Starwood Property Trust (STWD) 10-Q4 May 202020 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 01, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2020
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		282,254,288
Entity Central Index Key	0001465128
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 811,656	$ 478,388
Restricted cash	119,737	95,643
Loans held-for-investment, net of credit loss allowances of $97,187 and $33,415 ($274,758 and $671,572 held at fair value)	10,488,936	10,586,074
Loans held-for-sale ($1,073,039 and $764,622 held at fair value)	1,174,934	884,150
Investment securities, net of credit loss allowances of $5,037 and $0 ($212,121 and $239,600 held at fair value)	777,972	810,238
Properties, net	2,253,070	2,266,440
Intangible assets ($16,524 and $16,917 held at fair value)	82,005	85,700
Investment in unconsolidated entities	87,334	84,329
Goodwill	259,846	259,846
Derivative assets	101,448	28,943
Accrued interest receivable	58,537	64,087
Other assets	203,909	211,323
Total Assets	77,577,189	78,042,336
Liabilities:
Accounts payable, accrued expenses and other liabilities	221,669	212,006
Related-party payable	39,266	40,925
Dividends payable	137,529	137,427
Derivative liabilities	5,118	8,740
Secured financing agreements, net	9,689,683	8,906,048
Collateralized loan obligations, net	928,683	928,060
Unsecured senior notes, net	1,930,584	1,928,622
Total Liabilities	72,759,838	72,905,322
Commitments and contingencies (Note 21)
Starwood Property Trust, Inc. Stockholders' Equity:
Preferred stock, $0.01 per share, 100,000,000 shares authorized, no shares issued and outstanding
Common stock, $0.01 per share, 500,000,000 shares authorized, 289,349,439 issued and 282,243,878 outstanding as of March 31, 2020 and 287,380,891 issued and 282,200,751 outstanding as of December 31, 2019	2,894	2,874
Additional paid-in capital	5,159,069	5,132,532
Treasury stock (7,105,561 shares and 5,180,140 shares)	(133,024)	(104,194)
Accumulated other comprehensive income	35,884	50,932
Accumulated deficit	(616,765)	(381,719)
Total Starwood Property Trust, Inc. Stockholders' Equity	4,448,058	4,700,425
Non-controlling interests in consolidated subsidiaries	369,293	436,589
Total Equity	4,817,351	5,137,014
Total Liabilities and Equity	77,577,189	78,042,336
Primary beneficiary
Assets:
Total Assets	61,157,805	62,187,175
Liabilities:
Total Liabilities	$ 59,807,306	$ 60,743,494

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Loans held-for-investment, net, credit loss allowances	$ 97,312	$ 33,611
Loans held-for-investment, net held at fair value	274,758	671,572
Loans-held-for-sale held at fair value	1,073,039	764,622
Investment securities, net of credit loss allowances	5,037	0
Investment securities held at fair value	212,121	239,600
Intangible assets held at fair value	$ 16,524	$ 16,917
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	289,349,439	287,380,891
Common stock, shares outstanding	282,243,878	282,200,751
Treasury stock, shares	7,105,561	5,180,140
Total Assets	$ 77,577,189	$ 78,042,336
Total Liabilities	72,759,838	72,905,322
Total loans held-for-investment
Loans held-for-investment, net, credit loss allowances	97,187	33,415
Primary beneficiary
Total Assets	61,157,805	62,187,175
Total Liabilities	59,807,306	$ 60,743,494
Collateralized Loan Obligation \| Primary beneficiary
Total Assets	1,100,000
Total Liabilities	$ 900,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Interest income from loans	$ 217,427	$ 183,416
Interest income from investment securities	15,240	17,632
Servicing fees	4,793	24,433
Rental income	74,146	83,833
Other revenues	954	1,166
Total revenues	312,560	310,480
Costs and expenses:
Management fees	40,728	23,466
Interest expense	120,025	134,672
General and administrative	38,702	34,930
Acquisition and investment pursuit costs	909	342
Costs of rental operations	28,214	29,651
Depreciation and amortization	23,980	29,254
Credit loss provision, net	48,669	763
Other expense	388	211
Total costs and expenses	301,615	253,289
Other (loss) income:
Change in net assets related to consolidated VIEs	(45,493)	47,836
Change in fair value of servicing rights	(393)	(767)
Change in fair value of investment securities, net	2,504	62
Change in fair value of mortgage loans, net	(16,134)	11,266
Earnings (loss) from unconsolidated entities	97	(43,200)
Gain on sale of investments and other assets, net	296	4,485
Gain (loss) on derivative financial instruments, net	9,710	(2,207)
Foreign currency (loss) gain, net	(34,486)	5,547
Loss on extinguishment of debt	(170)	(3,298)
Other income (loss), net	126	(73)
Total other (loss) income	(83,943)	19,651
(Loss) income before income taxes	(72,998)	76,842
Income tax benefit (provision)	6,729	(334)
Net (loss) income	(66,269)	76,508
Net income attributable to non-controlling interests	(500)	(6,125)
Net (loss) income attributable to Starwood Property Trust, Inc.	$ (66,769)	$ 70,383
(Loss) earnings per share data attributable to Starwood Property Trust, Inc.:
Basic (in dollars per share)	$ (0.24)	$ 0.25
Diluted (in dollars per share)	$ (0.24)	$ 0.25

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Consolidated Statements of Comprehensive (Loss) Income
Net (loss) income	$ (66,269)	$ 76,508
Other comprehensive loss (net change by component):
Available-for-sale securities	(15,048)	(387)
Foreign currency translation		(2,475)
Other comprehensive loss	(15,048)	(2,862)
Comprehensive (loss) income	(81,317)	73,646
Less: Comprehensive income attributable to non-controlling interests	(500)	(6,125)
Comprehensive (loss) income attributable to Starwood Property Trust, Inc.	$ (81,817)	$ 67,521

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total Starwood Property Trust, Inc. Stockholders' Equity2019 Notes	Total Starwood Property Trust, Inc. Stockholders' Equity	Common stock2019 Notes	Common stock	Additional Paid-In Capital2019 Notes	Additional Paid-In Capital	Treasury Stock	Accumulated Deficit	Accumulated Other Comprehensive Income	Non-Controlling Interests	2019 Notes	Total
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
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan		167				167						167
Proceeds from DRIP Plan (in shares)				7,825
Equity offering costs		(5)				(5)						(5)
Conversion of 2019 Convertible Notes	$ 67,562		$ 36		$ 67,526						$ 67,562
Conversion of 2019 Convertible Notes (Shares)			3,611,918
Share-based compensation		6,363		$ 6		6,357						6,363
Share-based compensation (in shares)				526,687
Manager incentive fee paid in stock		10,977		$ 5		10,972						10,977
Manager incentive fee paid in stock (in shares)				495,363
Net (loss) income		70,383						70,383		6,125		76,508
Dividends declared		(134,938)						(134,938)				(134,938)
Other comprehensive loss, net		(2,862)							(2,862)			(2,862)
VIE non-controlling interests										(137)		(137)
Contributions from non-controlling interests										95		95
Distributions to non-controlling interests										(6,952)		(6,952)
Balance at Mar. 31, 2019		4,621,079		$ 2,855		5,080,173	$ (104,194)	(413,553)	55,798	295,888		4,916,967
Balance (in shares) at Mar. 31, 2019				285,481,485			5,180,140
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
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan		153				153						$ 153
Proceeds from DRIP Plan (in shares)				7,718
Redemption of Class A Units for common stock		8,538		$ 4		8,534				(8,538)		8,538
Redemption of Class A Units for common stock (in shares)				409,712
Equity offering costs		(14)				(14)						(14)
Common stock repurchased		(28,830)					$ (28,830)					$ (28,830)
Common stock repurchased (in shares)							1,925,421					1,925,421
Share-based compensation		8,800		$ 12		8,788						$ 8,800
Share-based compensation (in shares)				1,195,208
Manager incentive fee paid in stock		9,080		$ 4		9,076						9,080
Manager incentive fee paid in stock (in shares)				355,910
Net (loss) income		(66,769)						(66,769)		500		(66,269)
Dividends declared		(135,991)						(135,991)				(135,991)
Other comprehensive loss, net		(15,048)							(15,048)			(15,048)
VIE non-controlling interests										(2,188)		(2,188)
Contributions from non-controlling interests										9,406		9,406
Distributions to non-controlling interests										(66,476)		(66,476)
Balance at Mar. 31, 2020		4,448,058		$ 2,894		$ 5,159,069	$ (133,024)	(616,765)	$ 35,884	$ 369,293		$ 4,817,351
Balance (in shares) at Mar. 31, 2020				289,349,439			7,105,561					289,349,439
Increase (Decrease) in Stockholders' Equity
Cumulative effect of credit loss accounting standard effective January 1, 2020		$ (32,286)						$ (32,286)				$ (32,286)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	Feb. 25, 2020	Mar. 31, 2020	Mar. 31, 2019
Condensed Consolidated Statements of Equity
Dividends declared per common share	$ 0.48	$ 0.48	$ 0.48

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Cash Flows from Operating Activities:
Net (loss) income	$ (66,269)	$ 76,508
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Amortization of deferred financing costs, premiums and discounts on secured borrowings	9,634	9,183
Amortization of discounts and deferred financing costs on unsecured senior notes	1,962	1,933
Accretion of net discount on investment securities	(2,783)	(2,755)
Accretion of net deferred loan fees and discounts	(12,080)	(7,526)
Share-based compensation	8,800	6,363
Share-based component of incentive fees	9,080	10,977
Change in fair value of investment securities	(2,504)	(62)
Change in fair value of consolidated VIEs	80,683	133
Change in fair value of servicing rights	393	767
Change in fair value of loans	16,134	(11,266)
Change in fair value of derivatives	(7,617)	3,396
Foreign currency loss (gain), net	34,486	(5,547)
Gain on sale of investments and other assets	(296)	(4,485)
Impairment charges on properties and related intangibles		120
Credit loss provision, net	48,669	763
Depreciation and amortization	23,864	28,889
(Earnings) loss from unconsolidated entities	(97)	43,200
Distributions of earnings from unconsolidated entities	27	3,661
Loss on extinguishment of debt	(170)	(3,298)
Origination and purchase of loans held-for-sale, net of principal collections	(621,832)	(719,589)
Proceeds from sale of loans held-for-sale	751,140	561,702
Changes in operating assets and liabilities:
Related-party payable, net	(1,659)	(20,098)
Accrued and capitalized interest receivable, less purchased interest	(31,465)	(22,536)
Other assets	(40,944)	(26,760)
Accounts payable, accrued expenses and other liabilities	(6,764)	(22,987)
Net cash provided by (used in) operating activities	190,732	(92,718)
Cash Flows from Investing Activities:
Origination and purchase of loans held-for-investment	(1,252,745)	(1,287,001)
Proceeds from principal collections on loans	812,187	556,058
Proceeds from loans sold	39,019	500,271
Purchase and funding of investment securities	(5,729)
Proceeds from sales of investment securities	7,940	3,228
Proceeds from principal collections on investment securities	13,559	7,754
Proceeds from sales of real estate		1,463
Purchases and additions to properties and other assets	(7,056)	(8,526)
Investment in unconsolidated entities	(3,100)	(510)
Distribution of capital from unconsolidated entities	153	886
Payments for purchase or termination of derivatives	(67,323)	(3,896)
Proceeds from termination of derivatives	8,912	692
Net cash used in investing activities	(454,183)	(229,581)
Cash Flows from Financing Activities:
Proceeds from borrowings	2,756,915	2,310,902
Principal repayments on and repurchases of borrowings	(1,923,754)	(1,778,819)
Payment of deferred financing costs	(3,577)	(4,706)
Proceeds from common stock issuances	153	167
Payment of equity offering costs	(14)	(5)
Payment of dividends	(135,889)	(132,515)
Contributions from non-controlling interests	9,406	95
Distributions to non-controlling interests	(66,476)	(6,952)
Purchase of treasury stock	(28,830)
Issuance of debt of consolidated VIEs	24,376	33,678
Repayment of debt of consolidated VIEs	(36,953)	(52,856)
Distributions of cash from consolidated VIEs	24,723	11,683
Net cash provided by financing activities	620,080	380,672
Net increase in cash, cash equivalents and restricted cash	356,629	58,373
Cash, cash equivalents and restricted cash, beginning of period	574,031	487,865	$ 487,865
Effect of exchange rate changes on cash	733	(254)
Cash, cash equivalents and restricted cash, end of period	931,393	545,984	$ 574,031
Supplemental disclosure of cash flow information:
Cash paid for interest	109,341	129,349
Income taxes paid	569	484
Supplemental disclosure of non-cash investing and financing activities:
Dividends declared, but not yet paid	135,994	134,953
Consolidation of VIEs (VIE asset/liability additions)	2,477,422	3,280,065
Deconsolidation of VIEs (VIE asset/liability reductions)		45,910
Reclassification of residential loans held-for-investment to held-for-sale	422,691
Loan principal collections temporarily held at master servicer	9,779
Redemption of Class A Units for common stock	$ 8,538
Settlement of 2019 Convertible Notes in shares		75,525
Settlement of loans transferred as secured borrowings		74,692
Net assets acquired through foreclosure		8,963
Unsettled infrastructure loan sales		$ 68,564

Business and Organization

Business and Organization	3 Months Ended
Business and Organization	Mar. 31, 2020
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 March 31, 2020 and we refer to the investments within these segments as our target assets: ● Real estate commercial and residential lending (the “Commercial and Residential Lending Segment”)—engages primarily in originating, acquiring, financing and managing commercial and residential first mortgages, subordinated mortgages, mezzanine loans, preferred equity, commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”) and other real estate and real estate-related debt investments in both the U.S. and Europe (including distressed or non-performing loans). ● Infrastructure lending (the “Infrastructure Lending Segment”)—engages primarily in originating, acquiring, financing and managing infrastructure debt investments. ● Real estate property (the “Property Segment”)—engages primarily in acquiring and managing equity interests in stabilized commercial real estate properties, including multifamily properties and commercial properties subject to net leases, that are held for investment. ● Real estate investing and servicing (the “Investing and Servicing Segment”)—includes (i) a servicing business in the U.S. that manages and works out problem assets, (ii) an investment business that selectively acquires and manages unrated, investment grade and non-investment grade rated CMBS, including subordinated interests of securitization and resecuritization transactions, (iii) a mortgage loan business which originates conduit loans for the primary purpose of selling these loans into securitization transactions and (iv) an investment business that selectively acquires commercial real estate assets, including properties acquired from CMBS trusts. Our segments exclude the consolidation of securitization variable interest entities (“VIEs”). We are organized and conduct our operations to qualify as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). As such, we will generally not be subject to U.S. federal corporate income tax on that portion of our net income that is distributed to stockholders if we distribute at least 90% of our taxable income to our stockholders by prescribed dates and comply with various other requirements. We are organized as a holding company and conduct our business primarily through our various wholly-owned subsidiaries. We are externally managed and advised by SPT Management, LLC (our “Manager”) pursuant to the terms of a management agreement. Our Manager is controlled by Barry Sternlicht, our Chairman and Chief Executive Officer. Our Manager is an affiliate of Starwood Capital Group, a privately-held private equity firm founded by Mr. Sternlicht.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Balance Sheet Presentation of Securitization Variable Interest Entities We operate investment businesses that acquire unrated, investment grade and non-investment grade rated CMBS and RMBS. These securities represent interests in securitization structures (commonly referred to as special purpose entities, or “SPEs”). These SPEs are structured as pass through entities that receive principal and interest on the underlying collateral and distribute those payments to the certificate holders. Under accounting principles generally accepted in the United States of America (“GAAP”), SPEs typically qualify as VIEs. These are entities that, by design, either (1) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. Because we often serve as the special servicer or servicing administrator of the trusts in which we invest, or we have the ability to remove and replace the special servicer without cause, consolidation of these structures is required pursuant to GAAP as outlined in detail below. This results in a consolidated balance sheet which presents the gross assets and liabilities of the VIEs. The assets and other instruments held by these VIEs are restricted and can only be used to fulfill the obligations of the entity. Additionally, the obligations of the VIEs do not have any recourse to the general credit of any other consolidated entities, nor to us as the consolidator of these VIEs. The VIE liabilities initially represent investment securities on our balance sheet (pre-consolidation). Upon consolidation of these VIEs, our associated investment securities are eliminated, as is the interest income related to those securities. Similarly, the fees we earn in our roles as special servicer of the bonds issued by the consolidated VIEs or as collateral administrator of the consolidated VIEs are also eliminated. Finally, an allocable portion of the identified servicing intangible associated with the eliminated fee streams is eliminated in consolidation. Refer to the segment data in Note 22 for a presentation of our business segments without consolidation of these VIEs. Basis of Accounting and Principles of Consolidation The accompanying condensed consolidated financial statements include our accounts and those of our consolidated subsidiaries and VIEs. Intercompany amounts have been eliminated in consolidation. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (our “Form 10-K”), as filed with the Securities and Exchange Commission (“SEC”). The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the operating results for the full year. Refer to our Form 10-K for a description of our recurring accounting policies. We have included disclosure in this Note 2 regarding principles of consolidation and other accounting policies that (i) are required to be disclosed quarterly, (ii) we view as critical, (iii) became significant since December 31, 2019 due to a corporate action or increase in the significance of the underlying business activity or (iv) changed upon adoption of an Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). Variable Interest Entities In addition to the securitization VIEs, we have financed a pool of our loans through a collateralized loan obligation (“CLO”) which is considered a VIE. We also hold interests in certain other entities which are considered VIEs as the limited partners of those entities with equity at risk do not collectively possess (i) the right to remove the general partner or dissolve the partnership without cause or (ii) the right to participate in significant decisions made by the partnership. We evaluate all of our interests in VIEs for consolidation. When our interests are determined to be variable interests, we assess whether we are deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. Accounting Standards Codification (“ASC”) 810, Consolidation To assess whether we have the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, we consider all facts and circumstances, including our role in establishing the VIE and our ongoing rights and responsibilities. This assessment includes: (i) identifying the activities that most significantly impact the VIE’s economic performance; and (ii) identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE or have the right to unilaterally remove those decision makers are deemed to have the power to direct the activities of a VIE. The right to remove the decision maker in a VIE must be exercisable without cause for the decision maker to not be deemed the party that has the power to direct the activities of a VIE. To assess whether we have the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, we consider all of our economic interests, including debt and equity investments, servicing fees and other arrangements deemed to be variable interests in the VIE. This assessment requires that we apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by us. Our purchased investment securities include unrated and non-investment grade rated securities issued by securitization trusts. In certain cases, we may contract to provide special servicing activities for these trusts, or, as holder of the controlling class, we may have the right to name and remove the special servicer for these trusts. In our role as special servicer, we provide services on defaulted loans within the trusts, such as foreclosure or work-out procedures, as permitted by the underlying contractual agreements. In exchange for these services, we receive a fee. These rights give us the ability to direct activities that could significantly impact the trust’s economic performance. However, in those instances where an unrelated third party has the right to unilaterally remove us as special servicer without cause, we do not have the power to direct activities that most significantly impact the trust’s economic performance. We evaluated all of our positions in such investments for consolidation. For securitization VIEs in which we are determined to be the primary beneficiary, all of the underlying assets, liabilities and equity of the structures are recorded on our books, and the initial investment, along with any associated unrealized holding gains and losses, are eliminated in consolidation. Similarly, the interest income earned from these structures, as well as the fees paid by these trusts to us in our capacity as special servicer, are eliminated in consolidation. Further, an allocable portion of the identified servicing intangible asset associated with the servicing fee streams, and the corresponding allocable amortization or change in fair value of the servicing intangible asset, are also eliminated in consolidation. We perform ongoing reassessments of: (i) whether any entities previously evaluated under the majority voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework, and (ii) whether changes in the facts and circumstances regarding our involvement with a VIE causes our consolidation conclusion regarding the VIE to change. We elect the fair value option for initial and subsequent recognition of the assets and liabilities of our consolidated securitization VIEs. Interest income and interest expense associated with these VIEs are no longer relevant on a standalone basis because these amounts are already reflected in the fair value changes. We have elected to present these items in a single line on our condensed consolidated statements of operations. The residual difference shown on our condensed consolidated statements of operations in the line item “Change in net assets related to consolidated VIEs” represents our beneficial interest in the VIEs. We separately present the assets and liabilities of our consolidated securitization VIEs as individual line items on our condensed consolidated balance sheets. The liabilities of our consolidated securitization VIEs consist solely of obligations to the bondholders of the related trusts, and are thus presented as a single line item entitled “VIE liabilities.” The assets of our consolidated securitization VIEs consist principally of loans, but at times, also include foreclosed loans which have been temporarily converted into real estate owned (“REO”). These assets in the aggregate are likewise presented as a single line item entitled “VIE assets.” Loans comprise the vast majority of our securitization VIE assets and are carried at fair value due to the election of the fair value option. When an asset becomes REO, it is due to non-performance 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 1% of our consolidated securitization VIE assets, with the remaining 99 % representing loans. However, it is important to note that the fair value of our securitization VIE assets is determined by reference to our securitization VIE liabilities as permitted under ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity . In other words, our VIE liabilities are more reliably measurable than the VIE assets, resulting in our current measurement methodology which utilizes this value to determine the fair value of our securitization VIE assets as a whole. As a result, these percentages are not necessarily indicative of the relative fair values of each of these asset categories if the assets were to be valued individually. Due to our accounting policy election under ASU 2014-13, separately presenting two different asset categories would result in an arbitrary assignment of value to each, with one asset category representing a residual amount, as opposed to its fair value. However, as a pool, the fair value of the assets in total is equal to the fair value of the liabilities. For these reasons, the assets of our securitization VIEs are presented in the aggregate. Fair Value Option The guidance in ASC 825, Financial Instruments We have elected the fair value option for certain eligible financial assets and liabilities of our consolidated securitization VIEs, residential loans held-for-investment, loans held-for-sale originated or acquired for future securitization and purchased CMBS issued by VIEs we could consolidate in the future. The fair value elections for VIE and securitization related items were made in order to mitigate accounting mismatches between the carrying value of the instruments and the related assets and liabilities that we consolidate at fair value. The fair value elections for residential mortgage loans held-for-investment were made in order to maintain consistency across all our residential mortgage loans. The fair value elections for mortgage loans held-for-sale were made due to the expected short-term holding period of these instruments. Fair Value Measurements We measure our mortgage-backed securities, derivative assets and liabilities, domestic servicing rights intangible asset and any assets or liabilities where we have elected the fair value option at fair value. When actively quoted observable prices are not available, we either use implied pricing from similar assets and liabilities or valuation models based on net present values of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors. As discussed above, we measure the assets and liabilities of consolidated securitization VIEs at fair value pursuant to our election of the fair value option. The securitization VIEs in which we invest are “static”; that is, no reinvestment is permitted, and there is no active management of the underlying assets. In determining the fair value of the assets and liabilities of the securitization VIEs, we maximize the use of observable inputs over unobservable inputs. Refer to Note 19 for further discussion regarding our fair value measurements. Loans Held-for-Investment Loans that are held for investment are carried at cost, net of unamortized acquisition premiums or discounts, loan fees, and origination costs as applicable, unless the loans are credit deteriorated or we have elected to apply the fair value option at purchase. 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. Credit Losses Loans and Debt Securities Measured at Amortized Cost ASC 326, Financial Instruments – Credit Losses , became effective for the Company on January 1, 2020. ASC 326 mandates the use of a current expected credit loss model (“CECL”) for estimating future credit losses of certain financial instruments measured at amortized cost, instead of the “incurred loss” credit model previously required under GAAP. The CECL 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 under the previous “incurred loss” methodology. The CECL model applies to our loans held-for-investment (“HFI”) and our held-to-maturity (“HTM”) debt securities which are carried at amortized cost, including future funding commitments and accrued interest receivable related to those loans and securities. However, as permitted by ASC 326, we have elected not to measure an allowance for credit losses on accrued interest receivable (which is classified separately on our condensed consolidated balance sheet), but rather write off in a timely manner and/or cease accruing interest that would likely be uncollectible. Our adoption of the CECL model resulted in a As we do not have a history of realized credit losses on our HFI loans and HTM securities, we have subscribed to third party database services to provide us with historical industry losses for both commercial real estate and infrastructure loans. Using these losses as a benchmark, we determine expected credit losses for our loans and securities on a collective basis within our commercial real estate and infrastructure portfolios. See Note 4 for further discussion of our methodologies. We also evaluate each loan and security measured at amortized cost for credit deterioration at least quarterly. Credit deterioration 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 or security. If a loan or security is considered to be credit deteriorated, we depart from the industry loss rate approach described above and determine the credit loss allowance as any excess of the amortized cost basis of the loan or security over (i) the present value of expected future cash flows discounted at the contractual effective interest rate or (ii) the fair value of the collateral, if repayment is expected solely from the collateral. Available-for-Sale Debt Securities Separate provisions of ASC 326 apply to our available-for-sale (“AFS”) debt securities, which are carried at fair value with unrealized gains and losses reported as a component of accumulated other comprehensive income (“AOCI”). We are required to establish an initial credit loss allowance for those securities that are purchased with credit deterioration (“PCD”) by grossing up the amortized cost basis of each security and providing an offsetting credit loss allowance for the difference between expected cash flows and contractual cash flows, both on a present value basis. As of the January 1, 2020 effective date, no such credit loss allowance gross-up was required on our AFS debt securities with PCD due to their individual unrealized gain positions as of that date. Subsequently, cumulative adverse changes in expected cash flows on our AFS debt securities are recognized currently as an increase to the allowance for credit losses. However, the allowance is limited to the amount by which the AFS debt security’s amortized cost exceeds its fair value. Favorable changes in expected cash flows are first recognized as a decrease to the allowance for credit losses (recognized currently in earnings). Such changes would be recognized as a prospective yield adjustment only when the allowance for credit losses is reduced to zero. A change in expected cash flows that is attributable solely to a change in a variable interest reference rate does not result in a credit loss and is accounted for as a prospective yield adjustment. Goodwill ASU 2017-04, Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment (Loss) Earnings Per Share We present both basic and diluted (loss) earnings per share (“EPS”) amounts in our financial statements. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the maximum potential dilution that could occur from (i) our share-based compensation, consisting of unvested restricted stock (“RSAs”) and restricted stock units (“RSUs”), (ii) shares contingently issuable to our Manager, (iii) the conversion options associated with our outstanding convertible senior notes (the “Convertible Notes”) (see Notes 10 and 17) and (iv) non-controlling interests that are redeemable with our common stock (see Note 16). Potential dilutive shares are excluded from the calculation if they have an anti-dilutive effect in the period. Nearly all of the Company’s unvested RSUs and RSAs contain rights to receive non-forfeitable dividends and thus are participating securities. In addition, the non-controlling interests that are redeemable with our common stock are considered participating securities because they earn a preferred return indexed to the dividend rate on our common stock (see Note 16). Due to the existence of these participating securities, the two-class method of computing EPS is required, unless another method is determined to be more dilutive. Under the two-class method, undistributed earnings are reallocated between shares of common stock and participating securities. For the three months ended March 31, 2020 and 2019, the two-class method resulted in the most dilutive EPS calculation. Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The most significant and subjective estimate that we make is the projection of cash flows we expect to receive on our loans, investment securities and intangible assets, which has a significant impact on the amounts of interest income, credit losses (if any) and fair values that we record and/or disclose. In addition, the fair value of financial assets and liabilities that are estimated using a discounted cash flows method is significantly impacted by the rates at which we estimate market participants would discount the expected cash flows. In December 2019, a novel strain of coronavirus (COVID-19) was reported to have surfaced in Wuhan, China. COVID-19 has since spread to over 200 countries and territories, including every state in the U.S and in cities and regions where our corporate headquarters and/or properties that secure our investments, or properties that we own, are located. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, and since then, numerous countries, including the U.S., have declared national emergencies with respect to COVID-19 and have instituted “stay-at-home” guidelines or orders to help prevent its spread. The disruptive economic effects of the COVID-19 pandemic have significantly impacted our estimates involving credit losses and fair values during the three months ended March 31, 2020, including introducing a significant degree of uncertainty underlying those estimates. Recent Accounting Developments Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting,

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
Acquisitions and Divestitures	Mar. 31, 2020
Acquisitions and Divestitures
Acquisitions and Divestitures	3. Acquisitions and Divestitures During the three months ended March 31, 2020 and 2019, we had no significant acquisitions or divestitures of properties or businesses.

