Starwood Property Trust (STWD) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
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		286,985,112
Entity Central Index Key	0001465128
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 351,190	$ 563,217
Restricted cash	118,724	158,945
Loans held-for-investment, net of credit loss allowances of $72,284 and $77,444 ($150,712 and $90,684 held at fair value)	12,321,493	11,087,073
Loans held-for-sale ($613,061 and $932,295 held at fair value)	844,631	1,052,835
Investment securities, net of credit loss allowances of $5,387 and $5,675 ($190,212 and $198,053 held at fair value)	678,287	736,658
Properties, net	2,244,748	2,271,153
Intangible assets ($12,406 and $13,202 held at fair value)	66,772	70,117
Investment in unconsolidated entities	100,907	108,054
Goodwill	259,846	259,846
Derivative assets	38,029	40,555
Accrued interest receivable	101,713	95,980
Other assets	208,873	190,748
Total Assets	79,702,323	80,873,509
Liabilities:
Accounts payable, accrued expenses and other liabilities	178,215	206,845
Related-party payable	36,135	39,170
Dividends payable	138,906	137,959
Derivative liabilities	34,805	41,324
Secured financing agreements, net	10,895,932	10,146,190
Collateralized loan obligations, net	931,178	930,554
Unsecured senior notes, net	1,735,658	1,732,520
Total Liabilities	74,847,538	76,010,933
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, 294,300,251 issued and 286,851,560 outstanding as of March 31, 2021 and 292,091,601 issued and 284,642,910 outstanding as of December 31, 2020	2,943	2,921
Additional paid-in capital	5,225,037	5,209,739
Treasury stock (7,448,691 shares)	(138,022)	(138,022)
Accumulated other comprehensive income	41,654	43,993
Accumulated deficit	(654,750)	(629,733)
Total Starwood Property Trust, Inc. Stockholders' Equity	4,476,862	4,488,898
Non-controlling interests in consolidated subsidiaries	377,923	373,678
Total Equity	4,854,785	4,862,576
Total Liabilities and Equity	79,702,323	80,873,509
Primary beneficiary
Assets:
Total Assets	62,367,110	64,238,328
Liabilities:
Total Liabilities	$ 60,896,709	$ 62,776,371

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Loans held-for-investment, net, credit loss allowances	$ 72,284	$ 77,444
Loans held-for-investment, net, held at fair value	150,712	90,684
Loans-held-for-sale, held at fair value	613,061	932,295
Investment securities, net, credit loss allowances	5,387	5,675
Investment securities held at fair value	190,212	198,053
Intangible assets held at fair value	$ 12,406	$ 13,202
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	294,300,251	292,091,601
Common stock, shares outstanding	286,851,560	284,642,910
Treasury stock, shares	7,448,691	7,448,691
Total Assets	$ 79,702,323	$ 80,873,509
Total Liabilities	74,847,538	76,010,933
Total loans held-for-investment
Loans held-for-investment, net, credit loss allowances	72,284	77,444
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
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Interest income from loans	$ 190,575	$ 217,427
Interest income from investment securities	11,610	15,240
Servicing fees	8,402	4,793
Rental income	76,338	74,146
Other revenues	305	954
Total revenues	287,230	312,560
Costs and expenses:
Management fees	38,736	40,728
Interest expense	103,374	120,025
General and administrative	38,636	38,702
Acquisition and investment pursuit costs	185	909
Costs of rental operations	28,745	28,214
Depreciation and amortization	22,474	23,980
Credit loss provision, net	44	48,669
Other expense	685	388
Total costs and expenses	232,879	301,615
Other income (loss):
Change in net assets related to consolidated VIEs	39,745	(45,493)
Change in fair value of servicing rights	(796)	(393)
Change in fair value of investment securities, net	(306)	2,504
Change in fair value of mortgage loans, net	(9,478)	(16,134)
Earnings from unconsolidated entities	1,734	97
Gain on sale of investments and other assets, net	17,693	296
Gain on derivative financial instruments	33,989	9,710
Foreign currency loss, net	(11,681)	(34,486)
Loss on extinguishment of debt	(516)	(170)
Other income, net	21	126
Total other income (loss)	70,405	(83,943)
Income (loss) before income taxes	124,756	(72,998)
Income tax (provision) benefit	(2,230)	6,729
Net income (loss)	122,526	(66,269)
Net income attributable to non-controlling interests	(11,148)	(500)
Net income (loss) attributable to Starwood Property Trust, Inc.	$ 111,378	$ (66,769)
Earnings (loss) per share data attributable to Starwood Property Trust, Inc.:
Basic (in dollars per share)	$ 0.39	$ (0.24)
Diluted (in dollars per share)	$ 0.38	$ (0.24)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Consolidated Statements of Comprehensive Income
Net income (loss)	$ 122,526	$ (66,269)
Other comprehensive income (loss) (net change by component):
Available-for-sale securities	(2,403)	(15,048)
Foreign currency translation	64
Other comprehensive loss	(2,339)	(15,048)
Comprehensive income (loss)	120,187	(81,317)
Less: Comprehensive income attributable to non-controlling interests	(11,148)	(500)
Comprehensive income (loss) attributable to Starwood Property Trust, Inc.	$ 109,039	$ (81,817)

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 ($)shares	Additional Paid-In CapitalCumulative Effect, Period of Adoption, AdjustmentUSD ($)	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, 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
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan		153			153							153
Proceeds from DRIP Plan (in shares) | shares			7,718
Redemption of Class A Units		8,538	$ 4		8,534					(8,538)
Redemption of Class A Units (in shares)			409,712
Equity offering costs		(14)			(14)							(14)
Common stock repurchased		(28,830)				$ (28,830)						(28,830)
Common stock repurchased (in shares) | shares						1,925,421
Share-based compensation		8,800	$ 12		8,788							8,800
Share-based compensation (in shares) | shares			1,195,208
Manager fees paid in stock		9,080	$ 4		9,076							9,080
Manager fee paid in stock (in shares) | shares			355,910
Net income (loss)		(66,769)						(66,769)		500		(66,269)
Dividends declared		(135,991)						(135,991)				(135,991)
Other comprehensive loss, net		(15,048)							(15,048)			(15,048)
VIE non-controlling interests										(2,188)		(2,188)
Contributions from non-controlling interests										9,406		9,406
Distributions to non-controlling interests										(66,476)		(66,476)
Balance at Mar. 31, 2020		4,448,058	$ 2,894		5,159,069	$ (133,024)		(616,765)	35,884	369,293		4,817,351
Balance (in shares) at Mar. 31, 2020 | shares			289,349,439			7,105,561
Balance at Dec. 31, 2020	$ (1,536)	4,488,898	$ 2,921	$ (3,755)	5,209,739	$ (138,022)	$ 2,219	(629,733)	43,993	373,678	$ (1,536)	$ 4,862,576
Balance (in shares) at Dec. 31, 2020 | shares			292,091,601			7,448,691						292,091,601
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan		262			262							$ 262
Proceeds from DRIP Plan (in shares) | shares			12,234
Redemption of Class A Units		1,039	$ 1		1,038					(1,039)
Redemption of Class A Units (in shares)			50,000
Equity offering costs		(22)			(22)							(22)
Share-based compensation		10,310	$ 18		10,292							10,310
Share-based compensation (in shares) | shares			1,814,414
Manager fees paid in stock		7,486	$ 3		7,483							7,486
Manager fee paid in stock (in shares) | shares			332,002
Net income (loss)		111,378						111,378		11,148		122,526
Dividends declared		(138,614)						(138,614)				(138,614)
Other comprehensive loss, net		(2,339)							(2,339)			(2,339)
Contributions from non-controlling interests										2,969		2,969
Distributions to non-controlling interests										(8,833)		(8,833)
Balance at Mar. 31, 2021		$ 4,476,862	$ 2,943		$ 5,225,037	$ (138,022)		$ (654,750)	$ 41,654	$ 377,923		$ 4,854,785
Balance (in shares) at Mar. 31, 2021 | shares			294,300,251			7,448,691						294,300,251

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Consolidated Statements of Equity
Dividends declared per common share	$ 0.48	$ 0.48

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows from Operating Activities:
Net income (loss)	$ 122,526	$ (66,269)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of deferred financing costs, premiums and discounts on secured borrowings	10,515	9,634
Amortization of discounts and deferred financing costs on unsecured senior notes	1,726	1,962
Accretion of net discount on investment securities	(3,476)	(2,783)
Accretion of net deferred loan fees and discounts	(16,745)	(12,080)
Share-based compensation	10,310	8,800
Manager fees paid in stock	7,486	9,080
Change in fair value of investment securities	306	(2,504)
Change in fair value of consolidated VIEs	(7,042)	80,683
Change in fair value of servicing rights	796	393
Change in fair value of loans	9,478	16,134
Change in fair value of derivatives	(34,768)	(7,617)
Foreign currency loss, net	11,681	34,486
Gain on sale of investments and other assets	(17,693)	(296)
Credit loss provision, net	44	48,669
Depreciation and amortization	22,528	23,864
Earnings from unconsolidated entities	(1,734)	(97)
Distributions of earnings from unconsolidated entities	17	27
Loss on extinguishment of debt	516	170
Origination and purchase of loans held-for-sale, net of principal collections	(327,352)	(621,832)
Proceeds from sale of loans held-for-sale	571,927	751,140
Changes in operating assets and liabilities:
Related-party payable, net	(3,035)	(1,659)
Accrued and capitalized interest receivable, less purchased interest	(41,833)	(31,465)
Other assets	(19,467)	(40,944)
Accounts payable, accrued expenses and other liabilities	(25,945)	(6,764)
Net cash provided by operating activities	270,766	190,732
Cash Flows from Investing Activities:
Origination and purchase of loans held-for-investment	(2,296,124)	(1,252,745)
Proceeds from principal collections on loans	1,051,695	812,187
Proceeds from loans sold		39,019
Purchase and funding of investment securities		(5,729)
Proceeds from sales of investment securities		7,940
Proceeds from principal collections on investment securities	59,514	13,559
Proceeds from sales of real estate	30,566
Purchases and additions to properties and other assets	(3,512)	(7,056)
Investment in unconsolidated entities		(3,100)
Distribution of capital from unconsolidated entities	15,980	153
Payments for purchase or termination of derivatives	(851)	(67,323)
Proceeds from termination of derivatives	23,527	8,912
Net cash used in investing activities	(1,119,205)	(454,183)
Cash Flows from Financing Activities:
Proceeds from borrowings	2,748,317	2,756,915
Principal repayments on and repurchases of borrowings	(2,001,336)	(1,923,754)
Payment of deferred financing costs	(5,052)	(3,577)
Proceeds from common stock issuances	262	153
Payment of equity offering costs	(22)	(14)
Payment of dividends	(137,667)	(135,889)
Contributions from non-controlling interests	2,969	9,406
Distributions to non-controlling interests	(8,833)	(66,476)
Purchase of treasury stock		(28,830)
Issuance of debt of consolidated VIEs	11,604	24,376
Repayment of debt of consolidated VIEs	(27,490)	(36,953)
Distributions of cash from consolidated VIEs	14,481	24,723
Net cash provided by financing activities	597,233	620,080
Net (decrease) increase in cash, cash equivalents and restricted cash	(251,206)	356,629
Cash, cash equivalents and restricted cash, beginning of year	722,162	574,031
Effect of exchange rate changes on cash	(1,042)	733
Cash, cash equivalents and restricted cash, end of year	469,914	931,393
Supplemental disclosure of cash flow information:
Cash paid for interest	80,624	109,341
Income taxes paid	425	569
Supplemental disclosure of non-cash investing and financing activities:
Dividends declared, but not yet paid	139,113	135,994
Consolidation of VIEs (VIE asset/liability additions)	393,373	2,477,422
Reclassification of loans held-for-investment to loans held-for-sale	166,901	422,691
Reclassification of loans held-for-sale to loans held-for-investment	124,935
Loan principal collections temporarily held at master servicer	7,320
Net assets acquired through conversion to equity interest	31,965	9,779
Redemption of Class A Units for common stock	$ 1,039	$ 8,538

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2021
Business and Organization
Business and Organization	1. Business and Organizatio n ​ Starwood Property Trust, Inc. (“STWD” and, together with its subsidiaries, “we” or the “Company”) is a Maryland corporation that commenced operations in August 2009, upon the completion of our initial public offering. We are focused primarily on originating, acquiring, financing and managing mortgage loans and other real estate investments in both the United States (“U.S.”) and Europe. As market conditions change over time, we may adjust our strategy to take advantage of changes in interest rates and credit spreads as well as economic and credit conditions. ​ We have four reportable business segments as of March 31, 2021 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 loans are secured by a first mortgage lien on residential property and consist of non-agency residential 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	3 Months Ended
	Mar. 31, 2021
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, a 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, 2020 (our “Form 10-K”), as filed with the Securities and Exchange Commission (“SEC”). The results of operations for the three months ended March 31, 2021 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, 2020 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, a portion of the identified servicing intangible asset associated with the servicing fee streams, and the corresponding 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 loans held-for-investment were made in order to maintain consistency across all our residential 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 (“HFI”) are carried at cost, net of unamortized acquisition premiums or discounts, loan fees and origination costs, as applicable, and net of credit loss allowances as discussed below, 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. ​ Investment Securities ​ We designate our debt investment securities as held-to-maturity (“HTM”), available-for-sale (“AFS”), or trading depending on our investment strategy and ability to hold such securities to maturity. HTM debt securities where we have not elected to apply the fair value option are stated at cost plus any premiums or discounts, which are amortized or accreted through the condensed consolidated statements of operations using the effective interest method. Debt securities we (i) do not hold for the purpose of selling in the near-term, or (ii) may dispose of prior to maturity, are classified as AFS and are carried at fair value in the accompanying financial statements. Unrealized gains or losses on AFS debt securities where we have not elected the fair value option are reported as a component of accumulated other comprehensive income (“AOCI”) in stockholders’ equity. Our HTM and AFS debt securities are also subject to credit loss allowances as discussed below. ​ Our only equity investment security is carried at fair value, with unrealized holding gains and losses recorded in earnings. ​ 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 HFI loans and our 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 AFS debt securities, which are carried at fair value with unrealized gains and losses reported as a component of 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. ​ Convertible Senior Notes Effective January 1, 2021, the Company early adopted 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), 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, our convertible senior notes (the “Convertible Notes”), which were previously accounted for as having separate liability and equity components, are now accounted for as a single liability measured at amortized cost. The standard was adopted using the modified restrospective method of transition, which resulted in a cumulative decrease to additional paid-in capital of $3.7 million, partially offset by a cumulative decrease to accumulated deficit of $2.2 million as of January 1, 2021. ​ 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 Convertible Notes (see Notes 10 and 17) and (iv) non-controlling interests that are redeemable with our common stock (see Note 16). Potential dilutive shares are excluded from the calculation if they have an anti-dilutive effect in the period. ​ Nearly all of the Company’s unvested RSUs and RSAs contain rights to receive non-forfeitable dividends and thus are participating securities. In addition, the non-controlling interests that are redeemable with our common stock are considered participating securities because they earn a preferred return indexed to the dividend rate on our common stock (see Note 16). Due to the existence of these participating securities, the two-class method of computing EPS is required, unless another method is determined to be more dilutive. Under the two-class method, undistributed earnings are reallocated between shares of common stock and participating securities. For the three months ended March 31, 2021 and 2020, 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. ​ The outbreak of COVID-19 beginning in the first quarter of 2020 has had, and is expected to continue to have, an 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 March 31, 2021. 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 March 31, 2021 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, Reference Rate Reform (Topic 848) – Scope, ​

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
	Mar. 31, 2021
Acquisitions and Divestitures
Acquisitions and Divestitures	3. Acquisitions and Divestitures ​ During the three months ended March 31, 2021, we sold an operating property within the Commercial and Residential Lending Segment relating to a grocery distribution facility located in Montgomery, Alabama that was previously acquired in March 2019 through foreclosure of a loan with a carrying value of $9.0 million ($20.9 million unpaid principal balance net of an $8.3 million allowance and $3.6 million of unamortized discount) at the foreclosure date. The operating property was sold for $30.6 million and we recognized a gain of $17.7 million within gain on sale of investments and other assets in our condensed consolidated statement of operations. ​ During the three months ended March 31, 2021 and 2020, we had no significant acquisitions of properties or businesses. ​ ​ ​ ​ ​

Loans

Loans	3 Months Ended
	Mar. 31, 2021
Loans
Loans	4. Loans ​ Our loans held-for-investment are accounted for at amortized cost and our loans held-for-sale are accounted for at the lower of cost or fair value, unless we have elected the fair value option for either. The following tables summarize our investments in mortgages and loans as of March 31, 2021 and December 31, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average Life ​ ​ Carrying ​ Face ​ Average ​ (“WAL”) March 31, 2021 ​ Value ​ Amount ​ Coupon (1) ​ (years)(2) ​ Loans held-for-investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First mortgages (3), (8) ​ $ 9,955,674 ​ $ 10,003,057 ​ 5.1 % 1.7 ​ Subordinated mortgages (4) ​ 70,457 ​ ​ 71,428 ​ 8.8 % 2.5 ​ Mezzanine loans (3) ​ 603,119 ​ ​ 601,080 ​ 10.1 % 1.4 ​ Other ​ ​ 18,200 ​ ​ 20,267 ​ 8.2 % 2.6 ​ Total commercial loans ​ ​ 10,647,450 ​ ​ 10,695,832 ​ ​ ​ ​ ​ Infrastructure first priority loans (5) ​ ​ 1,595,615 ​ ​ 1,616,716 ​ 4.3 % 4.1 ​ Residential loans, fair value option (6) ​ ​ 150,712 ​ ​ 149,404 ​ 6.2 % N/A (7) Total loans held-for-investment ​ 12,393,777 ​ ​ 12,461,952 ​ ​ ​ ​ ​ Loans held-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential, fair value option (6) ​ ​ 444,835 ​ ​ 435,025 ​ 5.7 % N/A (7) Commercial, $168,226 under fair value option (8) ​ ​ 310,428 ​ ​ 314,917 ​ 4.3 % 5.7 ​ Infrastructure, lower of cost or fair value (5) ​ ​ 89,368 ​ ​ 89,601 ​ 2.9 % 2.6 ​ Total loans held-for-sale ​ ​ 844,631 ​ ​ 839,543 ​ ​ ​ ​ ​ Total gross loans ​ 13,238,408 ​ $ 13,301,495 ​ ​ ​ ​ ​ Credit loss allowances: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial loans held-for-investment ​ ​ (63,477) ​ ​ ​ ​ ​ ​ ​ ​ Infrastructure loans held-for-investment ​ ​ (8,807) ​ ​ ​ ​ ​ ​ ​ ​ Total allowances ​ ​ (72,284) ​ ​ ​ ​ ​ ​ ​ ​ Total net loans ​ $ 13,166,124 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held-for-investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First mortgages (3) ​ $ 8,931,772 ​ $ 8,978,373 ​ 5.3 % 1.5 ​ Subordinated mortgages (4) ​ 71,185 ​ 72,257 ​ 8.8 % 2.8 ​ Mezzanine loans (3) ​ 620,319 ​ 619,352 ​ 10.1 % 1.6 ​ Other ​ ​ 30,284 ​ ​ 33,626 ​ 8.9 % 1.8 ​ Total commercial loans ​ ​ 9,653,560 ​ ​ 9,703,608 ​ ​ ​ ​ ​ Infrastructure first priority loans ​ ​ 1,420,273 ​ 1,439,940 ​ 4.4 % 4.3 ​ Residential loans, fair value option ​ ​ 90,684 ​ ​ 86,796 ​ 6.0 % N/A (7) Total loans held-for-investment ​ 11,164,517 ​ ​ 11,230,344 ​ ​ ​ ​ ​ Loans held-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential, fair value option ​ ​ 841,963 ​ ​ 820,807 ​ 6.0 % N/A (7) Commercial, fair value option ​ ​ 90,332 ​ ​ 90,789 ​ 3.9 % 10.0 ​ Infrastructure, lower of cost or fair value ​ ​ 120,540 ​ ​ 120,900 ​ 3.1 % 3.2 ​ Total loans held-for-sale ​ ​ 1,052,835 ​ ​ 1,032,496 ​ ​ ​ ​ ​ Total gross loans ​ 12,217,352 ​ $ 12,262,840 ​ ​ ​ ​ ​ Credit loss allowances: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial loans held-for-investment ​ ​ (69,611) ​ ​ ​ ​ ​ ​ ​ ​ Infrastructure loans held-for-investment ​ ​ (7,833) ​ ​ ​ ​ ​ ​ ​ ​ Total allowances ​ ​ (77,444) ​ ​ ​ ​ ​ ​ ​ ​ Total net loans ​ $ 12,139,908 ​ ​ ​ ​ ​ ​ ​ ​ (1) Calculated using LIBOR or other applicable index rates as of March 31, 2021 and December 31, 2020 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 $917.8 million and $877.3 million being classified as first mortgages as of March 31, 2021 and December 31, 2020, respectively. ​ (4) Subordinated mortgages include B-Notes and junior participation in first mortgages where we do not own the senior A-Note or senior participation. If we own both the A-Note and B-Note, we categorize the loan as a first mortgage loan. ​ (5) During the three months ended March 31, 2021, $30.7 million of infrastructure loans held-for-sale were reclassified into loans held-for-investment. ​ (6) During the three months ended March 31, 2021, a net amount of $69.5 million of residential loans held-for-sale were reclassified into loans held-for-investment. ​ (7) Residential loans have a weighted average remaining contractual life of 28.9 years and 27.9 years as of March 31, 2021 and December 31, 2020, respectively. ​ (8) During the three months ended March 31, 2021, $142.2 million of commercial loans held-for-investment were reclassified into loans held-for-sale. ​ As of March 31, 2021, our variable rate loans held-for-investment were as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Weighted-average ​ March 31, 2021 ​ Value ​ Spread Above Index ​ Commercial loans ​ $ 9,969,387 ​ 4.3 % Infrastructure loans ​ ​ 1,595,615 ​ 3.8 % Total variable rate loans held-for-investment ​ $ 11,565,002 ​ 4.2 % ​ 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. ​ The 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. We categorize the results between the power and oil and gas industries, which we consider the most significant indicator of credit quality for our infrastructure loans, as set forth in the credit quality indicator table below. ​ As discussed in Note 2, we use a discounted cash flow or collateral value approach, rather than the industry loan loss approach described above, to determine credit loss allowances for any credit deteriorated loans. ​ We regularly evaluate the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral, as well as the financial and operating capability of the borrower. Specifically, the collateral’s operating results and any cash reserves are analyzed and used to assess (i) whether cash flow from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and/or (iii) the collateral’s liquidation value. We also evaluate the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the collateral. In addition, we consider the overall economic environment, real estate or industry sector, and geographic sub-market in which the borrower operates. Such analyses are completed and reviewed by asset management and finance personnel who utilize various data sources, including (i) periodic financial data such as property operating statements, occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections and (iii) current credit spreads and discussions with market participants. ​ The significant credit quality indicators for our loans measured at amortized cost, which excludes loans held-for-sale, were as follows as of March 31, 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loans Revolving Loans Total Credit ​ ​ Amortized Cost Basis by Origination Year ​ Amortized Cost ​ Amortized ​ Loss As of March 31, 2021 ​ 2021 2020 2019 2018 2017 Prior ​ Total ​ Cost Basis ​ Allowance Commercial loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit quality indicator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LTV < 60% ​ $ 1,152,309 ​ $ 709,735 ​ $ 1,314,912 ​ $ 1,225,605 ​ $ 729,227 ​ $ 425,570 ​ $ — ​ $ 5,557,358 ​ $ 7,015 LTV 60% - 70% ​ ​ 859,035 ​ ​ 480,542 ​ ​ 1,530,002 ​ ​ 825,212 ​ ​ 39,916 ​ ​ 82,088 ​ ​ — ​ ​ 3,816,795 ​ ​ 31,535 LTV > 70% ​ ​ — ​ ​ 240,217 ​ ​ 599,518 ​ ​ 312,972 ​ ​ — ​ ​ 61,426 ​ ​ — ​ ​ 1,214,133 ​ ​ 16,661 Credit deteriorated ​ ​ — ​ ​ — ​ ​ — ​ ​ 28,986 ​ ​ — ​ ​ 11,977 ​ ​ — ​ ​ 40,963 ​ ​ 8,266 Defeased and other ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 18,201 ​ ​ — ​ ​ 18,201 ​ ​ — Total commercial ​ $ 2,011,344 ​ $ 1,430,494 ​ $ 3,444,432 ​ $ 2,392,775 ​ $ 769,143 ​ $ 599,262 ​ $ — ​ $ 10,647,450 ​ $ 63,477 Infrastructure loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit quality indicator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Power ​ $ — ​ $ 77,525 ​ $ 220,901 ​ $ 397,619 ​ $ 124,959 ​ $ 371,072 ​ $ 10,057 ​ $ 1,202,133 ​ $ 5,074 Oil and gas ​ ​ — ​ ​ 19,902 ​ ​ 267,727 ​ ​ 100,803 ​ ​ — ​ ​ — ​ ​ 5,050 ​ ​ 393,482 ​ ​ 3,733 Total infrastructure ​ $ — ​ $ 97,427 ​ $ 488,628 ​ $ 498,422 ​ $ 124,959 ​ $ 371,072 ​ $ 15,107 ​ $ 1,595,615 ​ $ 8,807 Residential loans held-for-investment, fair value option ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 150,712 ​ ​ — Loans held-for-sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 844,631 ​ ​ — Total gross loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 13,238,408 ​ $ 72,284 ​ ​ As of March 31, 2021, we had credit deteriorated commercial loans with an amortized cost basis of $41.0 million, of which $29.0 million had no credit loss allowance. These loans were on nonaccrual status, with the cost recovery method of interest income recognition applied. In addition to these credit deteriorated loans, we had a $187.6 million commercial loan and $20.2 million of residential loans that were 90 days or greater past due at March 31, 2021. In March 2021, $7.3 million relating to the $187.6 million commercial loan that was 90 days or greater past due was converted to equity interests pursuant to a consensual transfer under pre-existing equity pledges of additional collateral (see Note 7). The million infrastructure loan in forbearance, were placed on nonaccrual status during the three months ended March 31, 2021, but are not considered credit deteriorated as we presently expect to recover all amounts due. 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 Held-for-Investment ​ Total Three Months Ended March 31, 2021 ​ Commercial ​ Infrastructure ​ Funded Loans Credit loss allowance at December 31, 2020 ​ $ 69,611 ​ $ 7,833 ​ $ 77,444 Credit loss provision (reversal), net ​ 1,880 ​ 717 ​ 2,597 Charge-offs ​ ​ (7,757) (1) ​ — ​ ​ (7,757) Recoveries ​ — ​ — ​ — Transfers ​ (257) ​ 257 ​ — Credit loss allowance at March 31, 2021 ​ $ 63,477 ​ $ 8,807 ​ $ 72,284 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unfunded Commitments Credit Loss Allowance (2) ​ ​ Loans Held-for-Investment ​ ​ Three Months Ended March 31, 2021 Commercial Infrastructure Total Credit loss allowance at December 31, 2020 ​ $ 5,258 ​ $ 812 ​ $ 6,070 Credit loss reversal, net ​ (2,122) ​ (143) ​ (2,265) Credit loss allowance at March 31, 2021 ​ $ 3,136 ​ $ 669 ​ $ 3,805 Memo: Unfunded commitments as of March 31, 2021 (3) ​ $ 1,291,304 ​ $ 65,791 ​ $ 1,357,095 (1) Relates to an unsecured promissory note deemed uncollectible in connection with a residential conversion project located in New York City. The note was previously considered credit deteriorated and was fully reserved. ​ (2) Included in accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets. ​ (3) Represents amounts expected to be funded (see Note 21). ​ ​ Loan Portfolio Activity ​ The activity in our loan portfolio was as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held-for-Investment Loans ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ Commercial ​ Infrastructure ​ Residential ​ Held-for-Sale Loans ​ Total Loans Balance at December 31, 2020 ​ $ 9,583,949 ​ $ 1,412,440 ​ $ 90,684 ​ $ 1,052,835 ​ $ 12,139,908 Acquisitions/originations/additional funding ​ 2,196,813 ​ 99,311 ​ — ​ 375,270 ​ 2,671,394 Capitalized interest (1) ​ 36,646 ​ — ​ — ​ — ​ 36,646 Basis of loans sold (2) ​ — ​ — ​ — ​ (571,927) ​ (571,927) Loan maturities/principal repayments ​ (1,021,393) ​ (18,055) ​ (9,210) ​ (44,326) ​ (1,092,984) Discount accretion/premium amortization ​ 15,824 ​ 921 ​ — ​ — ​ 16,745 Changes in fair value ​ — ​ — ​ (290) ​ (9,188) ​ (9,478) Unrealized foreign currency translation loss ​ (14,082) ​ (181) ​ — ​ — ​ (14,263) Credit loss provision, net ​ (1,880) ​ (717) ​ — ​ — ​ (2,597) Transfer to/from other asset classifications or between segments ​ ​ (211,904) ​ ​ 93,089 ​ ​ 69,528 ​ ​ 41,967 ​ ​ (7,320) Balance at March 31, 2021 ​ $ 10,583,973 ​ $ 1,586,808 ​ $ 150,712 ​ $ 844,631 ​ $ 13,166,124 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held-for-Investment Loans ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2020 ​ Commercial ​ Infrastructure ​ Residential ​ Held-for-Sale Loans ​ Total Loans Balance at December 31, 2019 ​ $ 8,517,054 ​ $ 1,397,448 ​ $ 671,572 ​ $ 884,150 ​ $ 11,470,224 Cumulative effect of ASC 326 effective January 1, 2020 ​ ​ (10,112) ​ ​ (10,328) ​ ​ — ​ ​ — ​ ​ (20,440) Acquisitions/originations/additional funding ​ 1,089,096 ​ 62,929 ​ 100,720 ​ 646,160 ​ 1,898,905 Capitalized interest (1) ​ 36,072 ​ — ​ — ​ — ​ 36,072 Basis of loans sold (2) ​ — ​ — ​ (604) ​ (789,259) ​ (789,863) Loan maturities/principal repayments ​ (689,972) ​ (37,051) ​ (48,620) ​ (20,680) ​ (796,323) Discount accretion/premium amortization ​ 11,559 ​ 411 ​ — ​ 110 ​ 12,080 Changes in fair value ​ — ​ — ​ (25,619) ​ 9,485 ​ (16,134) Unrealized foreign currency translation loss ​ (83,263) ​ — ​ — ​ (4,056) ​ (87,319) Credit loss provision, net ​ (37,527) ​ (5,805) ​ — ​ — ​ (43,332) Transfer to/from other asset classifications ​ ​ — ​ ​ (26,333) ​ ​ (422,691) ​ ​ 449,024 ​ ​ — Balance at March 31, 2020 ​ $ 8,832,907 ​ $ 1,381,271 ​ $ 274,758 ​ $ 1,174,934 ​ $ 11,663,870 (1) Represents accrued interest income on loans whose terms do not require current payment of interest. ​ (2) See Note 11 for additional disclosure on these transactions.

