Starwood Property Trust (STWD) 10-Q 5 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 30, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 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		284,687,634
Entity Central Index Key	0001465128
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 379,870	$ 478,388
Restricted cash	131,336	95,643
Loans held-for-investment, net of credit loss allowances of $109,747 and $33,415 ($256,407 and $671,572 held at fair value)	10,918,652	10,586,074
Loans held-for-sale ($1,012,673 and $764,622 held at fair value)	1,012,673	884,150
Investment securities, net of credit loss allowances of $6,425 and $0 ($203,816 and $239,600 held at fair value)	745,113	810,238
Properties, net	2,207,822	2,266,440
Intangible assets ($14,589 and $16,917 held at fair value)	74,139	85,700
Investment in unconsolidated entities	104,384	84,329
Goodwill	259,846	259,846
Derivative assets	64,825	28,943
Accrued interest receivable	78,030	64,087
Other assets	163,474	211,323
Total Assets	80,617,639	78,042,336
Liabilities:
Accounts payable, accrued expenses and other liabilities	201,491	212,006
Related-party payable	22,096	40,925
Dividends payable	138,264	137,427
Derivative liabilities	13,452	8,740
Secured financing agreements, net	9,615,892	8,906,048
Collateralized loan obligations, net	929,931	928,060
Unsecured senior notes, net	1,934,555	1,928,622
Total Liabilities	75,731,946	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, 291,787,327 issued and 284,681,766 outstanding as of September 30, 2020 and 287,380,891 issued and 282,200,751 outstanding as of December 31, 2019	2,918	2,874
Additional paid-in capital	5,200,716	5,132,532
Treasury stock (7,105,561 shares and 5,180,140 shares)	(133,024)	(104,194)
Accumulated other comprehensive income	42,285	50,932
Accumulated deficit	(599,014)	(381,719)
Total Starwood Property Trust, Inc. Stockholders' Equity	4,513,881	4,700,425
Non-controlling interests in consolidated subsidiaries	371,812	436,589
Total Equity	4,885,693	5,137,014
Total Liabilities and Equity	80,617,639	78,042,336
Primary beneficiary
Assets:
Total Assets	64,477,475	62,187,175
Liabilities:
Total Liabilities	$ 62,876,265	$ 60,743,494

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Loans held-for-investment, net, credit loss allowances	$ 109,747	$ 33,611
Loans held-for-investment, net, held at fair value	256,407	671,572
Loans-held-for-sale, held at fair value	1,012,673	764,622
Investment securities, net, credit loss allowances	6,425	0
Investment securities held at fair value	203,817	239,600
Intangible assets held at fair value	$ 14,589	$ 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	291,787,327	287,380,891
Common stock, shares outstanding	284,681,766	282,200,751
Treasury stock, shares	7,105,561	5,180,140
Total Assets	$ 80,617,639	$ 78,042,336
Total Liabilities	75,731,946	72,905,322
Total loans held-for-investment
Loans held-for-investment, net, credit loss allowances	109,747	33,415
Collateralized Loan Obligation
Total Assets	1,100,000	1,100,000
Total Liabilities	$ 900,000	$ 900,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Interest income from loans	$ 169,404	$ 172,030	$ 557,934	$ 546,912
Interest income from investment securities	12,186	16,676	42,070	56,853
Servicing fees	9,548	14,333	20,999	47,774
Rental income	75,978	84,654	222,834	255,784
Other revenues	311	637	1,756	2,668
Total revenues	267,427	288,330	845,593	909,991
Costs and expenses:
Management fees	23,127	30,238	86,970	76,227
Interest expense	95,981	123,156	317,499	387,954
General and administrative	39,478	39,766	110,857	112,274
Acquisition and investment pursuit costs	884	163	3,383	579
Costs of rental operations	29,522	31,568	87,368	91,874
Depreciation and amortization	23,581	28,269	70,982	86,075
Credit loss provision, net	(3,587)	(39)	55,284	3,242
Other expense	172	123	662	1,777
Total costs and expenses	209,158	253,244	733,005	760,002
Other income (loss):
Change in net assets related to consolidated VIEs	58,585	61,767	64,353	164,761
Change in fair value of servicing rights	634	(625)	(2,328)	(2,308)
Change in fair value of investment securities, net	(199)	266	3,132	995
Change in fair value of mortgage loans, net	61,384	32,521	79,700	65,678
Earnings (loss) from unconsolidated entities	3,192	2,747	32,065	(31,636)
Gain on sale of investments and other assets, net		21,157	6,768	28,157
(Loss) gain on derivative financial instruments, net	(28,097)	21,933	(34,485)	19,694
Foreign currency gain (loss), net	25,452	(15,664)	(1,861)	(17,134)
Loss on extinguishment of debt		(4,624)	(2,377)	(10,738)
Other income (loss), net	357	(50)	687	(123)
Total other income	121,308	119,428	145,654	217,346
Income before income taxes	179,577	154,514	258,242	367,335
Income tax provision	(14,843)	(4,513)	(6,816)	(8,380)
Net income	164,734	150,001	251,426	358,955
Net income attributable to non-controlling interests	(12,900)	(9,605)	(26,705)	(21,160)
Net income attributable to Starwood Property Trust, Inc.	$ 151,834	$ 140,396	$ 224,721	$ 337,795
Earnings per share data attributable to Starwood Property Trust, Inc.:
Basic (in dollars per share)	$ 0.53	$ 0.50	$ 0.79	$ 1.20
Diluted (in dollars per share)	$ 0.52	$ 0.49	$ 0.79	$ 1.19

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Consolidated Statements of Comprehensive Income
Net income	$ 164,734	$ 150,001	$ 251,426	$ 358,955
Other comprehensive loss (net change by component):
Available-for-sale securities	(581)	(579)	(8,647)	(1,045)
Foreign currency translation		(4,168)		(5,238)
Other comprehensive loss	(581)	(4,747)	(8,647)	(6,283)
Comprehensive income	164,153	145,254	242,779	352,672
Less: Comprehensive income attributable to non-controlling interests	(12,900)	(9,605)	(26,705)	(21,160)
Comprehensive income attributable to Starwood Property Trust, Inc.	$ 151,253	$ 135,649	$ 216,074	$ 331,512

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity $ in Thousands	Total Starwood Property Trust, Inc. Stockholders' EquityCumulative Effect, Period of Adoption, AdjustmentUSD ($)	Total Starwood Property Trust, Inc. Stockholders' EquityUSD ($)	Common stockUSD ($)shares	Additional Paid-In CapitalUSD ($)	Treasury StockUSD ($)shares	Accumulated DeficitCumulative Effect, Period of Adoption, AdjustmentUSD ($)	Accumulated DeficitUSD ($)	Accumulated Other Comprehensive IncomeUSD ($)	Non-Controlling InterestsUSD ($)	Cumulative Effect, Period of Adoption, AdjustmentUSD ($)	USD ($)shares
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 | shares			280,839,692		5,180,140
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan		632		632							632
Proceeds from DRIP Plan (in shares) | shares			27,887
Redemption of Class A Units		21,070	$ 10	21,060					(21,070)		21,070
Redemption of Class A Units (in shares) | shares			974,176
Equity offering costs		(27)		(27)							(27)
Conversion of 2019 Convertible Notes		67,562	$ 36	67,526							67,562
Conversion of 2019 Convertible Notes (Shares) | shares			3,611,918
Share-based compensation		26,364	$ 12	26,352							26,364
Share-based compensation (in shares) | shares			1,168,123
Manager fees paid in stock		10,977	$ 5	10,972							10,977
Manager fee paid in stock (in shares) | shares			495,363
Net income		337,795					337,795		21,160		358,955
Dividends declared		(406,326)					(406,326)				(406,326)
Other comprehensive loss, net		(6,283)						(6,283)			(6,283)
VIE non-controlling interests									(2,792)		(2,792)
Contributions from non-controlling interests									5,294		5,294
Distributions to non-controlling interests									(41,531)		(41,531)
Balance at Sep. 30, 2019		4,655,196	$ 2,871	5,121,671	$ (104,194)		(417,529)	52,377	257,818		4,913,014
Balance (in shares) at Sep. 30, 2019 | shares			287,117,159		5,180,140
Balance at Jun. 30, 2019		4,637,707	$ 2,864	5,103,771	$ (104,194)		(421,858)	57,124	265,544		4,903,251
Balance (in shares) at Jun. 30, 2019 | shares			286,451,361		5,180,140
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan		253		253							253
Proceeds from DRIP Plan (in shares) | shares			10,751
Redemption of Class A Units		4,697	$ 2	4,695					(4,697)
Redemption of Class A Units (in shares) | shares			219,831
Equity offering costs		(19)		(19)							(19)
Share-based compensation		12,976	$ 5	12,971							12,976
Share-based compensation (in shares) | shares			435,216
Net income		140,396					140,396		9,605		150,001
Dividends declared		(136,067)					(136,067)				(136,067)
Other comprehensive loss, net		(4,747)						(4,747)			(4,747)
VIE non-controlling interests									(2,615)		(2,615)
Contributions from non-controlling interests									658		658
Distributions to non-controlling interests									(10,677)		(10,677)
Balance at Sep. 30, 2019		4,655,196	$ 2,871	5,121,671	$ (104,194)		(417,529)	52,377	257,818		4,913,014
Balance (in shares) at Sep. 30, 2019 | shares			287,117,159		5,180,140
Balance at Dec. 31, 2019	$ (32,286)	4,700,425	$ 2,874	5,132,532	$ (104,194)	$ (32,286)	(381,719)	50,932	436,589	$ (32,286)	$ 5,137,014
Balance (in shares) at Dec. 31, 2019 | shares			287,380,891		5,180,140						287,380,891
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan		890	$ 1	889							$ 890
Proceeds from DRIP Plan (in shares) | shares			59,340
Redemption of Class A Units		8,956	$ 4	8,952					(10,241)		(1,285)
Redemption of Class A Units (in shares)			409,712
Redemption of Class A Units											8,538
Equity offering costs		(69)		(69)							(69)
Common stock repurchased		(28,830)			$ (28,830)						$ (28,830)
Common stock repurchased (in shares) | shares					1,925,421						1,925,421
Share-based compensation		22,405	$ 15	22,390							$ 22,405
Share-based compensation (in shares) | shares			1,516,152
Manager fees paid in stock		36,046	$ 24	36,022							36,046
Manager fee paid in stock (in shares) | shares			2,421,232
Net income		224,721					224,721		26,705		251,426
Dividends declared		(409,730)					(409,730)				(409,730)
Other comprehensive loss, net		(8,647)						(8,647)			(8,647)
VIE non-controlling interests									(2,177)		(2,177)
Contributions from non-controlling interests									9,657		9,657
Distributions to non-controlling interests									(88,721)		(88,721)
Balance at Sep. 30, 2020		4,513,881	$ 2,918	5,200,716	$ (133,024)		(599,014)	42,285	371,812		$ 4,885,693
Balance (in shares) at Sep. 30, 2020 | shares			291,787,327		7,105,561						291,787,327
Balance at Jun. 30, 2020		4,492,237	$ 2,916	5,193,572	$ (133,024)		(614,093)	42,866	372,559		$ 4,864,796
Balance (in shares) at Jun. 30, 2020 | shares			291,573,083		7,105,561
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan		521	$ 1	520							521
Proceeds from DRIP Plan (in shares) | shares			34,309
Redemption of Class A Units		418		418					(1,703)		(1,285)
Equity offering costs		(54)		(54)							(54)
Share-based compensation		6,261	$ 1	6,260							6,261
Share-based compensation (in shares) | shares			179,935
Net income		151,834					151,834		12,900		164,734
Dividends declared		(136,755)					(136,755)				(136,755)
Other comprehensive loss, net		(581)						(581)			(581)
VIE non-controlling interests									12		12
Contributions from non-controlling interests									251		251
Distributions to non-controlling interests									(12,207)		(12,207)
Balance at Sep. 30, 2020		$ 4,513,881	$ 2,918	$ 5,200,716	$ (133,024)		$ (599,014)	$ 42,285	$ 371,812		$ 4,885,693
Balance (in shares) at Sep. 30, 2020 | shares			291,787,327		7,105,561						291,787,327

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	Sep. 16, 2020	Jun. 16, 2020	Feb. 25, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Condensed Consolidated Statements of Equity
Dividends declared per common share	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 1.44	$ 1.44

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Cash Flows from Operating Activities:
Net income	$ 164,734	$ 150,001	$ 251,426	$ 358,955
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of deferred financing costs, premiums and discounts on secured borrowings			29,996	25,942
Amortization of discounts and deferred financing costs on unsecured senior notes			5,933	5,830
Accretion of net discount on investment securities			(9,362)	(10,338)
Accretion of net deferred loan fees and discounts			(30,468)	(24,193)
Share-based compensation			22,405	26,364
Manager fees paid in stock			36,046	10,977
Change in fair value of investment securities	199	(266)	(3,132)	(995)
Change in fair value of consolidated VIEs			41,008	(32,984)
Change in fair value of servicing rights			2,328	2,308
Change in fair value of loans	(61,384)	(32,521)	(79,700)	(65,678)
Change in fair value of derivatives			41,146	(16,043)
Foreign currency loss, net			1,861	17,134
Gain on sale of investments and other assets			(6,768)	(28,157)
Impairment charges on properties and related intangibles				1,392
Credit loss provision, net	(3,587)	(39)	55,284	3,242
Depreciation and amortization			70,626	86,172
(Earnings) loss from unconsolidated entities	(3,192)	(2,747)	(32,065)	31,636
Distributions of earnings from unconsolidated entities			2,334	9,730
Loss on extinguishment of debt		4,624	2,377	10,738
Origination and purchase of loans held-for-sale, net of principal collections			(1,725,341)	(2,549,697)
Proceeds from sale of loans held-for-sale			1,997,651	1,774,794
Changes in operating assets and liabilities:
Related-party payable, net			(18,829)	(19,557)
Accrued and capitalized interest receivable, less purchased interest			(121,923)	(71,906)
Other assets			3,007	(112,723)
Accounts payable, accrued expenses and other liabilities			(9,691)	(2,734)
Net cash provided by (used in) operating activities			526,149	(569,791)
Cash Flows from Investing Activities:
Origination and purchase of loans held-for-investment			(2,368,931)	(2,987,685)
Proceeds from principal collections on loans			1,357,445	2,312,992
Proceeds from loans sold			435,097	945,066
Purchase and funding of investment securities			(22,408)	(5,165)
Proceeds from sales of investment securities			7,940	3,978
Proceeds from principal collections on investment securities	17,478	45,857	67,957	118,892
Proceeds from sales of real estate			23,805	52,336
Purchases and additions to properties and other assets			(17,923)	(22,977)
Investment in unconsolidated entities			(3,133)	(8,365)
Proceeds from sale of interest in unconsolidated entities			10,313
Distribution of capital from unconsolidated entities			2,485	12,455
Payments for purchase or termination of derivatives			(76,270)	(36,360)
Proceeds from termination of derivatives			13,667	12,979
Net cash (used in) provided by investing activities			(569,956)	398,146
Cash Flows from Financing Activities:
Proceeds from borrowings			4,935,556	6,084,209
Principal repayments on and repurchases of borrowings			(4,221,999)	(5,549,756)
Payment of deferred financing costs			(17,978)	(45,403)
Proceeds from common stock issuances			511	632
Payment of equity offering costs			(69)	(27)
Payment of dividends			(408,893)	(402,519)
Contributions from non-controlling interests			9,657	5,294
Distributions to non-controlling interests			(90,006)	(41,531)
Purchase of treasury stock			(28,830)
Issuance of debt of consolidated VIEs			24,376	149,949
Repayment of debt of consolidated VIEs			(279,419)	(158,315)
Distributions of cash from consolidated VIEs			57,174	38,607
Net cash (used in) provided by financing activities			(19,920)	81,140
Net decrease in cash, cash equivalents and restricted cash			(63,727)	(90,505)
Cash, cash equivalents and restricted cash, beginning of period			574,031	487,865	$ 487,865
Effect of exchange rate changes on cash			902	(2,702)
Cash, cash equivalents and restricted cash, end of period	511,206	394,658	511,206	394,658	$ 574,031
Supplemental disclosure of cash flow information:
Cash paid for interest			284,855	367,291
Income taxes paid			2,261	8,848
Supplemental disclosure of non-cash investing and financing activities:
Dividends declared, but not yet paid	138,737	$ 136,533	138,737	136,533
Consolidation of VIEs (VIE asset/liability additions)			3,589,657	6,103,915
Deconsolidation of VIEs (VIE asset/liability reductions)			7,652	341,186
Reclassification of residential loans held-for-investment to held-for-sale			449,025
Reclassification of residential and infrastructure loans held-for-sale to held-for-investment			104,327	340,948
Loan principal collections temporarily held at master servicer			9,911
Redemption of Class A Units	$ (1,285)		8,538	21,070
Unsettled common stock issuances			$ 379
Settlement of 2019 Convertible Notes in shares				75,525
Settlement of loans transferred as secured borrowings				74,692
Net assets acquired through foreclosure				27,416
Lease liabilities arising from obtaining right-of-use assets				9,626
Net assets acquired from consolidated VIEs				$ 8,613

Business and Organization

Business and Organization	9 Months Ended
	Sep. 30, 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 September 30, 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 first mortgages, non-agency residential mortgages (“residential loans”), 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). Our residential mortgage loans are secured by a first mortgage lien on residential property and consist of non-agency residential mortgage loans that are not guaranteed by any U.S. Government agency or federally chartered corporation. ​ ● Infrastructure lending (the “Infrastructure Lending Segment”)—engages primarily in originating, acquiring, financing and managing infrastructure debt investments. ​ ● Real estate property (the “Property Segment”)—engages primarily in acquiring and managing equity interests in stabilized commercial real estate properties, including multifamily properties and commercial properties subject to net leases, that are held for investment. ​ ● Real estate investing and servicing (the “Investing and Servicing Segment”)—includes (i) a servicing business in the U.S. that manages and works out problem assets, (ii) an investment business that selectively acquires and manages unrated, investment grade and non-investment grade rated CMBS, including subordinated interests of securitization and resecuritization transactions, (iii) a mortgage loan business which originates conduit loans for the primary purpose of selling these loans into securitization transactions and (iv) an investment business that selectively acquires commercial real estate assets, including properties acquired from CMBS trusts. ​ Our segments exclude the consolidation of securitization variable interest entities (“VIEs”). ​ We are organized and conduct our operations to qualify as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). As such, we will generally not be subject to U.S. federal corporate income tax on that portion of our net income that is distributed to stockholders if we distribute at least 90% of our taxable income to our stockholders by prescribed dates and comply with various other requirements. ​ We are organized as a holding company and conduct our business primarily through our various wholly-owned subsidiaries. We are externally managed and advised by SPT Management, LLC (our “Manager”) pursuant to the terms of a management agreement. Our Manager is controlled by Barry Sternlicht, our Chairman and Chief Executive Officer. Our Manager is an affiliate of Starwood Capital Group, a privately-held private equity firm founded by Mr. Sternlicht.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 by reversing interest income 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 ​ Revenue Recognition Interest Income Interest income on performing loans and financial instruments is accrued based on the outstanding principal amount and contractual terms of the instrument. For loans where we do not elect the fair value option, origination fees and direct loan origination costs are also recognized in interest income over the loan term as a yield adjustment using the effective interest method. When we elect the fair value option, origination fees and direct loan costs are recorded directly in income and are not deferred. Discounts or premiums associated with the purchase of non-performing loans and investment securities are amortized or accreted into interest income as a yield adjustment on the effective interest method, based on expected cash flows through the expected maturity date of the investment. On at least a quarterly basis, we review and, if appropriate, make adjustments to our cash flow projections. ​ We cease accruing interest on non-performing loans at the earlier of (i) the loan becoming significantly past due or (ii) management concluding that a full recovery of all interest and principal is doubtful. Interest income on non-accrual loans in which management expects a full recovery of the loan’s outstanding principal balance is only recognized when received in cash. If a full recovery of principal is doubtful, the cost recovery method is applied whereby any cash received is applied to the outstanding principal balance of the loan. A non-accrual loan is returned to accrual status at such time as the loan becomes contractually current and management believes all future principal and interest will be received according to the contractual loan terms. ​ For loans acquired with deteriorated credit quality, interest income is only recognized to the extent that our estimate of undiscounted expected principal and interest exceeds our investment in the loan. Such excess, if any, is recognized as interest income on a level-yield basis over the life of the loan. ​ Servicing Fees We typically seek to be the special servicer on CMBS transactions in which we invest. When we are appointed to serve in this capacity, we earn special servicing fees from the related activities performed, which consist primarily of overseeing the workout of under-performing and non-performing loans underlying the CMBS transactions. These fees are recognized in income in the period in which the services are performed and the revenue recognition criteria have been met. Rental Income ​ Rental income is recognized when earned from tenants. For leases that provide rent concessions or fixed escalations over the lease term, rental income is recognized on a straight-line basis over the noncancelable term of the lease. In net lease arrangements, costs reimbursable from tenants are recognized in rental income in the period in which the related expenses are incurred as we are generally the primary obligor with respect to purchasing goods and services for property operations. In instances where the tenant is responsible for property maintenance and repairs and contracts and settles such costs directly with third party service providers, we do not reflect those expenses in our consolidated statement of operations as the tenant is the primary obligor. ​ Earnings Per Share ​ We present both basic and diluted earnings per share (“EPS”) amounts in our financial statements. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the maximum potential dilution that could occur from (i) our share-based compensation, consisting of unvested restricted stock (“RSAs”) and restricted stock units (“RSUs”), (ii) shares contingently issuable to our Manager, (iii) the conversion options associated with our outstanding convertible senior notes (the “Convertible Notes”) (see Notes 10 and 17) and (iv) non-controlling interests that are redeemable with our common stock (see Note 16). Potential dilutive shares are excluded from the calculation if they have an anti-dilutive effect in the period. ​ Nearly all of the Company’s unvested RSUs and RSAs contain rights to receive non-forfeitable dividends and thus are participating securities. In addition, the non-controlling interests that are redeemable with our common stock are considered participating securities because they earn a preferred return indexed to the dividend rate on our common stock (see Note 16). Due to the existence of these participating securities, the two-class method of computing EPS is required, unless another method is determined to be more dilutive. Under the two-class method, undistributed earnings are reallocated between shares of common stock and participating securities. For the three and nine months ended September 30, 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. The most significant and subjective estimate that we make is the projection of cash flows we expect to receive on our investments, which has a significant impact on the amount of income 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, and is continuing to spread. 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. Such actions are creating disruption in global supply chains, increasing rates of unemployment and adversely impacting many industries. The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. We believe the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of September 30, 2020. However, uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and our business in particular, makes any estimates and assumptions as of September 30, 2020 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results may ultimately differ from those estimates. ​ Recent Accounting Developments ​ Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting, ​ On August 5, 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40), removes certain separation models for convertible debt instruments and convertible preferred stock that require the separation into a debt component and an equity or derivative component. Consequently, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost and a convertible preferred stock will be accounted for as a single equity instrument measured at its historical cost, as long as no other features require bifurcation and recognition as derivatives and the convertible instruments are not issued with substantial premiums accounted for as paid-in capital. By removing those separation models, the interest rate of convertible debt instruments typically will be closer to the coupon interest rate. ASU 2020-06 also revises the derivative scope exception for contracts in an entity’s own equity and improves the consistency of EPS calculations. This ASU is effective for larger public business entities’ annual periods, and interim periods therein, beginning after December 15, 2021. Early application is permitted for fiscal years beginning after December 15, 2020. We expect to early adopt this ASU effective January 1, 2021 through the modified retrospective method of transition, resulting in a cumulative adjustment to our beginning accumulated deficit as of that date related to our outstanding Convertible Notes. We do not expect the application of this ASU, including the cumulative adjustment upon adoption, to materially impact our consolidated financial statements. ​

Acquisitions and Divestitures

Acquisitions and Divestitures	9 Months Ended
	Sep. 30, 2020
Acquisitions and Divestitures
Acquisitions and Divestitures	3. Acquisitions and Divestitures ​ ​ Investing and Servicing Segment Property Portfolio ​ During the nine months ended September 30, 2020, we sold a property within the Investing and Servicing Segment for $24.1 million. In connection with this sale, we recognized a gain of $7.4 million within gain on sale of investments and other assets in our condensed consolidated statement of operations. There were no significant sales of properties during the three months ended September 30, 2020. ​ During the three and nine months ended September 30, 2019, we sold a property within the Investing and Servicing Segment for $51.5 million. In connection with this sale, we recognized a gain of $20.7 million within gain on sale of investments and other assets in our condensed consolidated statements of operations, of which $4.0 million was attributable to non-controlling interests. ​ ​ ​

Loans

Loans	9 Months Ended
	Sep. 30, 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 September 30, 2020 and December 31, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average Life ​ ​ Carrying ​ Face ​ Average ​ (“WAL”) September 30, 2020 ​ Value ​ Amount ​ Coupon (1) ​ (years)(2) Loans held-for-investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First mortgages (3) ​ $ 8,525,273 ​ $ 8,548,916 ​ 5.3 % 1.6 Subordinated mortgages (4) ​ 69,835 ​ ​ 70,979 ​ 8.8 % 3.0 Mezzanine loans (3) ​ 588,116 ​ ​ 587,223 ​ 10.3 % 1.6 Other ​ ​ 30,548 ​ ​ 34,043 ​ 8.9 % 2.0 Total commercial loans ​ ​ 9,213,772 ​ ​ 9,241,161 ​ ​ ​ ​ Infrastructure first priority loans (6) ​ ​ 1,558,220 ​ ​ 1,578,030 ​ 4.2 % 4.3 Residential mortgage loans, fair value option (5) ​ ​ 256,407 ​ ​ 249,323 ​ 6.2 % 3.4 Total loans held-for-investment ​ 11,028,399 ​ ​ 11,068,514 ​ ​ ​ ​ Loans held-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential, fair value option (5) ​ ​ 747,654 ​ ​ 742,106 ​ 6.0 % 3.4 Commercial, fair value option ​ ​ 265,019 ​ ​ 266,370 ​ 4.1 % 10.0 Total loans held-for-sale ​ ​ 1,012,673 ​ ​ 1,008,476 ​ ​ ​ ​ Total gross loans ​ 12,041,072 ​ $ 12,076,990 ​ ​ ​ ​ Credit loss allowances: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial loans held-for-investment ​ ​ (95,595) ​ ​ ​ ​ ​ ​ ​ Infrastructure loans held-for-investment ​ ​ (14,152) ​ ​ ​ ​ ​ ​ ​ Total allowances ​ ​ (109,747) ​ ​ ​ ​ ​ ​ ​ Total net loans ​ $ 11,931,325 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 September 30, 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 $896.8 million and $967.0 million being classified as first mortgages as of September 30, 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 nine months ended September 30, 2020, $422.7 million of residential loans held-for-investment were reclassified into loans held-for-sale. ​ (6) During the nine months ended September 30, 2020, $104.3 million of infrastructure loans held-for-sale were reclassified into loans held-for-investment and $26.3 million of infrastructure loans held-for-investment were reclassified into loans held-for-sale. ​ ​ As of September 30, 2020, our variable rate loans held-for-investment were as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Weighted-average ​ September 30, 2020 ​ Value ​ Spread Above Index ​ Commercial loans ​ $ 8,568,112 ​ 4.2 % Infrastructure loans ​ ​ 1,558,220 ​ 3.8 % Total variable rate loans held-for-investment ​ $ 10,126,332 ​ 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. ​ During the three months ended September 30, 2020, each of the macroeconomic forecasts in our model indicated a substantial macroeconomic recovery from the three months ended June 30, 2020, with growth expected to continue into the next five years . These macroeconomic forecasts do not differentiate among property types or asset classes. Instead, these forecasts reference general macroeconomic growth factors which apply broadly across all assets. However, the COVID-19 pandemic has had a more negative impact on certain property types, principally retail and hospitality, which have withstood extended government mandated closures, and more recently office, which is experiencing lower demand due to remote working arrangements. The broad macroeconomic forecasts do not account for such differentiation. Accordingly, we have selected a more adverse macroeconomic recovery forecast related to these property types in determining our credit loss allowance. ​ 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 September 30, 2020. For the first six months of 2020, the multiplier was determined with reference to the 2008 financial crisis, where the magnitude of economic distress within infrastructure lending seemed to correlate to the economic deterioration caused by the COVID-19 pandemic. During the three months ended September 30, 2020, the stronger market liquidity and deal flow experienced within infrastructure lending seemed to correlate to 2011, when this market began emerging from the 2008 crisis. As such, the multiplier for this period was determined with reference to 2011. 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 September 30, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loans Revolving Loans Total Credit ​ ​ Amortized Cost Basis by Origination Year ​ Amortized Cost ​ Amortized ​ Loss As of September 30, 2020 ​ 2020 2019 2018 2017 2016 Prior ​ Total ​ Cost Basis ​ Allowance Commercial loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit quality indicator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LTV < 60% ​ $ 618,232 ​ $ 1,084,103 ​ $ 977,021 ​ $ 1,031,872 ​ $ 154,198 ​ $ 215,747 ​ $ — ​ $ 4,081,173 ​ $ 11,751 LTV 60% - 70% ​ ​ 138,058 ​ ​ 1,469,532 ​ ​ 1,653,299 ​ ​ 35,931 ​ ​ 53,450 ​ ​ 191,211 ​ ​ — ​ ​ 3,541,481 ​ ​ 35,691 LTV > 70% ​ ​ 384,045 ​ ​ 582,334 ​ ​ 243,452 ​ ​ 140,914 ​ ​ — ​ ​ 75,250 ​ ​ — ​ ​ 1,425,995 ​ ​ 18,300 Credit deteriorated ​ ​ — ​ ​ — ​ ​ 28,986 ​ ​ 7,755 ​ ​ — ​ ​ 105,589 ​ ​ — ​ ​ 142,330 ​ ​ 29,853 Defeased and other ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 22,793 ​ ​ — ​ ​ 22,793 ​ ​ — Total commercial ​ $ 1,140,335 ​ $ 3,135,969 ​ $ 2,902,758 ​ $ 1,216,472 ​ $ 207,648 ​ $ 610,590 ​ $ — ​ $ 9,213,772 ​ $ 95,595 Infrastructure loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit quality indicator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Power ​ $ — ​ $ 246,675 ​ $ 300,909 ​ $ 148,159 ​ $ 188,331 ​ $ 312,176 ​ $ 23,413 ​ $ 1,219,663 ​ $ 7,692 Oil and gas ​ ​ — ​ ​ 234,119 ​ ​ 102,822 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,616 ​ ​ 338,557 ​ ​ 6,460 Total infrastructure ​ $ — ​ $ 480,794 ​ $ 403,731 ​ $ 148,159 ​ $ 188,331 ​ $ 312,176 ​ $ 25,029 ​ $ 1,558,220 ​ $ 14,152 Residential loans held-for-investment, fair value option ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 256,407 ​ ​ — Loans held-for-sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,012,673 ​ ​ — Total gross loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 12,041,072 ​ $ 109,747 ​ As of September 30, 2020, we had credit deteriorated commercial loans with an amortized cost basis of $142.3 million. These loans were on nonaccrual status, with the cost recovery method of interest income recognition applied. In addition to $113.4 million of these loans, we had a $173.3 million commercial loan and $13.4 million of residential loans that were 90 days or greater past due at September 30, 2020. Any loans which are modified to provide for the deferral of interest are not considered past due and are accounted for in accordance with our revenue recognition policy on interest income. ​ The following tables present the activity in our credit loss allowance for funded loans and unfunded commitments (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funded Commitments Credit Loss Allowance ​ ​ Loans ​ ​ ​ Loans Held-for-Investment ​ Held-for-Sale ​ Total Nine Months Ended September 30, 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 (reversal), net ​ 53,110 ​ 3,824 ​ (125) ​ 56,809 Charge-offs ​ (1,042) ​ — ​ (71) ​ (1,113) Recoveries ​ — ​ — ​ — ​ — Credit loss allowance at September 30, 2020 ​ $ 95,595 ​ $ 14,152 ​ $ — ​ $ 109,747 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unfunded Commitments Credit Loss Allowance (1) ​ ​ Loans Held-for-Investment ​ HTM Preferred ​ ​ Nine Months Ended September 30, 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, net ​ (3,156) ​ (664) ​ — ​ (3,820) Credit loss allowance at September 30, 2020 ​ $ 5,192 ​ $ 1,541 ​ $ — ​ $ 6,733 Memo: Unfunded commitments as of September 30, 2020 (3) ​ $ 1,630,823 ​ $ 95,421 ​ $ — ​ $ 1,726,244 (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 ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 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 ​ 2,090,964 ​ 177,247 ​ 100,720 ​ 1,800,018 ​ 4,168,949 Capitalized interest (1) ​ 105,329 ​ 48 ​ — ​ — ​ 105,377 Basis of loans sold (2) ​ (397,038) ​ — ​ (604) ​ (2,035,770) ​ (2,433,412) Loan maturities/principal repayments ​ (1,148,317) ​ (96,150) ​ (76,025) ​ (75,632) ​ (1,396,124) Discount accretion/premium amortization ​ 28,686 ​ 1,672 ​ — ​ 110 ​ 30,468 Changes in fair value ​ — ​ — ​ (16,565) ​ 96,265 ​ 79,700 Unrealized foreign currency translation loss ​ (15,279) ​ (38) ​ — ​ (1,291) ​ (16,608) Credit loss (provision) reversal, net ​ (53,110) ​ (3,824) ​ — ​ 125 ​ (56,809) Transfer to/from other asset classifications ​ ​ — ​ ​ 77,993 ​ ​ (422,691) ​ ​ 344,698 ​ ​ — Balance at September 30, 2020 ​ $ 9,118,177 ​ $ 1,544,068 ​ $ 256,407 ​ $ 1,012,673 ​ $ 11,931,325 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transferred ​ ​ ​ ​ ​ Held-for-Investment Loans ​ ​ ​ ​ As Secured ​ ​ ​ Nine Months Ended September 30, 2019 ​ Commercial ​ Infrastructure ​ Held-for-Sale Loans ​ Borrowings ​ Total Loans Balance at December 31, 2018 ​ $ 7,075,577 ​ $ 1,456,779 ​ $ 1,187,552 ​ $ 74,346 ​ $ 9,794,254 Acquisitions/originations/additional funding ​ 2,489,120 ​ 387,599 ​ 2,731,110 ​ — ​ 5,607,829 Capitalized interest (1) ​ 79,869 ​ — ​ — ​ — ​ 79,869 Basis of loans sold (2) ​ (548,329) ​ — ​ (2,164,908) ​ — ​ (2,713,237) Loan maturities/principal repayments ​ (1,695,388) ​ (563,736) ​ (95,262) ​ (74,692) ​ (2,429,078) Discount accretion/premium amortization ​ 22,674 ​ 1,173 ​ — ​ 346 ​ 24,193 Changes in fair value ​ 1,496 ​ — ​ 64,182 ​ — ​ 65,678 Unrealized foreign currency translation (loss) gain ​ (37,473) ​ — ​ 282 ​ — ​ (37,191) Credit loss provision, net ​ (2,046) ​ — ​ (1,196) ​ — ​ (3,242) Loan foreclosures ​ ​ (27,303) ​ ​ — ​ ​ — ​ ​ — ​ ​ (27,303) Transfer to/from other asset classifications ​ ​ 279,641 ​ ​ — ​ ​ (279,641) ​ ​ — ​ ​ — Balance at September 30, 2019 ​ $ 7,637,838 ​ $ 1,281,815 ​ $ 1,442,119 ​ $ — ​ $ 10,361,772 (1) Represents accrued interest income on loans whose terms do not require current payment of interest. ​ (2) See Note 11 for additional disclosure on these transactions.