Loans

Loans	3 Months Ended
Loans	Mar. 31, 2020
Loans
Loans	4. Loans Our loans held-for-investment are accounted for at amortized cost and our loans held-for-sale are accounted for at the lower of cost or fair value, unless we have elected the fair value option for either. The following tables summarize our investments in mortgages and loans as of March 31, 2020 and December 31, 2019 (dollars in thousands): Weighted Weighted Average Life Carrying Face Average (“WAL”) March 31, 2020 Value Amount Coupon (1) (years)(2) Loans held-for-investment: Commercial loans: First mortgages (3) $ 8,290,772 $ 8,318,289 5.3 % 1.9 Subordinated mortgages (4) 68,230 69,485 8.8 % 3.5 Mezzanine loans (3) 523,901 523,963 10.4 % 2.0 Other 31,058 34,852 8.9 % 2.2 Total commercial loans 8,913,961 8,946,589 Infrastructure first priority loans 1,397,404 1,416,147 5.0 % 4.7 Residential mortgage loans, fair value option (5) 274,758 276,661 6.2 % 4.1 Total loans held-for-investment 10,586,123 10,639,397 Loans held-for-sale: Residential, fair value option (5) 886,076 892,815 6.1 % 4.1 Commercial, fair value option 186,963 185,535 3.9 % 10.0 Infrastructure, lower of cost or fair value 102,020 103,007 2.9 % 2.2 Total loans held-for-sale 1,175,059 1,181,357 Total gross loans 11,761,182 $ 11,820,754 Credit loss allowances: Commercial loans held-for-investment (81,054) Infrastructure loans held-for-investment (16,133) Total held-for-investment allowances (97,187) Infrastructure loans held-for-sale with a fair value allowance (125) Total allowances (97,312) Total net loans $ 11,663,870 December 31, 2019 Loans held-for-investment: Commercial loans: First mortgages (3) $ 7,928,026 $ 7,962,788 5.8 % 2.0 Subordinated mortgages (4) 75,724 77,055 8.8 % 3.4 Mezzanine loans (3) 484,164 484,408 11.0 % 1.9 Other 62,555 66,525 8.2 % 1.6 Total commercial loans 8,550,469 8,590,776 Infrastructure first priority loans 1,397,448 1,416,164 5.6 % 4.9 Residential mortgage loans, fair value option 671,572 654,925 6.1 % 3.8 Total loans held-for-investment 10,619,489 10,661,865 Loans held-for-sale: Residential, fair value option 605,384 587,144 6.2 % 3.9 Commercial, fair value option 159,238 160,635 3.9 % 10.0 Infrastructure, lower of cost or fair value 119,724 121,271 3.3 % 2.1 Total loans held-for-sale 884,346 869,050 Total gross loans 11,503,835 $ 11,530,915 Credit loss allowances: Commercial loans held-for-investment (33,415) Infrastructure loans held-for-investment — Total held-for-investment allowances (33,415) Infrastructure loans held-for-sale with a fair value allowance (196) Total allowances (33,611) Total net loans $ 11,470,224 (1) Calculated using LIBOR or other applicable index rates as of March 31, 2020 and December 31, 2019 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 $968.2 million and $967.0 million being classified as first mortgages as of March 31, 2020 and December 31, 2019, respectively. (4) Subordinated mortgages include B-Notes and junior participation in first mortgages where we do not own the senior A-Note or senior participation. If we own both the A-Note and B-Note, we categorize the loan as a first mortgage loan. (5) During the three months ended March 31, 2020, $422.7 million of residential loans held-for-investment were reclassified into residential loans held-for-sale. As of March 31, 2020, our variable rate loans held-for-investment were as follows (dollars in thousands): Carrying Weighted-average March 31, 2020 Value Spread Above Index Commercial loans $ 8,360,382 4.2 % Infrastructure loans 1,397,404 3.8 % Total variable rate loans held-for-investment $ 9,757,786 4.1 % Credit Loss Allowances As discussed in Note 2, we do not have a history of realized credit losses on our HFI loans and HTM securities, so we have subscribed to third party database services to provide us with industry losses for both commercial real estate and infrastructure loans. Using these losses as a benchmark, we determine expected credit losses for our loans and securities on a collective basis within our commercial real estate and infrastructure portfolios. For our commercial loans, we utilize a loan loss model that is widely used among banks and commercial mortgage REITs and is marketed by a leading CMBS data analytics provider. It employs logistic regression to forecast expected losses at the loan level based on a commercial real estate loan securitization database that contains activity dating back to 1998. We provide specific loan-level inputs which include loan-to-stabilized-value (LTV) and debt service coverage ratio (DSCR) metrics, as well as principal balances, property type, location, coupon, origination year, term, subordination, expected repayment dates and future fundings. We also select from a group of independent five-year macroeconomic forecasts included in the model that are updated regularly based on current economic trends. We categorize the results by LTV range, which we consider the most significant indicator of credit quality for our commercial loans, as set forth in the credit quality indicator table below. A lower LTV ratio typically indicates a lower credit loss risk. For our infrastructure loans, we utilize a database of historical infrastructure loan performance that is shared among a consortium of banks and other lenders and compiled by a major bond credit rating agency. The database is representative of industry-wide project finance activity dating back to 1983. We derive historical loss rates from the database filtered by industry, sub-industry, term and construction status for each of our infrastructure loans. Those historical loss rates reflect global economic cycles over a long period of time as well as average recovery rates. However, due to limited information in the first 20 years covered by the database, we have further applied a recessionary multiplier to those historical loss rates as of March 31, 2020 to reflect the current economic deterioration caused by the COVID-19 pandemic which seems to most closely resemble the magnitude of the economic distress of the 2008 financial crisis. We categorize the results between the power and oil and gas industries, which we consider the most significant indicator of credit quality for our infrastructure loans, as set forth in the credit quality indicator table below. As discussed in Note 2, we use a discounted cash flow or collateral value approach, rather than the industry loan loss approach described above, to determine credit loss allowances for any credit deteriorated loans. 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 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. The significant credit quality indicators for our loans measured at amortized cost, which excludes loans held-for-sale, were as follows as of March 31, 2020 (dollars in thousands): Term Loans Revolving Loans Total Credit Amortized Cost Basis by Origination Year Amortized Cost Amortized Loss As of March 31, 2020 2020 2019 2018 2017 2016 Prior Total Cost Basis Allowance Commercial loans: Credit quality indicator: LTV < 60% $ 443,347 $ 1,261,635 $ 874,787 $ 1,083,919 $ 150,108 $ 251,913 $ — $ 4,065,709 $ 11,005 LTV 60% - 70% 135,804 928,481 1,448,921 474,098 53,385 169,668 — 3,210,357 25,356 LTV > 70% 159,833 789,538 326,551 127,046 — 60,712 — 1,463,680 14,840 Credit deteriorated — — 37,568 7,755 — 105,589 — 150,912 29,853 Defeased and other — — — — — 23,303 — 23,303 — Total commercial $ 738,984 $ 2,979,654 $ 2,687,827 $ 1,692,818 $ 203,493 $ 611,185 $ — $ 8,913,961 $ 81,054 Infrastructure loans: Credit quality indicator: Power $ — $ 257,135 $ 307,233 $ 120,627 $ 199,828 $ 249,584 $ 23,778 $ 1,158,185 $ 9,654 Oil and gas — 154,429 84,790 — — — — 239,219 6,479 Total infrastructure $ — $ 411,564 $ 392,023 $ 120,627 $ 199,828 $ 249,584 $ 23,778 1,397,404 16,133 Residential loans held-for-investment, fair value option 274,758 — Loans held-for-sale 1,175,059 125 Total gross loans $ 11,761,182 $ 97,312 As of March 31, 2020, certain first mortgage, mezzanine and unsecured promissory loans with an amortized cost basis of $101.4 million related to a residential conversion project and two subordinated mortgages on department stores with an amortized cost basis of $12.0 million were credit deteriorated and 90 days or greater past due, as were $7.8 million of residential loans. In accordance with our interest income recognition policy, these loans, along with a $37.6 million credit deteriorated loan still current in payment (also related to the residential conversion project), were placed on non-accrual status. We apply the cost recovery method of interest income recognition for all these credit deteriorated loans. The following tables present the activity in our credit loss allowance for funded loans and unfunded commitments (amounts in thousands): Loans Loans Held-for-Investment Held-for-Sale Total Three Months Ended March 31, 2020 Commercial Infrastructure Infrastructure Funded Loans Credit loss allowance at December 31, 2019 $ 33,415 $ — $ 196 $ 33,611 Cumulative effect of ASC 326 effective January 1, 2020 10,112 10,328 — 20,440 Credit loss provision, net 37,527 5,805 — 43,332 Charge-offs — — (71) (71) Recoveries — — — — Credit loss allowance at March 31, 2020 $ 81,054 $ 16,133 $ 125 $ 97,312 Unfunded Commitments Credit Loss Allowance (1) Loans Held-for-Investment HTM Preferred Three Months Ended March 31, 2020 Commercial Infrastructure Interests (2) Total Credit loss allowance at December 31, 2019 $ — $ — $ — $ — Cumulative effect of ASC 326 effective January 1, 2020 8,348 2,205 — 10,553 Credit loss (reversal) provision, net (195) 2,645 1,980 4,430 Credit loss allowance at March 31, 2020 $ 8,153 $ 4,850 $ 1,980 $ 14,983 Memo: Unfunded commitments as of March 31, 2020 (3) $ 2,447,330 $ 180,829 $ 17,261 $ 2,645,420 (1) Included in accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheet. (2) See Note 5 for further details. (3) Represents amounts expected to be funded (see Note 21). Loan Portfolio Activity The activity in our loan portfolio was as follows (amounts in thousands): Held-for-Investment Loans Three Months Ended March 31, 2020 Commercial Infrastructure Residential Held-for-Sale Loans Total Loans Balance at December 31, 2019 $ 8,517,054 $ 1,397,448 $ 671,572 $ 884,150 $ 11,470,224 Cumulative effect of ASC 326 effective January 1, 2020 (10,112) (10,328) — — (20,440) Acquisitions/originations/additional funding 1,089,096 62,929 100,720 646,160 1,898,905 Capitalized interest (1) 36,072 — — — 36,072 Basis of loans sold (2) — — (604) (789,259) (789,863) Loan maturities/principal repayments (689,972) (37,051) (48,620) (20,680) (796,323) Discount accretion/premium amortization 11,559 411 — 110 12,080 Changes in fair value — — (25,619) 9,485 (16,134) Unrealized foreign currency translation loss (83,263) — — (4,056) (87,319) Credit loss provision, net (37,527) (5,805) — — (43,332) Transfer to/from other asset classifications — (26,333) (422,691) 449,024 — Balance at March 31, 2020 $ 8,832,907 $ 1,381,271 $ 274,758 $ 1,174,934 $ 11,663,870 Loans Transferred Held-for-Investment Loans As Secured Three Months Ended March 31, 2019 Commercial Infrastructure Borrowings Held-for-Sale Loans Total Loans Balance at December 31, 2018 $ 7,075,577 $ 1,456,779 $ 74,346 $ 1,187,552 $ 9,794,254 Acquisitions/originations/additional funding 1,005,325 275,079 — 747,265 2,027,669 Capitalized interest (1) 22,137 — — — 22,137 Basis of loans sold (2) (393,556) — — (733,645) (1,127,201) Loan maturities/principal repayments (251,530) (281,898) (74,692) (22,845) (630,965) Discount accretion/premium amortization 7,043 137 346 — 7,526 Changes in fair value — — — 11,266 11,266 Unrealized foreign currency translation gain 12,089 — — 2,119 14,208 Credit loss reversal (provision), net 11 — — (774) (763) Loan foreclosures (8,963) — — — (8,963) Transfer to/from other asset classifications 46,495 — — (46,448) 47 Balance at March 31, 2019 $ 7,514,628 $ 1,450,097 $ — $ 1,144,490 $ 10,109,215 (1) Represents accrued interest income on loans whose terms do not require current payment of interest. (2) See Note 11 for additional disclosure on these transactions.

Investment Securities

Investment Securities	3 Months Ended
Investment Securities	Mar. 31, 2020
Investment Securities
Investment Securities	5. Investment Securities Investment securities were comprised of the following as of March 31, 2020 and December 31, 2019 (amounts in thousands): Carrying Value as of March 31, 2020 December 31, 2019 RMBS, available-for-sale $ 170,640 $ 189,576 RMBS, fair value option (1) 149,914 147,034 CMBS, fair value option (1), (2) 1,200,714 1,295,363 HTM debt securities, amortized cost net of credit loss allowance of $5,037 and $0 565,851 570,638 Equity security, fair value 8,626 12,664 Subtotal — 2,095,745 2,215,275 VIE eliminations (1) (1,317,773) (1,405,037) Total investment securities $ 777,972 $ 810,238 (1) Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. (2) Includes $170.1 million and $186.6 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of March 31, 2020 and December 31, 2019, 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 Three Months Ended March 31, 2020 Purchases/fundings $ — $ 29,292 $ 7,661 $ 5,729 $ — $ (36,953) $ 5,729 Sales — — 32,316 — — (24,376) 7,940 Principal collections 6,549 8,572 16,523 6,638 — (24,723) 13,559 Three Months Ended March 31, 2019 Purchases $ — $ 26,272 $ 13,262 $ — $ — $ (39,534) $ — Sales — — 36,906 — — (33,678) 3,228 Principal collections 6,360 2,034 9,837 1,206 — (11,683) 7,754 (1) Represents RMBS and CMBS, fair value option amounts eliminated due to our consolidation of securitization VIEs. These amounts are reflected as issuance or repayment of debt of, or distributions from, consolidated VIEs in our condensed consolidated statements of cash flows. RMBS, Available-for-Sale The Company classified all of its RMBS not eliminated in consolidation as available-for-sale as of March 31, 2020 and December 31, 2019. These RMBS are reported at fair value in the balance sheet with changes in fair value recorded in accumulated other comprehensive income (“AOCI”). The tables below summarize various attributes of our investments in available-for-sale RMBS as of March 31, 2020 and December 31, 2019 (amounts in thousands): Unrealized Gains or (Losses) Recognized in AOCI Credit Gross Gross Net Amortized Loss Net Unrealized Unrealized Fair Value Cost Allowance Basis Gains Losses Adjustment Fair Value March 31, 2020 RMBS $ 134,692 $ — $ 134,692 $ 36,514 $ (566) $ 35,948 $ 170,640 December 31, 2019 RMBS $ 138,580 $ N/A $ 138,580 $ 51,310 $ (314) $ 50,996 $ 189,576 Weighted Average Coupon (1) Weighted Average WAL March 31, 2020 RMBS 2.4 % B+ 5.8 December 31, 2019 RMBS 3.1 % BB- 5.6 (1) Calculated using the March 31, 2020 and December 31, 2019 one-month LIBOR rate of 0.993% and 1.763%, respectively, for floating rate securities. (2) Represents the remaining WAL of each respective group of securities as of the respective balance sheet date. The WAL of each individual security is calculated using projected amounts and projected timing of future principal payments. As of March 31, 2020, approximately $144.5 million, or 84.7%, of RMBS were variable rate and paid interest at LIBOR plus a weighted average spread of 1.25%. 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%. We purchased all of the RMBS at a discount, a portion of which is 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. We have engaged a third party manager who specializes in RMBS to execute the trading of RMBS, the cost of which was $0.4 million for both the three months ended March 31, 2020 and 2019, recorded as management fees in the accompanying condensed consolidated statements of operations. The following table presents the gross unrealized losses and estimated fair value of any available-for-sale securities that were in an unrealized loss position as of March 31, 2020 and December 31, 2019, and for which an allowance for credit losses has not been recorded (amounts in thousands): Estimated Fair Value Unrealized Losses Securities with a Securities with a Securities with a Securities with a loss less than loss greater than loss less than loss greater than 12 months 12 months 12 months 12 months As of March 31, 2020 RMBS $ 3,267 $ 1,157 $ (198) $ (368) As of December 31, 2019 RMBS $ — $ 1,380 $ — $ (314) As of March 31, 2020 and December 31, 2019, there were five securities and one security, respectively, with unrealized losses reflected in the table above. After evaluating the securities and recording adjustments for credit losses, we concluded that the remaining unrealized losses reflected above were noncredit-related and would be recovered from the securities’ estimated future cash flows. We considered a number of factors in reaching this conclusion, including that we did not intend to sell the securities, it was not considered more likely than not that we would be forced to sell the securities prior to recovering our amortized cost, and there were no material credit events that would have caused us to otherwise conclude that we would not recover our cost. Credit losses 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 net amortized cost basis. Significant judgment is used in projecting cash flows for our non-agency RMBS. As a result, actual income and/or credit losses could be materially different from what is currently projected and/or reported. CMBS and RMBS, Fair Value Option As discussed in the “Fair Value Option” section of Note 2 herein, we elect the fair value option for certain CMBS and RMBS in an effort to eliminate accounting mismatches resulting from the current or potential consolidation of securitization VIEs. As of March 31, 2020, the fair value and unpaid principal balance of CMBS where we have elected the fair value option, excluding the notional value of interest-only securities and before consolidation of securitization VIEs, were $1.2 billion and $2.8 billion, respectively. As of March 31, 2020, 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 $149.9 million and $97.1 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 $32.9 million at March 31, 2020) is eliminated against VIE liabilities before arriving at our GAAP balance for fair value option investment securities. As of March 31, 2020, $104.7 million of our CMBS were variable rate and none of our RMBS were variable rate. HTM Debt Securities, Amortized Cost The table below summarizes our investments in HTM debt securities as of March 31, 2020 and December 31, 2019 (amounts in thousands): Amortized Credit Loss Net Carrying Gross Unrealized Gross Unrealized Cost Basis Allowance Amount Holding Gains Holding Losses Fair Value March 31, 2020 CMBS $ 375,873 $ — $ 375,873 $ 104 $ (17,975) $ 358,002 Preferred interests 147,855 (2,018) 145,837 — (7,977) 137,860 Infrastructure bonds 47,160 (3,019) 44,141 307 (42) 44,406 Total $ 570,888 $ (5,037) $ 565,851 $ 411 $ (25,994) $ 540,268 December 31, 2019 CMBS $ 383,473 $ — $ 383,473 $ 946 $ (3,001) $ 381,418 Preferred interests 142,012 — 142,012 1,148 (353) 142,807 Infrastructure bonds 45,153 — 45,153 — (651) 44,502 Total $ 570,638 $ — $ 570,638 $ 2,094 $ (4,005) $ 568,727 The following table presents the activity in our credit loss allowance for HTM debt securities (amounts in thousands): Total HTM Preferred Infrastructure Credit Loss CMBS Interests Bonds Allowance Three Months Ended March 31, 2020 Credit loss allowance at December 31, 2019 $ — $ — $ — $ — Cumulative effect of ASC 326 effective January 1, 2020: Beginning accumulated deficit charge — 1,114 179 1,293 Gross-up of PCD bond amortized cost basis — — 2,837 2,837 Credit loss provision, net — 904 3 907 Charge-offs — — — — Recoveries — — — — Credit loss allowance at March 31, 2020 $ — $ 2,018 $ 3,019 $ 5,037 The table below summarizes the maturities of our HTM debt securities by type as of March 31, 2020 (amounts in thousands): Preferred Infrastructure CMBS Interests Bonds Total Less than one year $ 278,404 $ — $ 5,312 $ 283,716 One to three years 97,469 140,542 — 238,011 Three to five years — 5,295 — 5,295 Thereafter — — 38,829 38,829 Total $ 375,873 $ 145,837 $ 44,141 $ 565,851 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 $8.6 million and $12.7 million as of March 31, 2020 and December 31, 2019, respectively. As of March 31, 2020, our shares represent an approximate 2% interest in SEREF.

Properties

Properties	3 Months Ended
Properties	Mar. 31, 2020
Properties
Properties	6. 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 $631.1 million and federal, state and county sponsored financing and other debt of $477.8 million as of March 31, 2020. 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. We acquired eight of the 27 affordable housing communities in December 2017, with the final 19 communities acquired during the year ended December 31, 2018. The Woodstar II Portfolio includes total gross properties and lease intangibles of $606.4 million and debt of $436.9 million as of March 31, 2020. Medical Office Portfolio The Medical Office Portfolio is comprised of 34 medical office buildings acquired during the year ended December 31, 2016. These properties, which collectively comprise 1.9 million square feet, are geographically dispersed throughout the U.S. and primarily affiliated with major hospitals or located on or adjacent to major hospital campuses. The Medical Office Portfolio includes total gross properties and lease intangibles of $759.9 million and debt of $590.8 million as of March 31, 2020. Master Lease Portfolio The Master Lease Portfolio is comprised of 16 retail properties geographically dispersed throughout the U.S., with more than 50% of the portfolio, by carrying value, located in Florida, Texas and Minnesota. These properties, which we acquired in September 2017, collectively comprise 1.9 million square feet and were leased back to the seller under corporate guaranteed master net lease agreements with initial terms of 24.6 years and periodic rent escalations. The Master Lease Portfolio includes total gross properties of $343.8 million and debt of $192.5 million as of March 31, 2020. Investing and Servicing Segment Property Portfolio The Investing and Servicing Segment Property Portfolio (“REIS Equity Portfolio”) is comprised of 16 commercial real estate properties and one equity interest in an unconsolidated commercial real estate property which were acquired from CMBS trusts during the previous five years. The REIS Equity Portfolio includes total gross properties and lease intangibles of $282.2 million and debt of $197.9 million as of March 31, 2020. The table below summarizes our properties held as of March 31, 2020 and December 31, 2019 (dollars in thousands): Depreciable Life March 31, 2020 December 31, 2019 Property Segment Land and land improvements 0 – 15 years $ 484,673 $ 484,397 Buildings and building improvements 5 – 45 years 1,688,284 1,687,756 Furniture & fixtures 3 – 7 years 54,277 52,567 Investing and Servicing Segment Land and land improvements 0 – 15 years 54,150 54,052 Buildings and building improvements 3 – 40 years 186,329 182,048 Furniture & fixtures 2 – 5 years 2,265 2,139 Commercial and Residential Lending Segment (1) Land and land improvements 0 – 7 years 11,386 11,386 Buildings and building improvements 10 – 23 years 16,322 16,285 Properties, cost 2,497,686 2,490,630 Less: accumulated depreciation (244,616) (224,190) Properties, net $ 2,253,070 $ 2,266,440 (1) Represents properties acquired through loan foreclosure. No operating properties were sold during the three months ended March 31, 2020 and 2019.

Investment in Unconsolidated En

Investment in Unconsolidated Entities	3 Months Ended
Investment in Unconsolidated Entities	Mar. 31, 2020
Investment in Unconsolidated Entities
Investment in Unconsolidated Entities	7. Investment in Unconsolidated Entities The table below summarizes our investments in unconsolidated entities as of March 31, 2020 and December 31, 2019 (dollars in thousands): Participation / Carrying value as of Ownership % (1) March 31, 2020 December 31, 2019 Equity method: Retail Fund 33% $ — $ — Equity interest in a natural gas power plant 10% 25,862 25,862 Investor entity which owns equity in an online real estate company 50% 9,504 9,473 Equity interests in commercial real estate 50% 1,787 1,907 Equity interest in and advances to a residential mortgage originator (2) N/A 11,807 12,002 Various 25% - 50% 8,529 8,339 57,489 57,583 Other: Equity interest in a servicing and advisory business (3) 4% — — Investment funds which own equity in a loan servicer and other real estate assets 4% - 6% 9,225 9,225 Various 0% - 2% 20,620 17,521 29,845 26,746 $ 87,334 $ 84,329 (1) None of these investments are publicly traded and therefore quoted market prices are not available. (2) Includes a $4.5 million subordinated loan as of both March 31, 2020 and December 31, 2019. (3) During the year ended December 31, 2019, we received a capital distribution of $8.4 million and our equity interest was reduced to 4% and the carrying value was reduced to zero. 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. As of December 31, 2019, we impaired the remainder of our investment based on our estimate of unrealized decreases in the fair value of the underlying real estate properties. Such decreases were recognized by the Retail Fund during the period included in our three months ended March 31, 2020. As of March 31, 2020, the carrying value of our equity investment in a residential mortgage originator exceeded the underlying equity in net assets of such investee by $1.6 million. This difference is the result of the Company recording its investment in the investee at its acquisition date fair value, which included certain non-amortizing intangible assets not recognized by the investee. Should the Company determine these intangible assets held by the investee are impaired, the Company will recognize such impairment loss through earnings from unconsolidated entities in our consolidated statement of operations, otherwise, such difference between the carrying value of our equity investment in the residential mortgage originator and the underlying equity in the net assets of the residential mortgage originator will continue to exist. Other than our equity interest in the residential mortgage originator, there were no differences between the carrying value of our equity method investments and the underlying equity in the net assets of the investees as of March 31, 2020. During the three months ended March 31, 2020, we did not become aware of any observable price changes in our other investments accounted for under the fair value practicability exception or any indicators of impairment.

Goodwill and Intangibles

Goodwill and Intangibles	3 Months Ended
Goodwill and Intangibles	Mar. 31, 2020
Goodwill and Intangibles
Goodwill and Intangibles	8. Goodwil l and Intangibles Goodwill Infrastructure Lending Segment The Infrastructure Lending Segment’s goodwill of $119.4 million at both March 31, 2020 and December 31, 2019 represents the excess of consideration transferred over the fair value of net assets acquired on September 19, 2018 and October 15, 2018. The goodwill recognized is attributable to value embedded in the acquired Infrastructure Lending Segment’s lending platform. LNR Property LLC (“LNR”) The Investing and Servicing Segment’s goodwill of $140.4 million at both March 31, 2020 and December 31, 2019 represents the excess of consideration transferred over the fair value of net assets of LNR acquired on April 19, 2013. The goodwill recognized is attributable to value embedded in LNR’s existing platform, which includes a network of commercial real estate asset managers, work-out specialists, underwriters and administrative support professionals as well as proprietary historical performance data on commercial real estate assets. Intangible Assets Servicing Rights Intangibles In connection with the LNR acquisition, we identified domestic servicing rights that existed at the purchase date, based upon the expected future cash flows of the associated servicing contracts. As of March 31, 2020 and December 31, 2019, the balance of the domestic servicing intangible was net of $27.0 million and $26.2 million, respectively, which was eliminated in consolidation pursuant to ASC 810 against VIE assets in connection with our consolidation of securitization VIEs. Before VIE consolidation, as of March 31, 2020 and December 31, 2019, the domestic servicing intangible had a balance of $43.5 million and $43.2 million, respectively, which represents our economic interest in this asset. Lease Intangibles In connection with our acquisitions of commercial real estate, we recognized in-place lease intangible assets and favorable lease intangible assets associated with certain non-cancelable operating leases of the acquired properties. The following table summarizes our intangible assets, which are comprised of servicing rights intangibles and lease intangibles, as of March 31, 2020 and December 31, 2019 (amounts in thousands): As of March 31, 2020 As of December 31, 2019 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Value Amortization Value Value Amortization Value Domestic servicing rights, at fair value $ 16,524 $ — $ 16,524 $ 16,917 $ — $ 16,917 In-place lease intangible assets 135,293 (87,239) 48,054 135,293 (84,383) 50,910 Favorable lease intangible assets 24,217 (6,790) 17,427 24,218 (6,345) 17,873 Total net intangible assets $ 176,034 $ (94,029) $ 82,005 $ 176,428 $ (90,728) $ 85,700 The following table summarizes the activity within intangible assets for the three months ended March 31, 2020 (amounts in thousands): Domestic In-place Lease Favorable Lease Servicing Intangible Intangible Rights Assets Assets Total Balance as of January 1, 2020 $ 16,917 $ 50,910 $ 17,873 $ 85,700 Amortization — (2,856) (446) (3,302) Changes in fair value due to changes in inputs and assumptions (393) — — (393) Balance as of March 31, 2020 $ 16,524 $ 48,054 $ 17,427 $ 82,005 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 (remainder of) $ 8,397 2021 9,674 2022 7,892 2023 6,136 2024 4,742 Thereafter 28,640 Total $ 65,481

Secured Borrowings

Secured Borrowings	3 Months Ended
Secured Borrowings	Mar. 31, 2020
Secured financing agreements
Secured Financing Agreements
Secured Borrowings	9. Secured Borrowings Secured Financing Agreements The following table is a summary of our secured financing agreements in place as of March 31, 2020 and December 31, 2019 (dollars in thousands): Outstanding Balance at Current Extended Weighted Average Pledged Asset Maximum March 31, December 31, Maturity Maturity (a) Pricing Carrying Value Facility Size 2020 2019 Repurchase Agreements: Commercial Loans Aug 2020 to Jan 2024 (b) Aug 2021 to Mar 2029 (b) (c) $ 5,882,347 $ 9,156,617 (d) $ 4,245,330 $ 3,640,620 Residential Loans Feb 2021 N/A LIBOR + 2.10% 12,486 400,000 10,359 11,835 Infrastructure Loans Feb 2021 N/A LIBOR + 1.75% 196,639 500,000 162,306 188,198 Conduit Loans Feb 2021 to Jun 2022 Feb 2022 to Jun 2023 LIBOR + 2.16% 182,575 350,000 123,353 86,575 CMBS/RMBS Jun 2020 to Dec 2029 (e) Dec 2020 to Jun 2030 (e) (f) 1,104,252 821,816 682,777 (g) 682,229 Total Repurchase Agreements 7,378,299 11,228,433 5,224,125 4,609,457 Other Secured Financing: Borrowing Base Facility Apr 2022 Apr 2024 LIBOR + 2.25% 273,429 650,000 (h) 196,719 198,955 Commercial Financing Facility Mar 2022 Mar 2029 GBP LIBOR + 1.75% 91,298 73,763 73,763 — Infrastructure Acquisition Facility Sep 2021 Sep 2022 (i) 731,095 740,382 586,250 603,642 Infrastructure Financing Facilities Jul 2022 to Oct 2022 Oct 2024 to Jul 2027 LIBOR + 2.12% 542,597 1,250,000 448,848 428,206 Property Mortgages - Fixed rate Nov 2024 to Aug 2052 (j) N/A 3.94% 1,488,698 1,195,722 1,195,722 1,196,492 Property Mortgages - Variable rate Jan 2023 to Mar 2025 N/A LIBOR + 2.47% 777,925 728,310 707,009 696,503 Term Loan and Revolver (k) N/A (k) N/A (k) 518,000 518,000 399,000 FHLB Feb 2021 N/A (l) 1,148,346 2,000,000 827,869 867,870 Total Other Secured Financing 5,053,388 7,156,177 4,554,180 4,390,668 $ 12,431,687 $ 18,384,610 9,778,305 9,000,125 Unamortized net discount (8,089) (8,347) Unamortized deferred financing costs (80,533) (85,730) $ 9,689,683 $ 8,906,048 (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 $864.8 million as of March 31, 2020 are indexed to GBP LIBOR and EURIBOR. The remainder have a weighted average rate of LIBOR + 1.92%. (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 $320.7 million as of March 31, 2020 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 $184.5 million as of March 31, 2020 has a fixed annual interest rate of 3.49 %. All other facilities are variable rate with a weighted average rate of LIBOR + 1.66%. (g) Includes: (i) $184.5 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $42.9 million outstanding on one of our repurchase facilities that represents the 49 % pro rata share owed by a non-controlling partner in a consolidated joint venture (see Note 14). Additionally, we have posted $38.2 million in cash margin with one of our lenders pursuant to the terms of the related repurchase facility. The outstanding debt balance included above has not been reduced by the $38.2 million, which is recorded in other assets on our condensed consolidated balance sheet as of March 31, 2020. (h) The initial maximum facility size of $300.0 million may be increased to $650.0 million, subject to certain conditions. (i) Consists of an annual interest rate of the applicable currency benchmark index + 1.75%. The spread will increase 25 bps in September 2020. (j) The weighted average maturity is 9.5 years as of March 31, 2020. (k) Consists of: (i) a $398.0 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 March 31, 2020. (l) FHLB financing with an outstanding balance of $481.5 million as of March 31, 2020 has a weighted average fixed annual interest rate of 1.99 %. The remainder is variable rate with a weighted average rate of LIBOR + 0.29%. In the normal course of business, the Company is in discussions with its lenders to extend or amend any financing facilities which contain near term expirations. In January 2020, we entered into a CMBS/RMBS repurchase facility to finance certain CMBS investments within a consolidated joint venture in which we hold a 51 % ownership interest. The facility carries a rolling 12-month term which may reset quarterly with the lender’s consent and an annual interest rate of three-month LIBOR + 1.35% to 1.85 %. The facility’s maximum facility size is at the discretion of the lender. In February 2020, we amended a Commercial Loans repurchase facility to increase available borrowings by $200.0 million to $1.8 billion. In February 2020, we exercised an extension option on a Conduit Loans repurchase facility to extend the current maturity by one year with a one-year extension option. In February 2020, we exercised an extension option on the Infrastructure Loans repurchase facility to extend the current maturity by one year. In March 2020, we amended an Infrastructure Financing Facility to increase available borrowings by $250.0 million to $750.0 million. In March 2020, we entered into a Commercial Financing Facility to finance non-U.S. commercial loans held-for-investment. The facility carries a two-year initial term with three one-year extension options and includes an option to extend the maturity for each underlying asset for up to four additional years. The facility has an annual interest rate of GBP LIBOR + 1.75%. This facility shares up to $500.0 million of $2.0 billion of maximum borrowings with a Commercial Loans repurchase facility. Our secured financing agreements contain certain financial tests and covenants. As of March 31, 2020, 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 75 % 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 25 % of these pertain to our loans held-for-sale, for which we manage credit risk through the purchase of credit index instruments. We further seek to manage risks associated with our repurchase agreements by matching the maturities and interest rate characteristics of our loans with the related repurchase agreement. For the three months ended March 31, 2020 and 2019, approximately $8.8 million and $8.7 million, respectively, of amortization of deferred financing costs from secured financing agreements was included in interest expense on our condensed consolidated statements of operations. Collateralized Loan Obligations In August 2019, we refinanced a pool of our commercial loans held-for-investment through a CLO, STWD 2019-FL1. On the closing date, the CLO issued $1.1 billion principal amount of notes, of which $936.4 million was purchased by third party investors. We retained $86.6 million of notes, along with preferred shares with a liquidation preference of $77.0 million. The CLO contains a reinvestment feature that, subject to certain eligibility criteria, allows us to contribute new loans or participation interests in loans to the CLO in exchange for cash. During the three months ended March 31, 2020, we utilized the reinvestment feature, contributing $82.5 million of additional interests into the CLO. The following table is a summary of our CLO as of March 31, 2020 and December 31, 2019 (amounts in thousands): Face Carrying Weighted March 31, 2020 Count Amount Value Average Spread Maturity Collateral assets 22 $ 1,098,891 $ 1,098,839 LIBOR + 3.38% (a) Jan 2024 (b) Financing 1 936,375 928,683 LIBOR + 1.65% (c) July 2038 (d) December 31, 2019 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 respective year-to-date period. Of the loans financed by the CLO as of March 31, 2020, 9% earned fixed-rate 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 respective year-to-date period, 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. For the three months ended March 31, 2020, approximately $0.6 million of amortization of deferred financing costs was included in interest expense on our condensed consolidated statement of operations. As of March 31, 2020 and December 31, 2019, our unamortized issuance costs were $7.7 million and $8.3 million, respectively. The CLO is considered a VIE, for which we are deemed the primary beneficiary. We therefore consolidate the CLO. Refer to Note 14 for further discussion. Maturities Our credit facilities generally require principal to be paid down prior to the facilities’ respective maturities if and when we receive principal payments on, or sell, the investment collateral that we have pledged. 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 (remainder of) $ 208,156 $ 494,342 $ — $ 702,498 2021 956,656 960,752 — 1,917,408 2022 1,314,349 555,681 — 1,870,030 2023 1,203,648 708,885 — 1,912,533 2024 1,037,701 391,140 — 1,428,841 Thereafter 503,615 1,443,380 936,375 (a) 2,883,370 Total $ 5,224,125 $ 4,554,180 $ 936,375 $ 10,714,680 (a) Assumes utilization of the reinvestment feature.

Unsecured Senior Notes

Unsecured Senior Notes	3 Months Ended
Unsecured Senior Notes	Mar. 31, 2020
Convertible Senior Notes
Unsecured Senior Notes
Unsecured Senior Notes	10. Unsecured Senior Notes The following table is a summary of our unsecured senior notes outstanding as of March 31, 2020 and December 31, 2019 (dollars in thousands): Remaining Coupon Effective Maturity Period of Carrying Value at Rate Rate (1) Date Amortization March 31, 2020 December 31, 2019 2021 Senior Notes (February) 3.63 % 3.89 % 2/1/2021 0.8 years $ 500,000 $ 500,000 2021 Senior Notes (December) 5.00 % 5.32 % 12/15/2021 1.7 years 700,000 700,000 2023 Convertible Notes 4.38 % 4.86 % 4/1/2023 3.0 years 250,000 250,000 2025 Senior Notes 4.75 % 5.04 % 3/15/2025 5.0 years 500,000 500,000 Total principal amount 1,950,000 1,950,000 Unamortized discount—Convertible Notes (3,352) (3,610) Unamortized discount—Senior Notes (11,038) (12,144) Unamortized deferred financing costs (5,026) (5,624) Carrying amount of debt components $ 1,930,584 $ 1,928,622 Carrying amount of conversion option equity components recorded in additional paid-in capital for outstanding convertible notes $ 3,755 $ 3,755 (1) Effective rate includes the effects of underwriter purchase discount and the adjustment for the conversion option on our Convertible Notes, the value of which reduced the initial liability and was recorded in additional paid-in-capital. Convertible Senior Notes We recognized interest expense of $3.0 million and $3.2 million during the three months ended March 31, 2020 and 2019, respectively, from our unsecured Convertible Notes. The following table details the conversion attributes of our Convertible Notes outstanding as of March 31, 2020: March 31, 2020 Conversion Conversion Rate (1) Price (2) 2023 Convertible Notes 38.5959 $ 25.91 (1) The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount of Convertible Notes converted, as adjusted in accordance with the indentures governing the Convertible Notes (including the applicable supplemental indentures). (2) As of March 31, 2020 and 2019, the market price of the Company’s common stock was $10.25 and $22.35 per share, respectively. The if-converted value of the 2023 Convertible Notes was less than their principal amount by $151.1 million at March 31, 2020 as the closing market price per share. The if-converted value of the principal amount of the 2023 Convertible Notes was $98.9 million as of March 31, 2020.

Loan Securitization_Sale Activi

Loan Securitization/Sale Activities	3 Months Ended
Loan Securitization/Sale Activities	Mar. 31, 2020
Loan Securitization/Sale Activities
Loan Securitization/Sale Activities	11. Loan Securitization/Sale Activities As described below, we regularly sell loans and notes under various strategies. We evaluate such sales as to whether they meet the criteria for treatment as a sale—legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint and transfer of control. Conduit Loan Securitizations Within the Investing and Servicing Segment, we originate commercial mortgage loans with the intent to sell these mortgage loans to VIEs for the purposes of securitization. These VIEs then issue CMBS that are collateralized in part by these assets, as well as other assets transferred to the VIE by third parties. In certain instances, we retain an interest in the VIE and/or serve as special servicer for the VIE. In these circumstances, we generally consolidate the VIE into which the loans were sold. The following summarizes the fair value and par value of loans sold from our conduit platform, as well as the amount of sale proceeds used in part to repay the outstanding balance of the repurchase agreements associated with these loans for the three months ended March 31, 2020 and 2019 (amounts in thousands): Repayment of repurchase Face Amount Proceeds agreements For the Three Months Ended March 31, 2020 $ 335,835 $ 352,393 $ 254,966 2019 179,411 $ 186,841 $ 136,133 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 both the three months ended March 31, 2020 and 2019, we sold residential loans into a securitization VIE which we consolidate. In each of these instances, we retained interests in the VIE. The following table summarizes our loans sold by the Commercial and Residential Lending Segment, net of expenses (amounts in thousands): Loan Transfers Accounted for as Sales Commercial Residential Face Amount Proceeds Face Amount Proceeds For the Three Months Ended March 31, 2020 $ — $ — $ 381,829 $ 399,351 2019 398,741 $ 396,310 $ 362,418 $ 374,861 During the three months ended March 31, 2020 and 2019, we recognized a $2.6 million and $0.3 million, respectively, favorable change in fair value of mortgage loans held-for-sale, net in our condensed consolidated statements of operations in connection with residential mortgage loan securitizations. During the three months ended March 31, 2019, gains recognized by the Commercial and Residential Lending Segment on sales of commercial loans were $2.8 million. There were no sales of commercial loans during the three months ended March 31, 2020. Our securitizations have each been structured as bankruptcy-remote entities whose assets are not intended to be available to the creditors of any other party. Infrastructure Loan Sales During the three months ended March 31, 2020 and 2019, the Infrastructure Lending Segment sold loans held-for-sale with an aggregate face amount of $38.7 million and $180.3 million, respectively, for proceeds of $38.4 million and $172.7 million, recognizing gains of $0.3 million and $0.8 million, respectively.