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2021
Investment Securities
Investment Securities	​ 5. Investment Securities ​ Investment securities were comprised of the following as of March 31, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of ​ ​ March 31, 2021 December 31, 2020 RMBS, available-for-sale ​ $ 160,301 ​ $ 167,349 RMBS, fair value option (1) ​ ​ 249,005 ​ ​ 235,997 CMBS, fair value option (1), (2) ​ 1,202,883 ​ 1,209,030 HTM debt securities, amortized cost net of credit loss allowance of $5,387 and $5,675 ​ 488,075 ​ 538,605 Equity security, fair value ​ 10,655 ​ 11,247 Subtotal — ​ 2,110,919 ​ 2,162,228 VIE eliminations (1) ​ (1,432,632) ​ ​ (1,425,570) Total investment securities ​ $ 678,287 ​ $ 736,658 (1) Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. ​ (2) Includes $180.9 million and $179.5 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of March 31, 2021 and December 31, 2020, 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 March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ 27,333 ​ $ — ​ $ — ​ $ (27,333) ​ $ — Sales ​ — ​ — ​ 11,604 ​ — ​ (11,604) ​ — Principal collections ​ 7,251 ​ 13,344 ​ 1,710 ​ 51,690 ​ (14,481) ​ 59,514 Three Months Ended March 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases/fundings ​ $ — ​ $ 29,292 ​ $ 7,661 ​ $ 5,729 ​ $ (36,953) ​ $ 5,729 Sales ​ — ​ — ​ 32,316 ​ — ​ (24,376) ​ 7,940 Principal collections ​ 6,549 ​ 8,572 ​ 16,523 ​ 6,638 ​ (24,723) ​ 13,559 (1) Represents RMBS and CMBS, fair value option amounts eliminated due to our consolidation of securitization VIEs. These amounts are reflected as issuance or repayment of debt of, or distributions from, consolidated VIEs in our condensed consolidated statements of cash flows. ​ RMBS, Available-for-Sale ​ The Company classified all of its RMBS not eliminated in consolidation as available-for-sale as of March 31, 2021 and December 31, 2020. These RMBS are reported at fair value in the balance sheet with changes in fair value recorded in accumulated other comprehensive income (“AOCI”). ​ ​ The tables below summarize various attributes of our investments in available-for-sale RMBS as of March 31, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized Gains or (Losses) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized in AOCI ​ ​ ​ ​ ​ Credit ​ Gross Gross Net ​ ​ ​ ​ Amortized ​ Loss ​ Net ​ Unrealized ​ Unrealized ​ Fair Value ​ ​ ​ ​ ​ Cost ​ Allowance ​ Basis ​ Gains ​ Losses ​ Adjustment ​ Fair Value March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 118,647 ​ $ — ​ $ 118,647 ​ $ 41,688 ​ $ (34) ​ $ 41,654 ​ $ 160,301 December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 123,292 ​ $ — ​ $ 123,292 ​ $ 44,123 ​ $ (66) ​ $ 44,057 ​ $ 167,349 ​ ​ ​ ​ ​ ​ ​ Weighted Average Coupon (1) WAL March 31, 2021 ​ ​ ​ ​ RMBS 1.2 % 5.9 (1) Calculated using the March 31, 2021 one-month LIBOR rate of 0.111% for floating rate securities. ​ (2) Represents the remaining WAL of each respective group of securities as of the balance sheet date. The WAL of each individual security is calculated using projected amounts and projected timing of future principal payments. ​ As of March 31, 2021, approximately $139.4 million, or 87.0%, of RMBS were variable rate. 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 and $0.4 million for the three months ended March 31, 2021 and 2020, 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 March 31, 2021 and December 31, 2020, and for which an allowance for credit losses has not been recorded (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value ​ Unrealized Losses ​ Securities with a Securities with a Securities with a Securities with a ​ ​ loss less than ​ loss greater than ​ loss less than ​ loss greater than ​ ​ 12 months ​ 12 months ​ 12 months ​ 12 months As of March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ — ​ $ 1,170 ​ $ — ​ $ (34) ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 438 ​ $ 1,195 ​ $ (25) ​ $ (41) ​ ​ As of March 31, 2021 and December 31, 2020, there were one and two securities, respectively, with unrealized losses reflected in the table above. After evaluating the securities and recording adjustments for credit losses, we concluded that the remaining unrealized losses reflected above were noncredit-related and would be recovered from the securities’ estimated future cash flows. We considered a number of factors in reaching this conclusion, including that we did not intend to sell the securities, it was not considered more likely than not that we would be forced to sell the securities prior to recovering our amortized cost, and there were no material credit events that would have caused us to otherwise conclude that we would not recover our cost. Credit losses are calculated by comparing (i) the estimated future cash flows of each security discounted at the yield determined as of the initial acquisition date or, if since revised, as of the last date previously revised, to (ii) our net amortized cost basis. Significant judgment is used in projecting cash flows for our non-agency RMBS. As a result, actual income and/or credit losses could be materially different from what is currently projected and/or reported. ​ ​ CMBS and RMBS, Fair Value Option ​ As discussed in the “Fair Value Option” section of Note 2 herein, we elect the fair value option for certain CMBS and RMBS in an effort to eliminate accounting mismatches resulting from the current or potential consolidation of securitization VIEs. As of March 31, 2021, 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 March 31, 2021, 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 $249.0 million and $160.1 million, respectively. The $1.5 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 $19.3 million at March 31, 2021) is eliminated against VIE liabilities before arriving at our GAAP balance for fair value option investment securities. ​ As of March 31, 2021, $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 March 31, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Credit Loss ​ Net Carrying ​ Gross Unrealized ​ Gross Unrealized ​ ​ ​ ​ ​ Cost Basis ​ Allowance ​ Amount ​ Holding Gains ​ Holding Losses ​ Fair Value March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CMBS ​ $ 339,120 ​ $ — ​ $ 339,120 ​ $ — ​ $ (25,169) ​ $ 313,951 ​ Preferred interests ​ ​ 116,466 ​ ​ (2,462) ​ ​ 114,004 ​ ​ 3,346 ​ ​ — ​ ​ 117,350 ​ Infrastructure bonds ​ ​ 37,876 ​ ​ (2,925) ​ ​ 34,951 ​ ​ 435 ​ ​ — ​ ​ 35,386 ​ Total ​ $ 493,462 ​ $ (5,387) ​ $ 488,075 ​ $ 3,781 ​ $ (25,169) ​ $ 466,687 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CMBS ​ $ 339,059 ​ $ — ​ $ 339,059 ​ $ — ​ $ (23,286) ​ $ 315,773 ​ Preferred interests ​ ​ 166,614 ​ ​ (2,749) ​ ​ 163,865 ​ ​ 432 ​ ​ (913) ​ ​ 163,384 ​ Infrastructure bonds ​ ​ 38,607 ​ ​ (2,926) ​ ​ 35,681 ​ ​ 415 ​ ​ — ​ ​ 36,096 ​ Total ​ $ 544,280 ​ $ (5,675) ​ $ 538,605 ​ $ 847 ​ $ (24,199) ​ $ 515,253 ​ ​ 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 Three Months Ended March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit loss allowance at December 31, 2020 ​ $ 2,749 ​ $ 2,926 ​ $ 5,675 Credit loss reversal, net ​ ​ (287) ​ ​ (1) ​ ​ (288) Credit loss allowance at March 31, 2021 ​ $ 2,462 ​ $ 2,925 ​ $ 5,387 ​ The table below summarizes the maturities of our HTM debt securities by type as of March 31, 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred ​ Infrastructure ​ ​ ​ ​ CMBS ​ Interests ​ Bonds ​ Total Less than one year $ 313,863 ​ $ — ​ $ — ​ $ 313,863 One to three years ​ ​ 25,257 ​ ​ 114,004 ​ ​ — ​ ​ 139,261 Three to five years ​ ​ — ​ ​ — ​ ​ — ​ ​ — Thereafter ​ — ​ ​ — ​ ​ 34,951 ​ ​ 34,951 Total ​ $ 339,120 ​ $ 114,004 ​ $ 34,951 ​ $ 488,075 ​ 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 $10.7 million and $11.2 million as of March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021, our shares represent an approximate 2% interest in SEREF.

Properties

Properties	3 Months Ended
	Mar. 31, 2021
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 $636.7 million and debt of $572.8 million as of March 31, 2021. ​ 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 $610.6 million and debt of $512.6 million as of March 31, 2021. ​ 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 $760.3 million and debt of $592.9 million as of March 31, 2021. ​ 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 $192.8 million as of March 31, 2021. ​ 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 $270.4 million and debt of $192.6 million as of March 31, 2021. ​ The table below summarizes our properties held as of March 31, 2021 and December 31, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciable Life March 31, 2021 December 31, 2020 Property Segment ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 15 years ​ $ 485,026 ​ $ 484,846 Buildings and building improvements ​ 5 – 45 years ​ ​ 1,691,423 ​ ​ 1,690,701 Furniture & fixtures ​ 3 – 7 years ​ ​ 60,926 ​ ​ 59,632 Investing and Servicing Segment ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 15 years ​ ​ 50,617 ​ ​ 50,585 Buildings and building improvements ​ 3 – 40 years ​ ​ 179,813 ​ ​ 179,014 Furniture & fixtures ​ 2 – 5 years ​ ​ 2,804 ​ ​ 2,606 Commercial and Residential Lending Segment (1) ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 7 years ​ ​ 9,691 ​ ​ 11,416 Buildings and building improvements ​ 10 – 20 years ​ ​ 9,927 ​ ​ 19,251 Construction in progress ​ N/A ​ ​ 75,245 ​ ​ 75,245 Properties, cost ​ ​ ​ ​ 2,565,472 ​ ​ 2,573,296 Less: accumulated depreciation ​ ​ ​ ​ (320,724) ​ ​ (302,143) Properties, net ​ ​ ​ $ 2,244,748 ​ $ 2,271,153 (1) Represents properties acquired through loan foreclosure or exercise of control over loan borrower pledged equity interests. ​ During the three months ended March 31, 2021, we sold an operating property within the Commercial and Residential Lending Segment for $30.6 million and recognized a gain of $17.7 million within gain on sale of investments and other assets in our condensed consolidated statement of operations. Refer to Note 3 for further discussion. No operating properties were sold during the three months ended March 31, 2020.

Investment in Unconsolidated En

Investment in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2021
Investment in Unconsolidated Entities
Investment in Unconsolidated Entities	​ ​ 7. Investment in Unconsolidated Entities ​ The table below summarizes our investments in unconsolidated entities as of March 31, 2021 and December 31, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Participation / ​ Carrying value as of ​ Ownership % (1) March 31, 2021 December 31, 2020 Equity method investments: ​ ​ ​ ​ ​ ​ ​ ​ Equity interest in a natural gas power plant ​ 10% ​ $ 24,840 ​ $ 25,095 Investor entity which owns equity in an online real estate company ​ 50% ​ ​ 9,573 ​ ​ 9,397 Equity interests in commercial real estate ​ 50% ​ ​ 1,368 ​ ​ 1,543 Equity interest in and advances to a residential mortgage originator (2) N/A ​ 18,458 ​ 17,852 Various (3) 15% - 50% ​ 16,896 ​ 8,831 ​ ​ ​ ​ 71,135 ​ 62,718 Other equity investments: ​ ​ ​ ​ ​ ​ ​ ​ Equity interest in a servicing and advisory business ​ 2% ​ ​ 17,584 ​ 17,584 Investment funds which own equity in a loan servicer and other real estate assets 4% - 6% ​ 7,267 ​ 7,267 Various, including Federal Home Loan Bank stock 0% - 2% ​ 4,921 ​ 20,485 ​ ​ ​ ​ 29,772 ​ 45,336 ​ ​ ​ ​ $ 100,907 ​ $ 108,054 (1) None of these investments are publicly traded and therefore quoted market prices are not available. ​ (2) Includes a $4.5 million subordinated loan as of both March 31, 2020 and December 31, 2020. ​ (3) In March 2021, we obtained 15% equity interests in two investor entities that own 49% equity interests in two entertainment and retail centers in satisfaction of $7.3 million principal amount of a commercial loan. As discussed in Note 4, the equity interests in the entertainment and retail centers were transferred under pre-existing equity pledges of additional collateral for the commercial loan. ​ As of March 31, 2021, the carrying value of our equity investment in a residential mortgage originator exceeded the underlying equity in net assets of such investee by $1.6 million. This difference is the result of the Company recording its investment in the investee at its acquisition date fair value, which included certain non-amortizing intangible assets not recognized by the investee. Should the Company determine these intangible assets held by the investee are impaired, the Company will recognize such impairment loss through earnings from unconsolidated entities in our consolidated statement of operations, otherwise, such difference between the carrying value of our equity investment in the residential mortgage originator and the underlying equity in the net assets of the residential mortgage originator will continue to exist. ​ Other than our equity interest in the residential mortgage originator, there were no differences between the carrying value of our equity method investments and the underlying equity in the net assets of the investees as of March 31, 2021. ​ During the three months ended March 31, 2021, we did not become aware of (i) any observable price changes in our other equity investments accounted for under the fair value practicability election or (ii) any indicators of impairment.