Investment Securities

Investment Securities	9 Months Ended
	Sep. 30, 2020
Investment Securities
Investment Securities	​ 5. Investment Securities ​ Investment securities were comprised of the following as of September 30, 2020 and December 31, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of ​ ​ September 30, 2020 December 31, 2019 RMBS, available-for-sale ​ $ 170,270 ​ $ 189,576 RMBS, fair value option (1) ​ ​ 373,682 ​ ​ 147,034 CMBS, fair value option (1), (2) ​ 1,194,191 ​ 1,295,363 HTM debt securities, amortized cost net of credit loss allowance of $6,425 and $0 ​ 541,296 ​ 570,638 Equity security, fair value ​ 10,058 ​ 12,664 Subtotal — ​ 2,289,497 ​ 2,215,275 VIE eliminations (1) ​ (1,544,384) ​ ​ (1,405,037) Total investment securities ​ $ 745,113 ​ $ 810,238 (1) Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. ​ (2) Includes $178.6 million and $186.6 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of September 30, 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 ​ Securitization ​ ​ ​ ​ available-for-sale value option value option Securities VIEs (1) Total Three Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases/fundings ​ $ — ​ $ 43,083 ​ $ — ​ $ 6,288 ​ $ (43,083) ​ $ 6,288 Principal collections ​ 6,063 ​ 12,132 ​ 8,265 ​ 11,203 ​ (20,185) ​ 17,478 Three Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ 52,845 ​ $ 10,214 ​ $ — ​ $ (57,894) ​ $ 5,165 Sales ​ — ​ — ​ 49,725 ​ — ​ (49,725) ​ — Principal collections ​ 7,445 ​ 4,680 ​ 15,859 ​ 35,069 ​ (17,196) ​ 45,857 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS, ​ RMBS, fair ​ CMBS, fair ​ HTM ​ Securitization ​ ​ ​ ​ available-for-sale value option value option Securities VIEs (1) Total Nine Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases/fundings ​ $ — ​ $ 257,808 ​ $ 7,661 ​ $ 22,408 ​ $ (265,469) ​ $ 22,408 Sales ​ — ​ — ​ 32,316 ​ — ​ (24,376) ​ 7,940 Principal collections ​ 18,626 ​ 32,236 ​ 25,715 ​ 48,554 ​ (57,174) ​ 67,957 Nine Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ 79,117 ​ $ 62,427 ​ $ — ​ $ (136,379) ​ $ 5,165 Sales ​ — ​ 41,501 ​ 112,426 ​ — ​ (149,949) ​ 3,978 Principal collections ​ 20,222 ​ 9,772 ​ 37,768 ​ 89,737 ​ (38,607) ​ 118,892 (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 September 30, 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 September 30, 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 September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 127,921 ​ $ — ​ $ 127,921 ​ $ 42,523 ​ $ (174) ​ $ 42,349 ​ $ 170,270 December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 138,580 ​ ​ N/A ​ $ 138,580 ​ $ 51,310 ​ $ (314) ​ $ 50,996 ​ $ 189,576 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Coupon (1) Weighted Average WAL September 30, 2020 ​ ​ ​ ​ ​ ​ RMBS 1.5 % B+ 5.7 December 31, 2019 ​ ​ ​ ​ ​ ​ RMBS 3.1 % BB- ​ 5.6 (1) Calculated using the September 30, 2020 and December 31, 2019 one-month LIBOR rate of 0.1483% 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 September 30, 2020, approximately $144.5 million, or 84.9%, of RMBS were variable rate and paid interest at LIBOR plus a weighted average spread of 1.26%. 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 $0.3 million for both the three months ended September 30, 2020 and 2019, respectively, and $1.0 million and $1.1 million for the nine months ended September 30, 2020 and 2019, respectively, recorded as management fees in the accompanying condensed consolidated statements of operations. ​ The following table presents the gross unrealized losses and estimated fair value of any available-for-sale securities that were in an unrealized loss position as of September 30, 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 September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 412 ​ $ 1,194 ​ $ (45) ​ $ (129) ​ As of December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ — ​ $ 1,380 ​ $ — ​ $ (314) ​ ​ As of September 30, 2020 and December 31, 2019, there were two 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 September 30, 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 $2.7 billion, respectively. As of September 30, 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 $373.7 million and $275.8 million, respectively. The $1.6 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 $23.5 million at September 30, 2020) is eliminated against VIE liabilities before arriving at our GAAP balance for fair value option investment securities. ​ As of September 30, 2020, $96.9 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 September 30, 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 September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CMBS ​ $ 338,984 ​ $ — ​ $ 338,984 ​ $ — ​ $ (23,277) ​ $ 315,707 ​ Preferred interests ​ ​ 165,952 ​ ​ (3,453) ​ ​ 162,499 ​ ​ — ​ ​ (5,550) ​ ​ 156,949 ​ Infrastructure bonds ​ ​ 42,785 ​ ​ (2,972) ​ ​ 39,813 ​ ​ 352 ​ ​ (13) ​ ​ 40,152 ​ Total ​ $ 547,721 ​ $ (6,425) ​ $ 541,296 ​ $ 352 ​ $ (28,840) ​ $ 512,808 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ Interests ​ Bonds ​ Allowance Nine Months Ended September 30, 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 ​ ​ 2,339 ​ ​ (44) ​ ​ 2,295 Credit loss allowance at September 30, 2020 ​ $ 3,453 ​ $ 2,972 ​ $ 6,425 ​ The table below summarizes the maturities of our HTM debt securities by type as of September 30, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred ​ Infrastructure ​ ​ ​ ​ CMBS ​ Interests ​ Bonds ​ Total Less than one year $ 268,084 ​ $ — ​ $ 2,632 ​ $ 270,716 One to three years ​ ​ 70,900 ​ ​ 141,000 ​ ​ — ​ ​ 211,900 Three to five years ​ ​ — ​ ​ 21,499 ​ ​ — ​ ​ 21,499 Thereafter ​ — ​ ​ — ​ ​ 37,181 ​ ​ 37,181 Total ​ $ 338,984 ​ $ 162,499 ​ $ 39,813 ​ $ 541,296 ​ 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 $10.1 million and $12.7 million as of September 30, 2020 and December 31, 2019, respectively. As of September 30, 2020, our shares represent an approximate 2% interest in SEREF.

Properties

Properties	9 Months Ended
	Sep. 30, 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 $634.0 million and debt of $572.2 million as of September 30, 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 $607.7 million and debt of $437.0 million as of September 30, 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 $760.1 million and debt of $591.9 million as of September 30, 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 $192.6 million as of September 30, 2020. ​ Investing and Servicing Segment Property Portfolio ​ The Investing and Servicing Segment Property Portfolio (“REIS Equity Portfolio”) is comprised of 15 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 $266.5 million and debt of $169.2 million as of September 30, 2020. ​ The table below summarizes our properties held as of September 30, 2020 and December 31, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciable Life September 30, 2020 December 31, 2019 Property Segment ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 15 years ​ $ 484,722 ​ $ 484,397 Buildings and building improvements ​ 5 – 45 years ​ ​ 1,689,004 ​ ​ 1,687,756 Furniture & fixtures ​ 3 – 7 years ​ ​ 57,894 ​ ​ 52,567 Investing and Servicing Segment ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 15 years ​ ​ 50,789 ​ ​ 54,052 Buildings and building improvements ​ 3 – 40 years ​ ​ 175,676 ​ ​ 182,048 Furniture & fixtures ​ 2 – 5 years ​ ​ 2,513 ​ ​ 2,139 Commercial and Residential Lending Segment (1) ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 10 years ​ ​ 11,416 ​ ​ 11,386 Buildings and building improvements ​ 10 – 23 years ​ ​ 17,424 ​ ​ 16,285 Properties, cost ​ ​ ​ ​ 2,489,438 ​ ​ 2,490,630 Less: accumulated depreciation ​ ​ ​ ​ (281,616) ​ ​ (224,190) Properties, net ​ ​ ​ $ 2,207,822 ​ $ 2,266,440 (1) Represents properties acquired through loan foreclosure. ​ During the nine months ended September 30, 2020, we sold an operating property million was attributable to non-controlling interests.

Investment in Unconsolidated En

Investment in Unconsolidated Entities	9 Months Ended
	Sep. 30, 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 September 30, 2020 and December 31, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Participation / ​ Carrying value as of ​ Ownership % (1) September 30, 2020 December 31, 2019 Equity method: ​ ​ ​ ​ ​ ​ ​ ​ Retail Fund ​ 33% ​ $ — ​ $ — Equity interest in a natural gas power plant ​ 10% ​ ​ 24,664 ​ ​ 25,862 Investor entity which owns equity in an online real estate company ​ 50% ​ ​ 9,382 ​ ​ 9,473 Equity interests in commercial real estate ​ 50% ​ ​ 1,742 ​ ​ 1,907 Equity interest in and advances to a residential mortgage originator (2) N/A ​ 14,139 ​ 12,002 Various 25% - 50% ​ 8,595 ​ 8,339 ​ ​ ​ ​ 58,522 ​ 57,583 Other: ​ ​ ​ ​ ​ ​ ​ ​ Equity interest in a servicing and advisory business (3) ​ 2% ​ ​ 17,584 ​ — Investment funds which own equity in a loan servicer and other real estate assets 4% - 6% ​ 7,659 ​ 9,225 Various 0% - 2% ​ 20,619 ​ 17,521 ​ ​ ​ ​ 45,862 ​ 26,746 ​ ​ ​ ​ $ 104,384 ​ $ 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 September 30, 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. During April 2020, we sold 37% of our equity interest for $10.3 million in cash, reducing our interest to 2 %. In connection with the sale, we recognized a gain of $10.3 million. Because the sale represented an observable price change in an orderly transaction, we also increased the value of our remaining investment to reflect its implied fair value. In doing so, we recognized a gain of $17.6 million. These amounts were recognized within earnings (loss) from unconsolidated entities in our condensed consolidated statement of operations during the nine months ended September 30, 2020. ​ 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 the nine months ended September 30, 2020. ​ As of September 30, 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 September 30, 2020. ​ During the three and nine months ended September 30, 2020, we did not become aware of (i) any observable price changes in our other investments accounted for under the fair value practicability exception, except as described above with respect to the servicing and advisory business, or (ii) any indicators of impairment.

Goodwill and Intangibles

Goodwill and Intangibles	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangibles
Goodwill and Intangibles	8. Goodwil l and Intangibles ​ Goodwill ​ Goodwill is tested for impairment annually in the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Management considered the general economic decline and the impact of the COVID-19 pandemic, but did not identify any such event or circumstances. However, future changes in the expectations of the impact of COVID-19 on our operations, financial performance and cash flows could cause our goodwill to be impaired. ​ Infrastructure Lending Segment ​ The Infrastructure Lending Segment’s goodwill of $119.4 million at both September 30, 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 September 30, 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 September 30, 2020 and December 31, 2019, the balance of the domestic servicing intangible was net of $38.2 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 September 30, 2020 and December 31, 2019, the domestic servicing intangible had a balance of $52.8 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 September 30, 2020 and December 31, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 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 ​ $ 14,589 ​ $ — ​ $ 14,589 ​ $ 16,917 ​ $ — ​ $ 16,917 In-place lease intangible assets ​ 133,244 ​ (90,318) ​ 42,926 ​ 135,293 ​ (84,383) ​ 50,910 Favorable lease intangible assets ​ ​ 24,188 ​ ​ (7,564) ​ ​ 16,624 ​ ​ 24,218 ​ ​ (6,345) ​ ​ 17,873 Total net intangible assets ​ $ 172,021 ​ $ (97,882) ​ $ 74,139 ​ $ 176,428 ​ $ (90,728) ​ $ 85,700 ​ The following table summarizes the activity within intangible assets for the nine months ended September 30, 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 ​ ​ — ​ ​ (7,814) ​ ​ (1,249) ​ ​ (9,063) Sales ​ ​ — ​ ​ (170) ​ ​ — ​ ​ (170) Changes in fair value due to changes in inputs and assumptions ​ ​ (2,328) ​ ​ — ​ ​ — ​ ​ (2,328) Balance as of September 30, 2020 ​ $ 14,589 ​ $ 42,926 ​ $ 16,624 ​ $ 74,139 ​ 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) $ 2,636 2021 ​ 9,644 2022 ​ 7,862 2023 ​ 6,115 2024 ​ 4,722 Thereafter ​ 28,571 Total ​ $ 59,550 ​

Secured Borrowings

Secured Borrowings	9 Months Ended
	Sep. 30, 2020
Secured Borrowings
Secured Borrowings
Secured Borrowings	​ ​ 9. Secured Borrowings ​ Secured Financing Agreements ​ The following table is a summary of our secured financing agreements in place as of September 30, 2020 and December 31, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Balance at ​ ​ Current ​ Extended ​ Weighted Average ​ Pledged Asset ​ Maximum ​ September 30, ​ December 31, ​ Maturity Maturity (a) Pricing ​ Carrying Value Facility Size 2020 2019 Repurchase Agreements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Loans ​ May 2021 to Aug 2025 (b) May 2023 to Mar 2029 (b) (c) ​ $ 6,643,722 ​ $ 8,747,538 (d) $ 4,556,665 ​ $ 3,640,620 Residential Loans ​ Jun 2022 ​ N/A ​ LIBOR + 2.64% ​ ​ 37,046 ​ ​ 400,000 ​ ​ 23,866 ​ ​ 11,835 Infrastructure Loans ​ Feb 2022 ​ N/A ​ LIBOR + 2.00% ​ ​ 244,862 ​ ​ 500,000 ​ ​ 206,288 ​ ​ 188,198 Conduit Loans ​ Feb 2021 to Jun 2023 ​ Feb 2022 to Jun 2024 ​ LIBOR + 1.93% ​ ​ 171,497 ​ ​ 350,000 ​ ​ 127,162 ​ ​ 86,575 CMBS/RMBS ​ Oct 2020 to Dec 2029 (e) Aug 2021 to Jun 2030 (e) (f) ​ ​ 1,155,313 ​ ​ 750,544 ​ ​ 634,791 (g) ​ 682,229 Total Repurchase Agreements ​ ​ ​ ​ ​ ​ ​ ​ 8,252,440 ​ ​ 10,748,082 ​ ​ 5,548,772 ​ ​ 4,609,457 Other Secured Financing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Borrowing Base Facility ​ Apr 2022 ​ Apr 2024 ​ LIBOR + 2.25% ​ ​ 50,194 ​ ​ 650,000 (h) ​ 37,594 ​ ​ 198,955 Commercial Financing Facility ​ Mar 2022 ​ Mar 2029 ​ GBP LIBOR + 1.75% ​ ​ 95,077 ​ ​ 76,721 ​ ​ 76,721 ​ ​ — Residential Financing Facility ​ Sep 2022 ​ Sep 2025 ​ 3.50% ​ ​ — ​ ​ 250,000 ​ ​ — ​ ​ — Infrastructure Acquisition Facility ​ Sep 2021 ​ Sep 2022 ​ (i) ​ ​ 710,572 ​ ​ 701,370 ​ ​ 572,382 ​ ​ 603,642 Infrastructure Financing Facilities ​ Jul 2022 to Oct 2022 ​ Oct 2024 to Jul 2027 ​ LIBOR + 2.11% ​ ​ 583,319 ​ ​ 1,250,000 ​ ​ 464,487 ​ ​ 428,206 Property Mortgages - Fixed rate ​ Nov 2024 to Aug 2052 (j) N/A ​ 4.00% ​ ​ 1,288,513 ​ ​ 1,077,800 ​ ​ 1,077,800 ​ ​ 1,196,492 Property Mortgages - Variable rate ​ Nov 2021 to Jul 2030 ​ N/A ​ (k) ​ ​ 926,495 ​ ​ 927,300 ​ ​ 908,906 ​ ​ 696,503 Term Loan and Revolver ​ (l) ​ N/A ​ (l) ​ ​ N/A (l) ​ 516,000 ​ ​ 396,000 ​ ​ 399,000 FHLB ​ Feb 2021 ​ N/A ​ 1.99% ​ ​ 948,409 ​ ​ 1,600,000 ​ ​ 619,500 ​ ​ 867,870 Total Other Secured Financing ​ ​ ​ ​ ​ ​ ​ ​ 4,602,579 ​ ​ 7,049,191 ​ ​ 4,153,390 ​ ​ 4,390,668 ​ ​ ​ ​ ​ ​ ​ ​ $ 12,855,019 ​ $ 17,797,273 ​ ​ 9,702,162 ​ ​ 9,000,125 Unamortized net discount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (9,908) ​ ​ (8,347) Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (76,362) ​ ​ (85,730) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,615,892 ​ $ 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 $1.3 billion as of September 30, 2020 are indexed to GBP LIBOR and EURIBOR. The remainder have a weighted average rate of LIBOR + 2.02%. (d) The aggregate initial maximum facility size of $8.7 billion may be increased at our option, subject to certain conditions. This amount includes such upsizes. (e) Certain facilities with an outstanding balance of $285.9 million as of September 30, 2020 carry a rolling 11-month or 12-month term which may reset monthly or quarterly with the lender's consent. These facilities carry no maximum facility size. (f) A facility with an outstanding balance of $184.2 million as of September 30, 2020 has a fixed annual interest rate of 3.50 %. All other facilities are variable rate with a weighted average rate of LIBOR + 1.57%. (g) Includes: (i) $184.2 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $41.3 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). (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 + 2.00%. (j) The weighted average maturity is 7.0 years as of September 30, 2020. (k) Includes a $600.0 million first mortgage and mezzanine loan secured by our Medical Office Portfolio. This debt has a weighted average interest rate of LIBOR + 2.07% that we swapped to a fixed rate of 3.34%. The remainder have a weighted average rate of LIBOR + 2.63%. (l) Consists of: (i) a $396.0 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 $3.7 billion as of September 30, 2020. ​ 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. This facility does not permit valuation adjustments based on capital markets activity. ​ In February 2020, we amended a Commercial Loans repurchase facility to increase available borrowings by $200.0 million to $1.8 billion. ​ 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. ​ In June 2020, we amended a Residential Loans repurchase facility with a maximum facility size of $400.0 million to extend the current maturity from February 2021 to June 2022. ​ In June 2020, we amended a Commercial Loans repurchase facility and a Conduit Loans repurchase facility with an aggregate maximum facility size of $950.0 million to extend the current maturity from June 2022 to June 2023. ​ During the three months ended June 30, 2020, we entered into mortgage loans with total borrowings of $217.1 million to refinance our Woodstar I Portfolio. The loans carry ten-year terms and weighted average annual interest rates of LIBOR + 2.71 %. A portion of the net proceeds from the mortgage loans was used to repay $117.0 million of outstanding government sponsored mortgage loans. We recognized a loss on extinguishment of debt of $2.2 million in our condensed consolidated statement of operations in connection with the repayment of the government sponsored mortgage loans. ​ one ​ In September 2020, we entered into a Residential Loan Financing facility to finance residential loans held-for-sale. The facility carries a two-year initial term with the option to subsequently convert the loan to a three-year term loan. The facility has a maximum facility size of $250.0 million and an annual interest rate of the greater of 3.50% or one-month LIBOR + 2.75%. This facility does not permit valuation adjustments based on capital markets activity. ​ Our secured financing agreements contain certain financial tests and covenants. As of September 30, 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 the 25% of repurchase agreements containing margin call provisions for general capital markets activity, approximately 17 % of these pertain to our loans held-for-sale, for which we manage credit risk through the purchase of credit index instruments. We further seek to manage risks associated with our repurchase agreements by matching the maturities and interest rate characteristics of our loans with the related repurchase agreement. ​ For the three and nine months ended September 30, 2020, approximately $9.5 million and $27.3 million, respectively, of amortization of deferred financing costs from secured financing agreements was included in interest expense on our condensed consolidated statements of operations. For the three and nine months ended September 30, 2019, approximately $8.1 million and $24.9 million, respectively, of amortization of deferred financing costs from secured financing agreements was included in interest expense on our condensed consolidated statements of operations. ​ 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 nine months ended September 30, 2020, we utilized the reinvestment feature, contributing $88.1 million of additional interests into the CLO. ​ The following table is a summary of our CLO as of September 30, 2020 and December 31, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Face ​ Carrying ​ Weighted ​ ​ ​ September 30, 2020 ​ Count ​ Amount ​ Value ​ Average Spread ​ Maturity ​ Collateral assets ​ 24 ​ $ 1,099,672 ​ $ 1,099,558 ​ LIBOR + 3.83% (a) Feb 2024 (b) Financing ​ 1 ​ 936,375 ​ ​ 929,931 ​ LIBOR + 1.64% (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 September 30, 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 and nine months ended September 30, 2020, approximately $0.7 million and $1.9 million, respectively, of amortization of deferred financing costs was included in interest expense on our condensed consolidated statements of operations. As of September 30, 2020 and December 31, 2019, our unamortized issuance costs were $6.4 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) $ 80,429 $ 311,142 $ — ​ $ 391,571 2021 ​ 764,290 ​ 782,007 ​ ​ — ​ 1,546,297 2022 ​ 1,364,073 ​ 547,960 ​ ​ — ​ 1,912,033 2023 ​ 1,108,155 ​ 706,658 ​ ​ — ​ 1,814,813 2024 ​ 843,591 ​ 235,852 ​ ​ — ​ 1,079,443 Thereafter ​ 1,388,234 ​ 1,569,771 ​ ​ 936,375 (a) 3,894,380 Total ​ $ 5,548,772 ​ $ 4,153,390 ​ $ 936,375 ​ $ 10,638,537 (a) Assumes utilization of the reinvestment feature.

Unsecured Senior Notes

Unsecured Senior Notes	9 Months Ended
	Sep. 30, 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 September 30, 2020 and December 31, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ ​ ​ ​ Coupon ​ ​ Effective ​ Maturity ​ Period of ​ Carrying Value at ​ ​ Rate ​ ​ Rate (1) ​ Date ​ Amortization ​ September 30, 2020 ​ December 31, 2019 2021 Senior Notes (February) ​ 3.63 % (2) 3.89 % 2/1/2021 0.3 years $ 500,000 $ 500,000 2021 Senior Notes (December) ​ 5.00 % ​ 5.32 % 12/15/2021 ​ 1.2 years ​ ​ 700,000 ​ ​ 700,000 2023 Convertible Notes ​ 4.38 % ​ 4.86 % 4/1/2023 ​ 2.5 years ​ ​ 250,000 ​ ​ 250,000 2025 Senior Notes ​ 4.75 % (3) 5.04 % 3/15/2025 ​ 4.5 years ​ ​ 500,000 ​ ​ 500,000 Total principal amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,950,000 ​ ​ 1,950,000 Unamortized discount—Convertible Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2,826) ​ ​ (3,610) Unamortized discount—Senior Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (8,790) ​ ​ (12,144) Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3,829) ​ (5,624) Carrying amount of debt components ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,934,555 ​ $ 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. (2) The coupon on the February 2021 Senior Notes is 3.63%. At closing, we swapped the notes to a floating rate of LIBOR + 1.28%. (3) The coupon on the 2025 Senior Notes is 4.75%. At closing, we swapped $470.0 million of the notes to a floating rate of LIBOR + 2.53%. ​ Our unsecured senior notes contain certain financial tests and covenants. As of September 30, 2020, we were in compliance with all such covenants. ​ Convertible Senior Notes ​ We recognized interest expense of $3.1 million and $9.2 million during the three and nine months ended September 30, 2020, respectively, from our unsecured Convertible Notes. We recognized interest expense of $3.1 million and $9.3 million during the three and nine months ended September 30, 2019, respectively, from our unsecured Convertible Notes. ​ The following table details the conversion attributes of our Convertible Notes outstanding as of September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ September 30, 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 September 30, 2020, the market price of the Company’s common stock was $15.09 per share. ​ The if-converted value of the 2023 Convertible Notes was less than their principal amount by $104.4 million at September 30, 2020 as the closing market price per share. The if-converted value of the principal amount of the 2023 Convertible Notes was $145.6 million as of September 30, 2020.

Loan Securitization_Sale Activi

Loan Securitization/Sale Activities	9 Months Ended
	Sep. 30, 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. ​ 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. Within the Commercial and Residential Lending Segment, we acquire residential mortgage loans with the intent to sell these mortgage loans to VIEs for the purpose of securitization. These VIEs then issue RMBS that are collateralized by these assets. In certain instances, we retain an interest in the CMBS or RMBS VIE and/or serve as special servicer or servicing administrator for the VIE. In these circumstances, we generally consolidate the VIE into which the loans were sold. The following summarizes the face amount and proceeds of commercial and residential loans securitized for the three and nine months ended September 30, 2020 and 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Loans ​ Residential Loans ​ Face Amount Proceeds Face Amount Proceeds For the Three Months Ended September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ $ 151,295 ​ $ 157,497 ​ $ 478,911 ​ $ 499,321 2019 ​ 262,528 ​ ​ 274,714 ​ 545,976 ​ ​ 569,590 For the Nine Months Ended September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ $ 487,130 ​ $ 509,890 ​ $ 1,443,691 ​ $ 1,487,761 2019 ​ 787,160 ​ 826,932 ​ 886,187 ​ 921,602 ​ The securitization of these commercial and residential loans does not result in a discrete gain or loss since they are carried under the fair value option. ​ 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. ​ ​ Commercial and Residential Loan Sales ​ Within the Commercial and Residential Lending Segment, we originate or acquire 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. We also may sell certain of our previously-acquired residential loans to third parties outside a securitization. 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 (1) Proceeds (1) Face Amount Proceeds For the Three Months Ended September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ $ — ​ $ — ​ $ — ​ $ — 2019 ​ 53,288 ​ ​ 53,249 ​ ​ 1,684 ​ ​ 1,743 For the Nine Months Ended September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ $ 399,132 ​ $ 396,078 ​ $ 550 ​ $ 604 2019 ​ 554,710 ​ ​ 551,700 ​ ​ 25,526 ​ ​ 26,260 (1) During the nine months ended September 30, 2020, we sold $230.9 million and $168.2 million of senior interests in first mortgage loans and whole loan interests, respectively, for proceeds of $224.1 million and $172.0 million, respectively. During the nine months ended September 30, 2019, all sales were of senior interests in first mortgage loans. ​ During the nine months ended September 30, 2020, losses recognized by the Commercial and Residential Lending Segment on sales of commercial loans were $1.0 million. There were no sales of commercial loans during the three months ended September 30, 2020. During the three and nine months ended September 30, 2019, gains recognized by the Commercial and Residential Lending Segment on sales of commercial loans were $0.5 million and $3.5 million, respectively. The sale of residential loans does not result in a discrete gain or loss since they are carried under the fair value option. ​ Infrastructure Loan Sales ​ During the nine months ended September 30, 2020, the Infrastructure Lending Segment sold loans held-for-sale with an aggregate face amount of $38.7 million for proceeds of $38.4 million, recognizing gains of $0.3 million. There were no sales of loans by the Infrastructure Lending Segment during the three months ended September 30, 2020. During the three and nine months ended September 30, 2019, the Infrastructure Lending Segment sold loans held-for-sale with an aggregate face amount of $47.3 million and $404.1 million, respectively, for proceeds of $47.0 million and $393.3 million. A gain of $3.1 million was recognized during the nine months ended September 30, 2019. There was no gain recognized during the three months ended September 30, 2019. In connection with these sales, we sold an interest rate swap guarantee for cash payment of $3.1 million and recognized a decrease in fair value of $2.7 million within (loss) gain on derivative financial instruments, net in our condensed consolidated statement of operations during the nine months ended September 30, 2019. Refer to Note 12 for further discussion of our interest rate swap guarantees.

Derivatives and Hedging Activit

Derivatives and Hedging Activity	9 Months Ended
	Sep. 30, 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 September 30, 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; and ● Interest rate swap guarantees whereby we guarantee the interest rate swap obligations of certain Infrastructure Lending borrowers. Our interest rate swap guarantees were assumed in connection with the acquisition of the Infrastructure Lending Segment. ​ The following table summarizes our non-designated derivatives as of September 30, 2020 (notional amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Buy Euros ("EUR") ​ 1 ​ 1,915 ​ EUR ​ November 2022 Fx contracts – Sell EUR ​ 289 ​ 250,530 ​ EUR ​ October 2020 – November 2025 Fx contracts – Sell Pounds Sterling ("GBP") ​ 120 ​ 373,948 ​ GBP ​ October 2020 – May 2024 Fx contracts – Sell Australian dollar ("AUD") ​ 13 ​ 126,546 ​ AUD ​ August 2021 – November 2021 Interest rate swaps – Paying fixed rates ​ 56 ​ 1,755,593 ​ USD ​ March 2023 – September 2030 Interest rate swaps – Receiving fixed rates ​ 2 ​ 970,000 ​ USD ​ January 2021 - March 2025 Interest rate caps ​ 22 ​ 951,462 ​ USD ​ October 2020 – April 2025 Credit index instruments ​ 4 ​ 69,000 ​ USD ​ September 2058 – August 2061 Interest rate swap guarantees ​ 6 ​ 383,080 ​ USD ​ March 2022 – June 2025 Total ​ 513 ​ ​ ​ ​ ​ ​ ​ The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of September 30, 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 ​ ​ September 30, ​ December 31, ​ September 30, ​ December 31, ​ 2020 ​ 2019 ​ 2020 ​ 2019 Interest rate contracts ​ $ 38,479 ​ $ 14,385 ​ $ 3,097 ​ $ — Interest rate swap guarantees ​ ​ — ​ ​ — ​ ​ 958 ​ ​ 614 Foreign exchange contracts ​ 25,805 ​ 14,558 ​ 9,397 ​ 7,834 Credit index instruments ​ 541 ​ — ​ — ​ 292 Total derivatives ​ $ 64,825 ​ $ 28,943 ​ $ 13,452 ​ $ 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 and nine months ended September 30, 2020 and 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain (Loss) ​ Amount of Gain (Loss) ​ ​ ​ ​ Recognized in Income for the ​ Recognized in Income for the Derivatives Not Designated ​ Location of Gain (Loss) ​ Three Months Ended September 30, ​ Nine Months Ended September 30, as Hedging Instruments ​ Recognized in Income ​ 2020 2019 2020 ​ 2019 Interest rate contracts ​ (Loss) gain on derivative financial instruments ​ $ 259 ​ $ (7,898) ​ $ (52,129) ​ $ (21,733) Interest rate swap guarantees ​ (Loss) gain on derivative financial instruments ​ ​ 260 ​ ​ (468) ​ ​ (345) ​ ​ (3,640) Foreign exchange contracts (Loss) gain on derivative financial instruments ​ (28,514) ​ 30,426 ​ 17,644 ​ 46,116 Credit index instruments (Loss) gain on derivative financial instruments ​ (102) ​ (127) ​ 345 ​ (1,049) ​ ​ ​ ​ $ (28,097) ​ $ 21,933 ​ $ (34,485) ​ $ 19,694 ​

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	9 Months Ended
	Sep. 30, 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 September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ 64,825 ​ $ — ​ $ 64,825 ​ $ 9,397 ​ $ 39,842 ​ $ 15,586 Derivative liabilities ​ $ 13,452 ​ $ — ​ $ 13,452 ​ $ 9,397 ​ $ 3,097 ​ $ 958 Repurchase agreements ​ 5,548,772 ​ — ​ 5,548,772 ​ 5,548,772 ​ — ​ — ​ ​ $ 5,562,224 ​ $ — ​ $ 5,562,224 ​ $ 5,558,169 ​ $ 3,097 ​ $ 958 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	9 Months Ended
	Sep. 30, 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 September 30, 2020 and December 31, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ December 31, 2019 Assets: ​ ​ ​ ​ ​ ​ Loans held-for-investment ​ $ 1,099,558 ​ 1,073,504 Accrued interest receivable ​ 3,082 ​ 3,129 Other assets ​ ​ 328 ​ ​ 26,496 Total Assets ​ $ 1,102,968 ​ $ 1,103,129 Liabilities ​ ​ ​ ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 621 ​ $ 1,362 Collateralized loan obligations, net ​ 929,931 ​ 928,060 Total Liabilities ​ $ 930,552 ​ $ 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 $676.5 million and liabilities of $446.8 million as of September 30, 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 $332.4 million and liabilities of $84.8 million as of September 30, 2020. Refer to Note 16 for further discussion. ​ In addition to the above non-securitization entities, we have smaller VIEs with total assets of $97.3 million and liabilities of $53.8 million as of September 30, 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 September 30, 2020, five of our collateralized debt obligation (“CDO”) structures within our Investing and Servicing Segment were in default or imminent default, which, pursuant to the underlying indentures, changes the rights of the variable interest holders. Upon default of a CDO, the trustee or senior note holders are allowed to exercise certain rights, including liquidation of the collateral, which at that time, is the activity which would most significantly impact the CDO’s economic performance. Further, when the CDO is in default, the collateral administrator no longer has the option to purchase securities from the CDO. In cases where the CDO is in default and we do not have the ability to exercise rights which would most significantly impact the CDO’s economic performance, we do not consolidate the VIE. As of September 30, 2020, none of these five CDO structures were consolidated. ​ As noted above, we are not obligated to provide, nor have we provided, any financial support for any of our securitization VIEs, whether or not we are deemed to be the primary beneficiary. As such, the risk associated with our involvement in these VIEs is limited to the carrying value of our investment in the entity. As of September 30, 2020, our maximum risk of loss related to securitization VIEs in which we were not the primary beneficiary was $23.5 million on a fair value basis. ​ As of September 30, 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 $4.1 billion. The corresponding assets are comprised primarily of commercial mortgage loans with unpaid principal balances corresponding to the amounts of the outstanding debt obligations. ​ We also hold passive non-controlling interests in certain unconsolidated entities that are considered VIEs. We are not the primary beneficiaries of these VIEs as we do not possess the power to direct the activities of the VIEs that most significantly impact their economic performance and therefore report our interests, which totaled $21.8 million as of September 30, 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	9 Months Ended
	Sep. 30, 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. no ​ Expense Reimbursement. For the three months ended September 30, 2020 and 2019, approximately $1.5 million and $1.9 million, respectively, was incurred for executive compensation and other reimbursable expenses and recognized within general and administrative expenses in our condensed consolidated statements of operations. For the nine months ended September 30, 2020 and 2019, approximately $5.2 million and $5.8 million, respectively, was incurred for executive compensation and other reimbursable expenses. As of September 30, 2020 and December 31, 2019, approximately $2.9 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. There were no RSAs granted during the three months ended September 30, 2020 or 2019. Expenses related to the vesting of awards to employees of affiliates of our Manager were $0.1 million and $1.2 million during the three months ended September 30, 2020 and 2019, respectively, and are reflected in general and administrative expenses in our condensed consolidated statements of operations. During the nine months ended September 30, 2020 and 2019, we granted 341,635 and 182,861 RSAs, respectively, at grant date fair values of $3.9 million and $4.1 million, respectively. Expenses related to the vesting of awards to employees of affiliates of our Manager were $2.5 million and $3.0 million during the nine months ended September 30, 2020 and 2019, respectively. 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 million, respectively, related to these awards. Refer to Note 16 for further discussion of these grants. ​ 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 and nine months ended September 30, 2020, the Company acquired $57.6 million and $185.0 million, respectively, of loans from a residential mortgage originator in which it holds an equity interest. Refer to Note 7 for further discussion. ​ During the three months ended September 30, 2020, the Company amended a $4.5 million subordinated loan to a residential mortgage originator in which it holds an equity interest, to extend the maturity from September 2020 to September 2021. ​ During the three months ended September 30, 2020, the Company received a $245.0 million partial repayment on a first mortgage and mezzanine loan that was originated in August 2017 related to an office campus located in Irvine, California. An affiliate of our Manager has a non-controlling equity interest in the borrower. ​ 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. In April 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, now provides property management services for all 32 properties within our Woodstar I Portfolio. Fees paid to Highmark are calculated as a percentage of gross receipts and are at market terms. During both the three months ended September 30, 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	9 Months Ended
	Sep. 30, 2020
Stockholders' Equity and Non-Controlling Interests
Stockholders' Equity and Non-Controlling Interests	16. Stockholders’ Equity and Non-Controlling Interests ​ During the nine months ended September 30, 2020, our board of directors declared the following dividends: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration Date Record Date Ex-Dividend Date Payment Date Amount Frequency 9/16/20 ​ 9/30/20 ​ 9/29/20 ​ 10/15/20 ​ $ 0.48 ​ Quarterly 6/16/20 6/30/20 6/29/20 ​ 7/15/20 ​ ​ 0.48 Quarterly 2/25/20 3/31/20 3/30/20 ​ 4/15/20 ​ ​ 0.48 Quarterly ​ During the nine months ended September 30, 2020 and 2019, there were no shares issued under our At-The-Market Equity Offering Sales Agreement. During the nine months ended September 30, 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. During the nine months ended September 30, 2020, we repurchased Convertible Notes under our repurchase program. As of September 30, 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 nine months ended September 30, 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 ​ 1,014,753 ​ — 1,014,753 ​ 10.98 Vested (640,727) ​ (522,359) (1,163,086) ​ 22.50 Forfeited (20,960) ​ — (20,960) ​ 14.23 Balance as of September 30, 2020 1,766,236 783,238 2,549,474 ​ 18.23 ​ As of September 30, 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 September 30, 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 nine months ended September 30, 2020, redemptions of 0.5 million of the Class A Units were received, of which 0.4 million were settled in common stock and 0.1 million were settled for $1.3 million in cash, leaving 10.5 million Class A Units outstanding as of September 30, 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 $225.4 million and $235.9 million as of September 30, 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 and nine months ended September 30, 2020, we recognized net income attributable to non-controlling interests of $5.1 million and $15.3 million, respectively, associated with these Class A Units. During the three and nine months ended September 30, 2019, we recognized net income attributable to non-controlling interests of $5.2 million and $16.3 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 were $127.8 million and $175.6 million as of September 30, 2020 and December 31, 2019, respectively. During the three and nine months ended September 30, 2020, net income attributable to non-controlling interests was $6.8 million and $7.6 million, respectively.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2020
Earnings per Share
Earnings per Share	​ 17. Earnings per Share ​ The following table provides a reconciliation of net income and the number of shares of common stock used in the computation of basic EPS and diluted EPS (amounts in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 2020 2019 Basic Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income attributable to STWD common stockholders ​ $ 151,834 ​ $ 140,396 ​ $ 224,721 ​ $ 337,795 Less: Income attributable to participating shares not already deducted as non-controlling interests ​ (1,721) ​ (1,205) ​ (3,422) ​ (2,779) Basic earnings ​ $ 150,113 ​ $ 139,191 ​ $ 221,299 ​ $ 335,016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income attributable to STWD common stockholders ​ $ 151,834 ​ $ 140,396 ​ $ 224,721 ​ $ 337,795 Less: Income attributable to participating shares not already deducted as non-controlling interests ​ (1,721) ​ (1,205) ​ (3,422) ​ (2,779) Add: Interest expense on Convertible Notes (1) ​ ​ 3,055 ​ ​ 3,071 ​ ​ * ​ ​ 9,306 Add: Undistributed earnings to participating shares ​ 663 ​ 188 ​ — ​ — Less: Undistributed earnings reallocated to participating shares ​ (642) ​ (182) ​ — ​ — Diluted earnings ​ $ 153,189 ​ $ 142,268 ​ $ 221,299 ​ $ 344,322 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic — Average shares outstanding ​ 282,596 ​ 279,992 ​ 281,686 ​ 278,934 Effect of dilutive securities — Convertible Notes (1) ​ 9,649 ​ 9,649 ​ * ​ 9,857 Effect of dilutive securities — Contingently issuable shares ​ — ​ 38 ​ ​ — ​ 38 Effect of dilutive securities — Unvested non-participating shares ​ ​ 213 ​ ​ 233 ​ ​ 182 ​ ​ 192 Diluted — Average shares outstanding ​ 292,458 ​ 289,912 ​ 281,868 ​ 289,021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings Per Share Attributable to STWD Common Stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.53 ​ $ 0.50 ​ $ 0.79 ​ $ 1.20 Diluted ​ $ 0.52 ​ $ 0.49 ​ $ 0.79 ​ $ 1.19 (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 September 30, 2020 and 2019, participating shares of 12.8 million and 13.4 million, respectively, were excluded from the computation of diluted shares as their effect was already considered under the more dilutive two-class method used above. Such participating shares at September 30, 2020 and 2019 included 10.5 million and 10.9 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	9 Months Ended
	Sep. 30, 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 September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at July 1, 2020 ​ $ 42,930 ​ $ (64) ​ $ 42,866 OCI before reclassifications ​ (581) ​ — ​ (581) Amounts reclassified from AOCI ​ — ​ — ​ — Net period OCI ​ (581) ​ — ​ (581) Balance at September 30, 2020 ​ $ 42,349 ​ $ (64) ​ $ 42,285 Three Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at July 1, 2019 ​ $ 53,049 ​ $ 4,075 ​ $ 57,124 OCI before reclassifications ​ ​ (520) ​ (4,168) ​ (4,688) Amounts reclassified from AOCI ​ (59) ​ — ​ (59) Net period OCI ​ (579) ​ (4,168) ​ (4,747) Balance at September 30, 2019 ​ $ 52,470 ​ $ (93) ​ $ 52,377 Nine Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1, 2020 ​ $ 50,996 ​ $ (64) ​ $ 50,932 OCI before reclassifications ​ (8,647) ​ — ​ (8,647) Amounts reclassified from AOCI ​ — ​ — ​ — Net period OCI ​ (8,647) ​ — ​ (8,647) Balance at September 30, 2020 ​ $ 42,349 ​ $ (64) ​ $ 42,285 Nine Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1, 2019 ​ $ 53,515 ​ $ 5,145 ​ $ 58,660 OCI before reclassifications ​ (986) ​ (5,238) ​ (6,224) Amounts reclassified from AOCI ​ (59) ​ — ​ (59) Net period OCI ​ (1,045) ​ (5,238) ​ (6,283) Balance at September 30, 2019 ​ $ 52,470 ​ $ (93) ​ $ 52,377 ​

