basis of loans sold	(3,921,171)	(3,082,347)	(1,634,717)
Loan maturities/principal repayments	(2,387,843)	(3,086,107)	(2,657,696)
Discount accretion/premium amortization	29,775	37,408	38,560
Changes in fair value	71,601	40,522	66,987
Unrealized foreign currency translation (loss) gain	38,050	(26,645)	42,356
Loan loss provision, net	(2,616)	(34,821)	5,458
Loan foreclosures	(27,303)
Transfer to/from other asset classifications	(798)	(4,663)	(18,809)
Balance at the end of the period	$ 9,890,693	$ 7,806,699	$ 7,357,034