Goodwill and Intangibles

Goodwill and Intangibles	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangibles
Goodwill and Intangibles	8. Goodwil l and Intangibles ​ Goodwill ​ ​ Infrastructure Lending Segment ​ The Infrastructure Lending Segment’s goodwill of $119.4 million at both March 31, 2021 and December 31, 2020 represents the excess of consideration transferred over the fair value of net assets acquired on September 19, 2018 and October 15, 2018. The goodwill recognized is attributable to value embedded in the acquired Infrastructure Lending Segment’s lending platform. ​ LNR Property LLC (“LNR”) ​ The Investing and Servicing Segment’s goodwill of $140.4 million at both March 31, 2021 and December 31, 2020 represents the excess of consideration transferred over the fair value of net assets of LNR acquired on April 19, 2013. The goodwill recognized is attributable to value embedded in LNR’s existing platform, which includes a network of commercial real estate asset managers, work-out specialists, underwriters and administrative support professionals as well as proprietary historical performance data on commercial real estate assets. ​ Intangible Assets ​ Servicing Rights Intangibles ​ In connection with the LNR acquisition, we identified domestic servicing rights that existed at the purchase date, based upon the expected future cash flows of the associated servicing contracts. As of March 31, 2021 and December 31, 2020, the balance of the domestic servicing intangible was net of $42.9 million and $41.4 million, respectively, which was eliminated in consolidation pursuant to ASC 810 against VIE assets in connection with our consolidation of securitization VIEs. Before VIE consolidation, as of March 31, 2021 and December 31, 2020, the domestic servicing intangible had a balance of $55.3 million and $54.6 million, respectively, which represents our economic interest in this asset. ​ Lease Intangibles ​ In connection with our acquisitions of commercial real estate, we recognized in-place lease intangible assets and favorable lease intangible assets associated with certain non-cancelable operating leases of the acquired properties. ​ The following table summarizes our intangible assets, which are comprised of servicing rights intangibles and lease intangibles, as of March 31, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2021 ​ As of December 31, 2020 ​ Gross Carrying ​ Accumulated Net Carrying Gross Carrying Accumulated Net Carrying ​ ​ Value ​ Amortization ​ Value ​ Value ​ Amortization ​ Value Domestic servicing rights, at fair value ​ $ 12,406 ​ $ — ​ $ 12,406 ​ $ 13,202 ​ $ — ​ $ 13,202 In-place lease intangible assets ​ 133,203 ​ (94,726) ​ 38,477 ​ 133,203 ​ (92,540) ​ 40,663 Favorable lease intangible assets ​ ​ 24,181 ​ ​ (8,292) ​ ​ 15,889 ​ ​ 24,181 ​ ​ (7,929) ​ ​ 16,252 Total net intangible assets ​ $ 169,790 ​ $ (103,018) ​ $ 66,772 ​ $ 170,586 ​ $ (100,469) ​ $ 70,117 ​ The following table summarizes the activity within intangible assets for the three months ended March 31, 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ In-place Lease ​ Favorable Lease ​ ​ ​ ​ Servicing ​ Intangible ​ Intangible ​ ​ ​ Rights Assets Assets Total Balance as of January 1, 2021 ​ $ 13,202 ​ $ 40,663 ​ $ 16,252 ​ $ 70,117 Amortization ​ ​ — ​ ​ (2,186) ​ ​ (363) ​ ​ (2,549) Changes in fair value due to changes in inputs and assumptions ​ ​ (796) ​ ​ — ​ ​ — ​ ​ (796) Balance as of March 31, 2021 ​ $ 12,406 ​ $ 38,477 ​ $ 15,889 ​ $ 66,772 ​ 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): ​ ​ ​ ​ ​ 2021 (remainder of) $ 7,094 2022 ​ 7,862 2023 ​ 6,115 2024 ​ 4,722 2025 ​ 3,846 Thereafter ​ 24,727 Total ​ $ 54,366 ​

Secured Borrowings

Secured Borrowings	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Balance at ​ ​ Current ​ Extended ​ Weighted Average ​ Pledged Asset ​ Maximum ​ March 31, ​ December 31, ​ Maturity Maturity (a) Pricing Carrying Value Facility Size 2021 2020 Repurchase Agreements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Loans ​ May 2021 to Aug 2025 (b) May 2023 to Mar 2029 (b) (c) ​ $ 8,088,081 ​ $ 9,164,525 (d) $ 5,592,652 ​ $ 4,878,939 Residential Loans ​ Jan 2022 to Oct 2023 ​ N/A ​ LIBOR + 2.09% ​ ​ 428,877 ​ ​ 1,750,000 ​ ​ 328,620 ​ ​ 22,590 Infrastructure Loans ​ Feb 2022 ​ N/A ​ LIBOR + 2.00% ​ ​ 295,516 ​ ​ 500,000 ​ ​ 246,136 ​ ​ 232,961 Conduit Loans ​ Feb 2022 to Jun 2023 ​ Feb 2023 to Jun 2024 ​ LIBOR + 2.15% ​ ​ 147,523 ​ ​ 350,000 ​ ​ 111,087 ​ ​ 53,554 CMBS/RMBS ​ Dec 2021 to Oct 2030 (e) Mar 2022 to Apr 2031 (e) (f) ​ ​ 1,112,819 ​ ​ 823,365 ​ ​ 668,993 (g) ​ 620,763 Total Repurchase Agreements ​ ​ ​ ​ ​ ​ ​ ​ 10,072,816 ​ ​ 12,587,890 ​ ​ 6,947,488 ​ ​ 5,808,807 Other Secured Financing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Borrowing Base Facility ​ Apr 2022 ​ Apr 2024 ​ LIBOR + 2.25% ​ ​ 304,076 ​ ​ 650,000 (h) ​ 223,302 ​ ​ 43,014 Commercial Financing Facility ​ Mar 2022 ​ Mar 2029 ​ GBP LIBOR + 1.75% ​ ​ 101,559 ​ ​ 81,847 ​ ​ 81,847 ​ ​ 81,218 Residential Financing Facility ​ Sep 2022 ​ Sep 2025 ​ 3.50% ​ ​ 163,545 ​ ​ 250,000 ​ ​ 1,515 ​ ​ 215,024 Infrastructure Acquisition Facility ​ Sep 2021 ​ Sep 2022 ​ (i) ​ ​ 525,611 ​ ​ 517,498 ​ ​ 414,503 ​ ​ 467,450 Infrastructure Financing Facilities ​ Jul 2022 to Oct 2022 ​ Oct 2024 to Jul 2027 ​ LIBOR + 2.04% ​ ​ 699,684 ​ ​ 1,250,000 ​ ​ 548,956 ​ ​ 538,645 Property Mortgages - Fixed rate ​ Nov 2024 to Aug 2052 (j) N/A ​ 4.03% ​ ​ 1,271,385 ​ ​ 1,155,306 ​ ​ 1,155,306 ​ ​ 1,077,528 Property Mortgages - Variable rate ​ Nov 2021 to Jul 2030 ​ N/A ​ (k) ​ ​ 929,800 ​ ​ 985,453 ​ ​ 960,901 ​ ​ 960,903 Term Loan and Revolver ​ (l) ​ N/A ​ (l) ​ ​ N/A (l) ​ 763,375 ​ ​ 643,375 ​ ​ 645,000 Federal Home Loan Bank ​ N/A ​ N/A ​ N/A ​ ​ — ​ ​ — ​ ​ — ​ ​ 396,000 Total Other Secured Financing ​ ​ ​ ​ ​ ​ ​ ​ 3,995,660 ​ ​ 5,653,479 ​ ​ 4,029,705 ​ ​ 4,424,782 ​ ​ ​ ​ ​ ​ ​ ​ $ 14,068,476 ​ $ 18,241,369 ​ ​ 10,977,193 ​ ​ 10,233,589 Unamortized net discount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (13,149) ​ ​ (13,569) Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (68,112) ​ ​ (73,830) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,895,932 ​ $ 10,146,190 (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 $1.9 billion as of March 31, 2021 are indexed to GBP LIBOR and EURIBOR. The remainder have a weighted average rate of LIBOR + 2.01%. (d) The aggregate initial maximum facility size may be increased at our option, subject to certain conditions. The $9.2 billion amount includes such upsizes. (e) Certain facilities with an outstanding balance of $280.3 million as of March 31, 2021 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 $212.0 million as of March 31, 2021 has a weighted average fixed annual interest rate of 3.29 %. All other facilities are variable rate with a weighted average rate of LIBOR + 1.92%. (g) Includes: (i) $212.0 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $38.3 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 6.5 years as of March 31, 2021. (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 + 2.59%. (l) Consists of: (i) a 643.4 million term loan facility that matures in July 2026, of which $394.0 million has an annual interest rate of LIBOR + 2.50% and $249.4 million has an annual interest rate of LIBOR + 3.50%, subject to a 75 bps LIBOR floor, 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 $4.2 billion as of March 31, 2021. ​ In the normal course of business, the Company is in discussions with its lenders to extend, amend or replace any financing facilities which contain near term expirations. ​ In January 2021, we entered into a Residential Loans repurchase facility to finance residential loans. The facility carries a one-year term, which we intend to extend every three months, and an annual interest rate of one-month LIBOR + 2.00% to 2.50%, subject to a 25 ​ In March 2021, we entered into mortgage loans with total borrowings of $82.9 million to refinance our Woodstar II Portfolio. The loans carry seven-year terms and a weighted average fixed annual interest rate of 4.36%. A portion of the net proceeds from the mortgage loans was used to repay $4.9 million of outstanding government sponsored mortgage loans. ​ Our secured financing agreements contain certain financial tests and covenants. As of March 31, 2021, 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 72 % 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 28% of repurchase agreements containing margin call provisions for general capital markets activity, approximately 15 % of these pertain to our loans held-for-sale, for which we manage credit risk through the purchase of credit index instruments. We further seek to manage risks associated with our repurchase agreements by matching the maturities and interest rate characteristics of our loans with the related repurchase agreement. ​ For the three months ended March 31, 2021 and 2020, approximately $9.5 million and $8.8 million, respectively, of amortization of deferred financing costs from secured financing agreements was included in interest expense on our condensed consolidated statements of operations. ​ Collateralized Loan Obligations ​ In August 2019, we refinanced a pool of our commercial loans held-for-investment through a CLO, STWD 2019-FL1. On the closing date, the CLO issued $1.1 billion principal amount of notes, of which $936.4 million was purchased by third party investors. We retained $86.6 million of notes, along with preferred shares with a liquidation preference of $77.0 million. The CLO contains a reinvestment feature that, subject to certain eligibility criteria, allows us to contribute new loans or participation interests in loans to the CLO in exchange for cash. During the three months ended March 31, 2021, we utilized the reinvestment feature, contributing $98.6 million of additional interests into the CLO. ​ ​ The following table is a summary of our CLO as of March 31, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Face ​ Carrying ​ Weighted ​ ​ ​ March 31, 2021 ​ Count ​ Amount ​ Value ​ Average Spread ​ Maturity ​ Collateral assets ​ 25 ​ $ 1,099,693 ​ $ 1,099,639 ​ LIBOR + 4.21% (a) May 2024 (b) Financing ​ 1 ​ 936,375 ​ ​ 931,178 ​ LIBOR + 1.63% (c) July 2038 (d) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral assets ​ 23 ​ $ 1,002,445 ​ $ 1,099,439 ​ LIBOR + 3.93% (a) Apr 2024 (b) Financing ​ 1 ​ 936,375 ​ ​ 930,554 ​ LIBOR + 1.64% (c) July 2038 (d) (a) Represents the weighted-average coupon earned on variable rate loans during the respective year-to-date period. There were no fixed-rate loans financed by the CLO as of March 31, 2021 and December 31, 2020. (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 both the three months ended March 31, 2021 and 2020, approximately $0.6 million of amortization of deferred financing costs was included in interest expense on our condensed consolidated statements of operations. As of March 31, 2021 and December 31, 2020, our unamortized issuance costs were $5.2 million and $5.8 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 2021 (remainder of) $ 302,200 $ 58,768 $ — ​ $ 360,968 2022 ​ 1,548,791 ​ 419,128 ​ ​ — ​ 1,967,919 2023 ​ 1,450,262 ​ 803,315 ​ ​ — ​ 2,253,577 2024 ​ 1,480,044 ​ 475,383 ​ ​ — ​ 1,955,427 2025 ​ 1,510,607 ​ 248,376 ​ ​ — ​ 1,758,983 Thereafter ​ 655,584 ​ 2,024,735 ​ ​ 936,375 (a) 3,616,694 Total ​ $ 6,947,488 ​ $ 4,029,705 ​ $ 936,375 ​ $ 11,913,568 (a) Assumes utilization of the reinvestment feature.

Unsecured Senior Notes

Unsecured Senior Notes	3 Months Ended
	Mar. 31, 2021
Convertible Senior Notes
Unsecured Senior Notes
Unsecured Senior Notes	​ ​ 10. Unsecured Senior Notes ​ The following table is a summary of our unsecured senior notes outstanding as of March 31, 2021 and December 31, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ ​ ​ ​ Coupon ​ ​ Effective ​ Maturity ​ Period of ​ Carrying Value at ​ ​ Rate ​ ​ Rate (1) ​ Date ​ Amortization ​ March 31, 2021 ​ December 31, 2020 2021 Senior Notes ​ 5.00 % ​ 5.32 % 12/15/2021 ​ 0.7 years ​ $ 700,000 ​ $ 700,000 2023 Senior Notes ​ 5.50 % ​ 5.71 % 11/1/2023 2.6 years ​ 300,000 ​ 300,000 2023 Convertible Notes ​ 4.38 % ​ 4.57 % 4/1/2023 ​ 2.0 years ​ ​ 250,000 ​ ​ 250,000 2025 Senior Notes ​ 4.75 % (2) 5.04 % 3/15/2025 ​ 4.0 years ​ ​ 500,000 ​ ​ 500,000 Total principal amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,750,000 ​ ​ 1,750,000 Unamortized discount—Convertible Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (910) ​ ​ (2,559) Unamortized discount—Senior Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (8,356) ​ ​ (9,332) Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (5,076) ​ (5,589) Carrying amount of debt components ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,735,658 ​ $ 1,732,520 Carrying amount of conversion option equity components recorded in additional paid-in capital for outstanding convertible notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ N/A ​ $ 3,755 (1) Effective rate includes the effects of underwriter purchase discount. (2) 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 March 31, 2021, we were in compliance with all such covenants. ​ Convertible Senior Notes ​ On March 29, 2017, we issued $250.0 million of 4.375 % Convertible Senior Notes due 2023 (the “2023 Convertible Notes”) which remain outstanding at March 31, 2021 and mature on April 1, 2023. ​ We recognized interest expense of $2.9 million and $3.0 million during the three months ended March 31, 2021 and 2020, respectively, from our Convertible Notes. ​ The following table details the conversion attributes of our Convertible Notes outstanding as of March 31, 2021 (amounts in thousands, except rates): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ 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 2023 Convertible Notes converted, as adjusted in accordance with the indenture governing the 2023 Convertible Notes (including the applicable supplemental indenture). ​ (2) As of March 31, 2021, the market price of the Company’s common stock was $24.74. ​ The if-converted value of the 2023 Convertible Notes was less than their principal amount by $11.3 million at March 31, 2021 as the closing market price per share. The if-converted value of the principal amount of the 2023 Convertible Notes was $238.7 million as of March 31, 2021. As of March 31, 2021, the net carrying amount and fair value of the 2023 Convertible Notes was $248.6 million and $255.8 million, respectively. ​ ​ Conditions for Conversion ​ Prior to October 1, 2022, the 2023 Convertible Notes will be convertible only upon satisfaction of one or more of the following conditions: (1) the closing market price of the Company’s common stock is at least 110% of the conversion price of the 2023 Convertible Notes for at least 20 out of 30 trading days prior to the end of the preceding fiscal quarter, (2) the trading price of the 2023 Convertible Notes is less than 98% of the product of (i) the conversion rate and (ii) the closing price of the Company’s common stock during any five consecutive trading day period, (3) the Company issues certain equity instruments at less than the 10 -day average closing market price of its common stock or the per-share value of certain distributions exceeds the market price of the Company’s common stock by more than 10% or (4) certain other specified corporate events (significant consolidation, sale, merger, share exchange, fundamental change, etc.) occur. ​ On or after October 1, 2022, holders of the 2023 Convertible Notes may convert each of their notes at the applicable conversion rate at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date.

Loan Securitization_Sale Activi

Loan Securitization/Sale Activities	3 Months Ended
	Mar. 31, 2021
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 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 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 securitizations are subject to optional redemption after a certain period of time or when the pool balance falls below a specified threshold. ​ The following summarizes the face amount and proceeds of commercial and residential loans securitized for the three months ended March 31, 2021 and 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Loans ​ Residential Loans ​ Face Amount Proceeds Face Amount Proceeds For the Three Months Ended March 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ $ 85,037 ​ $ 89,710 ​ $ 383,549 ​ $ 389,798 2020 ​ 335,835 ​ ​ 352,393 ​ 381,279 ​ 398,747 ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ Face Amount Proceeds For the Three Months Ended March 31, ​ ​ ​ ​ ​ ​ 2021 ​ $ 89,418 ​ $ 92,419 2020 ​ ​ 550 ​ ​ 604 ​ There were no sales of commercial loans within the Commercial and Residential Lending Segment during the three months ended March 31, 2021 and 2020. ​ Infrastructure Loan Sales ​ During the three months ended March 31, 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 within the Infrastructure Lending Segment during the three months ended March 31, 2021.

Derivatives and Hedging Activit

Derivatives and Hedging Activity	3 Months Ended
	Mar. 31, 2021
Derivatives and Hedging Activity
Derivatives and Hedging Activity	12. Derivatives and Hedging Activity ​ Risk Management Objective of Using Derivatives ​ We are exposed to certain risks arising from both our business operations and economic conditions. Refer to Note 13 to the consolidated financial statements included in our Form 10-K for further discussion of our risk management objectives and policies. ​ Designated Hedges ​ The Company does not generally elect to apply the hedge accounting designation to its hedging instruments. As of March 31, 2021 and December 31, 2020, 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 March 31, 2021 (notional amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Buy Euros ("EUR") ​ 2 ​ 3,973 ​ EUR ​ November 2022 Fx contracts – Buy Pounds Sterling ("GBP") ​ 8 ​ 16,675 ​ GBP ​ April 2021 – July 2022 Fx contracts – Sell EUR ​ 208 ​ 252,796 ​ EUR ​ April 2021 – November 2025 Fx contracts – Sell GBP ​ 156 ​ 556,798 ​ GBP ​ April 2021 – May 2024 Fx contracts – Sell Australian dollar ("AUD") ​ 19 ​ 188,554 ​ AUD ​ August 2021 – June 2022 Interest rate swaps – Paying fixed rates ​ 46 ​ 1,791,332 ​ USD ​ May 2023 – April 2031 Interest rate swaps – Receiving fixed rates ​ 1 ​ 470,000 ​ USD ​ March 2025 Interest rate caps ​ 22 ​ 985,635 ​ USD ​ April 2021 – April 2025 Credit index instruments ​ 3 ​ 49,000 ​ USD ​ September 2058 – August 2061 Interest rate swap guarantees ​ 6 ​ 371,890 ​ USD ​ March 2022 – June 2025 Total ​ 471 ​ ​ ​ ​ ​ ​ ​ The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Derivatives ​ Fair Value of Derivatives ​ ​ in an Asset Position (1) as of ​ in a Liability Position (2) as of ​ ​ March 31, ​ December 31, ​ March 31, ​ December 31, ​ 2021 ​ 2020 ​ 2021 ​ 2020 Interest rate contracts ​ $ 25,331 ​ $ 33,841 ​ $ 4 ​ $ 4 Interest rate swap guarantees ​ ​ — ​ ​ — ​ ​ 498 ​ ​ 849 Foreign exchange contracts ​ 12,617 ​ 6,585 ​ 34,002 ​ 39,951 Credit index instruments ​ 81 ​ 129 ​ 301 ​ 520 Total derivatives ​ $ 38,029 ​ $ 40,555 ​ $ 34,805 ​ $ 41,324 (1) Classified as derivative assets in our condensed consolidated balance sheets. ​ (2) Classified as derivative liabilities in our condensed consolidated balance sheets. ​ The table below presents the effect of our derivative financial instruments on the condensed consolidated statements of operations for the three months ended March 31, 2021 and 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain (Loss) ​ ​ ​ ​ Recognized in Income for the Derivatives Not Designated ​ Location of Gain (Loss) ​ Three Months Ended March 31, as Hedging Instruments Recognized in Income 2021 2020 Interest rate contracts Gain on derivative financial instruments ​ $ 20,158 ​ $ (45,125) Interest rate swap guarantees ​ Gain on derivative financial instruments ​ ​ 351 ​ ​ (675) Foreign exchange contracts Gain on derivative financial instruments ​ 13,602 ​ 53,265 Credit index instruments Gain on derivative financial instruments ​ (122) ​ 2,245 ​ ​ ​ ​ $ 33,989 ​ $ 9,710 ​

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	3 Months Ended
	Mar. 31, 2021
Offsetting Assets and Liabilities
Offsetting Assets and Liabilities	​ 13. Offsetting Assets and Liabilities ​ The following tables present the potential effects of netting arrangements on our financial position for financial assets and liabilities within the scope of ASC 210-20, Balance Sheet—Offsetting ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (iv) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amounts Not ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Offset in the Statement ​ ​ ​ ​ ​ ​ ​ ​ (ii) ​ (iii) = (i) - (ii) ​ of Financial Position ​ ​ ​ ​ ​ ​ ​ Gross Amounts Net Amounts ​ ​ Cash ​ ​ ​ ​ (i) ​ Offset in the ​ Presented in ​ ​ ​ ​ Collateral ​ ​ ​ ​ ​ Gross Amounts ​ Statement of ​ the Statement of ​ Financial ​ Received / ​ (v) = (iii) - (iv) ​ ​ Recognized ​ Financial Position ​ Financial Position ​ Instruments ​ Pledged ​ Net Amount As of March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ 38,029 ​ $ — ​ $ 38,029 ​ $ 11,491 ​ $ 24,235 ​ $ 2,303 Derivative liabilities ​ $ 34,805 ​ $ — ​ $ 34,805 ​ $ 11,491 ​ $ 22,618 ​ $ 696 Repurchase agreements ​ 6,947,488 ​ — ​ 6,947,488 ​ 6,947,488 ​ — ​ — ​ ​ $ 6,982,293 ​ $ — ​ $ 6,982,293 ​ $ 6,958,979 ​ $ 22,618 ​ $ 696 As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ 40,555 ​ $ — ​ $ 40,555 ​ $ 6,716 ​ $ 33,772 ​ $ 67 Derivative liabilities ​ $ 41,324 ​ $ — ​ $ 41,324 ​ $ 6,716 ​ $ 27,416 ​ $ 7,192 Repurchase agreements ​ 5,808,807 ​ — ​ 5,808,807 ​ 5,808,807 ​ — ​ — ​ ​ $ 5,850,131 ​ $ — ​ $ 5,850,131 ​ $ 5,815,523 ​ $ 27,416 ​ $ 7,192 ​

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2021
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, a portion of the identified servicing intangible associated with the eliminated fee streams is eliminated in consolidation. ​ VIEs in which we are the Primary Beneficiary ​ The inclusion of the assets and liabilities of securitization VIEs in which we are deemed the primary beneficiary has no economic effect on us. Our exposure to the obligations of securitization VIEs is generally limited to our investment in these entities. We are not obligated to provide, nor have we provided, any financial support for any of these consolidated structures. ​ During the year ended December 31, 2019, we refinanced a pool of our commercial loans held-for-investment through a CLO, which is considered to be a VIE. We are the primary beneficiary of, and therefore consolidate, the CLO in our financial statements as we have both (i) the power to direct the activities in our role as collateral manager that most significantly impact the CLO’s economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the CLO that could be potentially significant through the subordinate interests we own. ​ The following table details the assets and liabilities of our consolidated CLO as of March 31, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ — ​ $ 96,998 Loans held-for-investment ​ ​ 1,099,639 ​ 1,002,441 Accrued interest receivable ​ 4,068 ​ ​ 5,454 Other assets ​ ​ 307 ​ 557 Total Assets ​ $ 1,104,014 ​ $ 1,105,450 Liabilities ​ ​ ​ ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 640 ​ $ 663 Collateralized loan obligations, net ​ 931,178 ​ 930,554 Total Liabilities ​ $ 931,818 ​ $ 931,217 ​ 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 $685.4 million and liabilities of $520.6 million as of March 31, 2021. ​ We also hold a 51 % controlling interest in a 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 are deemed the primary beneficiary of the CMBS JV. This VIE had total assets of $335.4 million and liabilities of $78.9 million as of March 31, 2021. Refer to Note 16 for further discussion. ​ In addition to the above non-securitization entities, we have smaller VIEs with total assets of $98.7 million and liabilities of $53.8 million as of March 31, 2021. ​ VIEs in which we are not the Primary Beneficiary ​ In certain instances, we hold a variable interest in a VIE in the form of CMBS, but either (i) we are not appointed, or do not serve as, special servicer or servicing administrator or (ii) an unrelated third party has the rights to unilaterally remove us as special servicer without cause. In these instances, we do not have the power to direct activities that most significantly impact the VIE’s economic performance. In other cases, the variable interest we hold does not obligate us to absorb losses or provide us with the right to receive benefits from the VIE which could potentially be significant. For these structures, we are not deemed to be the primary beneficiary of the VIE, and we do not consolidate these VIEs. ​ As of March 31, 2021, five of our six 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. Two of the five CDOs defaulted during the year ended December 31, 2020. Upon default of a CDO, the trustee or senior note holders are allowed to exercise certain rights, including liquidation of the collateral, which at that time, is the activity which would most significantly impact the CDO’s economic performance. Further, when the CDO is in default, the collateral administrator no longer has the option to purchase securities from the CDO. In cases where the CDO is in default and we do not have the ability to exercise rights which would most significantly impact the CDO’s economic performance, we do not consolidate the VIE. As of March 31, 2021, 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 March 31, 2021, our maximum risk of loss related to securitization VIEs in which we were not the primary beneficiary was $19.3 million on a fair value basis. ​ As of March 31, 2021, 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 $3.9 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 $25.7 million as of March 31, 2021, within investment in unconsolidated entities on our condensed consolidated balance sheet. Our maximum risk of loss is limited to our carrying value of the investments.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2021
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. ​ Expense Reimbursement. For the three months ended March 31, 2021 and 2020, approximately $1.5 million and $2.2 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. As of March 31, 2021 and December 31, 2020, there were $3.8 million and $5.0 million, respectively, of unpaid reimbursable executive compensation and other expenses included in related-party payable in our condensed consolidated balance sheets. ​ Equity Awards. ​ 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 November 2020, we granted RSUs to our Manager under the 2017 Manager Equity Plan. In April 2018, we granted RSUs to our Manager under the 2017 Manager Equity Plan. In March 2017, we granted RSUs to our Manager under the Manager Equity Plan. In connection with these grants and prior similar grants, we recognized share-based compensation expense of ​ Investments in Loans and Securities ​ During the three months ended March 31, 2021, the Company acquired $141.6 million of loans from a residential mortgage originator in which it holds an equity interest. Additionally, as of March 31, 2021, the Company had outstanding residential mortgage loan purchase commitments of $27.4 million to this residential mortgage originator. Refer to Note 7 for further discussion. ​ Lease Arrangements ​ In March 2020, we entered into an office lease agreement with an entity which is controlled by our Chairman and CEO through majority equity ownership of the entity. The leased premises are currently under construction and will serve as our new Miami Beach office when our existing lease in Miami Beach expires on December 31, 2021. The lease will commence after delivery of the office space to us, but no earlier than July 30, 2021. The lease is for approximately 74,000 square feet of office space, has an initial term of 15 years and requires monthly lease payments starting in the tenth month after lease commencement. The lease payments are based on an annual base rate of $52.00 per square foot that increases by 3% each anniversary following commencement, plus our pro rata share of building operating expenses. 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, provides property management services for the properties within our Woodstar I Portfolio. Fees paid to Highmark are calculated as a percentage of gross receipts and are at market terms. During the three months ended March 31, 2021 and 2020, property management fees to Highmark of ​ Refer to Note 16 to the consolidated financial statements included in our Form 10-K for further discussion of related-party agreements. ​