Derivatives and Hedging Activit

Derivatives and Hedging Activity	3 Months Ended
Derivatives and Hedging Activity	Mar. 31, 2020
Derivatives and Hedging Activity
Derivatives and Hedging Activity	12. Derivatives and Hedging Activity Risk Management Objective of Using Derivatives We are exposed to certain risks arising from both our business operations and economic conditions. Refer to Note 13 to the consolidated financial statements included in our Form 10-K for further discussion of our risk management objectives and policies. Designated Hedges The Company does not generally elect to apply the hedge accounting designation to its hedging instruments. As of March 31, 2020 and December 31, 2019, the Company did not have any designated hedges. Non-designated Hedges and Derivatives We have entered into the following types of non-designated hedges and derivatives: ● Foreign exchange (“Fx”) forwards whereby we agree to buy or sell a specified amount of foreign currency for a specified amount of USD at a future date, economically fixing the USD amounts of foreign denominated cash flows we expect to receive or pay related to certain foreign denominated loan investments and properties; ● Interest rate contracts which hedge a portion of our exposure to changes in interest rates; ● Credit index instruments which hedge a portion of our exposure to the credit risk of our commercial loans held-for-sale; ● Forward loan purchase commitments whereby we agree to buy a specified amount of residential mortgage loans at a future date for a specified price and the counterparty is contractually obligated to deliver such mortgage loans (see Note 21); and ● Interest rate swap guarantees whereby we guarantee the interest rate swap obligations of certain Infrastructure Lending borrowers. Our interest rate swap guarantees were assumed in connection with the acquisition of the Infrastructure Lending Segment. The following table summarizes our non-designated derivatives as of March 31, 2020 (notional amounts in thousands): Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Sell Euros ("EUR") 230 215,677 EUR May 2020 – November 2025 Fx contracts – Buy Pounds Sterling ("GBP") 2 2,414 GBP June 2020 Fx contracts – Sell Pounds Sterling ("GBP") 94 383,837 GBP April 2020 – December 2023 Fx contracts – Sell Australian dollar ("AUD") 7 49,793 AUD August 2021 – November 2021 Interest rate swaps – Paying fixed rates 40 1,493,447 USD August 2022 – March 2030 Interest rate swaps – Receiving fixed rates 2 970,000 USD January 2021 – March 2025 Interest rate caps 10 717,777 USD September 2020 – August 2023 Credit index instruments 4 69,000 USD September 2058 – August 2061 Forward loan purchase commitments 1 17,988 USD April 2020 Interest rate swap guarantees 6 392,607 USD March 2022 – June 2025 Total 396 The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 (amounts in thousands): Fair Value of Derivatives Fair Value of Derivatives in an Asset Position (1) as of in a Liability Position (2) as of March 31, December 31, March 31, December 31, 2020 2019 2020 2019 Interest rate contracts $ 41,970 $ 14,385 $ 140 $ — Interest rate swap guarantees — — 1,289 614 Foreign exchange contracts 57,243 14,558 3,689 7,834 Credit index instruments 2,235 — — 292 Total derivatives $ 101,448 $ 28,943 $ 5,118 $ 8,740 (1) Classified as derivative assets in our condensed consolidated balance sheets. (2) Classified as derivative liabilities in our condensed consolidated balance sheets. The tables below present the effect of our derivative financial instruments on the condensed consolidated statements of operations for the three months ended March 31, 2020 and 2019 (amounts in thousands): Amount of Gain (Loss) Recognized in Income for the Derivatives Not Designated Location of Gain (Loss) Three Months Ended March 31, as Hedging Instruments Recognized in Income 2020 2019 Interest rate contracts Gain (loss) on derivative financial instruments $ (45,125) $ (3,757) Interest rate swap guarantees Gain (loss) on derivative financial instruments (675) (182) Foreign exchange contracts Gain (loss) on derivative financial instruments 53,265 2,444 Credit index instruments Gain (loss) on derivative financial instruments 2,245 (712) $ 9,710 $ (2,207)

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	3 Months Ended
Offsetting Assets and Liabilities	Mar. 31, 2020
Offsetting Assets and Liabilities
Offsetting Assets and Liabilities	13. Offsetting Assets and Liabilities The following tables present the potential effects of netting arrangements on our financial position for financial assets and liabilities within the scope of ASC 210-20, Balance Sheet—Offsetting (iv) Gross Amounts Not Offset in the Statement (ii) (iii) = (i) - (ii) of Financial Position Gross Amounts Net Amounts Cash (i) Offset in the Presented in Collateral Gross Amounts Statement of the Statement of Financial Received / (v) = (iii) - (iv) Recognized Financial Position Financial Position Instruments Pledged Net Amount As of March 31, 2020 Derivative assets $ 101,448 $ — $ 101,448 $ 3,696 $ 41,856 $ 55,896 Derivative liabilities $ 5,118 $ — $ 5,118 $ 3,696 $ 133 $ 1,289 Repurchase agreements 5,224,125 — 5,224,125 5,224,125 — — $ 5,229,243 $ — $ 5,229,243 $ 5,227,821 $ 133 $ 1,289 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

Variable Interest Entities

Variable Interest Entities	3 Months Ended
Variable Interest Entities	Mar. 31, 2020
Variable Interest Entities
Variable Interest Entities	14. Variable Interest Entities Investment Securities As discussed in Note 2, we evaluate all of our investments and other interests in entities for consolidation, including our investments in CMBS, RMBS and our retained interests in securitization transactions we initiated, all of which are generally considered to be variable interests in VIEs. Securitization VIEs consolidated in accordance with ASC 810 are structured as pass through entities that receive principal and interest on the underlying collateral and distribute those payments to the certificate holders. The assets and other instruments held by these securitization entities are restricted and can only be used to fulfill the obligations of the entity. Additionally, the obligations of the securitization entities do not have any recourse to the general credit of any other consolidated entities, nor to us as the primary beneficiary. The VIE liabilities initially represent investment securities on our balance sheet (pre-consolidation). Upon consolidation of these VIEs, our associated investment securities are eliminated, as is the interest income related to those securities. Similarly, the fees we earn in our roles as special servicer of the bonds issued by the consolidated VIEs or as collateral administrator of the consolidated VIEs are also eliminated. Finally, an allocable portion of the identified servicing intangible associated with the eliminated fee streams is eliminated in consolidation. VIEs in which we are the Primary Beneficiary The inclusion of the assets and liabilities of securitization VIEs in which we are deemed the primary beneficiary has no economic effect on us. Our exposure to the obligations of securitization VIEs is generally limited to our investment in these entities. We are not obligated to provide, nor have we provided, any financial support for any of these consolidated structures. During the 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 as of March 31, 2020 and December 31, 2019 (amounts in thousands): March 31, 2020 December 31, 2019 Assets: Loans held-for-investment $ 1,098,839 1,073,504 Accrued interest receivable 1,748 3,129 Other assets 1,109 26,496 Total Assets $ 1,101,696 $ 1,103,129 Liabilities Accounts payable, accrued expenses and other liabilities $ 905 $ 1,362 Collateralized loan obligations, net 928,683 928,060 Total Liabilities $ 929,588 $ 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 Intermediate LLC (“SPT Dolphin”), the entity which holds the Woodstar II Portfolio, is a VIE because the third party interest holders do not carry kick-out rights or substantive participating rights. We were deemed to be the primary beneficiary of the VIE because we possess both the power to direct the activities of the VIE that most significantly impact its economic performance and a significant economic interest in the entity. This VIE had total assets of $678.0 million and liabilities of $445.3 million as of March 31, 2020. 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 $323.9 million and liabilities of $88.3 million as of March 31, 2020. Refer to Note 16 for further discussion. In total, our other consolidated non-securitization VIEs had total assets of $1.1 billion and liabilities of $586.7 million as of March 31, 2020. VIEs in which we are not the Primary Beneficiary In certain instances, we hold a variable interest in a VIE in the form of CMBS, but either (i) we are not appointed, or do not serve as, special servicer or servicing administrator or (ii) an unrelated third party has the rights to unilaterally remove us as special servicer without cause. In these instances, we do not have the power to direct activities that most significantly impact the VIE’s economic performance. In other cases, the variable interest we hold does not obligate us to absorb losses or provide us with the right to receive benefits from the VIE which could potentially be significant. For these structures, we are not deemed to be the primary beneficiary of the VIE, and we do not consolidate these VIEs. As of March 31, 2020, 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 March 31, 2020, none of these CDO structures were consolidated. As noted above, we are not obligated to provide, nor have we provided, any financial support for any of our securitization VIEs, whether or not we are deemed to be the primary beneficiary. As such, the risk associated with our involvement in these VIEs is limited to the carrying value of our investment in the entity. As of March 31, 2020, our maximum risk of loss related to securitization VIEs in which we were not the primary beneficiary was $32.9 million on a fair value basis. As of March 31, 2020, 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 $4.4 billion. The corresponding assets are comprised primarily of commercial mortgage loans with unpaid principal balances corresponding to the amounts of the outstanding debt obligations. We also hold passive non-controlling interests in certain unconsolidated entities that are considered VIEs. 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 $21.0 million as of March 31, 2020, within investment in unconsolidated entities on our condensed consolidated balance sheet. Our maximum risk of loss is limited to our carrying value of the investments.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
Related-Party Transactions	Mar. 31, 2020
Related-Party Transactions
Related-Party Transactions	15. Related-Party Transaction s Management Agreement We are party to a management agreement (the “Management Agreement”) with our Manager. Under the Management Agreement, our Manager, subject to the oversight of our board of directors, is required to manage our day to day activities, for which our Manager receives a base management fee and is eligible for an incentive fee and stock awards. Our Manager’s personnel perform certain due diligence, legal, management and other services that outside professionals or consultants would otherwise perform. As such, in accordance with the terms of our Management Agreement, our Manager is paid or reimbursed for the documented costs of performing such tasks, provided that such costs and reimbursements are in amounts no greater than those which would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis. Refer to Note 16 to the consolidated financial statements included in our Form 10-K for further discussion of this agreement. Base Management Fee. Incentive Fee. For the three months ended March 31, 2020 and 2019, approximately $15.8 million and $0.2 million, respectively, was incurred for incentive fees. As of March 31, 2020 and December 31, 2019, there were $15.8 million and $18.1 million, respectively, of unpaid incentive fees included in related-party payable in our condensed consolidated balance sheets. Expense Reimbursement. For both the three months ended March 31, 2020 and 2019, approximately $2.2 million was incurred for executive compensation and other reimbursable expenses and recognized within general and administrative expenses in our condensed consolidated statements of operations. As of March 31, 2020 and December 31, 2019, approximately $4.4 million and $3.5 million, respectively, of unpaid reimbursable executive compensation and other expenses were included in related-party payable in our condensed consolidated balance sheets. Equity Awards. In certain instances, we issue RSAs to certain employees of affiliates of our Manager who perform services for us. During the three months ended March 31, 2020 and 2019, we granted 341,635 and 114,216 RSAs, respectively, at grant date fair values of $3.9 million and $2.6 million, respectively. Expenses related to the vesting of awards to employees of affiliates of our Manager were $1.1 million and $0.8 million during the three months ended March 31, 2020 and 2019, respectively, and are reflected in general and administrative expenses in our condensed consolidated statements of operations. These shares generally vest over a three-year period. Manager Equity Plan In May 2017, the Company’s shareholders approved the Starwood Property Trust, Inc. 2017 Manager Equity Plan (the “2017 Manager Equity Plan”), which replaced the Starwood Property Trust, Inc. Manager Equity Plan (“Manager Equity Plan”). In September 2019, we granted RSUs to our Manager under the 2017 Manager Equity Plan. In April 2018, we granted RSUs to our Manager under the 2017 Manager Equity Plan. In March 2017, we granted RSUs to our Manager under the Manager Equity Plan. In connection with these grants and prior similar grants, we recognized share-based compensation expense of Investments in Loans In January 2020, the Company originated a $3.5 million bridge loan to a third party borrower for the development and recapitalization of luxury cabin rentals. In February 2020, the bridge loan was repaid, and the Company originated a $99.0 million first mortgage loan to the same borrower. The loan bears interest at a fixed rate of 10.5% plus fees and contains a term of 36 months with two one-year extension options. Certain members of our executive team and board of directors own equity interests in the borrower. The investment was approved by our independent directors. In January 2020, the Company co-originated a €70.3 million mezzanine loan with SEREF, an affiliate of our Manager, to the third party that acquired our property portfolio in Ireland in December 2019. The Company and SEREF each originated million. The loan matures in October 2025. During the three months ended March 31, 2020, the Company acquired $100.8 million of loans from a residential mortgage originator in which it holds an equity interest. Additionally, as of March 31, 2020, the Company had an outstanding residential mortgage loan purchase commitment of $18.0 million to this residential mortgage originator. Refer to Note 7 for further discussion. Lease Arrangements In March 2020, we entered into an office lease agreement with an entity which is controlled by our Chairman and CEO through majority equity ownership of the entity. The leased premises are currently under construction and will serve as our new Miami Beach office when our existing lease in Miami Beach expires on December 31, 2021. The lease will commence after delivery of the office space to us, but no earlier than July 30, 2021. The lease is for approximately 74,000 square feet of office space, has an initial term of 15 years and requires monthly lease payments starting in the tenth month after lease commencement. The lease payments are based on an annual base rate of $52.00 per square foot that increases by 3% each anniversary following commencement, plus our pro rata share of building operating expenses. On April 30, 2020, we provided a $1.9 million cash security deposit to the landlord. Prior to the execution of this lease, we engaged an independent third party leasing firm and external counsel to advise the independent directors of our board of directors on market terms for the lease. The terms of the lease were approved by our independent directors. Other Related-Party Arrangements Highmark Residential (“Highmark”), an affiliate of our Manager, provides property management services for 21 properties within our Woodstar I Portfolio. Fees paid to Highmark are calculated as a percentage of gross receipts and are at market terms. During the three months ended March 31, 2020 and 2019, property management fees to Highmark of Refer to Note 16 to the consolidated financial statements included in our Form 10-K for further discussion of related-party agreements.

Stockholders' Equity and Non-Co

Stockholders' Equity and Non-Controlling Interests	3 Months Ended
Stockholders' Equity and Non-Controlling Interests	Mar. 31, 2020
Stockholders' Equity and Non-Controlling Interests
Stockholders' Equity and Non-Controlling Interests	16. Stockholders’ Equity and Non-Controlling Interests During the three months ended March 31, 2020, our board of directors declared the following dividends: Declaration Date Record Date Ex-Dividend Date Payment Date Amount Frequency 2/25/20 3/31/20 3/30/20 4/15/20 0.48 Quarterly During the three months ended March 31, 2020 and 2019, there were no shares issued under our At-The-Market Equity Offering Sales Agreement. During the three months ended March 31, 2020 and 2019, shares issued under the Starwood Property Trust, Inc. Dividend Reinvestment and Direct Stock Purchase Plan (the “DRIP Plan”) were not material. In February 2020, our board of directors authorized the repurchase of up to $400.0 million of our outstanding common shares and Convertible Notes over a period of one year . Purchases made pursuant to the program will be made either in 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 are discretionary and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The program may be suspended or discontinued at any time. In March 2020, we repurchased Convertible Notes under our repurchase program. As of March 31, 2020, we had Equity Incentive Plans In May 2017, the Company’s shareholders approved the 2017 Manager Equity Plan and the Starwood Property Trust, Inc. 2017 Equity Plan (the “2017 Equity Plan”), which allow for the issuance of up to 11,000,000 stock options, stock appreciation rights, RSAs, RSUs or other equity-based awards or any combination thereof to the Manager, directors, employees, consultants or any other party providing services to the Company. The 2017 Manager Equity Plan succeeds and replaces the Manager Equity Plan and the 2017 Equity Plan succeeds and replaces the Starwood Property Trust, Inc. Equity Plan (the “Equity Plan”) and the Starwood Property Trust, Inc. Non-Executive Director Stock Plan (the “Non-Executive Director Stock Plan”). The table below summarizes our share awards granted or vested under the Manager Equity Plan and the 2017 Manager Equity Plan during the three months ended March 31, 2020 and 2019 (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 (1) Of the amount granted, 218,898 vested immediately on the grant date and the remaining amount vests over a three-year period. Schedule of Non-Vested Shares and Share Equivalents 2017 Weighted Average 2017 Manager Grant Date Fair Equity Plan Equity Plan Total Value (per share) Balance as of January 1, 2020 1,413,170 1,305,597 2,718,767 $ 22.74 Granted 965,847 — 965,847 10.77 Vested (474,367) (229,675) (704,042) 22.28 Forfeited (314) — (314) 21.31 Balance as of March 31, 2020 1,904,336 1,075,922 2,980,258 18.97 As of March 31, 2020, there were 6.5 million shares of common stock available for future grants under the 2017 Manager Equity Plan and the 2017 Equity Plan. Non-Controlling Interests in Consolidated Subsidiaries In connection with our Woodstar II Portfolio acquisitions, we issued 10.2 million Class A Units in our consolidated subsidiary, SPT Dolphin, and rights to receive an additional 1.9 million Class A Units if certain contingent events occur. As of March 31, 2020, 1.8 million of the 1.9 million contingent Class A Units were issued. 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 three months ended March 31, 2020, redemptions of 0.4 million of the Class A Units were received and settled in common stock, leaving 10.6 million Class A Units outstanding as of March 31, 2020. In consolidation, the outstanding Class A Units are reflected as non-controlling interests in consolidated subsidiaries on our condensed consolidated balance sheets, the balance of which was $227.1 million and $235.9 million as of March 31, 2020 and December 31, 2019, 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 condensed consolidated statements of operations. During the three months ended March 31, 2020 and 2019, we recognized net income attributable to non-controlling interests of $5.1 million and $5.7 million, respectively, associated with these Class A Units. As discussed in Note 14, we entered into the CMBS JV within our Investing and Servicing Segment in December 2019. Because the CMBS JV was deemed a VIE for which we were the primary beneficiary, 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 sheets, and any net income attributable to this 49% joint venture interest is reflected within net income attributable to non-controlling interests in our consolidated statement of operations. The non-controlling interests in the CMBS JV was $121.6 million and $175.6 million as of March 31, 2020 and December 31, 2019, respectively. During the three months ended March 31, 2020, net loss attributable to non-controlling interests was $6.0 million.

(Loss) Earnings per Share

(Loss) Earnings per Share	3 Months Ended
(Loss) Earnings per Share	Mar. 31, 2020
(Loss) Earnings per Share
(Loss) Earnings per Share	17. (Loss) Earnings per Share The following table provides a reconciliation of net (loss) income and the number of shares of common stock used in the computation of basic EPS and diluted EPS (amounts in thousands, except per share amounts): For the Three Months Ended March 31, 2020 2019 Basic (Loss) Earnings (Loss) income attributable to STWD common stockholders $ (66,769) $ 70,383 Less: Income attributable to participating shares not already deducted as non-controlling interests (1,222) (824) Basic (loss) earnings $ (67,991) $ 69,559 Diluted (Loss) Earnings (Loss) income attributable to STWD common stockholders $ (66,769) $ 70,383 Less: Income attributable to participating shares not already deducted as non-controlling interests (1,222) (824) Add: Interest expense on Convertible Notes (1) * * Add: Loss on extinguishment of Convertible Notes (1) * * Diluted (loss) earnings $ (67,991) $ 69,559 Number of Shares: Basic — Average shares outstanding 280,990 277,544 Effect of dilutive securities — Convertible Notes (1) * * Effect of dilutive securities — Unvested non-participating shares — 154 Diluted — Average shares outstanding 280,990 277,698 (Loss) Earnings Per Share Attributable to STWD Common Stockholders: Basic $ (0.24) $ 0.25 Diluted $ (0.24) $ 0.25 (1) The Company does not intend to fully settle the principal amount of the Convertible Notes in cash upon conversion. Accordingly, under GAAP, the dilutive effect to EPS for the periods presented above is determined using the “if-converted” method whereby interest expense or any loss on extinguishment of our Convertible Notes is added back to the diluted EPS numerator and the full number of potential shares contingently issuable upon their conversion is included in the diluted EPS denominator, if dilutive. Refer to Note 10 for further discussion. * As of March 31, 2020 and 2019, participating shares of 13.2 million and 13.6 million, respectively, were excluded from the computation of diluted shares as their effect was already considered under the more dilutive two-class method used above. Such participating shares at March 31, 2020 and 2019 included 10.6 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 16.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
Accumulated Other Comprehensive Income	Mar. 31, 2020
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income	18. Accumulated Other Comprehensive Income The changes in AOCI by component are as follows (amounts in thousands): Cumulative Unrealized Gain (Loss) on Foreign Available-for- Currency Sale Securities Translation Total Three Months Ended March 31, 2020 Balance at January 1, 2020 $ 50,996 $ (64) $ 50,932 OCI before reclassifications (15,048) — (15,048) Amounts reclassified from AOCI — — — Net period OCI (15,048) — (15,048) Balance at March 31, 2020 $ 35,948 $ (64) $ 35,884 Three Months Ended March 31, 2019 Balance at January 1, 2019 $ 53,515 $ 5,145 $ 58,660 OCI before reclassifications (387) (2,475) (2,862) Amounts reclassified from AOCI — — — Net period OCI (387) (2,475) (2,862) Balance at March 31, 2019 $ 53,128 $ 2,670 $ 55,798

Fair Value

Fair Value	3 Months Ended
Fair Value	Mar. 31, 2020
Fair Value
Fair Value	19. Fair Value GAAP establishes a hierarchy of valuation techniques based on the observability of inputs utilized in measuring financial assets and liabilities at fair value. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: Level I Level II Level III Valuation Process We have valuation control processes in place to validate the fair value of the Company’s financial assets and liabilities measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable. Pricing Verification Unobservable Inputs Fair Value on a Recurring Basis Loans held-for-sale, commercial 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 March 31, 2020 and December 31, 2019, 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 and loans held-for-sale 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 and unsecured senior notes not convertible The fair value of the secured financing agreements, CLO and unsecured senior notes not convertible are determined by discounting the contractual cash flows at the interest rate we estimate such arrangements would bear if executed in the current market. We have determined that our valuation of these instruments should be classified in Level III of the fair value hierarchy. Convertible Notes The fair value of the debt component of our Convertible Notes is estimated by discounting the contractual cash flows at the interest rate we estimate such notes would bear if sold in the current market without the embedded conversion option which, in accordance with ASC 470, is reflected as a component of equity. We have determined that our valuation of our Convertible Notes should be classified in Level III of the fair value hierarchy. Fair Value Disclosures The following tables present our financial assets and liabilities carried at fair value on a recurring basis in the condensed consolidated balance sheets by their level in the fair value hierarchy as of March 31, 2020 and December 31, 2019 (amounts in thousands): March 31, 2020 Total Level I Level II Level III Financial Assets: Loans under fair value option $ 1,347,797 $ — $ — $ 1,347,797 RMBS 170,640 — — 170,640 CMBS 32,855 — 10,420 22,435 Equity security 8,626 8,626 — — Domestic servicing rights 16,524 — — 16,524 Derivative assets 101,448 — 101,448 — VIE assets 61,157,805 — — 61,157,805 Total $ 62,835,695 $ 8,626 $ 111,868 $ 62,715,201 Financial Liabilities: Derivative liabilities $ 5,118 $ — $ 5,118 $ — VIE liabilities 59,807,306 — 58,300,869 1,506,437 Total $ 59,812,424 $ — $ 58,305,987 $ 1,506,437 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 The changes in financial assets and liabilities classified as Level III are as follows for the three months ended March 31, 2020 and 2019 (amounts in thousands): Domestic Loans at Servicing VIE Three Months Ended March 31, 2020 Fair Value RMBS CMBS Rights VIE Assets Liabilities Total January 1, 2020 balance $ 1,436,194 $ 189,576 $ 25,008 $ 16,917 $ 62,187,175 $ (2,537,392) $ 61,317,478 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale (16,134) — 5,738 (393) (3,506,792) 146,282 (3,371,299) Net accretion — 2,661 — — — — 2,661 Included in OCI — (15,048) — — — — (15,048) Purchases / Originations 746,880 — — — — — 746,880 Sales (751,746) — (7,940) — — — (759,686) Issuances — — — — — (24,376) (24,376) Cash repayments / receipts (67,397) (6,549) (371) — — (8,916) (83,233) Transfers into Level III — — — — — (101,265) (101,265) Transfers out of Level III — — — — — 1,090,325 1,090,325 Consolidation of VIEs — — — — 2,477,422 (71,095) 2,406,327 March 31, 2020 balance $ 1,347,797 $ 170,640 $ 22,435 $ 16,524 $ 61,157,805 $ (1,506,437) $ 61,208,764 Amount of unrealized (losses) gains attributable to assets still held at March 31, 2020: Included in earnings $ (39,070) $ 2,661 $ (647) $ (393) $ (3,506,792) $ 146,282 $ (3,397,959) Included in OCI $ — $ (15,048) $ — $ — $ — $ — $ (15,048) Domestic Loans at Servicing VIE Three Months Ended March 31, 2019 Fair Value RMBS CMBS Rights VIE Assets Liabilities Total January 1, 2019 balance $ 671,282 $ 209,079 $ 25,228 $ 20,557 $ 53,446,364 $ (1,441,446) $ 52,931,064 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale 11,266 — (295) (767) 294,345 33,957 338,506 Net accretion — 2,503 — — — — 2,503 Included in OCI — (387) — — — — (387) Purchases / Originations 740,296 — — — — — 740,296 Sales (561,702) — (3,228) — — — (564,930) Issuances — — — — — (33,678) (33,678) Cash repayments / receipts (19,455) (6,360) (188) — — (389) (26,392) Transfers into Level III — — 5,350 — — (670,742) (665,392) Transfers out of Level III — — — — — 136,592 136,592 Consolidation of VIEs — — — — 3,280,065 (103,309) 3,176,756 Deconsolidation of VIEs — — 11,468 — (45,910) 32,456 (1,986) March 31, 2019 balance $ 841,687 $ 204,835 $ 38,335 $ 19,790 $ 56,974,864 $ (2,046,559) $ 56,032,952 Amount of unrealized gains (losses) included in earnings attributable to assets still held at March 31, 2019 $ 3,169 $ 2,503 $ (567) $ (767) $ 294,345 $ 33,957 $ 332,640 Amounts were transferred from Level II to Level III due to a decrease in the observable relevant market activity and amounts were transferred from Level III to Level II due to an increase in the observable relevant market activity. The following table presents the fair values, all of which are classified in Level III of the fair value hierarchy, of our financial instruments not carried at fair value on the condensed consolidated balance sheets (amounts in thousands): March 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Value Value Value Value Financial assets not carried at fair value: Loans held-for-investment and loans held-for-sale $ 10,316,073 $ 10,165,113 $ 10,034,030 $ 10,086,372 HTM debt securities 565,851 540,268 570,638 568,727 Financial liabilities not carried at fair value: Secured financing agreements and CLO $ 10,618,366 $ 10,361,814 $ 9,834,108 $ 9,826,511 Unsecured senior notes 1,930,584 1,773,382 1,928,622 2,022,283 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 (Weighted Average) as of (1) March 31, 2020 Technique Input March 31, 2020 December 31, 2019 Loans under fair value option $ 1,347,797 Discounted cash flow Yield (b) 3.2% - 8.9% (5.2%) 3.4% - 5.9% Duration (c) 1.4 - 11.3 years ( 4.8 years) 1.3 - 11.3 years RMBS 170,640 Discounted cash flow Constant prepayment rate (a) 3.3% - 17.8% (7.7%) 3.1% - 24.9% Constant default rate (b) 0.4% - 4.8% (2.4%) 0.5% - 5.0% Loss severity (b) 0% - 82% (29%) (e) 0% - 93% (e) Delinquency rate (c) 4% - 29% (17%) 5% - 29% Servicer advances (a) 27% - 85% (61%) 27% - 85% Annual coupon deterioration (b) 0% - 0.9% (0.1%) 0% - 1.6% Putback amount per projected total collateral loss (d) 0% - 25% (2.9%) 0% - 28% CMBS 22,435 Discounted cash flow Yield (b) 0% - 6.2% (3.9%) 0% - 122.9% Duration (c) 0 - 9.7 years ( 4.8 years) 0 - 9.7 years Domestic servicing rights 16,524 Discounted cash flow Debt yield (a) 7.75% (7.75%) 7.50% Discount rate (b) 15% (15%) 15% Control migration (b) 0% - 80% (80%) 0% - 80% VIE assets 61,157,805 Discounted cash flow Yield (b) 0% - 862.5% (10.7%) 0% - 690.7% Duration (c) 0 - 18.2 years ( 5.1 years) 0 - 19.2 years VIE liabilities (1,506,437) Discounted cash flow Yield (b) 0% - 862.5% (10.6%) 0% - 690.7% Duration (c) 0 - 11.4 years ( 5.2 years) 0 - 12.7 years (1) The ranges and weighted averages of significant unobservable inputs are represented in percentages and years. Unobservable inputs were weighted by the relative carrying value of the instruments as of March 31, 2020. Information about Uncertainty of Fair Value Measurements (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) 28% and 34% of the portfolio falls within a range of 45% - 80% as of March 31, 2020 and December 31, 2019, respectively.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2020
Income Taxes
Income Taxes	20. Income Taxes Certain of our domestic subsidiaries have elected to be treated as taxable REIT subsidiaries (“TRSs”). TRSs permit us to participate in certain activities from which REITs are generally precluded, as long as these activities meet specific criteria, are conducted within the parameters of certain limitations established by the Code and are conducted in entities which elect to be treated as taxable subsidiaries under the Code. To the extent these criteria are met, we will continue to maintain our qualification as a REIT. Our TRSs engage in various real estate related operations, including special servicing of commercial real estate, originating and securitizing commercial mortgage loans, and investing in entities which engage in real estate-related operations. As of March 31, 2020 and December 31, 2019, approximately $1.4 billion and $1.6 billion, respectively, of assets were owned by TRS entities. Our TRSs are not consolidated for U.S. federal income tax purposes, but are instead taxed as corporations. For financial reporting purposes, a provision for current and deferred taxes is established for the portion of earnings recognized by us with respect to our interest in TRSs. The following table is a reconciliation of our U.S. federal income tax (benefit) provision determined using our statutory federal tax rate to our reported income tax (benefit) provision for the three months ended March 31, 2020 and 2019 (dollars in thousands): For the Three Months Ended March 31, 2020 2019 Federal statutory tax rate $ (15,329) 21.0 % $ 16,137 21.0 % REIT and other non-taxable (loss) income 9,914 (13.6) % (16,160) (21.0) % State income taxes (1,779) 2.4 % (6) — % Federal benefit of state tax deduction 374 (0.5) % 1 — % Other 91 (0.1) % 362 0.4 % Effective tax rate $ (6,729) 9.2 % $ 334 0.4 % The Company has used the discrete tax approach in calculating the tax benefit for the three months ended March 31, 2020 due to the fact that a relatively small change in the Company’s projected pre-tax net income (loss) could result in a volatile effective tax rate. Under the discrete method, the Company determines its tax (benefit) provision based upon actual results as if the interim period was an annual period. In response to the COVID-19 pandemic, many governments have enacted or are contemplating measures to provide aid and economic stimulus. These measures may include deferring the due dates of tax payments or other changes to their income and non-income-based tax laws. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was enacted on March 27, 2020 in the U.S., includes measures to assist companies, including temporary changes to income and non-income-based tax laws. For the three months ended March 31, 2020, there were no material tax impacts to our condensed consolidated financial statements as it relates to COVID-19 measures. We continue to monitor additional guidance issued by the U.S. Treasury Department, the Internal Revenue Service and others.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2020
Commitments and Contingencies.
Commitments and Contingencies	21. Commitments and Contingencie s As of March 31, 2020, our Commercial and Residential Lending Segment had future commercial loan funding commitments totaling $2.7 billion, of which we expect to fund $2.5 billion. These future funding commitments primarily relate to construction projects, capital improvements, tenant improvements and leasing commissions. Additionally, as of March 31, 2020, our Commercial and Residential Lending Segment had an outstanding residential mortgage loan purchase commitment of $18.0 million to a residential mortgage originator in which we hold an equity interest. Refer to Note 15 for further discussion. As of March 31 2020, our Infrastructure Lending Segment had future infrastructure loan funding commitments totaling $321.6 million, including $140.8 million under revolvers and letters of credit (“LCs”), and $180.8 million under delayed draw term loans. As of March 31 2020, $24.0 million of revolvers and LCs were outstanding. In connection with the Infrastructure Lending Segment acquisition, we assumed guarantees of certain borrowers’ performance under existing interest rate swaps. As of March 31 2020, we had six outstanding guarantees on interest rate swaps maturing between March 2022 and June 2025. Refer to Note 12 for further discussion. Generally, funding commitments are subject to certain conditions that must be met, such as customary construction draw certifications, minimum debt service coverage ratios or executions of new leases before advances are made to the borrower. Management is not aware of any other contractual obligations, legal proceedings, or any other contingent obligations incurred in the normal course of business that would have a material adverse effect on our condensed consolidated financial statements.