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 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 valued using securitized pricing should be classified in Level II of the fair value hierarchy. Mortgage loans classified in Level III are transferred to Level II if securitized pricing becomes available. Loans held-for-sale and loans held-for-investment, residential ​ We measure the fair value of our residential mortgage loans held-for-sale and held-for-investment based on the net present value of expected future cash flows using a combination of observable and unobservable inputs. Observable market participant assumptions include pricing related to trades of residential mortgage loans with similar characteristics. Unobservable inputs include the expectation of future cash flows, which involves judgments about the underlying collateral, the creditworthiness of the borrower, estimated prepayment speeds, estimated future credit losses, forward interest rates, investor yield requirements and certain other factors. At each measurement date, we consider both the observable and unobservable valuation inputs in the determination of fair value. However, given the significance of the unobservable inputs, these loans have been classified within Level III. ​ RMBS CMBS Equity security Domestic servicing rights Derivatives expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Although we have determined that the majority of the inputs used to value our derivatives fall within Level II of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level III inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of September 30, 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 liabilities as an indicator of the fair value of VIE assets as a whole, we have determined that our valuations of VIE assets in their entirety should be classified in Level III of the fair value hierarchy. Fair Value on a Nonrecurring Basis We determine the fair value of our financial assets and liabilities measured at fair value on a nonrecurring basis as follows: Loans held-for-sale, infrastructure We measure the fair value of infrastructure loans held-for-sale, which are carried at the lower of amortized cost or fair value, utilizing bids periodically received from third parties to acquire these assets. As these bids represent observable market data, we have determined that the fair value of these assets would be classified in Level II of the fair value hierarchy. Fair Value Only Disclosed 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 September 30, 2020 and December 31, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ Total Level I Level II Level III Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans under fair value option ​ $ 1,269,080 ​ $ — ​ $ — ​ $ 1,269,080 RMBS ​ 170,270 ​ — ​ — ​ 170,270 CMBS ​ 23,489 ​ — ​ 1,640 ​ 21,849 Equity security ​ 10,058 ​ 10,058 ​ — ​ — Domestic servicing rights ​ 14,589 ​ — ​ — ​ 14,589 Derivative assets ​ 64,825 ​ — ​ 64,825 ​ — VIE assets ​ 64,477,475 ​ — ​ — ​ 64,477,475 Total ​ $ 66,029,786 ​ $ 10,058 ​ $ 66,465 ​ $ 65,953,263 Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 13,452 ​ $ — ​ $ 13,452 ​ $ — VIE liabilities ​ 62,876,265 ​ — ​ 60,560,959 ​ 2,315,306 Total ​ $ 62,889,717 ​ $ — ​ $ 60,574,411 ​ $ 2,315,306 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 and nine months ended September 30, 2020 and 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans at ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Three Months Ended September 30, 2020 ​ Fair Value ​ RMBS ​ CMBS ​ Rights ​ VIE Assets ​ Liabilities ​ Total July 1, 2020 balance ​ $ 894,613 ​ $ 174,281 ​ $ 21,891 ​ $ 13,955 ​ $ 64,175,387 ​ $ (2,129,529) ​ $ 63,150,598 Total realized and unrealized gains (losses): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value / gain on sale ​ 61,384 ​ — ​ (56) ​ ​ 634 ​ (202,560) ​ (30,577) ​ (171,175) Net accretion ​ — ​ 2,633 ​ — ​ — ​ — ​ — ​ 2,633 Included in OCI ​ — ​ (581) ​ — ​ — ​ — ​ — ​ (581) Purchases / Originations ​ 1,013,158 ​ — ​ — ​ — ​ — ​ — ​ 1,013,158 Sales ​ (656,818) ​ — ​ — ​ — ​ — ​ — ​ (656,818) Cash repayments / receipts ​ (43,257) ​ (6,063) ​ (213) ​ — ​ — ​ (329) ​ (49,862) Transfers into Level III ​ — ​ — ​ — ​ — ​ — ​ (485,332) ​ (485,332) Transfers out of Level III ​ — ​ — ​ — ​ — ​ — ​ 322,888 ​ 322,888 Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 512,300 ​ — ​ 512,300 Deconsolidation of VIEs ​ — ​ — ​ 227 ​ — ​ (7,652) ​ 7,573 ​ 148 September 30, 2020 balance ​ $ 1,269,080 ​ $ 170,270 ​ $ 21,849 ​ $ 14,589 ​ $ 64,477,475 ​ $ (2,315,306) ​ $ 63,637,957 Amount of unrealized gains (losses) attributable to assets still held at September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings ​ $ 8,864 ​ $ 2,633 ​ $ (56) ​ $ 634 ​ $ (194,147) ​ $ (30,577) ​ $ (212,649) Included in OCI ​ $ — ​ $ (581) ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (581) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans at ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Three Months Ended September 30, 2019 ​ Fair Value ​ RMBS ​ CMBS ​ Rights ​ VIE Assets ​ Liabilities ​ Total July 1, 2019 balance ​ $ 1,372,398 ​ $ 200,874 ​ $ 34,283 ​ $ 18,874 ​ $ 57,667,606 ​ $ (2,374,002) ​ $ 56,920,033 Total realized and unrealized gains (losses): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value / gain on sale ​ 32,512 ​ — ​ 432 ​ ​ (625) ​ (380,973) ​ 28,005 ​ (320,649) Net accretion ​ — ​ 2,446 ​ — ​ — ​ — ​ — ​ 2,446 Included in OCI ​ — ​ (578) ​ — ​ — ​ — ​ — ​ (578) Purchases / Originations ​ ​ 1,123,553 ​ — ​ 5,165 ​ — ​ — ​ — ​ ​ 1,128,718 Sales ​ (846,047) ​ — ​ — ​ — ​ — ​ — ​ (846,047) Issuances ​ — ​ — ​ — ​ — ​ — ​ (22,958) ​ (22,958) Cash repayments / receipts ​ ​ (33,054) ​ (7,445) ​ (3,343) ​ — ​ — ​ (12,516) ​ (56,358) Transfers into Level III ​ — ​ — ​ — ​ — ​ — ​ (122,911) ​ (122,911) Transfers out of Level III ​ (225,813) ​ — ​ — ​ — ​ — ​ 319,727 ​ 93,914 Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 1,999,780 ​ (85,450) ​ 1,914,330 Deconsolidation of VIEs ​ — ​ — ​ (657) ​ — ​ (37,359) ​ — ​ (38,016) September 30, 2019 balance ​ $ 1,423,549 ​ $ 195,297 ​ $ 35,880 ​ $ 18,249 ​ $ 59,249,054 ​ $ (2,270,105) ​ $ 58,651,924 Amount of unrealized gains (losses) included in earnings attributable to assets still held at September 30, 2019 ​ $ 4,537 ​ $ 2,390 ​ $ 434 ​ $ (625) ​ $ (380,973) ​ $ 28,005 ​ $ (346,232) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans at ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Nine Months Ended September 30, 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 ​ 79,700 ​ — ​ 5,331 ​ (2,328) ​ (1,291,705) ​ 107,019 ​ (1,101,983) Net accretion ​ — ​ 7,967 ​ — ​ — ​ — ​ — ​ 7,967 Included in OCI ​ — ​ (8,647) ​ — ​ — ​ — ​ — ​ (8,647) Purchases / Originations ​ 1,900,738 ​ — ​ — ​ — ​ — ​ — ​ 1,900,738 Sales ​ (1,998,255) ​ — ​ (7,940) ​ — ​ — ​ — ​ (2,006,195) Issuances ​ — ​ — ​ — ​ — ​ — ​ (24,376) ​ (24,376) Cash repayments / receipts ​ (149,297) ​ (18,626) ​ (777) ​ — ​ — ​ (9,589) ​ (178,289) Transfers into Level III ​ — ​ — ​ — ​ — ​ — ​ (1,242,539) ​ (1,242,539) Transfers out of Level III ​ — ​ — ​ — ​ — ​ — ​ 1,455,093 ​ 1,455,093 Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 3,589,657 ​ (71,095) ​ 3,518,562 Deconsolidation of VIEs ​ — ​ — ​ 227 ​ — ​ (7,652) ​ 7,573 ​ 148 September 30, 2020 balance ​ $ 1,269,080 ​ $ 170,270 ​ $ 21,849 ​ $ 14,589 ​ $ 64,477,475 ​ $ (2,315,306) ​ $ 63,637,957 Amount of unrealized gains (losses) attributable to assets still held at September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings ​ $ 8,551 ​ $ 7,967 ​ $ (1,055) ​ $ (2,328) ​ $ (1,213,498) ​ $ 107,019 ​ $ (1,093,344) Included in OCI ​ $ — ​ $ (8,647) ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (8,647) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans at ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Nine Months Ended September 30, 2019 ​ Fair Value ​ RMBS ​ CMBS ​ Rights ​ VIE Assets ​ Liabilities ​ Total January 1, 2019 balance ​ $ 671,282 ​ $ 209,079 ​ $ 25,228 ​ $ 20,557 ​ $ 53,446,364 ​ $ (1,441,446) ​ $ 52,931,064 Total realized and unrealized gains (losses): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value / gain on sale ​ 65,669 ​ — ​ 1,153 ​ (2,308) ​ 39,961 ​ 51,907 ​ 156,382 Net accretion ​ — ​ 7,484 ​ — ​ — ​ — ​ — ​ 7,484 Included in OCI ​ — ​ (1,044) ​ — ​ — ​ — ​ — ​ (1,044) Purchases / Originations ​ ​ 2,775,787 ​ — ​ 5,165 ​ — ​ — ​ — ​ ​ 2,780,952 Sales ​ (1,774,794) ​ — ​ (3,978) ​ — ​ — ​ — ​ (1,778,772) Issuances ​ — ​ — ​ — ​ — ​ — ​ (81,681) ​ (81,681) Cash repayments / receipts ​ ​ (88,582) ​ (20,222) ​ (8,933) ​ — ​ — ​ (15,786) ​ (133,523) Transfers into Level III ​ — ​ — ​ 5,350 ​ — ​ — ​ (1,374,505) ​ (1,369,155) Transfers out of Level III ​ (225,813) ​ — ​ — ​ — ​ — ​ 750,546 ​ 524,733 Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 6,103,915 ​ (193,300) ​ 5,910,615 Deconsolidation of VIEs ​ — ​ — ​ 11,895 ​ — ​ (341,186) ​ 34,160 ​ (295,131) September 30, 2019 balance ​ $ 1,423,549 ​ $ 195,297 ​ $ 35,880 ​ $ 18,249 ​ $ 59,249,054 ​ $ (2,270,105) ​ $ 58,651,924 Amount of total gains (losses) included in earnings attributable to assets still held at September 30, 2019 ​ $ 6,775 ​ $ 7,397 ​ $ 101 ​ $ (2,308) ​ $ 39,961 ​ $ 51,907 ​ $ 103,833 ​ Amounts were transferred from Level II to Level III due to a decrease in the observable relevant market activity and amounts were transferred from Level III to Level II due to an increase in the observable relevant market activity. ​ The following table presents the fair values, all of which are classified in Level III of the fair value hierarchy, of our financial instruments not carried at fair value on the condensed consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 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 ​ $ 10,662,245 ​ $ 10,583,876 ​ $ 10,034,030 ​ $ 10,086,372 HTM debt securities ​ 541,296 ​ 512,808 ​ 570,638 ​ 568,727 Financial liabilities not carried at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured financing agreements and CLO ​ $ 10,545,823 ​ $ 10,495,587 ​ $ 9,834,108 ​ $ 9,826,511 Unsecured senior notes ​ 1,934,555 ​ 1,917,805 ​ 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) ​ September 30, 2020 Technique Input September 30, 2020 December 31, 2019 Loans under fair value option ​ $ 1,269,080 ​ Discounted cash flow ​ Yield (b) ​ 3.3% - 9.7% (4.7%) ​ 3.4% - 5.9% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 1.5 - 10.8 years ( 4.8 years) ​ 1.3 - 11.3 years RMBS ​ 170,270 ​ Discounted cash flow ​ Constant prepayment rate (a) ​ 3.2% - 16.4% (7.3%) ​ 3.1% - 24.9% ​ ​ ​ ​ ​ ​ ​ Constant default rate (b) ​ 1.3% - 5.0% (2.6%) ​ 0.5% - 5.0% ​ ​ ​ ​ ​ ​ ​ Loss severity (b) ​ 0% - 79% (26%) (e) ​ 0% - 93% (e) ​ ​ ​ ​ ​ ​ ​ Delinquency rate (c) ​ 8% - 28% (18%) ​ 5% - 29% ​ ​ ​ ​ ​ ​ ​ Servicer advances (a) ​ 24% - 85% (61%) ​ 27% - 85% ​ ​ ​ ​ ​ ​ ​ Annual coupon deterioration (b) ​ 0.0% - 0.9% (0.1%) ​ 0% - 1.6% ​ ​ ​ ​ ​ ​ ​ Putback amount per projected total collateral loss (d) ​ 0% -25% (1.1%) ​ 0% - 28% CMBS ​ 21,849 ​ Discounted cash flow ​ Yield (b) ​ 0% - 700.5% (6.1%) ​ 0% - 122.9% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 8.9 years ( 5.5 years) ​ 0 - 9.7 years Domestic servicing rights ​ 14,589 ​ Discounted cash flow ​ Debt yield (a) ​ 7.75% (7.75%) ​ 7.50% ​ ​ ​ ​ ​ ​ ​ Discount rate (b) ​ 15% (15%) ​ 15% VIE assets ​ 64,477,475 ​ Discounted cash flow ​ Yield (b) ​ 0% - 751.1% (13.3%) ​ 0% - 690.7% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 19 years ( 3.9 years) ​ 0 - 19.2 years VIE liabilities ​ (2,315,306) ​ Discounted cash flow ​ Yield (b) ​ 0% - 751.1% (13.3%) ​ 0% - 690.7% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 11.0 years ( 3.8 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 September 30, 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) 17% and 34% of the portfolio falls within a range of 45% - 80% as of September 30, 2020 and December 31, 2019, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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 mortgage loans, and investing in entities which engage in real estate-related operations. As of September 30, 2020 and December 31, 2019, approximately $1.3 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 and nine months ended September 30, 2020 and 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, For the Nine Months Ended September 30, ​ ​ 2020 ​ 2019 2020 ​ 2019 Federal statutory tax rate ​ $ 37,711 21.0 % $ 32,448 21.0 % $ 54,231 21.0 % $ 77,140 21.0 % REIT and other non-taxable loss ​ (24,688) ​ (13.7) % ​ (28,870) ​ (18.7) % ​ (41,697) ​ (16.2) % ​ (71,042) ​ (19.3) % State income taxes ​ 4,278 ​ 2.4 % ​ 937 ​ 0.6 % ​ 4,118 ​ 1.6 % ​ 1,597 ​ 0.4 % Federal benefit of state tax deduction ​ (899) ​ (0.5) % ​ (196) ​ (0.1) % ​ (865) ​ (0.3) % ​ (335) ​ (0.1) % Net operating loss carryback rate differential ​ (1,569) ​ (0.9) % ​ — ​ — % ​ (5,286) ​ (2.0) % ​ — ​ — % Intra-entity transfer ​ ​ — ​ — % ​ ​ — ​ — % ​ ​ (3,781) ​ (1.5) % ​ ​ — ​ — % Other ​ 10 ​ — % ​ 194 ​ 0.1 % ​ 96 ​ — % ​ 1,020 ​ 0.3 % Effective tax rate ​ $ 14,843 ​ 8.3 % ​ $ 4,513 ​ 2.9 % ​ $ 6,816 ​ 2.6 % ​ $ 8,380 ​ 2.3 % ​ ​ The Company has used the discrete tax approach in calculating the tax benefit for the three and nine months ended September 30, 2020 due to the fact that a relatively small change in the Company’s projected pre-tax net income could result in a volatile effective tax rate. Under the discrete method, the Company determines its tax benefit based upon actual results as if the interim period was an annual period. ​ In response to the COVID-19 pandemic, the U.S. and many other governments have enacted, or are contemplating enacting, measures to provide aid and economic stimulus. These measures include deferring the due dates of tax payments and 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, and to allow companies to carry back tax net operating losses (“NOLs”) generated in 2018 to 2020 to the five preceding tax years. The Company plans to carry back its NOL generated this year to a year in which the federal tax rate was 35 %, resulting in a tax benefit from the NOL carryback for the three and nine months ended September 30, 2020. 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	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies.
Commitments and Contingencies	​ 21. Commitments and Contingencie s ​ As of September 30, 2020, our Commercial and Residential Lending Segment had future commercial loan funding commitments totaling $1.8 billion, of which we expect to fund $1.6 billion. These future funding commitments primarily relate to construction projects, capital improvements, tenant improvements and leasing commissions. ​ As of September 30, 2020, our Infrastructure Lending Segment had future infrastructure loan funding commitments totaling $241.6 million, including $146.2 million under revolvers and letters of credit (“LCs”), and $95.4 million under delayed draw term loans. As of September 30, 2020, $25.6 million of revolvers and LCs were outstanding. ​ In connection with the Infrastructure Lending Segment acquisition, we assumed guarantees of certain borrowers’ performance under existing interest rate swaps. As of September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 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 ​ $ 149,972 ​ $ 17,835 ​ $ — ​ $ 1,597 ​ $ — ​ $ 169,404 ​ $ — ​ $ 169,404 Interest income from investment securities ​ 21,385 ​ 635 ​ — ​ 23,587 ​ ​ — ​ 45,607 ​ (33,421) ​ 12,186 Servicing fees ​ 110 ​ — ​ — ​ 13,749 ​ ​ — ​ 13,859 ​ (4,311) ​ 9,548 Rental income ​ ​ 2,014 ​ ​ — ​ ​ 63,925 ​ ​ 10,039 ​ ​ — ​ ​ 75,978 ​ ​ — ​ ​ 75,978 Other revenues ​ 66 ​ 101 ​ 48 ​ 98 ​ ​ — ​ 313 ​ (2) ​ 311 Total revenues ​ 173,547 ​ 18,571 ​ 63,973 ​ 49,070 ​ — ​ 305,161 ​ (37,734) ​ 267,427 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 297 ​ — ​ — ​ 221 ​ 22,596 ​ 23,114 ​ 13 ​ 23,127 Interest expense ​ 38,422 ​ 8,914 ​ 16,180 ​ 5,425 ​ ​ 27,040 ​ 95,981 ​ — ​ 95,981 General and administrative ​ 12,483 ​ 3,568 ​ 1,094 ​ 18,813 ​ ​ 3,436 ​ 39,394 ​ 84 ​ 39,478 Acquisition and investment pursuit costs ​ 757 ​ 62 ​ — ​ 65 ​ ​ — ​ 884 ​ — ​ 884 Costs of rental operations ​ ​ 643 ​ ​ — ​ ​ 24,302 ​ ​ 4,577 ​ ​ — ​ ​ 29,522 ​ ​ — ​ ​ 29,522 Depreciation and amortization ​ 430 ​ 87 ​ 19,130 ​ 3,934 ​ ​ — ​ 23,581 ​ — ​ 23,581 Credit loss provision (reversal), net ​ 782 ​ (4,369) ​ — ​ — ​ ​ — ​ (3,587) ​ — ​ (3,587) Other expense ​ 77 ​ — ​ 95 ​ — ​ ​ — ​ 172 ​ — ​ 172 Total costs and expenses ​ 53,891 ​ 8,262 ​ 60,801 ​ 33,035 ​ ​ 53,072 ​ 209,061 ​ 97 ​ 209,158 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ — ​ — ​ — ​ — ​ — ​ 58,585 ​ 58,585 Change in fair value of servicing rights ​ — ​ — ​ — ​ 3,960 ​ ​ — ​ 3,960 ​ (3,326) ​ 634 Change in fair value of investment securities, net ​ 13,611 ​ — ​ — ​ 3,249 ​ ​ — ​ 16,860 ​ (17,059) ​ (199) Change in fair value of mortgage loans, net ​ 59,402 ​ — ​ — ​ 1,982 ​ ​ — ​ 61,384 ​ — ​ 61,384 Earnings (loss) from unconsolidated entities ​ 3,253 ​ (80) ​ — ​ 358 ​ ​ — ​ 3,531 ​ (339) ​ 3,192 (Loss) gain on derivative financial instruments, net ​ (28,577) ​ 110 ​ (313) ​ 38 ​ ​ 645 ​ (28,097) ​ — ​ (28,097) Foreign currency gain, net ​ 25,302 ​ 110 ​ 14 ​ 26 ​ ​ — ​ 25,452 ​ — ​ 25,452 Other (loss) income, net ​ — ​ — ​ (1) ​ 358 ​ ​ — ​ 357 ​ — ​ 357 Total other income (loss) ​ 72,991 ​ 140 ​ (300) ​ 9,971 ​ ​ 645 ​ 83,447 ​ 37,861 ​ 121,308 Income (loss) before income taxes ​ 192,647 ​ 10,449 ​ 2,872 ​ 26,006 ​ ​ (52,427) ​ 179,547 ​ 30 ​ 179,577 Income tax (provision) benefit ​ (16,700) ​ (86) ​ — ​ 1,943 ​ ​ — ​ (14,843) ​ — ​ (14,843) Net income (loss) ​ 175,947 ​ 10,363 ​ 2,872 ​ 27,949 ​ ​ (52,427) ​ 164,704 ​ 30 ​ 164,734 Net income attributable to non-controlling interests ​ (3) ​ — ​ (5,072) ​ (7,795) ​ ​ — ​ (12,870) ​ (30) ​ (12,900) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 175,944 ​ $ 10,363 ​ $ (2,200) ​ $ 20,154 ​ $ (52,427) ​ $ 151,834 ​ $ — ​ $ 151,834 ​ The table below presents our results of operations for the three months ended September 30, 2019 by business segment (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ Infrastructure ​ ​ ​ Investing ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lending ​ Lending ​ Property ​ and Servicing ​ ​ ​ ​ ​ Securitization ​ ​ ​ ​ Segment ​ Segment ​ Segment ​ Segment ​ Corporate ​ Subtotal ​ VIEs ​ Total Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income from loans ​ $ 145,290 ​ $ 22,763 ​ $ — ​ $ 3,977 ​ $ — ​ $ 172,030 ​ $ — ​ $ 172,030 Interest income from investment securities ​ 18,163 ​ ​ 810 ​ — ​ 32,556 ​ ​ — ​ 51,529 ​ (34,853) ​ 16,676 Servicing fees ​ 97 ​ ​ — ​ — ​ 18,243 ​ ​ — ​ 18,340 ​ (4,007) ​ 14,333 Rental income ​ ​ — ​ ​ — ​ ​ 72,251 ​ ​ 12,403 ​ ​ — ​ 84,654 ​ — ​ 84,654 Other revenues ​ 258 ​ ​ 39 ​ 125 ​ 218 ​ ​ — ​ 640 ​ (3) ​ 637 Total revenues ​ 163,808 ​ ​ 23,612 ​ 72,376 ​ 67,397 ​ — ​ 327,193 ​ (38,863) ​ 288,330 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 363 ​ ​ — ​ — ​ 18 ​ 29,829 ​ 30,210 ​ 28 ​ 30,238 Interest expense ​ 51,844 ​ ​ 14,422 ​ 19,020 ​ 8,891 ​ ​ 29,142 ​ 123,319 ​ (163) ​ 123,156 General and administrative ​ 7,104 ​ ​ 4,315 ​ 2,170 ​ 22,915 ​ ​ 3,184 ​ 39,688 ​ 78 ​ 39,766 Acquisition and investment pursuit costs ​ 506 ​ ​ 21 ​ — ​ (364) ​ ​ — ​ 163 ​ — ​ 163 Costs of rental operations ​ ​ 765 ​ ​ — ​ ​ 24,784 ​ ​ 6,019 ​ ​ — ​ 31,568 ​ — ​ 31,568 Depreciation and amortization ​ 339 ​ ​ 15 ​ 23,106 ​ 4,809 ​ ​ — ​ 28,269 ​ — ​ 28,269 Credit loss reversal, net ​ (39) ​ ​ — ​ — ​ — ​ ​ — ​ (39) ​ — ​ (39) Other expense ​ 77 ​ ​ — ​ 46 ​ — ​ ​ — ​ 123 ​ — ​ 123 Total costs and expenses ​ 60,959 ​ ​ 18,773 ​ 69,126 ​ 42,288 ​ ​ 62,155 ​ 253,301 ​ (57) ​ 253,244 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ 61,767 ​ 61,767 Change in fair value of servicing rights ​ — ​ ​ — ​ — ​ 57 ​ ​ — ​ 57 ​ (682) ​ (625) Change in fair value of investment securities, net ​ (303) ​ ​ — ​ — ​ 22,476 ​ ​ — ​ 22,173 ​ (21,907) ​ 266 Change in fair value of mortgage loans, net ​ 10,088 ​ ​ — ​ — ​ 22,433 ​ ​ — ​ 32,521 ​ — ​ 32,521 Earnings from unconsolidated entities ​ 2,507 ​ ​ — ​ 223 ​ 253 ​ ​ — ​ 2,983 ​ (236) ​ 2,747 Gain (loss) on sale of investments and other assets, net ​ 482 ​ ​ (25) ​ — ​ 20,700 ​ ​ — ​ 21,157 ​ — ​ 21,157 Gain (loss) on derivative financial instruments, net ​ 15,729 ​ ​ (109) ​ 5,900 ​ (6,376) ​ ​ 6,789 ​ 21,933 ​ — ​ 21,933 Foreign currency loss, net ​ (15,337) ​ ​ (319) ​ (8) ​ — ​ ​ — ​ (15,664) ​ — ​ (15,664) Loss on extinguishment of debt ​ ​ (857) ​ ​ (2,101) ​ ​ — ​ ​ (194) ​ ​ (1,472) ​ ​ (4,624) ​ ​ — ​ ​ (4,624) Other loss, net ​ — ​ ​ (50) ​ — ​ — ​ ​ — ​ (50) ​ — ​ (50) Total other income (loss) ​ 12,309 ​ ​ (2,604) ​ 6,115 ​ 59,349 ​ ​ 5,317 ​ 80,486 ​ 38,942 ​ 119,428 Income (loss) before income taxes ​ 115,158 ​ ​ 2,235 ​ 9,365 ​ 84,458 ​ ​ (56,838) ​ ​ 154,378 ​ 136 ​ 154,514 Income tax (provision) benefit ​ (3,194) ​ ​ 475 ​ ​ — ​ (1,794) ​ ​ — ​ (4,513) ​ — ​ (4,513) Net income (loss) ​ 111,964 ​ ​ 2,710 ​ 9,365 ​ 82,664 ​ ​ (56,838) ​ 149,865 ​ 136 ​ 150,001 Net income attributable to non-controlling interests ​ — ​ ​ — ​ (5,250) ​ (4,219) ​ ​ — ​ (9,469) ​ (136) ​ (9,605) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 111,964 ​ $ 2,710 ​ $ 4,115 ​ $ 78,445 ​ $ (56,838) ​ $ 140,396 ​ $ — ​ $ 140,396 ​ ​ The table below presents our results of operations for the nine months ended September 30, 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 ​ $ 492,489 ​ $ 59,374 ​ $ — ​ $ 6,071 ​ $ — ​ $ 557,934 ​ $ — ​ $ 557,934 Interest income from investment securities ​ 57,358 ​ 2,019 ​ — ​ 73,311 ​ ​ — ​ 132,688 ​ (90,618) ​ 42,070 Servicing fees ​ 424 ​ — ​ — ​ 28,782 ​ ​ — ​ 29,206 ​ (8,207) ​ 20,999 Rental income ​ ​ 2,782 ​ ​ — ​ ​ 191,452 ​ ​ 28,600 ​ ​ — ​ ​ 222,834 ​ ​ — ​ ​ 222,834 Other revenues ​ 298 ​ 344 ​ 228 ​ 891 ​ ​ — ​ 1,761 ​ (5) ​ 1,756 Total revenues ​ 553,351 ​ 61,737 ​ 191,680 ​ 137,655 ​ — ​ 944,423 ​ (98,830) ​ 845,593 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 987 ​ — ​ — ​ 680 ​ 85,257 ​ 86,924 ​ 46 ​ 86,970 Interest expense ​ 134,243 ​ 31,709 ​ 49,243 ​ 18,796 ​ ​ 83,670 ​ 317,661 ​ (162) ​ 317,499 General and administrative ​ 29,230 ​ 12,328 ​ 3,453 ​ 54,490 ​ ​ 11,105 ​ 110,606 ​ 251 ​ 110,857 Acquisition and investment pursuit costs ​ 2,195 ​ 1,179 ​ 12 ​ (3) ​ ​ — ​ 3,383 ​ — ​ 3,383 Costs of rental operations ​ ​ 2,409 ​ ​ — ​ ​ 71,857 ​ ​ 13,102 ​ ​ — ​ ​ 87,368 ​ ​ — ​ ​ 87,368 Depreciation and amortization ​ 1,275 ​ 246 ​ 57,571 ​ 11,890 ​ ​ — ​ 70,982 ​ — ​ 70,982 Credit loss provision, net ​ 52,293 ​ 2,991 ​ — ​ — ​ ​ — ​ 55,284 ​ — ​ 55,284 Other expense ​ 230 ​ — ​ 432 ​ — ​ ​ — ​ 662 ​ — ​ 662 Total costs and expenses ​ 222,862 ​ 48,453 ​ 182,568 ​ 98,955 ​ ​ 180,032 ​ 732,870 ​ 135 ​ 733,005 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ — ​ — ​ — ​ — ​ — ​ 64,353 ​ 64,353 Change in fair value of servicing rights ​ — ​ — ​ — ​ 9,606 ​ ​ — ​ 9,606 ​ (11,934) ​ (2,328) Change in fair value of investment securities, net ​ (8,814) ​ — ​ — ​ (36,026) ​ ​ — ​ (44,840) ​ 47,972 ​ 3,132 Change in fair value of mortgage loans, net ​ 56,895 ​ — ​ — ​ 22,805 ​ ​ — ​ 79,700 ​ — ​ 79,700 Earnings (loss) from unconsolidated entities ​ 3,975 ​ (1,198) ​ — ​ 30,504 ​ ​ — ​ 33,281 ​ (1,216) ​ 32,065 (Loss) gain on sale of investments and other assets, net ​ (961) ​ 296 ​ — ​ 7,433 ​ ​ — ​ 6,768 ​ — ​ 6,768 (Loss) gain on derivative financial instruments, net ​ (9,508) ​ (1,328) ​ (35,150) ​ (22,896) ​ ​ 34,397 ​ (34,485) ​ — ​ (34,485) Foreign currency (loss) gain, net ​ (1,757) ​ (53) ​ (53) ​ 2 ​ ​ — ​ (1,861) ​ — ​ (1,861) Loss on extinguishment of debt ​ ​ (22) ​ ​ (170) ​ ​ (2,185) ​ ​ — ​ ​ — ​ ​ (2,377) ​ ​ — ​ ​ (2,377) Other income, net ​ — ​ — ​ 240 ​ 447 ​ ​ — ​ 687 ​ — ​ 687 Total other income (loss) ​ 39,808 ​ (2,453) ​ (37,148) ​ 11,875 ​ ​ 34,397 ​ 46,479 ​ 99,175 ​ 145,654 Income (loss) before income taxes ​ 370,297 ​ 10,831 ​ (28,036) ​ 50,575 ​ ​ (145,635) ​ 258,032 ​ 210 ​ 258,242 Income tax (provision) benefit ​ (15,535) ​ 3 ​ — ​ 8,716 ​ ​ — ​ (6,816) ​ — ​ (6,816) Net income (loss) ​ 354,762 ​ 10,834 ​ (28,036) ​ 59,291 ​ ​ (145,635) ​ 251,216 ​ 210 ​ 251,426 Net income attributable to non-controlling interests ​ (10) ​ — ​ (15,294) ​ (11,191) ​ ​ — ​ (26,495) ​ (210) ​ (26,705) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 354,752 ​ $ 10,834 ​ $ (43,330) ​ $ 48,100 ​ $ (145,635) ​ $ 224,721 ​ $ — ​ $ 224,721 ​ The table below presents our results of operations for the nine months ended September 30, 2019 by business segment (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential Infrastructure ​ Investing ​ ​ ​ ​ ​ ​ Lending ​ Lending ​ Property ​ and Servicing ​ ​ ​ ​ ​ Securitization ​ ​ ​ ​ Segment ​ Segment ​ Segment ​ Segment ​ Corporate ​ Subtotal ​ VIEs ​ Total Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income from loans ​ $ 462,956 ​ $ 74,969 ​ $ — ​ $ 8,987 ​ $ — ​ $ 546,912 ​ $ — ​ $ 546,912 Interest income from investment securities ​ 62,438 ​ ​ 2,563 ​ — ​ 88,012 ​ ​ — ​ 153,013 ​ (96,160) ​ 56,853 Servicing fees ​ 310 ​ ​ — ​ — ​ 61,366 ​ ​ — ​ 61,676 ​ (13,902) ​ 47,774 Rental income ​ — ​ ​ — ​ ​ 215,098 ​ ​ 40,686 ​ ​ — ​ 255,784 ​ — ​ 255,784 Other revenues ​ 714 ​ ​ 732 ​ 291 ​ 929 ​ ​ 26 ​ 2,692 ​ (24) ​ 2,668 Total revenues ​ 526,418 ​ ​ 78,264 ​ 215,389 ​ 199,980 ​ 26 ​ 1,020,077 ​ (110,086) ​ 909,991 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 1,127 ​ ​ — ​ — ​ 54 ​ 74,924 ​ 76,105 ​ 122 ​ 76,227 Interest expense ​ 172,012 ​ ​ 49,257 ​ 57,142 ​ 25,152 ​ ​ 84,878 ​ 388,441 ​ (487) ​ 387,954 General and administrative ​ 20,626 ​ ​ 13,624 ​ 5,394 ​ 61,943 ​ ​ 10,429 ​ 112,016 ​ 258 ​ 112,274 Acquisition and investment pursuit costs ​ 915 ​ ​ 51 ​ — ​ (387) ​ ​ — ​ 579 ​ — ​ 579 Costs of rental operations ​ ​ 1,525 ​ ​ — ​ ​ 70,846 ​ ​ 19,503 ​ ​ — ​ 91,874 ​ — ​ 91,874 Depreciation and amortization ​ 695 ​ ​ 15 ​ 70,078 ​ 15,287 ​ ​ — ​ 86,075 ​ — ​ 86,075 Credit loss provision, net ​ 2,046 ​ ​ 1,196 ​ — ​ — ​ ​ — ​ 3,242 ​ — ​ 3,242 Other expense ​ 230 ​ ​ — ​ 1,353 ​ 194 ​ ​ — ​ 1,777 ​ — ​ 1,777 Total costs and expenses ​ 199,176 ​ ​ 64,143 ​ 204,813 ​ 121,746 ​ ​ 170,231 ​ 760,109 ​ (107) ​ 760,002 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ 164,761 ​ 164,761 Change in fair value of servicing rights ​ — ​ ​ — ​ — ​ (1,617) ​ ​ — ​ (1,617) ​ (691) ​ (2,308) Change in fair value of investment securities, net ​ (2,945) ​ ​ — ​ — ​ 56,431 ​ ​ — ​ 53,486 ​ (52,491) ​ 995 Change in fair value of mortgage loans, net ​ 16,837 ​ ​ — ​ — ​ 48,841 ​ ​ — ​ 65,678 ​ — ​ 65,678 Earnings (loss) from unconsolidated entities ​ 8,576 ​ ​ — ​ (42,538) ​ 3,601 ​ ​ — ​ (30,361) ​ (1,275) ​ (31,636) Gain on sale of investments and other assets, net ​ 3,476 ​ ​ 3,041 ​ — ​ 21,640 ​ ​ — ​ 28,157 ​ — ​ 28,157 Gain (loss) on derivative financial instruments, net ​ 12,024 ​ ​ (3,337) ​ (3,957) ​ (16,761) ​ ​ 31,725 ​ 19,694 ​ — ​ 19,694 Foreign currency loss, net ​ (17,025) ​ ​ (102) ​ (7) ​ — ​ ​ — ​ (17,134) ​ — ​ (17,134) Loss on extinguishment of debt ​ ​ (857) ​ ​ (8,221) ​ ​ — ​ ​ (194) ​ ​ (1,466) ​ ​ (10,738) ​ ​ — ​ ​ (10,738) Other loss, net ​ — ​ ​ (50) ​ — ​ — ​ ​ (73) ​ (123) ​ — ​ (123) Total other income (loss) ​ 20,086 ​ ​ (8,669) ​ (46,502) ​ 111,941 ​ ​ 30,186 ​ 107,042 ​ 110,304 ​ 217,346 Income (loss) before income taxes ​ 347,328 ​ ​ 5,452 ​ (35,926) ​ 190,175 ​ ​ (140,019) ​ 367,010 ​ 325 ​ 367,335 Income tax (provision) benefit ​ (4,778) ​ ​ 746 ​ ​ (258) ​ (4,090) ​ ​ — ​ (8,380) ​ — ​ (8,380) Net income (loss) ​ 342,550 ​ ​ 6,198 ​ (36,184) ​ 186,085 ​ ​ (140,019) ​ 358,630 ​ 325 ​ 358,955 Net income attributable to non-controlling interests ​ (392) ​ ​ — ​ (16,322) ​ (4,121) ​ ​ — ​ (20,835) ​ (325) ​ (21,160) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 342,158 ​ $ 6,198 ​ $ (52,506) ​ $ 181,964 ​ $ (140,019) ​ $ 337,795 ​ $ — ​ $ 337,795 ​ The table below presents our condensed consolidated balance sheet as of September 30, 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 ​ $ 19,111 ​ $ 994 ​ $ 38,119 ​ $ 22,054 ​ $ 298,844 ​ $ 379,122 ​ $ 748 ​ $ 379,870 Restricted cash ​ 69,351 ​ 31,515 ​ 7,632 ​ 22,838 ​ — ​ 131,336 ​ — ​ 131,336 Loans held-for-investment, net ​ 9,373,503 ​ 1,544,068 ​ — ​ 1,081 ​ — ​ 10,918,652 ​ — ​ 10,918,652 Loans held-for-sale ​ 747,654 ​ — ​ — ​ 265,019 ​ — ​ 1,012,673 ​ — ​ 1,012,673 Investment securities ​ 1,152,362 ​ 39,813 ​ — ​ 1,097,322 ​ — ​ 2,289,497 ​ (1,544,384) ​ 745,113 Properties, net ​ ​ 27,123 ​ ​ — ​ ​ 1,983,124 ​ ​ 197,575 ​ ​ — ​ ​ 2,207,822 ​ ​ — ​ ​ 2,207,822 Intangible assets ​ — ​ — ​ 41,946 ​ 70,374 ​ — ​ 112,320 ​ (38,181) ​ 74,139 Investment in unconsolidated entities ​ 50,850 ​ 24,664 ​ — ​ 45,236 ​ — ​ 120,750 ​ (16,366) ​ 104,384 Goodwill ​ — ​ 119,409 ​ — ​ 140,437 ​ — ​ 259,846 ​ — ​ 259,846 Derivative assets ​ 25,805 ​ — ​ 54 ​ 1,250 ​ 37,716 ​ 64,825 ​ — ​ 64,825 Accrued interest receivable ​ 72,344 ​ 3,244 ​ — ​ 334 ​ 3,484 ​ 79,406 ​ (1,376) ​ 78,030 Other assets ​ 24,705 ​ 4,216 ​ 70,369 ​ 52,352 ​ 11,829 ​ 163,471 ​ 3 ​ 163,474 VIE assets, at fair value ​ — ​ — ​ — ​ — ​ — ​ — ​ 64,477,475 ​ 64,477,475 Total Assets ​ $ 11,562,808 ​ $ 1,767,923 ​ $ 2,141,244 ​ $ 1,915,872 ​ $ 351,873 ​ $ 17,739,720 ​ $ 62,877,919 ​ $ 80,617,639 Liabilities and Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 36,378 ​ $ 8,545 ​ $ 49,758 ​ $ 35,796 ​ $ 70,956 ​ $ 201,433 ​ $ 58 ​ $ 201,491 Related-party payable ​ — ​ — ​ — ​ 5 ​ 22,091 ​ 22,096 ​ — ​ 22,096 Dividends payable ​ — ​ — ​ — ​ — ​ 138,264 ​ 138,264 ​ — ​ 138,264 Derivative liabilities ​ 8,839 ​ 1,516 ​ — ​ 3,097 ​ — ​ 13,452 ​ — ​ 13,452 Secured financing agreements, net ​ 5,576,092 ​ 1,243,001 ​ 1,793,731 ​ 614,055 ​ 389,013 ​ 9,615,892 ​ — ​ 9,615,892 Collateralized loan obligations, net ​ ​ 929,931 ​ ​ — ​ ​ — ​ — ​ — ​ 929,931 ​ ​ — ​ ​ 929,931 Unsecured senior notes, net ​ — ​ — ​ — ​ — ​ 1,934,555 ​ 1,934,555 ​ — ​ 1,934,555 VIE liabilities, at fair value ​ — ​ — ​ — ​ — ​ — ​ — ​ 62,876,265 ​ 62,876,265 Total Liabilities ​ 6,551,240 ​ 1,253,062 ​ 1,843,489 ​ 652,953 ​ 2,554,879 ​ 12,855,623 ​ 62,876,323 ​ 75,731,946 Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Starwood Property Trust, Inc. Stockholders’ Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ — ​ — ​ — ​ — ​ 2,918 ​ 2,918 ​ — ​ 2,918 Additional paid-in capital ​ 1,165,764 ​ 509,848 ​ 115,246 ​ (124,805) ​ 3,534,663 ​ 5,200,716 ​ — ​ 5,200,716 Treasury stock ​ — ​ — ​ — ​ — ​ (133,024) ​ (133,024) ​ — ​ (133,024) Accumulated other comprehensive income (loss) ​ 42,350 ​ — ​ — ​ (65) ​ — ​ 42,285 ​ — ​ 42,285 Retained earnings (accumulated deficit) ​ 3,803,336 ​ 5,013 ​ (42,898) ​ 1,243,098 ​ (5,607,563) ​ (599,014) ​ — ​ (599,014) Total Starwood Property Trust, Inc. Stockholders’ Equity ​ 5,011,450 ​ 514,861 ​ 72,348 ​ 1,118,228 ​ (2,203,006) ​ 4,513,881 ​ — ​ 4,513,881 Non-controlling interests in consolidated subsidiaries ​ 118 ​ — ​ 225,407 ​ 144,691 ​ — ​ 370,216 ​ 1,596 ​ 371,812 Total Equity ​ 5,011,568 ​ 514,861 ​ 297,755 ​ 1,262,919 ​ (2,203,006) ​ 4,884,097 ​ 1,596 ​ 4,885,693 Total Liabilities and Equity ​ $ 11,562,808 ​ $ 1,767,923 ​ $ 2,141,244 ​ $ 1,915,872 ​ $ 351,873 ​ $ 17,739,720 ​ $ 62,877,919 ​ $ 80,617,639 ​ 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	9 Months Ended
	Sep. 30, 2020
Subsequent Events
Subsequent Events	23. Subsequent Events ​ Our significant events subsequent to September 30, 2020 were as follows: ​ Unsecured Senior Notes ​ ​ In November 2020, we issued $300.0 million of 5.50% Senior Notes due 2023 which mature on November 1, 2023. ​ Secured Financing Agreements ​ In October 2020, we amended a Term Loan facility to increase borrowings by $250.0 million to $646.0 million. The Term Loan increase carries a six-year term and an annual interest rate of LIBOR + 3.50%. The proceeds were used to redeem a portion of our $500.0 million senior notes due February 2021. ​ In October 2020, we entered into a Residential repurchase facility to finance residential loans. The facility carries a rolling 18-month %. The maximum facility size is $350.0 million. ​ Commercial Mortgage Loan Securitization ​ In October 2020, we received proceeds of $253.0 million from the securitization of $231.8 million of commercial loans. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 by reversing interest income 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
Revenue Recognition	Revenue Recognition Interest Income Interest income on performing loans and financial instruments is accrued based on the outstanding principal amount and contractual terms of the instrument. For loans where we do not elect the fair value option, origination fees and direct loan origination costs are also recognized in interest income over the loan term as a yield adjustment using the effective interest method. When we elect the fair value option, origination fees and direct loan costs are recorded directly in income and are not deferred. Discounts or premiums associated with the purchase of non-performing loans and investment securities are amortized or accreted into interest income as a yield adjustment on the effective interest method, based on expected cash flows through the expected maturity date of the investment. On at least a quarterly basis, we review and, if appropriate, make adjustments to our cash flow projections. ​ We cease accruing interest on non-performing loans at the earlier of (i) the loan becoming significantly past due or (ii) management concluding that a full recovery of all interest and principal is doubtful. Interest income on non-accrual loans in which management expects a full recovery of the loan’s outstanding principal balance is only recognized when received in cash. If a full recovery of principal is doubtful, the cost recovery method is applied whereby any cash received is applied to the outstanding principal balance of the loan. A non-accrual loan is returned to accrual status at such time as the loan becomes contractually current and management believes all future principal and interest will be received according to the contractual loan terms. ​ For loans acquired with deteriorated credit quality, interest income is only recognized to the extent that our estimate of undiscounted expected principal and interest exceeds our investment in the loan. Such excess, if any, is recognized as interest income on a level-yield basis over the life of the loan. ​ Servicing Fees We typically seek to be the special servicer on CMBS transactions in which we invest. When we are appointed to serve in this capacity, we earn special servicing fees from the related activities performed, which consist primarily of overseeing the workout of under-performing and non-performing loans underlying the CMBS transactions. These fees are recognized in income in the period in which the services are performed and the revenue recognition criteria have been met. Rental Income ​ Rental income is recognized when earned from tenants. For leases that provide rent concessions or fixed escalations over the lease term, rental income is recognized on a straight-line basis over the noncancelable term of the lease. In net lease arrangements, costs reimbursable from tenants are recognized in rental income in the period in which the related expenses are incurred as we are generally the primary obligor with respect to purchasing goods and services for property operations. In instances where the tenant is responsible for property maintenance and repairs and contracts and settles such costs directly with third party service providers, we do not reflect those expenses in our consolidated statement of operations as the tenant is the primary obligor. ​
Earnings Per Share	Earnings Per Share ​ We present both basic and diluted earnings per share (“EPS”) amounts in our financial statements. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the maximum potential dilution that could occur from (i) our share-based compensation, consisting of unvested restricted stock (“RSAs”) and restricted stock units (“RSUs”), (ii) shares contingently issuable to our Manager, (iii) the conversion options associated with our outstanding convertible senior notes (the “Convertible Notes”) (see Notes 10 and 17) and (iv) non-controlling interests that are redeemable with our common stock (see Note 16). Potential dilutive shares are excluded from the calculation if they have an anti-dilutive effect in the period. ​ Nearly all of the Company’s unvested RSUs and RSAs contain rights to receive non-forfeitable dividends and thus are participating securities. In addition, the non-controlling interests that are redeemable with our common stock are considered participating securities because they earn a preferred return indexed to the dividend rate on our common stock (see Note 16). Due to the existence of these participating securities, the two-class method of computing EPS is required, unless another method is determined to be more dilutive. Under the two-class method, undistributed earnings are reallocated between shares of common stock and participating securities. For the three and nine months ended September 30, 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. The most significant and subjective estimate that we make is the projection of cash flows we expect to receive on our investments, which has a significant impact on the amount of income 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, and is continuing to spread. 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. Such actions are creating disruption in global supply chains, increasing rates of unemployment and adversely impacting many industries. The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. We believe the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of September 30, 2020. However, uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and our business in particular, makes any estimates and assumptions as of September 30, 2020 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results may ultimately differ from those estimates.
Recent Accounting Developments	Recent Accounting Developments ​ Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting, ​ On August 5, 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40), removes certain separation models for convertible debt instruments and convertible preferred stock that require the separation into a debt component and an equity or derivative component. Consequently, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost and a convertible preferred stock will be accounted for as a single equity instrument measured at its historical cost, as long as no other features require bifurcation and recognition as derivatives and the convertible instruments are not issued with substantial premiums accounted for as paid-in capital. By removing those separation models, the interest rate of convertible debt instruments typically will be closer to the coupon interest rate. ASU 2020-06 also revises the derivative scope exception for contracts in an entity’s own equity and improves the consistency of EPS calculations. This ASU is effective for larger public business entities’ annual periods, and interim periods therein, beginning after December 15, 2021. Early application is permitted for fiscal years beginning after December 15, 2020. We expect to early adopt this ASU effective January 1, 2021 through the modified retrospective method of transition, resulting in a cumulative adjustment to our beginning accumulated deficit as of that date related to our outstanding Convertible Notes. We do not expect the application of this ASU, including the cumulative adjustment upon adoption, to materially impact our consolidated financial statements.