Stockholders' Equity and Non-Co

Stockholders' Equity and Non-Controlling Interests	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity and Non-Controlling Interests
Stockholders' Equity and Non-Controlling Interests	​ ​ 16. Stockholders’ Equity and Non-Controlling Interests ​ During the three months ended March 31, 2021, our board of directors declared the following dividends: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration Date Record Date Ex-Dividend Date Payment Date Amount Frequency 3/11/21 3/31/21 3/30/21 ​ 4/15/21 ​ ​ 0.48 Quarterly ​ During the three months ended March 31, 2021 and 2020, there were no shares issued under our At-The-Market Equity Offering Sales Agreement. During the three months ended March 31, 2021 and 2020, shares issued under the Starwood Property Trust, Inc. Dividend Reinvestment and Direct Stock Purchase Plan (the “DRIP Plan”) were not material. ​ Equity Incentive Plans ​ In May 2017, the Company’s shareholders approved the 2017 Manager Equity Plan and the Starwood Property Trust, Inc. 2017 Equity Plan (the “2017 Equity Plan”), which allow for the issuance of up to 11,000,000 stock options, stock appreciation rights, RSAs, RSUs or other equity-based awards or any combination thereof to the Manager, directors, employees, consultants or any other party providing services to the Company. The 2017 Manager Equity Plan succeeds and replaces the Manager Equity Plan and the 2017 Equity Plan succeeds and replaces the Starwood Property Trust, Inc. Equity Plan (the “Equity Plan”) and the Starwood Property Trust, Inc. Non-Executive Director Stock Plan (the “Non-Executive Director Stock Plan”). ​ The table below summarizes our share awards granted or vested under the Manager Equity Plan and the 2017 Manager Equity Plan during the three months ended March 31, 2021 and 2020 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grant Date Type Amount Granted Grant Date Fair Value Vesting Period November 2020 ​ RSU ​ 1,800,000 ​ $ 30,078 ​ 3 years ​ 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, 2021 1,594,605 2,286,896 3,881,501 $ 17.26 Granted ​ 1,518,072 ​ — 1,518,072 ​ 21.81 Vested (633,893) ​ (296,342) (930,235) ​ 17.48 Balance as of March 31, 2021 2,478,784 1,990,554 4,469,338 ​ 18.76 ​ As of March 31, 2021, there were 3.2 million shares of common stock available for future grants under the 2017 Manager Equity Plan and the 2017 Equity Plan. ​ Non-Controlling Interests in Consolidated Subsidiaries ​ In connection with our Woodstar II Portfolio acquisitions, we issued 10.2 million Class A Units in our consolidated subsidiary, SPT Dolphin, and rights to receive an additional 1.9 million Class A Units if certain contingent events occur. As of March 31, 2021, all of the 1.9 million contingent Class A Units were issued. The Class A Units are redeemable for consideration equal to the current share price of the Company’s common stock on a one-for-one basis, with the consideration paid in either cash or the Company’s common stock, at the determination of the Company. During the three months ended March 31, 2021, redemptions of 0.1 million of the Class A Units were received and settled in common stock, leaving 10.6 million Class A Units outstanding as of March 31, 2021. 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 $225.6 million and $226.7 million as of March 31, 2021 and December 31, 2020, 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 both the three months ended March 31, 2021 and 2020, we recognized net income attributable to non-controlling interests of $5.1 million associated with these Class A Units. As discussed in Note 14, we hold a 51% controlling interest in the CMBS JV within our Investing and Servicing Segment. Because the CMBS JV is deemed a VIE for which we are the primary beneficiary, the 49% interest of our joint venture partner is reflected as a non-controlling interest in consolidated subsidiaries on our condensed 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 $132.4 million and $126.7 million as of March 31, 2021 and December 31, 2020, respectively. During the three months ended March 31, 2021 and 2020, net income (loss) attributable to non-controlling interests was $5.4 million and $(6.0) million, respectively.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2021
Earnings per Share
Earnings per Share	​ ​ 17. Earnings per Share ​ The following table provides a reconciliation of net income (loss) and the number of shares of common stock used in the computation of basic EPS and diluted EPS (amounts in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ 2021 2020 Basic Earnings (Loss) ​ ​ ​ ​ ​ ​ Income (loss) attributable to STWD common stockholders ​ $ 111,378 ​ $ (66,769) Less: Income attributable to participating shares not already deducted as non-controlling interests ​ (1,925) ​ (1,222) Basic earnings (loss) ​ $ 109,453 ​ $ (67,991) ​ ​ ​ ​ ​ ​ ​ Diluted Earnings (Loss) ​ ​ ​ ​ ​ ​ Income (loss) attributable to STWD common stockholders ​ $ 111,378 ​ $ (66,769) Less: Income attributable to participating shares not already deducted as non-controlling interests ​ (1,925) ​ (1,222) Add: Interest expense on Convertible Notes ​ ​ 2,916 ​ ​ * Diluted earnings (loss) ​ $ 112,369 ​ $ (67,991) ​ ​ ​ ​ ​ ​ ​ Number of Shares: ​ ​ ​ ​ ​ ​ Basic — Average shares outstanding ​ 283,319 ​ 280,990 Effect of dilutive securities — Convertible Notes ​ 9,649 ​ * Effect of dilutive securities — Contingently issuable shares ​ 263 ​ — Diluted — Average shares outstanding ​ 293,231 ​ 280,990 ​ ​ ​ ​ ​ ​ ​ Earnings (Loss) Per Share Attributable to STWD Common Stockholders: ​ ​ ​ ​ ​ ​ Basic ​ $ 0.39 ​ $ (0.24) Diluted ​ $ 0.38 ​ $ (0.24) * ​ As of March 31, 2021 and 2020, participating shares of 14.6 million and 13.2 million, respectively, were excluded from the computation of diluted shares as their effect was already considered under the more dilutive two-class method used above. Such participating shares at both March 31, 2021 and 2020 included 10.6 million potential shares of our common stock issuable upon redemption of the Class A Units in SPT Dolphin, as discussed in Note 16.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2021
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income	18. Accumulated Other Comprehensive Income ​ The changes in AOCI by component are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cumulative ​ ​ ​ ​ ​ ​ Unrealized Gain ​ ​ ​ ​ ​ ​ ​ ​ (Loss) on ​ Foreign ​ ​ ​ ​ ​ Available-for- ​ Currency ​ ​ ​ ​ ​ Sale Securities ​ Translation ​ Total Three Months Ended March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1, 2021 ​ $ 44,057 ​ $ (64) ​ $ 43,993 OCI before reclassifications ​ (2,403) ​ — ​ (2,403) Amounts reclassified from AOCI ​ — ​ 64 ​ 64 Net period OCI ​ (2,403) ​ 64 ​ (2,339) Balance at March 31, 2021 ​ $ 41,654 ​ $ — ​ $ 41,654 Three Months Ended March 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1, 2020 ​ $ 50,996 ​ $ (64) ​ $ 50,932 OCI before reclassifications ​ (15,048) ​ — ​ (15,048) Amounts reclassified from AOCI ​ — ​ — ​ — Net period OCI ​ (15,048) ​ — ​ (15,048) Balance at March 31, 2020 ​ $ 35,948 ​ $ (64) ​ $ 35,884 ​ ​ ​ ​

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2021
Fair Value
Fair Value	19. Fair Value ​ GAAP establishes a hierarchy of valuation techniques based on the observability of inputs utilized in measuring financial assets and liabilities at fair value. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: ​ Level I ​ Level II ​ Level III ​ Valuation Process ​ We have valuation control processes in place to validate the fair value of the Company’s financial assets and liabilities measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable. Pricing Verification ​ Unobservable Inputs Fair Value on a Recurring Basis Loans held-for-sale, commercial Loans held-for-sale and loans held-for-investment, residential ​ We measure the fair value of our residential 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 loans with similar characteristics. Unobservable inputs include the expectation of future cash flows, which involves judgments about the underlying collateral, the creditworthiness of the borrower, estimated prepayment speeds, estimated future credit losses, forward interest rates, investor yield requirements and certain other factors. At each measurement date, we consider both the observable and unobservable valuation inputs in the determination of fair value. However, given the significance of the unobservable inputs, these loans have been classified within Level III. ​ RMBS CMBS Equity security Domestic servicing rights Derivatives Although we have determined that the majority of the inputs used to value our derivatives fall within Level II of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level III inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of March 31, 2021 and December 31, 2020, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level II of the fair value hierarchy. Liabilities of consolidated VIEs Our consolidated VIE liabilities generally represent bonds that are not owned by us. The majority of these are either traded in the marketplace or can be analogized to similar securities that are traded in the marketplace. For these liabilities, pricing is considered to be Level II, where the valuation is based upon quoted prices for similar instruments traded in active markets. We generally utilize third party pricing service providers for valuing these liabilities. In order to determine whether to utilize the valuations provided by third parties, we conduct an ongoing evaluation of their valuation methodologies and processes, as well as a review of the individual valuations themselves. In evaluating third party pricing for reasonableness, we consider a variety of factors, including market transaction information for the particular bond, market transaction information for bonds within the same trust, market transaction information for similar bonds, the bond’s ratings and the bond’s subordination levels. ​ For the minority portion of our consolidated VIE liabilities which consist of unrated or non-investment grade bonds that are not owned by us, pricing may be either Level II or Level III. If independent third party pricing similar to that noted above is available, we consider the valuation to be Level II. If such third party pricing is not available, the valuation is generated from model-based techniques that use significant unobservable assumptions, and we consider the valuation to be Level III. For VIE liabilities classified as Level III, valuation is determined based on discounted expected future cash flows which take into consideration expected duration and yields based on market transaction information, ratings, subordination levels, vintage and current market spread. VIE liabilities may shift between Level II and Level III of the fair value hierarchy if the significant fair value inputs used to price the VIE liabilities become or cease to be observable. ​ Assets of consolidated VIEs Fair Value 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 and CLO The fair value of the secured financing agreements and CLO 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. Unsecured senior notes The fair value of our unsecured senior notes is determined based on the last available bid price for the respective notes in the current market. As these prices represent observable market data, we have determined that the fair value of these instruments would be classified in Level II of the fair value hierarchy. Fair Value Disclosures ​ The following tables present our financial assets and liabilities carried at fair value on a recurring basis in the condensed consolidated balance sheets by their level in the fair value hierarchy as of March 31, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ Total Level I Level II Level III Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans under fair value option ​ $ 763,773 ​ $ — ​ $ — ​ $ 763,773 RMBS ​ 160,301 ​ — ​ — ​ 160,301 CMBS ​ 19,256 ​ — ​ — ​ 19,256 Equity security ​ 10,655 ​ 10,655 ​ — ​ — Domestic servicing rights ​ 12,406 ​ — ​ — ​ 12,406 Derivative assets ​ 38,029 ​ — ​ 38,029 ​ — VIE assets ​ 62,367,110 ​ — ​ — ​ 62,367,110 Total ​ $ 63,371,530 ​ $ 10,655 ​ $ 38,029 ​ $ 63,322,846 Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 34,805 ​ $ — ​ $ 34,805 ​ $ — VIE liabilities ​ 60,896,709 ​ — ​ 58,669,281 ​ 2,227,428 Total ​ $ 60,931,514 ​ $ — ​ $ 58,704,086 ​ $ 2,227,428 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Total Level I Level II Level III Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans under fair value option ​ $ 1,022,979 ​ $ — ​ $ — ​ $ 1,022,979 RMBS ​ 167,349 ​ — ​ — ​ 167,349 CMBS ​ 19,457 ​ — ​ — ​ 19,457 Equity security ​ 11,247 ​ 11,247 ​ — ​ — Domestic servicing rights ​ 13,202 ​ — ​ — ​ 13,202 Derivative assets ​ 40,555 ​ — ​ 40,555 ​ — VIE assets ​ 64,238,328 ​ — ​ — ​ 64,238,328 Total ​ $ 65,513,117 ​ $ 11,247 ​ $ 40,555 ​ $ 65,461,315 Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 41,324 ​ $ — ​ $ 41,324 ​ $ — VIE liabilities ​ 62,776,371 ​ — ​ 60,756,495 ​ 2,019,876 Total ​ $ 62,817,695 ​ $ — ​ $ 60,797,819 ​ $ 2,019,876 ​ ​ The changes in financial assets and liabilities classified as Level III are as follows for the three months ended March 31, 2021 and 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans at ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Three Months Ended March 31, 2021 ​ Fair Value ​ RMBS ​ CMBS ​ Rights ​ VIE Assets ​ Liabilities ​ Total January 1, 2021 balance ​ $ 1,022,979 ​ $ 167,349 ​ $ 19,457 ​ $ 13,202 ​ $ 64,238,328 ​ $ (2,019,876) ​ $ 63,441,439 Total realized and unrealized gains (losses): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value / gain on sale ​ (9,478) ​ — ​ 372 ​ ​ (796) ​ (2,264,591) ​ 65,681 ​ (2,208,812) Net accretion ​ — ​ 2,606 ​ — ​ — ​ — ​ — ​ 2,606 Included in OCI ​ — ​ (2,403) ​ — ​ — ​ — ​ — ​ (2,403) Purchases / Originations ​ 375,270 ​ — ​ — ​ — ​ — ​ — ​ 375,270 Sales ​ (571,927) ​ — ​ — ​ — ​ — ​ — ​ (571,927) Issuances ​ — ​ — ​ — ​ — ​ — ​ (11,604) ​ (11,604) Cash repayments / receipts ​ (53,071) ​ (7,251) ​ (573) ​ — ​ — ​ (1,137) ​ (62,032) Transfers into Level III ​ — ​ — ​ — ​ — ​ — ​ (409,267) ​ (409,267) Transfers out of Level III ​ — ​ — ​ — ​ — ​ — ​ 148,775 ​ 148,775 Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 393,373 ​ — ​ 393,373 March 31, 2021 balance ​ $ 763,773 ​ $ 160,301 ​ $ 19,256 ​ $ 12,406 ​ $ 62,367,110 ​ $ (2,227,428) ​ $ 61,095,418 Amount of unrealized gains (losses) attributable to assets still held at March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings ​ $ (7,708) ​ $ 2,606 ​ $ 372 ​ $ (796) ​ $ (2,264,591) ​ $ 65,681 ​ $ (2,204,436) Included in OCI ​ $ — ​ $ (2,403) ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (2,403) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans at ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Three Months Ended March 31, 2020 ​ Fair Value ​ RMBS ​ CMBS ​ Rights ​ VIE Assets ​ Liabilities ​ Total January 1, 2020 balance ​ $ 1,436,194 ​ $ 189,576 ​ $ 25,008 ​ $ 16,917 ​ $ 62,187,175 ​ $ (2,537,392) ​ $ 61,317,478 Total realized and unrealized gains (losses): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value / gain on sale ​ (16,134) ​ — ​ 5,738 ​ ​ (393) ​ (3,506,792) ​ 146,282 ​ (3,371,299) Net accretion ​ — ​ 2,661 ​ — ​ — ​ — ​ — ​ 2,661 Included in OCI ​ — ​ (15,048) ​ — ​ — ​ — ​ — ​ (15,048) Purchases / Originations ​ ​ 746,880 ​ — ​ — ​ — ​ — ​ — ​ ​ 746,880 Sales ​ (751,746) ​ — ​ (7,940) ​ — ​ — ​ — ​ (759,686) Issuances ​ — ​ — ​ — ​ — ​ — ​ (24,376) ​ (24,376) Cash repayments / receipts ​ ​ (67,397) ​ (6,549) ​ (371) ​ — ​ — ​ (8,916) ​ (83,233) Transfers into Level III ​ — ​ — ​ — ​ — ​ — ​ (101,265) ​ (101,265) Transfers out of Level III ​ — ​ — ​ — ​ — ​ — ​ 1,090,325 ​ 1,090,325 Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 2,477,422 ​ (71,095) ​ 2,406,327 March 31, 2020 balance ​ $ 1,347,797 ​ $ 170,640 ​ $ 22,435 ​ $ 16,524 ​ $ 61,157,805 ​ $ (1,506,437) ​ $ 61,208,764 Amount of unrealized (losses) gains attributable to assets still held at March 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings ​ $ (39,070) ​ $ 2,661 ​ $ (647) ​ $ (393) ​ $ (3,506,792) ​ $ 146,282 ​ $ (3,397,959) Included in OCI ​ $ — ​ $ (15,048) ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (15,048) ​ 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 of our financial instruments not carried at fair value on the condensed consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ Carrying Fair ​ Carrying Fair ​ ​ Value ​ Value ​ Value ​ Value Financial assets not carried at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held-for-investment and loans held-for-sale ​ $ 12,402,351 ​ $ 12,460,388 ​ $ 11,116,929 ​ $ 11,107,316 HTM debt securities ​ 488,075 ​ 466,687 ​ 538,605 ​ 515,253 Financial liabilities not carried at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured financing agreements and CLO ​ $ 11,827,110 ​ $ 11,900,381 ​ $ 11,076,744 ​ $ 11,108,364 Unsecured senior notes ​ 1,735,658 ​ 1,803,224 ​ 1,732,520 ​ 1,786,667 ​ The following is quantitative information about significant unobservable inputs in our Level III measurements for those assets and liabilities measured at fair value on a recurring basis (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value at ​ Valuation ​ Unobservable ​ Range (Weighted Average) as of (1) ​ March 31, 2021 Technique Input ​ March 31, 2021 ​ December 31, 2020 Loans under fair value option ​ $ 763,773 ​ Discounted cash flow, market pricing ​ Coupon (d) ​ 3.4% - 9.5% (5.5%) ​ 3.3% - 9.7% (5.9%) ​ ​ ​ ​ ​ ​ ​ Remaining contractual term (d) ​ 7.0 - 39.0 years ( 24.7 years) ​ 7.3 - 39.3 years ( 26.3 years) ​ ​ ​ ​ ​ ​ ​ FICO score (a) ​ 519 - 823 (732) ​ 519 - 823 (727) ​ ​ ​ ​ ​ ​ ​ LTV (b) ​ 15% - 94% (66%) ​ 5% - 94% (68%) ​ ​ ​ ​ ​ ​ ​ Purchase price (d) ​ 85.6% - 104.8% (101.7%) ​ 84.4% - 104.8% (99.8%) RMBS ​ 160,301 ​ Discounted cash flow ​ Constant prepayment rate (a) ​ 3.5% - 17.3% (7.4%) ​ 3.6% - 19.4% (7.6%) ​ ​ ​ ​ ​ ​ ​ Constant default rate (b) ​ 0.7% - 5.0% (2.2%) ​ 0.7% - 5.4% (2.4%) ​ ​ ​ ​ ​ ​ ​ Loss severity (b) ​ 0% - 84% (17%) (f) ​ 0% - 85% (20%) (f) ​ ​ ​ ​ ​ ​ ​ Delinquency rate (c) ​ 9% - 32% (18%) ​ 10% - 32% (19%) ​ ​ ​ ​ ​ ​ ​ Servicer advances (a) ​ 23% - 84% (53%) ​ 23% - 82% (54%) ​ ​ ​ ​ ​ ​ ​ Annual coupon deterioration (b) ​ 0.0% - 1.2% (0.1%) ​ 0.0% - 0.9% (0.1%) ​ ​ ​ ​ ​ ​ ​ Putback amount per projected total collateral loss (e) ​ 0% -17% (0.8%) ​ 0% -17% (0.8%) CMBS ​ 19,256 ​ Discounted cash flow ​ Yield (b) ​ 0% - 298.5% (5.9%) ​ 0% - 536.6% (7.1%) ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 7.6 years ( 6.0 years) ​ 0 - 7.6 years ( 5.3 years) Domestic servicing rights ​ 12,406 ​ Discounted cash flow ​ Debt yield (a) ​ 7.25% (7.25%) ​ 7.50% (7.50%) ​ ​ ​ ​ ​ ​ ​ Discount rate (b) ​ 15% (15%) ​ 15% (15%) VIE assets ​ 62,367,110 ​ Discounted cash flow ​ Yield (b) ​ 0% - 752.4% (16.9%) ​ 0% - 312.2% (14.3%) ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 20.6 years ( 3.8 years) ​ 0 - 16.3 years ( 3.8 years) VIE liabilities ​ (2,227,428) ​ Discounted cash flow ​ Yield (b) ​ 0% - 752.4% (17.3%) ​ 0% - 312.2% (14.4%) ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 11.0 years ( 3.7 years) ​ 0 - 10.8 years ( 3.8 years) (1) Unobservable inputs were weighted by the relative carrying value of the instruments as of March 31, 2021 and December 31, 2020. ​ Information about Uncertainty of Fair Value Measurements ​ (a) Significant increase (decrease) in the unobservable input in isolation would result in a significantly higher (lower) fair value measurement. (b) Significant increase (decrease) in the unobservable input in isolation would result in a significantly lower (higher) fair value measurement. (c) Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (higher or lower) fair value measurement depending on the structural features of the security in question. (d) This unobservable input is not subject to variability as of the respective reporting dates. (e) Any delay in the putback recovery date leads to a decrease in fair value for the majority of securities in our RMBS portfolio. (f) 14% and 23% of the portfolio falls within a range of 45% - 80% as of March 31, 2021 and December 31, 2020, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020, approximately $959.6 million and $1.4 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 provision (benefit) determined using our statutory federal tax rate to our reported income tax (benefit) provision for the three months ended March 31, 2021 and 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, ​ ​ 2021 ​ 2020 Federal statutory tax rate ​ $ 26,199 21.0 % $ (15,329) 21.0 % REIT and other non-taxable loss ​ (24,501) ​ (19.6) % ​ 9,914 ​ (13.6) % State income taxes ​ 558 ​ 0.4 % ​ (1,779) ​ 2.4 % Federal benefit of state tax deduction ​ (117) ​ (0.1) % ​ 374 ​ (0.5) % Other ​ 91 ​ 0.1 % ​ 91 ​ (0.1) % Effective tax rate ​ $ 2,230 ​ 1.8 % ​ $ (6,729) ​ 9.2 % ​ ​ 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 included 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., included measures to assist companies, including temporary changes to income and non-income-based tax laws, and allowed 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 in 2020 to a year in which the federal tax rate was 35 %. We continue to monitor additional guidance issued by the U.S. Treasury Department, the Internal Revenue Service and others. ​ The Company used the discrete tax approach in calculating the tax benefit for the three months ended March 31, 2020 due to the fact that a relatively small change in the Company’s projected pre-tax net loss could have resulted in a volatile effective tax rate. Under the discrete method, the tax benefit was determined based upon actual results as if the interim period was an annual period.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies.
Commitments and Contingencies	​ ​ 21. Commitments and Contingencie s ​ As of March 31, 2021, our Commercial and Residential Lending Segment had future commercial loan funding commitments totaling $1.5 billion, of which we expect to fund $1.3 billion. These future funding commitments primarily relate to construction projects, capital improvements, tenant improvements and leasing commissions. Additionally, as of March 31, 2021, our Commercial and Residential Lending Segment had outstanding residential mortgage loan purchase commitments of $82.7 million. ​ As of March 31, 2021, our Infrastructure Lending Segment had future infrastructure loan funding commitments totaling $192.5 million, including $126.7 million under revolvers and letters of credit (“LCs”), and $65.8 million under delayed draw term loans. As of March 31, 2021, $15.6 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 March 31, 2021, we had six outstanding guarantees on interest rate swaps maturing between March 2022 and June 2025. Refer to Note 12 for further discussion. ​ Generally, funding commitments are subject to certain conditions that must be met, such as customary construction draw certifications, minimum debt service coverage ratios or executions of new leases before advances are made to the borrower. ​ Management is not aware of any other contractual obligations, legal proceedings, or any other contingent obligations incurred in the normal course of business that would have a material adverse effect on our condensed consolidated financial statements. ​ ​