Segment Data

Segment Data	3 Months Ended
Segment Data	Mar. 31, 2020
Segment Data
Segment Data	22. Segment Dat a In its operation of the business, management, including our chief operating decision maker, who is our Chief Executive Officer, reviews certain financial information, including segmented internal profit and loss statements prepared on a basis prior to the impact of consolidating securitization VIEs under ASC 810. The segment information within this Note is reported on that basis. The table below presents our results of operations for the three months ended March 31, 2020 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 $ 192,381 $ 22,413 $ — $ 2,633 $ — $ 217,427 $ — $ 217,427 Interest income from investment securities 18,628 701 — 24,800 — 44,129 (28,889) 15,240 Servicing fees 172 — — 6,442 — 6,614 (1,821) 4,793 Rental income 78 — 63,961 10,107 — 74,146 — 74,146 Other revenues 178 143 122 513 — 956 (2) 954 Total revenues 211,437 23,257 64,083 44,495 — 343,272 (30,712) 312,560 Costs and expenses: Management fees 351 — — 239 40,107 40,697 31 40,728 Interest expense 53,950 13,117 17,121 7,194 28,805 120,187 (162) 120,025 General and administrative 8,132 4,423 1,078 20,684 4,301 38,618 84 38,702 Acquisition and investment pursuit costs 860 17 12 20 — 909 — 909 Costs of rental operations 778 — 22,852 4,584 — 28,214 — 28,214 Depreciation and amortization 415 70 19,288 4,207 — 23,980 — 23,980 Credit loss provision, net 40,217 8,452 — — — 48,669 — 48,669 Other expense 77 — 311 — — 388 — 388 Total costs and expenses 104,780 26,079 60,662 36,928 73,213 301,662 (47) 301,615 Other (loss) income: Change in net assets related to consolidated VIEs — — — — — — (45,493) (45,493) Change in fair value of servicing rights — — — 318 — 318 (711) (393) Change in fair value of investment securities, net (27,879) — — (47,216) — (75,095) 77,599 2,504 Change in fair value of mortgage loans, net (35,517) — — 19,383 — (16,134) — (16,134) Earnings (loss) from unconsolidated entities 51 — — 620 — 671 (574) 97 Gain on sale of investments and other assets, net — 296 — — — 296 — 296 Gain (loss) on derivative financial instruments, net 30,805 (1,001) (30,223) (19,106) 29,235 9,710 — 9,710 Foreign currency (loss) gain, net (34,001) (473) (19) 7 — (34,486) — (34,486) Loss on extinguishment of debt — (170) — — — (170) — (170) Other income, net — — 50 76 — 126 — 126 Total other (loss) income (66,541) (1,348) (30,192) (45,918) 29,235 (114,764) 30,821 (83,943) Income (loss) before income taxes 40,116 (4,170) (26,771) (38,351) (43,978) (73,154) 156 (72,998) Income tax benefit 4,422 145 — 2,162 — 6,729 — 6,729 Net income (loss) 44,538 (4,025) (26,771) (36,189) (43,978) (66,425) 156 (66,269) Net (income) loss attributable to non-controlling interests (3) — (5,111) 4,770 — (344) (156) (500) Net income (loss) attributable to Starwood Property Trust, Inc . $ 44,535 $ (4,025) $ (31,882) $ (31,419) $ (43,978) $ (66,769) $ — $ (66,769) The table below presents our results of operations for the three months ended March 31, 2019 by business segment (amounts in thousands): Commercial and Residential Infrastructure Investing Lending Lending Property and Servicing Securitization Segment Segment Segment Segment Corporate Subtotal VIEs Total Revenues: Interest income from loans $ 154,595 $ 26,915 $ — $ 1,906 $ — $ 183,416 $ — $ 183,416 Interest income from investment securities 19,908 885 — 24,293 — 45,086 (27,454) 17,632 Servicing fees 123 — — 27,243 — 27,366 (2,933) 24,433 Rental income — — 70,521 13,312 — 83,833 — 83,833 Other revenues 204 686 78 196 20 1,184 (18) 1,166 Total revenues 174,830 28,486 70,599 66,950 20 340,885 (30,405) 310,480 Costs and expenses: Management fees 411 — — 18 22,988 23,417 49 23,466 Interest expense 61,604 18,577 18,990 7,746 27,915 134,832 (160) 134,672 General and administrative 6,768 4,479 1,518 18,851 3,226 34,842 88 34,930 Acquisition and investment pursuit costs 249 16 — 77 — 342 — 342 Costs of rental operations 19 — 22,937 6,695 — 29,651 — 29,651 Depreciation and amortization 71 — 23,896 5,287 — 29,254 — 29,254 Credit loss provision, net (11) 774 — — — 763 — 763 Other expense 77 — 134 — — 211 — 211 Total costs and expenses 69,188 23,846 67,475 38,674 54,129 253,312 (23) 253,289 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 47,836 47,836 Change in fair value of servicing rights — — — (515) — (515) (252) (767) Change in fair value of investment securities, net (1,694) — — 18,140 — 16,446 (16,384) 62 Change in fair value of mortgage loans, net 1,386 — — 9,880 — 11,266 — 11,266 Earnings (loss) from unconsolidated entities 577 — (43,805) 594 — (42,634) (566) (43,200) Gain on sale of investments and other assets, net 2,755 790 — 940 — 4,485 — 4,485 (Loss) gain on derivative financial instruments, net (9,297) (395) 1,290 (3,432) 9,627 (2,207) — (2,207) Foreign currency gain (loss), net 5,239 300 9 (1) — 5,547 — 5,547 (Loss) gain on extinguishment of debt — (3,304) — — 6 (3,298) — (3,298) Other loss, net — — — — (73) (73) — (73) Total other income (loss) (1,034) (2,609) (42,506) 25,606 9,560 (10,983) 30,634 19,651 Income (loss) before income taxes 104,608 2,031 (39,382) 53,882 (44,549) 76,590 252 76,842 Income tax benefit (provision) 248 85 (258) (409) — (334) — (334) Net income (loss) 104,856 2,116 (39,640) 53,473 (44,549) 76,256 252 76,508 Net (income) loss attributable to non-controlling interests (371) — (5,717) 215 — (5,873) (252) (6,125) Net income (loss) attributable to Starwood Property Trust, Inc . $ 104,485 $ 2,116 $ (45,357) $ 53,688 $ (44,549) $ 70,383 $ — $ 70,383 The table below presents our condensed consolidated balance sheet as of March 31, 2020 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 $ 22,910 $ 40 $ 28,137 $ 36,913 $ 719,222 $ 807,222 $ 4,434 $ 811,656 Restricted cash 50,331 43,679 7,362 18,365 — 119,737 — 119,737 Loans held-for-investment, net 9,106,441 1,381,271 — 1,224 — 10,488,936 — 10,488,936 Loans held-for-sale 886,076 101,895 — 186,963 — 1,174,934 — 1,174,934 Investment securities 955,614 44,141 — 1,095,990 — 2,095,745 (1,317,773) 777,972 Properties, net 26,585 — 2,014,007 212,478 — 2,253,070 — 2,253,070 Intangible assets — — 45,331 63,632 — 108,963 (26,958) 82,005 Investment in unconsolidated entities 50,017 25,862 — 31,321 — 107,200 (19,866) 87,334 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Derivative assets 57,238 6 98 2,250 41,856 101,448 — 101,448 Accrued interest receivable 49,942 4,949 — 1,047 3,357 59,295 (758) 58,537 Other assets 61,109 5,108 76,776 52,119 8,812 203,924 (15) 203,909 VIE assets, at fair value — — — — — — 61,157,805 61,157,805 Total Assets $ 11,266,263 $ 1,726,360 $ 2,171,711 $ 1,842,739 $ 773,247 $ 17,780,320 $ 59,796,869 $ 77,577,189 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 33,645 $ 11,933 $ 48,748 $ 48,090 $ 79,178 $ 221,594 $ 75 $ 221,669 Related-party payable — — — 5 39,261 39,266 — 39,266 Dividends payable — — — — 137,529 137,529 — 137,529 Derivative liabilities 3,740 1,292 — 86 — 5,118 — 5,118 Secured financing agreements, net 5,611,239 1,190,995 1,698,044 692,941 510,414 9,703,633 (13,950) 9,689,683 Collateralized loan obligations, net 928,683 — — — — 928,683 — 928,683 Unsecured senior notes, net — — — — 1,930,584 1,930,584 — 1,930,584 VIE liabilities, at fair value — — — — — — 59,807,306 59,807,306 Total Liabilities 6,577,307 1,204,220 1,746,792 741,122 2,696,966 12,966,407 59,793,431 72,759,838 Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 2,894 2,894 — 2,894 Additional paid-in capital 1,159,771 531,986 229,223 (200,489) 3,438,578 5,159,069 — 5,159,069 Treasury stock — — — — (133,024) (133,024) — (133,024) Accumulated other comprehensive income (loss) 35,948 — — (64) — 35,884 — 35,884 Retained earnings (accumulated deficit) 3,493,119 (9,846) (31,451) 1,163,580 (5,232,167) (616,765) — (616,765) Total Starwood Property Trust, Inc. Stockholders’ Equity 4,688,838 522,140 197,772 963,027 (1,923,719) 4,448,058 — 4,448,058 Non-controlling interests in consolidated subsidiaries 118 — 227,147 138,590 — 365,855 3,438 369,293 Total Equity 4,688,956 522,140 424,919 1,101,617 (1,923,719) 4,813,913 3,438 4,817,351 Total Liabilities and Equity $ 11,266,263 $ 1,726,360 $ 2,171,711 $ 1,842,739 $ 773,247 $ 17,780,320 $ 59,796,869 $ 77,577,189 The table below presents our condensed 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

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2020
Subsequent Events
Subsequent Events	23. Subsequent Events Our significant events subsequent to March 31, 2020 were as follows: Base Management Fee In April 2020, our board of directors authorized the payment of our base management fee in shares of common stock. As discussed in Note 15, our base management fee totaled $19.1 million for the three months ended March 31, 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2020
Summary of Significant Accounting Policies
Balance Sheet Presentation of Securitization Variable Interest Entities	Balance Sheet Presentation of Securitization Variable Interest Entities We operate investment businesses that acquire unrated, investment grade and non-investment grade rated CMBS and RMBS. These securities represent interests in securitization structures (commonly referred to as special purpose entities, or “SPEs”). These SPEs are structured as pass through entities that receive principal and interest on the underlying collateral and distribute those payments to the certificate holders. Under accounting principles generally accepted in the United States of America (“GAAP”), SPEs typically qualify as VIEs. These are entities that, by design, either (1) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. Because we often serve as the special servicer or servicing administrator of the trusts in which we invest, or we have the ability to remove and replace the special servicer without cause, consolidation of these structures is required pursuant to GAAP as outlined in detail below. This results in a consolidated balance sheet which presents the gross assets and liabilities of the VIEs. The assets and other instruments held by these VIEs are restricted and can only be used to fulfill the obligations of the entity. Additionally, the obligations of the VIEs do not have any recourse to the general credit of any other consolidated entities, nor to us as the consolidator of these VIEs. The VIE liabilities initially represent investment securities on our balance sheet (pre-consolidation). Upon consolidation of these VIEs, our associated investment securities are eliminated, as is the interest income related to those securities. Similarly, the fees we earn in our roles as special servicer of the bonds issued by the consolidated VIEs or as collateral administrator of the consolidated VIEs are also eliminated. Finally, an allocable portion of the identified servicing intangible associated with the eliminated fee streams is eliminated in consolidation. Refer to the segment data in Note 22 for a presentation of our business segments without consolidation of these VIEs.
Basis of Accounting and Principles of Consolidation	Basis of Accounting and Principles of Consolidation The accompanying condensed consolidated financial statements include our accounts and those of our consolidated subsidiaries and VIEs. Intercompany amounts have been eliminated in consolidation. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (our “Form 10-K”), as filed with the Securities and Exchange Commission (“SEC”). The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the operating results for the full year. Refer to our Form 10-K for a description of our recurring accounting policies. We have included disclosure in this Note 2 regarding principles of consolidation and other accounting policies that (i) are required to be disclosed quarterly, (ii) we view as critical, (iii) became significant since December 31, 2019 due to a corporate action or increase in the significance of the underlying business activity or (iv) changed upon adoption of an Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”).
Variable Interest Entities	Variable Interest Entities In addition to the securitization VIEs, we have financed a pool of our loans through a collateralized loan obligation (“CLO”) which is considered a VIE. We also hold interests in certain other entities which are considered VIEs as the limited partners of those entities with equity at risk do not collectively possess (i) the right to remove the general partner or dissolve the partnership without cause or (ii) the right to participate in significant decisions made by the partnership. We evaluate all of our interests in VIEs for consolidation. When our interests are determined to be variable interests, we assess whether we are deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. Accounting Standards Codification (“ASC”) 810, Consolidation To assess whether we have the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, we consider all facts and circumstances, including our role in establishing the VIE and our ongoing rights and responsibilities. This assessment includes: (i) identifying the activities that most significantly impact the VIE’s economic performance; and (ii) identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE or have the right to unilaterally remove those decision makers are deemed to have the power to direct the activities of a VIE. The right to remove the decision maker in a VIE must be exercisable without cause for the decision maker to not be deemed the party that has the power to direct the activities of a VIE. To assess whether we have the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, we consider all of our economic interests, including debt and equity investments, servicing fees and other arrangements deemed to be variable interests in the VIE. This assessment requires that we apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by us. Our purchased investment securities include unrated and non-investment grade rated securities issued by securitization trusts. In certain cases, we may contract to provide special servicing activities for these trusts, or, as holder of the controlling class, we may have the right to name and remove the special servicer for these trusts. In our role as special servicer, we provide services on defaulted loans within the trusts, such as foreclosure or work-out procedures, as permitted by the underlying contractual agreements. In exchange for these services, we receive a fee. These rights give us the ability to direct activities that could significantly impact the trust’s economic performance. However, in those instances where an unrelated third party has the right to unilaterally remove us as special servicer without cause, we do not have the power to direct activities that most significantly impact the trust’s economic performance. We evaluated all of our positions in such investments for consolidation. For securitization VIEs in which we are determined to be the primary beneficiary, all of the underlying assets, liabilities and equity of the structures are recorded on our books, and the initial investment, along with any associated unrealized holding gains and losses, are eliminated in consolidation. Similarly, the interest income earned from these structures, as well as the fees paid by these trusts to us in our capacity as special servicer, are eliminated in consolidation. Further, an allocable portion of the identified servicing intangible asset associated with the servicing fee streams, and the corresponding allocable amortization or change in fair value of the servicing intangible asset, are also eliminated in consolidation. We perform ongoing reassessments of: (i) whether any entities previously evaluated under the majority voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework, and (ii) whether changes in the facts and circumstances regarding our involvement with a VIE causes our consolidation conclusion regarding the VIE to change. We elect the fair value option for initial and subsequent recognition of the assets and liabilities of our consolidated securitization VIEs. Interest income and interest expense associated with these VIEs are no longer relevant on a standalone basis because these amounts are already reflected in the fair value changes. We have elected to present these items in a single line on our condensed consolidated statements of operations. The residual difference shown on our condensed consolidated statements of operations in the line item “Change in net assets related to consolidated VIEs” represents our beneficial interest in the VIEs. We separately present the assets and liabilities of our consolidated securitization VIEs as individual line items on our condensed consolidated balance sheets. The liabilities of our consolidated securitization VIEs consist solely of obligations to the bondholders of the related trusts, and are thus presented as a single line item entitled “VIE liabilities.” The assets of our consolidated securitization VIEs consist principally of loans, but at times, also include foreclosed loans which have been temporarily converted into real estate owned (“REO”). These assets in the aggregate are likewise presented as a single line item entitled “VIE assets.” Loans comprise the vast majority of our securitization VIE assets and are carried at fair value due to the election of the fair value option. When an asset becomes REO, it is due to non-performance 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 1% of our consolidated securitization VIE assets, with the remaining 99 % representing loans. However, it is important to note that the fair value of our securitization VIE assets is determined by reference to our securitization VIE liabilities as permitted under ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity . In other words, our VIE liabilities are more reliably measurable than the VIE assets, resulting in our current measurement methodology which utilizes this value to determine the fair value of our securitization VIE assets as a whole. As a result, these percentages are not necessarily indicative of the relative fair values of each of these asset categories if the assets were to be valued individually. Due to our accounting policy election under ASU 2014-13, separately presenting two different asset categories would result in an arbitrary assignment of value to each, with one asset category representing a residual amount, as opposed to its fair value. However, as a pool, the fair value of the assets in total is equal to the fair value of the liabilities. For these reasons, the assets of our securitization VIEs are presented in the aggregate.
Fair Value Option	Fair Value Option The guidance in ASC 825, Financial Instruments We have elected the fair value option for certain eligible financial assets and liabilities of our consolidated securitization VIEs, residential loans held-for-investment, loans held-for-sale originated or acquired for future securitization and purchased CMBS issued by VIEs we could consolidate in the future. The fair value elections for VIE and securitization related items were made in order to mitigate accounting mismatches between the carrying value of the instruments and the related assets and liabilities that we consolidate at fair value. The fair value elections for residential mortgage loans held-for-investment were made in order to maintain consistency across all our residential mortgage loans. The fair value elections for mortgage loans held-for-sale were made due to the expected short-term holding period of these instruments.
Fair Value Measurements	Fair Value Measurements We measure our mortgage-backed securities, derivative assets and liabilities, domestic servicing rights intangible asset and any assets or liabilities where we have elected the fair value option at fair value. When actively quoted observable prices are not available, we either use implied pricing from similar assets and liabilities or valuation models based on net present values of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors. As discussed above, we measure the assets and liabilities of consolidated securitization VIEs at fair value pursuant to our election of the fair value option. The securitization VIEs in which we invest are “static”; that is, no reinvestment is permitted, and there is no active management of the underlying assets. In determining the fair value of the assets and liabilities of the securitization VIEs, we maximize the use of observable inputs over unobservable inputs. Refer to Note 19 for further discussion regarding our fair value measurements.
Loans Held-for-Investment	Loans Held-for-Investment Loans that are held for investment are carried at cost, net of unamortized acquisition premiums or discounts, loan fees, and origination costs as applicable, unless the loans are credit deteriorated or we have elected to apply the fair value option at purchase.
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.
Credit Losses	Credit Losses Loans and Debt Securities Measured at Amortized Cost ASC 326, Financial Instruments – Credit Losses , became effective for the Company on January 1, 2020. ASC 326 mandates the use of a current expected credit loss model (“CECL”) for estimating future credit losses of certain financial instruments measured at amortized cost, instead of the “incurred loss” credit model previously required under GAAP. The CECL 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 under the previous “incurred loss” methodology. The CECL model applies to our loans held-for-investment (“HFI”) and our held-to-maturity (“HTM”) debt securities which are carried at amortized cost, including future funding commitments and accrued interest receivable related to those loans and securities. However, as permitted by ASC 326, we have elected not to measure an allowance for credit losses on accrued interest receivable (which is classified separately on our condensed consolidated balance sheet), but rather write off in a timely manner and/or cease accruing interest that would likely be uncollectible. Our adoption of the CECL model resulted in a As we do not have a history of realized credit losses on our HFI loans and HTM securities, we have subscribed to third party database services to provide us with historical industry losses for both commercial real estate and infrastructure loans. Using these losses as a benchmark, we determine expected credit losses for our loans and securities on a collective basis within our commercial real estate and infrastructure portfolios. See Note 4 for further discussion of our methodologies. We also evaluate each loan and security measured at amortized cost for credit deterioration at least quarterly. Credit deterioration 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 or security. If a loan or security is considered to be credit deteriorated, we depart from the industry loss rate approach described above and determine the credit loss allowance as any excess of the amortized cost basis of the loan or security over (i) the present value of expected future cash flows discounted at the contractual effective interest rate or (ii) the fair value of the collateral, if repayment is expected solely from the collateral. Available-for-Sale Debt Securities Separate provisions of ASC 326 apply to our available-for-sale (“AFS”) debt securities, which are carried at fair value with unrealized gains and losses reported as a component of accumulated other comprehensive income (“AOCI”). We are required to establish an initial credit loss allowance for those securities that are purchased with credit deterioration (“PCD”) by grossing up the amortized cost basis of each security and providing an offsetting credit loss allowance for the difference between expected cash flows and contractual cash flows, both on a present value basis. As of the January 1, 2020 effective date, no such credit loss allowance gross-up was required on our AFS debt securities with PCD due to their individual unrealized gain positions as of that date. Subsequently, cumulative adverse changes in expected cash flows on our AFS debt securities are recognized currently as an increase to the allowance for credit losses. However, the allowance is limited to the amount by which the AFS debt security’s amortized cost exceeds its fair value. Favorable changes in expected cash flows are first recognized as a decrease to the allowance for credit losses (recognized currently in earnings). Such changes would be recognized as a prospective yield adjustment only when the allowance for credit losses is reduced to zero. A change in expected cash flows that is attributable solely to a change in a variable interest reference rate does not result in a credit loss and is accounted for as a prospective yield adjustment.
Goodwill	Goodwill ASU 2017-04, Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment
(Loss) Earnings Per Share	(Loss) Earnings Per Share We present both basic and diluted (loss) earnings per share (“EPS”) amounts in our financial statements. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the maximum potential dilution that could occur from (i) our share-based compensation, consisting of unvested restricted stock (“RSAs”) and restricted stock units (“RSUs”), (ii) shares contingently issuable to our Manager, (iii) the conversion options associated with our outstanding convertible senior notes (the “Convertible Notes”) (see Notes 10 and 17) and (iv) non-controlling interests that are redeemable with our common stock (see Note 16). Potential dilutive shares are excluded from the calculation if they have an anti-dilutive effect in the period. Nearly all of the Company’s unvested RSUs and RSAs contain rights to receive non-forfeitable dividends and thus are participating securities. In addition, the non-controlling interests that are redeemable with our common stock are considered participating securities because they earn a preferred return indexed to the dividend rate on our common stock (see Note 16). Due to the existence of these participating securities, the two-class method of computing EPS is required, unless another method is determined to be more dilutive. Under the two-class method, undistributed earnings are reallocated between shares of common stock and participating securities. For the three months ended March 31, 2020 and 2019, the two-class method resulted in the most dilutive EPS calculation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The most significant and subjective estimate that we make is the projection of cash flows we expect to receive on our loans, investment securities and intangible assets, which has a significant impact on the amounts of interest income, credit losses (if any) and fair values that we record and/or disclose. In addition, the fair value of financial assets and liabilities that are estimated using a discounted cash flows method is significantly impacted by the rates at which we estimate market participants would discount the expected cash flows. In December 2019, a novel strain of coronavirus (COVID-19) was reported to have surfaced in Wuhan, China. COVID-19 has since spread to over 200 countries and territories, including every state in the U.S and in cities and regions where our corporate headquarters and/or properties that secure our investments, or properties that we own, are located. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, and since then, numerous countries, including the U.S., have declared national emergencies with respect to COVID-19 and have instituted “stay-at-home” guidelines or orders to help prevent its spread. The disruptive economic effects of the COVID-19 pandemic have significantly impacted our estimates involving credit losses and fair values during the three months ended March 31, 2020, including introducing a significant degree of uncertainty underlying those estimates.
Recent Accounting Developments	Recent Accounting Developments Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting,

Loans (Tables)

Loans (Tables)	3 Months Ended
Loans (Tables)	Mar. 31, 2020
Loans
Summary of investments in mortgages and loans by subordination class	The following tables summarize our investments in mortgages and loans as of March 31, 2020 and December 31, 2019 (dollars in thousands): Weighted Weighted Average Life Carrying Face Average (“WAL”) March 31, 2020 Value Amount Coupon (1) (years)(2) Loans held-for-investment: Commercial loans: First mortgages (3) $ 8,290,772 $ 8,318,289 5.3 % 1.9 Subordinated mortgages (4) 68,230 69,485 8.8 % 3.5 Mezzanine loans (3) 523,901 523,963 10.4 % 2.0 Other 31,058 34,852 8.9 % 2.2 Total commercial loans 8,913,961 8,946,589 Infrastructure first priority loans 1,397,404 1,416,147 5.0 % 4.7 Residential mortgage loans, fair value option (5) 274,758 276,661 6.2 % 4.1 Total loans held-for-investment 10,586,123 10,639,397 Loans held-for-sale: Residential, fair value option (5) 886,076 892,815 6.1 % 4.1 Commercial, fair value option 186,963 185,535 3.9 % 10.0 Infrastructure, lower of cost or fair value 102,020 103,007 2.9 % 2.2 Total loans held-for-sale 1,175,059 1,181,357 Total gross loans 11,761,182 $ 11,820,754 Credit loss allowances: Commercial loans held-for-investment (81,054) Infrastructure loans held-for-investment (16,133) Total held-for-investment allowances (97,187) Infrastructure loans held-for-sale with a fair value allowance (125) Total allowances (97,312) Total net loans $ 11,663,870 December 31, 2019 Loans held-for-investment: Commercial loans: First mortgages (3) $ 7,928,026 $ 7,962,788 5.8 % 2.0 Subordinated mortgages (4) 75,724 77,055 8.8 % 3.4 Mezzanine loans (3) 484,164 484,408 11.0 % 1.9 Other 62,555 66,525 8.2 % 1.6 Total commercial loans 8,550,469 8,590,776 Infrastructure first priority loans 1,397,448 1,416,164 5.6 % 4.9 Residential mortgage loans, fair value option 671,572 654,925 6.1 % 3.8 Total loans held-for-investment 10,619,489 10,661,865 Loans held-for-sale: Residential, fair value option 605,384 587,144 6.2 % 3.9 Commercial, fair value option 159,238 160,635 3.9 % 10.0 Infrastructure, lower of cost or fair value 119,724 121,271 3.3 % 2.1 Total loans held-for-sale 884,346 869,050 Total gross loans 11,503,835 $ 11,530,915 Credit loss allowances: Commercial loans held-for-investment (33,415) Infrastructure loans held-for-investment — Total held-for-investment allowances (33,415) Infrastructure loans held-for-sale with a fair value allowance (196) Total allowances (33,611) Total net loans $ 11,470,224 (1) Calculated using LIBOR or other applicable index rates as of March 31, 2020 and December 31, 2019 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 $968.2 million and $967.0 million being classified as first mortgages as of March 31, 2020 and December 31, 2019, respectively. (4) Subordinated mortgages include B-Notes and junior participation in first mortgages where we do not own the senior A-Note or senior participation. If we own both the A-Note and B-Note, we categorize the loan as a first mortgage loan. (5) During the three months ended March 31, 2020, $422.7 million of residential loans held-for-investment were reclassified into residential loans held-for-sale.
Summary of variable rate loans held-for-investment	As of March 31, 2020, our variable rate loans held-for-investment were as follows (dollars in thousands): Carrying Weighted-average March 31, 2020 Value Spread Above Index Commercial loans $ 8,360,382 4.2 % Infrastructure loans 1,397,404 3.8 % Total variable rate loans held-for-investment $ 9,757,786 4.1 %
Schedule of risk ratings by class of loan	The significant credit quality indicators for our loans measured at amortized cost, which excludes loans held-for-sale, were as follows as of March 31, 2020 (dollars in thousands): Term Loans Revolving Loans Total Credit Amortized Cost Basis by Origination Year Amortized Cost Amortized Loss As of March 31, 2020 2020 2019 2018 2017 2016 Prior Total Cost Basis Allowance Commercial loans: Credit quality indicator: LTV < 60% $ 443,347 $ 1,261,635 $ 874,787 $ 1,083,919 $ 150,108 $ 251,913 $ — $ 4,065,709 $ 11,005 LTV 60% - 70% 135,804 928,481 1,448,921 474,098 53,385 169,668 — 3,210,357 25,356 LTV > 70% 159,833 789,538 326,551 127,046 — 60,712 — 1,463,680 14,840 Credit deteriorated — — 37,568 7,755 — 105,589 — 150,912 29,853 Defeased and other — — — — — 23,303 — 23,303 — Total commercial $ 738,984 $ 2,979,654 $ 2,687,827 $ 1,692,818 $ 203,493 $ 611,185 $ — $ 8,913,961 $ 81,054 Infrastructure loans: Credit quality indicator: Power $ — $ 257,135 $ 307,233 $ 120,627 $ 199,828 $ 249,584 $ 23,778 $ 1,158,185 $ 9,654 Oil and gas — 154,429 84,790 — — — — 239,219 6,479 Total infrastructure $ — $ 411,564 $ 392,023 $ 120,627 $ 199,828 $ 249,584 $ 23,778 1,397,404 16,133 Residential loans held-for-investment, fair value option 274,758 — Loans held-for-sale 1,175,059 125 Total gross loans $ 11,761,182 $ 97,312
Schedule of activity in allowance for loan losses	The following tables present the activity in our credit loss allowance for funded loans and unfunded commitments (amounts in thousands): Loans Loans Held-for-Investment Held-for-Sale Total Three Months Ended March 31, 2020 Commercial Infrastructure Infrastructure Funded Loans Credit loss allowance at December 31, 2019 $ 33,415 $ — $ 196 $ 33,611 Cumulative effect of ASC 326 effective January 1, 2020 10,112 10,328 — 20,440 Credit loss provision, net 37,527 5,805 — 43,332 Charge-offs — — (71) (71) Recoveries — — — — Credit loss allowance at March 31, 2020 $ 81,054 $ 16,133 $ 125 $ 97,312 Unfunded Commitments Credit Loss Allowance (1) Loans Held-for-Investment HTM Preferred Three Months Ended March 31, 2020 Commercial Infrastructure Interests (2) Total Credit loss allowance at December 31, 2019 $ — $ — $ — $ — Cumulative effect of ASC 326 effective January 1, 2020 8,348 2,205 — 10,553 Credit loss (reversal) provision, net (195) 2,645 1,980 4,430 Credit loss allowance at March 31, 2020 $ 8,153 $ 4,850 $ 1,980 $ 14,983 Memo: Unfunded commitments as of March 31, 2020 (3) $ 2,447,330 $ 180,829 $ 17,261 $ 2,645,420 (1) Included in accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheet. (2) See Note 5 for further details. (3) Represents amounts expected to be funded (see Note 21).
Schedule of activity in loan portfolio	The activity in our loan portfolio was as follows (amounts in thousands): Held-for-Investment Loans Three Months Ended March 31, 2020 Commercial Infrastructure Residential Held-for-Sale Loans Total Loans Balance at December 31, 2019 $ 8,517,054 $ 1,397,448 $ 671,572 $ 884,150 $ 11,470,224 Cumulative effect of ASC 326 effective January 1, 2020 (10,112) (10,328) — — (20,440) Acquisitions/originations/additional funding 1,089,096 62,929 100,720 646,160 1,898,905 Capitalized interest (1) 36,072 — — — 36,072 Basis of loans sold (2) — — (604) (789,259) (789,863) Loan maturities/principal repayments (689,972) (37,051) (48,620) (20,680) (796,323) Discount accretion/premium amortization 11,559 411 — 110 12,080 Changes in fair value — — (25,619) 9,485 (16,134) Unrealized foreign currency translation loss (83,263) — — (4,056) (87,319) Credit loss provision, net (37,527) (5,805) — — (43,332) Transfer to/from other asset classifications — (26,333) (422,691) 449,024 — Balance at March 31, 2020 $ 8,832,907 $ 1,381,271 $ 274,758 $ 1,174,934 $ 11,663,870 Loans Transferred Held-for-Investment Loans As Secured Three Months Ended March 31, 2019 Commercial Infrastructure Borrowings Held-for-Sale Loans Total Loans Balance at December 31, 2018 $ 7,075,577 $ 1,456,779 $ 74,346 $ 1,187,552 $ 9,794,254 Acquisitions/originations/additional funding 1,005,325 275,079 — 747,265 2,027,669 Capitalized interest (1) 22,137 — — — 22,137 Basis of loans sold (2) (393,556) — — (733,645) (1,127,201) Loan maturities/principal repayments (251,530) (281,898) (74,692) (22,845) (630,965) Discount accretion/premium amortization 7,043 137 346 — 7,526 Changes in fair value — — — 11,266 11,266 Unrealized foreign currency translation gain 12,089 — — 2,119 14,208 Credit loss reversal (provision), net 11 — — (774) (763) Loan foreclosures (8,963) — — — (8,963) Transfer to/from other asset classifications 46,495 — — (46,448) 47 Balance at March 31, 2019 $ 7,514,628 $ 1,450,097 $ — $ 1,144,490 $ 10,109,215 (1) Represents accrued interest income on loans whose terms do not require current payment of interest. (2) See Note 11 for additional disclosure on these transactions.