Loans (Tables)

Loans (Tables)	9 Months Ended
	Sep. 30, 2020
Loans
Summary of investments in mortgages and loans by subordination class	The following tables summarize our investments in mortgages and loans as of September 30, 2020 and December 31, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average Life ​ ​ Carrying ​ Face ​ Average ​ (“WAL”) September 30, 2020 ​ Value ​ Amount ​ Coupon (1) ​ (years)(2) Loans held-for-investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First mortgages (3) ​ $ 8,525,273 ​ $ 8,548,916 ​ 5.3 % 1.6 Subordinated mortgages (4) ​ 69,835 ​ ​ 70,979 ​ 8.8 % 3.0 Mezzanine loans (3) ​ 588,116 ​ ​ 587,223 ​ 10.3 % 1.6 Other ​ ​ 30,548 ​ ​ 34,043 ​ 8.9 % 2.0 Total commercial loans ​ ​ 9,213,772 ​ ​ 9,241,161 ​ ​ ​ ​ Infrastructure first priority loans (6) ​ ​ 1,558,220 ​ ​ 1,578,030 ​ 4.2 % 4.3 Residential mortgage loans, fair value option (5) ​ ​ 256,407 ​ ​ 249,323 ​ 6.2 % 3.4 Total loans held-for-investment ​ 11,028,399 ​ ​ 11,068,514 ​ ​ ​ ​ Loans held-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential, fair value option (5) ​ ​ 747,654 ​ ​ 742,106 ​ 6.0 % 3.4 Commercial, fair value option ​ ​ 265,019 ​ ​ 266,370 ​ 4.1 % 10.0 Total loans held-for-sale ​ ​ 1,012,673 ​ ​ 1,008,476 ​ ​ ​ ​ Total gross loans ​ 12,041,072 ​ $ 12,076,990 ​ ​ ​ ​ Credit loss allowances: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial loans held-for-investment ​ ​ (95,595) ​ ​ ​ ​ ​ ​ ​ Infrastructure loans held-for-investment ​ ​ (14,152) ​ ​ ​ ​ ​ ​ ​ Total allowances ​ ​ (109,747) ​ ​ ​ ​ ​ ​ ​ Total net loans ​ $ 11,931,325 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 September 30, 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 $896.8 million and $967.0 million being classified as first mortgages as of September 30, 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 nine months ended September 30, 2020, $422.7 million of residential loans held-for-investment were reclassified into loans held-for-sale. ​ (6) During the nine months ended September 30, 2020, $104.3 million of infrastructure loans held-for-sale were reclassified into loans held-for-investment and $26.3 million of infrastructure loans held-for-investment were reclassified into loans held-for-sale.
Summary of variable rate loans held-for-investment	As of September 30, 2020, our variable rate loans held-for-investment were as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Weighted-average ​ September 30, 2020 ​ Value ​ Spread Above Index ​ Commercial loans ​ $ 8,568,112 ​ 4.2 % Infrastructure loans ​ ​ 1,558,220 ​ 3.8 % Total variable rate loans held-for-investment ​ $ 10,126,332 ​ 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 September 30, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loans Revolving Loans Total Credit ​ ​ Amortized Cost Basis by Origination Year ​ Amortized Cost ​ Amortized ​ Loss As of September 30, 2020 ​ 2020 2019 2018 2017 2016 Prior ​ Total ​ Cost Basis ​ Allowance Commercial loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit quality indicator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LTV < 60% ​ $ 618,232 ​ $ 1,084,103 ​ $ 977,021 ​ $ 1,031,872 ​ $ 154,198 ​ $ 215,747 ​ $ — ​ $ 4,081,173 ​ $ 11,751 LTV 60% - 70% ​ ​ 138,058 ​ ​ 1,469,532 ​ ​ 1,653,299 ​ ​ 35,931 ​ ​ 53,450 ​ ​ 191,211 ​ ​ — ​ ​ 3,541,481 ​ ​ 35,691 LTV > 70% ​ ​ 384,045 ​ ​ 582,334 ​ ​ 243,452 ​ ​ 140,914 ​ ​ — ​ ​ 75,250 ​ ​ — ​ ​ 1,425,995 ​ ​ 18,300 Credit deteriorated ​ ​ — ​ ​ — ​ ​ 28,986 ​ ​ 7,755 ​ ​ — ​ ​ 105,589 ​ ​ — ​ ​ 142,330 ​ ​ 29,853 Defeased and other ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 22,793 ​ ​ — ​ ​ 22,793 ​ ​ — Total commercial ​ $ 1,140,335 ​ $ 3,135,969 ​ $ 2,902,758 ​ $ 1,216,472 ​ $ 207,648 ​ $ 610,590 ​ $ — ​ $ 9,213,772 ​ $ 95,595 Infrastructure loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit quality indicator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Power ​ $ — ​ $ 246,675 ​ $ 300,909 ​ $ 148,159 ​ $ 188,331 ​ $ 312,176 ​ $ 23,413 ​ $ 1,219,663 ​ $ 7,692 Oil and gas ​ ​ — ​ ​ 234,119 ​ ​ 102,822 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,616 ​ ​ 338,557 ​ ​ 6,460 Total infrastructure ​ $ — ​ $ 480,794 ​ $ 403,731 ​ $ 148,159 ​ $ 188,331 ​ $ 312,176 ​ $ 25,029 ​ $ 1,558,220 ​ $ 14,152 Residential loans held-for-investment, fair value option ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 256,407 ​ ​ — Loans held-for-sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,012,673 ​ ​ — Total gross loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 12,041,072 ​ $ 109,747
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funded Commitments Credit Loss Allowance ​ ​ Loans ​ ​ ​ Loans Held-for-Investment ​ Held-for-Sale ​ Total Nine Months Ended September 30, 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 (reversal), net ​ 53,110 ​ 3,824 ​ (125) ​ 56,809 Charge-offs ​ (1,042) ​ — ​ (71) ​ (1,113) Recoveries ​ — ​ — ​ — ​ — Credit loss allowance at September 30, 2020 ​ $ 95,595 ​ $ 14,152 ​ $ — ​ $ 109,747 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unfunded Commitments Credit Loss Allowance (1) ​ ​ Loans Held-for-Investment ​ HTM Preferred ​ ​ Nine Months Ended September 30, 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, net ​ (3,156) ​ (664) ​ — ​ (3,820) Credit loss allowance at September 30, 2020 ​ $ 5,192 ​ $ 1,541 ​ $ — ​ $ 6,733 Memo: Unfunded commitments as of September 30, 2020 (3) ​ $ 1,630,823 ​ $ 95,421 ​ $ — ​ $ 1,726,244 (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 ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 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 ​ 2,090,964 ​ 177,247 ​ 100,720 ​ 1,800,018 ​ 4,168,949 Capitalized interest (1) ​ 105,329 ​ 48 ​ — ​ — ​ 105,377 Basis of loans sold (2) ​ (397,038) ​ — ​ (604) ​ (2,035,770) ​ (2,433,412) Loan maturities/principal repayments ​ (1,148,317) ​ (96,150) ​ (76,025) ​ (75,632) ​ (1,396,124) Discount accretion/premium amortization ​ 28,686 ​ 1,672 ​ — ​ 110 ​ 30,468 Changes in fair value ​ — ​ — ​ (16,565) ​ 96,265 ​ 79,700 Unrealized foreign currency translation loss ​ (15,279) ​ (38) ​ — ​ (1,291) ​ (16,608) Credit loss (provision) reversal, net ​ (53,110) ​ (3,824) ​ — ​ 125 ​ (56,809) Transfer to/from other asset classifications ​ ​ — ​ ​ 77,993 ​ ​ (422,691) ​ ​ 344,698 ​ ​ — Balance at September 30, 2020 ​ $ 9,118,177 ​ $ 1,544,068 ​ $ 256,407 ​ $ 1,012,673 ​ $ 11,931,325 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transferred ​ ​ ​ ​ ​ Held-for-Investment Loans ​ ​ ​ ​ As Secured ​ ​ ​ Nine Months Ended September 30, 2019 ​ Commercial ​ Infrastructure ​ Held-for-Sale Loans ​ Borrowings ​ Total Loans Balance at December 31, 2018 ​ $ 7,075,577 ​ $ 1,456,779 ​ $ 1,187,552 ​ $ 74,346 ​ $ 9,794,254 Acquisitions/originations/additional funding ​ 2,489,120 ​ 387,599 ​ 2,731,110 ​ — ​ 5,607,829 Capitalized interest (1) ​ 79,869 ​ — ​ — ​ — ​ 79,869 Basis of loans sold (2) ​ (548,329) ​ — ​ (2,164,908) ​ — ​ (2,713,237) Loan maturities/principal repayments ​ (1,695,388) ​ (563,736) ​ (95,262) ​ (74,692) ​ (2,429,078) Discount accretion/premium amortization ​ 22,674 ​ 1,173 ​ — ​ 346 ​ 24,193 Changes in fair value ​ 1,496 ​ — ​ 64,182 ​ — ​ 65,678 Unrealized foreign currency translation (loss) gain ​ (37,473) ​ — ​ 282 ​ — ​ (37,191) Credit loss provision, net ​ (2,046) ​ — ​ (1,196) ​ — ​ (3,242) Loan foreclosures ​ ​ (27,303) ​ ​ — ​ ​ — ​ ​ — ​ ​ (27,303) Transfer to/from other asset classifications ​ ​ 279,641 ​ ​ — ​ ​ (279,641) ​ ​ — ​ ​ — Balance at September 30, 2019 ​ $ 7,637,838 ​ $ 1,281,815 ​ $ 1,442,119 ​ $ — ​ $ 10,361,772 (1) Represents accrued interest income on loans whose terms do not require current payment of interest. ​ (2) See Note 11 for additional disclosure on these transactions.

Investment Securities (Tables)

Investment Securities (Tables)	9 Months Ended
	Sep. 30, 2020
Schedule of investment securities	Investment securities were comprised of the following as of September 30, 2020 and December 31, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of ​ ​ September 30, 2020 December 31, 2019 RMBS, available-for-sale ​ $ 170,270 ​ $ 189,576 RMBS, fair value option (1) ​ ​ 373,682 ​ ​ 147,034 CMBS, fair value option (1), (2) ​ 1,194,191 ​ 1,295,363 HTM debt securities, amortized cost net of credit loss allowance of $6,425 and $0 ​ 541,296 ​ 570,638 Equity security, fair value ​ 10,058 ​ 12,664 Subtotal — ​ 2,289,497 ​ 2,215,275 VIE eliminations (1) ​ (1,544,384) ​ ​ (1,405,037) Total investment securities ​ $ 745,113 ​ $ 810,238 (1) Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. ​ (2) Includes $178.6 million and $186.6 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of September 30, 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 ​ Securitization ​ ​ ​ ​ available-for-sale value option value option Securities VIEs (1) Total Three Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases/fundings ​ $ — ​ $ 43,083 ​ $ — ​ $ 6,288 ​ $ (43,083) ​ $ 6,288 Principal collections ​ 6,063 ​ 12,132 ​ 8,265 ​ 11,203 ​ (20,185) ​ 17,478 Three Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ 52,845 ​ $ 10,214 ​ $ — ​ $ (57,894) ​ $ 5,165 Sales ​ — ​ — ​ 49,725 ​ — ​ (49,725) ​ — Principal collections ​ 7,445 ​ 4,680 ​ 15,859 ​ 35,069 ​ (17,196) ​ 45,857 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS, ​ RMBS, fair ​ CMBS, fair ​ HTM ​ Securitization ​ ​ ​ ​ available-for-sale value option value option Securities VIEs (1) Total Nine Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases/fundings ​ $ — ​ $ 257,808 ​ $ 7,661 ​ $ 22,408 ​ $ (265,469) ​ $ 22,408 Sales ​ — ​ — ​ 32,316 ​ — ​ (24,376) ​ 7,940 Principal collections ​ 18,626 ​ 32,236 ​ 25,715 ​ 48,554 ​ (57,174) ​ 67,957 Nine Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ 79,117 ​ $ 62,427 ​ $ — ​ $ (136,379) ​ $ 5,165 Sales ​ — ​ 41,501 ​ 112,426 ​ — ​ (149,949) ​ 3,978 Principal collections ​ 20,222 ​ 9,772 ​ 37,768 ​ 89,737 ​ (38,607) ​ 118,892 (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 September 30, 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 September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 127,921 ​ $ — ​ $ 127,921 ​ $ 42,523 ​ $ (174) ​ $ 42,349 ​ $ 170,270 December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 138,580 ​ ​ N/A ​ $ 138,580 ​ $ 51,310 ​ $ (314) ​ $ 50,996 ​ $ 189,576 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Coupon (1) Weighted Average WAL September 30, 2020 ​ ​ ​ ​ ​ ​ RMBS 1.5 % B+ 5.7 December 31, 2019 ​ ​ ​ ​ ​ ​ RMBS 3.1 % BB- ​ 5.6 (1) Calculated using the September 30, 2020 and December 31, 2019 one-month LIBOR rate of 0.1483% 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 September 30, 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 September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 412 ​ $ 1,194 ​ $ (45) ​ $ (129) ​ As of December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ — ​ $ 1,380 ​ $ — ​ $ (314) ​
Held-to-maturity
Summary of investments in HTM securities	The table below summarizes our investments in HTM debt securities as of September 30, 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 September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CMBS ​ $ 338,984 ​ $ — ​ $ 338,984 ​ $ — ​ $ (23,277) ​ $ 315,707 ​ Preferred interests ​ ​ 165,952 ​ ​ (3,453) ​ ​ 162,499 ​ ​ — ​ ​ (5,550) ​ ​ 156,949 ​ Infrastructure bonds ​ ​ 42,785 ​ ​ (2,972) ​ ​ 39,813 ​ ​ 352 ​ ​ (13) ​ ​ 40,152 ​ Total ​ $ 547,721 ​ $ (6,425) ​ $ 541,296 ​ $ 352 ​ $ (28,840) ​ $ 512,808 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 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 ​ ​ Interests ​ Bonds ​ Allowance Nine Months Ended September 30, 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 ​ ​ 2,339 ​ ​ (44) ​ ​ 2,295 Credit loss allowance at September 30, 2020 ​ $ 3,453 ​ $ 2,972 ​ $ 6,425
Summary of maturities of preferred equity interests in limited liability companies that own commercial real estate	The table below summarizes the maturities of our HTM debt securities by type as of September 30, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred ​ Infrastructure ​ ​ ​ ​ CMBS ​ Interests ​ Bonds ​ Total Less than one year $ 268,084 ​ $ — ​ $ 2,632 ​ $ 270,716 One to three years ​ ​ 70,900 ​ ​ 141,000 ​ ​ — ​ ​ 211,900 Three to five years ​ ​ — ​ ​ 21,499 ​ ​ — ​ ​ 21,499 Thereafter ​ — ​ ​ — ​ ​ 37,181 ​ ​ 37,181 Total ​ $ 338,984 ​ $ 162,499 ​ $ 39,813 ​ $ 541,296

Properties (Tables)

Properties (Tables)	9 Months Ended
	Sep. 30, 2020
Properties
Summary of properties	The table below summarizes our properties held as of September 30, 2020 and December 31, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciable Life September 30, 2020 December 31, 2019 Property Segment ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 15 years ​ $ 484,722 ​ $ 484,397 Buildings and building improvements ​ 5 – 45 years ​ ​ 1,689,004 ​ ​ 1,687,756 Furniture & fixtures ​ 3 – 7 years ​ ​ 57,894 ​ ​ 52,567 Investing and Servicing Segment ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 15 years ​ ​ 50,789 ​ ​ 54,052 Buildings and building improvements ​ 3 – 40 years ​ ​ 175,676 ​ ​ 182,048 Furniture & fixtures ​ 2 – 5 years ​ ​ 2,513 ​ ​ 2,139 Commercial and Residential Lending Segment (1) ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 10 years ​ ​ 11,416 ​ ​ 11,386 Buildings and building improvements ​ 10 – 23 years ​ ​ 17,424 ​ ​ 16,285 Properties, cost ​ ​ ​ ​ 2,489,438 ​ ​ 2,490,630 Less: accumulated depreciation ​ ​ ​ ​ (281,616) ​ ​ (224,190) Properties, net ​ ​ ​ $ 2,207,822 ​ $ 2,266,440 (1) Represents properties acquired through loan foreclosure.

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2020
Investment in Unconsolidated Entities
Summary of investments in unconsolidated entities	The table below summarizes our investments in unconsolidated entities as of September 30, 2020 and December 31, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Participation / ​ Carrying value as of ​ Ownership % (1) September 30, 2020 December 31, 2019 Equity method: ​ ​ ​ ​ ​ ​ ​ ​ Retail Fund ​ 33% ​ $ — ​ $ — Equity interest in a natural gas power plant ​ 10% ​ ​ 24,664 ​ ​ 25,862 Investor entity which owns equity in an online real estate company ​ 50% ​ ​ 9,382 ​ ​ 9,473 Equity interests in commercial real estate ​ 50% ​ ​ 1,742 ​ ​ 1,907 Equity interest in and advances to a residential mortgage originator (2) N/A ​ 14,139 ​ 12,002 Various 25% - 50% ​ 8,595 ​ 8,339 ​ ​ ​ ​ 58,522 ​ 57,583 Other: ​ ​ ​ ​ ​ ​ ​ ​ Equity interest in a servicing and advisory business (3) ​ 2% ​ ​ 17,584 ​ — Investment funds which own equity in a loan servicer and other real estate assets 4% - 6% ​ 7,659 ​ 9,225 Various 0% - 2% ​ 20,619 ​ 17,521 ​ ​ ​ ​ 45,862 ​ 26,746 ​ ​ ​ ​ $ 104,384 ​ $ 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 September 30, 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. During April 2020, we sold 37% of our equity interest for $10.3 million in cash, reducing our interest to 2 %. In connection with the sale, we recognized a gain of $10.3 million. Because the sale represented an observable price change in an orderly transaction, we also increased the value of our remaining investment to reflect its implied fair value. In doing so, we recognized a gain of $17.6 million. These amounts were recognized within earnings (loss) from unconsolidated entities in our condensed consolidated statement of operations during the nine months ended September 30, 2020.

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020 and December 31, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 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 ​ $ 14,589 ​ $ — ​ $ 14,589 ​ $ 16,917 ​ $ — ​ $ 16,917 In-place lease intangible assets ​ 133,244 ​ (90,318) ​ 42,926 ​ 135,293 ​ (84,383) ​ 50,910 Favorable lease intangible assets ​ ​ 24,188 ​ ​ (7,564) ​ ​ 16,624 ​ ​ 24,218 ​ ​ (6,345) ​ ​ 17,873 Total net intangible assets ​ $ 172,021 ​ $ (97,882) ​ $ 74,139 ​ $ 176,428 ​ $ (90,728) ​ $ 85,700
Summary of activity within intangible assets	The following table summarizes the activity within intangible assets for the nine months ended September 30, 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 ​ ​ — ​ ​ (7,814) ​ ​ (1,249) ​ ​ (9,063) Sales ​ ​ — ​ ​ (170) ​ ​ — ​ ​ (170) Changes in fair value due to changes in inputs and assumptions ​ ​ (2,328) ​ ​ — ​ ​ — ​ ​ (2,328) Balance as of September 30, 2020 ​ $ 14,589 ​ $ 42,926 ​ $ 16,624 ​ $ 74,139
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) $ 2,636 2021 ​ 9,644 2022 ​ 7,862 2023 ​ 6,115 2024 ​ 4,722 Thereafter ​ 28,571 Total ​ $ 59,550

Secured Borrowings (Tables)

Secured Borrowings (Tables)	9 Months Ended
	Sep. 30, 2020
Secured Borrowings
Summary of secured financing agreements	The following table is a summary of our secured financing agreements in place as of September 30, 2020 and December 31, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Balance at ​ ​ Current ​ Extended ​ Weighted Average ​ Pledged Asset ​ Maximum ​ September 30, ​ December 31, ​ Maturity Maturity (a) Pricing ​ Carrying Value Facility Size 2020 2019 Repurchase Agreements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Loans ​ May 2021 to Aug 2025 (b) May 2023 to Mar 2029 (b) (c) ​ $ 6,643,722 ​ $ 8,747,538 (d) $ 4,556,665 ​ $ 3,640,620 Residential Loans ​ Jun 2022 ​ N/A ​ LIBOR + 2.64% ​ ​ 37,046 ​ ​ 400,000 ​ ​ 23,866 ​ ​ 11,835 Infrastructure Loans ​ Feb 2022 ​ N/A ​ LIBOR + 2.00% ​ ​ 244,862 ​ ​ 500,000 ​ ​ 206,288 ​ ​ 188,198 Conduit Loans ​ Feb 2021 to Jun 2023 ​ Feb 2022 to Jun 2024 ​ LIBOR + 1.93% ​ ​ 171,497 ​ ​ 350,000 ​ ​ 127,162 ​ ​ 86,575 CMBS/RMBS ​ Oct 2020 to Dec 2029 (e) Aug 2021 to Jun 2030 (e) (f) ​ ​ 1,155,313 ​ ​ 750,544 ​ ​ 634,791 (g) ​ 682,229 Total Repurchase Agreements ​ ​ ​ ​ ​ ​ ​ ​ 8,252,440 ​ ​ 10,748,082 ​ ​ 5,548,772 ​ ​ 4,609,457 Other Secured Financing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Borrowing Base Facility ​ Apr 2022 ​ Apr 2024 ​ LIBOR + 2.25% ​ ​ 50,194 ​ ​ 650,000 (h) ​ 37,594 ​ ​ 198,955 Commercial Financing Facility ​ Mar 2022 ​ Mar 2029 ​ GBP LIBOR + 1.75% ​ ​ 95,077 ​ ​ 76,721 ​ ​ 76,721 ​ ​ — Residential Financing Facility ​ Sep 2022 ​ Sep 2025 ​ 3.50% ​ ​ — ​ ​ 250,000 ​ ​ — ​ ​ — Infrastructure Acquisition Facility ​ Sep 2021 ​ Sep 2022 ​ (i) ​ ​ 710,572 ​ ​ 701,370 ​ ​ 572,382 ​ ​ 603,642 Infrastructure Financing Facilities ​ Jul 2022 to Oct 2022 ​ Oct 2024 to Jul 2027 ​ LIBOR + 2.11% ​ ​ 583,319 ​ ​ 1,250,000 ​ ​ 464,487 ​ ​ 428,206 Property Mortgages - Fixed rate ​ Nov 2024 to Aug 2052 (j) N/A ​ 4.00% ​ ​ 1,288,513 ​ ​ 1,077,800 ​ ​ 1,077,800 ​ ​ 1,196,492 Property Mortgages - Variable rate ​ Nov 2021 to Jul 2030 ​ N/A ​ (k) ​ ​ 926,495 ​ ​ 927,300 ​ ​ 908,906 ​ ​ 696,503 Term Loan and Revolver ​ (l) ​ N/A ​ (l) ​ ​ N/A (l) ​ 516,000 ​ ​ 396,000 ​ ​ 399,000 FHLB ​ Feb 2021 ​ N/A ​ 1.99% ​ ​ 948,409 ​ ​ 1,600,000 ​ ​ 619,500 ​ ​ 867,870 Total Other Secured Financing ​ ​ ​ ​ ​ ​ ​ ​ 4,602,579 ​ ​ 7,049,191 ​ ​ 4,153,390 ​ ​ 4,390,668 ​ ​ ​ ​ ​ ​ ​ ​ $ 12,855,019 ​ $ 17,797,273 ​ ​ 9,702,162 ​ ​ 9,000,125 Unamortized net discount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (9,908) ​ ​ (8,347) Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (76,362) ​ ​ (85,730) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,615,892 ​ $ 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 $1.3 billion as of September 30, 2020 are indexed to GBP LIBOR and EURIBOR. The remainder have a weighted average rate of LIBOR + 2.02%. (d) The aggregate initial maximum facility size of $8.7 billion may be increased at our option, subject to certain conditions. This amount includes such upsizes. (e) Certain facilities with an outstanding balance of $285.9 million as of September 30, 2020 carry a rolling 11-month or 12-month term which may reset monthly or quarterly with the lender's consent. These facilities carry no maximum facility size. (f) A facility with an outstanding balance of $184.2 million as of September 30, 2020 has a fixed annual interest rate of 3.50 %. All other facilities are variable rate with a weighted average rate of LIBOR + 1.57%. (g) Includes: (i) $184.2 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $41.3 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). (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 + 2.00%. (j) The weighted average maturity is 7.0 years as of September 30, 2020. (k) Includes a $600.0 million first mortgage and mezzanine loan secured by our Medical Office Portfolio. This debt has a weighted average interest rate of LIBOR + 2.07% that we swapped to a fixed rate of 3.34%. The remainder have a weighted average rate of LIBOR + 2.63%. (l) Consists of: (i) a $396.0 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 $3.7 billion as of September 30, 2020.
Schedule of collateralized loan obligations	The following table is a summary of our CLO as of September 30, 2020 and December 31, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Face ​ Carrying ​ Weighted ​ ​ ​ September 30, 2020 ​ Count ​ Amount ​ Value ​ Average Spread ​ Maturity ​ Collateral assets ​ 24 ​ $ 1,099,672 ​ $ 1,099,558 ​ LIBOR + 3.83% (a) Feb 2024 (b) Financing ​ 1 ​ 936,375 ​ ​ 929,931 ​ LIBOR + 1.64% (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 September 30, 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) $ 80,429 $ 311,142 $ — ​ $ 391,571 2021 ​ 764,290 ​ 782,007 ​ ​ — ​ 1,546,297 2022 ​ 1,364,073 ​ 547,960 ​ ​ — ​ 1,912,033 2023 ​ 1,108,155 ​ 706,658 ​ ​ — ​ 1,814,813 2024 ​ 843,591 ​ 235,852 ​ ​ — ​ 1,079,443 Thereafter ​ 1,388,234 ​ 1,569,771 ​ ​ 936,375 (a) 3,894,380 Total ​ $ 5,548,772 ​ $ 4,153,390 ​ $ 936,375 ​ $ 10,638,537 (a) Assumes utilization of the reinvestment feature.