Segment Data

Segment Data	3 Months Ended
	Mar. 31, 2021
Segment Data
Segment Data	22. Segment Dat a ​ In its operation of the business, management, including our chief operating decision maker, who is our Chief Executive Officer, reviews certain financial information, including segmented internal profit and loss statements prepared on a basis prior to the impact of consolidating securitization VIEs under ASC 810. The segment information within this Note is reported on that basis. ​ The table below presents our results of operations for the three months ended March 31, 2021 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 ​ $ 170,593 ​ $ 18,808 ​ $ — ​ $ 1,174 ​ $ — ​ $ 190,575 ​ $ — ​ $ 190,575 Interest income from investment securities ​ 18,385 ​ 564 ​ — ​ 20,940 ​ ​ — ​ 39,889 ​ (28,279) ​ 11,610 Servicing fees ​ 124 ​ — ​ — ​ 12,456 ​ ​ — ​ 12,580 ​ (4,178) ​ 8,402 Rental income ​ ​ 1,339 ​ ​ — ​ ​ 65,104 ​ ​ 9,895 ​ ​ — ​ ​ 76,338 ​ ​ — ​ ​ 76,338 Other revenues ​ 90 ​ 93 ​ 40 ​ 82 ​ ​ — ​ 305 ​ — ​ 305 Total revenues ​ 190,531 ​ 19,465 ​ 65,144 ​ 44,547 ​ — ​ 319,687 ​ (32,457) ​ 287,230 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 315 ​ — ​ — ​ 222 ​ 38,188 ​ 38,725 ​ 11 ​ 38,736 Interest expense ​ 44,295 ​ 8,841 ​ 15,832 ​ 5,449 ​ ​ 29,148 ​ 103,565 ​ (191) ​ 103,374 General and administrative ​ 11,333 ​ 3,442 ​ 1,023 ​ 18,440 ​ ​ 4,311 ​ 38,549 ​ 87 ​ 38,636 Acquisition and investment pursuit costs ​ 185 ​ — ​ — ​ — ​ ​ — ​ 185 ​ — ​ 185 Costs of rental operations ​ ​ 477 ​ ​ — ​ ​ 23,960 ​ ​ 4,308 ​ ​ — ​ ​ 28,745 ​ ​ — ​ ​ 28,745 Depreciation and amortization ​ 307 ​ 100 ​ 18,100 ​ 3,967 ​ ​ — ​ 22,474 ​ — ​ 22,474 Credit loss (reversal) provision, net ​ (529) ​ 573 ​ — ​ — ​ ​ — ​ 44 ​ — ​ 44 Other expense ​ 31 ​ — ​ 583 ​ 71 ​ ​ — ​ 685 ​ — ​ 685 Total costs and expenses ​ 56,414 ​ 12,956 ​ 59,498 ​ 32,457 ​ ​ 71,647 ​ 232,972 ​ (93) ​ 232,879 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ — ​ — ​ — ​ — ​ — ​ 39,745 ​ 39,745 Change in fair value of servicing rights ​ — ​ — ​ — ​ 745 ​ ​ — ​ 745 ​ (1,541) ​ (796) Change in fair value of investment securities, net ​ (2,050) ​ — ​ — ​ 7,170 ​ ​ — ​ 5,120 ​ (5,426) ​ (306) Change in fair value of mortgage loans, net ​ (10,714) ​ — ​ — ​ 1,236 ​ ​ — ​ (9,478) ​ — ​ (9,478) Earnings (loss) from unconsolidated entities ​ 1,753 ​ (254) ​ — ​ 589 ​ ​ — ​ 2,088 ​ (354) ​ 1,734 Gain on sale of investments and other assets, net ​ 17,693 ​ — ​ — ​ — ​ ​ — ​ 17,693 ​ — ​ 17,693 Gain (loss) on derivative financial instruments, net ​ 26,141 ​ 684 ​ 4,724 ​ 9,283 ​ ​ (6,843) ​ 33,989 ​ — ​ 33,989 Foreign currency (loss) gain, net ​ (11,594) ​ (49) ​ 25 ​ (63) ​ ​ — ​ (11,681) ​ — ​ (11,681) Loss on extinguishment of debt ​ ​ (68) ​ ​ (307) ​ ​ (141) ​ ​ — ​ ​ — ​ ​ (516) ​ ​ — ​ ​ (516) Other income, net ​ — ​ 21 ​ — ​ — ​ ​ — ​ 21 ​ — ​ 21 Total other income (loss) ​ 21,161 ​ 95 ​ 4,608 ​ 18,960 ​ ​ (6,843) ​ 37,981 ​ 32,424 ​ 70,405 Income (loss) before income taxes ​ 155,278 ​ 6,604 ​ 10,254 ​ 31,050 ​ ​ (78,490) ​ 124,696 ​ 60 ​ 124,756 Income tax provision ​ (1,505) ​ (92) ​ — ​ (633) ​ ​ — ​ (2,230) ​ — ​ (2,230) Net income (loss) ​ 153,773 ​ 6,512 ​ 10,254 ​ 30,417 ​ ​ (78,490) ​ 122,466 ​ 60 ​ 122,526 Net income attributable to non-controlling interests ​ (3) ​ — ​ (5,077) ​ (6,008) ​ ​ — ​ (11,088) ​ (60) ​ (11,148) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 153,770 ​ $ 6,512 ​ $ 5,177 ​ $ 24,409 ​ $ (78,490) ​ $ 111,378 ​ $ — ​ $ 111,378 ​ The table below presents our results of operations for the three months ended March 31, 2020 by business segment (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ Infrastructure ​ ​ ​ Investing ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lending ​ Lending ​ Property ​ and Servicing ​ ​ ​ ​ ​ Securitization ​ ​ ​ ​ Segment ​ Segment ​ Segment ​ Segment ​ Corporate ​ Subtotal ​ VIEs ​ Total Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income from loans ​ $ 192,381 ​ $ 22,413 ​ $ — ​ $ 2,633 ​ $ — ​ $ 217,427 ​ $ — ​ $ 217,427 Interest income from investment securities ​ 18,628 ​ ​ 701 ​ — ​ 24,800 ​ ​ — ​ 44,129 ​ (28,889) ​ 15,240 Servicing fees ​ 172 ​ ​ — ​ — ​ 6,442 ​ ​ — ​ 6,614 ​ (1,821) ​ 4,793 Rental income ​ ​ 78 ​ ​ — ​ ​ 63,961 ​ ​ 10,107 ​ ​ — ​ 74,146 ​ — ​ 74,146 Other revenues ​ 178 ​ ​ 143 ​ 122 ​ 513 ​ ​ — ​ 956 ​ (2) ​ 954 Total revenues ​ 211,437 ​ ​ 23,257 ​ 64,083 ​ 44,495 ​ — ​ 343,272 ​ (30,712) ​ 312,560 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 351 ​ ​ — ​ — ​ 239 ​ 40,107 ​ 40,697 ​ 31 ​ 40,728 Interest expense ​ 53,950 ​ ​ 13,117 ​ 17,121 ​ 7,194 ​ ​ 28,805 ​ 120,187 ​ (162) ​ 120,025 General and administrative ​ 8,132 ​ ​ 4,423 ​ 1,078 ​ 20,684 ​ ​ 4,301 ​ 38,618 ​ 84 ​ 38,702 Acquisition and investment pursuit costs ​ 860 ​ ​ 17 ​ 12 ​ 20 ​ ​ — ​ 909 ​ — ​ 909 Costs of rental operations ​ ​ 778 ​ ​ — ​ ​ 22,852 ​ ​ 4,584 ​ ​ — ​ 28,214 ​ — ​ 28,214 Depreciation and amortization ​ 415 ​ ​ 70 ​ 19,288 ​ 4,207 ​ ​ — ​ 23,980 ​ — ​ 23,980 Credit loss provision, net ​ 40,217 ​ ​ 8,452 ​ — ​ — ​ ​ — ​ 48,669 ​ — ​ 48,669 Other expense ​ 77 ​ ​ — ​ 311 ​ — ​ ​ — ​ 388 ​ — ​ 388 Total costs and expenses ​ 104,780 ​ ​ 26,079 ​ 60,662 ​ 36,928 ​ ​ 73,213 ​ 301,662 ​ (47) ​ 301,615 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ (45,493) ​ (45,493) Change in fair value of servicing rights ​ — ​ ​ — ​ — ​ 318 ​ ​ — ​ 318 ​ (711) ​ (393) Change in fair value of investment securities, net ​ (27,879) ​ ​ — ​ — ​ (47,216) ​ ​ — ​ (75,095) ​ 77,599 ​ 2,504 Change in fair value of mortgage loans, net ​ (35,517) ​ ​ — ​ — ​ 19,383 ​ ​ — ​ (16,134) ​ — ​ (16,134) Earnings (loss) from unconsolidated entities ​ 51 ​ ​ — ​ — ​ 620 ​ ​ — ​ 671 ​ (574) ​ 97 Gain on sale of investments and other assets, net ​ — ​ ​ 296 ​ — ​ — ​ ​ — ​ 296 ​ — ​ 296 Gain (loss) on derivative financial instruments, net ​ 30,805 ​ ​ (1,001) ​ (30,223) ​ (19,106) ​ ​ 29,235 ​ 9,710 ​ — ​ 9,710 Foreign currency (loss) gain, net ​ (34,001) ​ ​ (473) ​ (19) ​ 7 ​ ​ — ​ (34,486) ​ — ​ (34,486) Loss on extinguishment of debt ​ ​ — ​ ​ (170) ​ ​ — ​ ​ — ​ ​ — ​ ​ (170) ​ ​ — ​ ​ (170) Other income, net ​ — ​ ​ — ​ 50 ​ 76 ​ ​ — ​ 126 ​ — ​ 126 Total other income (loss) ​ (66,541) ​ ​ (1,348) ​ (30,192) ​ (45,918) ​ ​ 29,235 ​ (114,764) ​ 30,821 ​ (83,943) Income (loss) before income taxes ​ 40,116 ​ ​ (4,170) ​ (26,771) ​ (38,351) ​ ​ (43,978) ​ ​ (73,154) ​ 156 ​ (72,998) Income tax benefit ​ 4,422 ​ ​ 145 ​ ​ — ​ 2,162 ​ ​ — ​ 6,729 ​ — ​ 6,729 Net income (loss) ​ 44,538 ​ ​ (4,025) ​ (26,771) ​ (36,189) ​ ​ (43,978) ​ (66,425) ​ 156 ​ (66,269) Net (income) loss attributable to non-controlling interests ​ (3) ​ ​ — ​ (5,111) ​ 4,770 ​ ​ — ​ (344) ​ (156) ​ (500) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 44,535 ​ $ (4,025) ​ $ (31,882) ​ $ (31,419) ​ $ (43,978) ​ $ (66,769) ​ $ — ​ $ (66,769) ​ ​ The table below presents our condensed consolidated balance sheet as of March 31, 2021 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 ​ $ 56,629 ​ $ 7,873 ​ $ 39,791 ​ $ 29,064 ​ $ 217,049 ​ $ 350,406 ​ $ 784 ​ $ 351,190 Restricted cash ​ 69,882 ​ 27,973 ​ 6,672 ​ 14,197 ​ — ​ 118,724 ​ — ​ 118,724 Loans held-for-investment, net ​ 10,733,752 ​ 1,586,808 ​ — ​ 933 ​ — ​ 12,321,493 ​ — ​ 12,321,493 Loans held-for-sale ​ 587,037 ​ 89,368 ​ — ​ 168,226 ​ — ​ 844,631 ​ — ​ 844,631 Investment securities ​ 969,968 ​ 34,951 ​ — ​ 1,106,000 ​ — ​ 2,110,919 ​ (1,432,632) ​ 678,287 Properties, net ​ ​ 93,718 ​ ​ — ​ ​ 1,954,880 ​ ​ 196,150 ​ ​ — ​ ​ 2,244,748 ​ ​ — ​ ​ 2,244,748 Intangible assets ​ — ​ — ​ 38,833 ​ 70,857 ​ — ​ 109,690 ​ (42,918) ​ 66,772 Investment in unconsolidated entities ​ 47,514 ​ 24,840 ​ — ​ 44,435 ​ — ​ 116,789 ​ (15,882) ​ 100,907 Goodwill ​ — ​ 119,409 ​ — ​ 140,437 ​ — ​ 259,846 ​ — ​ 259,846 Derivative assets ​ 13,088 ​ — ​ 162 ​ 320 ​ 24,459 ​ 38,029 ​ — ​ 38,029 Accrued interest receivable ​ 97,853 ​ 3,310 ​ — ​ 274 ​ 408 ​ 101,845 ​ (132) ​ 101,713 Other assets ​ 61,677 ​ 7,107 ​ 85,740 ​ 44,719 ​ 9,646 ​ 208,889 ​ (16) ​ 208,873 VIE assets, at fair value ​ — ​ — ​ — ​ — ​ — ​ — ​ 62,367,110 ​ 62,367,110 Total Assets ​ $ 12,731,118 ​ $ 1,901,639 ​ $ 2,126,078 ​ $ 1,815,612 ​ $ 251,562 ​ $ 18,826,009 ​ $ 60,876,314 ​ $ 79,702,323 Liabilities and Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 37,206 ​ $ 16,010 ​ $ 44,184 ​ $ 24,110 ​ $ 56,614 ​ $ 178,124 ​ $ 91 ​ $ 178,215 Related-party payable ​ — ​ — ​ — ​ — ​ 36,135 ​ 36,135 ​ — ​ 36,135 Dividends payable ​ — ​ — ​ — ​ — ​ 138,906 ​ 138,906 ​ — ​ 138,906 Derivative liabilities ​ 33,190 ​ 1,310 ​ — ​ 305 ​ — ​ 34,805 ​ — ​ 34,805 Secured financing agreements, net ​ 6,502,059 ​ 1,259,813 ​ 1,871,026 ​ 653,222 ​ 631,655 ​ 10,917,775 ​ (21,843) ​ 10,895,932 Collateralized loan obligations, net ​ ​ 931,178 ​ ​ — ​ ​ — ​ — ​ — ​ 931,178 ​ ​ — ​ ​ 931,178 Unsecured senior notes, net ​ — ​ — ​ — ​ — ​ 1,735,658 ​ 1,735,658 ​ — ​ 1,735,658 VIE liabilities, at fair value ​ — ​ — ​ — ​ — ​ — ​ — ​ 60,896,709 ​ 60,896,709 Total Liabilities ​ 7,503,633 ​ 1,277,133 ​ 1,915,210 ​ 677,637 ​ 2,598,968 ​ 13,972,581 ​ 60,874,957 ​ 74,847,538 Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Starwood Property Trust, Inc. Stockholders’ Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ — ​ — ​ — ​ — ​ 2,943 ​ 2,943 ​ — ​ 2,943 Additional paid-in capital ​ 1,074,553 ​ 599,666 ​ 25,905 ​ (298,098) ​ 3,823,011 ​ 5,225,037 ​ — ​ 5,225,037 Treasury stock ​ — ​ — ​ — ​ — ​ (138,022) ​ (138,022) ​ — ​ (138,022) Accumulated other comprehensive income ​ 41,654 ​ — ​ — ​ — ​ — ​ 41,654 ​ — ​ 41,654 Retained earnings (accumulated deficit) ​ 4,111,160 ​ 24,840 ​ (40,641) ​ 1,285,229 ​ (6,035,338) ​ (654,750) ​ — ​ (654,750) Total Starwood Property Trust, Inc. Stockholders’ Equity ​ 5,227,367 ​ 624,506 ​ (14,736) ​ 987,131 ​ (2,347,406) ​ 4,476,862 ​ — ​ 4,476,862 Non-controlling interests in consolidated subsidiaries ​ 118 ​ — ​ 225,604 ​ 150,844 ​ — ​ 376,566 ​ 1,357 ​ 377,923 Total Equity ​ 5,227,485 ​ 624,506 ​ 210,868 ​ 1,137,975 ​ (2,347,406) ​ 4,853,428 ​ 1,357 ​ 4,854,785 Total Liabilities and Equity ​ $ 12,731,118 ​ $ 1,901,639 ​ $ 2,126,078 ​ $ 1,815,612 ​ $ 251,562 ​ $ 18,826,009 ​ $ 60,876,314 ​ $ 79,702,323 ​ The table below presents our condensed consolidated balance sheet as of December 31, 2020 by business segment (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ Infrastructure ​ ​ ​ Investing ​ ​ ​ ​ ​ ​ ​ ​ ​ Lending ​ Lending ​ Property ​ and Servicing ​ ​ ​ ​ ​ Securitization ​ ​ ​ Segment ​ Segment ​ Segment ​ Segment ​ Corporate ​ Subtotal ​ VIEs ​ Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents $ 160,007 $ 4,440 ​ $ 32,080 $ 19,546 $ 346,372 $ 562,445 $ 772 $ 563,217 Restricted cash ​ 93,445 ​ ​ 45,113 ​ 7,192 ​ 13,195 ​ — ​ 158,945 ​ — ​ 158,945 Loans held-for-investment, net ​ 9,673,625 ​ ​ 1,412,440 ​ — ​ 1,008 ​ — ​ 11,087,073 ​ — ​ 11,087,073 Loans held-for-sale ​ 841,963 ​ ​ 120,540 ​ — ​ 90,332 ​ — ​ 1,052,835 ​ — ​ 1,052,835 Investment securities ​ 1,014,402 ​ ​ 35,681 ​ — ​ 1,112,145 ​ — ​ 2,162,228 ​ (1,425,570) ​ 736,658 Properties, net ​ ​ 103,896 ​ ​ — ​ ​ 1,969,414 ​ ​ 197,843 ​ ​ — ​ 2,271,153 ​ — ​ 2,271,153 Intangible assets ​ — ​ ​ — ​ 40,370 ​ 71,123 ​ — ​ 111,493 ​ (41,376) ​ 70,117 Investment in unconsolidated entities ​ 54,407 ​ ​ 25,095 ​ — ​ 44,664 ​ — ​ 124,166 ​ (16,112) ​ 108,054 Goodwill ​ — ​ ​ 119,409 ​ — ​ 140,437 ​ — ​ 259,846 ​ — ​ 259,846 Derivative assets ​ 6,595 ​ ​ — ​ 41 ​ 147 ​ 33,772 ​ 40,555 ​ — ​ 40,555 Accrued interest receivable ​ 87,922 ​ ​ 2,091 ​ — ​ 123 ​ 5,978 ​ 96,114 ​ (134) ​ 95,980 Other assets ​ 61,638 ​ ​ 4,531 ​ 69,859 ​ 44,579 ​ 10,148 ​ 190,755 ​ (7) ​ 190,748 VIE assets, at fair value ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ 64,238,328 ​ 64,238,328 Total Assets ​ $ 12,097,900 ​ $ 1,769,340 ​ $ 2,118,956 ​ $ 1,735,142 ​ $ 396,270 ​ $ 18,117,608 ​ $ 62,755,901 ​ $ 80,873,509 Liabilities and Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 41,104 ​ $ 12,144 ​ $ 43,630 ​ $ 45,309 ​ $ 64,583 ​ $ 206,770 ​ $ 75 ​ $ 206,845 Related-party payable ​ — ​ ​ — ​ — ​ 5 ​ 39,165 ​ 39,170 ​ — ​ 39,170 Dividends payable ​ — ​ ​ — ​ — ​ — ​ 137,959 ​ 137,959 ​ — ​ 137,959 Derivative liabilities ​ 39,082 ​ ​ 1,718 ​ — ​ 524 ​ — ​ 41,324 ​ — ​ 41,324 Secured financing agreements, net ​ 5,893,999 ​ ​ 1,240,763 ​ 1,794,609 ​ 606,100 ​ 632,719 ​ 10,168,190 ​ (22,000) ​ 10,146,190 Collateralized loan obligations, net ​ ​ 930,554 ​ ​ — ​ — ​ — ​ — ​ 930,554 ​ — ​ 930,554 Unsecured senior notes, net ​ — ​ ​ — ​ — ​ — ​ 1,732,520 ​ 1,732,520 ​ — ​ 1,732,520 VIE liabilities, at fair value ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ 62,776,371 ​ 62,776,371 Total Liabilities ​ 6,904,739 ​ ​ 1,254,625 ​ 1,838,239 ​ 651,938 ​ 2,606,946 ​ 13,256,487 ​ 62,754,446 ​ 76,010,933 Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Starwood Property Trust, Inc. Stockholders’ Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ — ​ ​ — ​ — ​ — ​ 2,921 ​ 2,921 ​ — ​ 2,921 Additional paid-in capital ​ 1,192,584 ​ ​ 496,387 ​ 98,882 ​ (322,992) ​ 3,744,878 ​ 5,209,739 ​ — ​ 5,209,739 Treasury stock ​ — ​ ​ — ​ — ​ — ​ (138,022) ​ (138,022) ​ — ​ (138,022) Accumulated other comprehensive income (loss) ​ 44,057 ​ ​ — ​ — ​ (64) ​ — ​ 43,993 ​ — ​ 43,993 Retained earnings (accumulated deficit) ​ 3,956,405 ​ ​ 18,328 ​ (44,832) ​ 1,260,819 ​ (5,820,453) ​ (629,733) ​ — ​ (629,733) Total Starwood Property Trust, Inc. Stockholders’ Equity ​ 5,193,046 ​ ​ 514,715 ​ 54,050 ​ 937,763 ​ (2,210,676) ​ 4,488,898 ​ — ​ 4,488,898 Non-controlling interests in consolidated subsidiaries ​ 115 ​ ​ — ​ 226,667 ​ 145,441 ​ — ​ 372,223 ​ 1,455 ​ 373,678 Total Equity ​ 5,193,161 ​ ​ 514,715 ​ 280,717 ​ 1,083,204 ​ (2,210,676) ​ 4,861,121 ​ 1,455 ​ 4,862,576 Total Liabilities and Equity ​ $ 12,097,900 ​ $ 1,769,340 ​ $ 2,118,956 ​ $ 1,735,142 ​ $ 396,270 ​ $ 18,117,608 ​ $ 62,755,901 ​ $ 80,873,509 ​