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
Investment Securities (Tables)	Mar. 31, 2020
Schedule of investment securities	Investment securities were comprised of the following as of March 31, 2020 and December 31, 2019 (amounts in thousands): Carrying Value as of March 31, 2020 December 31, 2019 RMBS, available-for-sale $ 170,640 $ 189,576 RMBS, fair value option (1) 149,914 147,034 CMBS, fair value option (1), (2) 1,200,714 1,295,363 HTM debt securities, amortized cost net of credit loss allowance of $5,037 and $0 565,851 570,638 Equity security, fair value 8,626 12,664 Subtotal — 2,095,745 2,215,275 VIE eliminations (1) (1,317,773) (1,405,037) Total investment securities $ 777,972 $ 810,238 (1) Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. (2) Includes $170.1 million and $186.6 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of March 31, 2020 and December 31, 2019, 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 Three Months Ended March 31, 2020 Purchases/fundings $ — $ 29,292 $ 7,661 $ 5,729 $ — $ (36,953) $ 5,729 Sales — — 32,316 — — (24,376) 7,940 Principal collections 6,549 8,572 16,523 6,638 — (24,723) 13,559 Three Months Ended March 31, 2019 Purchases $ — $ 26,272 $ 13,262 $ — $ — $ (39,534) $ — Sales — — 36,906 — — (33,678) 3,228 Principal collections 6,360 2,034 9,837 1,206 — (11,683) 7,754 (1) Represents RMBS and CMBS, fair value option amounts eliminated due to our consolidation of securitization VIEs. These amounts are reflected as issuance or repayment of debt of, or distributions from, consolidated VIEs in our condensed consolidated statements of cash flows.
Summary of investments in available-for-sale RMBS	The tables below summarize various attributes of our investments in available-for-sale RMBS as of March 31, 2020 and December 31, 2019 (amounts in thousands): Unrealized Gains or (Losses) Recognized in AOCI Credit Gross Gross Net Amortized Loss Net Unrealized Unrealized Fair Value Cost Allowance Basis Gains Losses Adjustment Fair Value March 31, 2020 RMBS $ 134,692 $ — $ 134,692 $ 36,514 $ (566) $ 35,948 $ 170,640 December 31, 2019 RMBS $ 138,580 $ N/A $ 138,580 $ 51,310 $ (314) $ 50,996 $ 189,576 Weighted Average Coupon (1) Weighted Average WAL March 31, 2020 RMBS 2.4 % B+ 5.8 December 31, 2019 RMBS 3.1 % BB- 5.6 (1) Calculated using the March 31, 2020 and December 31, 2019 one-month LIBOR rate of 0.993% and 1.763%, 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.
Schedule of gross unrealized losses and estimated fair value of securities in an unrealized loss position, excluding CMBS where the fair value option is elected	The following table presents the gross unrealized losses and estimated fair value of any available-for-sale securities that were in an unrealized loss position as of March 31, 2020 and December 31, 2019, and for which an allowance for credit losses has not been recorded (amounts in thousands): Estimated Fair Value Unrealized Losses Securities with a Securities with a Securities with a Securities with a loss less than loss greater than loss less than loss greater than 12 months 12 months 12 months 12 months As of March 31, 2020 RMBS $ 3,267 $ 1,157 $ (198) $ (368) As of December 31, 2019 RMBS $ — $ 1,380 $ — $ (314)
Held-to-maturity
Summary of activity in credit loss allowance for HTM debt securities	The following table presents the activity in our credit loss allowance for HTM debt securities (amounts in thousands): Total HTM Preferred Infrastructure Credit Loss CMBS Interests Bonds Allowance Three Months Ended March 31, 2020 Credit loss allowance at December 31, 2019 $ — $ — $ — $ — Cumulative effect of ASC 326 effective January 1, 2020: Beginning accumulated deficit charge — 1,114 179 1,293 Gross-up of PCD bond amortized cost basis — — 2,837 2,837 Credit loss provision, net — 904 3 907 Charge-offs — — — — Recoveries — — — — Credit loss allowance at March 31, 2020 $ — $ 2,018 $ 3,019 $ 5,037
Summary of investments in HTM securities	The table below summarizes our investments in HTM debt securities as of March 31, 2020 and December 31, 2019 (amounts in thousands): Amortized Credit Loss Net Carrying Gross Unrealized Gross Unrealized Cost Basis Allowance Amount Holding Gains Holding Losses Fair Value March 31, 2020 CMBS $ 375,873 $ — $ 375,873 $ 104 $ (17,975) $ 358,002 Preferred interests 147,855 (2,018) 145,837 — (7,977) 137,860 Infrastructure bonds 47,160 (3,019) 44,141 307 (42) 44,406 Total $ 570,888 $ (5,037) $ 565,851 $ 411 $ (25,994) $ 540,268 December 31, 2019 CMBS $ 383,473 $ — $ 383,473 $ 946 $ (3,001) $ 381,418 Preferred interests 142,012 — 142,012 1,148 (353) 142,807 Infrastructure bonds 45,153 — 45,153 — (651) 44,502 Total $ 570,638 $ — $ 570,638 $ 2,094 $ (4,005) $ 568,727
Summary of maturities of preferred equity interests in limited liability companies that own commercial real estate	The table below summarizes the maturities of our HTM debt securities by type as of March 31, 2020 (amounts in thousands): Preferred Infrastructure CMBS Interests Bonds Total Less than one year $ 278,404 $ — $ 5,312 $ 283,716 One to three years 97,469 140,542 — 238,011 Three to five years — 5,295 — 5,295 Thereafter — — 38,829 38,829 Total $ 375,873 $ 145,837 $ 44,141 $ 565,851

Properties (Tables)

Properties (Tables)	3 Months Ended
Properties (Tables)	Mar. 31, 2020
Properties
Summary of properties	The table below summarizes our properties held as of March 31, 2020 and December 31, 2019 (dollars in thousands): Depreciable Life March 31, 2020 December 31, 2019 Property Segment Land and land improvements 0 – 15 years $ 484,673 $ 484,397 Buildings and building improvements 5 – 45 years 1,688,284 1,687,756 Furniture & fixtures 3 – 7 years 54,277 52,567 Investing and Servicing Segment Land and land improvements 0 – 15 years 54,150 54,052 Buildings and building improvements 3 – 40 years 186,329 182,048 Furniture & fixtures 2 – 5 years 2,265 2,139 Commercial and Residential Lending Segment (1) Land and land improvements 0 – 7 years 11,386 11,386 Buildings and building improvements 10 – 23 years 16,322 16,285 Properties, cost 2,497,686 2,490,630 Less: accumulated depreciation (244,616) (224,190) Properties, net $ 2,253,070 $ 2,266,440 (1) Represents properties acquired through loan foreclosure.

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	3 Months Ended
Investment in Unconsolidated Entities (Tables)	Mar. 31, 2020
Investment in Unconsolidated Entities
Summary of investments in unconsolidated entities	The table below summarizes our investments in unconsolidated entities as of March 31, 2020 and December 31, 2019 (dollars in thousands): Participation / Carrying value as of Ownership % (1) March 31, 2020 December 31, 2019 Equity method: Retail Fund 33% $ — $ — Equity interest in a natural gas power plant 10% 25,862 25,862 Investor entity which owns equity in an online real estate company 50% 9,504 9,473 Equity interests in commercial real estate 50% 1,787 1,907 Equity interest in and advances to a residential mortgage originator (2) N/A 11,807 12,002 Various 25% - 50% 8,529 8,339 57,489 57,583 Other: Equity interest in a servicing and advisory business (3) 4% — — Investment funds which own equity in a loan servicer and other real estate assets 4% - 6% 9,225 9,225 Various 0% - 2% 20,620 17,521 29,845 26,746 $ 87,334 $ 84,329 (1) None of these investments are publicly traded and therefore quoted market prices are not available. (2) Includes a $4.5 million subordinated loan as of both March 31, 2020 and December 31, 2019. (3) During the year ended December 31, 2019, we received a capital distribution of $8.4 million and our equity interest was reduced to 4% and the carrying value was reduced to zero.

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	3 Months Ended
Goodwill and Intangibles (Tables)	Mar. 31, 2020
Goodwill and Intangibles
Summary of intangibles assets	The following table summarizes our intangible assets, which are comprised of servicing rights intangibles and lease intangibles, as of March 31, 2020 and December 31, 2019 (amounts in thousands): As of March 31, 2020 As of December 31, 2019 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Value Amortization Value Value Amortization Value Domestic servicing rights, at fair value $ 16,524 $ — $ 16,524 $ 16,917 $ — $ 16,917 In-place lease intangible assets 135,293 (87,239) 48,054 135,293 (84,383) 50,910 Favorable lease intangible assets 24,217 (6,790) 17,427 24,218 (6,345) 17,873 Total net intangible assets $ 176,034 $ (94,029) $ 82,005 $ 176,428 $ (90,728) $ 85,700
Summary of activity within intangible assets	The following table summarizes the activity within intangible assets for the three months ended March 31, 2020 (amounts in thousands): Domestic In-place Lease Favorable Lease Servicing Intangible Intangible Rights Assets Assets Total Balance as of January 1, 2020 $ 16,917 $ 50,910 $ 17,873 $ 85,700 Amortization — (2,856) (446) (3,302) Changes in fair value due to changes in inputs and assumptions (393) — — (393) Balance as of March 31, 2020 $ 16,524 $ 48,054 $ 17,427 $ 82,005
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 (remainder of) $ 8,397 2021 9,674 2022 7,892 2023 6,136 2024 4,742 Thereafter 28,640 Total $ 65,481

Secured Borrowings (Tables)

Secured Borrowings (Tables)	3 Months Ended
Secured Borrowings (Tables)	Mar. 31, 2020
Secured Borrowings
Summary of secured financing agreements	The following table is a summary of our secured financing agreements in place as of March 31, 2020 and December 31, 2019 (dollars in thousands): Outstanding Balance at Current Extended Weighted Average Pledged Asset Maximum March 31, December 31, Maturity Maturity (a) Pricing Carrying Value Facility Size 2020 2019 Repurchase Agreements: Commercial Loans Aug 2020 to Jan 2024 (b) Aug 2021 to Mar 2029 (b) (c) $ 5,882,347 $ 9,156,617 (d) $ 4,245,330 $ 3,640,620 Residential Loans Feb 2021 N/A LIBOR + 2.10% 12,486 400,000 10,359 11,835 Infrastructure Loans Feb 2021 N/A LIBOR + 1.75% 196,639 500,000 162,306 188,198 Conduit Loans Feb 2021 to Jun 2022 Feb 2022 to Jun 2023 LIBOR + 2.16% 182,575 350,000 123,353 86,575 CMBS/RMBS Jun 2020 to Dec 2029 (e) Dec 2020 to Jun 2030 (e) (f) 1,104,252 821,816 682,777 (g) 682,229 Total Repurchase Agreements 7,378,299 11,228,433 5,224,125 4,609,457 Other Secured Financing: Borrowing Base Facility Apr 2022 Apr 2024 LIBOR + 2.25% 273,429 650,000 (h) 196,719 198,955 Commercial Financing Facility Mar 2022 Mar 2029 GBP LIBOR + 1.75% 91,298 73,763 73,763 — Infrastructure Acquisition Facility Sep 2021 Sep 2022 (i) 731,095 740,382 586,250 603,642 Infrastructure Financing Facilities Jul 2022 to Oct 2022 Oct 2024 to Jul 2027 LIBOR + 2.12% 542,597 1,250,000 448,848 428,206 Property Mortgages - Fixed rate Nov 2024 to Aug 2052 (j) N/A 3.94% 1,488,698 1,195,722 1,195,722 1,196,492 Property Mortgages - Variable rate Jan 2023 to Mar 2025 N/A LIBOR + 2.47% 777,925 728,310 707,009 696,503 Term Loan and Revolver (k) N/A (k) N/A (k) 518,000 518,000 399,000 FHLB Feb 2021 N/A (l) 1,148,346 2,000,000 827,869 867,870 Total Other Secured Financing 5,053,388 7,156,177 4,554,180 4,390,668 $ 12,431,687 $ 18,384,610 9,778,305 9,000,125 Unamortized net discount (8,089) (8,347) Unamortized deferred financing costs (80,533) (85,730) $ 9,689,683 $ 8,906,048 (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 $864.8 million as of March 31, 2020 are indexed to GBP LIBOR and EURIBOR. The remainder have a weighted average rate of LIBOR + 1.92%. (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 $320.7 million as of March 31, 2020 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 $184.5 million as of March 31, 2020 has a fixed annual interest rate of 3.49 %. All other facilities are variable rate with a weighted average rate of LIBOR + 1.66%. (g) Includes: (i) $184.5 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $42.9 million outstanding on one of our repurchase facilities that represents the 49 % pro rata share owed by a non-controlling partner in a consolidated joint venture (see Note 14). Additionally, we have posted $38.2 million in cash margin with one of our lenders pursuant to the terms of the related repurchase facility. The outstanding debt balance included above has not been reduced by the $38.2 million, which is recorded in other assets on our condensed consolidated balance sheet as of March 31, 2020. (h) The initial maximum facility size of $300.0 million may be increased to $650.0 million, subject to certain conditions. (i) Consists of an annual interest rate of the applicable currency benchmark index + 1.75%. The spread will increase 25 bps in September 2020. (j) The weighted average maturity is 9.5 years as of March 31, 2020. (k) Consists of: (i) a $398.0 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 March 31, 2020. (l) FHLB financing with an outstanding balance of $481.5 million as of March 31, 2020 has a weighted average fixed annual interest rate of 1.99 %. The remainder is variable rate with a weighted average rate of LIBOR + 0.29%.
Schedule of collateralized loan obligations	The following table is a summary of our CLO as of March 31, 2020 and December 31, 2019 (amounts in thousands): Face Carrying Weighted March 31, 2020 Count Amount Value Average Spread Maturity Collateral assets 22 $ 1,098,891 $ 1,098,839 LIBOR + 3.38% (a) Jan 2024 (b) Financing 1 936,375 928,683 LIBOR + 1.65% (c) July 2038 (d) December 31, 2019 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 respective year-to-date period. Of the loans financed by the CLO as of March 31, 2020, 9% earned fixed-rate 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 respective year-to-date period, inclusive of deferred issuance costs. (d) Repayments of the CLO are tied to timing of the related collateral asset repayments. The term of the CLO financing obligation represents the legal final maturity date.
Schedule of five-year principal repayments for secured financings	Repurchase Other Secured Agreements Financing CLO Total 2020 (remainder of) $ 208,156 $ 494,342 $ — $ 702,498 2021 956,656 960,752 — 1,917,408 2022 1,314,349 555,681 — 1,870,030 2023 1,203,648 708,885 — 1,912,533 2024 1,037,701 391,140 — 1,428,841 Thereafter 503,615 1,443,380 936,375 (a) 2,883,370 Total $ 5,224,125 $ 4,554,180 $ 936,375 $ 10,714,680 (a) Assumes utilization of the reinvestment feature.

Unsecured Senior Notes (Tables)

Unsecured Senior Notes (Tables)	3 Months Ended
Unsecured Senior Notes (Tables)	Mar. 31, 2020
Unsecured Senior Notes
Schedule of unsecured convertible senior notes outstanding	The following table is a summary of our unsecured senior notes outstanding as of March 31, 2020 and December 31, 2019 (dollars in thousands): Remaining Coupon Effective Maturity Period of Carrying Value at Rate Rate (1) Date Amortization March 31, 2020 December 31, 2019 2021 Senior Notes (February) 3.63 % 3.89 % 2/1/2021 0.8 years $ 500,000 $ 500,000 2021 Senior Notes (December) 5.00 % 5.32 % 12/15/2021 1.7 years 700,000 700,000 2023 Convertible Notes 4.38 % 4.86 % 4/1/2023 3.0 years 250,000 250,000 2025 Senior Notes 4.75 % 5.04 % 3/15/2025 5.0 years 500,000 500,000 Total principal amount 1,950,000 1,950,000 Unamortized discount—Convertible Notes (3,352) (3,610) Unamortized discount—Senior Notes (11,038) (12,144) Unamortized deferred financing costs (5,026) (5,624) Carrying amount of debt components $ 1,930,584 $ 1,928,622 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 March 31, 2020: March 31, 2020 Conversion Conversion Rate (1) Price (2) 2023 Convertible Notes 38.5959 $ 25.91 (1) The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount of Convertible Notes converted, as adjusted in accordance with the indentures governing the Convertible Notes (including the applicable supplemental indentures). (2) As of March 31, 2020 and 2019, the market price of the Company’s common stock was $10.25 and $22.35 per share, respectively.

Loan Securitization_Sale Acti_2

Loan Securitization/Sale Activities (Tables)	3 Months Ended
Loan Securitization/Sale Activities (Tables)	Mar. 31, 2020
Investing and Servicing Segment
Summary of fair value and par value of loans sold and amount of sale proceeds used in part to repay the outstanding balance of the repurchase agreements associated with the loans	Repayment of repurchase Face Amount Proceeds agreements For the Three Months Ended March 31, 2020 $ 335,835 $ 352,393 $ 254,966 2019 179,411 $ 186,841 $ 136,133
Commercial and Residential Lending Segment
Summary of loans sold and loans transferred as secured borrowings by the Lending segment net of expenses	Loan Transfers Accounted for as Sales Commercial Residential Face Amount Proceeds Face Amount Proceeds For the Three Months Ended March 31, 2020 $ — $ — $ 381,829 $ 399,351 2019 398,741 $ 396,310 $ 362,418 $ 374,861

Derivatives and Hedging Activ_2

Derivatives and Hedging Activity (Tables)	3 Months Ended
Derivatives and Hedging Activity (Tables)	Mar. 31, 2020
Derivatives and Hedging Activity
Summary of foreign exchange ("Fx") forwards, interest rate swaps, interest rate caps and credit index instruments	The following table summarizes our non-designated derivatives as of March 31, 2020 (notional amounts in thousands): Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Sell Euros ("EUR") 230 215,677 EUR May 2020 – November 2025 Fx contracts – Buy Pounds Sterling ("GBP") 2 2,414 GBP June 2020 Fx contracts – Sell Pounds Sterling ("GBP") 94 383,837 GBP April 2020 – December 2023 Fx contracts – Sell Australian dollar ("AUD") 7 49,793 AUD August 2021 – November 2021 Interest rate swaps – Paying fixed rates 40 1,493,447 USD August 2022 – March 2030 Interest rate swaps – Receiving fixed rates 2 970,000 USD January 2021 – March 2025 Interest rate caps 10 717,777 USD September 2020 – August 2023 Credit index instruments 4 69,000 USD September 2058 – August 2061 Forward loan purchase commitments 1 17,988 USD April 2020 Interest rate swap guarantees 6 392,607 USD March 2022 – June 2025 Total 396
Schedule of fair values of derivative financial instruments	The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 (amounts in thousands): Fair Value of Derivatives Fair Value of Derivatives in an Asset Position (1) as of in a Liability Position (2) as of March 31, December 31, March 31, December 31, 2020 2019 2020 2019 Interest rate contracts $ 41,970 $ 14,385 $ 140 $ — Interest rate swap guarantees — — 1,289 614 Foreign exchange contracts 57,243 14,558 3,689 7,834 Credit index instruments 2,235 — — 292 Total derivatives $ 101,448 $ 28,943 $ 5,118 $ 8,740 (1) Classified as derivative assets in our condensed consolidated balance sheets. (2) Classified as derivative liabilities in our condensed consolidated balance sheets.
Schedule of effect of derivative financial instruments on the consolidated statements of operations and of comprehensive income	The tables below present the effect of our derivative financial instruments on the condensed consolidated statements of operations for the three months ended March 31, 2020 and 2019 (amounts in thousands): Amount of Gain (Loss) Recognized in Income for the Derivatives Not Designated Location of Gain (Loss) Three Months Ended March 31, as Hedging Instruments Recognized in Income 2020 2019 Interest rate contracts Gain (loss) on derivative financial instruments $ (45,125) $ (3,757) Interest rate swap guarantees Gain (loss) on derivative financial instruments (675) (182) Foreign exchange contracts Gain (loss) on derivative financial instruments 53,265 2,444 Credit index instruments Gain (loss) on derivative financial instruments 2,245 (712) $ 9,710 $ (2,207)

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	3 Months Ended
Offsetting Assets and Liabilities (Tables)	Mar. 31, 2020
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 March 31, 2020 Derivative assets $ 101,448 $ — $ 101,448 $ 3,696 $ 41,856 $ 55,896 Derivative liabilities $ 5,118 $ — $ 5,118 $ 3,696 $ 133 $ 1,289 Repurchase agreements 5,224,125 — 5,224,125 5,224,125 — — $ 5,229,243 $ — $ 5,229,243 $ 5,227,821 $ 133 $ 1,289 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

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
Variable Interest Entities (Tables)	Mar. 31, 2020
Variable Interest Entities
Summary of assets and liabilities of our consolidated CLO	The following table details the assets and liabilities of our consolidated CLO as of March 31, 2020 and December 31, 2019 (amounts in thousands): March 31, 2020 December 31, 2019 Assets: Loans held-for-investment $ 1,098,839 1,073,504 Accrued interest receivable 1,748 3,129 Other assets 1,109 26,496 Total Assets $ 1,101,696 $ 1,103,129 Liabilities Accounts payable, accrued expenses and other liabilities $ 905 $ 1,362 Collateralized loan obligations, net 928,683 928,060 Total Liabilities $ 929,588 $ 929,422

Stockholders' Equity and Non-_2

Stockholders' Equity and Non-Controlling Interests (Tables)	3 Months Ended
Stockholders' Equity and Non-Controlling Interests (Tables)	Mar. 31, 2020
Stockholders' Equity and Non-Controlling Interests
Schedule of dividends declared by board of directors	Declaration Date Record Date Ex-Dividend Date Payment Date Amount Frequency 2/25/20 3/31/20 3/30/20 4/15/20 0.48 Quarterly
Summary of share awards granted under the Manager Equity Plan	The table below summarizes our share awards granted or vested under the Manager Equity Plan and the 2017 Manager Equity Plan during the three months ended March 31, 2020 and 2019 (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 (1) Of the amount granted, 218,898 vested immediately on the grant date and the remaining amount vests over a three-year period.
Schedule of Non-Vested Shares and Share Equivalents	2017 Weighted Average 2017 Manager Grant Date Fair Equity Plan Equity Plan Total Value (per share) Balance as of January 1, 2020 1,413,170 1,305,597 2,718,767 $ 22.74 Granted 965,847 — 965,847 10.77 Vested (474,367) (229,675) (704,042) 22.28 Forfeited (314) — (314) 21.31 Balance as of March 31, 2020 1,904,336 1,075,922 2,980,258 18.97

(Loss) Earnings per Share (Tabl

(Loss) Earnings per Share (Tables)	3 Months Ended
(Loss) Earnings per Share (Tables)	Mar. 31, 2020
(Loss) Earnings per Share
Reconciliation of net income from continuing operations and the number of shares of common stock used in the computation of basic EPS and diluted EPS	The following table provides a reconciliation of net (loss) income and the number of shares of common stock used in the computation of basic EPS and diluted EPS (amounts in thousands, except per share amounts): For the Three Months Ended March 31, 2020 2019 Basic (Loss) Earnings (Loss) income attributable to STWD common stockholders $ (66,769) $ 70,383 Less: Income attributable to participating shares not already deducted as non-controlling interests (1,222) (824) Basic (loss) earnings $ (67,991) $ 69,559 Diluted (Loss) Earnings (Loss) income attributable to STWD common stockholders $ (66,769) $ 70,383 Less: Income attributable to participating shares not already deducted as non-controlling interests (1,222) (824) Add: Interest expense on Convertible Notes (1) * * Add: Loss on extinguishment of Convertible Notes (1) * * Diluted (loss) earnings $ (67,991) $ 69,559 Number of Shares: Basic — Average shares outstanding 280,990 277,544 Effect of dilutive securities — Convertible Notes (1) * * Effect of dilutive securities — Unvested non-participating shares — 154 Diluted — Average shares outstanding 280,990 277,698 (Loss) Earnings Per Share Attributable to STWD Common Stockholders: Basic $ (0.24) $ 0.25 Diluted $ (0.24) $ 0.25 (1) The Company does not intend to fully settle the principal amount of the Convertible Notes in cash upon conversion. Accordingly, under GAAP, the dilutive effect to EPS for the periods presented above is determined using the “if-converted” method whereby interest expense or any loss on extinguishment of our Convertible Notes is added back to the diluted EPS numerator and the full number of potential shares contingently issuable upon their conversion is included in the diluted EPS denominator, if dilutive. Refer to Note 10 for further discussion. *

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
Accumulated Other Comprehensive Income (Tables)	Mar. 31, 2020
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 (Loss) on Foreign Available-for- Currency Sale Securities Translation Total Three Months Ended March 31, 2020 Balance at January 1, 2020 $ 50,996 $ (64) $ 50,932 OCI before reclassifications (15,048) — (15,048) Amounts reclassified from AOCI — — — Net period OCI (15,048) — (15,048) Balance at March 31, 2020 $ 35,948 $ (64) $ 35,884 Three Months Ended March 31, 2019 Balance at January 1, 2019 $ 53,515 $ 5,145 $ 58,660 OCI before reclassifications (387) (2,475) (2,862) Amounts reclassified from AOCI — — — Net period OCI (387) (2,475) (2,862) Balance at March 31, 2019 $ 53,128 $ 2,670 $ 55,798

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
Fair Value (Tables)	Mar. 31, 2020
Fair Value
Schedule of financial assets and liabilities carried at fair value on a recurring basis	The following tables present our financial assets and liabilities carried at fair value on a recurring basis in the condensed consolidated balance sheets by their level in the fair value hierarchy as of March 31, 2020 and December 31, 2019 (amounts in thousands): March 31, 2020 Total Level I Level II Level III Financial Assets: Loans under fair value option $ 1,347,797 $ — $ — $ 1,347,797 RMBS 170,640 — — 170,640 CMBS 32,855 — 10,420 22,435 Equity security 8,626 8,626 — — Domestic servicing rights 16,524 — — 16,524 Derivative assets 101,448 — 101,448 — VIE assets 61,157,805 — — 61,157,805 Total $ 62,835,695 $ 8,626 $ 111,868 $ 62,715,201 Financial Liabilities: Derivative liabilities $ 5,118 $ — $ 5,118 $ — VIE liabilities 59,807,306 — 58,300,869 1,506,437 Total $ 59,812,424 $ — $ 58,305,987 $ 1,506,437 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
Schedule of changes in financial assets and liabilities classified as Level III	The changes in financial assets and liabilities classified as Level III are as follows for the three months ended March 31, 2020 and 2019 (amounts in thousands): Domestic Loans at Servicing VIE Three Months Ended March 31, 2020 Fair Value RMBS CMBS Rights VIE Assets Liabilities Total January 1, 2020 balance $ 1,436,194 $ 189,576 $ 25,008 $ 16,917 $ 62,187,175 $ (2,537,392) $ 61,317,478 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale (16,134) — 5,738 (393) (3,506,792) 146,282 (3,371,299) Net accretion — 2,661 — — — — 2,661 Included in OCI — (15,048) — — — — (15,048) Purchases / Originations 746,880 — — — — — 746,880 Sales (751,746) — (7,940) — — — (759,686) Issuances — — — — — (24,376) (24,376) Cash repayments / receipts (67,397) (6,549) (371) — — (8,916) (83,233) Transfers into Level III — — — — — (101,265) (101,265) Transfers out of Level III — — — — — 1,090,325 1,090,325 Consolidation of VIEs — — — — 2,477,422 (71,095) 2,406,327 March 31, 2020 balance $ 1,347,797 $ 170,640 $ 22,435 $ 16,524 $ 61,157,805 $ (1,506,437) $ 61,208,764 Amount of unrealized (losses) gains attributable to assets still held at March 31, 2020: Included in earnings $ (39,070) $ 2,661 $ (647) $ (393) $ (3,506,792) $ 146,282 $ (3,397,959) Included in OCI $ — $ (15,048) $ — $ — $ — $ — $ (15,048) Domestic Loans at Servicing VIE Three Months Ended March 31, 2019 Fair Value RMBS CMBS Rights VIE Assets Liabilities Total January 1, 2019 balance $ 671,282 $ 209,079 $ 25,228 $ 20,557 $ 53,446,364 $ (1,441,446) $ 52,931,064 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale 11,266 — (295) (767) 294,345 33,957 338,506 Net accretion — 2,503 — — — — 2,503 Included in OCI — (387) — — — — (387) Purchases / Originations 740,296 — — — — — 740,296 Sales (561,702) — (3,228) — — — (564,930) Issuances — — — — — (33,678) (33,678) Cash repayments / receipts (19,455) (6,360) (188) — — (389) (26,392) Transfers into Level III — — 5,350 — — (670,742) (665,392) Transfers out of Level III — — — — — 136,592 136,592 Consolidation of VIEs — — — — 3,280,065 (103,309) 3,176,756 Deconsolidation of VIEs — — 11,468 — (45,910) 32,456 (1,986) March 31, 2019 balance $ 841,687 $ 204,835 $ 38,335 $ 19,790 $ 56,974,864 $ (2,046,559) $ 56,032,952 Amount of unrealized gains (losses) included in earnings attributable to assets still held at March 31, 2019 $ 3,169 $ 2,503 $ (567) $ (767) $ 294,345 $ 33,957 $ 332,640
Schedule of fair value of financial instruments not carried at fair value	The following table presents the fair values, all of which are classified in Level III of the fair value hierarchy, of our financial instruments not carried at fair value on the condensed consolidated balance sheets (amounts in thousands): March 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Value Value Value Value Financial assets not carried at fair value: Loans held-for-investment and loans held-for-sale $ 10,316,073 $ 10,165,113 $ 10,034,030 $ 10,086,372 HTM debt securities 565,851 540,268 570,638 568,727 Financial liabilities not carried at fair value: Secured financing agreements and CLO $ 10,618,366 $ 10,361,814 $ 9,834,108 $ 9,826,511 Unsecured senior notes 1,930,584 1,773,382 1,928,622 2,022,283
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 (Weighted Average) as of (1) March 31, 2020 Technique Input March 31, 2020 December 31, 2019 Loans under fair value option $ 1,347,797 Discounted cash flow Yield (b) 3.2% - 8.9% (5.2%) 3.4% - 5.9% Duration (c) 1.4 - 11.3 years ( 4.8 years) 1.3 - 11.3 years RMBS 170,640 Discounted cash flow Constant prepayment rate (a) 3.3% - 17.8% (7.7%) 3.1% - 24.9% Constant default rate (b) 0.4% - 4.8% (2.4%) 0.5% - 5.0% Loss severity (b) 0% - 82% (29%) (e) 0% - 93% (e) Delinquency rate (c) 4% - 29% (17%) 5% - 29% Servicer advances (a) 27% - 85% (61%) 27% - 85% Annual coupon deterioration (b) 0% - 0.9% (0.1%) 0% - 1.6% Putback amount per projected total collateral loss (d) 0% - 25% (2.9%) 0% - 28% CMBS 22,435 Discounted cash flow Yield (b) 0% - 6.2% (3.9%) 0% - 122.9% Duration (c) 0 - 9.7 years ( 4.8 years) 0 - 9.7 years Domestic servicing rights 16,524 Discounted cash flow Debt yield (a) 7.75% (7.75%) 7.50% Discount rate (b) 15% (15%) 15% Control migration (b) 0% - 80% (80%) 0% - 80% VIE assets 61,157,805 Discounted cash flow Yield (b) 0% - 862.5% (10.7%) 0% - 690.7% Duration (c) 0 - 18.2 years ( 5.1 years) 0 - 19.2 years VIE liabilities (1,506,437) Discounted cash flow Yield (b) 0% - 862.5% (10.6%) 0% - 690.7% Duration (c) 0 - 11.4 years ( 5.2 years) 0 - 12.7 years (1) The ranges and weighted averages of significant unobservable inputs are represented in percentages and years. Unobservable inputs were weighted by the relative carrying value of the instruments as of March 31, 2020. Information about Uncertainty of Fair Value Measurements (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) 28% and 34% of the portfolio falls within a range of 45% - 80% as of March 31, 2020 and December 31, 2019, respectively.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
Income Taxes (Tables)	Mar. 31, 2020
Income Taxes
Schedule of reconciliation of federal income tax determined using statutory federal tax rate to reported income tax provision	The following table is a reconciliation of our U.S. federal income tax (benefit) provision determined using our statutory federal tax rate to our reported income tax (benefit) provision for the three months ended March 31, 2020 and 2019 (dollars in thousands): For the Three Months Ended March 31, 2020 2019 Federal statutory tax rate $ (15,329) 21.0 % $ 16,137 21.0 % REIT and other non-taxable (loss) income 9,914 (13.6) % (16,160) (21.0) % State income taxes (1,779) 2.4 % (6) — % Federal benefit of state tax deduction 374 (0.5) % 1 — % Other 91 (0.1) % 362 0.4 % Effective tax rate $ (6,729) 9.2 % $ 334 0.4 %

Segment Data (Tables)