Unsecured Senior Notes (Tables)

Unsecured Senior Notes (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020 and December 31, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ ​ ​ ​ Coupon ​ ​ Effective ​ Maturity ​ Period of ​ Carrying Value at ​ ​ Rate ​ ​ Rate (1) ​ Date ​ Amortization ​ September 30, 2020 ​ December 31, 2019 2021 Senior Notes (February) ​ 3.63 % (2) 3.89 % 2/1/2021 0.3 years $ 500,000 $ 500,000 2021 Senior Notes (December) ​ 5.00 % ​ 5.32 % 12/15/2021 ​ 1.2 years ​ ​ 700,000 ​ ​ 700,000 2023 Convertible Notes ​ 4.38 % ​ 4.86 % 4/1/2023 ​ 2.5 years ​ ​ 250,000 ​ ​ 250,000 2025 Senior Notes ​ 4.75 % (3) 5.04 % 3/15/2025 ​ 4.5 years ​ ​ 500,000 ​ ​ 500,000 Total principal amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,950,000 ​ ​ 1,950,000 Unamortized discount—Convertible Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2,826) ​ ​ (3,610) Unamortized discount—Senior Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (8,790) ​ ​ (12,144) Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3,829) ​ (5,624) Carrying amount of debt components ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,934,555 ​ $ 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. (2) The coupon on the February 2021 Senior Notes is 3.63%. At closing, we swapped the notes to a floating rate of LIBOR + 1.28%. (3) The coupon on the 2025 Senior Notes is 4.75%. At closing, we swapped $470.0 million of the notes to a floating rate of LIBOR + 2.53%. ​
Schedule of conversion attributes on Convertible Notes outstanding	The following table details the conversion attributes of our Convertible Notes outstanding as of September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ September 30, 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 September 30, 2020, the market price of the Company’s common stock was $15.09 per share. ​

Loan Securitization_Sale Acti_2

Loan Securitization/Sale Activities (Tables)	9 Months Ended
	Sep. 30, 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Loans ​ Residential Loans ​ Face Amount Proceeds Face Amount Proceeds For the Three Months Ended September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ $ 151,295 ​ $ 157,497 ​ $ 478,911 ​ $ 499,321 2019 ​ 262,528 ​ ​ 274,714 ​ 545,976 ​ ​ 569,590 For the Nine Months Ended September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ $ 487,130 ​ $ 509,890 ​ $ 1,443,691 ​ $ 1,487,761 2019 ​ 787,160 ​ 826,932 ​ 886,187 ​ 921,602
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 (1) Proceeds (1) Face Amount Proceeds For the Three Months Ended September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ $ — ​ $ — ​ $ — ​ $ — 2019 ​ 53,288 ​ ​ 53,249 ​ ​ 1,684 ​ ​ 1,743 For the Nine Months Ended September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ $ 399,132 ​ $ 396,078 ​ $ 550 ​ $ 604 2019 ​ 554,710 ​ ​ 551,700 ​ ​ 25,526 ​ ​ 26,260 (1) During the nine months ended September 30, 2020, we sold $230.9 million and $168.2 million of senior interests in first mortgage loans and whole loan interests, respectively, for proceeds of $224.1 million and $172.0 million, respectively. During the nine months ended September 30, 2019, all sales were of senior interests in first mortgage loans.

Derivatives and Hedging Activ_2

Derivatives and Hedging Activity (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020 (notional amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Buy Euros ("EUR") ​ 1 ​ 1,915 ​ EUR ​ November 2022 Fx contracts – Sell EUR ​ 289 ​ 250,530 ​ EUR ​ October 2020 – November 2025 Fx contracts – Sell Pounds Sterling ("GBP") ​ 120 ​ 373,948 ​ GBP ​ October 2020 – May 2024 Fx contracts – Sell Australian dollar ("AUD") ​ 13 ​ 126,546 ​ AUD ​ August 2021 – November 2021 Interest rate swaps – Paying fixed rates ​ 56 ​ 1,755,593 ​ USD ​ March 2023 – September 2030 Interest rate swaps – Receiving fixed rates ​ 2 ​ 970,000 ​ USD ​ January 2021 - March 2025 Interest rate caps ​ 22 ​ 951,462 ​ USD ​ October 2020 – April 2025 Credit index instruments ​ 4 ​ 69,000 ​ USD ​ September 2058 – August 2061 Interest rate swap guarantees ​ 6 ​ 383,080 ​ USD ​ March 2022 – June 2025 Total ​ 513 ​ ​ ​ ​ ​ ​ ​
Schedule of fair values of derivative financial instruments	The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of September 30, 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 ​ ​ September 30, ​ December 31, ​ September 30, ​ December 31, ​ 2020 ​ 2019 ​ 2020 ​ 2019 Interest rate contracts ​ $ 38,479 ​ $ 14,385 ​ $ 3,097 ​ $ — Interest rate swap guarantees ​ ​ — ​ ​ — ​ ​ 958 ​ ​ 614 Foreign exchange contracts ​ 25,805 ​ 14,558 ​ 9,397 ​ 7,834 Credit index instruments ​ 541 ​ — ​ — ​ 292 Total derivatives ​ $ 64,825 ​ $ 28,943 ​ $ 13,452 ​ $ 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 and nine months ended September 30, 2020 and 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain (Loss) ​ Amount of Gain (Loss) ​ ​ ​ ​ Recognized in Income for the ​ Recognized in Income for the Derivatives Not Designated ​ Location of Gain (Loss) ​ Three Months Ended September 30, ​ Nine Months Ended September 30, as Hedging Instruments ​ Recognized in Income ​ 2020 2019 2020 ​ 2019 Interest rate contracts ​ (Loss) gain on derivative financial instruments ​ $ 259 ​ $ (7,898) ​ $ (52,129) ​ $ (21,733) Interest rate swap guarantees ​ (Loss) gain on derivative financial instruments ​ ​ 260 ​ ​ (468) ​ ​ (345) ​ ​ (3,640) Foreign exchange contracts (Loss) gain on derivative financial instruments ​ (28,514) ​ 30,426 ​ 17,644 ​ 46,116 Credit index instruments (Loss) gain on derivative financial instruments ​ (102) ​ (127) ​ 345 ​ (1,049) ​ ​ ​ ​ $ (28,097) ​ $ 21,933 ​ $ (34,485) ​ $ 19,694

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ 64,825 ​ $ — ​ $ 64,825 ​ $ 9,397 ​ $ 39,842 ​ $ 15,586 Derivative liabilities ​ $ 13,452 ​ $ — ​ $ 13,452 ​ $ 9,397 ​ $ 3,097 ​ $ 958 Repurchase agreements ​ 5,548,772 ​ — ​ 5,548,772 ​ 5,548,772 ​ — ​ — ​ ​ $ 5,562,224 ​ $ — ​ $ 5,562,224 ​ $ 5,558,169 ​ $ 3,097 ​ $ 958 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)	9 Months Ended
	Sep. 30, 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 September 30, 2020 and December 31, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ December 31, 2019 Assets: ​ ​ ​ ​ ​ ​ Loans held-for-investment ​ $ 1,099,558 ​ 1,073,504 Accrued interest receivable ​ 3,082 ​ 3,129 Other assets ​ ​ 328 ​ ​ 26,496 Total Assets ​ $ 1,102,968 ​ $ 1,103,129 Liabilities ​ ​ ​ ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 621 ​ $ 1,362 Collateralized loan obligations, net ​ 929,931 ​ 928,060 Total Liabilities ​ $ 930,552 ​ $ 929,422

Stockholders' Equity and Non-_2

Stockholders' Equity and Non-Controlling Interests (Tables)	9 Months Ended
	Sep. 30, 2020
Stockholders' Equity and Non-Controlling Interests
Schedule of dividends declared by board of directors	During the nine months ended September 30, 2020, our board of directors declared the following dividends: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration Date Record Date Ex-Dividend Date Payment Date Amount Frequency 9/16/20 ​ 9/30/20 ​ 9/29/20 ​ 10/15/20 ​ $ 0.48 ​ Quarterly 6/16/20 6/30/20 6/29/20 ​ 7/15/20 ​ ​ 0.48 Quarterly 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 nine months ended September 30, 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 ​ 1,014,753 ​ — 1,014,753 ​ 10.98 Vested (640,727) ​ (522,359) (1,163,086) ​ 22.50 Forfeited (20,960) ​ — (20,960) ​ 14.23 Balance as of September 30, 2020 1,766,236 783,238 2,549,474 ​ 18.23

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings per Share
Reconciliation of net income from continuing operations and the number of shares of common stock used in the computation of basic EPS and diluted EPS	The following table provides a reconciliation of net income and the number of shares of common stock used in the computation of basic EPS and diluted EPS (amounts in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 2020 2019 Basic Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income attributable to STWD common stockholders ​ $ 151,834 ​ $ 140,396 ​ $ 224,721 ​ $ 337,795 Less: Income attributable to participating shares not already deducted as non-controlling interests ​ (1,721) ​ (1,205) ​ (3,422) ​ (2,779) Basic earnings ​ $ 150,113 ​ $ 139,191 ​ $ 221,299 ​ $ 335,016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income attributable to STWD common stockholders ​ $ 151,834 ​ $ 140,396 ​ $ 224,721 ​ $ 337,795 Less: Income attributable to participating shares not already deducted as non-controlling interests ​ (1,721) ​ (1,205) ​ (3,422) ​ (2,779) Add: Interest expense on Convertible Notes (1) ​ ​ 3,055 ​ ​ 3,071 ​ ​ * ​ ​ 9,306 Add: Undistributed earnings to participating shares ​ 663 ​ 188 ​ — ​ — Less: Undistributed earnings reallocated to participating shares ​ (642) ​ (182) ​ — ​ — Diluted earnings ​ $ 153,189 ​ $ 142,268 ​ $ 221,299 ​ $ 344,322 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic — Average shares outstanding ​ 282,596 ​ 279,992 ​ 281,686 ​ 278,934 Effect of dilutive securities — Convertible Notes (1) ​ 9,649 ​ 9,649 ​ * ​ 9,857 Effect of dilutive securities — Contingently issuable shares ​ — ​ 38 ​ ​ — ​ 38 Effect of dilutive securities — Unvested non-participating shares ​ ​ 213 ​ ​ 233 ​ ​ 182 ​ ​ 192 Diluted — Average shares outstanding ​ 292,458 ​ 289,912 ​ 281,868 ​ 289,021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings Per Share Attributable to STWD Common Stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.53 ​ $ 0.50 ​ $ 0.79 ​ $ 1.20 Diluted ​ $ 0.52 ​ $ 0.49 ​ $ 0.79 ​ $ 1.19 (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)	9 Months Ended
	Sep. 30, 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 September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at July 1, 2020 ​ $ 42,930 ​ $ (64) ​ $ 42,866 OCI before reclassifications ​ (581) ​ — ​ (581) Amounts reclassified from AOCI ​ — ​ — ​ — Net period OCI ​ (581) ​ — ​ (581) Balance at September 30, 2020 ​ $ 42,349 ​ $ (64) ​ $ 42,285 Three Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at July 1, 2019 ​ $ 53,049 ​ $ 4,075 ​ $ 57,124 OCI before reclassifications ​ ​ (520) ​ (4,168) ​ (4,688) Amounts reclassified from AOCI ​ (59) ​ — ​ (59) Net period OCI ​ (579) ​ (4,168) ​ (4,747) Balance at September 30, 2019 ​ $ 52,470 ​ $ (93) ​ $ 52,377 Nine Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1, 2020 ​ $ 50,996 ​ $ (64) ​ $ 50,932 OCI before reclassifications ​ (8,647) ​ — ​ (8,647) Amounts reclassified from AOCI ​ — ​ — ​ — Net period OCI ​ (8,647) ​ — ​ (8,647) Balance at September 30, 2020 ​ $ 42,349 ​ $ (64) ​ $ 42,285 Nine Months Ended September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1, 2019 ​ $ 53,515 ​ $ 5,145 ​ $ 58,660 OCI before reclassifications ​ (986) ​ (5,238) ​ (6,224) Amounts reclassified from AOCI ​ (59) ​ — ​ (59) Net period OCI ​ (1,045) ​ (5,238) ​ (6,283) Balance at September 30, 2019 ​ $ 52,470 ​ $ (93) ​ $ 52,377

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020 and December 31, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ Total Level I Level II Level III Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans under fair value option ​ $ 1,269,080 ​ $ — ​ $ — ​ $ 1,269,080 RMBS ​ 170,270 ​ — ​ — ​ 170,270 CMBS ​ 23,489 ​ — ​ 1,640 ​ 21,849 Equity security ​ 10,058 ​ 10,058 ​ — ​ — Domestic servicing rights ​ 14,589 ​ — ​ — ​ 14,589 Derivative assets ​ 64,825 ​ — ​ 64,825 ​ — VIE assets ​ 64,477,475 ​ — ​ — ​ 64,477,475 Total ​ $ 66,029,786 ​ $ 10,058 ​ $ 66,465 ​ $ 65,953,263 Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 13,452 ​ $ — ​ $ 13,452 ​ $ — VIE liabilities ​ 62,876,265 ​ — ​ 60,560,959 ​ 2,315,306 Total ​ $ 62,889,717 ​ $ — ​ $ 60,574,411 ​ $ 2,315,306 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 and nine months ended September 30, 2020 and 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans at ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Three Months Ended September 30, 2020 ​ Fair Value ​ RMBS ​ CMBS ​ Rights ​ VIE Assets ​ Liabilities ​ Total July 1, 2020 balance ​ $ 894,613 ​ $ 174,281 ​ $ 21,891 ​ $ 13,955 ​ $ 64,175,387 ​ $ (2,129,529) ​ $ 63,150,598 Total realized and unrealized gains (losses): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value / gain on sale ​ 61,384 ​ — ​ (56) ​ ​ 634 ​ (202,560) ​ (30,577) ​ (171,175) Net accretion ​ — ​ 2,633 ​ — ​ — ​ — ​ — ​ 2,633 Included in OCI ​ — ​ (581) ​ — ​ — ​ — ​ — ​ (581) Purchases / Originations ​ 1,013,158 ​ — ​ — ​ — ​ — ​ — ​ 1,013,158 Sales ​ (656,818) ​ — ​ — ​ — ​ — ​ — ​ (656,818) Cash repayments / receipts ​ (43,257) ​ (6,063) ​ (213) ​ — ​ — ​ (329) ​ (49,862) Transfers into Level III ​ — ​ — ​ — ​ — ​ — ​ (485,332) ​ (485,332) Transfers out of Level III ​ — ​ — ​ — ​ — ​ — ​ 322,888 ​ 322,888 Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 512,300 ​ — ​ 512,300 Deconsolidation of VIEs ​ — ​ — ​ 227 ​ — ​ (7,652) ​ 7,573 ​ 148 September 30, 2020 balance ​ $ 1,269,080 ​ $ 170,270 ​ $ 21,849 ​ $ 14,589 ​ $ 64,477,475 ​ $ (2,315,306) ​ $ 63,637,957 Amount of unrealized gains (losses) attributable to assets still held at September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings ​ $ 8,864 ​ $ 2,633 ​ $ (56) ​ $ 634 ​ $ (194,147) ​ $ (30,577) ​ $ (212,649) Included in OCI ​ $ — ​ $ (581) ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (581) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans at ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Three Months Ended September 30, 2019 ​ Fair Value ​ RMBS ​ CMBS ​ Rights ​ VIE Assets ​ Liabilities ​ Total July 1, 2019 balance ​ $ 1,372,398 ​ $ 200,874 ​ $ 34,283 ​ $ 18,874 ​ $ 57,667,606 ​ $ (2,374,002) ​ $ 56,920,033 Total realized and unrealized gains (losses): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value / gain on sale ​ 32,512 ​ — ​ 432 ​ ​ (625) ​ (380,973) ​ 28,005 ​ (320,649) Net accretion ​ — ​ 2,446 ​ — ​ — ​ — ​ — ​ 2,446 Included in OCI ​ — ​ (578) ​ — ​ — ​ — ​ — ​ (578) Purchases / Originations ​ ​ 1,123,553 ​ — ​ 5,165 ​ — ​ — ​ — ​ ​ 1,128,718 Sales ​ (846,047) ​ — ​ — ​ — ​ — ​ — ​ (846,047) Issuances ​ — ​ — ​ — ​ — ​ — ​ (22,958) ​ (22,958) Cash repayments / receipts ​ ​ (33,054) ​ (7,445) ​ (3,343) ​ — ​ — ​ (12,516) ​ (56,358) Transfers into Level III ​ — ​ — ​ — ​ — ​ — ​ (122,911) ​ (122,911) Transfers out of Level III ​ (225,813) ​ — ​ — ​ — ​ — ​ 319,727 ​ 93,914 Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 1,999,780 ​ (85,450) ​ 1,914,330 Deconsolidation of VIEs ​ — ​ — ​ (657) ​ — ​ (37,359) ​ — ​ (38,016) September 30, 2019 balance ​ $ 1,423,549 ​ $ 195,297 ​ $ 35,880 ​ $ 18,249 ​ $ 59,249,054 ​ $ (2,270,105) ​ $ 58,651,924 Amount of unrealized gains (losses) included in earnings attributable to assets still held at September 30, 2019 ​ $ 4,537 ​ $ 2,390 ​ $ 434 ​ $ (625) ​ $ (380,973) ​ $ 28,005 ​ $ (346,232) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans at ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Nine Months Ended September 30, 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 ​ 79,700 ​ — ​ 5,331 ​ (2,328) ​ (1,291,705) ​ 107,019 ​ (1,101,983) Net accretion ​ — ​ 7,967 ​ — ​ — ​ — ​ — ​ 7,967 Included in OCI ​ — ​ (8,647) ​ — ​ — ​ — ​ — ​ (8,647) Purchases / Originations ​ 1,900,738 ​ — ​ — ​ — ​ — ​ — ​ 1,900,738 Sales ​ (1,998,255) ​ — ​ (7,940) ​ — ​ — ​ — ​ (2,006,195) Issuances ​ — ​ — ​ — ​ — ​ — ​ (24,376) ​ (24,376) Cash repayments / receipts ​ (149,297) ​ (18,626) ​ (777) ​ — ​ — ​ (9,589) ​ (178,289) Transfers into Level III ​ — ​ — ​ — ​ — ​ — ​ (1,242,539) ​ (1,242,539) Transfers out of Level III ​ — ​ — ​ — ​ — ​ — ​ 1,455,093 ​ 1,455,093 Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 3,589,657 ​ (71,095) ​ 3,518,562 Deconsolidation of VIEs ​ — ​ — ​ 227 ​ — ​ (7,652) ​ 7,573 ​ 148 September 30, 2020 balance ​ $ 1,269,080 ​ $ 170,270 ​ $ 21,849 ​ $ 14,589 ​ $ 64,477,475 ​ $ (2,315,306) ​ $ 63,637,957 Amount of unrealized gains (losses) attributable to assets still held at September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings ​ $ 8,551 ​ $ 7,967 ​ $ (1,055) ​ $ (2,328) ​ $ (1,213,498) ​ $ 107,019 ​ $ (1,093,344) Included in OCI ​ $ — ​ $ (8,647) ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (8,647) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans at ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Nine Months Ended September 30, 2019 ​ Fair Value ​ RMBS ​ CMBS ​ Rights ​ VIE Assets ​ Liabilities ​ Total January 1, 2019 balance ​ $ 671,282 ​ $ 209,079 ​ $ 25,228 ​ $ 20,557 ​ $ 53,446,364 ​ $ (1,441,446) ​ $ 52,931,064 Total realized and unrealized gains (losses): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value / gain on sale ​ 65,669 ​ — ​ 1,153 ​ (2,308) ​ 39,961 ​ 51,907 ​ 156,382 Net accretion ​ — ​ 7,484 ​ — ​ — ​ — ​ — ​ 7,484 Included in OCI ​ — ​ (1,044) ​ — ​ — ​ — ​ — ​ (1,044) Purchases / Originations ​ ​ 2,775,787 ​ — ​ 5,165 ​ — ​ — ​ — ​ ​ 2,780,952 Sales ​ (1,774,794) ​ — ​ (3,978) ​ — ​ — ​ — ​ (1,778,772) Issuances ​ — ​ — ​ — ​ — ​ — ​ (81,681) ​ (81,681) Cash repayments / receipts ​ ​ (88,582) ​ (20,222) ​ (8,933) ​ — ​ — ​ (15,786) ​ (133,523) Transfers into Level III ​ — ​ — ​ 5,350 ​ — ​ — ​ (1,374,505) ​ (1,369,155) Transfers out of Level III ​ (225,813) ​ — ​ — ​ — ​ — ​ 750,546 ​ 524,733 Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 6,103,915 ​ (193,300) ​ 5,910,615 Deconsolidation of VIEs ​ — ​ — ​ 11,895 ​ — ​ (341,186) ​ 34,160 ​ (295,131) September 30, 2019 balance ​ $ 1,423,549 ​ $ 195,297 ​ $ 35,880 ​ $ 18,249 ​ $ 59,249,054 ​ $ (2,270,105) ​ $ 58,651,924 Amount of total gains (losses) included in earnings attributable to assets still held at September 30, 2019 ​ $ 6,775 ​ $ 7,397 ​ $ 101 ​ $ (2,308) ​ $ 39,961 ​ $ 51,907 ​ $ 103,833 ​
Schedule of fair value of financial instruments not carried at fair value	The following table presents the fair values, all of which are classified in Level III of the fair value hierarchy, of our financial instruments not carried at fair value on the condensed consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 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 ​ $ 10,662,245 ​ $ 10,583,876 ​ $ 10,034,030 ​ $ 10,086,372 HTM debt securities ​ 541,296 ​ 512,808 ​ 570,638 ​ 568,727 Financial liabilities not carried at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured financing agreements and CLO ​ $ 10,545,823 ​ $ 10,495,587 ​ $ 9,834,108 ​ $ 9,826,511 Unsecured senior notes ​ 1,934,555 ​ 1,917,805 ​ 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) ​ September 30, 2020 Technique Input September 30, 2020 December 31, 2019 Loans under fair value option ​ $ 1,269,080 ​ Discounted cash flow ​ Yield (b) ​ 3.3% - 9.7% (4.7%) ​ 3.4% - 5.9% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 1.5 - 10.8 years ( 4.8 years) ​ 1.3 - 11.3 years RMBS ​ 170,270 ​ Discounted cash flow ​ Constant prepayment rate (a) ​ 3.2% - 16.4% (7.3%) ​ 3.1% - 24.9% ​ ​ ​ ​ ​ ​ ​ Constant default rate (b) ​ 1.3% - 5.0% (2.6%) ​ 0.5% - 5.0% ​ ​ ​ ​ ​ ​ ​ Loss severity (b) ​ 0% - 79% (26%) (e) ​ 0% - 93% (e) ​ ​ ​ ​ ​ ​ ​ Delinquency rate (c) ​ 8% - 28% (18%) ​ 5% - 29% ​ ​ ​ ​ ​ ​ ​ Servicer advances (a) ​ 24% - 85% (61%) ​ 27% - 85% ​ ​ ​ ​ ​ ​ ​ Annual coupon deterioration (b) ​ 0.0% - 0.9% (0.1%) ​ 0% - 1.6% ​ ​ ​ ​ ​ ​ ​ Putback amount per projected total collateral loss (d) ​ 0% -25% (1.1%) ​ 0% - 28% CMBS ​ 21,849 ​ Discounted cash flow ​ Yield (b) ​ 0% - 700.5% (6.1%) ​ 0% - 122.9% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 8.9 years ( 5.5 years) ​ 0 - 9.7 years Domestic servicing rights ​ 14,589 ​ Discounted cash flow ​ Debt yield (a) ​ 7.75% (7.75%) ​ 7.50% ​ ​ ​ ​ ​ ​ ​ Discount rate (b) ​ 15% (15%) ​ 15% VIE assets ​ 64,477,475 ​ Discounted cash flow ​ Yield (b) ​ 0% - 751.1% (13.3%) ​ 0% - 690.7% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 19 years ( 3.9 years) ​ 0 - 19.2 years VIE liabilities ​ (2,315,306) ​ Discounted cash flow ​ Yield (b) ​ 0% - 751.1% (13.3%) ​ 0% - 690.7% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 11.0 years ( 3.8 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 September 30, 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) 17% and 34% of the portfolio falls within a range of 45% - 80% as of September 30, 2020 and December 31, 2019, respectively.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2020 and 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, For the Nine Months Ended September 30, ​ ​ 2020 ​ 2019 2020 ​ 2019 Federal statutory tax rate ​ $ 37,711 21.0 % $ 32,448 21.0 % $ 54,231 21.0 % $ 77,140 21.0 % REIT and other non-taxable loss ​ (24,688) ​ (13.7) % ​ (28,870) ​ (18.7) % ​ (41,697) ​ (16.2) % ​ (71,042) ​ (19.3) % State income taxes ​ 4,278 ​ 2.4 % ​ 937 ​ 0.6 % ​ 4,118 ​ 1.6 % ​ 1,597 ​ 0.4 % Federal benefit of state tax deduction ​ (899) ​ (0.5) % ​ (196) ​ (0.1) % ​ (865) ​ (0.3) % ​ (335) ​ (0.1) % Net operating loss carryback rate differential ​ (1,569) ​ (0.9) % ​ — ​ — % ​ (5,286) ​ (2.0) % ​ — ​ — % Intra-entity transfer ​ ​ — ​ — % ​ ​ — ​ — % ​ ​ (3,781) ​ (1.5) % ​ ​ — ​ — % Other ​ 10 ​ — % ​ 194 ​ 0.1 % ​ 96 ​ — % ​ 1,020 ​ 0.3 % Effective tax rate ​ $ 14,843 ​ 8.3 % ​ $ 4,513 ​ 2.9 % ​ $ 6,816 ​ 2.6 % ​ $ 8,380 ​ 2.3 %

Segment Data (Tables)