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events
Subsequent Events	23. Subsequent Events ​ Our significant events subsequent to March 31, 2021 were as follows: ​ Collateralized Loan Obligations ​ In April 2021, we refinanced a pool of our infrastructure loans held-for-investment through a $500.0 million new issue CLO, STWD 2021-SIF1, with $410.0 million of third party financing at an average coupon of LIBOR + 181 bps. 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 for a period of three years . ​ In May 2021, we refinanced a pool of our commercial loans held-for-investment through a $1.3 billion CLO, STWD 2021-FL2, with $1.1 billion of third party financing at an average coupon of LIBOR + 150 bps. 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 for a period of two years . ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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, a 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, 2020 (our “Form 10-K”), as filed with the Securities and Exchange Commission (“SEC”). The results of operations for the three months ended March 31, 2021 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, 2020 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, a portion of the identified servicing intangible asset associated with the servicing fee streams, and the corresponding 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 loans held-for-investment were made in order to maintain consistency across all our residential 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 (“HFI”) are carried at cost, net of unamortized acquisition premiums or discounts, loan fees and origination costs, as applicable, and net of credit loss allowances as discussed below, 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.
Investment Securities	Investment Securities ​ We designate our debt investment securities as held-to-maturity (“HTM”), available-for-sale (“AFS”), or trading depending on our investment strategy and ability to hold such securities to maturity. HTM debt securities where we have not elected to apply the fair value option are stated at cost plus any premiums or discounts, which are amortized or accreted through the condensed consolidated statements of operations using the effective interest method. Debt securities we (i) do not hold for the purpose of selling in the near-term, or (ii) may dispose of prior to maturity, are classified as AFS and are carried at fair value in the accompanying financial statements. Unrealized gains or losses on AFS debt securities where we have not elected the fair value option are reported as a component of accumulated other comprehensive income (“AOCI”) in stockholders’ equity. Our HTM and AFS debt securities are also subject to credit loss allowances as discussed below. ​ Our only equity investment security is carried at fair value, with unrealized holding gains and losses recorded in earnings.
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 HFI loans and our 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 AFS debt securities, which are carried at fair value with unrealized gains and losses reported as a component of 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.
Convertible Senior Notes	Convertible Senior Notes Effective January 1, 2021, the Company early adopted 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), 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, our convertible senior notes (the “Convertible Notes”), which were previously accounted for as having separate liability and equity components, are now accounted for as a single liability measured at amortized cost. The standard was adopted using the modified restrospective method of transition, which resulted in a cumulative decrease to additional paid-in capital of $3.7 million, partially offset by a cumulative decrease to accumulated deficit of $2.2 million as of January 1, 2021.
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 Convertible Notes (see Notes 10 and 17) and (iv) non-controlling interests that are redeemable with our common stock (see Note 16). Potential dilutive shares are excluded from the calculation if they have an anti-dilutive effect in the period. ​ Nearly all of the Company’s unvested RSUs and RSAs contain rights to receive non-forfeitable dividends and thus are participating securities. In addition, the non-controlling interests that are redeemable with our common stock are considered participating securities because they earn a preferred return indexed to the dividend rate on our common stock (see Note 16). Due to the existence of these participating securities, the two-class method of computing EPS is required, unless another method is determined to be more dilutive. Under the two-class method, undistributed earnings are reallocated between shares of common stock and participating securities. For the three months ended March 31, 2021 and 2020, 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. ​ The outbreak of COVID-19 beginning in the first quarter of 2020 has had, and is expected to continue to have, an 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 March 31, 2021. 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 March 31, 2021 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, Reference Rate Reform (Topic 848) – Scope,

Loans (Tables)

Loans (Tables)	3 Months Ended
	Mar. 31, 2021
Loans
Summary of investments in mortgages and loans by subordination class	The following tables summarize our investments in mortgages and loans as of March 31, 2021 and December 31, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average Life ​ ​ Carrying ​ Face ​ Average ​ (“WAL”) March 31, 2021 ​ Value ​ Amount ​ Coupon (1) ​ (years)(2) ​ Loans held-for-investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First mortgages (3), (8) ​ $ 9,955,674 ​ $ 10,003,057 ​ 5.1 % 1.7 ​ Subordinated mortgages (4) ​ 70,457 ​ ​ 71,428 ​ 8.8 % 2.5 ​ Mezzanine loans (3) ​ 603,119 ​ ​ 601,080 ​ 10.1 % 1.4 ​ Other ​ ​ 18,200 ​ ​ 20,267 ​ 8.2 % 2.6 ​ Total commercial loans ​ ​ 10,647,450 ​ ​ 10,695,832 ​ ​ ​ ​ ​ Infrastructure first priority loans (5) ​ ​ 1,595,615 ​ ​ 1,616,716 ​ 4.3 % 4.1 ​ Residential loans, fair value option (6) ​ ​ 150,712 ​ ​ 149,404 ​ 6.2 % N/A (7) Total loans held-for-investment ​ 12,393,777 ​ ​ 12,461,952 ​ ​ ​ ​ ​ Loans held-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential, fair value option (6) ​ ​ 444,835 ​ ​ 435,025 ​ 5.7 % N/A (7) Commercial, $168,226 under fair value option (8) ​ ​ 310,428 ​ ​ 314,917 ​ 4.3 % 5.7 ​ Infrastructure, lower of cost or fair value (5) ​ ​ 89,368 ​ ​ 89,601 ​ 2.9 % 2.6 ​ Total loans held-for-sale ​ ​ 844,631 ​ ​ 839,543 ​ ​ ​ ​ ​ Total gross loans ​ 13,238,408 ​ $ 13,301,495 ​ ​ ​ ​ ​ Credit loss allowances: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial loans held-for-investment ​ ​ (63,477) ​ ​ ​ ​ ​ ​ ​ ​ Infrastructure loans held-for-investment ​ ​ (8,807) ​ ​ ​ ​ ​ ​ ​ ​ Total allowances ​ ​ (72,284) ​ ​ ​ ​ ​ ​ ​ ​ Total net loans ​ $ 13,166,124 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held-for-investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First mortgages (3) ​ $ 8,931,772 ​ $ 8,978,373 ​ 5.3 % 1.5 ​ Subordinated mortgages (4) ​ 71,185 ​ 72,257 ​ 8.8 % 2.8 ​ Mezzanine loans (3) ​ 620,319 ​ 619,352 ​ 10.1 % 1.6 ​ Other ​ ​ 30,284 ​ ​ 33,626 ​ 8.9 % 1.8 ​ Total commercial loans ​ ​ 9,653,560 ​ ​ 9,703,608 ​ ​ ​ ​ ​ Infrastructure first priority loans ​ ​ 1,420,273 ​ 1,439,940 ​ 4.4 % 4.3 ​ Residential loans, fair value option ​ ​ 90,684 ​ ​ 86,796 ​ 6.0 % N/A (7) Total loans held-for-investment ​ 11,164,517 ​ ​ 11,230,344 ​ ​ ​ ​ ​ Loans held-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential, fair value option ​ ​ 841,963 ​ ​ 820,807 ​ 6.0 % N/A (7) Commercial, fair value option ​ ​ 90,332 ​ ​ 90,789 ​ 3.9 % 10.0 ​ Infrastructure, lower of cost or fair value ​ ​ 120,540 ​ ​ 120,900 ​ 3.1 % 3.2 ​ Total loans held-for-sale ​ ​ 1,052,835 ​ ​ 1,032,496 ​ ​ ​ ​ ​ Total gross loans ​ 12,217,352 ​ $ 12,262,840 ​ ​ ​ ​ ​ Credit loss allowances: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial loans held-for-investment ​ ​ (69,611) ​ ​ ​ ​ ​ ​ ​ ​ Infrastructure loans held-for-investment ​ ​ (7,833) ​ ​ ​ ​ ​ ​ ​ ​ Total allowances ​ ​ (77,444) ​ ​ ​ ​ ​ ​ ​ ​ Total net loans ​ $ 12,139,908 ​ ​ ​ ​ ​ ​ ​ ​ (1) Calculated using LIBOR or other applicable index rates as of March 31, 2021 and December 31, 2020 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 $917.8 million and $877.3 million being classified as first mortgages as of March 31, 2021 and December 31, 2020, respectively. ​ (4) Subordinated mortgages include B-Notes and junior participation in first mortgages where we do not own the senior A-Note or senior participation. If we own both the A-Note and B-Note, we categorize the loan as a first mortgage loan. ​ (5) During the three months ended March 31, 2021, $30.7 million of infrastructure loans held-for-sale were reclassified into loans held-for-investment. ​ (6) During the three months ended March 31, 2021, a net amount of $69.5 million of residential loans held-for-sale were reclassified into loans held-for-investment. ​ (7) Residential loans have a weighted average remaining contractual life of 28.9 years and 27.9 years as of March 31, 2021 and December 31, 2020, respectively. ​ (8) During the three months ended March 31, 2021, $142.2 million of commercial loans held-for-investment were reclassified into loans held-for-sale.
Summary of variable rate loans held-for-investment	As of March 31, 2021, our variable rate loans held-for-investment were as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Weighted-average ​ March 31, 2021 ​ Value ​ Spread Above Index ​ Commercial loans ​ $ 9,969,387 ​ 4.3 % Infrastructure loans ​ ​ 1,595,615 ​ 3.8 % Total variable rate loans held-for-investment ​ $ 11,565,002 ​ 4.2 %
Schedule of risk ratings by class of loan	The significant credit quality indicators for our loans measured at amortized cost, which excludes loans held-for-sale, were as follows as of March 31, 2021 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loans Revolving Loans Total Credit ​ ​ Amortized Cost Basis by Origination Year ​ Amortized Cost ​ Amortized ​ Loss As of March 31, 2021 ​ 2021 2020 2019 2018 2017 Prior ​ Total ​ Cost Basis ​ Allowance Commercial loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit quality indicator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LTV < 60% ​ $ 1,152,309 ​ $ 709,735 ​ $ 1,314,912 ​ $ 1,225,605 ​ $ 729,227 ​ $ 425,570 ​ $ — ​ $ 5,557,358 ​ $ 7,015 LTV 60% - 70% ​ ​ 859,035 ​ ​ 480,542 ​ ​ 1,530,002 ​ ​ 825,212 ​ ​ 39,916 ​ ​ 82,088 ​ ​ — ​ ​ 3,816,795 ​ ​ 31,535 LTV > 70% ​ ​ — ​ ​ 240,217 ​ ​ 599,518 ​ ​ 312,972 ​ ​ — ​ ​ 61,426 ​ ​ — ​ ​ 1,214,133 ​ ​ 16,661 Credit deteriorated ​ ​ — ​ ​ — ​ ​ — ​ ​ 28,986 ​ ​ — ​ ​ 11,977 ​ ​ — ​ ​ 40,963 ​ ​ 8,266 Defeased and other ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 18,201 ​ ​ — ​ ​ 18,201 ​ ​ — Total commercial ​ $ 2,011,344 ​ $ 1,430,494 ​ $ 3,444,432 ​ $ 2,392,775 ​ $ 769,143 ​ $ 599,262 ​ $ — ​ $ 10,647,450 ​ $ 63,477 Infrastructure loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit quality indicator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Power ​ $ — ​ $ 77,525 ​ $ 220,901 ​ $ 397,619 ​ $ 124,959 ​ $ 371,072 ​ $ 10,057 ​ $ 1,202,133 ​ $ 5,074 Oil and gas ​ ​ — ​ ​ 19,902 ​ ​ 267,727 ​ ​ 100,803 ​ ​ — ​ ​ — ​ ​ 5,050 ​ ​ 393,482 ​ ​ 3,733 Total infrastructure ​ $ — ​ $ 97,427 ​ $ 488,628 ​ $ 498,422 ​ $ 124,959 ​ $ 371,072 ​ $ 15,107 ​ $ 1,595,615 ​ $ 8,807 Residential loans held-for-investment, fair value option ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 150,712 ​ ​ — Loans held-for-sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 844,631 ​ ​ — Total gross loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 13,238,408 ​ $ 72,284
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 Held-for-Investment ​ Total Three Months Ended March 31, 2021 ​ Commercial ​ Infrastructure ​ Funded Loans Credit loss allowance at December 31, 2020 ​ $ 69,611 ​ $ 7,833 ​ $ 77,444 Credit loss provision (reversal), net ​ 1,880 ​ 717 ​ 2,597 Charge-offs ​ ​ (7,757) (1) ​ — ​ ​ (7,757) Recoveries ​ — ​ — ​ — Transfers ​ (257) ​ 257 ​ — Credit loss allowance at March 31, 2021 ​ $ 63,477 ​ $ 8,807 ​ $ 72,284 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unfunded Commitments Credit Loss Allowance (2) ​ ​ Loans Held-for-Investment ​ ​ Three Months Ended March 31, 2021 Commercial Infrastructure Total Credit loss allowance at December 31, 2020 ​ $ 5,258 ​ $ 812 ​ $ 6,070 Credit loss reversal, net ​ (2,122) ​ (143) ​ (2,265) Credit loss allowance at March 31, 2021 ​ $ 3,136 ​ $ 669 ​ $ 3,805 Memo: Unfunded commitments as of March 31, 2021 (3) ​ $ 1,291,304 ​ $ 65,791 ​ $ 1,357,095 (1) Relates to an unsecured promissory note deemed uncollectible in connection with a residential conversion project located in New York City. The note was previously considered credit deteriorated and was fully reserved. ​ (2) Included in accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets. ​ (3) Represents amounts expected to be funded (see Note 21).
Schedule of activity in loan portfolio	The activity in our loan portfolio was as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held-for-Investment Loans ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ Commercial ​ Infrastructure ​ Residential ​ Held-for-Sale Loans ​ Total Loans Balance at December 31, 2020 ​ $ 9,583,949 ​ $ 1,412,440 ​ $ 90,684 ​ $ 1,052,835 ​ $ 12,139,908 Acquisitions/originations/additional funding ​ 2,196,813 ​ 99,311 ​ — ​ 375,270 ​ 2,671,394 Capitalized interest (1) ​ 36,646 ​ — ​ — ​ — ​ 36,646 Basis of loans sold (2) ​ — ​ — ​ — ​ (571,927) ​ (571,927) Loan maturities/principal repayments ​ (1,021,393) ​ (18,055) ​ (9,210) ​ (44,326) ​ (1,092,984) Discount accretion/premium amortization ​ 15,824 ​ 921 ​ — ​ — ​ 16,745 Changes in fair value ​ — ​ — ​ (290) ​ (9,188) ​ (9,478) Unrealized foreign currency translation loss ​ (14,082) ​ (181) ​ — ​ — ​ (14,263) Credit loss provision, net ​ (1,880) ​ (717) ​ — ​ — ​ (2,597) Transfer to/from other asset classifications or between segments ​ ​ (211,904) ​ ​ 93,089 ​ ​ 69,528 ​ ​ 41,967 ​ ​ (7,320) Balance at March 31, 2021 ​ $ 10,583,973 ​ $ 1,586,808 ​ $ 150,712 ​ $ 844,631 ​ $ 13,166,124 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held-for-Investment Loans ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2020 ​ Commercial ​ Infrastructure ​ Residential ​ Held-for-Sale Loans ​ Total Loans Balance at December 31, 2019 ​ $ 8,517,054 ​ $ 1,397,448 ​ $ 671,572 ​ $ 884,150 ​ $ 11,470,224 Cumulative effect of ASC 326 effective January 1, 2020 ​ ​ (10,112) ​ ​ (10,328) ​ ​ — ​ ​ — ​ ​ (20,440) Acquisitions/originations/additional funding ​ 1,089,096 ​ 62,929 ​ 100,720 ​ 646,160 ​ 1,898,905 Capitalized interest (1) ​ 36,072 ​ — ​ — ​ — ​ 36,072 Basis of loans sold (2) ​ — ​ — ​ (604) ​ (789,259) ​ (789,863) Loan maturities/principal repayments ​ (689,972) ​ (37,051) ​ (48,620) ​ (20,680) ​ (796,323) Discount accretion/premium amortization ​ 11,559 ​ 411 ​ — ​ 110 ​ 12,080 Changes in fair value ​ — ​ — ​ (25,619) ​ 9,485 ​ (16,134) Unrealized foreign currency translation loss ​ (83,263) ​ — ​ — ​ (4,056) ​ (87,319) Credit loss provision, net ​ (37,527) ​ (5,805) ​ — ​ — ​ (43,332) Transfer to/from other asset classifications ​ ​ — ​ ​ (26,333) ​ ​ (422,691) ​ ​ 449,024 ​ ​ — Balance at March 31, 2020 ​ $ 8,832,907 ​ $ 1,381,271 ​ $ 274,758 ​ $ 1,174,934 ​ $ 11,663,870 (1) Represents accrued interest income on loans whose terms do not require current payment of interest. ​ (2) See Note 11 for additional disclosure on these transactions.

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2021
Schedule of investment securities	Investment securities were comprised of the following as of March 31, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of ​ ​ March 31, 2021 December 31, 2020 RMBS, available-for-sale ​ $ 160,301 ​ $ 167,349 RMBS, fair value option (1) ​ ​ 249,005 ​ ​ 235,997 CMBS, fair value option (1), (2) ​ 1,202,883 ​ 1,209,030 HTM debt securities, amortized cost net of credit loss allowance of $5,387 and $5,675 ​ 488,075 ​ 538,605 Equity security, fair value ​ 10,655 ​ 11,247 Subtotal — ​ 2,110,919 ​ 2,162,228 VIE eliminations (1) ​ (1,432,632) ​ ​ (1,425,570) Total investment securities ​ $ 678,287 ​ $ 736,658 (1) Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. ​ (2) Includes $180.9 million and $179.5 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of March 31, 2021 and December 31, 2020, 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 March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ 27,333 ​ $ — ​ $ — ​ $ (27,333) ​ $ — Sales ​ — ​ — ​ 11,604 ​ — ​ (11,604) ​ — Principal collections ​ 7,251 ​ 13,344 ​ 1,710 ​ 51,690 ​ (14,481) ​ 59,514 Three Months Ended March 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases/fundings ​ $ — ​ $ 29,292 ​ $ 7,661 ​ $ 5,729 ​ $ (36,953) ​ $ 5,729 Sales ​ — ​ — ​ 32,316 ​ — ​ (24,376) ​ 7,940 Principal collections ​ 6,549 ​ 8,572 ​ 16,523 ​ 6,638 ​ (24,723) ​ 13,559 (1) Represents RMBS and CMBS, fair value option amounts eliminated due to our consolidation of securitization VIEs. These amounts are reflected as issuance or repayment of debt of, or distributions from, consolidated VIEs in our condensed consolidated statements of cash flows.
Summary of investments in available-for-sale RMBS	​ The tables below summarize various attributes of our investments in available-for-sale RMBS as of March 31, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized Gains or (Losses) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized in AOCI ​ ​ ​ ​ ​ Credit ​ Gross Gross Net ​ ​ ​ ​ Amortized ​ Loss ​ Net ​ Unrealized ​ Unrealized ​ Fair Value ​ ​ ​ ​ ​ Cost ​ Allowance ​ Basis ​ Gains ​ Losses ​ Adjustment ​ Fair Value March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 118,647 ​ $ — ​ $ 118,647 ​ $ 41,688 ​ $ (34) ​ $ 41,654 ​ $ 160,301 December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 123,292 ​ $ — ​ $ 123,292 ​ $ 44,123 ​ $ (66) ​ $ 44,057 ​ $ 167,349 ​ ​ ​ ​ ​ ​ ​ Weighted Average Coupon (1) WAL March 31, 2021 ​ ​ ​ ​ RMBS 1.2 % 5.9 (1) Calculated using the March 31, 2021 one-month LIBOR rate of 0.111% for floating rate securities. ​ (2) Represents the remaining WAL of each respective group of securities as of the balance sheet date. The WAL of each individual security is calculated using projected amounts and projected timing of future principal payments.
Schedule of gross unrealized losses and estimated fair value of securities in an unrealized loss position, excluding CMBS where the fair value option is elected	The following table presents the gross unrealized losses and estimated fair value of any available-for-sale securities that were in an unrealized loss position as of March 31, 2021 and December 31, 2020, and for which an allowance for credit losses has not been recorded (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value ​ Unrealized Losses ​ Securities with a Securities with a Securities with a Securities with a ​ ​ loss less than ​ loss greater than ​ loss less than ​ loss greater than ​ ​ 12 months ​ 12 months ​ 12 months ​ 12 months As of March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ — ​ $ 1,170 ​ $ — ​ $ (34) ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 438 ​ $ 1,195 ​ $ (25) ​ $ (41) ​
Held-to-maturity
Summary of investments in HTM securities	The table below summarizes our investments in HTM debt securities as of March 31, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Credit Loss ​ Net Carrying ​ Gross Unrealized ​ Gross Unrealized ​ ​ ​ ​ ​ Cost Basis ​ Allowance ​ Amount ​ Holding Gains ​ Holding Losses ​ Fair Value March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CMBS ​ $ 339,120 ​ $ — ​ $ 339,120 ​ $ — ​ $ (25,169) ​ $ 313,951 ​ Preferred interests ​ ​ 116,466 ​ ​ (2,462) ​ ​ 114,004 ​ ​ 3,346 ​ ​ — ​ ​ 117,350 ​ Infrastructure bonds ​ ​ 37,876 ​ ​ (2,925) ​ ​ 34,951 ​ ​ 435 ​ ​ — ​ ​ 35,386 ​ Total ​ $ 493,462 ​ $ (5,387) ​ $ 488,075 ​ $ 3,781 ​ $ (25,169) ​ $ 466,687 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CMBS ​ $ 339,059 ​ $ — ​ $ 339,059 ​ $ — ​ $ (23,286) ​ $ 315,773 ​ Preferred interests ​ ​ 166,614 ​ ​ (2,749) ​ ​ 163,865 ​ ​ 432 ​ ​ (913) ​ ​ 163,384 ​ Infrastructure bonds ​ ​ 38,607 ​ ​ (2,926) ​ ​ 35,681 ​ ​ 415 ​ ​ — ​ ​ 36,096 ​ Total ​ $ 544,280 ​ $ (5,675) ​ $ 538,605 ​ $ 847 ​ $ (24,199) ​ $ 515,253 ​
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 Three Months Ended March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit loss allowance at December 31, 2020 ​ $ 2,749 ​ $ 2,926 ​ $ 5,675 Credit loss reversal, net ​ ​ (287) ​ ​ (1) ​ ​ (288) Credit loss allowance at March 31, 2021 ​ $ 2,462 ​ $ 2,925 ​ $ 5,387
Summary of maturities of preferred equity interests in limited liability companies that own commercial real estate	The table below summarizes the maturities of our HTM debt securities by type as of March 31, 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred ​ Infrastructure ​ ​ ​ ​ CMBS ​ Interests ​ Bonds ​ Total Less than one year $ 313,863 ​ $ — ​ $ — ​ $ 313,863 One to three years ​ ​ 25,257 ​ ​ 114,004 ​ ​ — ​ ​ 139,261 Three to five years ​ ​ — ​ ​ — ​ ​ — ​ ​ — Thereafter ​ — ​ ​ — ​ ​ 34,951 ​ ​ 34,951 Total ​ $ 339,120 ​ $ 114,004 ​ $ 34,951 ​ $ 488,075

Properties (Tables)

Properties (Tables)	3 Months Ended
	Mar. 31, 2021
Properties
Summary of properties	The table below summarizes our properties held as of March 31, 2021 and December 31, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciable Life March 31, 2021 December 31, 2020 Property Segment ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 15 years ​ $ 485,026 ​ $ 484,846 Buildings and building improvements ​ 5 – 45 years ​ ​ 1,691,423 ​ ​ 1,690,701 Furniture & fixtures ​ 3 – 7 years ​ ​ 60,926 ​ ​ 59,632 Investing and Servicing Segment ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 15 years ​ ​ 50,617 ​ ​ 50,585 Buildings and building improvements ​ 3 – 40 years ​ ​ 179,813 ​ ​ 179,014 Furniture & fixtures ​ 2 – 5 years ​ ​ 2,804 ​ ​ 2,606 Commercial and Residential Lending Segment (1) ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 7 years ​ ​ 9,691 ​ ​ 11,416 Buildings and building improvements ​ 10 – 20 years ​ ​ 9,927 ​ ​ 19,251 Construction in progress ​ N/A ​ ​ 75,245 ​ ​ 75,245 Properties, cost ​ ​ ​ ​ 2,565,472 ​ ​ 2,573,296 Less: accumulated depreciation ​ ​ ​ ​ (320,724) ​ ​ (302,143) Properties, net ​ ​ ​ $ 2,244,748 ​ $ 2,271,153 (1) Represents properties acquired through loan foreclosure or exercise of control over loan borrower pledged equity interests.