Segment Data (Tables)	3 Months Ended
Segment Data (Tables)	Mar. 31, 2020
Segment Data
Schedule of results of operations by business segment	The table below presents our results of operations for the three months ended March 31, 2020 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 $ 192,381 $ 22,413 $ — $ 2,633 $ — $ 217,427 $ — $ 217,427 Interest income from investment securities 18,628 701 — 24,800 — 44,129 (28,889) 15,240 Servicing fees 172 — — 6,442 — 6,614 (1,821) 4,793 Rental income 78 — 63,961 10,107 — 74,146 — 74,146 Other revenues 178 143 122 513 — 956 (2) 954 Total revenues 211,437 23,257 64,083 44,495 — 343,272 (30,712) 312,560 Costs and expenses: Management fees 351 — — 239 40,107 40,697 31 40,728 Interest expense 53,950 13,117 17,121 7,194 28,805 120,187 (162) 120,025 General and administrative 8,132 4,423 1,078 20,684 4,301 38,618 84 38,702 Acquisition and investment pursuit costs 860 17 12 20 — 909 — 909 Costs of rental operations 778 — 22,852 4,584 — 28,214 — 28,214 Depreciation and amortization 415 70 19,288 4,207 — 23,980 — 23,980 Credit loss provision, net 40,217 8,452 — — — 48,669 — 48,669 Other expense 77 — 311 — — 388 — 388 Total costs and expenses 104,780 26,079 60,662 36,928 73,213 301,662 (47) 301,615 Other (loss) income: Change in net assets related to consolidated VIEs — — — — — — (45,493) (45,493) Change in fair value of servicing rights — — — 318 — 318 (711) (393) Change in fair value of investment securities, net (27,879) — — (47,216) — (75,095) 77,599 2,504 Change in fair value of mortgage loans, net (35,517) — — 19,383 — (16,134) — (16,134) Earnings (loss) from unconsolidated entities 51 — — 620 — 671 (574) 97 Gain on sale of investments and other assets, net — 296 — — — 296 — 296 Gain (loss) on derivative financial instruments, net 30,805 (1,001) (30,223) (19,106) 29,235 9,710 — 9,710 Foreign currency (loss) gain, net (34,001) (473) (19) 7 — (34,486) — (34,486) Loss on extinguishment of debt — (170) — — — (170) — (170) Other income, net — — 50 76 — 126 — 126 Total other (loss) income (66,541) (1,348) (30,192) (45,918) 29,235 (114,764) 30,821 (83,943) Income (loss) before income taxes 40,116 (4,170) (26,771) (38,351) (43,978) (73,154) 156 (72,998) Income tax benefit 4,422 145 — 2,162 — 6,729 — 6,729 Net income (loss) 44,538 (4,025) (26,771) (36,189) (43,978) (66,425) 156 (66,269) Net (income) loss attributable to non-controlling interests (3) — (5,111) 4,770 — (344) (156) (500) Net income (loss) attributable to Starwood Property Trust, Inc . $ 44,535 $ (4,025) $ (31,882) $ (31,419) $ (43,978) $ (66,769) $ — $ (66,769) The table below presents our results of operations for the three months ended March 31, 2019 by business segment (amounts in thousands): Commercial and Residential Infrastructure Investing Lending Lending Property and Servicing Securitization Segment Segment Segment Segment Corporate Subtotal VIEs Total Revenues: Interest income from loans $ 154,595 $ 26,915 $ — $ 1,906 $ — $ 183,416 $ — $ 183,416 Interest income from investment securities 19,908 885 — 24,293 — 45,086 (27,454) 17,632 Servicing fees 123 — — 27,243 — 27,366 (2,933) 24,433 Rental income — — 70,521 13,312 — 83,833 — 83,833 Other revenues 204 686 78 196 20 1,184 (18) 1,166 Total revenues 174,830 28,486 70,599 66,950 20 340,885 (30,405) 310,480 Costs and expenses: Management fees 411 — — 18 22,988 23,417 49 23,466 Interest expense 61,604 18,577 18,990 7,746 27,915 134,832 (160) 134,672 General and administrative 6,768 4,479 1,518 18,851 3,226 34,842 88 34,930 Acquisition and investment pursuit costs 249 16 — 77 — 342 — 342 Costs of rental operations 19 — 22,937 6,695 — 29,651 — 29,651 Depreciation and amortization 71 — 23,896 5,287 — 29,254 — 29,254 Credit loss provision, net (11) 774 — — — 763 — 763 Other expense 77 — 134 — — 211 — 211 Total costs and expenses 69,188 23,846 67,475 38,674 54,129 253,312 (23) 253,289 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 47,836 47,836 Change in fair value of servicing rights — — — (515) — (515) (252) (767) Change in fair value of investment securities, net (1,694) — — 18,140 — 16,446 (16,384) 62 Change in fair value of mortgage loans, net 1,386 — — 9,880 — 11,266 — 11,266 Earnings (loss) from unconsolidated entities 577 — (43,805) 594 — (42,634) (566) (43,200) Gain on sale of investments and other assets, net 2,755 790 — 940 — 4,485 — 4,485 (Loss) gain on derivative financial instruments, net (9,297) (395) 1,290 (3,432) 9,627 (2,207) — (2,207) Foreign currency gain (loss), net 5,239 300 9 (1) — 5,547 — 5,547 (Loss) gain on extinguishment of debt — (3,304) — — 6 (3,298) — (3,298) Other loss, net — — — — (73) (73) — (73) Total other income (loss) (1,034) (2,609) (42,506) 25,606 9,560 (10,983) 30,634 19,651 Income (loss) before income taxes 104,608 2,031 (39,382) 53,882 (44,549) 76,590 252 76,842 Income tax benefit (provision) 248 85 (258) (409) — (334) — (334) Net income (loss) 104,856 2,116 (39,640) 53,473 (44,549) 76,256 252 76,508 Net (income) loss attributable to non-controlling interests (371) — (5,717) 215 — (5,873) (252) (6,125) Net income (loss) attributable to Starwood Property Trust, Inc . $ 104,485 $ 2,116 $ (45,357) $ 53,688 $ (44,549) $ 70,383 $ — $ 70,383
Schedule of condensed consolidated balance sheet by business segment	The table below presents our condensed consolidated balance sheet as of March 31, 2020 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 $ 22,910 $ 40 $ 28,137 $ 36,913 $ 719,222 $ 807,222 $ 4,434 $ 811,656 Restricted cash 50,331 43,679 7,362 18,365 — 119,737 — 119,737 Loans held-for-investment, net 9,106,441 1,381,271 — 1,224 — 10,488,936 — 10,488,936 Loans held-for-sale 886,076 101,895 — 186,963 — 1,174,934 — 1,174,934 Investment securities 955,614 44,141 — 1,095,990 — 2,095,745 (1,317,773) 777,972 Properties, net 26,585 — 2,014,007 212,478 — 2,253,070 — 2,253,070 Intangible assets — — 45,331 63,632 — 108,963 (26,958) 82,005 Investment in unconsolidated entities 50,017 25,862 — 31,321 — 107,200 (19,866) 87,334 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Derivative assets 57,238 6 98 2,250 41,856 101,448 — 101,448 Accrued interest receivable 49,942 4,949 — 1,047 3,357 59,295 (758) 58,537 Other assets 61,109 5,108 76,776 52,119 8,812 203,924 (15) 203,909 VIE assets, at fair value — — — — — — 61,157,805 61,157,805 Total Assets $ 11,266,263 $ 1,726,360 $ 2,171,711 $ 1,842,739 $ 773,247 $ 17,780,320 $ 59,796,869 $ 77,577,189 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 33,645 $ 11,933 $ 48,748 $ 48,090 $ 79,178 $ 221,594 $ 75 $ 221,669 Related-party payable — — — 5 39,261 39,266 — 39,266 Dividends payable — — — — 137,529 137,529 — 137,529 Derivative liabilities 3,740 1,292 — 86 — 5,118 — 5,118 Secured financing agreements, net 5,611,239 1,190,995 1,698,044 692,941 510,414 9,703,633 (13,950) 9,689,683 Collateralized loan obligations, net 928,683 — — — — 928,683 — 928,683 Unsecured senior notes, net — — — — 1,930,584 1,930,584 — 1,930,584 VIE liabilities, at fair value — — — — — — 59,807,306 59,807,306 Total Liabilities 6,577,307 1,204,220 1,746,792 741,122 2,696,966 12,966,407 59,793,431 72,759,838 Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 2,894 2,894 — 2,894 Additional paid-in capital 1,159,771 531,986 229,223 (200,489) 3,438,578 5,159,069 — 5,159,069 Treasury stock — — — — (133,024) (133,024) — (133,024) Accumulated other comprehensive income (loss) 35,948 — — (64) — 35,884 — 35,884 Retained earnings (accumulated deficit) 3,493,119 (9,846) (31,451) 1,163,580 (5,232,167) (616,765) — (616,765) Total Starwood Property Trust, Inc. Stockholders’ Equity 4,688,838 522,140 197,772 963,027 (1,923,719) 4,448,058 — 4,448,058 Non-controlling interests in consolidated subsidiaries 118 — 227,147 138,590 — 365,855 3,438 369,293 Total Equity 4,688,956 522,140 424,919 1,101,617 (1,923,719) 4,813,913 3,438 4,817,351 Total Liabilities and Equity $ 11,266,263 $ 1,726,360 $ 2,171,711 $ 1,842,739 $ 773,247 $ 17,780,320 $ 59,796,869 $ 77,577,189 The table below presents our condensed 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

Business and Organization (Deta

Business and Organization (Details)	3 Months Ended
Business and Organization (Details)	Mar. 31, 2020segment
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 Millions	Mar. 31, 2020	Jan. 01, 2020
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
ASU 2016-13 \| Reclassification Adjustment
Fair Value Measurements
Financing Receivable, Allowance for Credit Loss		$ 32.3

Loans - Held for Investment (De

Loans - Held for Investment (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Investments in loans
Total gross loans	$ 11,761,182		$ 11,503,835
Total allowance	(97,312)		(33,611)
Carrying Value	11,663,870	$ 10,109,215	11,470,224	$ 9,794,254
Proceeds from borrowings	2,756,915	2,310,902
Payment of debt	1,923,754	1,778,819
Face Amount	11,820,754		11,530,915
Loans with variable rates of interest	$ 9,757,786
Weighted average spread of loans (as a percent)	4.10%
Period covered in data base	20 years
Total loans held-for-investment
Investments in loans
Total gross loans	$ 10,586,123		10,619,489
Total allowance	(97,187)		(33,415)
Face Amount	10,639,397		10,661,865
Loans held-for-sale
Investments in loans
Total gross loans	1,175,059		884,346
Carrying Value	1,174,934	1,144,490	884,150	1,187,552
Face Amount	1,181,357		869,050
Loans held-for-sale, residential
Investments in loans
Total gross loans	7,800
Commercial Portfolio Segment
Investments in loans
Total gross loans	8,913,961
Commercial Portfolio Segment \| Total loans held-for-investment
Investments in loans
Total gross loans	8,913,961		8,550,469
Total allowance	(81,054)		(33,415)
Carrying Value	8,832,907	7,514,628	8,517,054	7,075,577
Face Amount	8,946,589		8,590,776
Infrastructure Portfolio Segment
Investments in loans
Total gross loans	1,397,404
Infrastructure Portfolio Segment \| Total loans held-for-investment
Investments in loans
Total gross loans	1,397,404		1,397,448
Total allowance	(16,133)
Carrying Value	1,381,271	$ 1,450,097	1,397,448	1,456,779
Face Amount	$ 1,416,147		$ 1,416,164
Weighted Average Life	4 years 8 months 12 days		4 years 10 months 24 days
Infrastructure Portfolio Segment \| Total loans held-for-investment \| Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	5.00%		5.60%
Infrastructure Portfolio Segment \| Loans held-for-sale
Investments in loans
Total gross loans	$ 102,020		$ 119,724
Total allowance	(125)		(196)
Face Amount	$ 103,007		$ 121,271
Weighted Average Life	2 years 2 months 12 days		2 years 1 month 6 days
Infrastructure Portfolio Segment \| Loans held-for-sale \| Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	2.90%		3.30%
Residential Portfolio Segment
Investments in loans
Total gross loans	$ 274,758
Residential Portfolio Segment \| Total loans held-for-investment
Investments in loans
Carrying Value	274,758		$ 671,572	$ 74,346
Residential Portfolio Segment \| Loans held-for-sale
Investments in loans
Reclassification to held-for-sale	422,700
RMBS, fair value option \| Loans held-for-sale
Investments in loans
Total gross loans			605,384
Face Amount			$ 587,144
Weighted Average Life			3 years 10 months 24 days
RMBS, fair value option \| Loans held-for-sale \| Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)			6.20%
RMBS, fair value option \| Residential Portfolio Segment \| Loans held-for-sale
Investments in loans
Total gross loans	886,076
Face Amount	$ 892,815
Weighted Average Life	4 years 1 month 6 days
RMBS, fair value option \| Residential Portfolio Segment \| Loans held-for-sale \| Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	6.10%
CMBS, fair value option \| Loans held-for-sale
Investments in loans
Total gross loans			$ 159,238
Face Amount			$ 160,635
Weighted Average Life			10 years
CMBS, fair value option \| Loans held-for-sale \| Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)			3.90%
CMBS, fair value option \| Commercial Portfolio Segment \| Loans held-for-sale
Investments in loans
Total gross loans	$ 186,963
Face Amount	$ 185,535
Weighted Average Life	10 years
CMBS, fair value option \| Commercial Portfolio Segment \| Loans held-for-sale \| Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	3.90%
First mortgage loan participation \| Total loans held-for-investment
Investments in loans
Total gross loans	$ 8,290,772
Face Amount	$ 8,318,289
Weighted Average Life	1 year 10 months 24 days
First mortgage loan participation \| Total loans held-for-investment \| Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	5.30%
First mortgage loan participation \| Loans held-for-sale
Investments in loans
Total gross loans			$ 7,928,026
Face Amount			$ 7,962,788
Weighted Average Life			2 years
First mortgage loan participation \| Loans held-for-sale \| Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)			5.80%
Infrastructure loans
Investments in loans
Loans with variable rates of interest	$ 1,397,404
Weighted average spread of loans (as a percent)	3.80%
Subordinated mortgages \| Total loans held-for-investment
Investments in loans
Total gross loans	$ 68,230		$ 75,724
Face Amount	$ 69,485		$ 77,055
Weighted Average Life	3 years 6 months		3 years 4 months 24 days
Subordinated mortgages \| Total loans held-for-investment \| Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	8.80%		8.80%
Mezzanine Loans
Investments in loans
Carrying Value	$ 968,200		$ 967,000,000
Mezzanine Loans \| Total loans held-for-investment
Investments in loans
Total gross loans	523,901		484,164
Face Amount	$ 523,963		$ 484,408
Weighted Average Life	2 years		1 year 10 months 24 days
Mezzanine Loans \| Total loans held-for-investment \| Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	10.40%		11.00%
Residential loans, fair value option \| Total loans held-for-investment
Investments in loans
Total gross loans	$ 274,758		$ 671,572
Face Amount	$ 276,661		$ 654,925
Weighted Average Life	4 years 1 month 6 days		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)	6.20%		6.10%
Other \| Total loans held-for-investment
Investments in loans
Total gross loans	$ 31,058		$ 62,555
Face Amount	$ 34,852		$ 66,525
Weighted Average Life	2 years 2 months 12 days		1 year 7 months 6 days
Other \| Total loans held-for-investment \| Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	8.90%		8.20%

Loans - Variable Rate Loans Hel

Loans - Variable Rate Loans Held for Investment (Details) $ in Thousands	Mar. 31, 2020USD ($)
Variable rate loans held-for-investment
Total variable rate loans held-for-investment, carrying value	$ 9,757,786
Weighted average spread of loans (as a percent)	4.10%
Commercial loans
Variable rate loans held-for-investment
Total variable rate loans held-for-investment, carrying value	$ 8,360,382
Weighted average spread of loans (as a percent)	4.20%
Infrastructure loans
Variable rate loans held-for-investment
Total variable rate loans held-for-investment, carrying value	$ 1,397,404
Weighted average spread of loans (as a percent)	3.80%

Loans - Ratings (Details)

Loans - Ratings (Details) $ in Thousands	3 Months Ended
Loans - Ratings (Details) $ in Thousands	Mar. 31, 2020USD ($)item	Jan. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Investments in loans
Loans Amortized Cost Basis	$ 11,761,182		$ 11,503,835
Credit Loss Allowance	$ 97,312
Number of Subordinated Mortgages \| item	2
Credit deteriorated
Investments in loans
Loans Amortized Cost Basis	$ 37,600
Subordinated mortgages \| 90 days or greater past due
Investments in loans
Loans Amortized Cost Basis		$ 12,000
First Mortgage Loan and Mezzanine Loan
Investments in loans
Loans Amortized Cost Basis		$ 101,400
Total loans held-for-investment
Investments in loans
Loans Amortized Cost Basis	10,586,123		10,619,489
Total loans held-for-investment \| Subordinated mortgages
Investments in loans
Loans Amortized Cost Basis	68,230		75,724
Total loans held-for-investment \| Mezzanine Loans
Investments in loans
Loans Amortized Cost Basis	523,901		484,164
Total loans held-for-investment \| Residential loans, fair value option
Investments in loans
Loans Amortized Cost Basis	274,758		671,572
Total loans held-for-investment \| Other
Investments in loans
Loans Amortized Cost Basis	31,058		62,555
Loans held-for-sale
Investments in loans
Loans Amortized Cost Basis	1,175,059		884,346
Credit Loss Allowance	125
Loans held-for-sale, residential
Investments in loans
Loans Amortized Cost Basis	7,800
Commercial Portfolio Segment
Investments in loans
2020	738,984
2019	2,979,654
2018	2,687,827
2017	1,692,818
2016	203,493
Prior	611,185
Loans Amortized Cost Basis	8,913,961
Credit Loss Allowance	81,054
Commercial Portfolio Segment \| LTV Less than 60%
Investments in loans
2020	443,347
2019	1,261,635
2018	874,787
2017	1,083,919
2016	150,108
Prior	251,913
Loans Amortized Cost Basis	4,065,709
Credit Loss Allowance	11,005
Commercial Portfolio Segment \| LTV 60% - 70%
Investments in loans
2020	135,804
2019	928,481
2018	1,448,921
2017	474,098
2016	53,385
Prior	169,668
Loans Amortized Cost Basis	3,210,357
Credit Loss Allowance	25,356
Commercial Portfolio Segment \| LTV > 70%
Investments in loans
2020	159,833
2019	789,538
2018	326,551
2017	127,046
Prior	60,712
Loans Amortized Cost Basis	1,463,680
Credit Loss Allowance	14,840
Commercial Portfolio Segment \| Credit deteriorated
Investments in loans
2018	37,568
2017	7,755
Prior	105,589
Loans Amortized Cost Basis	150,912
Credit Loss Allowance	29,853
Commercial Portfolio Segment \| Defeased and other
Investments in loans
Prior	23,303
Loans Amortized Cost Basis	23,303
Commercial Portfolio Segment \| Total loans held-for-investment
Investments in loans
Loans Amortized Cost Basis	8,913,961		8,550,469
Infrastructure Portfolio Segment
Investments in loans
2019	411,564
2018	392,023
2017	120,627
2016	199,828
Prior	249,584
Revolving Loans Amortized Cost Total	23,778
Loans Amortized Cost Basis	1,397,404
Credit Loss Allowance	16,133
Infrastructure Portfolio Segment \| Power
Investments in loans
2019	257,135
2018	307,233
2017	120,627
2016	199,828
Prior	249,584
Revolving Loans Amortized Cost Total	23,778
Loans Amortized Cost Basis	1,158,185
Credit Loss Allowance	9,654
Infrastructure Portfolio Segment \| Oil and gas
Investments in loans
2019	154,429
2018	84,790
Loans Amortized Cost Basis	239,219
Credit Loss Allowance	6,479
Infrastructure Portfolio Segment \| Total loans held-for-investment
Investments in loans
Loans Amortized Cost Basis	1,397,404		1,397,448
Infrastructure Portfolio Segment \| Loans held-for-sale
Investments in loans
Loans Amortized Cost Basis	102,020		$ 119,724
Residential Portfolio Segment
Investments in loans
Loans Amortized Cost Basis	$ 274,758

Loans - Activity in Portfolio (

Loans - Activity in Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Activity in allowance for loan losses
Credit loss allowance at the beginning of the period	$ 33,611
Credit loss allowance at the end of the period	97,312
Activity in loan portfolio
Balance at the beginning of the period	11,470,224	$ 9,794,254
Acquisitions/origination/additional funding	1,898,905	2,027,669
Capitalized Interest	36,072	22,137
Basis of loans sold	(789,863)	(1,127,201)
Loan maturities/principal repayments	(796,323)	(630,965)
Discount accretion/premium amortization	12,080	7,526
Changes in fair value	(16,134)	11,266
Unrealized foreign currency translation (loss) gain	(87,319)	14,208
Credit loss provision, net	(43,332)	(763)
Loan foreclosure		(8,963)
Transfer to/from other asset classifications		47
Balance at the end of the period	11,663,870	10,109,215
ASU 2016-13
Activity in loan portfolio
Loan maturities/principal repayments	(20,440)
Total loans held-for-investment
Activity in allowance for loan losses
Credit loss allowance at the beginning of the period	33,415
Credit loss allowance at the end of the period	97,187
Loans held-for-sale
Activity in loan portfolio
Balance at the beginning of the period	884,150	1,187,552
Acquisitions/origination/additional funding	646,160	747,265
Basis of loans sold	(789,259)	(733,645)
Loan maturities/principal repayments	(20,680)	(22,845)
Discount accretion/premium amortization	110
Changes in fair value	9,485	11,266
Unrealized foreign currency translation (loss) gain	(4,056)	2,119
Credit loss provision, net		(774)
Transfer to/from other asset classifications	449,024	(46,448)
Balance at the end of the period	1,174,934	1,144,490
Funded Loan Commitments [Member]
Activity in allowance for loan losses
Credit loss allowance at the beginning of the period	33,611
Credit loss provision, net	43,332
Charge-offs	(71)
Credit loss allowance at the end of the period	97,312
Funded Loan Commitments [Member] \| ASU 2016-13
Activity in allowance for loan losses
Provision for impaired loans	20,440
Unfunded lending commitments \| ASU 2016-13
Activity in allowance for loan losses
Credit loss provision, net	4,430
Provision for impaired loans	10,553
Credit loss allowance at the end of the period	14,983
Unfunded commitments	(2,645,420)
Commercial Portfolio Segment \| Total loans held-for-investment
Activity in allowance for loan losses
Credit loss allowance at the beginning of the period	33,415
Credit loss allowance at the end of the period	81,054
Activity in loan portfolio
Balance at the beginning of the period	8,517,054	7,075,577
Acquisitions/origination/additional funding	1,089,096	1,005,325
Capitalized Interest	36,072	22,137
Basis of loans sold		(393,556)
Loan maturities/principal repayments	(689,972)	(251,530)
Discount accretion/premium amortization	11,559	7,043
Unrealized foreign currency translation (loss) gain	(83,263)	12,089
Credit loss provision, net	(37,527)	11
Loan foreclosure		(8,963)
Transfer to/from other asset classifications		46,495
Balance at the end of the period	8,832,907	7,514,628
Commercial Portfolio Segment \| Total loans held-for-investment \| ASU 2016-13
Activity in loan portfolio
Loan maturities/principal repayments	(10,112)
Commercial Portfolio Segment \| Funded Loan Commitments [Member]
Activity in allowance for loan losses
Credit loss allowance at the beginning of the period	33,415
Credit loss provision, net	37,527
Credit loss allowance at the end of the period	81,054
Commercial Portfolio Segment \| Funded Loan Commitments [Member] \| ASU 2016-13
Activity in allowance for loan losses
Provision for impaired loans	10,112
Commercial Portfolio Segment \| Unfunded lending commitments \| ASU 2016-13
Activity in allowance for loan losses
Credit loss provision, net	(195)
Provision for impaired loans	8,348
Credit loss allowance at the end of the period	8,153
Unfunded commitments	(2,447,330)
Infrastructure Portfolio Segment \| Total loans held-for-investment
Activity in allowance for loan losses
Credit loss allowance at the end of the period	16,133
Activity in loan portfolio
Balance at the beginning of the period	1,397,448	1,456,779
Acquisitions/origination/additional funding	62,929	275,079
Loan maturities/principal repayments	(37,051)	(281,898)
Discount accretion/premium amortization	411	137
Credit loss provision, net	(5,805)
Transfer to/from other asset classifications	(26,333)
Balance at the end of the period	1,381,271	1,450,097
Infrastructure Portfolio Segment \| Total loans held-for-investment \| ASU 2016-13
Activity in loan portfolio
Loan maturities/principal repayments	(10,328)
Infrastructure Portfolio Segment \| Loans held-for-sale
Activity in allowance for loan losses
Credit loss allowance at the beginning of the period	196
Credit loss allowance at the end of the period	125
Infrastructure Portfolio Segment \| Funded Loan Commitments [Member]
Activity in allowance for loan losses
Credit loss provision, net	5,805
Credit loss allowance at the end of the period	16,133
Infrastructure Portfolio Segment \| Funded Loan Commitments [Member] \| ASU 2016-13
Activity in allowance for loan losses
Provision for impaired loans	10,328
Infrastructure Portfolio Segment \| Unfunded lending commitments \| ASU 2016-13
Activity in allowance for loan losses
Credit loss provision, net	2,645
Provision for impaired loans	2,205
Credit loss allowance at the end of the period	4,850
Unfunded commitments	(180,829)
Loans Held For Sale Infrastructure \| Funded Loan Commitments [Member]
Activity in allowance for loan losses
Credit loss allowance at the beginning of the period	196
Charge-offs	(71)
Credit loss allowance at the end of the period	125
Loans Held For Sale Infrastructure \| Unfunded lending commitments \| ASU 2016-13
Activity in allowance for loan losses
Credit loss provision, net	1,980
Credit loss allowance at the end of the period	1,980
Unfunded commitments	(17,261)
Residential Portfolio Segment \| Total loans held-for-investment
Activity in loan portfolio
Balance at the beginning of the period	671,572	74,346
Acquisitions/origination/additional funding	100,720
Basis of loans sold	(604)
Loan maturities/principal repayments	(48,620)	(74,692)
Discount accretion/premium amortization		$ 346
Changes in fair value	(25,619)
Transfer to/from other asset classifications	(422,691)
Balance at the end of the period	$ 274,758

Investment Securities (Details)

Investment Securities (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Investment Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Investment Securities
Investment securities	$ 777,972		$ 810,238
Credit Loss Allowance	5,037
Purchases	5,729
Sales	7,940	$ 3,228
Principal collections	13,559	7,754
VIE eliminations
Investment Securities
Purchases	(36,953)	(39,534)
Sales	(24,376)	(33,678)
Principal collections	(24,723)	(11,683)
Before consolidation of securitization VIEs
Investment Securities
Investment securities	$ 2,095,745		$ 2,215,275
Available-for-sale \| One-month LIBOR
Investment Securities
Effective variable rate basis (as a percent)	0.993%		1.763%
Fair value option
Investment Securities
Fair Value	$ 1,400
Fair value option \| VIE eliminations
Investment Securities
Investment securities	(1,317,773)		$ (1,405,037)
Held-to-maturity
Investment Securities
Credit Loss Allowance	5,037		0
Purchases	5,729
Principal collections	6,638	1,206
Held-to-maturity \| Before consolidation of securitization VIEs
Investment Securities
Investment securities	565,851		570,638
RMBS
Investment Securities
Portion of securities with variable rate	144,500
RMBS \| Available-for-sale
Investment Securities
Principal collections	6,549	6,360
Purchase Amortized Cost	134,692		138,580
Recorded Amortized Cost	134,692		138,580
Gross Unrealized Gains	36,514		51,310
Gross Unrealized Losses	(566)		(314)
Net Fair Value Adjustment	35,948		50,996
Fair Value	$ 170,640		189,576
Portion of securities with variable rate			$ 160,900
Portion of securities with variable rate (as a percent)	84.70%		84.90%
Cost of third party management			$ 400
RMBS \| Available-for-sale \| LIBOR
Investment Securities
Variable rate, weighted average spread (as a percent)	1.25%		1.24%
RMBS \| Available-for-sale \| B-
Investment Securities
Weighted Average Coupon (as a percent)	2.40%		3.10%
WAL (Years)	5 years 9 months 18 days		5 years 7 months 6 days
RMBS \| Available-for-sale \| Before consolidation of securitization VIEs
Investment Securities
Investment securities	$ 170,640		$ 189,576
RMBS \| Fair value option
Investment Securities
Purchases	29,292	26,272
Principal collections	8,572	2,034
Portion of securities with variable rate	0
RMBS \| Fair value option \| Before consolidation of securitization VIEs
Investment Securities
Investment securities	149,914		147,034
CMBS \| Fair value option
Investment Securities
Purchases	7,661	13,262
Sales	32,316	36,906
Principal collections	16,523	$ 9,837
Portion of securities with variable rate	104,700
CMBS \| Fair value option \| Non-Controlling Interests
Investment Securities
Investment securities	170,100		186,600
CMBS \| Fair value option \| Before consolidation of securitization VIEs
Investment Securities
Investment securities	1,200,714		1,295,363
Equity security \| Fair value option \| Before consolidation of securitization VIEs
Investment Securities
Investment securities	8,626		$ 12,664
Infrastructure bonds
Investment Securities
Credit Loss Allowance	$ 3,019

Investment Securities - AFS and

Investment Securities - AFS and Fair Value Option (Details) $ in Thousands	Mar. 31, 2020USD ($)security	Dec. 31, 2019USD ($)security
Unrealized Losses
Number of securities with unrealized losses \| security	5	1
RMBS
Estimated Fair Value
Securities with a loss less than 12 months	$ 3,267
Securities with a loss greater than 12 months	1,157	$ 1,380
Unrealized Losses
Securities with a loss less than 12 months	(198)
Securities with a loss greater than 12 months	(368)	(314)
Portion of securities with variable rate	144,500
RMBS \| Available-for-sale
Unrealized Losses
Portion of securities with variable rate		$ 160,900
RMBS \| Fair value option
Unrealized Losses
Fair value of investment securities before consolidation of VIEs	149,900
Unpaid principal balance of investment securities before consolidation of VIEs	97,100
Portion of securities with variable rate	0
CMBS \| Fair value option
Unrealized Losses
Fair value of investment securities before consolidation of VIEs	1,200,000
Unpaid principal balance of investment securities before consolidation of VIEs	2,800,000
Portion of securities with variable rate	104,700
VIE eliminations
Unrealized Losses
Fair value of investment securities before consolidation of VIEs eliminated against VIE liabilities	$ 32,900

Investment Securities - HTM (De

Investment Securities - HTM (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
HTM Securities
Amortized Cost Basis		$ 570,888		$ 570,638
Credit Loss Allowance	$ (5,037)	(5,037)
Net Carrying Amount		565,851		570,638
Gross Unrealized Holdings Gains		411		2,094
Gross Unrealized Holdings Losses		(25,994)		(4,005)
Fair Value		540,268		568,727
Activity in credit loss allowance for HTM debt securities
Credit loss provision, net	907
Credit loss allowance at ending	5,037
HTM preferred equity interests
Less than one year		283,716
One to three years		238,011
Three to five years		5,295
Thereafter		38,829
Total		565,851		570,638
CMBS
HTM Securities
Amortized Cost Basis		375,873		383,473
Net Carrying Amount		375,873		383,473
Gross Unrealized Holdings Gains		104		946
Gross Unrealized Holdings Losses		(17,975)		(3,001)
Fair Value		358,002		381,418
HTM preferred equity interests
Less than one year		278,404
One to three years		97,469
Total		375,873		383,473
Preferred interests
HTM Securities
Amortized Cost Basis		147,855		142,012
Credit Loss Allowance	(2,018)	(2,018)
Net Carrying Amount		145,837		142,012
Gross Unrealized Holdings Gains				1,148
Gross Unrealized Holdings Losses		(7,977)		(353)
Fair Value		137,860		142,807
Activity in credit loss allowance for HTM debt securities
Credit loss provision, net	904
Credit loss allowance at ending	2,018
HTM preferred equity interests
One to three years		140,542
Three to five years		5,295
Total		145,837		142,012
Infrastructure bonds
HTM Securities
Amortized Cost Basis		47,160		45,153
Credit Loss Allowance	(3,019)	(3,019)
Net Carrying Amount		44,141		45,153
Gross Unrealized Holdings Gains		307
Gross Unrealized Holdings Losses		(42)		(651)
Fair Value		44,406		44,502
Activity in credit loss allowance for HTM debt securities
Credit loss provision, net	3
Credit loss allowance at ending	$ 3,019
HTM preferred equity interests
Less than one year		5,312
Thereafter		38,829
Total		$ 44,141		$ 45,153
ASU 2016-13
Activity in credit loss allowance for HTM debt securities
Accumulated deficit charge			$ 1,293
Gross-up of PCD bond amortized cost basis			2,837
ASU 2016-13 \| Preferred interests
Activity in credit loss allowance for HTM debt securities
Accumulated deficit charge			1,114
ASU 2016-13 \| Infrastructure bonds
Activity in credit loss allowance for HTM debt securities
Accumulated deficit charge			179
Gross-up of PCD bond amortized cost basis			$ 2,837

Investment Securities - SEREF (

Investment Securities - SEREF (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2012	Dec. 31, 2019
Residential Real Estate
Fair value of the investment	$ 29,845		$ 26,746
Ownership percentage	2.00%
SEREF
Residential Real Estate
Number of shares acquired		9,140,000
Fair value of the investment	$ 8,600		$ 12,700

Properties (Details)

Properties (Details) $ in Thousands, ft² in Millions	1 Months Ended		3 Months Ended		12 Months Ended			24 Months Ended
Properties (Details) $ in Thousands, ft² in Millions	Dec. 31, 2017item	Sep. 30, 2017ft²property	Mar. 31, 2020USD ($)propertyitem	Mar. 31, 2019item	Dec. 31, 2018item	Dec. 31, 2016ft²item	Dec. 31, 2015item	Dec. 31, 2018item	Dec. 31, 2019USD ($)
Properties
Number of properties sold \| item			0	0
Summary of properties
Properties, cost			$ 2,497,686						$ 2,490,630
Less: accumulated depreciation			(244,616)						(224,190)
Properties, net			2,253,070						2,266,440
Property Segment
Summary of properties
Land and land improvements			484,673						484,397
Buildings and building improvements			1,688,284						1,687,756
Furniture & fixtures			$ 54,277						52,567
Property Segment \| Minimum
Summary of properties
Land improvements, useful life			0 years
Building and building improvements, useful life			5 years
Furniture & fixtures, useful life			3 years
Property Segment \| Maximum
Summary of properties
Land improvements, useful life			15 years
Building and building improvements, useful life			45 years
Furniture & fixtures, useful life			7 years
Investing and Servicing Segment
Summary of properties
Land and land improvements			$ 54,150						54,052
Buildings and building improvements			186,329						182,048
Furniture & fixtures			$ 2,265						2,139
Investing and Servicing Segment \| Minimum
Summary of properties
Land improvements, useful life			0 years
Building and building improvements, useful life			3 years
Furniture & fixtures, useful life			2 years
Investing and Servicing Segment \| Maximum
Summary of properties
Land improvements, useful life			15 years
Building and building improvements, useful life			40 years
Furniture & fixtures, useful life			5 years
Commercial and Residential Lending Segment
Summary of properties
Land and land improvements			$ 11,386						11,386
Buildings			$ 16,322						$ 16,285
Commercial and Residential Lending Segment \| Minimum
Summary of properties
Land improvements, useful life			0 years
Building, useful life			10 years
Commercial and Residential Lending Segment \| Maximum
Summary of properties
Land improvements, useful life			7 years
Building, useful life			23 years
Woodstar Portfolio
Properties
Number of properties in portfolio investment \| item			32
Total gross properties and lease intangibles			$ 631,100
Debt			$ 477,800
Number of units acquired \| item			8,948
Number of acquired properties closed \| item						14	18
Woodstar II Portfolio
Properties
Number of properties in portfolio investment \| item			27
Total gross properties and lease intangibles			$ 606,400
Debt			$ 436,900
Number of units in portfolio investment \| item			6,109
Number of acquired properties closed \| item	8				19			27
Medical Office Portfolio
Properties
Area of property \| ft²						1.9
Total gross properties and lease intangibles			$ 759,900
Debt			590,800
Number of acquired properties closed \| item						34
Master Lease Portfolio
Properties
Total gross properties and lease intangibles			343,800
Debt			192,500
Number of retail properties acquired \| property		16
Number of square feet of properties \| ft²		1.9
Term of master lease agreements		24 years 7 months 6 days
REIS Equity Portfolio
Properties
Total gross properties and lease intangibles			282,200
Debt			$ 197,900
Number of retail properties acquired \| property			16
Number of equity interests in unconsolidated commercial real estate properties \| property			1
Utah, Florida, Texas and Minnesota \| Master Lease Portfolio \| Minimum
Properties
Concentration risk (as a percent)		50.00%