Segment Data (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Data
Schedule of results of operations by business segment	The table below presents our results of operations for the three months ended September 30, 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 ​ $ 149,972 ​ $ 17,835 ​ $ — ​ $ 1,597 ​ $ — ​ $ 169,404 ​ $ — ​ $ 169,404 Interest income from investment securities ​ 21,385 ​ 635 ​ — ​ 23,587 ​ ​ — ​ 45,607 ​ (33,421) ​ 12,186 Servicing fees ​ 110 ​ — ​ — ​ 13,749 ​ ​ — ​ 13,859 ​ (4,311) ​ 9,548 Rental income ​ ​ 2,014 ​ ​ — ​ ​ 63,925 ​ ​ 10,039 ​ ​ — ​ ​ 75,978 ​ ​ — ​ ​ 75,978 Other revenues ​ 66 ​ 101 ​ 48 ​ 98 ​ ​ — ​ 313 ​ (2) ​ 311 Total revenues ​ 173,547 ​ 18,571 ​ 63,973 ​ 49,070 ​ — ​ 305,161 ​ (37,734) ​ 267,427 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 297 ​ — ​ — ​ 221 ​ 22,596 ​ 23,114 ​ 13 ​ 23,127 Interest expense ​ 38,422 ​ 8,914 ​ 16,180 ​ 5,425 ​ ​ 27,040 ​ 95,981 ​ — ​ 95,981 General and administrative ​ 12,483 ​ 3,568 ​ 1,094 ​ 18,813 ​ ​ 3,436 ​ 39,394 ​ 84 ​ 39,478 Acquisition and investment pursuit costs ​ 757 ​ 62 ​ — ​ 65 ​ ​ — ​ 884 ​ — ​ 884 Costs of rental operations ​ ​ 643 ​ ​ — ​ ​ 24,302 ​ ​ 4,577 ​ ​ — ​ ​ 29,522 ​ ​ — ​ ​ 29,522 Depreciation and amortization ​ 430 ​ 87 ​ 19,130 ​ 3,934 ​ ​ — ​ 23,581 ​ — ​ 23,581 Credit loss provision (reversal), net ​ 782 ​ (4,369) ​ — ​ — ​ ​ — ​ (3,587) ​ — ​ (3,587) Other expense ​ 77 ​ — ​ 95 ​ — ​ ​ — ​ 172 ​ — ​ 172 Total costs and expenses ​ 53,891 ​ 8,262 ​ 60,801 ​ 33,035 ​ ​ 53,072 ​ 209,061 ​ 97 ​ 209,158 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ — ​ — ​ — ​ — ​ — ​ 58,585 ​ 58,585 Change in fair value of servicing rights ​ — ​ — ​ — ​ 3,960 ​ ​ — ​ 3,960 ​ (3,326) ​ 634 Change in fair value of investment securities, net ​ 13,611 ​ — ​ — ​ 3,249 ​ ​ — ​ 16,860 ​ (17,059) ​ (199) Change in fair value of mortgage loans, net ​ 59,402 ​ — ​ — ​ 1,982 ​ ​ — ​ 61,384 ​ — ​ 61,384 Earnings (loss) from unconsolidated entities ​ 3,253 ​ (80) ​ — ​ 358 ​ ​ — ​ 3,531 ​ (339) ​ 3,192 (Loss) gain on derivative financial instruments, net ​ (28,577) ​ 110 ​ (313) ​ 38 ​ ​ 645 ​ (28,097) ​ — ​ (28,097) Foreign currency gain, net ​ 25,302 ​ 110 ​ 14 ​ 26 ​ ​ — ​ 25,452 ​ — ​ 25,452 Other (loss) income, net ​ — ​ — ​ (1) ​ 358 ​ ​ — ​ 357 ​ — ​ 357 Total other income (loss) ​ 72,991 ​ 140 ​ (300) ​ 9,971 ​ ​ 645 ​ 83,447 ​ 37,861 ​ 121,308 Income (loss) before income taxes ​ 192,647 ​ 10,449 ​ 2,872 ​ 26,006 ​ ​ (52,427) ​ 179,547 ​ 30 ​ 179,577 Income tax (provision) benefit ​ (16,700) ​ (86) ​ — ​ 1,943 ​ ​ — ​ (14,843) ​ — ​ (14,843) Net income (loss) ​ 175,947 ​ 10,363 ​ 2,872 ​ 27,949 ​ ​ (52,427) ​ 164,704 ​ 30 ​ 164,734 Net income attributable to non-controlling interests ​ (3) ​ — ​ (5,072) ​ (7,795) ​ ​ — ​ (12,870) ​ (30) ​ (12,900) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 175,944 ​ $ 10,363 ​ $ (2,200) ​ $ 20,154 ​ $ (52,427) ​ $ 151,834 ​ $ — ​ $ 151,834 ​ The table below presents our results of operations for the three months ended September 30, 2019 by business segment (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ Infrastructure ​ ​ ​ Investing ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lending ​ Lending ​ Property ​ and Servicing ​ ​ ​ ​ ​ Securitization ​ ​ ​ ​ Segment ​ Segment ​ Segment ​ Segment ​ Corporate ​ Subtotal ​ VIEs ​ Total Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income from loans ​ $ 145,290 ​ $ 22,763 ​ $ — ​ $ 3,977 ​ $ — ​ $ 172,030 ​ $ — ​ $ 172,030 Interest income from investment securities ​ 18,163 ​ ​ 810 ​ — ​ 32,556 ​ ​ — ​ 51,529 ​ (34,853) ​ 16,676 Servicing fees ​ 97 ​ ​ — ​ — ​ 18,243 ​ ​ — ​ 18,340 ​ (4,007) ​ 14,333 Rental income ​ ​ — ​ ​ — ​ ​ 72,251 ​ ​ 12,403 ​ ​ — ​ 84,654 ​ — ​ 84,654 Other revenues ​ 258 ​ ​ 39 ​ 125 ​ 218 ​ ​ — ​ 640 ​ (3) ​ 637 Total revenues ​ 163,808 ​ ​ 23,612 ​ 72,376 ​ 67,397 ​ — ​ 327,193 ​ (38,863) ​ 288,330 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 363 ​ ​ — ​ — ​ 18 ​ 29,829 ​ 30,210 ​ 28 ​ 30,238 Interest expense ​ 51,844 ​ ​ 14,422 ​ 19,020 ​ 8,891 ​ ​ 29,142 ​ 123,319 ​ (163) ​ 123,156 General and administrative ​ 7,104 ​ ​ 4,315 ​ 2,170 ​ 22,915 ​ ​ 3,184 ​ 39,688 ​ 78 ​ 39,766 Acquisition and investment pursuit costs ​ 506 ​ ​ 21 ​ — ​ (364) ​ ​ — ​ 163 ​ — ​ 163 Costs of rental operations ​ ​ 765 ​ ​ — ​ ​ 24,784 ​ ​ 6,019 ​ ​ — ​ 31,568 ​ — ​ 31,568 Depreciation and amortization ​ 339 ​ ​ 15 ​ 23,106 ​ 4,809 ​ ​ — ​ 28,269 ​ — ​ 28,269 Credit loss reversal, net ​ (39) ​ ​ — ​ — ​ — ​ ​ — ​ (39) ​ — ​ (39) Other expense ​ 77 ​ ​ — ​ 46 ​ — ​ ​ — ​ 123 ​ — ​ 123 Total costs and expenses ​ 60,959 ​ ​ 18,773 ​ 69,126 ​ 42,288 ​ ​ 62,155 ​ 253,301 ​ (57) ​ 253,244 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ 61,767 ​ 61,767 Change in fair value of servicing rights ​ — ​ ​ — ​ — ​ 57 ​ ​ — ​ 57 ​ (682) ​ (625) Change in fair value of investment securities, net ​ (303) ​ ​ — ​ — ​ 22,476 ​ ​ — ​ 22,173 ​ (21,907) ​ 266 Change in fair value of mortgage loans, net ​ 10,088 ​ ​ — ​ — ​ 22,433 ​ ​ — ​ 32,521 ​ — ​ 32,521 Earnings from unconsolidated entities ​ 2,507 ​ ​ — ​ 223 ​ 253 ​ ​ — ​ 2,983 ​ (236) ​ 2,747 Gain (loss) on sale of investments and other assets, net ​ 482 ​ ​ (25) ​ — ​ 20,700 ​ ​ — ​ 21,157 ​ — ​ 21,157 Gain (loss) on derivative financial instruments, net ​ 15,729 ​ ​ (109) ​ 5,900 ​ (6,376) ​ ​ 6,789 ​ 21,933 ​ — ​ 21,933 Foreign currency loss, net ​ (15,337) ​ ​ (319) ​ (8) ​ — ​ ​ — ​ (15,664) ​ — ​ (15,664) Loss on extinguishment of debt ​ ​ (857) ​ ​ (2,101) ​ ​ — ​ ​ (194) ​ ​ (1,472) ​ ​ (4,624) ​ ​ — ​ ​ (4,624) Other loss, net ​ — ​ ​ (50) ​ — ​ — ​ ​ — ​ (50) ​ — ​ (50) Total other income (loss) ​ 12,309 ​ ​ (2,604) ​ 6,115 ​ 59,349 ​ ​ 5,317 ​ 80,486 ​ 38,942 ​ 119,428 Income (loss) before income taxes ​ 115,158 ​ ​ 2,235 ​ 9,365 ​ 84,458 ​ ​ (56,838) ​ ​ 154,378 ​ 136 ​ 154,514 Income tax (provision) benefit ​ (3,194) ​ ​ 475 ​ ​ — ​ (1,794) ​ ​ — ​ (4,513) ​ — ​ (4,513) Net income (loss) ​ 111,964 ​ ​ 2,710 ​ 9,365 ​ 82,664 ​ ​ (56,838) ​ 149,865 ​ 136 ​ 150,001 Net income attributable to non-controlling interests ​ — ​ ​ — ​ (5,250) ​ (4,219) ​ ​ — ​ (9,469) ​ (136) ​ (9,605) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 111,964 ​ $ 2,710 ​ $ 4,115 ​ $ 78,445 ​ $ (56,838) ​ $ 140,396 ​ $ — ​ $ 140,396 ​ ​ The table below presents our results of operations for the nine months ended September 30, 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 ​ $ 492,489 ​ $ 59,374 ​ $ — ​ $ 6,071 ​ $ — ​ $ 557,934 ​ $ — ​ $ 557,934 Interest income from investment securities ​ 57,358 ​ 2,019 ​ — ​ 73,311 ​ ​ — ​ 132,688 ​ (90,618) ​ 42,070 Servicing fees ​ 424 ​ — ​ — ​ 28,782 ​ ​ — ​ 29,206 ​ (8,207) ​ 20,999 Rental income ​ ​ 2,782 ​ ​ — ​ ​ 191,452 ​ ​ 28,600 ​ ​ — ​ ​ 222,834 ​ ​ — ​ ​ 222,834 Other revenues ​ 298 ​ 344 ​ 228 ​ 891 ​ ​ — ​ 1,761 ​ (5) ​ 1,756 Total revenues ​ 553,351 ​ 61,737 ​ 191,680 ​ 137,655 ​ — ​ 944,423 ​ (98,830) ​ 845,593 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 987 ​ — ​ — ​ 680 ​ 85,257 ​ 86,924 ​ 46 ​ 86,970 Interest expense ​ 134,243 ​ 31,709 ​ 49,243 ​ 18,796 ​ ​ 83,670 ​ 317,661 ​ (162) ​ 317,499 General and administrative ​ 29,230 ​ 12,328 ​ 3,453 ​ 54,490 ​ ​ 11,105 ​ 110,606 ​ 251 ​ 110,857 Acquisition and investment pursuit costs ​ 2,195 ​ 1,179 ​ 12 ​ (3) ​ ​ — ​ 3,383 ​ — ​ 3,383 Costs of rental operations ​ ​ 2,409 ​ ​ — ​ ​ 71,857 ​ ​ 13,102 ​ ​ — ​ ​ 87,368 ​ ​ — ​ ​ 87,368 Depreciation and amortization ​ 1,275 ​ 246 ​ 57,571 ​ 11,890 ​ ​ — ​ 70,982 ​ — ​ 70,982 Credit loss provision, net ​ 52,293 ​ 2,991 ​ — ​ — ​ ​ — ​ 55,284 ​ — ​ 55,284 Other expense ​ 230 ​ — ​ 432 ​ — ​ ​ — ​ 662 ​ — ​ 662 Total costs and expenses ​ 222,862 ​ 48,453 ​ 182,568 ​ 98,955 ​ ​ 180,032 ​ 732,870 ​ 135 ​ 733,005 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ — ​ — ​ — ​ — ​ — ​ 64,353 ​ 64,353 Change in fair value of servicing rights ​ — ​ — ​ — ​ 9,606 ​ ​ — ​ 9,606 ​ (11,934) ​ (2,328) Change in fair value of investment securities, net ​ (8,814) ​ — ​ — ​ (36,026) ​ ​ — ​ (44,840) ​ 47,972 ​ 3,132 Change in fair value of mortgage loans, net ​ 56,895 ​ — ​ — ​ 22,805 ​ ​ — ​ 79,700 ​ — ​ 79,700 Earnings (loss) from unconsolidated entities ​ 3,975 ​ (1,198) ​ — ​ 30,504 ​ ​ — ​ 33,281 ​ (1,216) ​ 32,065 (Loss) gain on sale of investments and other assets, net ​ (961) ​ 296 ​ — ​ 7,433 ​ ​ — ​ 6,768 ​ — ​ 6,768 (Loss) gain on derivative financial instruments, net ​ (9,508) ​ (1,328) ​ (35,150) ​ (22,896) ​ ​ 34,397 ​ (34,485) ​ — ​ (34,485) Foreign currency (loss) gain, net ​ (1,757) ​ (53) ​ (53) ​ 2 ​ ​ — ​ (1,861) ​ — ​ (1,861) Loss on extinguishment of debt ​ ​ (22) ​ ​ (170) ​ ​ (2,185) ​ ​ — ​ ​ — ​ ​ (2,377) ​ ​ — ​ ​ (2,377) Other income, net ​ — ​ — ​ 240 ​ 447 ​ ​ — ​ 687 ​ — ​ 687 Total other income (loss) ​ 39,808 ​ (2,453) ​ (37,148) ​ 11,875 ​ ​ 34,397 ​ 46,479 ​ 99,175 ​ 145,654 Income (loss) before income taxes ​ 370,297 ​ 10,831 ​ (28,036) ​ 50,575 ​ ​ (145,635) ​ 258,032 ​ 210 ​ 258,242 Income tax (provision) benefit ​ (15,535) ​ 3 ​ — ​ 8,716 ​ ​ — ​ (6,816) ​ — ​ (6,816) Net income (loss) ​ 354,762 ​ 10,834 ​ (28,036) ​ 59,291 ​ ​ (145,635) ​ 251,216 ​ 210 ​ 251,426 Net income attributable to non-controlling interests ​ (10) ​ — ​ (15,294) ​ (11,191) ​ ​ — ​ (26,495) ​ (210) ​ (26,705) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 354,752 ​ $ 10,834 ​ $ (43,330) ​ $ 48,100 ​ $ (145,635) ​ $ 224,721 ​ $ — ​ $ 224,721 ​ The table below presents our results of operations for the nine months ended September 30, 2019 by business segment (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential Infrastructure ​ Investing ​ ​ ​ ​ ​ ​ Lending ​ Lending ​ Property ​ and Servicing ​ ​ ​ ​ ​ Securitization ​ ​ ​ ​ Segment ​ Segment ​ Segment ​ Segment ​ Corporate ​ Subtotal ​ VIEs ​ Total Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income from loans ​ $ 462,956 ​ $ 74,969 ​ $ — ​ $ 8,987 ​ $ — ​ $ 546,912 ​ $ — ​ $ 546,912 Interest income from investment securities ​ 62,438 ​ ​ 2,563 ​ — ​ 88,012 ​ ​ — ​ 153,013 ​ (96,160) ​ 56,853 Servicing fees ​ 310 ​ ​ — ​ — ​ 61,366 ​ ​ — ​ 61,676 ​ (13,902) ​ 47,774 Rental income ​ — ​ ​ — ​ ​ 215,098 ​ ​ 40,686 ​ ​ — ​ 255,784 ​ — ​ 255,784 Other revenues ​ 714 ​ ​ 732 ​ 291 ​ 929 ​ ​ 26 ​ 2,692 ​ (24) ​ 2,668 Total revenues ​ 526,418 ​ ​ 78,264 ​ 215,389 ​ 199,980 ​ 26 ​ 1,020,077 ​ (110,086) ​ 909,991 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 1,127 ​ ​ — ​ — ​ 54 ​ 74,924 ​ 76,105 ​ 122 ​ 76,227 Interest expense ​ 172,012 ​ ​ 49,257 ​ 57,142 ​ 25,152 ​ ​ 84,878 ​ 388,441 ​ (487) ​ 387,954 General and administrative ​ 20,626 ​ ​ 13,624 ​ 5,394 ​ 61,943 ​ ​ 10,429 ​ 112,016 ​ 258 ​ 112,274 Acquisition and investment pursuit costs ​ 915 ​ ​ 51 ​ — ​ (387) ​ ​ — ​ 579 ​ — ​ 579 Costs of rental operations ​ ​ 1,525 ​ ​ — ​ ​ 70,846 ​ ​ 19,503 ​ ​ — ​ 91,874 ​ — ​ 91,874 Depreciation and amortization ​ 695 ​ ​ 15 ​ 70,078 ​ 15,287 ​ ​ — ​ 86,075 ​ — ​ 86,075 Credit loss provision, net ​ 2,046 ​ ​ 1,196 ​ — ​ — ​ ​ — ​ 3,242 ​ — ​ 3,242 Other expense ​ 230 ​ ​ — ​ 1,353 ​ 194 ​ ​ — ​ 1,777 ​ — ​ 1,777 Total costs and expenses ​ 199,176 ​ ​ 64,143 ​ 204,813 ​ 121,746 ​ ​ 170,231 ​ 760,109 ​ (107) ​ 760,002 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ 164,761 ​ 164,761 Change in fair value of servicing rights ​ — ​ ​ — ​ — ​ (1,617) ​ ​ — ​ (1,617) ​ (691) ​ (2,308) Change in fair value of investment securities, net ​ (2,945) ​ ​ — ​ — ​ 56,431 ​ ​ — ​ 53,486 ​ (52,491) ​ 995 Change in fair value of mortgage loans, net ​ 16,837 ​ ​ — ​ — ​ 48,841 ​ ​ — ​ 65,678 ​ — ​ 65,678 Earnings (loss) from unconsolidated entities ​ 8,576 ​ ​ — ​ (42,538) ​ 3,601 ​ ​ — ​ (30,361) ​ (1,275) ​ (31,636) Gain on sale of investments and other assets, net ​ 3,476 ​ ​ 3,041 ​ — ​ 21,640 ​ ​ — ​ 28,157 ​ — ​ 28,157 Gain (loss) on derivative financial instruments, net ​ 12,024 ​ ​ (3,337) ​ (3,957) ​ (16,761) ​ ​ 31,725 ​ 19,694 ​ — ​ 19,694 Foreign currency loss, net ​ (17,025) ​ ​ (102) ​ (7) ​ — ​ ​ — ​ (17,134) ​ — ​ (17,134) Loss on extinguishment of debt ​ ​ (857) ​ ​ (8,221) ​ ​ — ​ ​ (194) ​ ​ (1,466) ​ ​ (10,738) ​ ​ — ​ ​ (10,738) Other loss, net ​ — ​ ​ (50) ​ — ​ — ​ ​ (73) ​ (123) ​ — ​ (123) Total other income (loss) ​ 20,086 ​ ​ (8,669) ​ (46,502) ​ 111,941 ​ ​ 30,186 ​ 107,042 ​ 110,304 ​ 217,346 Income (loss) before income taxes ​ 347,328 ​ ​ 5,452 ​ (35,926) ​ 190,175 ​ ​ (140,019) ​ 367,010 ​ 325 ​ 367,335 Income tax (provision) benefit ​ (4,778) ​ ​ 746 ​ ​ (258) ​ (4,090) ​ ​ — ​ (8,380) ​ — ​ (8,380) Net income (loss) ​ 342,550 ​ ​ 6,198 ​ (36,184) ​ 186,085 ​ ​ (140,019) ​ 358,630 ​ 325 ​ 358,955 Net income attributable to non-controlling interests ​ (392) ​ ​ — ​ (16,322) ​ (4,121) ​ ​ — ​ (20,835) ​ (325) ​ (21,160) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 342,158 ​ $ 6,198 ​ $ (52,506) ​ $ 181,964 ​ $ (140,019) ​ $ 337,795 ​ $ — ​ $ 337,795
Schedule of condensed consolidated balance sheet by business segment	The table below presents our condensed consolidated balance sheet as of September 30, 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 ​ $ 19,111 ​ $ 994 ​ $ 38,119 ​ $ 22,054 ​ $ 298,844 ​ $ 379,122 ​ $ 748 ​ $ 379,870 Restricted cash ​ 69,351 ​ 31,515 ​ 7,632 ​ 22,838 ​ — ​ 131,336 ​ — ​ 131,336 Loans held-for-investment, net ​ 9,373,503 ​ 1,544,068 ​ — ​ 1,081 ​ — ​ 10,918,652 ​ — ​ 10,918,652 Loans held-for-sale ​ 747,654 ​ — ​ — ​ 265,019 ​ — ​ 1,012,673 ​ — ​ 1,012,673 Investment securities ​ 1,152,362 ​ 39,813 ​ — ​ 1,097,322 ​ — ​ 2,289,497 ​ (1,544,384) ​ 745,113 Properties, net ​ ​ 27,123 ​ ​ — ​ ​ 1,983,124 ​ ​ 197,575 ​ ​ — ​ ​ 2,207,822 ​ ​ — ​ ​ 2,207,822 Intangible assets ​ — ​ — ​ 41,946 ​ 70,374 ​ — ​ 112,320 ​ (38,181) ​ 74,139 Investment in unconsolidated entities ​ 50,850 ​ 24,664 ​ — ​ 45,236 ​ — ​ 120,750 ​ (16,366) ​ 104,384 Goodwill ​ — ​ 119,409 ​ — ​ 140,437 ​ — ​ 259,846 ​ — ​ 259,846 Derivative assets ​ 25,805 ​ — ​ 54 ​ 1,250 ​ 37,716 ​ 64,825 ​ — ​ 64,825 Accrued interest receivable ​ 72,344 ​ 3,244 ​ — ​ 334 ​ 3,484 ​ 79,406 ​ (1,376) ​ 78,030 Other assets ​ 24,705 ​ 4,216 ​ 70,369 ​ 52,352 ​ 11,829 ​ 163,471 ​ 3 ​ 163,474 VIE assets, at fair value ​ — ​ — ​ — ​ — ​ — ​ — ​ 64,477,475 ​ 64,477,475 Total Assets ​ $ 11,562,808 ​ $ 1,767,923 ​ $ 2,141,244 ​ $ 1,915,872 ​ $ 351,873 ​ $ 17,739,720 ​ $ 62,877,919 ​ $ 80,617,639 Liabilities and Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 36,378 ​ $ 8,545 ​ $ 49,758 ​ $ 35,796 ​ $ 70,956 ​ $ 201,433 ​ $ 58 ​ $ 201,491 Related-party payable ​ — ​ — ​ — ​ 5 ​ 22,091 ​ 22,096 ​ — ​ 22,096 Dividends payable ​ — ​ — ​ — ​ — ​ 138,264 ​ 138,264 ​ — ​ 138,264 Derivative liabilities ​ 8,839 ​ 1,516 ​ — ​ 3,097 ​ — ​ 13,452 ​ — ​ 13,452 Secured financing agreements, net ​ 5,576,092 ​ 1,243,001 ​ 1,793,731 ​ 614,055 ​ 389,013 ​ 9,615,892 ​ — ​ 9,615,892 Collateralized loan obligations, net ​ ​ 929,931 ​ ​ — ​ ​ — ​ — ​ — ​ 929,931 ​ ​ — ​ ​ 929,931 Unsecured senior notes, net ​ — ​ — ​ — ​ — ​ 1,934,555 ​ 1,934,555 ​ — ​ 1,934,555 VIE liabilities, at fair value ​ — ​ — ​ — ​ — ​ — ​ — ​ 62,876,265 ​ 62,876,265 Total Liabilities ​ 6,551,240 ​ 1,253,062 ​ 1,843,489 ​ 652,953 ​ 2,554,879 ​ 12,855,623 ​ 62,876,323 ​ 75,731,946 Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Starwood Property Trust, Inc. Stockholders’ Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ — ​ — ​ — ​ — ​ 2,918 ​ 2,918 ​ — ​ 2,918 Additional paid-in capital ​ 1,165,764 ​ 509,848 ​ 115,246 ​ (124,805) ​ 3,534,663 ​ 5,200,716 ​ — ​ 5,200,716 Treasury stock ​ — ​ — ​ — ​ — ​ (133,024) ​ (133,024) ​ — ​ (133,024) Accumulated other comprehensive income (loss) ​ 42,350 ​ — ​ — ​ (65) ​ — ​ 42,285 ​ — ​ 42,285 Retained earnings (accumulated deficit) ​ 3,803,336 ​ 5,013 ​ (42,898) ​ 1,243,098 ​ (5,607,563) ​ (599,014) ​ — ​ (599,014) Total Starwood Property Trust, Inc. Stockholders’ Equity ​ 5,011,450 ​ 514,861 ​ 72,348 ​ 1,118,228 ​ (2,203,006) ​ 4,513,881 ​ — ​ 4,513,881 Non-controlling interests in consolidated subsidiaries ​ 118 ​ — ​ 225,407 ​ 144,691 ​ — ​ 370,216 ​ 1,596 ​ 371,812 Total Equity ​ 5,011,568 ​ 514,861 ​ 297,755 ​ 1,262,919 ​ (2,203,006) ​ 4,884,097 ​ 1,596 ​ 4,885,693 Total Liabilities and Equity ​ $ 11,562,808 ​ $ 1,767,923 ​ $ 2,141,244 ​ $ 1,915,872 ​ $ 351,873 ​ $ 17,739,720 ​ $ 62,877,919 ​ $ 80,617,639 ​ 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)	9 Months Ended
	Sep. 30, 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) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)country	Jan. 01, 2020USD ($)
Assets:
REO assets as a percent of consolidated VIE assets	1.00%
Loans as a percent of consolidated VIE assets	99.00%
Fair Value Measurements
Permitted reinvestment under static investment in VIEs	$ 0
Minimum
Credit Losses
Number of countries and territories COVID-19 has spread to | country	200
ASU 2016-13 | Reclassification Adjustment
Credit Losses
Allowance for credit losses		$ 32.3

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) - Disposed of by sale - Investing and Servicing Segment - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Acquisitions and Divestitures
Proceeds from sale of property	$ 51.5	$ 24.1	$ 51.5
Gain on sale of property	20.7	$ 7.4	20.7
Non-Controlling Interests
Acquisitions and Divestitures
Gain on sale of property	$ 4		$ 4

Loans - Held for Investment (De

Loans - Held for Investment (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Investments in loans
Total gross loans	$ 12,041,072	$ 11,503,835
Face Amount	12,076,990	11,530,915
Total allowance	(109,747)	(33,611)
Carrying Value	$ 11,931,325	11,470,224	$ 10,361,772	$ 9,794,254
Period covered in data base	20 years
Total loans held-for-investment
Investments in loans
Total gross loans	$ 11,028,399	10,619,489
Face Amount	11,068,514	10,661,865
Total allowance	(109,747)	(33,415)
Loans held-for-sale
Investments in loans
Total gross loans	1,012,673	884,346
Face Amount	1,008,476	869,050
Carrying Value	1,012,673	884,150		74,346
Commercial Portfolio Segment
Investments in loans
Total gross loans	9,213,772
Commercial Portfolio Segment | Total loans held-for-investment
Investments in loans
Total gross loans	9,213,772	8,550,469
Face Amount	9,241,161	8,590,776
Total allowance	(95,595)	(33,415)
Carrying Value	9,118,177	8,517,054	7,637,838	7,075,577
Commercial Portfolio Segment | 90 days or greater past due
Investments in loans
Total gross loans	173,300
Commercial Portfolio Segment | Credit deteriorated
Investments in loans
Total gross loans	142,330
Commercial Portfolio Segment | Credit deteriorated | 90 days or greater past due
Investments in loans
Total gross loans	113,400
Infrastructure Portfolio Segment
Investments in loans
Total gross loans	1,558,220
Infrastructure Portfolio Segment | Total loans held-for-investment
Investments in loans
Total gross loans	1,558,220	1,397,448
Face Amount	$ 1,578,030	$ 1,416,164
Weighted Average Life	4 years 3 months 18 days	4 years 10 months 24 days
Total allowance	$ (14,152)
Carrying Value	1,544,068	$ 1,397,448	1,281,815	1,456,779
Reclassification to held for investment	$ 26,300
Infrastructure Portfolio Segment | Total loans held-for-investment | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	4.20%	5.60%
Infrastructure Portfolio Segment | Loans held-for-sale
Investments in loans
Total gross loans		$ 119,724
Face Amount		$ 121,271
Weighted Average Life		2 years 1 month 6 days
Total allowance		$ (196)
Reclassification to held-for-sale	$ 104,300
Infrastructure Portfolio Segment | Loans held-for-sale | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)		3.30%
Residential Portfolio Segment
Investments in loans
Total gross loans	256,407
Residential Portfolio Segment | Total loans held-for-investment
Investments in loans
Carrying Value	256,407	$ 671,572	$ 1,442,119	$ 1,187,552
Residential Portfolio Segment | Loans held-for-sale
Investments in loans
Reclassification to held-for-sale	422,700
Residential Portfolio Segment | 90 days or greater past due
Investments in loans
Total gross loans	13,400
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	747,654
Face Amount	$ 742,106
Weighted Average Life	3 years 4 months 24 days
RMBS, fair value option | Residential Portfolio Segment | Loans held-for-sale | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	6.00%
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	$ 265,019
Face Amount	$ 266,370
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)	4.10%
First mortgage loan participation | Total loans held-for-investment
Investments in loans
Total gross loans	$ 8,525,273
Face Amount	$ 8,548,916
Weighted Average Life	1 year 7 months 6 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%
Subordinated mortgages | Total loans held-for-investment
Investments in loans
Total gross loans	$ 69,835	$ 75,724
Face Amount	$ 70,979	$ 77,055
Weighted Average Life	3 years	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	$ 896,800	$ 967,000,000
Mezzanine Loans | Total loans held-for-investment
Investments in loans
Total gross loans	588,116	484,164
Face Amount	$ 587,223	$ 484,408
Weighted Average Life	1 year 7 months 6 days	1 year 10 months 24 days
Mezzanine Loans | Total loans held-for-investment | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	10.30%	11.00%
Residential loans, fair value option | Total loans held-for-investment
Investments in loans
Total gross loans	$ 256,407	$ 671,572
Face Amount	$ 249,323	$ 654,925
Weighted Average Life	3 years 4 months 24 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	$ 30,548	$ 62,555
Face Amount	$ 34,043	$ 66,525
Weighted Average Life	2 years	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	3 Months Ended
	Sep. 30, 2020USD ($)
Variable rate loans held-for-investment
Total variable rate loans held-for-investment, carrying value	$ 10,126,332
Weighted average spread of loans (as a percent)	4.10%
Credit Loss Allowances
Macroeconomic recovery expected growth period	5 years
Commercial loans
Variable rate loans held-for-investment
Total variable rate loans held-for-investment, carrying value	$ 8,568,112
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	$ 1,558,220
Weighted average spread of loans (as a percent)	3.80%

Loans - Ratings (Details)

Loans - Ratings (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Investments in loans
Loans Amortized Cost Basis	$ 12,041,072	$ 11,503,835
Credit Loss Allowance	109,747
Total loans held-for-investment
Investments in loans
Loans Amortized Cost Basis	11,028,399	10,619,489
Total loans held-for-investment | First mortgage loan participation
Investments in loans
Loans Amortized Cost Basis	8,525,273
Total loans held-for-investment | Subordinated mortgages
Investments in loans
Loans Amortized Cost Basis	69,835	75,724
Total loans held-for-investment | Mezzanine Loans
Investments in loans
Loans Amortized Cost Basis	588,116	484,164
Total loans held-for-investment | Residential loans, fair value option
Investments in loans
Loans Amortized Cost Basis	256,407	671,572
Total loans held-for-investment | Other
Investments in loans
Loans Amortized Cost Basis	30,548	62,555
Loans held-for-sale
Investments in loans
Loans Amortized Cost Basis	1,012,673	884,346
Loans held-for-sale | First mortgage loan participation
Investments in loans
Loans Amortized Cost Basis		7,928,026
Commercial Portfolio Segment
Investments in loans
2020	1,140,335
2019	3,135,969
2018	2,902,758
2017	1,216,472
2016	207,648
Prior	610,590
Loans Amortized Cost Basis	9,213,772
Credit Loss Allowance	95,595
Commercial Portfolio Segment | 90 days or greater past due
Investments in loans
Loans Amortized Cost Basis	173,300
Commercial Portfolio Segment | LTV Less than 60%
Investments in loans
2020	618,232
2019	1,084,103
2018	977,021
2017	1,031,872
2016	154,198
Prior	215,747
Loans Amortized Cost Basis	4,081,173
Credit Loss Allowance	11,751
Commercial Portfolio Segment | LTV 60% - 70%
Investments in loans
2020	138,058
2019	1,469,532
2018	1,653,299
2017	35,931
2016	53,450
Prior	191,211
Loans Amortized Cost Basis	3,541,481
Credit Loss Allowance	35,691
Commercial Portfolio Segment | LTV > 70%
Investments in loans
2020	384,045
2019	582,334
2018	243,452
2017	140,914
Prior	75,250
Loans Amortized Cost Basis	1,425,995
Credit Loss Allowance	18,300
Commercial Portfolio Segment | Credit deteriorated
Investments in loans
2018	28,986
2017	7,755
Prior	105,589
Loans Amortized Cost Basis	142,330
Credit Loss Allowance	29,853
Commercial Portfolio Segment | Credit deteriorated | 90 days or greater past due
Investments in loans
Loans Amortized Cost Basis	113,400
Commercial Portfolio Segment | Defeased and other
Investments in loans
Prior	22,793
Loans Amortized Cost Basis	22,793
Commercial Portfolio Segment | Total loans held-for-investment
Investments in loans
Loans Amortized Cost Basis	9,213,772	8,550,469
Infrastructure Portfolio Segment
Investments in loans
2019	480,794
2018	403,731
2017	148,159
2016	188,331
Prior	312,176
Revolving Loans Amortized Cost Total	25,029
Loans Amortized Cost Basis	1,558,220
Credit Loss Allowance	14,152
Infrastructure Portfolio Segment | Power
Investments in loans
2019	246,675
2018	300,909
2017	148,159
2016	188,331
Prior	312,176
Revolving Loans Amortized Cost Total	23,413
Loans Amortized Cost Basis	1,219,663
Credit Loss Allowance	7,692
Infrastructure Portfolio Segment | Oil and gas
Investments in loans
2019	234,119
2018	102,822
Revolving Loans Amortized Cost Total	1,616
Loans Amortized Cost Basis	338,557
Credit Loss Allowance	6,460
Infrastructure Portfolio Segment | Total loans held-for-investment
Investments in loans
Loans Amortized Cost Basis	1,558,220	1,397,448
Infrastructure Portfolio Segment | Loans held-for-sale
Investments in loans
Loans Amortized Cost Basis		$ 119,724
Residential Portfolio Segment
Investments in loans
Loans Amortized Cost Basis	256,407
Residential Portfolio Segment | 90 days or greater past due
Investments in loans
Loans Amortized Cost Basis	$ 13,400

Loans - Activity in Portfolio (

Loans - Activity in Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 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	$ 109,747		109,747
Activity in loan portfolio
Balance at the beginning of the period			11,470,224	$ 9,794,254
Acquisitions/origination/additional funding			4,168,949	5,607,829
Capitalized Interest			105,377	79,869
Basis of loans sold			(2,433,412)	(2,713,237)
Loan maturities/principal repayments			(1,396,124)	(2,429,078)
Discount accretion/premium amortization			30,468	24,193
Changes in fair value	61,384	$ 32,521	79,700	65,678
Unrealized foreign currency translation (loss) gain			(16,608)	(37,191)
Credit loss provision, net			(56,809)	(3,242)
Loan foreclosure				(27,303)
Balance at the end of the period	11,931,325	10,361,772	11,931,325	10,361,772
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	109,747		109,747
Loans held-for-sale
Activity in loan portfolio
Balance at the beginning of the period			884,150	74,346
Acquisitions/origination/additional funding			1,800,018
Basis of loans sold			(2,035,770)
Loan maturities/principal repayments			(75,632)	(74,692)
Discount accretion/premium amortization			110	346
Changes in fair value			96,265
Unrealized foreign currency translation (loss) gain			(1,291)
Credit loss provision, net			125
Transfer to/from other asset classifications			344,698
Balance at the end of the period	1,012,673		1,012,673
Funded committments
Activity in allowance for loan losses
Credit loss allowance at the beginning of the period			33,611
Credit loss provision (reversal), net			56,809
Charge-offs			(1,113)
Credit loss allowance at the end of the period	109,747		109,747
Funded committments | ASU 2016-13
Activity in allowance for loan losses
Provision for impaired loans			20,440
Unfunded commitments | ASU 2016-13
Activity in allowance for loan losses
Provision for impaired loans			10,553
Credit loss provision (reversal), net			(3,820)
Credit loss allowance at the end of the period	6,733		6,733
Unfunded commitments	(1,726,244)		(1,726,244)
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	95,595		95,595
Activity in loan portfolio
Balance at the beginning of the period			8,517,054	7,075,577
Acquisitions/origination/additional funding			2,090,964	2,489,120
Capitalized Interest			105,329	79,869
Basis of loans sold			(397,038)	(548,329)
Loan maturities/principal repayments			(1,148,317)	(1,695,388)
Discount accretion/premium amortization			28,686	22,674
Changes in fair value				1,496
Unrealized foreign currency translation (loss) gain			(15,279)	(37,473)
Credit loss provision, net			(53,110)	(2,046)
Loan foreclosure				(27,303)
Transfer to/from other asset classifications				279,641
Balance at the end of the period	9,118,177	7,637,838	9,118,177	7,637,838
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 committments
Activity in allowance for loan losses
Credit loss allowance at the beginning of the period			33,415
Credit loss provision (reversal), net			53,110
Charge-offs			(1,042)
Credit loss allowance at the end of the period	95,595		95,595
Commercial Portfolio Segment | Funded committments | ASU 2016-13
Activity in allowance for loan losses
Provision for impaired loans			10,112
Commercial Portfolio Segment | Unfunded commitments | ASU 2016-13
Activity in allowance for loan losses
Provision for impaired loans			8,348
Credit loss provision (reversal), net			(3,156)
Credit loss allowance at the end of the period	5,192		5,192
Unfunded commitments	(1,630,823)		(1,630,823)
Infrastructure Portfolio Segment | Total loans held-for-investment
Activity in allowance for loan losses
Credit loss allowance at the end of the period	14,152		14,152
Activity in loan portfolio
Balance at the beginning of the period			1,397,448	1,456,779
Acquisitions/origination/additional funding			177,247	387,599
Capitalized Interest			48
Loan maturities/principal repayments			(96,150)	(563,736)
Discount accretion/premium amortization			1,672	1,173
Unrealized foreign currency translation (loss) gain			(38)
Credit loss provision, net			(3,824)
Transfer to/from other asset classifications			77,993
Balance at the end of the period	1,544,068	1,281,815	1,544,068	1,281,815
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
Infrastructure Portfolio Segment | Funded committments
Activity in allowance for loan losses
Credit loss provision (reversal), net			3,824
Credit loss allowance at the end of the period	14,152		14,152
Infrastructure Portfolio Segment | Funded committments | ASU 2016-13
Activity in allowance for loan losses
Provision for impaired loans			10,328
Infrastructure Portfolio Segment | Unfunded commitments | ASU 2016-13
Activity in allowance for loan losses
Provision for impaired loans			2,205
Credit loss provision (reversal), net			(664)
Credit loss allowance at the end of the period	1,541		1,541
Unfunded commitments	(95,421)		(95,421)
Loans Held For Sale Infrastructure | Funded committments
Activity in allowance for loan losses
Credit loss allowance at the beginning of the period			196
Credit loss provision (reversal), net			(125)
Charge-offs			(71)
Residential Portfolio Segment | Total loans held-for-investment
Activity in loan portfolio
Balance at the beginning of the period			671,572	1,187,552
Acquisitions/origination/additional funding			100,720	2,731,110
Basis of loans sold			(604)	(2,164,908)
Loan maturities/principal repayments			(76,025)	(95,262)
Changes in fair value			(16,565)	64,182
Unrealized foreign currency translation (loss) gain				282
Credit loss provision, net				(1,196)
Transfer to/from other asset classifications			(422,691)	(279,641)
Balance at the end of the period	$ 256,407	$ 1,442,119	$ 256,407	$ 1,442,119

Investment Securities (Details)

Investment Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Investment Securities
Investment securities	$ 745,113		$ 745,113		$ 810,238
Credit Loss Allowance	6,425		6,425
Purchases	6,288	$ 5,165	22,408	$ 5,165
Sales			7,940	3,978
Principal collections	17,478	45,857	67,957	118,892
VIE eliminations
Investment Securities
Purchases	(43,083)	(57,894)	(265,469)	(136,379)
Sales		(49,725)	(24,376)	(149,949)
Principal collections	(20,185)	(17,196)	(57,174)	(38,607)
Before consolidation of securitization VIEs
Investment Securities
Investment securities	$ 2,289,497		$ 2,289,497		$ 2,215,275
Available-for-sale | One-month LIBOR
Investment Securities
Effective variable rate basis (as a percent)	0.1483%		0.1483%		1.763%
Fair value option
Investment Securities
Fair Value	$ 1,600		$ 1,600
Fair value option | VIE eliminations
Investment Securities
Investment securities	(1,544,384)		(1,544,384)		$ (1,405,037)
Held-to-maturity
Investment Securities
Credit Loss Allowance	6,425		6,425		0
Purchases	6,288		22,408
Principal collections	11,203	35,069	48,554	89,737
Held-to-maturity | Before consolidation of securitization VIEs
Investment Securities
Investment securities	541,296		541,296		570,638
RMBS
Investment Securities
Portion of securities with variable rate	144,500		144,500
RMBS | Available-for-sale
Investment Securities
Principal collections	6,063	7,445	18,626	20,222
Purchase Amortized Cost	127,921		127,921		138,580
Recorded Amortized Cost	127,921		127,921		138,580
Gross Unrealized Gains	42,523		42,523		51,310
Gross Unrealized Losses	(174)		(174)		(314)
Net Fair Value Adjustment	42,349		42,349		50,996
Fair Value	$ 170,270		$ 170,270		189,576
Portion of securities with variable rate					$ 160,900
Portion of securities with variable rate (as a percent)	84.90%		84.90%		84.90%
Cost of third party management	$ 300		$ 1,000	1,100
RMBS | Available-for-sale | LIBOR
Investment Securities
Variable rate, weighted average spread (as a percent)			1.26%		1.24%
RMBS | Available-for-sale | B-
Investment Securities
Weighted Average Coupon (as a percent)	1.50%		1.50%		3.10%
WAL (Years)			5 years 8 months 12 days		5 years 7 months 6 days
RMBS | Available-for-sale | Before consolidation of securitization VIEs
Investment Securities
Investment securities	$ 170,270		$ 170,270		$ 189,576
RMBS | Fair value option
Investment Securities
Purchases	43,083	52,845	257,808	79,117
Sales				41,501
Principal collections	12,132	4,680	32,236	9,772
Portion of securities with variable rate	0		0
RMBS | Fair value option | Before consolidation of securitization VIEs
Investment Securities
Investment securities	373,682		373,682		147,034
CMBS | Fair value option
Investment Securities
Purchases		10,214	7,661	62,427
Sales		49,725	32,316	112,426
Principal collections	8,265	$ 15,859	25,715	$ 37,768
Portion of securities with variable rate	96,900		96,900
CMBS | Fair value option | Non-Controlling Interests
Investment Securities
Investment securities	178,600		178,600		186,600
CMBS | Fair value option | Before consolidation of securitization VIEs
Investment Securities
Investment securities	1,194,191		1,194,191		1,295,363
Equity security | Fair value option | Before consolidation of securitization VIEs
Investment Securities
Investment securities	10,058		10,058		$ 12,664
Infrastructure bonds
Investment Securities
Credit Loss Allowance	$ 2,972		$ 2,972

Investment Securities - AFS and

Investment Securities - AFS and Fair Value Option (Details) $ in Thousands	Sep. 30, 2020USD ($)security	Dec. 31, 2019USD ($)security
Unrealized Losses
Number of securities with unrealized losses | security	2	1
RMBS
Estimated Fair Value
Securities with a loss less than 12 months	$ 412
Securities with a loss greater than 12 months	1,194	$ 1,380
Unrealized Losses
Securities with a loss less than 12 months	(45)
Securities with a loss greater than 12 months	(129)	(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	373,700
Unpaid principal balance of investment securities before consolidation of VIEs	275,800
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	2,700,000
Portion of securities with variable rate	96,900
VIE eliminations
Unrealized Losses
Fair value of investment securities before consolidation of VIEs eliminated against VIE liabilities	$ 23,500

Investment Securities - HTM (De

Investment Securities - HTM (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Jan. 01, 2020	Dec. 31, 2019
HTM Securities
Amortized Cost Basis		$ 547,721		$ 570,638
Credit Loss Allowance	$ (6,425)	(6,425)
Net Carrying Amount		541,296		570,638
Gross Unrealized Holdings Gains		352		2,094
Gross Unrealized Holdings Losses		(28,840)		(4,005)
Fair Value		512,808		568,727
Activity in credit loss allowance for HTM debt securities
Credit loss provision, net	2,295
Credit loss allowance at ending	6,425
HTM preferred equity interests
Less than one year		270,716
One to three years		211,900
Three to five years		21,499
Thereafter		37,181
Total		541,296		570,638
CMBS
HTM Securities
Amortized Cost Basis		338,984		383,473
Net Carrying Amount		338,984		383,473
Gross Unrealized Holdings Gains				946
Gross Unrealized Holdings Losses		(23,277)		(3,001)
Fair Value		315,707		381,418
HTM preferred equity interests
Less than one year		268,084
One to three years		70,900
Total		338,984		383,473
Preferred interests
HTM Securities
Amortized Cost Basis		165,952		142,012
Credit Loss Allowance	(3,453)	(3,453)
Net Carrying Amount		162,499		142,012
Gross Unrealized Holdings Gains				1,148
Gross Unrealized Holdings Losses		(5,550)		(353)
Fair Value		156,949		142,807
Activity in credit loss allowance for HTM debt securities
Credit loss provision, net	2,339
Credit loss allowance at ending	3,453
HTM preferred equity interests
One to three years		141,000
Three to five years		21,499
Total		162,499		142,012
Infrastructure bonds
HTM Securities
Amortized Cost Basis		42,785		45,153
Credit Loss Allowance	(2,972)	(2,972)
Net Carrying Amount		39,813		45,153
Gross Unrealized Holdings Gains		352
Gross Unrealized Holdings Losses		(13)		(651)
Fair Value		40,152		44,502
Activity in credit loss allowance for HTM debt securities
Credit loss provision, net	(44)
Credit loss allowance at ending	$ 2,972
HTM preferred equity interests
Less than one year		2,632
Thereafter		37,181
Total		$ 39,813		$ 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	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2012	Dec. 31, 2019
Residential Real Estate
Fair value of the investment	$ 45,862		$ 26,746
SEREF
Residential Real Estate
Number of shares acquired		9,140,000
Fair value of the investment	$ 10,100		$ 12,700
Ownership percentage	2.00%

Properties (Details)