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2021
Investment in Unconsolidated Entities
Summary of investments in unconsolidated entities	The table below summarizes our investments in unconsolidated entities as of March 31, 2021 and December 31, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Participation / ​ Carrying value as of ​ Ownership % (1) March 31, 2021 December 31, 2020 Equity method investments: ​ ​ ​ ​ ​ ​ ​ ​ Equity interest in a natural gas power plant ​ 10% ​ $ 24,840 ​ $ 25,095 Investor entity which owns equity in an online real estate company ​ 50% ​ ​ 9,573 ​ ​ 9,397 Equity interests in commercial real estate ​ 50% ​ ​ 1,368 ​ ​ 1,543 Equity interest in and advances to a residential mortgage originator (2) N/A ​ 18,458 ​ 17,852 Various (3) 15% - 50% ​ 16,896 ​ 8,831 ​ ​ ​ ​ 71,135 ​ 62,718 Other equity investments: ​ ​ ​ ​ ​ ​ ​ ​ Equity interest in a servicing and advisory business ​ 2% ​ ​ 17,584 ​ 17,584 Investment funds which own equity in a loan servicer and other real estate assets 4% - 6% ​ 7,267 ​ 7,267 Various, including Federal Home Loan Bank stock 0% - 2% ​ 4,921 ​ 20,485 ​ ​ ​ ​ 29,772 ​ 45,336 ​ ​ ​ ​ $ 100,907 ​ $ 108,054 (1) None of these investments are publicly traded and therefore quoted market prices are not available. ​ (2) Includes a $4.5 million subordinated loan as of both March 31, 2020 and December 31, 2020. ​ (3) In March 2021, we obtained 15% equity interests in two investor entities that own 49% equity interests in two entertainment and retail centers in satisfaction of $7.3 million principal amount of a commercial loan. As discussed in Note 4, the equity interests in the entertainment and retail centers were transferred under pre-existing equity pledges of additional collateral for the commercial loan. ​

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangibles
Summary of intangibles assets	The following table summarizes our intangible assets, which are comprised of servicing rights intangibles and lease intangibles, as of March 31, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2021 ​ As of December 31, 2020 ​ Gross Carrying ​ Accumulated Net Carrying Gross Carrying Accumulated Net Carrying ​ ​ Value ​ Amortization ​ Value ​ Value ​ Amortization ​ Value Domestic servicing rights, at fair value ​ $ 12,406 ​ $ — ​ $ 12,406 ​ $ 13,202 ​ $ — ​ $ 13,202 In-place lease intangible assets ​ 133,203 ​ (94,726) ​ 38,477 ​ 133,203 ​ (92,540) ​ 40,663 Favorable lease intangible assets ​ ​ 24,181 ​ ​ (8,292) ​ ​ 15,889 ​ ​ 24,181 ​ ​ (7,929) ​ ​ 16,252 Total net intangible assets ​ $ 169,790 ​ $ (103,018) ​ $ 66,772 ​ $ 170,586 ​ $ (100,469) ​ $ 70,117
Summary of activity within intangible assets	The following table summarizes the activity within intangible assets for the three months ended March 31, 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ In-place Lease ​ Favorable Lease ​ ​ ​ ​ Servicing ​ Intangible ​ Intangible ​ ​ ​ Rights Assets Assets Total Balance as of January 1, 2021 ​ $ 13,202 ​ $ 40,663 ​ $ 16,252 ​ $ 70,117 Amortization ​ ​ — ​ ​ (2,186) ​ ​ (363) ​ ​ (2,549) Changes in fair value due to changes in inputs and assumptions ​ ​ (796) ​ ​ — ​ ​ — ​ ​ (796) Balance as of March 31, 2021 ​ $ 12,406 ​ $ 38,477 ​ $ 15,889 ​ $ 66,772
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): ​ ​ ​ ​ ​ 2021 (remainder of) $ 7,094 2022 ​ 7,862 2023 ​ 6,115 2024 ​ 4,722 2025 ​ 3,846 Thereafter ​ 24,727 Total ​ $ 54,366

Secured Borrowings (Tables)

Secured Borrowings (Tables)	3 Months Ended
	Mar. 31, 2021
Secured Borrowings
Summary of secured financing agreements	The following table is a summary of our secured financing agreements in place as of March 31, 2021 and December 31, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Balance at ​ ​ Current ​ Extended ​ Weighted Average ​ Pledged Asset ​ Maximum ​ March 31, ​ December 31, ​ Maturity Maturity (a) Pricing Carrying Value Facility Size 2021 2020 Repurchase Agreements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Loans ​ May 2021 to Aug 2025 (b) May 2023 to Mar 2029 (b) (c) ​ $ 8,088,081 ​ $ 9,164,525 (d) $ 5,592,652 ​ $ 4,878,939 Residential Loans ​ Jan 2022 to Oct 2023 ​ N/A ​ LIBOR + 2.09% ​ ​ 428,877 ​ ​ 1,750,000 ​ ​ 328,620 ​ ​ 22,590 Infrastructure Loans ​ Feb 2022 ​ N/A ​ LIBOR + 2.00% ​ ​ 295,516 ​ ​ 500,000 ​ ​ 246,136 ​ ​ 232,961 Conduit Loans ​ Feb 2022 to Jun 2023 ​ Feb 2023 to Jun 2024 ​ LIBOR + 2.15% ​ ​ 147,523 ​ ​ 350,000 ​ ​ 111,087 ​ ​ 53,554 CMBS/RMBS ​ Dec 2021 to Oct 2030 (e) Mar 2022 to Apr 2031 (e) (f) ​ ​ 1,112,819 ​ ​ 823,365 ​ ​ 668,993 (g) ​ 620,763 Total Repurchase Agreements ​ ​ ​ ​ ​ ​ ​ ​ 10,072,816 ​ ​ 12,587,890 ​ ​ 6,947,488 ​ ​ 5,808,807 Other Secured Financing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Borrowing Base Facility ​ Apr 2022 ​ Apr 2024 ​ LIBOR + 2.25% ​ ​ 304,076 ​ ​ 650,000 (h) ​ 223,302 ​ ​ 43,014 Commercial Financing Facility ​ Mar 2022 ​ Mar 2029 ​ GBP LIBOR + 1.75% ​ ​ 101,559 ​ ​ 81,847 ​ ​ 81,847 ​ ​ 81,218 Residential Financing Facility ​ Sep 2022 ​ Sep 2025 ​ 3.50% ​ ​ 163,545 ​ ​ 250,000 ​ ​ 1,515 ​ ​ 215,024 Infrastructure Acquisition Facility ​ Sep 2021 ​ Sep 2022 ​ (i) ​ ​ 525,611 ​ ​ 517,498 ​ ​ 414,503 ​ ​ 467,450 Infrastructure Financing Facilities ​ Jul 2022 to Oct 2022 ​ Oct 2024 to Jul 2027 ​ LIBOR + 2.04% ​ ​ 699,684 ​ ​ 1,250,000 ​ ​ 548,956 ​ ​ 538,645 Property Mortgages - Fixed rate ​ Nov 2024 to Aug 2052 (j) N/A ​ 4.03% ​ ​ 1,271,385 ​ ​ 1,155,306 ​ ​ 1,155,306 ​ ​ 1,077,528 Property Mortgages - Variable rate ​ Nov 2021 to Jul 2030 ​ N/A ​ (k) ​ ​ 929,800 ​ ​ 985,453 ​ ​ 960,901 ​ ​ 960,903 Term Loan and Revolver ​ (l) ​ N/A ​ (l) ​ ​ N/A (l) ​ 763,375 ​ ​ 643,375 ​ ​ 645,000 Federal Home Loan Bank ​ N/A ​ N/A ​ N/A ​ ​ — ​ ​ — ​ ​ — ​ ​ 396,000 Total Other Secured Financing ​ ​ ​ ​ ​ ​ ​ ​ 3,995,660 ​ ​ 5,653,479 ​ ​ 4,029,705 ​ ​ 4,424,782 ​ ​ ​ ​ ​ ​ ​ ​ $ 14,068,476 ​ $ 18,241,369 ​ ​ 10,977,193 ​ ​ 10,233,589 Unamortized net discount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (13,149) ​ ​ (13,569) Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (68,112) ​ ​ (73,830) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,895,932 ​ $ 10,146,190 (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 $1.9 billion as of March 31, 2021 are indexed to GBP LIBOR and EURIBOR. The remainder have a weighted average rate of LIBOR + 2.01%. (d) The aggregate initial maximum facility size may be increased at our option, subject to certain conditions. The $9.2 billion amount includes such upsizes. (e) Certain facilities with an outstanding balance of $280.3 million as of March 31, 2021 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 $212.0 million as of March 31, 2021 has a weighted average fixed annual interest rate of 3.29 %. All other facilities are variable rate with a weighted average rate of LIBOR + 1.92%. (g) Includes: (i) $212.0 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $38.3 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 6.5 years as of March 31, 2021. (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 + 2.59%. (l) Consists of: (i) a 643.4 million term loan facility that matures in July 2026, of which $394.0 million has an annual interest rate of LIBOR + 2.50% and $249.4 million has an annual interest rate of LIBOR + 3.50%, subject to a 75 bps LIBOR floor, 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 $4.2 billion as of March 31, 2021.
Schedule of collateralized loan obligations	The following table is a summary of our CLO as of March 31, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Face ​ Carrying ​ Weighted ​ ​ ​ March 31, 2021 ​ Count ​ Amount ​ Value ​ Average Spread ​ Maturity ​ Collateral assets ​ 25 ​ $ 1,099,693 ​ $ 1,099,639 ​ LIBOR + 4.21% (a) May 2024 (b) Financing ​ 1 ​ 936,375 ​ ​ 931,178 ​ LIBOR + 1.63% (c) July 2038 (d) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral assets ​ 23 ​ $ 1,002,445 ​ $ 1,099,439 ​ LIBOR + 3.93% (a) Apr 2024 (b) Financing ​ 1 ​ 936,375 ​ ​ 930,554 ​ LIBOR + 1.64% (c) July 2038 (d) (a) Represents the weighted-average coupon earned on variable rate loans during the respective year-to-date period. There were no fixed-rate loans financed by the CLO as of March 31, 2021 and December 31, 2020. (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 2021 (remainder of) $ 302,200 $ 58,768 $ — ​ $ 360,968 2022 ​ 1,548,791 ​ 419,128 ​ ​ — ​ 1,967,919 2023 ​ 1,450,262 ​ 803,315 ​ ​ — ​ 2,253,577 2024 ​ 1,480,044 ​ 475,383 ​ ​ — ​ 1,955,427 2025 ​ 1,510,607 ​ 248,376 ​ ​ — ​ 1,758,983 Thereafter ​ 655,584 ​ 2,024,735 ​ ​ 936,375 (a) 3,616,694 Total ​ $ 6,947,488 ​ $ 4,029,705 ​ $ 936,375 ​ $ 11,913,568 (a) Assumes utilization of the reinvestment feature.

Unsecured Senior Notes (Tables)

Unsecured Senior Notes (Tables)	3 Months Ended
	Mar. 31, 2021
Unsecured Senior Notes
Schedule of unsecured convertible senior notes outstanding	The following table is a summary of our unsecured senior notes outstanding as of March 31, 2021 and December 31, 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ ​ ​ ​ Coupon ​ ​ Effective ​ Maturity ​ Period of ​ Carrying Value at ​ ​ Rate ​ ​ Rate (1) ​ Date ​ Amortization ​ March 31, 2021 ​ December 31, 2020 2021 Senior Notes ​ 5.00 % ​ 5.32 % 12/15/2021 ​ 0.7 years ​ $ 700,000 ​ $ 700,000 2023 Senior Notes ​ 5.50 % ​ 5.71 % 11/1/2023 2.6 years ​ 300,000 ​ 300,000 2023 Convertible Notes ​ 4.38 % ​ 4.57 % 4/1/2023 ​ 2.0 years ​ ​ 250,000 ​ ​ 250,000 2025 Senior Notes ​ 4.75 % (2) 5.04 % 3/15/2025 ​ 4.0 years ​ ​ 500,000 ​ ​ 500,000 Total principal amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,750,000 ​ ​ 1,750,000 Unamortized discount—Convertible Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (910) ​ ​ (2,559) Unamortized discount—Senior Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (8,356) ​ ​ (9,332) Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (5,076) ​ (5,589) Carrying amount of debt components ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,735,658 ​ $ 1,732,520 Carrying amount of conversion option equity components recorded in additional paid-in capital for outstanding convertible notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ N/A ​ $ 3,755 (1) Effective rate includes the effects of underwriter purchase discount. (2) 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 March 31, 2021 (amounts in thousands, except rates): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ 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 2023 Convertible Notes converted, as adjusted in accordance with the indenture governing the 2023 Convertible Notes (including the applicable supplemental indenture). ​ (2) As of March 31, 2021, the market price of the Company’s common stock was $24.74.

Loan Securitization_Sale Acti_2

Loan Securitization/Sale Activities (Tables)	3 Months Ended
	Mar. 31, 2021
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	The following summarizes the face amount and proceeds of commercial and residential loans securitized for the three months ended March 31, 2021 and 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Loans ​ Residential Loans ​ Face Amount Proceeds Face Amount Proceeds For the Three Months Ended March 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ $ 85,037 ​ $ 89,710 ​ $ 383,549 ​ $ 389,798 2020 ​ 335,835 ​ ​ 352,393 ​ 381,279 ​ 398,747
Commercial and Residential Lending Segment
Summary of loans sold and loans transferred as secured borrowings by the Lending segment net of expenses	The following table summarizes our loans sold by the Commercial and Residential Lending Segment, net of expenses (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ Face Amount Proceeds For the Three Months Ended March 31, ​ ​ ​ ​ ​ ​ 2021 ​ $ 89,418 ​ $ 92,419 2020 ​ ​ 550 ​ ​ 604

Derivatives and Hedging Activ_2

Derivatives and Hedging Activity (Tables)	3 Months Ended
	Mar. 31, 2021
Derivatives and Hedging Activity
Summary of foreign exchange ("Fx") forwards, interest rate swaps, interest rate caps and credit index instruments	The following table summarizes our non-designated derivatives as of March 31, 2021 (notional amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Buy Euros ("EUR") ​ 2 ​ 3,973 ​ EUR ​ November 2022 Fx contracts – Buy Pounds Sterling ("GBP") ​ 8 ​ 16,675 ​ GBP ​ April 2021 – July 2022 Fx contracts – Sell EUR ​ 208 ​ 252,796 ​ EUR ​ April 2021 – November 2025 Fx contracts – Sell GBP ​ 156 ​ 556,798 ​ GBP ​ April 2021 – May 2024 Fx contracts – Sell Australian dollar ("AUD") ​ 19 ​ 188,554 ​ AUD ​ August 2021 – June 2022 Interest rate swaps – Paying fixed rates ​ 46 ​ 1,791,332 ​ USD ​ May 2023 – April 2031 Interest rate swaps – Receiving fixed rates ​ 1 ​ 470,000 ​ USD ​ March 2025 Interest rate caps ​ 22 ​ 985,635 ​ USD ​ April 2021 – April 2025 Credit index instruments ​ 3 ​ 49,000 ​ USD ​ September 2058 – August 2061 Interest rate swap guarantees ​ 6 ​ 371,890 ​ USD ​ March 2022 – June 2025 Total ​ 471 ​ ​ ​ ​ ​ ​ ​
Schedule of fair values of derivative financial instruments	The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Derivatives ​ Fair Value of Derivatives ​ ​ in an Asset Position (1) as of ​ in a Liability Position (2) as of ​ ​ March 31, ​ December 31, ​ March 31, ​ December 31, ​ 2021 ​ 2020 ​ 2021 ​ 2020 Interest rate contracts ​ $ 25,331 ​ $ 33,841 ​ $ 4 ​ $ 4 Interest rate swap guarantees ​ ​ — ​ ​ — ​ ​ 498 ​ ​ 849 Foreign exchange contracts ​ 12,617 ​ 6,585 ​ 34,002 ​ 39,951 Credit index instruments ​ 81 ​ 129 ​ 301 ​ 520 Total derivatives ​ $ 38,029 ​ $ 40,555 ​ $ 34,805 ​ $ 41,324 (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 table below presents the effect of our derivative financial instruments on the condensed consolidated statements of operations for the three months ended March 31, 2021 and 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain (Loss) ​ ​ ​ ​ Recognized in Income for the Derivatives Not Designated ​ Location of Gain (Loss) ​ Three Months Ended March 31, as Hedging Instruments Recognized in Income 2021 2020 Interest rate contracts Gain on derivative financial instruments ​ $ 20,158 ​ $ (45,125) Interest rate swap guarantees ​ Gain on derivative financial instruments ​ ​ 351 ​ ​ (675) Foreign exchange contracts Gain on derivative financial instruments ​ 13,602 ​ 53,265 Credit index instruments Gain on derivative financial instruments ​ (122) ​ 2,245 ​ ​ ​ ​ $ 33,989 ​ $ 9,710

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Offsetting Assets and Liabilities
Schedule of offsetting assets and liabilities	The following tables present the potential effects of netting arrangements on our financial position for financial assets and liabilities within the scope of ASC 210-20, Balance Sheet—Offsetting ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (iv) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amounts Not ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Offset in the Statement ​ ​ ​ ​ ​ ​ ​ ​ (ii) ​ (iii) = (i) - (ii) ​ of Financial Position ​ ​ ​ ​ ​ ​ ​ Gross Amounts Net Amounts ​ ​ Cash ​ ​ ​ ​ (i) ​ Offset in the ​ Presented in ​ ​ ​ ​ Collateral ​ ​ ​ ​ ​ Gross Amounts ​ Statement of ​ the Statement of ​ Financial ​ Received / ​ (v) = (iii) - (iv) ​ ​ Recognized ​ Financial Position ​ Financial Position ​ Instruments ​ Pledged ​ Net Amount As of March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ 38,029 ​ $ — ​ $ 38,029 ​ $ 11,491 ​ $ 24,235 ​ $ 2,303 Derivative liabilities ​ $ 34,805 ​ $ — ​ $ 34,805 ​ $ 11,491 ​ $ 22,618 ​ $ 696 Repurchase agreements ​ 6,947,488 ​ — ​ 6,947,488 ​ 6,947,488 ​ — ​ — ​ ​ $ 6,982,293 ​ $ — ​ $ 6,982,293 ​ $ 6,958,979 ​ $ 22,618 ​ $ 696 As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ 40,555 ​ $ — ​ $ 40,555 ​ $ 6,716 ​ $ 33,772 ​ $ 67 Derivative liabilities ​ $ 41,324 ​ $ — ​ $ 41,324 ​ $ 6,716 ​ $ 27,416 ​ $ 7,192 Repurchase agreements ​ 5,808,807 ​ — ​ 5,808,807 ​ 5,808,807 ​ — ​ — ​ ​ $ 5,850,131 ​ $ — ​ $ 5,850,131 ​ $ 5,815,523 ​ $ 27,416 ​ $ 7,192

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2021
Variable Interest Entities
Summary of assets and liabilities of our consolidated CLO	The following table details the assets and liabilities of our consolidated CLO as of March 31, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ — ​ $ 96,998 Loans held-for-investment ​ ​ 1,099,639 ​ 1,002,441 Accrued interest receivable ​ 4,068 ​ ​ 5,454 Other assets ​ ​ 307 ​ 557 Total Assets ​ $ 1,104,014 ​ $ 1,105,450 Liabilities ​ ​ ​ ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 640 ​ $ 663 Collateralized loan obligations, net ​ 931,178 ​ 930,554 Total Liabilities ​ $ 931,818 ​ $ 931,217

Stockholders' Equity and Non-_2

Stockholders' Equity and Non-Controlling Interests (Tables)	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity and Non-Controlling Interests
Schedule of dividends declared by board of directors	During the three months ended March 31, 2021, our board of directors declared the following dividends: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration Date Record Date Ex-Dividend Date Payment Date Amount Frequency 3/11/21 3/31/21 3/30/21 ​ 4/15/21 ​ ​ 0.48 Quarterly ​
Summary of share awards granted under the Manager Equity Plan	​ The table below summarizes our share awards granted or vested under the Manager Equity Plan and the 2017 Manager Equity Plan during the three months ended March 31, 2021 and 2020 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grant Date Type Amount Granted Grant Date Fair Value Vesting Period November 2020 ​ RSU ​ 1,800,000 ​ $ 30,078 ​ 3 years ​ 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, 2021 1,594,605 2,286,896 3,881,501 $ 17.26 Granted ​ 1,518,072 ​ — 1,518,072 ​ 21.81 Vested (633,893) ​ (296,342) (930,235) ​ 17.48 Balance as of March 31, 2021 2,478,784 1,990,554 4,469,338 ​ 18.76

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2021
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 (loss) and the number of shares of common stock used in the computation of basic EPS and diluted EPS (amounts in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ 2021 2020 Basic Earnings (Loss) ​ ​ ​ ​ ​ ​ Income (loss) attributable to STWD common stockholders ​ $ 111,378 ​ $ (66,769) Less: Income attributable to participating shares not already deducted as non-controlling interests ​ (1,925) ​ (1,222) Basic earnings (loss) ​ $ 109,453 ​ $ (67,991) ​ ​ ​ ​ ​ ​ ​ Diluted Earnings (Loss) ​ ​ ​ ​ ​ ​ Income (loss) attributable to STWD common stockholders ​ $ 111,378 ​ $ (66,769) Less: Income attributable to participating shares not already deducted as non-controlling interests ​ (1,925) ​ (1,222) Add: Interest expense on Convertible Notes ​ ​ 2,916 ​ ​ * Diluted earnings (loss) ​ $ 112,369 ​ $ (67,991) ​ ​ ​ ​ ​ ​ ​ Number of Shares: ​ ​ ​ ​ ​ ​ Basic — Average shares outstanding ​ 283,319 ​ 280,990 Effect of dilutive securities — Convertible Notes ​ 9,649 ​ * Effect of dilutive securities — Contingently issuable shares ​ 263 ​ — Diluted — Average shares outstanding ​ 293,231 ​ 280,990 ​ ​ ​ ​ ​ ​ ​ Earnings (Loss) Per Share Attributable to STWD Common Stockholders: ​ ​ ​ ​ ​ ​ Basic ​ $ 0.39 ​ $ (0.24) Diluted ​ $ 0.38 ​ $ (0.24)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2021
Accumulated Other Comprehensive Income
Schedule of changes in AOCI by component	The changes in AOCI by component are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cumulative ​ ​ ​ ​ ​ ​ Unrealized Gain ​ ​ ​ ​ ​ ​ ​ ​ (Loss) on ​ Foreign ​ ​ ​ ​ ​ Available-for- ​ Currency ​ ​ ​ ​ ​ Sale Securities ​ Translation ​ Total Three Months Ended March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1, 2021 ​ $ 44,057 ​ $ (64) ​ $ 43,993 OCI before reclassifications ​ (2,403) ​ — ​ (2,403) Amounts reclassified from AOCI ​ — ​ 64 ​ 64 Net period OCI ​ (2,403) ​ 64 ​ (2,339) Balance at March 31, 2021 ​ $ 41,654 ​ $ — ​ $ 41,654 Three Months Ended March 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1, 2020 ​ $ 50,996 ​ $ (64) ​ $ 50,932 OCI before reclassifications ​ (15,048) ​ — ​ (15,048) Amounts reclassified from AOCI ​ — ​ — ​ — Net period OCI ​ (15,048) ​ — ​ (15,048) Balance at March 31, 2020 ​ $ 35,948 ​ $ (64) ​ $ 35,884