Investment in Unconsolidated _3

Investment in Unconsolidated Entities (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)item	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Investment in Unconsolidated Entities
Equity method, Carrying value	$ 57,489		$ 57,583
Number of publicly traded investments \| item	0
Fair value of the investment	$ 29,845		26,746
Investment in unconsolidated entities	87,334		84,329
Capital distribution	153	$ 886
Carrying value over (under) equity in net assets	$ 0
Retail Fund
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	33.00%
Number of regional shopping malls \| item	4
Investor entity which owns equity in two real estate services providers
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	50.00%
Equity method, Carrying value	$ 9,504		9,473
Equity interest in a natural gas power plant
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	10.00%
Equity method, Carrying value	$ 25,862		25,862
Equity interests in commercial real estate
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	50.00%
Equity method, Carrying value	$ 1,787		1,907
Equity interest in a residential mortgage originator
Investment in Unconsolidated Entities
Equity method, Carrying value	11,807		12,002
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		4,500
Various - Equity method
Investment in Unconsolidated Entities
Equity method, Carrying value	$ 8,529		$ 8,339
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			$ 0
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	$ 20,620		$ 17,521
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	Mar. 31, 2020	Dec. 31, 2019
Intangible Assets
Goodwill	$ 259,846	$ 259,846
Summary of Intangible Assets
Gross Carrying Value	176,034	176,428
Accumulated Amortization	(94,029)	(90,728)
Net Carrying Value	82,005	85,700
In-place lease
Summary of Intangible Assets
Gross Carrying Value	135,293	135,293
Accumulated Amortization	(87,239)	(84,383)
Net Carrying Value	48,054	50,910
Favorable lease
Summary of Intangible Assets
Gross Carrying Value	24,217	24,218
Accumulated Amortization	(6,790)	(6,345)
Net Carrying Value	17,427	17,873
Domestic Servicing Rights
Summary of Intangible Assets
Gross Carrying Value	16,524	16,917
Net Carrying Value	16,524	16,917
Domestic Servicing Rights \| Before consolidation of securitization VIEs
Intangible Assets
Servicing rights intangibles	43,500	43,200
Domestic Servicing Rights \| VIE eliminations
Intangible Assets
Servicing rights intangibles	27,000	26,200
Infrastructure Lending Segment
Intangible Assets
Goodwill	119,400	119,400
Investing and Servicing Segment
Intangible Assets
Goodwill	$ 140,400	$ 140,400

Goodwill and Intangibles - Acti

Goodwill and Intangibles - Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Summary of activity within intangible assets
Balance as of beginning of period	$ 85,700
Amortization	(3,302)
Changes in fair value due to changes in inputs and assumptions	(393)
Balance as of end of period	82,005
Future rental payments due to us from tenants under existing non-cancellable operating leases
2020 (remainder of)	8,397
2021	9,674
2022	7,892
2023	6,136
2024	4,742
Thereafter	28,640
Total	65,481
In-place lease
Summary of activity within intangible assets
Balance as of beginning of period	50,910
Amortization	(2,856)
Balance as of end of period	48,054
Favorable lease
Summary of activity within intangible assets
Balance as of beginning of period	17,873
Amortization	(446)
Balance as of end of period	17,427
Domestic Servicing Rights
Summary of activity within intangible assets
Balance as of beginning of period	16,917
Changes in fair value due to changes in inputs and assumptions	(393)
Balance as of end of period	$ 16,524

Secured Borrowings (Details)

Secured Borrowings (Details) $ in Thousands	1 Months Ended			3 Months Ended
Secured Borrowings (Details) $ in Thousands	Mar. 31, 2020USD ($)Option	Feb. 29, 2020USD ($)	Jan. 31, 2020	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Aug. 31, 2019USD ($)
Secured Financing Agreements
Carrying Value	$ 9,689,683			$ 9,689,683		$ 8,906,048
Loss on extinguishment of debt				(170)	$ (3,298)
Purchased by investors	928,683			928,683		928,060
Payment of debt				1,923,754	$ 1,778,819
Revolving credit facility
Secured Financing Agreements
Maximum borrowing capacity	120,000			$ 120,000
Revolving credit facility \| LIBOR
Secured Financing Agreements
Pricing margin (as a percent)				3.00%
Revolving Credit Agreement
Secured Financing Agreements
Maximum Facility Size	300,000			$ 300,000
Maximum facility size subject to certain conditions	$ 650,000			$ 650,000
Infrastructure Acquisition Facility
Secured Financing Agreements
Pricing margin (as a percent)				1.75%
Increase in spread in a subsequent period				0.25%
Property Mortgages - Fixed rate
Secured Financing Agreements
Maturity period				9 years 6 months
FHLB
Secured Financing Agreements
Pricing margin (as a percent)				1.99%
Interest rate (as a percent)	0.29%			0.29%
Carrying Value	$ 481,500			$ 481,500
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				82,500
Term loan facility
Secured Financing Agreements
Maximum borrowing capacity	398,000			$ 398,000
Term loan facility \| LIBOR
Secured Financing Agreements
Pricing margin (as a percent)				2.50%
Commercial Loans
Secured Financing Agreements
Maximum Facility Size	8,900,000			$ 8,900,000
Carrying Value	$ 864,800			$ 864,800
Commercial Loans \| LIBOR \| Weighted-average
Secured Financing Agreements
Interest rate (as a percent)	1.92%			1.92%
Infrastructure Loans
Secured Financing Agreements
Extension term		1 year
CMBS/RMBS
Secured Financing Agreements
Interest rate (as a percent)	3.49%			3.49%
Maximum Facility Size	$ 0			$ 0
Carrying Value	184,500			184,500
Amount outstanding on a repurchase facility not subject to margin calls	184,500			184,500
Amount outstanding on repurchase facility	$ 42,900			$ 42,900
Pro rata share owned by a non-controlling partner in a consolidated joint venture	49.00%			49.00%
Amount of cash margin with lender pursuant to terms of related repurchase facility	$ 38,200			$ 38,200
CMBS/RMBS \| LIBOR \| Weighted-average
Secured Financing Agreements
Interest rate (as a percent)	1.66%			1.66%
CMBS/RMBS \| Certain Facilities
Secured Financing Agreements
Carrying Value	$ 320,700			$ 320,700
Rolling maturity period				11 months
Maturity period				12 months
Primary beneficiary
Secured Financing Agreements
Equity Method Investment, Ownership Percentage			51.00%
Secured financing agreements
Secured Financing Agreements
Pledged Asset Carrying Value	12,431,687			$ 12,431,687
Maximum Facility Size	18,384,610			18,384,610
Principal Amount	9,778,305			9,778,305		9,000,125
Unamortized net discount	(8,089)			(8,089)		(8,347)
Unamortized deferred financing costs	(80,533)			(80,533)		(85,730)
Carrying Value	9,689,683			9,689,683		8,906,048
Increase in available borrowings	250,000
Secured financing agreements \| Revolving credit facility
Secured Financing Agreements
Equity interests in certain subsidiaries used to secure facilities				3,100,000
Secured financing agreements \| Other Secured Financing
Secured Financing Agreements
Pledged Asset Carrying Value	5,053,388			5,053,388
Maximum Facility Size	7,156,177			7,156,177
Principal Amount	4,554,180			4,554,180		4,390,668
Secured financing agreements \| Revolving Credit Agreement
Secured Financing Agreements
Pledged Asset Carrying Value	273,429			273,429
Maximum Facility Size	650,000			650,000
Principal Amount	196,719			$ 196,719		198,955
Secured financing agreements \| Revolving Credit Agreement \| LIBOR
Secured Financing Agreements
Pricing margin (as a percent)				2.25%
Secured financing agreements \| Commercial Financing Facility
Secured Financing Agreements
Pledged Asset Carrying Value	91,298			$ 91,298
Maximum Facility Size	73,763			73,763
Principal Amount	$ 73,763			$ 73,763
Maturity period	2 years
Number of extension options \| Option	3
Extended term / option	1 year
Secured financing agreements \| Commercial Financing Facility \| LIBOR
Secured Financing Agreements
Pricing margin (as a percent)				1.75%
Secured financing agreements \| Commercial Financing Facility \| GBP LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	1.75%
Secured financing agreements \| Infrastructure Acquisition Facility
Secured Financing Agreements
Pledged Asset Carrying Value	$ 731,095			$ 731,095
Maximum Facility Size	740,382			740,382
Principal Amount	586,250			586,250		603,642
Secured financing agreements \| Infrastructure Financing Facilities
Secured Financing Agreements
Pledged Asset Carrying Value	542,597			542,597
Maximum Facility Size	1,250,000			1,250,000
Principal Amount	448,848			448,848		428,206
Maximum borrowing capacity	750,000			$ 750,000
Secured financing agreements \| Infrastructure Financing Facilities \| LIBOR
Secured Financing Agreements
Pricing margin (as a percent)				2.12%
Secured financing agreements \| Property Mortgages - Fixed rate
Secured Financing Agreements
Pricing margin (as a percent)				3.94%
Pledged Asset Carrying Value	1,488,698			$ 1,488,698
Maximum Facility Size	1,195,722			1,195,722
Principal Amount	1,195,722			1,195,722		1,196,492
Secured financing agreements \| Property Mortgages - Variable rate
Secured Financing Agreements
Pledged Asset Carrying Value	777,925			777,925
Maximum Facility Size	728,310			728,310
Principal Amount	707,009			$ 707,009		696,503
Secured financing agreements \| Property Mortgages - Variable rate \| LIBOR
Secured Financing Agreements
Pricing margin (as a percent)				2.47%
Secured financing agreements \| Term Loan and Revolver
Secured Financing Agreements
Maximum Facility Size	518,000			$ 518,000
Principal Amount	518,000			518,000		399,000
Secured financing agreements \| FHLB
Secured Financing Agreements
Pledged Asset Carrying Value	1,148,346			1,148,346
Maximum Facility Size	2,000,000			2,000,000
Principal Amount	827,869			827,869		867,870
Secured financing agreements \| Collateralized Loan Obligation
Secured Financing Agreements
Maximum borrowing capacity	$ 2,000,000			2,000,000
Additional extension term	4 years
Secured financing agreements \| Repurchase Agreements
Secured Financing Agreements
Pledged Asset Carrying Value	$ 7,378,299			7,378,299
Maximum Facility Size	11,228,433			11,228,433
Principal Amount	5,224,125			5,224,125		4,609,457
Secured financing agreements \| Commercial Loans
Secured Financing Agreements
Pledged Asset Carrying Value	5,882,347			5,882,347
Maximum Facility Size	9,156,617			9,156,617
Principal Amount	4,245,330			4,245,330		3,640,620
Maximum borrowing capacity		$ 1,800,000
Increase in available borrowings		$ 200,000
Secured financing agreements \| Residential Loans
Secured Financing Agreements
Pledged Asset Carrying Value	12,486			12,486
Maximum Facility Size	400,000			400,000
Principal Amount	10,359			$ 10,359		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	196,639			$ 196,639
Maximum Facility Size	500,000			500,000
Principal Amount	162,306			$ 162,306		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	182,575			$ 182,575
Maximum Facility Size	350,000			350,000
Principal Amount	123,353			$ 123,353		86,575
Extension term		1 year
Extended term / option		1 year
Secured financing agreements \| Conduit Loans \| LIBOR
Secured Financing Agreements
Pricing margin (as a percent)				2.16%
Secured financing agreements \| CMBS/RMBS
Secured Financing Agreements
Pledged Asset Carrying Value	1,104,252			$ 1,104,252
Maximum Facility Size	821,816			821,816
Principal Amount	682,777			682,777		$ 682,229
Maturity period			12 months
Secured financing agreements \| CMBS/RMBS \| One-month LIBOR \| Minimum
Secured Financing Agreements
Pricing margin (as a percent)			1.35%
Secured financing agreements \| CMBS/RMBS \| One-month LIBOR \| Maximum
Secured Financing Agreements
Pricing margin (as a percent)			1.85%
Repurchase Agreements \| Collateralized Loan Obligation
Secured Financing Agreements
Maximum borrowing capacity	$ 500,000			$ 500,000

Secured Borrowings - Principal

Secured Borrowings - Principal Repayments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Collateralized Loan Obligation
Repayment of secured financings
Thereafter	$ 936,375
Total	936,375
Amortization of deferred financing costs	600
Secured financing agreements
Repayment of secured financings
2020 (remainder of)	702,498
2021	1,917,408
2022	1,870,030
2023	1,912,533
2024	1,428,841
Thereafter	2,883,370
Total	10,714,680
Amortization of deferred financing costs	8,800	$ 8,700
Repurchase Agreements
Repayment of secured financings
2020 (remainder of)	208,156
2021	956,656
2022	1,314,349
2023	1,203,648
2024	1,037,701
Thereafter	503,615
Total	5,224,125
Other Secured Financing
Repayment of secured financings
2020 (remainder of)	494,342
2021	960,752
2022	555,681
2023	708,885
2024	391,140
Thereafter	1,443,380
Total	$ 4,554,180

Secured Borrowings - Repurchase

Secured Borrowings - Repurchase Agreements (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Secured financing agreements
Secured Financing Agreements
Principal Amount	$ 9,778,305	$ 9,000,125
Repurchase Agreements
Secured Financing Agreements
Percentage of repurchase agreements for which margin calls are limited to collateral specific credit marks	75.00%
Percentage of repurchase agreements containing margin call provisions that pertain to loans held-for-sale	25.00%

Secured Borrowings- Collaterali

Secured Borrowings- Collateralized Loan Obligations (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)item	Dec. 31, 2019USD ($)item	Aug. 31, 2019USD ($)
Summary of CLO
Collateralized loan obligations, net	$ 928,683	$ 928,060
LIBOR \| Collateral assets
Summary of CLO
Spread (as a percent)	3.38%	3.34%
LIBOR \| Financing
Summary of CLO
Spread (as a percent)	1.65%	1.65%
Collateralized Loan Obligation
Summary of CLO
Amount issued			$ 1,100,000
Principal Amount			86,600
Collateralized loan obligations, net			936,400
Amortization of deferred financing costs	$ 600
Deferred financing costs, net of amortization	$ 7,700	$ 8,300	$ 9,200
Collateralized Loan Obligation \| Collateral assets
Summary of CLO
Count \| item	22	20
Amount issued	$ 1,098,891	$ 1,073,504
Collateralized loan obligations, net	$ 1,098,839	$ 1,073,504
Loans financed by the CLO (as a percent)	9.00%
Fixed weighted average interest	6.84%
Collateralized Loan Obligation \| Financing
Summary of CLO
Count \| item	1	1
Amount issued	$ 936,375	$ 936,375
Collateralized loan obligations, net	$ 928,683	$ 928,060

Unsecured Senior Notes (Details

Unsecured Senior Notes (Details)	3 Months Ended
Unsecured Senior Notes (Details)	Mar. 31, 2020USD ($)$ / shares	Mar. 31, 2019USD ($)$ / shares	Dec. 31, 2019USD ($)
Unsecured Senior Notes
Interest expense	$ 120,025,000	$ 134,672,000
Principal amount of notes, basis for conversion	$ 1,000
Closing share price (in dollars per share) \| $ / shares	$ 10.25	$ 22.35
2021 Senior Notes 3.625%
Unsecured Senior Notes
Coupon Rate (as a percent)	3.63%
Effective Rate (as a percent)	3.89%
Remaining Period of Amortization	9 months 18 days
Principal Amount	$ 500,000,000		$ 500,000,000
2021 Senior Notes 5.00%
Unsecured Senior Notes
Coupon Rate (as a percent)	5.00%
Effective Rate (as a percent)	5.32%
Remaining Period of Amortization	1 year 8 months 12 days
Principal Amount	$ 700,000,000		700,000,000
2023 Notes
Unsecured Senior Notes
Coupon Rate (as a percent)	4.38%
Effective Rate (as a percent)	4.86%
Remaining Period of Amortization	3 years
Principal Amount	$ 250,000,000		250,000,000
Conversion Rate	38.5959
Conversion price (in dollars per share) \| $ / shares	$ 25.91
Closing share price (in dollars per share) \| $ / shares	$ 10.25
If-converted value	$ 98,900,000
Amount by which if-converted value of the Notes are less than principal amount	$ 151,100,000
2025 Senior Notes
Unsecured Senior Notes
Coupon Rate (as a percent)	4.75%
Effective Rate (as a percent)	5.04%
Remaining Period of Amortization	5 years
Principal Amount	$ 500,000,000		500,000,000
Unsecured Senior Notes
Unsecured Senior Notes
Principal Amount	1,950,000,000		1,950,000,000
Unamortized deferred financing costs	(5,026,000)		(5,624,000)
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	1,930,584,000		1,928,622,000
Convertible Senior Notes
Unsecured Senior Notes
Unamortized discount	(3,352,000)		(3,610,000)
Convertible Senior Notes \| 2019 Notes
Unsecured Senior Notes
Interest expense	3,000,000	$ 3,200,000
Senior Notes
Unsecured Senior Notes
Unamortized discount	$ (11,038,000)		$ (12,144,000)

Loan Securitization_Sale Acti_3

Loan Securitization/Sale Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Loan Transfers Accounted for as Sales
Net gains (losses) on the sale of loan qualifying for sales treatment	$ 2,600	$ 300
Investing and Servicing Segment
Loan Transfer Activities
Face Amount	335,835	179,411
Proceeds	352,393	186,841
Repayment of purchase agreements	254,966	136,133
Commercial and Residential Lending Segment
Loan Transfer Activities
Face Amount	0
Loan Transfers Accounted for as Sales
Net gains (losses) on the sale of loan qualifying for sales treatment		2,800
Commercial and Residential Lending Segment \| Loans held-for-sale, commercial
Loan Transfers Accounted for as Sales
Face Amount		398,741
Proceeds		396,310
Commercial and Residential Lending Segment \| Loans held-for-sale, residential
Loan Transfers Accounted for as Sales
Face Amount	381,829	362,418
Proceeds	399,351	374,861
Infrastructure Lending Segment
Loan Transfer Activities
Face Amount	38,700	180,300
Proceeds	38,400	172,700
Loan Transfers Accounted for as Sales
Net gains (losses) on the sale of loan qualifying for sales treatment	$ 300	$ 800

Derivatives and Hedging Activ_3

Derivatives and Hedging Activity - Designated and Non-Designated Hedges (Details) € in Thousands, £ in Thousands, $ in Thousands	Mar. 31, 2020GBP (£)item	Mar. 31, 2020EUR (€)item	Mar. 31, 2020USD ($)item
Derivatives
Number of contracts	396	396	396
Foreign exchange contracts \| EUR \| Short
Derivatives
Number of contracts	230	230	230
Aggregate notional amount \| €		€ 215,677
Foreign exchange contracts \| AUD \| Short
Derivatives
Number of contracts	7	7	7
Aggregate notional amount \| $			$ 49,793
Foreign exchange contracts \| GBP \| Long
Derivatives
Number of contracts	2	2	2
Aggregate notional amount \| £	£ 2,414
Foreign exchange contracts \| GBP \| Short
Derivatives
Number of contracts	94	94	94
Aggregate notional amount \| $			$ 383,837
Interest rate swaps - Paying fixed rates \| USD
Derivatives
Number of contracts	40	40	40
Aggregate notional amount \| $			$ 1,493,447
Interest rate swaps - Receiving fixed rates \| USD
Derivatives
Number of contracts	2	2	2
Aggregate notional amount \| $			$ 970,000
Interest Rate Swap Guarantees \| USD
Derivatives
Number of contracts	6	6	6
Aggregate notional amount \| $			$ 392,607
Interest rate caps \| USD
Derivatives
Number of contracts	10	10	10
Aggregate notional amount \| $			$ 717,777
Credit spread instrument \| USD
Derivatives
Number of contracts	4	4	4
Aggregate notional amount \| $			$ 69,000
Forward loan purchase commitments \| USD
Derivatives
Number of contracts	1	1	1
Aggregate notional amount \| $			$ 17,988

Derivatives and Hedging Activ_4

Derivatives and Hedging Activity - Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	$ 101,448	$ 28,943
Fair Value of Derivatives in a Liability Position	5,118	8,740
Interest rate swaps \| Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	41,970	14,385
Fair Value of Derivatives in a Liability Position	140
Interest Rate Swap Guarantees \| Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in a Liability Position	1,289	614
Foreign exchange contracts \| Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	57,243	14,558
Fair Value of Derivatives in a Liability Position	3,689	7,834
Credit spread instrument \| Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	$ 2,235
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	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivatives
Gain (loss) on derivative financial instruments, net	$ 9,710	$ (2,207)
Interest rate swaps
Derivatives
Gain (loss) on derivative financial instruments, net	(45,125)	(3,757)
Interest rate swap guarantees
Derivatives
Gain (loss) on derivative financial instruments, net	(675)	(182)
Foreign exchange contracts
Derivatives
Gain (loss) on derivative financial instruments, net	53,265	2,444
Credit spread instrument
Derivatives
Gain (loss) on derivative financial instruments, net	$ 2,245	$ (712)

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Net Amounts of Assets Presented in the Statement of Financial Position	$ 101,448	$ 28,943
Liabilities
Gross Amounts of Recognized Liabilities	5,229,243	4,618,197
Net Amounts of Liabilities Presented in the Statement of Financial Position	5,229,243	4,618,197
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	5,227,821	4,614,769
Cash Collateral Pledged	133	292
Net Amount	1,289	3,136
Derivatives
Assets
Gross Amounts of Recognized Assets	101,448	28,943
Net Amounts of Assets Presented in the Statement of Financial Position	101,448	28,943
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	3,696	5,312
Cash Collateral Received	41,856	14,208
Net Amount	55,896	9,423
Liabilities
Gross Amounts of Recognized Liabilities	5,118	8,740
Net Amounts of Liabilities Presented in the Statement of Financial Position	5,118	8,740
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	3,696	5,312
Cash Collateral Pledged	133	292
Net Amount	1,289	3,136
Repurchase Agreements
Liabilities
Gross Amounts of Recognized Liabilities	5,224,125	4,609,457
Net Amounts of Liabilities Presented in the Statement of Financial Position	5,224,125	4,609,457
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	$ 5,224,125	$ 4,609,457

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Consolidated CLO (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets:
Total Assets	$ 77,577,189	$ 78,042,336
Liabilities
Liabilities	72,759,838	72,905,322
Primary beneficiary
Assets:
Total Assets	61,157,805	62,187,175
Liabilities
Liabilities	59,807,306	60,743,494
Collateralized Loan Obligation
Assets:
Loans held-for-investment, net	1,098,839	1,073,504
Accrued interest receivable	1,748	3,129
Other assets	1,109	26,496
Liabilities
Accounts payable, accrued expenses and other liabilities	905	1,362
Collateralized loan obligations, net	928,683	928,060
Collateralized Loan Obligation \| Primary beneficiary
Assets:
Total Assets	1,101,696	1,103,129
Liabilities
Liabilities	$ 929,588	$ 929,422

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Mar. 31, 2020USD ($)item	Jan. 31, 2020	Dec. 31, 2019USD ($)
Variable interest entities
Total Assets	$ 77,577,189		$ 78,042,336
Total Liabilities	$ 72,759,838		72,905,322
Number of collateralized debt obligation \| item	0
Investment in unconsolidated entities	$ 87,334		84,329
Primary beneficiary
Variable interest entities
Total Assets	61,157,805		62,187,175
Total Liabilities	59,807,306		$ 60,743,494
Equity interest		51.00%
Primary beneficiary \| ASU 2015-02
Variable interest entities
Total Assets	1,100,000
Total Liabilities	586,700
Primary beneficiary \| CMBS Venture Holdings
Variable interest entities
Total Assets	323,900
Total Liabilities	88,300
Equity interest			51.00%
Primary beneficiary \| SPT Dolphin \| ASU 2015-02
Variable interest entities
VIE assets	678,000
VIE liabilities	$ 445,300
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	$ 32,900
Not primary beneficiary \| ASU 2015-02 \| Measurement Period Adjustments
Variable interest entities
Investment in unconsolidated entities	21,000
Not primary beneficiary \| Securitization SPEs
Variable interest entities
Debt obligations to beneficial interest holders, unpaid principal balances	$ 4,400,000

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($) $ in Millions	1 Months Ended			3 Months Ended
	Sep. 30, 2019	Apr. 30, 2018	Mar. 31, 2017	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related-Party Transactions
Base management fee payable				$ 19.1		$ 19.3
Granted (in shares)				965,847
Award vesting period		3 years	3 years
Starwood Property Trust, Inc. Manager Equity Plan \| Restricted stock units
Related-Party Transactions
Granted (in shares)	1,200,000	775,000	1,000,000
Award vesting period		3 years
Share-based compensation expense, before tax				$ 5.2	$ 3.2
Manager
Related-Party Transactions
Base management fee incurred				19.1	19.6
Incentive fee incurred				15.8	$ 0.2
Incentive fees payable				15.8		18.1
Executive compensation and other reimbursable expenses				2.2
Executive compensation and other reimbursable expense payable				$ 4.4		$ 3.5
Manager \| Restricted stock units
Related-Party Transactions
Granted (in shares)				341,635	114,216
Grant date fair value				$ 3.9	$ 2.6
Award vesting period				3 years
Share-based compensation expense, before tax				$ 1.1	$ 0.8

Related-Party Transactions - In

Related-Party Transactions - Investments in Loans and Securities and Other Arrangements (Details) $ in Thousands, € in Millions	1 Months Ended				3 Months Ended
	Mar. 31, 2020USD ($)ft²$ / ft²	Feb. 29, 2020USD ($)Option	Jan. 31, 2020EUR (€)	Jan. 31, 2020USD ($)	Mar. 31, 2020USD ($)property	Mar. 31, 2019USD ($)	Apr. 30, 2020USD ($)
Related-Party Transactions
Acquisitions and originations of mortgage financing					$ 1,898,905	$ 2,027,669
SEREF \| Mezzanine Loans
Related-Party Transactions
Payments to Fund Long-term Loans to Related Parties \| €			€ 70.3
Acquisitions and originations of mortgage financing \| €			€ 35.2
Highmark Residential
Related-Party Transactions
Number of additional properties under management \| property					21
Payments to related party					$ 500	$ 300
Affiliates of Manager \| Origination Of Loan For Development And Recapitalization Of Luxury Cabin Rentals
Related-Party Transactions
Payments to Fund Long-term Loans to Related Parties				$ 3,500
Affiliates of Manager \| Origination Of First Mortgage Loan
Related-Party Transactions
Payments to Fund Long-term Loans to Related Parties		$ 99,000
Interest rate		10.50%
Term		36 months
Number of options \| Option		2
Renewal term		1 year
Affiliates Of Chairman And CEO \| Office Lease Agreement With Affiliate Of Chairman And CEO
Related-Party Transactions
Area of office space \| ft²	74,000
Lease Term	15 years				15 years
Operating Lease, Annual Base Rent Per Square Foot \| $ / ft²	52
Operating Lease, Percentage Of Increase in Annual Base Rent	3.00%
Security Deposit							$ 1,900
Loans held-for-sale, residential \| Residential mortgage originator
Related-Party Transactions
Acquisitions and originations of mortgage financing					$ 100,800
Purchase Commitment, Remaining Minimum Amount Committed	$ 18,000				$ 18,000

Stockholders' Equity and Non-_3

Stockholders' Equity and Non-Controlling Interests (Details) $ / shares in Units, $ in Thousands	Feb. 25, 2020$ / shares	Mar. 31, 2020USD ($)shares	Mar. 31, 2020USD ($)item$ / sharesshares	Mar. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2019USD ($)shares
Stockholders' Equity
Dividend declared (in dollars per share) \| $ / shares	$ 0.48		$ 0.48	$ 0.48
Shares issued under ATM Agreement \| shares			0	0
Authorized amount of share repurchases		$ 400,000	$ 400,000
Period for repurchase of common stock		1 year
Common stock repurchased (in shares) \| shares			1,925,421
Repurchase of common stock			$ 28,830
Debt repurchased amount		$ 0	0
Remaining capacity to repurchase common stock		$ 371,200	371,200
Net income attributable to non-controlling interests			$ 500	$ 6,125
Class A Units
Stockholders' Equity
Number of units outstanding \| shares		10,600,000	10,600,000
Value of shares issued to settle redemption			$ 400
CMBS JV
Stockholders' Equity
Non-controlling interest		$ 121,600	$ 121,600		$ 175,600
CMBS JV \| Joint Venture Partner
Stockholders' Equity
Equity Method Investment, Ownership Percentage		49.00%	49.00%
Woodstar II Portfolio \| Class A Units
Stockholders' Equity
Net income attributable to non-controlling interests			$ 5,100	$ 5,700
Woodstar II Portfolio \| Class A Units \| SPT Dolphin
Stockholders' Equity
Shares issued \| shares			1,800,000
Shares issued \| shares			10,200,000
Right to receive additional shares \| shares			1,900,000
Number of common stock per unit \| item			1
Woodstar II Portfolio \| Class A Units \| SPT Dolphin \| Non-Controlling Interests
Stockholders' Equity
Redemption of units \| shares			227,100,000		235,900,000
Woodstar II Portfolio \| CMBS JV \| Class A Units
Stockholders' Equity
Net income attributable to non-controlling interests			$ 6,000

Stockholders' Equity and Non-_4

Stockholders' Equity and Non-Controlling Interests - Equity Incentive Plans (Details) - USD ($)	1 Months Ended			3 Months Ended
	Sep. 30, 2019	Apr. 30, 2018	Mar. 31, 2017	Mar. 31, 2020	Mar. 31, 2019	May 31, 2017
Equity Incentive Plans
Granted (in shares)				965,847
Award vesting period		3 years	3 years
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				6,500,000
Starwood Property Trust, Inc. Equity Plan
Equity Incentive Plans
Granted (in shares)				965,847
Starwood Property Trust, Inc. Manager Equity Plan \| Restricted stock units
Equity Incentive Plans
Share-based compensation expense, before tax				$ 5,200,000	$ 3,200,000
Granted (in shares)	1,200,000	775,000	1,000,000
Awards granted, fair value	$ 29,484,000	$ 16,329,000	$ 22,240,000
Award vesting period		3 years

Stockholders' Equity and Non-_5

Stockholders' Equity and Non-Controlling Interests - Non-Vested Shares (Details)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	2,718,767
Granted (in shares)	965,847
Vested (in shares)	(704,042)
Forfeited (in shares)	(314)
Balance at the end of the period (in shares)	2,980,258
Weighted Average Grant Date Fair Value (per share)
Balance at the beginning of period (in dollars per share) \| $ / shares	$ 22.74
Granted (in dollars per share) \| $ / shares	10.77
Vested (in dollars per share) \| $ / shares	22.28
Forfeited (in dollars per share) \| $ / shares	21.31
Balance at the end of period (in dollars per share) \| $ / shares	$ 18.97
Starwood Property Trust, Inc. Equity Plan
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	1,413,170
Granted (in shares)	965,847
Vested (in shares)	(474,367)
Forfeited (in shares)	(314)
Balance at the end of the period (in shares)	1,904,336
Starwood Property Trust, Inc. Manager Equity Plan
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	1,305,597
Vested (in shares)	(229,675)
Balance at the end of the period (in shares)	1,075,922

(Loss) Earnings per Share (Deta

(Loss) Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Continuing Operations:
Basic - Income attributable to STWD common stockholders	$ (66,769)	$ 70,383
Less: Income attributable to participating shares not already deducted as non-controlling interests	(1,222)	(824)
Basic earnings	(67,991)	69,559
Continuing Operations:
Basic - Income attributable to STWD common stockholders	(66,769)	70,383
Less: Income attributable to participating shares not already deducted as non-controlling interests	(1,222)	(824)
Diluted earnings	$ (67,991)	$ 69,559
Number of Shares:
Basic - Average shares outstanding	280,990	277,544
Effect of dilutive securities - Unvested non-participating shares		154
Diluted - Average shares outstanding	280,990	277,698
Basic:
Basic (in dollars per share)	$ (0.24)	$ 0.25
Diluted:
Diluted (in dollars per share)	$ (0.24)	$ 0.25

(Loss) Earnings per Share - Dil

(Loss) Earnings per Share - Dilutive and Antidilutive securities (Details) shares in Millions, item in Millions	3 Months Ended
	Mar. 31, 2020itemshares	Mar. 31, 2019itemshares
Class A Units
Antidilutive securities and effect of dilutive securities
Potential shares of common stock contingently issuable upon conversion of the Class A units \| item	10.6	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 \| shares	13.2	13.6

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Changes in AOCI by component
Beginning balance	$ 50,932	$ 58,660
OCI before reclassifications	(15,048)	(2,862)
Net period OCI	(15,048)	(2,862)
Ending balance	35,884	55,798
Cumulative Unrealized Gain (Loss) on Available-for-Sale Securities
Changes in AOCI by component
Beginning balance	50,996	53,515
OCI before reclassifications	(15,048)	(387)
Net period OCI	(15,048)	(387)
Ending balance	35,948	53,128
Foreign Currency Translation
Changes in AOCI by component
Beginning balance	(64)	5,145
OCI before reclassifications		(2,475)
Net period OCI		(2,475)
Ending balance	$ (64)	$ 2,670