Properties (Details) $ in Thousands, ft² in Millions	1 Months Ended		3 Months Ended	9 Months Ended		12 Months Ended			24 Months Ended
	Dec. 31, 2017item	Sep. 30, 2017ft²property	Sep. 30, 2019USD ($)item	Sep. 30, 2020USD ($)itemproperty	Sep. 30, 2019USD ($)item	Dec. 31, 2018item	Dec. 31, 2016ft²item	Dec. 31, 2015item	Dec. 31, 2018item	Dec. 31, 2016ft²item	Dec. 31, 2019USD ($)
Summary of properties
Properties, cost				$ 2,489,438							$ 2,490,630
Less: accumulated depreciation				(281,616)							(224,190)
Properties, net				2,207,822							2,266,440
Property Segment
Summary of properties
Land and land improvements				484,722							484,397
Buildings and building improvements				1,689,004							1,687,756
Furniture & fixtures				$ 57,894							52,567
Property Segment | Minimum
Summary of properties
Land and 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 and 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				$ 50,789							54,052
Buildings and building improvements				175,676							182,048
Furniture & fixtures				$ 2,513							2,139
Investing and Servicing Segment | Minimum
Summary of properties
Land and 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 and land improvements, useful life				15 years
Building and building improvements, useful life				40 years
Furniture & fixtures, useful life				5 years
Investing and Servicing Segment | Disposed of by sale
Properties
Gain on sale of property			$ 20,700	$ 7,400	$ 20,700
Investing and Servicing Segment | Disposed of by sale | Non-Controlling Interests
Properties
Gain on sale of property			$ 4,000		$ 4,000
Commercial and Residential Lending Segment
Summary of properties
Land and land improvements				11,416							11,386
Buildings				$ 17,424							$ 16,285
Commercial and Residential Lending Segment | Minimum
Summary of properties
Land and land improvements, useful life				0 years
Building and building improvements, useful life				10 years
Commercial and Residential Lending Segment | Maximum
Summary of properties
Land and land improvements, useful life				10 years
Building and building improvements, useful life				23 years
Woodstar Portfolio
Properties
Number of properties in portfolio investment | item				32						32
Total gross properties and lease intangibles				$ 634,000
Debt				$ 572,200
Number of units acquired | item				8,948
Number of acquired properties closed | item							14	18
Woodstar II Portfolio
Properties
Number of properties in portfolio investment | item				27
Total gross properties and lease intangibles				$ 607,700
Debt				$ 437,000
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			1.9
Total gross properties and lease intangibles				$ 760,100
Debt				591,900
Number of acquired properties closed | item							34
Master Lease Portfolio
Properties
Total gross properties and lease intangibles				343,800
Debt				192,600
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				266,500
Debt				$ 169,200
Number of retail properties acquired | property				15
Number of equity interests in unconsolidated commercial real estate properties | property				1
Number of properties sold | item			1	1	1
Proceeds from sale of operating properties			$ 51,500	$ 24,100	$ 51,500
Gain on sale of property			20,700	$ 7,400	20,700
REIS Equity Portfolio | Non-Controlling Interests
Properties
Gain on sale of property			$ 4,000		$ 4,000
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	1 Months Ended	9 Months Ended		12 Months Ended
	Apr. 30, 2020USD ($)	Sep. 30, 2020USD ($)item	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Investment in Unconsolidated Entities
Equity method, Carrying value		$ 58,522		$ 57,583
Gain on sale of equity method investments	$ 10,300	$ 17,600
Number of publicly traded investments | item		0
Fair value of the investment		$ 45,862		26,746
Investment in unconsolidated entities		104,384		84,329
Capital distribution		2,485	$ 12,455
Cash proceeds	$ 10,300
Equity method investment, ownership percentage sold	37.00%
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		$ 9,382		9,473
Equity interest in a natural gas power plant
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %		10.00%
Equity method, Carrying value		$ 24,664		25,862
Equity interests in commercial real estate
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %		50.00%
Equity method, Carrying value		$ 1,742		1,907
Equity interest in a residential mortgage originator
Investment in Unconsolidated Entities
Equity method, Carrying value		14,139		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		$ 8,595		$ 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 %	2.00%	2.00%		4.00%
Equity method, Carrying value				$ 0
Fair value of the investment		$ 17,584
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		$ 7,659		$ 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		$ 20,619		$ 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	Sep. 30, 2020	Dec. 31, 2019
Intangible Assets
Goodwill	$ 259,846	$ 259,846
Summary of Intangible Assets
Gross Carrying Value	172,021	176,428
Accumulated Amortization	(97,882)	(90,728)
Net Carrying Value	74,139	85,700
In-place lease
Summary of Intangible Assets
Gross Carrying Value	133,244	135,293
Accumulated Amortization	(90,318)	(84,383)
Net Carrying Value	42,926	50,910
Favorable lease
Summary of Intangible Assets
Gross Carrying Value	24,188	24,218
Accumulated Amortization	(7,564)	(6,345)
Net Carrying Value	16,624	17,873
Domestic Servicing Rights
Summary of Intangible Assets
Gross Carrying Value	14,589	16,917
Net Carrying Value	14,589	16,917
Domestic Servicing Rights | Before consolidation of securitization VIEs
Intangible Assets
Servicing rights intangibles	52,800	43,200
Domestic Servicing Rights | VIE eliminations
Intangible Assets
Servicing rights intangibles	38,200	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	9 Months Ended
	Sep. 30, 2020USD ($)
Summary of activity within intangible assets
Balance as of beginning of period	$ 85,700
Amortization	(9,063)
Sales	(170)
Changes in fair value due to changes in inputs and assumptions	(2,328)
Balance as of end of period	74,139
Future rental payments due to us from tenants under existing non-cancellable operating leases
2020 (remainder of)	2,636
2021	9,644
2022	7,862
2023	6,115
2024	4,722
Thereafter	28,571
Total	59,550
In-place lease
Summary of activity within intangible assets
Balance as of beginning of period	50,910
Amortization	(7,814)
Sales	(170)
Balance as of end of period	42,926
Favorable lease
Summary of activity within intangible assets
Balance as of beginning of period	17,873
Amortization	(1,249)
Balance as of end of period	16,624
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	(2,328)
Balance as of end of period	$ 14,589

Secured Borrowings (Details)

Secured Borrowings (Details) $ in Thousands	1 Months Ended				3 Months Ended			9 Months Ended
	Sep. 30, 2020USD ($)	Mar. 31, 2020USD ($)Option	Feb. 29, 2020USD ($)	Jan. 31, 2020	Sep. 30, 2020USD ($)facility	Jun. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)	Aug. 31, 2019USD ($)
Secured Borrowings
Carrying Value	$ 9,615,892				$ 9,615,892			$ 9,615,892		$ 8,906,048
Loss on extinguishment of debt							$ (4,624)	(2,377)	$ (10,738)
Payment of debt								4,221,999	$ 5,549,756
Revolving credit facility
Secured Borrowings
Maximum borrowing capacity	120,000				$ 120,000			$ 120,000
Revolving credit facility | LIBOR
Secured Borrowings
Pricing margin (as a percent)								3.00%
Maturity Extended Credit Facility
Secured Borrowings
Number of facility maturities extended | facility					7
Maximum borrowing capacity	5,100,000				$ 5,100,000			$ 5,100,000
Maturity period					1 year
Extension term					2 years
Commercial Lending Facility
Secured Borrowings
Maximum borrowing capacity	4,600,000				$ 4,600,000			4,600,000
Infrastructure Lending Facility
Secured Borrowings
Maximum borrowing capacity	500,000,000				$ 500,000,000			500,000,000
Woodstar I Portfolio
Secured Borrowings
Pricing margin (as a percent)					2.71%
Maximum Facility Size						$ 217,100
Loss on extinguishment of debt						$ 2,200
Maturity period						10 years
Payment of debt						$ 117,000
Revolving Credit Agreement
Secured Borrowings
Maximum Facility Size	300,000				$ 300,000			300,000
Maximum facility size subject to certain conditions	$ 650,000				$ 650,000			$ 650,000
Residential Financing Facility
Secured Borrowings
Interest rate (as a percent)	3.50%				3.50%			3.50%
Maximum borrowing capacity	$ 250,000				$ 250,000			$ 250,000
Maturity period	2 years
Extension term	3 years
Residential Financing Facility | One-month LIBOR
Secured Borrowings
Basis spread on variable rate (as a percent)	2.75%				2.75%			2.75%
Infrastructure Acquisition Facility
Secured Borrowings
Pricing margin (as a percent)								2.00%
Property Mortgages - Fixed rate
Secured Borrowings
Maturity period								7 years
Collateralized Loan Obligation
Secured Borrowings
Principal Amount											$ 86,600
Debt Instrument Carrying Amount											86,600
Principal amount of notes											1,100,000
Principal amount of notes purchased by third-party investors											936,400
Liquidation preference											$ 77,000
Additional Contribution to CLO								$ 88,100
Term loan facility
Secured Borrowings
Maximum borrowing capacity	$ 396,000				$ 396,000			$ 396,000
Term loan facility | LIBOR
Secured Borrowings
Pricing margin (as a percent)								2.50%
Commercial Loans
Secured Borrowings
Maximum Facility Size	8,700,000				8,700,000			$ 8,700,000
Carrying Value	$ 1,300				$ 1,300			$ 1,300
Maximum borrowing capacity						950,000
Commercial Loans | LIBOR | Weighted-average
Secured Borrowings
Interest rate (as a percent)	2.02%				2.02%			2.02%
Residential Loans
Secured Borrowings
Maximum borrowing capacity						$ 400,000
CMBS/RMBS
Secured Borrowings
Interest rate (as a percent)	3.50%				3.50%			3.50%
Carrying Value	$ 184,200				$ 184,200			$ 184,200
Amount outstanding on a repurchase facility not subject to margin calls	184,200				184,200			184,200
Amount outstanding on repurchase facility	$ 41,300				$ 41,300			$ 41,300
Pro rata share owned by a non-controlling partner in a consolidated joint venture	49.00%				49.00%			49.00%
CMBS/RMBS | LIBOR | Weighted-average
Secured Borrowings
Interest rate (as a percent)	1.57%				1.57%			1.57%
CMBS/RMBS | Certain Facilities
Secured Borrowings
Carrying Value	$ 285,900				$ 285,900			$ 285,900
Rolling maturity period								11 months
Maturity period								12 months
Primary beneficiary
Secured Borrowings
Equity Method Investment, Ownership Percentage				51.00%
Secured Borrowings
Secured Borrowings
Pledged Asset Carrying Value	12,855,019				12,855,019			$ 12,855,019
Maximum Facility Size	17,797,273				17,797,273			17,797,273
Principal Amount	9,702,162				9,702,162			9,702,162		9,000,125
Unamortized net discount	(9,908)				(9,908)			(9,908)		(8,347)
Unamortized deferred financing costs	(76,362)				(76,362)			(76,362)		(85,730)
Carrying Value	9,615,892				9,615,892			9,615,892		8,906,048
Debt Instrument Carrying Amount	9,702,162				9,702,162			9,702,162		9,000,125
Increase in available borrowings		$ 250,000
Secured Borrowings | Revolving credit facility
Secured Borrowings
Equity interests in certain subsidiaries used to secure facilities								3,700,000
Secured Borrowings | Other Secured Financing
Secured Borrowings
Pledged Asset Carrying Value	4,602,579				4,602,579			4,602,579
Maximum Facility Size	7,049,191				7,049,191			7,049,191
Principal Amount	4,153,390				4,153,390			4,153,390		4,390,668
Debt Instrument Carrying Amount	4,153,390				4,153,390			4,153,390		4,390,668
Secured Borrowings | Revolving Credit Agreement
Secured Borrowings
Pledged Asset Carrying Value	50,194				50,194			50,194
Maximum Facility Size	650,000				650,000			650,000
Principal Amount	37,594				37,594			37,594		198,955
Debt Instrument Carrying Amount	37,594				37,594			$ 37,594		198,955
Secured Borrowings | Revolving Credit Agreement | LIBOR
Secured Borrowings
Pricing margin (as a percent)								2.25%
Secured Borrowings | Commercial Financing Facility
Secured Borrowings
Pledged Asset Carrying Value	95,077				95,077			$ 95,077
Maximum Facility Size	76,721				76,721			76,721
Principal Amount	76,721				76,721			76,721
Maturity period		2 years
Debt Instrument Carrying Amount	$ 76,721				$ 76,721			$ 76,721
Number of extension options | Option		3
Extended term / option		1 year
Secured Borrowings | Commercial Financing Facility | LIBOR
Secured Borrowings
Pricing margin (as a percent)								1.75%
Secured Borrowings | Commercial Financing Facility | GBP LIBOR
Secured Borrowings
Pricing margin (as a percent)		1.75%
Secured Borrowings | Residential Financing Facility
Secured Borrowings
Interest rate (as a percent)	3.50%				3.50%			3.50%
Maximum Facility Size	$ 250,000				$ 250,000			$ 250,000
Secured Borrowings | Infrastructure Acquisition Facility
Secured Borrowings
Pledged Asset Carrying Value	710,572				710,572			710,572
Maximum Facility Size	701,370				701,370			701,370
Principal Amount	572,382				572,382			572,382		603,642
Debt Instrument Carrying Amount	572,382				572,382			572,382		603,642
Secured Borrowings | Infrastructure Financing Facilities
Secured Borrowings
Pledged Asset Carrying Value	583,319				583,319			583,319
Maximum Facility Size	1,250,000				1,250,000			1,250,000
Principal Amount	464,487				464,487			464,487		428,206
Maximum borrowing capacity		$ 750,000
Debt Instrument Carrying Amount	$ 464,487				$ 464,487			$ 464,487		428,206
Secured Borrowings | Infrastructure Financing Facilities | LIBOR
Secured Borrowings
Pricing margin (as a percent)								2.11%
Secured Borrowings | Property Mortgages - Fixed rate
Secured Borrowings
Interest rate (as a percent)	4.00%				4.00%			4.00%
Pledged Asset Carrying Value	$ 1,288,513				$ 1,288,513			$ 1,288,513
Maximum Facility Size	1,077,800				1,077,800			1,077,800
Principal Amount	1,077,800				1,077,800			1,077,800		1,196,492
Debt Instrument Carrying Amount	1,077,800				1,077,800			1,077,800		1,196,492
Secured Borrowings | Property Mortgages - Variable rate
Secured Borrowings
Pledged Asset Carrying Value	926,495				926,495			926,495
Maximum Facility Size	927,300				927,300			927,300
Principal Amount	908,906				908,906			908,906		696,503
Debt Instrument Carrying Amount	908,906				908,906			$ 908,906		696,503
Secured Borrowings | Property Mortgages - Variable rate | LIBOR
Secured Borrowings
Pricing margin (as a percent)								2.63%
Secured Borrowings | Term Loan and Revolver
Secured Borrowings
Maximum Facility Size	516,000				516,000			$ 516,000
Principal Amount	396,000				396,000			396,000		399,000
Debt Instrument Carrying Amount	$ 396,000				$ 396,000			$ 396,000		399,000
Secured Borrowings | FHLB
Secured Borrowings
Interest rate (as a percent)	1.99%				1.99%			1.99%
Pledged Asset Carrying Value	$ 948,409				$ 948,409			$ 948,409
Maximum Facility Size	1,600,000				1,600,000			1,600,000
Principal Amount	619,500				619,500			619,500		867,870
Debt Instrument Carrying Amount	619,500				619,500			619,500		867,870
Secured Borrowings | Collateralized Loan Obligation
Secured Borrowings
Maximum borrowing capacity		$ 2,000,000
Additional extension term		4 years
Secured Borrowings | First Mortgage And Mezzanine
Secured Borrowings
Principal Amount	600,000				600,000			600,000
Debt Instrument Carrying Amount	$ 600,000				$ 600,000			$ 600,000
Secured Borrowings | First Mortgage And Mezzanine | LIBOR
Secured Borrowings
Interest rate (as a percent)	3.34%				3.34%			3.34%
Secured Borrowings | First Mortgage And Mezzanine | LIBOR | Weighted-average
Secured Borrowings
Pricing margin (as a percent)								2.07%
Secured Borrowings | Repurchase Agreements
Secured Borrowings
Pledged Asset Carrying Value	$ 8,252,440				$ 8,252,440			$ 8,252,440
Maximum Facility Size	10,748,082				10,748,082			10,748,082
Principal Amount	5,548,772				5,548,772			5,548,772		4,609,457
Debt Instrument Carrying Amount	5,548,772				5,548,772			5,548,772		4,609,457
Secured Borrowings | Commercial Loans
Secured Borrowings
Pledged Asset Carrying Value	6,643,722				6,643,722			6,643,722
Maximum Facility Size	8,747,538				8,747,538			8,747,538
Principal Amount	4,556,665				4,556,665			4,556,665		3,640,620
Maximum borrowing capacity			$ 1,800,000
Debt Instrument Carrying Amount	4,556,665				4,556,665			4,556,665		3,640,620
Increase in available borrowings			$ 200,000
Secured Borrowings | Residential Loans
Secured Borrowings
Pledged Asset Carrying Value	37,046				37,046			37,046
Maximum Facility Size	400,000				400,000			400,000
Principal Amount	23,866				23,866			23,866		11,835
Debt Instrument Carrying Amount	23,866				23,866			$ 23,866		11,835
Secured Borrowings | Residential Loans | LIBOR
Secured Borrowings
Pricing margin (as a percent)								2.64%
Secured Borrowings | Infrastructure Loans
Secured Borrowings
Pledged Asset Carrying Value	244,862				244,862			$ 244,862
Maximum Facility Size	500,000				500,000			500,000
Principal Amount	206,288				206,288			206,288		188,198
Debt Instrument Carrying Amount	206,288				206,288			$ 206,288		188,198
Secured Borrowings | Infrastructure Loans | LIBOR
Secured Borrowings
Pricing margin (as a percent)								2.00%
Secured Borrowings | Conduit Loans
Secured Borrowings
Pledged Asset Carrying Value	171,497				171,497			$ 171,497
Maximum Facility Size	350,000				350,000			350,000
Principal Amount	127,162				127,162			127,162		86,575
Debt Instrument Carrying Amount	127,162				127,162			$ 127,162		86,575
Secured Borrowings | Conduit Loans | LIBOR
Secured Borrowings
Pricing margin (as a percent)								1.93%
Secured Borrowings | CMBS/RMBS
Secured Borrowings
Pledged Asset Carrying Value	1,155,313				1,155,313			$ 1,155,313
Maximum Facility Size	750,544				750,544			750,544
Principal Amount	634,791				634,791			634,791		682,229
Maturity period				12 months
Debt Instrument Carrying Amount	$ 634,791				$ 634,791			$ 634,791		$ 682,229
Secured Borrowings | CMBS/RMBS | One-month LIBOR | Minimum
Secured Borrowings
Pricing margin (as a percent)				1.35%
Secured Borrowings | CMBS/RMBS | One-month LIBOR | Maximum
Secured Borrowings
Pricing margin (as a percent)				1.85%
Repurchase Agreements | Collateralized Loan Obligation
Secured Borrowings
Maximum borrowing capacity		$ 500,000

Secured Borrowings - Repurchase

Secured Borrowings - Repurchase Agreements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Secured Borrowings
Secured Borrowings
Amortization of deferred financing costs	$ 9.5	$ 8.1	$ 27.3	$ 24.9
Repurchase Agreements
Secured Borrowings
Percentage of repurchase agreements for which margin calls are limited to collateral specific credit marks	75.00%		75.00%
Percentage of repurchase agreements containing margin call provisions for general capital market activity	25.00%		25.00%
Percentage of repurchase agreements containing margin call provisions that pertain to loans held-for-sale	17.00%		17.00%

Secured Borrowings- Collaterali

Secured Borrowings- Collateralized Loan Obligations (Details) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Aug. 31, 2020USD ($)	Sep. 30, 2020USD ($)item	Sep. 30, 2020USD ($)item	Dec. 31, 2019USD ($)item	Aug. 31, 2019USD ($)
Summary of CLO
Carrying value		$ 929,931	$ 929,931	$ 928,060
LIBOR | Collateral assets
Summary of CLO
Spread (as a percent)			3.83%	3.34%
LIBOR | Financing
Summary of CLO
Spread (as a percent)			1.64%	1.65%
Collateralized Loan Obligation
Summary of CLO
Amount issued					$ 1,100,000
Principal Amount					86,600
Liquidation preference					$ 77,000
Incurred debt issuance costs	$ 9,200
Amortization of deferred financing costs		700	$ 1,900
Deferred financing costs, net of amortization		$ 6,400	$ 6,400	$ 8,300
Collateralized Loan Obligation | Collateral assets
Summary of CLO
Count | item		24	24	20
Amount issued		$ 1,099,672	$ 1,099,672	$ 1,073,504
Carrying value		$ 1,099,558	$ 1,099,558	$ 1,073,504
Percentage of loans earning a fixed rate			9.00%
Fixed weighted average interest		6.84%	6.84%
Collateralized Loan Obligation | Financing
Summary of CLO
Count | item		1	1	1
Amount issued		$ 936,375	$ 936,375	$ 936,375
Carrying value		$ 929,931	$ 929,931	$ 928,060

Secured Borrowings - Principal

Secured Borrowings - Principal Repayments (Details) $ in Thousands	Sep. 30, 2020USD ($)
Collateralized Loan Obligation
Repayment of secured financings
Thereafter	$ 936,375
Total	936,375
Secured Borrowings
Repayment of secured financings
2020 (remainder of)	391,571
2021	1,546,297
2022	1,912,033
2023	1,814,813
2024	1,079,443
Thereafter	3,894,380
Total	10,638,537
Repurchase Agreements
Repayment of secured financings
2020 (remainder of)	80,429
2021	764,290
2022	1,364,073
2023	1,108,155
2024	843,591
Thereafter	1,388,234
Total	5,548,772
Other Secured Financing
Repayment of secured financings
2020 (remainder of)	311,142
2021	782,007
2022	547,960
2023	706,658
2024	235,852
Thereafter	1,569,771
Total	$ 4,153,390

Unsecured Senior Notes (Details

Unsecured Senior Notes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Unsecured Senior Notes
Interest expense	$ 95,981,000	$ 123,156,000	$ 317,499,000	$ 387,954,000
Principal amount of notes, basis for conversion	$ 1,000		$ 1,000
Closing share price (in dollars per share)	$ 15.09		$ 15.09
2021 Senior Notes 3.63%
Unsecured Senior Notes
Coupon Rate (as a percent)	3.63%		3.63%
Effective Rate (as a percent)	3.89%		3.89%
Remaining Period of Amortization			3 months 18 days
Principal Amount	$ 500,000,000		$ 500,000,000		$ 500,000,000
2021 Senior Notes 3.63% | LIBOR
Unsecured Senior Notes
Pricing margin (as a percent)			1.28%
2021 Senior Notes 5.00%
Unsecured Senior Notes
Coupon Rate (as a percent)	5.00%		5.00%
Effective Rate (as a percent)	5.32%		5.32%
Remaining Period of Amortization			1 year 2 months 12 days
Principal Amount	$ 700,000,000		$ 700,000,000		700,000,000
2023 Notes
Unsecured Senior Notes
Coupon Rate (as a percent)	4.38%		4.38%
Effective Rate (as a percent)	4.86%		4.86%
Remaining Period of Amortization			2 years 6 months
Principal Amount	$ 250,000,000		$ 250,000,000		250,000,000
Conversion Rate			38.5959
Conversion price (in dollars per share)	$ 25.91		$ 25.91
Closing share price (in dollars per share)	$ 15.09		$ 15.09
If-converted value	$ 145,600,000		$ 145,600,000
Amount by which if-converted value of the Notes are less than principal amount			$ 104,400,000
2025 Senior Notes
Unsecured Senior Notes
Coupon Rate (as a percent)	4.75%		4.75%
Effective Rate (as a percent)	5.04%		5.04%
Remaining Period of Amortization			4 years 6 months
Principal Amount	$ 500,000,000		$ 500,000,000		500,000,000
2025 Senior Notes | LIBOR
Unsecured Senior Notes
Pricing margin (as a percent)			2.53%
Principal Amount	470,000,000		$ 470,000,000
Unsecured Senior Notes
Unsecured Senior Notes
Principal Amount	1,950,000,000		1,950,000,000		1,950,000,000
Unamortized deferred financing costs	(3,829,000)		(3,829,000)		(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		3,755,000
Carrying amount of debt components	1,934,555,000		1,934,555,000		1,928,622,000
Convertible Senior Notes
Unsecured Senior Notes
Unamortized discount	(2,826,000)		(2,826,000)		(3,610,000)
Interest expense	3,100,000	$ 3,100,000	9,200,000	$ 9,300,000
Senior Notes
Unsecured Senior Notes
Unamortized discount	$ (8,790,000)		$ (8,790,000)		$ (12,144,000)

Loan Securitization_Sale Acti_3

Loan Securitization/Sale Activities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Investing and Servicing Segment | Loans held-for-sale, commercial
Loan Transfer Activities
Face Amount	$ 151,295	$ 262,528	$ 487,130	$ 787,160
Proceeds	157,497	274,714	509,890	826,932
Investing and Servicing Segment | Loans held-for-sale, residential
Loan Transfer Activities
Face Amount	478,911	545,976	1,443,691	886,187
Proceeds	499,321	569,590	1,487,761	921,602
Commercial and Residential Lending Segment
Loan Transfers Accounted for as Secured Borrowings
Net gains (losses) on the sale of loan qualifying for sales treatment		500	1,000	3,500
Commercial and Residential Lending Segment | Loans held-for-sale, commercial
Loan Transfers Accounted for as Sales
Face Amount		53,288	399,132	554,710
Proceeds	0	53,249	396,078	551,700
Commercial and Residential Lending Segment | Loans held-for-sale, residential
Loan Transfers Accounted for as Sales
Face Amount		1,684	550	25,526
Proceeds		1,743	604	26,260
Infrastructure Lending Segment
Loan Transfer Activities
Face Amount	0	47,300	38,700	404,100
Proceeds		47,000	38,400	393,300
Loan Transfers Accounted for as Secured Borrowings
Net gains (losses) on the sale of loan qualifying for sales treatment		$ 0	300	3,100
Cash consideration				3,100
Decrease in fair value within loss on derivative financial instruments				$ 2,700
First Mortgage Loans
Loan Transfers Accounted for as Sales
Face Amount	230,900		168,200
Proceeds	$ 224,100		$ 172,000

Derivatives and Hedging Activ_3

Derivatives and Hedging Activity - Designated and Non-Designated Hedges (Details) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands	Sep. 30, 2020EUR (€)item	Sep. 30, 2020GBP (£)item	Sep. 30, 2020AUD ($)item	Sep. 30, 2020USD ($)item
Derivatives
Number of contracts	513	513	513	513
Foreign exchange contracts | EUR | Long
Derivatives
Number of contracts	1	1	1	1
Aggregate notional amount | €	€ 1,915
Foreign exchange contracts | EUR | Short
Derivatives
Number of contracts	289	289	289	289
Aggregate notional amount | €	€ 250,530
Foreign exchange contracts | AUD | Short
Derivatives
Number of contracts	13	13	13	13
Aggregate notional amount | $			$ 126,546
Foreign exchange contracts | GBP | Short
Derivatives
Number of contracts	120	120	120	120
Aggregate notional amount | £		£ 373,948
Interest rate swaps - Paying fixed rates | USD
Derivatives
Number of contracts	56	56	56	56
Aggregate notional amount | $				$ 1,755,593
Interest rate swaps - Receiving fixed rates | USD
Derivatives
Number of contracts	2	2	2	2
Aggregate notional amount | $				$ 970,000
Interest Rate Swap Guarantees | USD
Derivatives
Number of contracts	6	6	6	6
Aggregate notional amount | $				$ 383,080
Interest rate caps | USD
Derivatives
Number of contracts	22	22	22	22
Aggregate notional amount | $				$ 951,462
Credit spread instrument | USD
Derivatives
Number of contracts	4	4	4	4
Aggregate notional amount | $				$ 69,000

Derivatives and Hedging Activ_4

Derivatives and Hedging Activity - Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	$ 64,825	$ 28,943
Fair Value of Derivatives in a Liability Position	13,452	8,740
Interest rate swaps | Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	38,479	14,385
Fair Value of Derivatives in a Liability Position	3,097
Interest Rate Swap Guarantees | Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in a Liability Position	958	614
Foreign exchange contracts | Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	25,805	14,558
Fair Value of Derivatives in a Liability Position	9,397	7,834
Credit spread instrument | Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	$ 541
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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivatives
(Loss) gain on derivative financial instruments, net	$ (28,097)	$ 21,933	$ (34,485)	$ 19,694
Interest rate swaps
Derivatives
(Loss) gain on derivative financial instruments, net	259	(7,898)	(52,129)	(21,733)
Interest rate swap guarantees
Derivatives
(Loss) gain on derivative financial instruments, net	260	(468)	(345)	(3,640)
Foreign exchange contracts
Derivatives
(Loss) gain on derivative financial instruments, net	(28,514)	30,426	17,644	46,116
Credit spread instrument
Derivatives
(Loss) gain on derivative financial instruments, net	$ (102)	$ (127)	$ 345	$ (1,049)

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Net Amounts of Assets Presented in the Statement of Financial Position	$ 64,825	$ 28,943
Liabilities
Gross Amounts of Recognized Liabilities	5,562,224	4,618,197
Net Amounts of Liabilities Presented in the Statement of Financial Position	5,562,224	4,618,197
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	5,558,169	4,614,769
Cash Collateral Pledged	3,097	292
Net Amount	958	3,136
Derivatives
Assets
Gross Amounts of Recognized Assets	64,825	28,943
Net Amounts of Assets Presented in the Statement of Financial Position	64,825	28,943
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	9,397	5,312
Cash Collateral Received	39,842	14,208
Net Amount	15,586	9,423
Liabilities
Gross Amounts of Recognized Liabilities	13,452	8,740
Net Amounts of Liabilities Presented in the Statement of Financial Position	13,452	8,740
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	9,397	5,312
Cash Collateral Pledged	3,097	292
Net Amount	958	3,136
Repurchase Agreements
Liabilities
Gross Amounts of Recognized Liabilities	5,548,772	4,609,457
Net Amounts of Liabilities Presented in the Statement of Financial Position	5,548,772	4,609,457
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	$ 5,548,772	$ 4,609,457

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Consolidated CLO (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Variable interest entities
Liabilities	$ 75,731,946	$ 72,905,322
Total Assets	80,617,639	78,042,336
Primary beneficiary
Variable interest entities
Liabilities	62,876,265	60,743,494
Total Assets	64,477,475	62,187,175
Collateralized Loan Obligation | Primary beneficiary
Variable interest entities
Loans held-for-investment, net	1,099,558	1,073,504
Accounts payable, accrued expenses and other liabilities	621	1,362
Collateralized loan obligations, net	929,931	928,060
Accrued interest receivable	3,082	3,129
Other assets	328	26,496
Liabilities	930,552	929,422
Total Assets	$ 1,102,968	$ 1,103,129

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Sep. 30, 2020USD ($)item	Jan. 31, 2020	Dec. 31, 2019USD ($)
Variable interest entities
Total Assets	$ 80,617,639		$ 78,042,336
Total Liabilities	$ 75,731,946		72,905,322
Number of collateralized debt obligation | item	0
Investment in unconsolidated entities	$ 104,384		84,329
Primary beneficiary
Variable interest entities
Total Assets	64,477,475		62,187,175
Total Liabilities	62,876,265		$ 60,743,494
Equity interest		51.00%
Primary beneficiary | ASU 2015-02
Variable interest entities
Total Assets	97,300
Total Liabilities	53,800
Primary beneficiary | CMBS Venture Holdings
Variable interest entities
Total Assets	332,400
Total Liabilities	84,800
Equity interest			51.00%
Primary beneficiary | SPT Dolphin | ASU 2015-02
Variable interest entities
Total Assets	676,500
Total Liabilities	$ 446,800
Not primary beneficiary
Variable interest entities
Number of CDO structures currently in default | item	5
Maximum risk of loss related to VIEs, on fair value basis	$ 23,500
Not primary beneficiary | ASU 2015-02 | Measurement Period Adjustments
Variable interest entities
Investment in unconsolidated entities	21,800
Not primary beneficiary | Securitization SPEs
Variable interest entities
Debt obligations to beneficial interest holders, unpaid principal balances	$ 4,100,000

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($) $ in Millions	1 Months Ended				3 Months Ended		9 Months Ended
	Apr. 30, 2020	Sep. 30, 2019	Apr. 30, 2018	Mar. 31, 2017	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Related-Party Transactions
Base management fee payable					$ 19.2		$ 19.2		$ 19.3
Granted (in shares)							1,014,753
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					3.4	$ 8.8	$ 12	$ 15.2
Manager
Related-Party Transactions
Base management fee incurred	$ 19.1				19.2	19.2	57.4	57.7
Base management fee in shares of common stock	1,422,143
Incentive fee incurred					0	1.8	15.8	2
Incentive fees payable					0		0		18.1
Executive compensation and other reimbursable expenses					1.5	$ 1.9	5.2	$ 5.8
Executive compensation and other reimbursable expense payable					$ 2.9		$ 2.9		$ 3.5
Manager | Restricted stock units
Related-Party Transactions
Granted (in shares)					0	0	341,635	182,861
Grant date fair value							$ 3.9	$ 4.1
Award vesting period							3 years
Share-based compensation expense, before tax					$ 0.1	$ 1.2	$ 2.5	$ 3

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		9 Months Ended
	Mar. 31, 2020ft²$ / ft²	Feb. 29, 2020USD ($)Option	Jan. 31, 2020USD ($)	Jan. 31, 2020EUR (€)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)property	Sep. 30, 2019USD ($)	Apr. 30, 2020USD ($)
Related-Party Transactions
Acquisitions and originations of mortgage financing							$ 4,168,949	$ 5,607,829
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
Residential mortgage originator
Related-Party Transactions
Subordinated loan to a residential mortgage					$ 4,500		$ 4,500
Highmark Residential
Related-Party Transactions
Number of additional properties under management | property							32
Payments to related party					400	$ 400	$ 1,400	$ 1,100
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
Partial repayment on a first mortgage and mezzanine loan received					245,000
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
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					$ 57,600		$ 185,000

Stockholders' Equity and Non-_3

Stockholders' Equity and Non-Controlling Interests (Details) $ / shares in Units, $ in Thousands	Sep. 16, 2020$ / shares	Jun. 16, 2020$ / shares	Feb. 25, 2020$ / shares	Feb. 29, 2020USD ($)	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2019USD ($)$ / shares	Sep. 30, 2020USD ($)item$ / sharesshares	Sep. 30, 2019USD ($)$ / sharesshares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018shares
Stockholders' Equity
Dividend declared (in dollars per share) | $ / shares	$ 0.48	$ 0.48	$ 0.48		$ 0.48	$ 0.48	$ 1.44	$ 1.44
Value of common stock issued to settle redemption							$ 400
Value settled for cash							100
Cash amount settled							$ 1,300
Shares issued under ATM Agreement | shares							0	0
Authorized amount of share repurchases				$ 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					$ 12,900	$ 9,605	$ 26,705	$ 21,160
Class A Units
Stockholders' Equity
Number of units outstanding | shares					10,500,000		10,500,000
Value of shares issued to settle redemption							$ 500
CMBS JV
Stockholders' Equity
Non-controlling interest					$ 127,800		127,800		$ 175,600
CMBS JV | Joint Venture Partner
Stockholders' Equity
Equity Method Investment, Ownership Percentage									49.00%
Woodstar II Portfolio | Class A Units
Stockholders' Equity
Net income attributable to non-controlling interests					5,100	$ 5,200	$ 15,300	$ 16,300
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			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							225,400,000		235,900,000
Woodstar II Portfolio | CMBS JV | Class A Units
Stockholders' Equity
Net income attributable to non-controlling interests					$ 6,800		$ 7,600

Stockholders' Equity and Non-_4

Stockholders' Equity and Non-Controlling Interests - Equity Incentive Plans (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended
	Sep. 30, 2019	Apr. 30, 2018	Mar. 31, 2017	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	May 31, 2017
Equity Incentive Plans
Granted (in shares)						1,014,753
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		6,500,000
Starwood Property Trust, Inc. Equity Plan
Equity Incentive Plans
Granted (in shares)						1,014,753
Starwood Property Trust, Inc. Manager Equity Plan | Restricted stock units
Equity Incentive Plans
Share-based compensation expense, before tax				$ 3,400	$ 8,800	$ 12,000	$ 15,200
Granted (in shares)	1,200,000	775,000	1,000,000
Awards granted, fair value	$ 29,484	$ 16,329	$ 22,240
Award vesting period		3 years

Stockholders' Equity and Non-_5

Stockholders' Equity and Non-Controlling Interests - Non-Vested Shares (Details)	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	2,718,767
Granted (in shares)	1,014,753
Vested (in shares)	(1,163,086)
Forfeited (in shares)	(20,960)
Balance at the end of the period (in shares)	2,549,474
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	10.98
Vested (in dollars per share) | $ / shares	22.50
Forfeited (in dollars per share) | $ / shares	14.23
Balance at the end of period (in dollars per share) | $ / shares	$ 18.23
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)	1,014,753
Vested (in shares)	(640,727)
Forfeited (in shares)	(20,960)
Balance at the end of the period (in shares)	1,766,236
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)	(522,359)
Balance at the end of the period (in shares)	783,238

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Continuing Operations:
Basic - Income attributable to STWD common stockholders	$ 151,834	$ 140,396	$ 224,721	$ 337,795
Less: Income attributable to participating shares not already deducted as non-controlling interests	(1,721)	(1,205)	(3,422)	(2,779)
Basic earnings	150,113	139,191	221,299	335,016
Continuing Operations:
Basic - Income attributable to STWD common stockholders	151,834	140,396	224,721	337,795
Less: Income attributable to participating shares not already deducted as non-controlling interests	(1,721)	(1,205)	(3,422)	(2,779)
Add: Undistributed earnings to participating shares	663	188
Less: Undistributed earnings reallocated to participating shares	(642)	(182)
Diluted earnings	$ 153,189	$ 142,268	$ 221,299	$ 344,322
Number of Shares:
Basic - Average shares outstanding	282,596	279,992	281,686	278,934
Effect of dilutive securities - Convertible Notes (in shares)	9,649	9,649		9,857
Effect of dilutive securities - Contingently issuable shares (in shares)		38		38
Effect of dilutive securities - Unvested non-participating shares	213	233	182	192
Diluted - Average shares outstanding	292,458	289,912	281,868	289,021
Basic:
Basic (in dollars per share)	$ 0.53	$ 0.50	$ 0.79	$ 1.20
Diluted:
Diluted (in dollars per share)	$ 0.52	$ 0.49	$ 0.79	$ 1.19
Convertible Senior Notes
Continuing Operations:
Add: Interest expense on Convertible Notes	$ 3,055	$ 3,071		$ 9,306

Earnings per Share - Dilutive a

Earnings per Share - Dilutive and Antidilutive securities (Details) shares in Millions, item in Millions	9 Months Ended
	Sep. 30, 2020itemshares	Sep. 30, 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	10.5	10.9
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	12.8	13.4

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Changes in AOCI by component
Beginning balance	$ 42,866	$ 57,124	$ 50,932	$ 58,660
OCI before reclassifications	(581)	(4,688)	(8,647)	(6,224)
Amounts reclassified from AOCI		(59)		(59)
Net period OCI	(581)	(4,747)	(8,647)	(6,283)
Ending balance	42,285	52,377	42,285	52,377
Cumulative Unrealized Gain (Loss) on Available-for-Sale Securities
Changes in AOCI by component
Beginning balance	42,930	53,049	50,996	53,515
OCI before reclassifications	(581)	(520)	(8,647)	(986)
Amounts reclassified from AOCI		(59)		(59)
Net period OCI	(581)	(579)	(8,647)	(1,045)
Ending balance	42,349	52,470	42,349	52,470
Foreign Currency Translation
Changes in AOCI by component
Beginning balance	(64)	4,075	(64)	5,145
OCI before reclassifications		(4,168)		(5,238)
Net period OCI		(4,168)		(5,238)
Ending balance	$ (64)	$ (93)	$ (64)	$ (93)

Fair Value - Financial Assets a

Fair Value - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets and liabilities measured at fair value
Permitted reinvestment under static investment in VIEs	$ 0
Marketable securities	745,113	$ 810,238
Domestic servicing rights	14,589	16,917
Derivative assets	64,825	28,943
Total Assets	80,617,639	78,042,336
Total Liabilities	75,731,946	72,905,322
Derivative liabilities	13,452	8,740
Fair value measurements on recurring basis
Assets and liabilities measured at fair value
Derivative assets	64,825	28,943
Total Assets	66,029,786	63,908,829
Derivative liabilities	13,452	8,740
Total Liabilities	62,889,717	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	1,269,080	1,436,194
Fair value measurements on recurring basis | RMBS
Assets and liabilities measured at fair value
Available-for-sale securities	170,270	189,576
Fair value measurements on recurring basis | CMBS
Assets and liabilities measured at fair value
Available-for-sale securities	23,489	37,360
Fair value measurements on recurring basis | Equity security
Assets and liabilities measured at fair value
Marketable securities	10,058	12,664
Fair value measurements on recurring basis | Domestic Servicing Rights
Assets and liabilities measured at fair value
Domestic servicing rights	14,589	16,917
Fair value measurements on recurring basis | Level I
Assets and liabilities measured at fair value
Total Assets	10,058	12,664
Fair value measurements on recurring basis | Level I | Equity security
Assets and liabilities measured at fair value
Marketable securities	10,058	12,664
Fair value measurements on recurring basis | Level II
Assets and liabilities measured at fair value
Derivative assets	64,825	28,943
Total Assets	66,465	41,295
Derivative liabilities	13,452	8,740
Total Liabilities	60,574,411	58,214,842
Fair value measurements on recurring basis | Level II | CMBS
Assets and liabilities measured at fair value
Available-for-sale securities	1,640	12,352
Fair value measurements on recurring basis | Level III
Assets and liabilities measured at fair value
Total Assets	65,953,263	63,854,870
Total Liabilities	2,315,306	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	1,269,080	1,436,194
Fair value measurements on recurring basis | Level III | RMBS
Assets and liabilities measured at fair value
Available-for-sale securities	170,270	189,576
Fair value measurements on recurring basis | Level III | CMBS
Assets and liabilities measured at fair value
Available-for-sale securities	21,849	25,008
Fair value measurements on recurring basis | Level III | Domestic Servicing Rights
Assets and liabilities measured at fair value
Domestic servicing rights	14,589	16,917
Primary beneficiary
Assets and liabilities measured at fair value
Total Assets	64,477,475	62,187,175
Total Liabilities	62,876,265	60,743,494
Primary beneficiary | Fair value measurements on recurring basis | VIE Assets
Assets and liabilities measured at fair value
Total Assets	64,477,475	62,187,175
Primary beneficiary | Fair value measurements on recurring basis | VIE liabilities
Assets and liabilities measured at fair value
Total Liabilities	62,876,265	60,743,494
Primary beneficiary | Fair value measurements on recurring basis | Level II | VIE liabilities
Assets and liabilities measured at fair value
Total Liabilities	60,560,959	58,206,102
Primary beneficiary | Fair value measurements on recurring basis | Level III | VIE Assets
Assets and liabilities measured at fair value
Total Assets	64,477,475	62,187,175
Primary beneficiary | Fair value measurements on recurring basis | Level III | VIE liabilities
Assets and liabilities measured at fair value
Total Liabilities	$ 2,315,306	$ 2,537,392

Fair Value - Level III (Details

Fair Value - Level III (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Total realized and unrealized gains (losses):
Included in earnings: Net accretion			$ 9,362	$ 10,338
Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	$ 63,150,598	$ 56,920,033	61,317,478	52,931,064
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	(171,175)	(320,649)	(1,101,983)	156,382
Included in earnings: Net accretion	2,633	2,446	7,967	7,484
Included in OCI	(581)	(578)	(8,647)	(1,044)
Purchases / Originations	1,013,158	1,128,718	1,900,738	2,780,952
Sales	(656,818)	(846,047)	(2,006,195)	(1,778,772)
Issuances		(22,958)	(24,376)	(81,681)
Cash repayments / receipts	(49,862)	(56,358)	(178,289)	(133,523)
Transfers into Level III	(485,332)	(122,911)	(1,242,539)	(1,369,155)
Transfers out of Level III	322,888	93,914	1,455,093	524,733
Consolidations of VIEs	512,300	1,914,330	3,518,562	5,910,615
Deconsolidations of VIEs	148	(38,016)	148	(295,131)
Balance at the end of the period	63,637,957	58,651,924	63,637,957	58,651,924
Amount of total (losses) gains included in earnings attributable to assets still held at period end	(212,649)	(346,232)	(1,093,344)	103,833
Amount of total (losses) gains included in OCI attributable to assets still held at period end	(581)		(8,647)
Level III | Loans held-for-sale
Changes in financial assets classified as Level III
Balance at the beginning of the period	894,613	1,372,398	1,436,194	671,282
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	61,384	32,512	79,700	65,669
Purchases / Originations	1,013,158	1,123,553	1,900,738	2,775,787
Sales	(656,818)	(846,047)	(1,998,255)	(1,774,794)
Cash repayments / receipts	(43,257)	(33,054)	(149,297)	(88,582)
Transfers out of Level III		(225,813)		(225,813)
Balance at the end of the period	1,269,080	1,423,549	1,269,080	1,423,549
Amount of total (losses) gains included in earnings attributable to assets still held at period end	8,864	4,537	8,551	6,775
Level III | RMBS
Changes in financial assets classified as Level III
Balance at the beginning of the period	174,281	200,874	189,576	209,079
Total realized and unrealized gains (losses):
Included in earnings: Net accretion	2,633	2,446	7,967	7,484
Included in OCI	(581)	(578)	(8,647)	(1,044)
Cash repayments / receipts	(6,063)	(7,445)	(18,626)	(20,222)
Balance at the end of the period	170,270	195,297	170,270	195,297
Amount of total (losses) gains included in earnings attributable to assets still held at period end	2,633	2,390	7,967	7,397
Amount of total (losses) gains included in OCI attributable to assets still held at period end	(581)		(8,647)
Level III | CMBS
Changes in financial assets classified as Level III
Balance at the beginning of the period	21,891	34,283	25,008	25,228
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	(56)	432	5,331	1,153
Purchases / Originations		5,165		5,165
Sales			(7,940)	(3,978)
Cash repayments / receipts	(213)	(3,343)	(777)	(8,933)
Transfers into Level III				5,350
Deconsolidations of VIEs	227	(657)	227	11,895
Balance at the end of the period	21,849	35,880	21,849	35,880
Amount of total (losses) gains included in earnings attributable to assets still held at period end	(56)	434	(1,055)	101
Level III | Domestic Servicing Rights
Changes in financial assets classified as Level III
Balance at the beginning of the period	13,955	18,874	16,917	20,557
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	634	(625)	(2,328)	(2,308)
Balance at the end of the period	14,589	18,249	14,589	18,249
Amount of total (losses) gains included in earnings attributable to assets still held at period end	634	(625)	(2,328)	(2,308)
Level III | VIE Assets
Changes in financial assets classified as Level III
Balance at the beginning of the period	64,175,387	57,667,606	62,187,175	53,446,364
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	(202,560)	(380,973)	(1,291,705)	39,961
Consolidations of VIEs	512,300	1,999,780	3,589,657	6,103,915
Deconsolidations of VIEs	(7,652)	(37,359)	(7,652)	(341,186)
Balance at the end of the period	64,477,475	59,249,054	64,477,475	59,249,054
Amount of total (losses) gains included in earnings attributable to assets still held at period end	(194,147)	(380,973)	(1,213,498)	39,961
Level III | VIE liabilities
Changes in financial assets classified as Level III
Balance at the beginning of the period	(2,129,529)	(2,374,002)	(2,537,392)	(1,441,446)
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	(30,577)	28,005	107,019	51,907
Issuances		(22,958)	(24,376)	(81,681)
Cash repayments / receipts	(329)	(12,516)	(9,589)	(15,786)
Transfers into Level III	(485,332)	(122,911)	(1,242,539)	(1,374,505)
Transfers out of Level III	322,888	319,727	1,455,093	750,546
Consolidations of VIEs		(85,450)	(71,095)	(193,300)
Deconsolidations of VIEs	7,573		7,573	34,160
Balance at the end of the period	(2,315,306)	(2,270,105)	(2,315,306)	(2,270,105)
Amount of total (losses) gains included in earnings attributable to assets still held at period end	$ (30,577)	$ 28,005	$ 107,019	$ 51,907

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Financial assets not carried at fair value:
HTM securities	$ 547,721	$ 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	10,662,245	10,034,030
HTM securities	541,296	570,638
Financial liabilities not carried at fair value:
Secured financing agreements and secured borrowings on transferred loans	10,545,823	9,834,108
Unsecured senior notes	1,934,555	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	10,583,876	10,086,372
HTM securities	512,808	568,727
Financial liabilities not carried at fair value:
Secured financing agreements and secured borrowings on transferred loans	10,495,587	9,826,511
Unsecured senior notes	$ 1,917,805	$ 2,022,283

Fair Value - Significant unobse

Fair Value - Significant unobservable inputs (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 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	$ 14,589	$ 16,917
Total Assets	80,617,639	78,042,336
Total Liabilities	75,731,946	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	1,269,080	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	170,270	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	23,489	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	14,589	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	$ 1,269,080	$ 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 6 months	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	3.3	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	10 years 9 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	9.7	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	4.7
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	$ 170,270	$ 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)	17.00%	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	3.2	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	1.3	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	8	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	24	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	16.4	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	5	5
Fair value measurements on recurring basis | Level III | RMBS | Maximum | Loss severity
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	79	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	28	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	7.3
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	2.6
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	26
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	18
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 | Discounted cash flow | 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 | Discounted cash flow | 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	1.1
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	$ 21,849	$ 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	8 years 10 months 24 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	700.5	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
VIE duration (in years)	5 years 6 months
Fair value measurements on recurring basis | Level III | CMBS | Discounted cash flow | 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	6.1
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	$ 14,589	$ 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 | 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)	19 years	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	751.1	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)	3 years 10 months 24 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	13.3
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	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	751.1	690.7
Fair value measurements on recurring basis | Level III | VIE liabilities | Discounted cash flow | 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)	3 years 9 months 18 days
Fair value measurements on recurring basis | Level III | VIE liabilities | Discounted cash flow | 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	13.3
Primary beneficiary
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Total Assets	$ 64,477,475	$ 62,187,175
Total Liabilities	62,876,265	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	64,477,475	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	62,876,265	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	$ 64,477,475	$ 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	$ 2,315,306	$ 2,537,392
Derivative Liability, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Income Taxes
Assets	$ 80,617,639	$ 78,042,336
Investing and Servicing Segment | TRS entities
Income Taxes
Assets	$ 1,300,000	$ 1,600,000

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2017
Reconciliation of statutory tax to effective tax
Federal statutory tax rate	$ 37,711	$ 32,448	$ 54,231	$ 77,140
REIT and other non-taxable income	(24,688)	937	(41,697)	(71,042)
State income taxes	4,278	(28,870)	4,118	1,597
Federal benefit of state tax deduction	(899)	(196)	(865)	(335)
Net operating loss carryback rate differential	(1,569)		(5,286)
Intra-entity transfer			(3,781)
Other	10	194	96	1,020
Total income tax provision	$ 14,843	$ 4,513	$ 6,816	$ 8,380
Reconciliation of statutory tax rate to effective tax rate
Federal statutory tax rate (as a percent)	21.00%	21.00%	21.00%	21.00%	35.00%
REIT and other non-taxable income (as a percent)	(13.70%)	(18.70%)	(16.20%)	(19.30%)
State income taxes (as a percent)	2.40%	0.60%	1.60%	0.40%
Federal benefit of state tax deduction (as a percent)	(0.50%)	(0.10%)	(0.30%)	(0.10%)
Net operating loss carryback rate differential (as a pecent)	(0.90%)		(2.00%)
Intra-entity transfer			(1.50%)
Other (as a percent)		0.10%		0.30%
Effective tax rate (as a percent)	8.30%	2.90%	2.60%	2.30%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2020USD ($)item
Property, Plant and Equipment [Line Items]
Number of guarantees | item	6
Infrastructure Lending Segment
Property, Plant and Equipment [Line Items]
Outstanding	$ 25.6
Commitments | Commercial and Residential Lending Segment
Property, Plant and Equipment [Line Items]
Value of loans with future funding commitments	1,800
Value of loans with future funding commitments expected to fund	1,600
Commitments | Infrastructure Lending Segment
Property, Plant and Equipment [Line Items]
Value of loans with future funding commitments	241.6
Revolvers and letters of credit | Infrastructure Lending Segment
Property, Plant and Equipment [Line Items]
Value of loans with future funding commitments	146.2
Delayed draw term loans | Infrastructure Lending Segment
Property, Plant and Equipment [Line Items]
Value of loans with future funding commitments	$ 95.4

Segment Data - Results of Opera

Segment Data - Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Interest income from loans	$ 169,404	$ 172,030	$ 557,934	$ 546,912
Interest income from investment securities	12,186	16,676	42,070	56,853
Servicing fees	9,548	14,333	20,999	47,774
Rental income	75,978	84,654	222,834	255,784
Other revenues	311	637	1,756	2,668
Total revenues	267,427	288,330	845,593	909,991
Costs and expenses:
Management fees	23,127	30,238	86,970	76,227
Interest expense	95,981	123,156	317,499	387,954
General and administrative	39,478	39,766	110,857	112,274
Acquisition and investment pursuit costs	884	163	3,383	579
Costs of rental operations	29,522	31,568	87,368	91,874
Depreciation and amortization	23,581	28,269	70,982	86,075
Credit loss provision, net	(3,587)	(39)	55,284	3,242
Other expense	172	123	662	1,777
Total costs and expenses	209,158	253,244	733,005	760,002
Other income (loss):
Change in net assets related to consolidated VIEs	58,585	61,767	64,353	164,761
Change in fair value of servicing rights	634	(625)	(2,328)	(2,308)
Change in fair value of investment securities, net	(199)	266	3,132	995
Change in fair value of mortgage loans, net	61,384	32,521	79,700	65,678
Earnings (loss) from unconsolidated entities	3,192	2,747	32,065	(31,636)
Gain (loss) on sale of investments and other assets, net		21,157	6,768	28,157
(Loss) gain on derivative financial instruments, net	(28,097)	21,933	(34,485)	19,694
Foreign currency (loss) gain, net	25,452	(15,664)	(1,861)	(17,134)
Loss on extinguishment of debt		(4,624)	(2,377)	(10,738)
Other income (loss), net	357	(50)	687	(123)
Total other income	121,308	119,428	145,654	217,346
Income before income taxes	179,577	154,514	258,242	367,335
Income tax (provision) benefit	(14,843)	(4,513)	(6,816)	(8,380)
Net income	164,734	150,001	251,426	358,955
Net income attributable to Starwood Property Trust, Inc.	(12,900)	(9,605)	(26,705)	(21,160)
Net income attributable to Starwood Property Trust, Inc.	151,834	140,396	224,721	337,795
Operating Segments and Corporate
Revenues:
Interest income from loans	169,404	172,030	557,934	546,912
Interest income from investment securities	45,607	51,529	132,688	153,013
Servicing fees	13,859	18,340	29,206	61,676
Rental income	75,978	84,654	222,834	255,784
Other revenues	313	640	1,761	2,692
Total revenues	305,161	327,193	944,423	1,020,077
Costs and expenses:
Management fees	23,114	30,210	86,924	76,105
Interest expense	95,981	123,319	317,661	388,441
General and administrative	39,394	39,688	110,606	112,016
Acquisition and investment pursuit costs	884	163	3,383	579
Costs of rental operations	29,522	31,568	87,368	91,874
Depreciation and amortization	23,581	28,269	70,982	86,075
Credit loss provision, net	(3,587)	(39)	55,284	3,242
Other expense	172	123	662	1,777
Total costs and expenses	209,061	253,301	732,870	760,109
Other income (loss):
Change in fair value of servicing rights	3,960	57	9,606	(1,617)
Change in fair value of investment securities, net	16,860	22,173	(44,840)	53,486
Change in fair value of mortgage loans, net	61,384	32,521	79,700	65,678
Earnings (loss) from unconsolidated entities	3,531	2,983	33,281	(30,361)
Gain (loss) on sale of investments and other assets, net		21,157	6,768	28,157
(Loss) gain on derivative financial instruments, net	(28,097)	21,933	(34,485)	19,694
Foreign currency (loss) gain, net	25,452	(15,664)	(1,861)	(17,134)
Loss on extinguishment of debt		(4,624)	(2,377)	(10,738)
Other income (loss), net	357	(50)	687	(123)
Total other income	83,447	80,486	46,479	107,042
Income before income taxes	179,547	154,378	258,032	367,010
Income tax (provision) benefit	(14,843)	(4,513)	(6,816)	(8,380)
Net income	164,704	149,865	251,216	358,630
Net income attributable to Starwood Property Trust, Inc.	(12,870)	(9,469)	(26,495)	(20,835)
Net income attributable to Starwood Property Trust, Inc.	151,834	140,396	224,721	337,795
Operating segment | Commercial and Residential Lending Segment
Revenues:
Interest income from loans	149,972	145,290	492,489	462,956
Interest income from investment securities	21,385	18,163	57,358	62,438
Servicing fees	110	97	424	310
Rental income	2,014		2,782
Other revenues	66	258	298	714
Total revenues	173,547	163,808	553,351	526,418
Costs and expenses:
Management fees	297	363	987	1,127
Interest expense	38,422	51,844	134,243	172,012
General and administrative	12,483	7,104	29,230	20,626
Acquisition and investment pursuit costs	757	506	2,195	915
Costs of rental operations	643	765	2,409	1,525
Depreciation and amortization	430	339	1,275	695
Credit loss provision, net	782	(39)	52,293	2,046
Other expense	77	77	230	230
Total costs and expenses	53,891	60,959	222,862	199,176
Other income (loss):
Change in fair value of investment securities, net	13,611	(303)	(8,814)	(2,945)
Change in fair value of mortgage loans, net	59,402	10,088	56,895	16,837
Earnings (loss) from unconsolidated entities	3,253	2,507	3,975	8,576
Gain (loss) on sale of investments and other assets, net		482	(961)	3,476
(Loss) gain on derivative financial instruments, net	(28,577)	15,729	(9,508)	12,024
Foreign currency (loss) gain, net	25,302	(15,337)	(1,757)	(17,025)
Loss on extinguishment of debt		(857)	(22)	(857)
Total other income	72,991	12,309	39,808	20,086
Income before income taxes	192,647	115,158	370,297	347,328
Income tax (provision) benefit	(16,700)	(3,194)	(15,535)	(4,778)
Net income	175,947	111,964	354,762	342,550
Net income attributable to Starwood Property Trust, Inc.	(3)		(10)	(392)
Net income attributable to Starwood Property Trust, Inc.	175,944	111,964	354,752	342,158
Operating segment | Infrastructure Lending Segment
Revenues:
Interest income from loans	17,835	22,763	59,374	74,969
Interest income from investment securities	635	810	2,019	2,563
Other revenues	101	39	344	732
Total revenues	18,571	23,612	61,737	78,264
Costs and expenses:
Interest expense	8,914	14,422	31,709	49,257
General and administrative	3,568	4,315	12,328	13,624
Acquisition and investment pursuit costs	62	21	1,179	51
Depreciation and amortization	87	15	246	15
Credit loss provision, net	(4,369)		2,991	1,196
Total costs and expenses	8,262	18,773	48,453	64,143
Other income (loss):
Earnings (loss) from unconsolidated entities	(80)		(1,198)
Gain (loss) on sale of investments and other assets, net		(25)	296	3,041
(Loss) gain on derivative financial instruments, net	110	(109)	(1,328)	(3,337)
Foreign currency (loss) gain, net	110	(319)	(53)	(102)
Loss on extinguishment of debt		(2,101)	(170)	(8,221)
Other income (loss), net		(50)		(50)
Total other income	140	(2,604)	(2,453)	(8,669)
Income before income taxes	10,449	2,235	10,831	5,452
Income tax (provision) benefit	(86)	475	3	746
Net income	10,363	2,710	10,834	6,198
Net income attributable to Starwood Property Trust, Inc.	10,363	2,710	10,834	6,198
Operating segment | Investing and Servicing Segment
Revenues:
Interest income from loans	1,597	3,977	6,071	8,987
Interest income from investment securities	23,587	32,556	73,311	88,012
Servicing fees	13,749	18,243	28,782	61,366
Rental income	10,039	12,403	28,600	40,686
Other revenues	98	218	891	929
Total revenues	49,070	67,397	137,655	199,980
Costs and expenses:
Management fees	221	18	680	54
Interest expense	5,425	8,891	18,796	25,152
General and administrative	18,813	22,915	54,490	61,943
Acquisition and investment pursuit costs	65	(364)	(3)	(387)
Costs of rental operations	4,577	6,019	13,102	19,503
Depreciation and amortization	3,934	4,809	11,890	15,287
Other expense				194
Total costs and expenses	33,035	42,288	98,955	121,746
Other income (loss):
Change in fair value of servicing rights	3,960	57	9,606	(1,617)
Change in fair value of investment securities, net	3,249	22,476	(36,026)	56,431
Change in fair value of mortgage loans, net	1,982	22,433	22,805	48,841
Earnings (loss) from unconsolidated entities	358	253	30,504	3,601
Gain (loss) on sale of investments and other assets, net		20,700	7,433	21,640
(Loss) gain on derivative financial instruments, net	38	(6,376)	(22,896)	(16,761)
Foreign currency (loss) gain, net	26		2
Loss on extinguishment of debt		(194)		(194)
Other income (loss), net	358		447
Total other income	9,971	59,349	11,875	111,941
Income before income taxes	26,006	84,458	50,575	190,175
Income tax (provision) benefit	1,943	(1,794)	8,716	(4,090)
Net income	27,949	82,664	59,291	186,085
Net income attributable to Starwood Property Trust, Inc.	(7,795)	(4,219)	(11,191)	(4,121)
Net income attributable to Starwood Property Trust, Inc.	20,154	78,445	48,100	181,964
Operating segment | Property Segment
Revenues:
Rental income	63,925	72,251	191,452	215,098
Other revenues	48	125	228	291
Total revenues	63,973	72,376	191,680	215,389
Costs and expenses:
Interest expense	16,180	19,020	49,243	57,142
General and administrative	1,094	2,170	3,453	5,394
Acquisition and investment pursuit costs			12
Costs of rental operations	24,302	24,784	71,857	70,846
Depreciation and amortization	19,130	23,106	57,571	70,078
Other expense	95	46	432	1,353
Total costs and expenses	60,801	69,126	182,568	204,813
Other income (loss):
Earnings (loss) from unconsolidated entities		223		(42,538)
(Loss) gain on derivative financial instruments, net	(313)	5,900	(35,150)	(3,957)
Foreign currency (loss) gain, net	14	(8)	(53)	(7)
Loss on extinguishment of debt			(2,185)
Other income (loss), net	(1)		240
Total other income	(300)	6,115	(37,148)	(46,502)
Income before income taxes	2,872	9,365	(28,036)	(35,926)
Income tax (provision) benefit				(258)
Net income	2,872	9,365	(28,036)	(36,184)
Net income attributable to Starwood Property Trust, Inc.	(5,072)	(5,250)	(15,294)	(16,322)
Net income attributable to Starwood Property Trust, Inc.	(2,200)	4,115	(43,330)	(52,506)
Corporate
Revenues:
Other revenues				26
Total revenues				26
Costs and expenses:
Management fees	22,596	29,829	85,257	74,924
Interest expense	27,040	29,142	83,670	84,878
General and administrative	3,436	3,184	11,105	10,429
Total costs and expenses	53,072	62,155	180,032	170,231
Other income (loss):
(Loss) gain on derivative financial instruments, net	645	6,789	34,397	31,725
Loss on extinguishment of debt		(1,472)		(1,466)
Other income (loss), net				(73)
Total other income	645	5,317	34,397	30,186
Income before income taxes	(52,427)	(56,838)	(145,635)	(140,019)
Net income	(52,427)	(56,838)	(145,635)	(140,019)
Net income attributable to Starwood Property Trust, Inc.	(52,427)	(56,838)	(145,635)	(140,019)
LNR VIEs
Revenues:
Interest income from investment securities	(33,421)	(34,853)	(90,618)	(96,160)
Servicing fees	(4,311)	(4,007)	(8,207)	(13,902)
Other revenues	(2)	(3)	(5)	(24)
Total revenues	(37,734)	(38,863)	(98,830)	(110,086)
Costs and expenses:
Management fees	13	28	46	122
Interest expense		(163)	(162)	(487)
General and administrative	84	78	251	258
Total costs and expenses	97	(57)	135	(107)
Other income (loss):
Change in net assets related to consolidated VIEs	58,585	61,767	64,353	164,761
Change in fair value of servicing rights	(3,326)	(682)	(11,934)	(691)
Change in fair value of investment securities, net	(17,059)	(21,907)	47,972	(52,491)
Earnings (loss) from unconsolidated entities	(339)	(236)	(1,216)	(1,275)
Total other income	37,861	38,942	99,175	110,304
Income before income taxes	30	136	210	325
Net income	30	136	210	325
Net income attributable to Starwood Property Trust, Inc.	$ (30)	$ (136)	$ (210)	$ (325)

Segment Data - Balance sheets (

Segment Data - Balance sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 379,870		$ 478,388
Restricted cash	131,336		95,643
Loans held-for-investment, net of credit loss allowances of $109,747 and $33,415 ($256,407 and $671,572 held at fair value)	10,918,652		10,586,074
Loans held-for-sale	1,012,673		884,150
Investment securities	745,113		810,238
Properties, net	2,207,822		2,266,440
Intangible assets	74,139		85,700
Investment in unconsolidated entities	104,384		84,329
Goodwill	259,846		259,846
Derivative assets	64,825		28,943
Accrued interest receivable	78,030		64,087
Other assets	163,474		211,323
Total Assets	80,617,639		78,042,336
Liabilities:
Accounts payable, accrued expenses and other liabilities	201,491		212,006
Related-party payable	22,096		40,925
Dividends payable	138,264		137,427
Derivative liabilities	13,452		8,740
Secured financing agreements, net	9,615,892		8,906,048
Collateralized loan obligations, net	929,931		928,060
Unsecured senior notes, net	1,934,555		1,928,622
Total Liabilities	75,731,946		72,905,322
Starwood Property Trust, Inc. Stockholders' Equity:
Common stock	2,918		2,874
Additional paid-in capital	5,200,716		5,132,532
Treasury stock	(133,024)		(104,194)
Accumulated other comprehensive income (loss)	42,285	$ 42,866	50,932	$ 52,377	$ 57,124	$ 58,660
Retained earnings (accumulated deficit)	(599,014)		(381,719)
Total Starwood Property Trust, Inc. Stockholders' Equity	4,513,881		4,700,425
Non-controlling interests in consolidated subsidiaries	371,812		436,589
Total Equity	4,885,693	$ 4,864,796	5,137,014	$ 4,913,014	$ 4,903,251	$ 4,900,189
Total Liabilities and Equity	80,617,639		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	379,122		477,167
Restricted cash	131,336		95,643
Loans held-for-investment, net of credit loss allowances of $109,747 and $33,415 ($256,407 and $671,572 held at fair value)	10,918,652		10,586,074
Loans held-for-sale	1,012,673		884,150
Investment securities	2,289,497		2,215,275
Properties, net	2,207,822		2,266,440
Intangible assets	112,320		111,947
Investment in unconsolidated entities	120,750		104,966
Goodwill	259,846		259,846
Derivative assets	64,825		28,943
Accrued interest receivable	79,406		64,893
Other assets	163,471		211,330
Total Assets	17,739,720		17,306,674
Liabilities:
Accounts payable, accrued expenses and other liabilities	201,433		211,922
Related-party payable	22,096		40,925
Dividends payable	138,264		137,427
Derivative liabilities	13,452		8,740
Secured financing agreements, net	9,615,892		8,919,998
Collateralized loan obligations, net	929,931		928,060
Unsecured senior notes, net	1,934,555		1,928,622
Total Liabilities	12,855,623		12,175,694
Starwood Property Trust, Inc. Stockholders' Equity:
Common stock	2,918		2,874
Additional paid-in capital	5,200,716		5,132,532
Treasury stock	(133,024)		(104,194)
Accumulated other comprehensive income (loss)	42,285		50,932
Retained earnings (accumulated deficit)	(599,014)		(381,719)
Total Starwood Property Trust, Inc. Stockholders' Equity	4,513,881		4,700,425
Non-controlling interests in consolidated subsidiaries	370,216		430,555
Total Equity	4,884,097		5,130,980
Total Liabilities and Equity	17,739,720		17,306,674
Operating segment | Commercial and Residential Lending Segment
Assets:
Cash and cash equivalents	19,111		26,278
Restricted cash	69,351		36,135
Loans held-for-investment, net of credit loss allowances of $109,747 and $33,415 ($256,407 and $671,572 held at fair value)	9,373,503		9,187,332
Loans held-for-sale	747,654		605,384
Investment securities	1,152,362		992,974
Properties, net	27,123		26,834
Investment in unconsolidated entities	50,850		46,921
Derivative assets	25,805		14,718
Accrued interest receivable	72,344		45,996
Other assets	24,705		59,170
Total Assets	11,562,808		11,041,742
Liabilities:
Accounts payable, accrued expenses and other liabilities	36,378		30,594
Derivative liabilities	8,839		7,698
Secured financing agreements, net	5,576,092		5,038,876
Collateralized loan obligations, net	929,931		928,060
Total Liabilities	6,551,240		6,005,228
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	1,165,764		1,522,360
Accumulated other comprehensive income (loss)	42,350		50,996
Retained earnings (accumulated deficit)	3,803,336		3,463,158
Total Starwood Property Trust, Inc. Stockholders' Equity	5,011,450		5,036,514
Non-controlling interests in consolidated subsidiaries	118
Total Equity	5,011,568		5,036,514
Total Liabilities and Equity	11,562,808		11,041,742
Operating segment | Infrastructure Lending Segment
Assets:
Cash and cash equivalents	994		2,209
Restricted cash	31,515		41,967
Loans held-for-investment, net of credit loss allowances of $109,747 and $33,415 ($256,407 and $671,572 held at fair value)	1,544,068		1,397,448
Loans held-for-sale			119,528
Investment securities	39,813		45,153
Investment in unconsolidated entities	24,664		25,862
Goodwill	119,409		119,409
Derivative assets			7
Accrued interest receivable	3,244		3,134
Other assets	4,216		6,101
Total Assets	1,767,923		1,760,818
Liabilities:
Accounts payable, accrued expenses and other liabilities	8,545		6,443
Derivative liabilities	1,516		750
Secured financing agreements, net	1,243,001		1,217,066
Total Liabilities	1,253,062		1,224,259
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	509,848		529,668
Retained earnings (accumulated deficit)	5,013		6,891
Total Starwood Property Trust, Inc. Stockholders' Equity	514,861		536,559
Total Equity	514,861		536,559
Total Liabilities and Equity	1,767,923		1,760,818
Operating segment | Property Segment
Assets:
Cash and cash equivalents	38,119		30,123
Restricted cash	7,632		7,171
Properties, net	1,983,124		2,029,024
Intangible assets	41,946		47,303
Derivative assets	54		3
Accrued interest receivable			133
Other assets	70,369		82,910
Total Assets	2,141,244		2,196,667
Liabilities:
Accounts payable, accrued expenses and other liabilities	49,758		48,370
Secured financing agreements, net	1,793,731		1,698,334
Total Liabilities	1,843,489		1,746,704
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	115,246		208,650
Retained earnings (accumulated deficit)	(42,898)		5,431
Total Starwood Property Trust, Inc. Stockholders' Equity	72,348		214,081
Non-controlling interests in consolidated subsidiaries	225,407		235,882
Total Equity	297,755		449,963
Total Liabilities and Equity	2,141,244		2,196,667
Operating segment | Investing and Servicing Segment
Assets:
Cash and cash equivalents	22,054		61,693
Restricted cash	22,838		10,370
Loans held-for-investment, net of credit loss allowances of $109,747 and $33,415 ($256,407 and $671,572 held at fair value)	1,081		1,294
Loans held-for-sale	265,019		159,238
Investment securities	1,097,322		1,177,148
Properties, net	197,575		210,582
Intangible assets	70,374		64,644
Investment in unconsolidated entities	45,236		32,183
Goodwill	140,437		140,437
Derivative assets	1,250		7
Accrued interest receivable	334		2,388
Other assets	52,352		54,238
Total Assets	1,915,872		1,914,222
Liabilities:
Accounts payable, accrued expenses and other liabilities	35,796		73,021
Related-party payable	5		5
Derivative liabilities	3,097		292
Secured financing agreements, net	614,055		574,507
Total Liabilities	652,953		647,825
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	(124,805)		(123,210)
Accumulated other comprehensive income (loss)	(65)		(64)
Retained earnings (accumulated deficit)	1,243,098		1,194,998
Total Starwood Property Trust, Inc. Stockholders' Equity	1,118,228		1,071,724
Non-controlling interests in consolidated subsidiaries	144,691		194,673
Total Equity	1,262,919		1,266,397
Total Liabilities and Equity	1,915,872		1,914,222
Corporate
Assets:
Cash and cash equivalents	298,844		356,864
Derivative assets	37,716		14,208
Accrued interest receivable	3,484		13,242
Other assets	11,829		8,911
Total Assets	351,873		393,225
Liabilities:
Accounts payable, accrued expenses and other liabilities	70,956		53,494
Related-party payable	22,091		40,920
Dividends payable	138,264		137,427
Secured financing agreements, net	389,013		391,215
Unsecured senior notes, net	1,934,555		1,928,622
Total Liabilities	2,554,879		2,551,678
Starwood Property Trust, Inc. Stockholders' Equity:
Common stock	2,918		2,874
Additional paid-in capital	3,534,663		2,995,064
Treasury stock	(133,024)		(104,194)
Retained earnings (accumulated deficit)	(5,607,563)		(5,052,197)
Total Starwood Property Trust, Inc. Stockholders' Equity	(2,203,006)		(2,158,453)
Total Equity	(2,203,006)		(2,158,453)
Total Liabilities and Equity	351,873		393,225
LNR VIEs
Assets:
Cash and cash equivalents	748		1,221
Investment securities	(1,544,384)		(1,405,037)
Intangible assets	(38,181)		(26,247)
Investment in unconsolidated entities	(16,366)		(20,637)
Accrued interest receivable	(1,376)		(806)
Other assets	3		(7)
Total Assets	62,877,919		60,735,662
Liabilities:
Accounts payable, accrued expenses and other liabilities	58		84
Secured financing agreements, net			(13,950)
Total Liabilities	62,876,323		60,729,628
Starwood Property Trust, Inc. Stockholders' Equity:
Non-controlling interests in consolidated subsidiaries	1,596		6,034
Total Equity	1,596		6,034
Total Liabilities and Equity	62,877,919		60,735,662
Primary beneficiary
Assets:
Total Assets	64,477,475		62,187,175
Liabilities:
Total Liabilities	62,876,265		60,743,494
Primary beneficiary | LNR VIEs
Assets:
Total Assets	64,477,475		62,187,175
Liabilities:
Total Liabilities	$ 62,876,265		$ 60,743,494

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Nov. 02, 2020	Oct. 31, 2020	Mar. 31, 2020	Sep. 30, 2020	Nov. 30, 2020
Secured Borrowings
Subsequent Events
Increase in available borrowings			$ 250,000
Maximum Facility Size				$ 17,797,273
2021 Senior Notes 3.63%
Subsequent Events
Interest rate (as a percent)				3.63%
2021 Senior Notes 3.63% | LIBOR
Subsequent Events
Pricing margin (as a percent)				1.28%
Term loan facility
Subsequent Events
Maximum borrowing capacity				$ 396,000
Term loan facility | LIBOR
Subsequent Events
Pricing margin (as a percent)				2.50%
Subsequent event | Commercial Portfolio Segment | Mortgage Loans
Subsequent Events
Proceeds from securitization		$ 253,000
Securitization amount		231,800
Subsequent event | Senior notes 5.50
Subsequent Events
Amount issued					$ 300,000
Interest rate (as a percent)					5.50%
Subsequent event | 2021 Senior Notes 3.63%
Subsequent Events
Amount of notes with conditional notices of redemption issued		500,000
Amount of debt redeemed	$ 250,000
Amount of debt subject to redemption	$ 250,000
Amount issued		500,000
Subsequent event | Term loan facility | Secured Borrowings
Subsequent Events
Increase in available borrowings		250,000
Maximum borrowing capacity		$ 646,000
Maturity period		6 years
Subsequent event | Term loan facility | Secured Borrowings | LIBOR
Subsequent Events
Pricing margin (as a percent)		3.50%
Subsequent event | Residential Repurchase Facility | Secured Borrowings
Subsequent Events
Maximum borrowing capacity		$ 350,000
Maturity period		18 months
Subsequent event | Residential Repurchase Facility | Secured Borrowings | One-month LIBOR
Subsequent Events
Interest rate (as a percent)		2.30%