Fair Value - Financial Assets a

Fair Value - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets and liabilities measured at fair value
Permitted reinvestment under static investment in VIEs	$ 0
Marketable securities	777,972	$ 810,238
Domestic servicing rights	16,524	16,917
Derivative assets	101,448	28,943
Total Assets	77,577,189	78,042,336
Total Liabilities	72,759,838	72,905,322
Derivative liabilities	5,118	8,740
Fair value measurements on recurring basis
Assets and liabilities measured at fair value
Derivative assets	101,448	28,943
Total Assets	62,835,695	63,908,829
Derivative liabilities	5,118	8,740
Total Liabilities	59,812,424	60,752,234
Fair value measurements on recurring basis \| Loans held-for-sale
Assets and liabilities measured at fair value
Loans held-for-sale, fair value option	1,347,797	1,436,194
Fair value measurements on recurring basis \| RMBS
Assets and liabilities measured at fair value
Available-for-sale securities	170,640	189,576
Fair value measurements on recurring basis \| CMBS
Assets and liabilities measured at fair value
Available-for-sale securities	32,855	37,360
Fair value measurements on recurring basis \| Equity security
Assets and liabilities measured at fair value
Marketable securities	8,626	12,664
Fair value measurements on recurring basis \| Domestic Servicing Rights
Assets and liabilities measured at fair value
Domestic servicing rights	16,524	16,917
Fair value measurements on recurring basis \| Level I
Assets and liabilities measured at fair value
Total Assets	8,626	12,664
Fair value measurements on recurring basis \| Level I \| Equity security
Assets and liabilities measured at fair value
Marketable securities	8,626	12,664
Fair value measurements on recurring basis \| Level II
Assets and liabilities measured at fair value
Derivative assets	101,448	28,943
Total Assets	111,868	41,295
Derivative liabilities	5,118	8,740
Total Liabilities	58,305,987	58,214,842
Fair value measurements on recurring basis \| Level II \| CMBS
Assets and liabilities measured at fair value
Available-for-sale securities	10,420	12,352
Fair value measurements on recurring basis \| Level III
Assets and liabilities measured at fair value
Total Assets	62,715,201	63,854,870
Total Liabilities	1,506,437	2,537,392
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	1,347,797	1,436,194
Fair value measurements on recurring basis \| Level III \| RMBS
Assets and liabilities measured at fair value
Available-for-sale securities	170,640	189,576
Fair value measurements on recurring basis \| Level III \| CMBS
Assets and liabilities measured at fair value
Available-for-sale securities	22,435	25,008
Fair value measurements on recurring basis \| Level III \| Domestic Servicing Rights
Assets and liabilities measured at fair value
Domestic servicing rights	16,524	16,917
Primary beneficiary
Assets and liabilities measured at fair value
Total Assets	61,157,805	62,187,175
Total Liabilities	59,807,306	60,743,494
Primary beneficiary \| Fair value measurements on recurring basis \| VIE Assets
Assets and liabilities measured at fair value
Total Assets	61,157,805	62,187,175
Primary beneficiary \| Fair value measurements on recurring basis \| VIE liabilities
Assets and liabilities measured at fair value
Total Liabilities	59,807,306	60,743,494
Primary beneficiary \| Fair value measurements on recurring basis \| Level II \| VIE liabilities
Assets and liabilities measured at fair value
Total Liabilities	58,300,869	58,206,102
Primary beneficiary \| Fair value measurements on recurring basis \| Level III \| VIE Assets
Assets and liabilities measured at fair value
Total Assets	61,157,805	62,187,175
Primary beneficiary \| Fair value measurements on recurring basis \| Level III \| VIE liabilities
Assets and liabilities measured at fair value
Total Liabilities	$ 1,506,437	$ 2,537,392

Fair Value - Level III (Details

Fair Value - Level III (Details) - USD ($) $ in Thousands	3 Months Ended
Fair Value - Level III (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Total realized and unrealized gains (losses):
Included in earnings: Net accretion	$ 2,783	$ 2,755
Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	61,317,478	52,931,064
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	(3,371,299)	338,506
Included in earnings: Net accretion	2,661	2,503
Included in OCI	(15,048)	(387)
Purchases / Originations	746,880	740,296
Sales	(759,686)	(564,930)
Issuances	(24,376)	(33,678)
Cash repayments / receipts	(83,233)	(26,392)
Transfers into Level III	(101,265)	(665,392)
Transfers out of Level III	1,090,325	136,592
Consolidations of VIEs	2,406,327	3,176,756
Deconsolidations of VIEs		(1,986)
Balance at the end of the period	61,208,764	56,032,952
Amount of total (losses) gains included in earnings attributable to assets still held at period end	(3,397,959)	332,640
Amount of total (losses) gains included in OCI attributable to assets still held at period end	(15,048)
Loans held-for-sale \| Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	1,436,194	671,282
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	(16,134)	11,266
Purchases / Originations	746,880	740,296
Sales	(751,746)	(561,702)
Cash repayments / receipts	(67,397)	(19,455)
Balance at the end of the period	1,347,797	841,687
Amount of total (losses) gains included in earnings attributable to assets still held at period end	(39,070)	3,169
RMBS \| Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	189,576	209,079
Total realized and unrealized gains (losses):
Included in earnings: Net accretion	2,661	2,503
Included in OCI	(15,048)	(387)
Cash repayments / receipts	(6,549)	(6,360)
Balance at the end of the period	170,640	204,835
Amount of total (losses) gains included in earnings attributable to assets still held at period end	2,661	2,503
Amount of total (losses) gains included in OCI attributable to assets still held at period end	(15,048)
CMBS \| Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	25,008	25,228
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	5,738	(295)
Sales	(7,940)	(3,228)
Cash repayments / receipts	(371)	(188)
Transfers into Level III		5,350
Deconsolidations of VIEs		11,468
Balance at the end of the period	22,435	38,335
Amount of total (losses) gains included in earnings attributable to assets still held at period end	(647)	(567)
Domestic Servicing Rights \| Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	16,917	20,557
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	(393)	(767)
Balance at the end of the period	16,524	19,790
Amount of total (losses) gains included in earnings attributable to assets still held at period end	(393)	(767)
VIE Assets \| Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	62,187,175	53,446,364
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	(3,506,792)	294,345
Consolidations of VIEs	2,477,422	3,280,065
Deconsolidations of VIEs		(45,910)
Balance at the end of the period	61,157,805	56,974,864
Amount of total (losses) gains included in earnings attributable to assets still held at period end	(3,506,792)	294,345
VIE liabilities \| Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	(2,537,392)	(1,441,446)
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	146,282	33,957
Issuances	(24,376)	(33,678)
Cash repayments / receipts	(8,916)	(389)
Transfers into Level III	(101,265)	(670,742)
Transfers out of Level III	1,090,325	136,592
Consolidations of VIEs	(71,095)	(103,309)
Deconsolidations of VIEs		32,456
Balance at the end of the period	(1,506,437)	(2,046,559)
Amount of total (losses) gains included in earnings attributable to assets still held at period end	$ 146,282	$ 33,957

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financial assets not carried at fair value:
HTM securities	$ 570,888	$ 570,638
Carrying Value
Financial assets not carried at fair value:
Loans held-for-investment, loans held-for-sale and loans transferred as secured borrowings	10,316,073	10,034,030
HTM securities	565,851	570,638
Financial liabilities not carried at fair value:
Secured financing agreements and secured borrowings on transferred loans	10,618,366	9,834,108
Unsecured senior notes	1,930,584	1,928,622
Fair Value
Financial assets not carried at fair value:
Loans held-for-investment, loans held-for-sale and loans transferred as secured borrowings	10,165,113	10,086,372
HTM securities	540,268	568,727
Financial liabilities not carried at fair value:
Secured financing agreements and secured borrowings on transferred loans	10,361,814	9,826,511
Unsecured senior notes	$ 1,773,382	$ 2,022,283

Fair Value - Significant unobse

Fair Value - Significant unobservable inputs (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Domestic servicing rights	$ 16,524	$ 16,917
Total Assets	77,577,189	78,042,336
Total Liabilities	72,759,838	72,905,322
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	1,347,797	1,436,194
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	170,640	189,576
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	32,855	37,360
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	16,524	16,917
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	$ 1,347,797	$ 1,436,194
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 4 months 24 days	1 year 3 months 18 days
Fair value measurements on recurring basis \| Level III \| Loans held-for-sale \| Minimum \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans held-for-sale, measurement input	3.2	3.4
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	11 years 3 months 18 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	8.9	5.9
Fair value measurements on recurring basis \| Level III \| Loans held-for-sale \| Weighted-average
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans held-for-sale, duration	4 years 9 months 18 days
Fair value measurements on recurring basis \| Level III \| Loans held-for-sale \| Weighted-average \| 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	5.2
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	$ 170,640	$ 189,576
Debt Securities, Available-for-sale, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Loss severity for specified percentage of portfolio (as a percent)	28.00%	34.00%
Fair value measurements on recurring basis \| Level III \| RMBS \| Minimum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loss severity for specified percentage of portfolio (as a percent)	45.00%	45.00%
Fair value measurements on recurring basis \| Level III \| RMBS \| Minimum \| Constant prepayment rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	3.3	3.1
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	0.4	0.5
Fair value measurements on recurring basis \| Level III \| RMBS \| Minimum \| Loss severity
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0	0
Fair value measurements on recurring basis \| Level III \| RMBS \| Minimum \| Delinquency rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	4	5
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	27	27
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	17.8	24.9
Fair value measurements on recurring basis \| Level III \| RMBS \| Maximum \| Constant default rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	4.8	5
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	82	93
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	(29)	29
Fair value measurements on recurring basis \| Level III \| RMBS \| Maximum \| Servicer advances
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	(85)	85
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	0.9	1.6
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	25	28
Fair value measurements on recurring basis \| Level III \| RMBS \| Weighted-average \| 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	7.7
Fair value measurements on recurring basis \| Level III \| RMBS \| Weighted-average \| 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	2.4
Fair value measurements on recurring basis \| Level III \| RMBS \| Weighted-average \| 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	29
Fair value measurements on recurring basis \| Level III \| RMBS \| Weighted-average \| 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	17
Fair value measurements on recurring basis \| Level III \| RMBS \| Weighted-average \| 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	61
Fair value measurements on recurring basis \| Level III \| RMBS \| Weighted-average \| 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	0.1
Fair value measurements on recurring basis \| Level III \| RMBS \| Weighted-average \| 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	2.9
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	$ 22,435	$ 25,008
Debt Securities, Available-for-sale, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Fair value measurements on recurring basis \| Level III \| CMBS \| Minimum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale debt securities, term	0 years	0 years
Fair value measurements on recurring basis \| Level III \| CMBS \| Minimum \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0	0
Fair value measurements on recurring basis \| Level III \| CMBS \| Maximum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale debt securities, term	9 years 8 months 12 days	9 years 8 months 12 days
Fair value measurements on recurring basis \| Level III \| CMBS \| Maximum \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	6.2	122.9
Fair value measurements on recurring basis \| Level III \| CMBS \| Weighted-average
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale debt securities, term	4 years 9 months 18 days
Fair value measurements on recurring basis \| Level III \| CMBS \| Weighted-average \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	3.9
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	$ 16,524	$ 16,917
Servicing Asset, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Fair value measurements on recurring basis \| Level III \| Domestic Servicing Rights \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Servicing asset, measurement input	7.75	7.50
Fair value measurements on recurring basis \| Level III \| Domestic Servicing Rights \| Discount rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Servicing asset, measurement input	15	15
Fair value measurements on recurring basis \| Level III \| Domestic Servicing Rights \| Minimum \| Control migration
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Servicing asset, measurement input	0	0
Fair value measurements on recurring basis \| Level III \| Domestic Servicing Rights \| Maximum \| Control migration
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Servicing asset, measurement input	80	80
Fair value measurements on recurring basis \| Level III \| Domestic Servicing Rights \| Weighted-average
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Servicing asset, measurement input	80
Fair value measurements on recurring basis \| Level III \| Domestic Servicing Rights \| Weighted-average \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Servicing asset, measurement input	7.75
Fair value measurements on recurring basis \| Level III \| Domestic Servicing Rights \| Weighted-average \| Discount rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Servicing asset, measurement input	15
Fair value measurements on recurring basis \| Level III \| VIE Assets \| Minimum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE duration (in years)	0 years	0 years
Fair value measurements on recurring basis \| Level III \| VIE Assets \| Minimum \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE assets, measurement input	0	0
Fair value measurements on recurring basis \| Level III \| VIE Assets \| Maximum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE duration (in years)	18 years 2 months 12 days	19 years 2 months 12 days
Fair value measurements on recurring basis \| Level III \| VIE Assets \| Maximum \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE assets, measurement input	862.5	690.7
Fair value measurements on recurring basis \| Level III \| VIE Assets \| Weighted-average
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE duration (in years)	5 years 1 month 6 days
Fair value measurements on recurring basis \| Level III \| VIE Assets \| Weighted-average \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE assets, measurement input	10.7
Fair value measurements on recurring basis \| Level III \| VIE liabilities \| Minimum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE duration (in years)	0 years	0 years
Fair value measurements on recurring basis \| Level III \| VIE liabilities \| Minimum \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE liabilities, measurement input	0	0
Fair value measurements on recurring basis \| Level III \| VIE liabilities \| Maximum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE duration (in years)	11 years 4 months 24 days	12 years 8 months 12 days
Fair value measurements on recurring basis \| Level III \| VIE liabilities \| Maximum \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE liabilities, measurement input	862.5	690.7
Fair value measurements on recurring basis \| Level III \| VIE liabilities \| Weighted-average
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE duration (in years)	5 years 2 months 12 days
Fair value measurements on recurring basis \| Level III \| VIE liabilities \| Weighted-average \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE liabilities, measurement input	10.6
Primary beneficiary
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Total Assets	$ 61,157,805	$ 62,187,175
Total Liabilities	59,807,306	60,743,494
Primary beneficiary \| Fair value measurements on recurring basis \| VIE Assets
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Total Assets	61,157,805	62,187,175
Primary beneficiary \| Fair value measurements on recurring basis \| VIE liabilities
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Total Liabilities	59,807,306	60,743,494
Primary beneficiary \| 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
Total Assets	$ 61,157,805	$ 62,187,175
Derivative Asset, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Primary beneficiary \| 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
Total Liabilities	$ 1,506,437	$ 2,537,392
Derivative Liability, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Income Taxes
Assets	$ 77,577,189	$ 78,042,336
Cash	811,656	478,388
Investing and Servicing Segment \| TRS entities
Income Taxes
Assets	$ 1,400,000	$ 1,600,000

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reconciliation of statutory tax to effective tax
Federal statutory tax rate	$ (15,329)	$ 16,137
REIT and other non-taxable income	9,914	(16,160)
State income taxes	(1,779)	(6)
Federal benefit of state tax deduction	374	1
Other	91	362
Total income tax provision	$ (6,729)	$ 334
Reconciliation of statutory tax rate to effective tax rate
Federal statutory tax rate (as a percent)	21.00%	21.00%
REIT and other non-taxable income (as a percent)	(13.60%)	(21.00%)
State income taxes (as a percent)	2.40%
Federal benefit of state tax deduction (as a percent)	(0.50%)
Other (as a percent)	(0.10%)	0.40%
Effective tax rate (as a percent)	9.20%	0.40%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2020USD ($)item
Operating leases
Number of guarantees \| item	6
Infrastructure Lending Segment
Operating leases
Outstanding	$ 24
Commitments \| Commercial and Residential Lending Segment
Operating leases
Value of loans with future funding commitments	2,700
Value of loans with future funding commitments expected to fund	2,500
Purchase commitment	18
Commitments \| Infrastructure Lending Segment
Operating leases
Value of loans with future funding commitments	321.6
Revolvers and letters of credit \| Infrastructure Lending Segment
Operating leases
Value of loans with future funding commitments	140.8
Delayed draw term loans \| Infrastructure Lending Segment
Operating leases
Value of loans with future funding commitments	$ 180.8

Segment Data - Results of Opera

Segment Data - Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Interest income from loans	$ 217,427	$ 183,416
Interest income from investment securities	15,240	17,632
Servicing fees	4,793	24,433
Rental income	74,146	83,833
Other revenues	954	1,166
Total revenues	312,560	310,480
Costs and expenses:
Management fees	40,728	23,466
Interest expense	120,025	134,672
General and administrative	38,702	34,930
Acquisition and investment pursuit costs	909	342
Costs of rental operations	28,214	29,651
Depreciation and amortization	23,980	29,254
Credit loss provision, net	48,669	763
Other expense	388	211
Total costs and expenses	301,615	253,289
Other (loss) income:
Change in net assets related to consolidated VIEs	(45,493)	47,836
Change in fair value of servicing rights	(393)	(767)
Change in fair value of investment securities, net	2,504	62
Change in fair value of mortgage loans, net	(16,134)	11,266
Earnings (loss) from unconsolidated entities	97	(43,200)
(Loss) gain on derivative financial instruments, net	296	4,485
Gain (loss) on derivative financial instruments, net	9,710	(2,207)
Foreign currency gain (loss), net	(34,486)	5,547
Loss on extinguishment of debt	(170)	(3,298)
Other income (loss), net	126	(73)
Total other (loss) income	(83,943)	19,651
(Loss) income before income taxes	(72,998)	76,842
Income tax benefit (provision)	6,729	(334)
Net (loss) income	(66,269)	76,508
Net income attributable to Starwood Property Trust, Inc.	(500)	(6,125)
Net (loss) income attributable to Starwood Property Trust, Inc.	(66,769)	70,383
Operating Segments and Corporate
Revenues:
Interest income from loans	217,427	183,416
Interest income from investment securities	44,129	45,086
Servicing fees	6,614	27,366
Rental income	74,146	83,833
Other revenues	956	1,184
Total revenues	343,272	340,885
Costs and expenses:
Management fees	40,697	23,417
Interest expense	120,187	134,832
General and administrative	38,618	34,842
Acquisition and investment pursuit costs	909	342
Costs of rental operations	28,214	29,651
Depreciation and amortization	23,980	29,254
Credit loss provision, net	48,669	763
Other expense	388	211
Total costs and expenses	301,662	253,312
Other (loss) income:
Change in fair value of servicing rights	318	(515)
Change in fair value of investment securities, net	(75,095)	16,446
Change in fair value of mortgage loans, net	(16,134)	11,266
Earnings (loss) from unconsolidated entities	671	(42,634)
(Loss) gain on derivative financial instruments, net	296	4,485
Gain (loss) on derivative financial instruments, net	9,710	(2,207)
Foreign currency gain (loss), net	(34,486)	5,547
Loss on extinguishment of debt	(170)	(3,298)
Other income (loss), net	126	(73)
Total other (loss) income	(114,764)	(10,983)
(Loss) income before income taxes	(73,154)	76,590
Income tax benefit (provision)	6,729	(334)
Net (loss) income	(66,425)	76,256
Net income attributable to Starwood Property Trust, Inc.	(344)	(5,873)
Net (loss) income attributable to Starwood Property Trust, Inc.	(66,769)	70,383
Operating segment \| Commercial and Residential Lending Segment
Revenues:
Interest income from loans	192,381	154,595
Interest income from investment securities	18,628	19,908
Servicing fees	172	123
Rental income	78
Other revenues	178	204
Total revenues	211,437	174,830
Costs and expenses:
Management fees	351	411
Interest expense	53,950	61,604
General and administrative	8,132	6,768
Acquisition and investment pursuit costs	860	249
Costs of rental operations	778	19
Depreciation and amortization	415	71
Credit loss provision, net	40,217	(11)
Other expense	77	77
Total costs and expenses	104,780	69,188
Other (loss) income:
Change in fair value of investment securities, net	(27,879)	(1,694)
Change in fair value of mortgage loans, net	(35,517)	1,386
Earnings (loss) from unconsolidated entities	51	577
(Loss) gain on derivative financial instruments, net		2,755
Gain (loss) on derivative financial instruments, net	30,805	(9,297)
Foreign currency gain (loss), net	(34,001)	5,239
Total other (loss) income	(66,541)	(1,034)
(Loss) income before income taxes	40,116	104,608
Income tax benefit (provision)	4,422	248
Net (loss) income	44,538	104,856
Net income attributable to Starwood Property Trust, Inc.	(3)	(371)
Net (loss) income attributable to Starwood Property Trust, Inc.	44,535	104,485
Operating segment \| Infrastructure Lending Segment
Revenues:
Interest income from loans	22,413	26,915
Interest income from investment securities	701	885
Other revenues	143	686
Total revenues	23,257	28,486
Costs and expenses:
Interest expense	13,117	18,577
General and administrative	4,423	4,479
Acquisition and investment pursuit costs	17	16
Depreciation and amortization	70
Credit loss provision, net	8,452	774
Total costs and expenses	26,079	23,846
Other (loss) income:
(Loss) gain on derivative financial instruments, net	296	790
Gain (loss) on derivative financial instruments, net	(1,001)	(395)
Foreign currency gain (loss), net	(473)	300
Loss on extinguishment of debt	(170)	(3,304)
Total other (loss) income	(1,348)	(2,609)
(Loss) income before income taxes	(4,170)	2,031
Income tax benefit (provision)	145	85
Net (loss) income	(4,025)	2,116
Net (loss) income attributable to Starwood Property Trust, Inc.	(4,025)	2,116
Operating segment \| Investing and Servicing Segment
Revenues:
Interest income from loans	2,633	1,906
Interest income from investment securities	24,800	24,293
Servicing fees	6,442	27,243
Rental income	10,107	13,312
Other revenues	513	196
Total revenues	44,495	66,950
Costs and expenses:
Management fees	239	18
Interest expense	7,194	7,746
General and administrative	20,684	18,851
Acquisition and investment pursuit costs	20	77
Costs of rental operations	4,584	6,695
Depreciation and amortization	4,207	5,287
Total costs and expenses	36,928	38,674
Other (loss) income:
Change in fair value of servicing rights	318	(515)
Change in fair value of investment securities, net	(47,216)	18,140
Change in fair value of mortgage loans, net	19,383	9,880
Earnings (loss) from unconsolidated entities	620	594
(Loss) gain on derivative financial instruments, net		940
Gain (loss) on derivative financial instruments, net	(19,106)	(3,432)
Foreign currency gain (loss), net	7	(1)
Other income (loss), net	76
Total other (loss) income	(45,918)	25,606
(Loss) income before income taxes	(38,351)	53,882
Income tax benefit (provision)	2,162	(409)
Net (loss) income	(36,189)	53,473
Net income attributable to Starwood Property Trust, Inc.	4,770	215
Net (loss) income attributable to Starwood Property Trust, Inc.	(31,419)	53,688
Operating segment \| Property Segment
Revenues:
Rental income	63,961	70,521
Other revenues	122	78
Total revenues	64,083	70,599
Costs and expenses:
Interest expense	17,121	18,990
General and administrative	1,078	1,518
Acquisition and investment pursuit costs	12
Costs of rental operations	22,852	22,937
Depreciation and amortization	19,288	23,896
Other expense	311	134
Total costs and expenses	60,662	67,475
Other (loss) income:
Earnings (loss) from unconsolidated entities		(43,805)
Gain (loss) on derivative financial instruments, net	(30,223)	1,290
Foreign currency gain (loss), net	(19)	9
Other income (loss), net	50
Total other (loss) income	(30,192)	(42,506)
(Loss) income before income taxes	(26,771)	(39,382)
Income tax benefit (provision)		(258)
Net (loss) income	(26,771)	(39,640)
Net income attributable to Starwood Property Trust, Inc.	(5,111)	(5,717)
Net (loss) income attributable to Starwood Property Trust, Inc.	(31,882)	(45,357)
Corporate
Revenues:
Other revenues		20
Total revenues		20
Costs and expenses:
Management fees	40,107	22,988
Interest expense	28,805	27,915
General and administrative	4,301	3,226
Total costs and expenses	73,213	54,129
Other (loss) income:
Gain (loss) on derivative financial instruments, net	29,235	9,627
Loss on extinguishment of debt		6
Other income (loss), net		(73)
Total other (loss) income	29,235	9,560
(Loss) income before income taxes	(43,978)	(44,549)
Net (loss) income	(43,978)	(44,549)
Net (loss) income attributable to Starwood Property Trust, Inc.	(43,978)	(44,549)
LNR VIEs
Revenues:
Interest income from investment securities	(28,889)	(27,454)
Servicing fees	(1,821)	(2,933)
Other revenues	(2)	(18)
Total revenues	(30,712)	(30,405)
Costs and expenses:
Management fees	31	49
Interest expense	(162)	(160)
General and administrative	84	88
Total costs and expenses	(47)	(23)
Other (loss) income:
Change in net assets related to consolidated VIEs	(45,493)	47,836
Change in fair value of servicing rights	(711)	(252)
Change in fair value of investment securities, net	77,599	(16,384)
Earnings (loss) from unconsolidated entities	(574)	(566)
Total other (loss) income	30,821	30,634
(Loss) income before income taxes	156	252
Net (loss) income	156	252
Net income attributable to Starwood Property Trust, Inc.	$ (156)	$ (252)

Segment Data - Balance sheets (

Segment Data - Balance sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 811,656	$ 478,388
Restricted cash	119,737	95,643
Loans held-for-investment, net of credit loss allowances of $97,187 and $33,415 ($274,758 and $671,572 held at fair value)	10,488,936	10,586,074
Loans held-for-sale	1,174,934	884,150
Investment securities	777,972	810,238
Properties, net	2,253,070	2,266,440
Intangible assets	82,005	85,700
Investment in unconsolidated entities	87,334	84,329
Goodwill	259,846	259,846
Derivative assets	101,448	28,943
Accrued interest receivable	58,537	64,087
Other assets	203,909	211,323
Total Assets	77,577,189	78,042,336
Liabilities:
Accounts payable, accrued expenses and other liabilities	221,669	212,006
Related-party payable	39,266	40,925
Dividends payable	137,529	137,427
Derivative liabilities	5,118	8,740
Secured financing agreements, net	9,689,683	8,906,048
Collateralized loan obligations, net	928,683	928,060
Unsecured senior notes, net	1,930,584	1,928,622
Total Liabilities	72,759,838	72,905,322
Starwood Property Trust, Inc. Stockholders' Equity:
Common stock	2,894	2,874
Additional paid-in capital	5,159,069	5,132,532
Treasury stock	(133,024)	(104,194)
Accumulated other comprehensive income (loss)	35,884	50,932	$ 55,798	$ 58,660
Retained earnings (accumulated deficit)	(616,765)	(381,719)
Total Starwood Property Trust, Inc. Stockholders' Equity	4,448,058	4,700,425
Non-controlling interests in consolidated subsidiaries	369,293	436,589
Total Equity	4,817,351	5,137,014	$ 4,916,967	$ 4,900,189
Total Liabilities and Equity	77,577,189	78,042,336
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	807,222	477,167
Restricted cash	119,737	95,643
Loans held-for-investment, net of credit loss allowances of $97,187 and $33,415 ($274,758 and $671,572 held at fair value)	10,488,936	10,586,074
Loans held-for-sale	1,174,934	884,150
Investment securities	2,095,745	2,215,275
Properties, net	2,253,070	2,266,440
Intangible assets	108,963	111,947
Investment in unconsolidated entities	107,200	104,966
Goodwill	259,846	259,846
Derivative assets	101,448	28,943
Accrued interest receivable	59,295	64,893
Other assets	203,924	211,330
Total Assets	17,780,320	17,306,674
Liabilities:
Accounts payable, accrued expenses and other liabilities	221,594	211,922
Related-party payable	39,266	40,925
Dividends payable	137,529	137,427
Derivative liabilities	5,118	8,740
Secured financing agreements, net	9,703,633	8,919,998
Collateralized loan obligations, net	928,683	928,060
Unsecured senior notes, net	1,930,584	1,928,622
Total Liabilities	12,966,407	12,175,694
Starwood Property Trust, Inc. Stockholders' Equity:
Common stock	2,894	2,874
Additional paid-in capital	5,159,069	5,132,532
Treasury stock	(133,024)	(104,194)
Accumulated other comprehensive income (loss)	35,884	50,932
Retained earnings (accumulated deficit)	(616,765)	(381,719)
Total Starwood Property Trust, Inc. Stockholders' Equity	4,448,058	4,700,425
Non-controlling interests in consolidated subsidiaries	365,855	430,555
Total Equity	4,813,913	5,130,980
Total Liabilities and Equity	17,780,320	17,306,674
Operating segment \| Commercial and Residential Lending Segment
Assets:
Cash and cash equivalents	22,910	26,278
Restricted cash	50,331	36,135
Loans held-for-investment, net of credit loss allowances of $97,187 and $33,415 ($274,758 and $671,572 held at fair value)	9,106,441	9,187,332
Loans held-for-sale	886,076	605,384
Investment securities	955,614	992,974
Properties, net	26,585	26,834
Investment in unconsolidated entities	50,017	46,921
Derivative assets	57,238	14,718
Accrued interest receivable	49,942	45,996
Other assets	61,109	59,170
Total Assets	11,266,263	11,041,742
Liabilities:
Accounts payable, accrued expenses and other liabilities	33,645	30,594
Derivative liabilities	3,740	7,698
Secured financing agreements, net	5,611,239	5,038,876
Collateralized loan obligations, net	928,683	928,060
Total Liabilities	6,577,307	6,005,228
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	1,159,771	1,522,360
Accumulated other comprehensive income (loss)	35,948	50,996
Retained earnings (accumulated deficit)	3,493,119	3,463,158
Total Starwood Property Trust, Inc. Stockholders' Equity	4,688,838	5,036,514
Non-controlling interests in consolidated subsidiaries	118
Total Equity	4,688,956	5,036,514
Total Liabilities and Equity	11,266,263	11,041,742
Operating segment \| Infrastructure Lending Segment
Assets:
Cash and cash equivalents	40	2,209
Restricted cash	43,679	41,967
Loans held-for-investment, net of credit loss allowances of $97,187 and $33,415 ($274,758 and $671,572 held at fair value)	1,381,271	1,397,448
Loans held-for-sale	101,895	119,528
Investment securities	44,141	45,153
Investment in unconsolidated entities	25,862	25,862
Goodwill	119,409	119,409
Derivative assets	6	7
Accrued interest receivable	4,949	3,134
Other assets	5,108	6,101
Total Assets	1,726,360	1,760,818
Liabilities:
Accounts payable, accrued expenses and other liabilities	11,933	6,443
Derivative liabilities	1,292	750
Secured financing agreements, net	1,190,995	1,217,066
Total Liabilities	1,204,220	1,224,259
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	531,986	529,668
Retained earnings (accumulated deficit)	(9,846)	6,891
Total Starwood Property Trust, Inc. Stockholders' Equity	522,140	536,559
Total Equity	522,140	536,559
Total Liabilities and Equity	1,726,360	1,760,818
Operating segment \| Property Segment
Assets:
Cash and cash equivalents	28,137	30,123
Restricted cash	7,362	7,171
Properties, net	2,014,007	2,029,024
Intangible assets	45,331	47,303
Derivative assets	98	3
Accrued interest receivable		133
Other assets	76,776	82,910
Total Assets	2,171,711	2,196,667
Liabilities:
Accounts payable, accrued expenses and other liabilities	48,748	48,370
Secured financing agreements, net	1,698,044	1,698,334
Total Liabilities	1,746,792	1,746,704
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	229,223	208,650
Retained earnings (accumulated deficit)	(31,451)	5,431
Total Starwood Property Trust, Inc. Stockholders' Equity	197,772	214,081
Non-controlling interests in consolidated subsidiaries	227,147	235,882
Total Equity	424,919	449,963
Total Liabilities and Equity	2,171,711	2,196,667
Operating segment \| Investing and Servicing Segment
Assets:
Cash and cash equivalents	36,913	61,693
Restricted cash	18,365	10,370
Loans held-for-investment, net of credit loss allowances of $97,187 and $33,415 ($274,758 and $671,572 held at fair value)	1,224	1,294
Loans held-for-sale	186,963	159,238
Investment securities	1,095,990	1,177,148
Properties, net	212,478	210,582
Intangible assets	63,632	64,644
Investment in unconsolidated entities	31,321	32,183
Goodwill	140,437	140,437
Derivative assets	2,250	7
Accrued interest receivable	1,047	2,388
Other assets	52,119	54,238
Total Assets	1,842,739	1,914,222
Liabilities:
Accounts payable, accrued expenses and other liabilities	48,090	73,021
Related-party payable	5	5
Derivative liabilities	86	292
Secured financing agreements, net	692,941	574,507
Total Liabilities	741,122	647,825
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	(200,489)	(123,210)
Accumulated other comprehensive income (loss)	(64)	(64)
Retained earnings (accumulated deficit)	1,163,580	1,194,998
Total Starwood Property Trust, Inc. Stockholders' Equity	963,027	1,071,724
Non-controlling interests in consolidated subsidiaries	138,590	194,673
Total Equity	1,101,617	1,266,397
Total Liabilities and Equity	1,842,739	1,914,222
Corporate
Assets:
Cash and cash equivalents	719,222	356,864
Derivative assets	41,856	14,208
Accrued interest receivable	3,357	13,242
Other assets	8,812	8,911
Total Assets	773,247	393,225
Liabilities:
Accounts payable, accrued expenses and other liabilities	79,178	53,494
Related-party payable	39,261	40,920
Dividends payable	137,529	137,427
Secured financing agreements, net	510,414	391,215
Unsecured senior notes, net	1,930,584	1,928,622
Total Liabilities	2,696,966	2,551,678
Starwood Property Trust, Inc. Stockholders' Equity:
Common stock	2,894	2,874
Additional paid-in capital	3,438,578	2,995,064
Treasury stock	(133,024)	(104,194)
Retained earnings (accumulated deficit)	(5,232,167)	(5,052,197)
Total Starwood Property Trust, Inc. Stockholders' Equity	(1,923,719)	(2,158,453)
Total Equity	(1,923,719)	(2,158,453)
Total Liabilities and Equity	773,247	393,225
LNR VIEs
Assets:
Cash and cash equivalents	4,434	1,221
Investment securities	(1,317,773)	(1,405,037)
Intangible assets	(26,958)	(26,247)
Investment in unconsolidated entities	(19,866)	(20,637)
Accrued interest receivable	(758)	(806)
Other assets	(15)	(7)
Total Assets	59,796,869	60,735,662
Liabilities:
Accounts payable, accrued expenses and other liabilities	75	84
Secured financing agreements, net	(13,950)	(13,950)
Total Liabilities	59,793,431	60,729,628
Starwood Property Trust, Inc. Stockholders' Equity:
Non-controlling interests in consolidated subsidiaries	3,438	6,034
Total Equity	3,438	6,034
Total Liabilities and Equity	59,796,869	60,735,662
Primary beneficiary
Assets:
Total Assets	61,157,805	62,187,175
Liabilities:
Total Liabilities	59,807,306	60,743,494
Primary beneficiary \| LNR VIEs
Assets:
Total Assets	61,157,805	62,187,175
Liabilities:
Total Liabilities	$ 59,807,306	$ 60,743,494

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	3 Months Ended
Subsequent Events (Details) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 31, 2019
Manager
Subsequent Events
Base management fee incurred	$ 19.1	$ 19.6