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value
Schedule of financial assets and liabilities carried at fair value on a recurring basis	The following tables present our financial assets and liabilities carried at fair value on a recurring basis in the condensed consolidated balance sheets by their level in the fair value hierarchy as of March 31, 2021 and December 31, 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ Total Level I Level II Level III Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans under fair value option ​ $ 763,773 ​ $ — ​ $ — ​ $ 763,773 RMBS ​ 160,301 ​ — ​ — ​ 160,301 CMBS ​ 19,256 ​ — ​ — ​ 19,256 Equity security ​ 10,655 ​ 10,655 ​ — ​ — Domestic servicing rights ​ 12,406 ​ — ​ — ​ 12,406 Derivative assets ​ 38,029 ​ — ​ 38,029 ​ — VIE assets ​ 62,367,110 ​ — ​ — ​ 62,367,110 Total ​ $ 63,371,530 ​ $ 10,655 ​ $ 38,029 ​ $ 63,322,846 Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 34,805 ​ $ — ​ $ 34,805 ​ $ — VIE liabilities ​ 60,896,709 ​ — ​ 58,669,281 ​ 2,227,428 Total ​ $ 60,931,514 ​ $ — ​ $ 58,704,086 ​ $ 2,227,428 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Total Level I Level II Level III Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans under fair value option ​ $ 1,022,979 ​ $ — ​ $ — ​ $ 1,022,979 RMBS ​ 167,349 ​ — ​ — ​ 167,349 CMBS ​ 19,457 ​ — ​ — ​ 19,457 Equity security ​ 11,247 ​ 11,247 ​ — ​ — Domestic servicing rights ​ 13,202 ​ — ​ — ​ 13,202 Derivative assets ​ 40,555 ​ — ​ 40,555 ​ — VIE assets ​ 64,238,328 ​ — ​ — ​ 64,238,328 Total ​ $ 65,513,117 ​ $ 11,247 ​ $ 40,555 ​ $ 65,461,315 Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 41,324 ​ $ — ​ $ 41,324 ​ $ — VIE liabilities ​ 62,776,371 ​ — ​ 60,756,495 ​ 2,019,876 Total ​ $ 62,817,695 ​ $ — ​ $ 60,797,819 ​ $ 2,019,876
Schedule of changes in financial assets and liabilities classified as Level III	​ The changes in financial assets and liabilities classified as Level III are as follows for the three months ended March 31, 2021 and 2020 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans at ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Three Months Ended March 31, 2021 ​ Fair Value ​ RMBS ​ CMBS ​ Rights ​ VIE Assets ​ Liabilities ​ Total January 1, 2021 balance ​ $ 1,022,979 ​ $ 167,349 ​ $ 19,457 ​ $ 13,202 ​ $ 64,238,328 ​ $ (2,019,876) ​ $ 63,441,439 Total realized and unrealized gains (losses): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value / gain on sale ​ (9,478) ​ — ​ 372 ​ ​ (796) ​ (2,264,591) ​ 65,681 ​ (2,208,812) Net accretion ​ — ​ 2,606 ​ — ​ — ​ — ​ — ​ 2,606 Included in OCI ​ — ​ (2,403) ​ — ​ — ​ — ​ — ​ (2,403) Purchases / Originations ​ 375,270 ​ — ​ — ​ — ​ — ​ — ​ 375,270 Sales ​ (571,927) ​ — ​ — ​ — ​ — ​ — ​ (571,927) Issuances ​ — ​ — ​ — ​ — ​ — ​ (11,604) ​ (11,604) Cash repayments / receipts ​ (53,071) ​ (7,251) ​ (573) ​ — ​ — ​ (1,137) ​ (62,032) Transfers into Level III ​ — ​ — ​ — ​ — ​ — ​ (409,267) ​ (409,267) Transfers out of Level III ​ — ​ — ​ — ​ — ​ — ​ 148,775 ​ 148,775 Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 393,373 ​ — ​ 393,373 March 31, 2021 balance ​ $ 763,773 ​ $ 160,301 ​ $ 19,256 ​ $ 12,406 ​ $ 62,367,110 ​ $ (2,227,428) ​ $ 61,095,418 Amount of unrealized gains (losses) attributable to assets still held at March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings ​ $ (7,708) ​ $ 2,606 ​ $ 372 ​ $ (796) ​ $ (2,264,591) ​ $ 65,681 ​ $ (2,204,436) Included in OCI ​ $ — ​ $ (2,403) ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (2,403) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans at ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Three Months Ended March 31, 2020 ​ Fair Value ​ RMBS ​ CMBS ​ Rights ​ VIE Assets ​ Liabilities ​ Total January 1, 2020 balance ​ $ 1,436,194 ​ $ 189,576 ​ $ 25,008 ​ $ 16,917 ​ $ 62,187,175 ​ $ (2,537,392) ​ $ 61,317,478 Total realized and unrealized gains (losses): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value / gain on sale ​ (16,134) ​ — ​ 5,738 ​ ​ (393) ​ (3,506,792) ​ 146,282 ​ (3,371,299) Net accretion ​ — ​ 2,661 ​ — ​ — ​ — ​ — ​ 2,661 Included in OCI ​ — ​ (15,048) ​ — ​ — ​ — ​ — ​ (15,048) Purchases / Originations ​ ​ 746,880 ​ — ​ — ​ — ​ — ​ — ​ ​ 746,880 Sales ​ (751,746) ​ — ​ (7,940) ​ — ​ — ​ — ​ (759,686) Issuances ​ — ​ — ​ — ​ — ​ — ​ (24,376) ​ (24,376) Cash repayments / receipts ​ ​ (67,397) ​ (6,549) ​ (371) ​ — ​ — ​ (8,916) ​ (83,233) Transfers into Level III ​ — ​ — ​ — ​ — ​ — ​ (101,265) ​ (101,265) Transfers out of Level III ​ — ​ — ​ — ​ — ​ — ​ 1,090,325 ​ 1,090,325 Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 2,477,422 ​ (71,095) ​ 2,406,327 March 31, 2020 balance ​ $ 1,347,797 ​ $ 170,640 ​ $ 22,435 ​ $ 16,524 ​ $ 61,157,805 ​ $ (1,506,437) ​ $ 61,208,764 Amount of unrealized (losses) gains attributable to assets still held at March 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings ​ $ (39,070) ​ $ 2,661 ​ $ (647) ​ $ (393) ​ $ (3,506,792) ​ $ 146,282 ​ $ (3,397,959) Included in OCI ​ $ — ​ $ (15,048) ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (15,048) ​
Schedule of fair value of financial instruments not carried at fair value	The following table presents the fair values of our financial instruments not carried at fair value on the condensed consolidated balance sheets (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ Carrying Fair ​ Carrying Fair ​ ​ Value ​ Value ​ Value ​ Value Financial assets not carried at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held-for-investment and loans held-for-sale ​ $ 12,402,351 ​ $ 12,460,388 ​ $ 11,116,929 ​ $ 11,107,316 HTM debt securities ​ 488,075 ​ 466,687 ​ 538,605 ​ 515,253 Financial liabilities not carried at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured financing agreements and CLO ​ $ 11,827,110 ​ $ 11,900,381 ​ $ 11,076,744 ​ $ 11,108,364 Unsecured senior notes ​ 1,735,658 ​ 1,803,224 ​ 1,732,520 ​ 1,786,667 ​
Schedule of quantitative information for Level 3 Measurements for assets and liabilities measured at fair value on recurring basis	The following is quantitative information about significant unobservable inputs in our Level III measurements for those assets and liabilities measured at fair value on a recurring basis (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value at ​ Valuation ​ Unobservable ​ Range (Weighted Average) as of (1) ​ March 31, 2021 Technique Input ​ March 31, 2021 ​ December 31, 2020 Loans under fair value option ​ $ 763,773 ​ Discounted cash flow, market pricing ​ Coupon (d) ​ 3.4% - 9.5% (5.5%) ​ 3.3% - 9.7% (5.9%) ​ ​ ​ ​ ​ ​ ​ Remaining contractual term (d) ​ 7.0 - 39.0 years ( 24.7 years) ​ 7.3 - 39.3 years ( 26.3 years) ​ ​ ​ ​ ​ ​ ​ FICO score (a) ​ 519 - 823 (732) ​ 519 - 823 (727) ​ ​ ​ ​ ​ ​ ​ LTV (b) ​ 15% - 94% (66%) ​ 5% - 94% (68%) ​ ​ ​ ​ ​ ​ ​ Purchase price (d) ​ 85.6% - 104.8% (101.7%) ​ 84.4% - 104.8% (99.8%) RMBS ​ 160,301 ​ Discounted cash flow ​ Constant prepayment rate (a) ​ 3.5% - 17.3% (7.4%) ​ 3.6% - 19.4% (7.6%) ​ ​ ​ ​ ​ ​ ​ Constant default rate (b) ​ 0.7% - 5.0% (2.2%) ​ 0.7% - 5.4% (2.4%) ​ ​ ​ ​ ​ ​ ​ Loss severity (b) ​ 0% - 84% (17%) (f) ​ 0% - 85% (20%) (f) ​ ​ ​ ​ ​ ​ ​ Delinquency rate (c) ​ 9% - 32% (18%) ​ 10% - 32% (19%) ​ ​ ​ ​ ​ ​ ​ Servicer advances (a) ​ 23% - 84% (53%) ​ 23% - 82% (54%) ​ ​ ​ ​ ​ ​ ​ Annual coupon deterioration (b) ​ 0.0% - 1.2% (0.1%) ​ 0.0% - 0.9% (0.1%) ​ ​ ​ ​ ​ ​ ​ Putback amount per projected total collateral loss (e) ​ 0% -17% (0.8%) ​ 0% -17% (0.8%) CMBS ​ 19,256 ​ Discounted cash flow ​ Yield (b) ​ 0% - 298.5% (5.9%) ​ 0% - 536.6% (7.1%) ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 7.6 years ( 6.0 years) ​ 0 - 7.6 years ( 5.3 years) Domestic servicing rights ​ 12,406 ​ Discounted cash flow ​ Debt yield (a) ​ 7.25% (7.25%) ​ 7.50% (7.50%) ​ ​ ​ ​ ​ ​ ​ Discount rate (b) ​ 15% (15%) ​ 15% (15%) VIE assets ​ 62,367,110 ​ Discounted cash flow ​ Yield (b) ​ 0% - 752.4% (16.9%) ​ 0% - 312.2% (14.3%) ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 20.6 years ( 3.8 years) ​ 0 - 16.3 years ( 3.8 years) VIE liabilities ​ (2,227,428) ​ Discounted cash flow ​ Yield (b) ​ 0% - 752.4% (17.3%) ​ 0% - 312.2% (14.4%) ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 11.0 years ( 3.7 years) ​ 0 - 10.8 years ( 3.8 years) (1) Unobservable inputs were weighted by the relative carrying value of the instruments as of March 31, 2021 and December 31, 2020. ​ Information about Uncertainty of Fair Value Measurements ​ (a) Significant increase (decrease) in the unobservable input in isolation would result in a significantly higher (lower) fair value measurement. (b) Significant increase (decrease) in the unobservable input in isolation would result in a significantly lower (higher) fair value measurement. (c) Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (higher or lower) fair value measurement depending on the structural features of the security in question. (d) This unobservable input is not subject to variability as of the respective reporting dates. (e) Any delay in the putback recovery date leads to a decrease in fair value for the majority of securities in our RMBS portfolio. (f) 14% and 23% of the portfolio falls within a range of 45% - 80% as of March 31, 2021 and December 31, 2020, respectively.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2021
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 provision (benefit) determined using our statutory federal tax rate to our reported income tax (benefit) provision for the three months ended March 31, 2021 and 2020 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, ​ ​ 2021 ​ 2020 Federal statutory tax rate ​ $ 26,199 21.0 % $ (15,329) 21.0 % REIT and other non-taxable loss ​ (24,501) ​ (19.6) % ​ 9,914 ​ (13.6) % State income taxes ​ 558 ​ 0.4 % ​ (1,779) ​ 2.4 % Federal benefit of state tax deduction ​ (117) ​ (0.1) % ​ 374 ​ (0.5) % Other ​ 91 ​ 0.1 % ​ 91 ​ (0.1) % Effective tax rate ​ $ 2,230 ​ 1.8 % ​ $ (6,729) ​ 9.2 %

Segment Data (Tables)

Segment Data (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Data
Schedule of results of operations by business segment	The table below presents our results of operations for the three months ended March 31, 2021 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 ​ $ 170,593 ​ $ 18,808 ​ $ — ​ $ 1,174 ​ $ — ​ $ 190,575 ​ $ — ​ $ 190,575 Interest income from investment securities ​ 18,385 ​ 564 ​ — ​ 20,940 ​ ​ — ​ 39,889 ​ (28,279) ​ 11,610 Servicing fees ​ 124 ​ — ​ — ​ 12,456 ​ ​ — ​ 12,580 ​ (4,178) ​ 8,402 Rental income ​ ​ 1,339 ​ ​ — ​ ​ 65,104 ​ ​ 9,895 ​ ​ — ​ ​ 76,338 ​ ​ — ​ ​ 76,338 Other revenues ​ 90 ​ 93 ​ 40 ​ 82 ​ ​ — ​ 305 ​ — ​ 305 Total revenues ​ 190,531 ​ 19,465 ​ 65,144 ​ 44,547 ​ — ​ 319,687 ​ (32,457) ​ 287,230 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 315 ​ — ​ — ​ 222 ​ 38,188 ​ 38,725 ​ 11 ​ 38,736 Interest expense ​ 44,295 ​ 8,841 ​ 15,832 ​ 5,449 ​ ​ 29,148 ​ 103,565 ​ (191) ​ 103,374 General and administrative ​ 11,333 ​ 3,442 ​ 1,023 ​ 18,440 ​ ​ 4,311 ​ 38,549 ​ 87 ​ 38,636 Acquisition and investment pursuit costs ​ 185 ​ — ​ — ​ — ​ ​ — ​ 185 ​ — ​ 185 Costs of rental operations ​ ​ 477 ​ ​ — ​ ​ 23,960 ​ ​ 4,308 ​ ​ — ​ ​ 28,745 ​ ​ — ​ ​ 28,745 Depreciation and amortization ​ 307 ​ 100 ​ 18,100 ​ 3,967 ​ ​ — ​ 22,474 ​ — ​ 22,474 Credit loss (reversal) provision, net ​ (529) ​ 573 ​ — ​ — ​ ​ — ​ 44 ​ — ​ 44 Other expense ​ 31 ​ — ​ 583 ​ 71 ​ ​ — ​ 685 ​ — ​ 685 Total costs and expenses ​ 56,414 ​ 12,956 ​ 59,498 ​ 32,457 ​ ​ 71,647 ​ 232,972 ​ (93) ​ 232,879 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ — ​ — ​ — ​ — ​ — ​ 39,745 ​ 39,745 Change in fair value of servicing rights ​ — ​ — ​ — ​ 745 ​ ​ — ​ 745 ​ (1,541) ​ (796) Change in fair value of investment securities, net ​ (2,050) ​ — ​ — ​ 7,170 ​ ​ — ​ 5,120 ​ (5,426) ​ (306) Change in fair value of mortgage loans, net ​ (10,714) ​ — ​ — ​ 1,236 ​ ​ — ​ (9,478) ​ — ​ (9,478) Earnings (loss) from unconsolidated entities ​ 1,753 ​ (254) ​ — ​ 589 ​ ​ — ​ 2,088 ​ (354) ​ 1,734 Gain on sale of investments and other assets, net ​ 17,693 ​ — ​ — ​ — ​ ​ — ​ 17,693 ​ — ​ 17,693 Gain (loss) on derivative financial instruments, net ​ 26,141 ​ 684 ​ 4,724 ​ 9,283 ​ ​ (6,843) ​ 33,989 ​ — ​ 33,989 Foreign currency (loss) gain, net ​ (11,594) ​ (49) ​ 25 ​ (63) ​ ​ — ​ (11,681) ​ — ​ (11,681) Loss on extinguishment of debt ​ ​ (68) ​ ​ (307) ​ ​ (141) ​ ​ — ​ ​ — ​ ​ (516) ​ ​ — ​ ​ (516) Other income, net ​ — ​ 21 ​ — ​ — ​ ​ — ​ 21 ​ — ​ 21 Total other income (loss) ​ 21,161 ​ 95 ​ 4,608 ​ 18,960 ​ ​ (6,843) ​ 37,981 ​ 32,424 ​ 70,405 Income (loss) before income taxes ​ 155,278 ​ 6,604 ​ 10,254 ​ 31,050 ​ ​ (78,490) ​ 124,696 ​ 60 ​ 124,756 Income tax provision ​ (1,505) ​ (92) ​ — ​ (633) ​ ​ — ​ (2,230) ​ — ​ (2,230) Net income (loss) ​ 153,773 ​ 6,512 ​ 10,254 ​ 30,417 ​ ​ (78,490) ​ 122,466 ​ 60 ​ 122,526 Net income attributable to non-controlling interests ​ (3) ​ — ​ (5,077) ​ (6,008) ​ ​ — ​ (11,088) ​ (60) ​ (11,148) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 153,770 ​ $ 6,512 ​ $ 5,177 ​ $ 24,409 ​ $ (78,490) ​ $ 111,378 ​ $ — ​ $ 111,378 ​ The table below presents our results of operations for the three months ended March 31, 2020 by business segment (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ Infrastructure ​ ​ ​ Investing ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lending ​ Lending ​ Property ​ and Servicing ​ ​ ​ ​ ​ Securitization ​ ​ ​ ​ Segment ​ Segment ​ Segment ​ Segment ​ Corporate ​ Subtotal ​ VIEs ​ Total Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income from loans ​ $ 192,381 ​ $ 22,413 ​ $ — ​ $ 2,633 ​ $ — ​ $ 217,427 ​ $ — ​ $ 217,427 Interest income from investment securities ​ 18,628 ​ ​ 701 ​ — ​ 24,800 ​ ​ — ​ 44,129 ​ (28,889) ​ 15,240 Servicing fees ​ 172 ​ ​ — ​ — ​ 6,442 ​ ​ — ​ 6,614 ​ (1,821) ​ 4,793 Rental income ​ ​ 78 ​ ​ — ​ ​ 63,961 ​ ​ 10,107 ​ ​ — ​ 74,146 ​ — ​ 74,146 Other revenues ​ 178 ​ ​ 143 ​ 122 ​ 513 ​ ​ — ​ 956 ​ (2) ​ 954 Total revenues ​ 211,437 ​ ​ 23,257 ​ 64,083 ​ 44,495 ​ — ​ 343,272 ​ (30,712) ​ 312,560 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 351 ​ ​ — ​ — ​ 239 ​ 40,107 ​ 40,697 ​ 31 ​ 40,728 Interest expense ​ 53,950 ​ ​ 13,117 ​ 17,121 ​ 7,194 ​ ​ 28,805 ​ 120,187 ​ (162) ​ 120,025 General and administrative ​ 8,132 ​ ​ 4,423 ​ 1,078 ​ 20,684 ​ ​ 4,301 ​ 38,618 ​ 84 ​ 38,702 Acquisition and investment pursuit costs ​ 860 ​ ​ 17 ​ 12 ​ 20 ​ ​ — ​ 909 ​ — ​ 909 Costs of rental operations ​ ​ 778 ​ ​ — ​ ​ 22,852 ​ ​ 4,584 ​ ​ — ​ 28,214 ​ — ​ 28,214 Depreciation and amortization ​ 415 ​ ​ 70 ​ 19,288 ​ 4,207 ​ ​ — ​ 23,980 ​ — ​ 23,980 Credit loss provision, net ​ 40,217 ​ ​ 8,452 ​ — ​ — ​ ​ — ​ 48,669 ​ — ​ 48,669 Other expense ​ 77 ​ ​ — ​ 311 ​ — ​ ​ — ​ 388 ​ — ​ 388 Total costs and expenses ​ 104,780 ​ ​ 26,079 ​ 60,662 ​ 36,928 ​ ​ 73,213 ​ 301,662 ​ (47) ​ 301,615 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ (45,493) ​ (45,493) Change in fair value of servicing rights ​ — ​ ​ — ​ — ​ 318 ​ ​ — ​ 318 ​ (711) ​ (393) Change in fair value of investment securities, net ​ (27,879) ​ ​ — ​ — ​ (47,216) ​ ​ — ​ (75,095) ​ 77,599 ​ 2,504 Change in fair value of mortgage loans, net ​ (35,517) ​ ​ — ​ — ​ 19,383 ​ ​ — ​ (16,134) ​ — ​ (16,134) Earnings (loss) from unconsolidated entities ​ 51 ​ ​ — ​ — ​ 620 ​ ​ — ​ 671 ​ (574) ​ 97 Gain on sale of investments and other assets, net ​ — ​ ​ 296 ​ — ​ — ​ ​ — ​ 296 ​ — ​ 296 Gain (loss) on derivative financial instruments, net ​ 30,805 ​ ​ (1,001) ​ (30,223) ​ (19,106) ​ ​ 29,235 ​ 9,710 ​ — ​ 9,710 Foreign currency (loss) gain, net ​ (34,001) ​ ​ (473) ​ (19) ​ 7 ​ ​ — ​ (34,486) ​ — ​ (34,486) Loss on extinguishment of debt ​ ​ — ​ ​ (170) ​ ​ — ​ ​ — ​ ​ — ​ ​ (170) ​ ​ — ​ ​ (170) Other income, net ​ — ​ ​ — ​ 50 ​ 76 ​ ​ — ​ 126 ​ — ​ 126 Total other income (loss) ​ (66,541) ​ ​ (1,348) ​ (30,192) ​ (45,918) ​ ​ 29,235 ​ (114,764) ​ 30,821 ​ (83,943) Income (loss) before income taxes ​ 40,116 ​ ​ (4,170) ​ (26,771) ​ (38,351) ​ ​ (43,978) ​ ​ (73,154) ​ 156 ​ (72,998) Income tax benefit ​ 4,422 ​ ​ 145 ​ ​ — ​ 2,162 ​ ​ — ​ 6,729 ​ — ​ 6,729 Net income (loss) ​ 44,538 ​ ​ (4,025) ​ (26,771) ​ (36,189) ​ ​ (43,978) ​ (66,425) ​ 156 ​ (66,269) Net (income) loss attributable to non-controlling interests ​ (3) ​ ​ — ​ (5,111) ​ 4,770 ​ ​ — ​ (344) ​ (156) ​ (500) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 44,535 ​ $ (4,025) ​ $ (31,882) ​ $ (31,419) ​ $ (43,978) ​ $ (66,769) ​ $ — ​ $ (66,769) ​ ​
Schedule of consolidated balance sheet by business segment	The table below presents our condensed consolidated balance sheet as of March 31, 2021 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 ​ $ 56,629 ​ $ 7,873 ​ $ 39,791 ​ $ 29,064 ​ $ 217,049 ​ $ 350,406 ​ $ 784 ​ $ 351,190 Restricted cash ​ 69,882 ​ 27,973 ​ 6,672 ​ 14,197 ​ — ​ 118,724 ​ — ​ 118,724 Loans held-for-investment, net ​ 10,733,752 ​ 1,586,808 ​ — ​ 933 ​ — ​ 12,321,493 ​ — ​ 12,321,493 Loans held-for-sale ​ 587,037 ​ 89,368 ​ — ​ 168,226 ​ — ​ 844,631 ​ — ​ 844,631 Investment securities ​ 969,968 ​ 34,951 ​ — ​ 1,106,000 ​ — ​ 2,110,919 ​ (1,432,632) ​ 678,287 Properties, net ​ ​ 93,718 ​ ​ — ​ ​ 1,954,880 ​ ​ 196,150 ​ ​ — ​ ​ 2,244,748 ​ ​ — ​ ​ 2,244,748 Intangible assets ​ — ​ — ​ 38,833 ​ 70,857 ​ — ​ 109,690 ​ (42,918) ​ 66,772 Investment in unconsolidated entities ​ 47,514 ​ 24,840 ​ — ​ 44,435 ​ — ​ 116,789 ​ (15,882) ​ 100,907 Goodwill ​ — ​ 119,409 ​ — ​ 140,437 ​ — ​ 259,846 ​ — ​ 259,846 Derivative assets ​ 13,088 ​ — ​ 162 ​ 320 ​ 24,459 ​ 38,029 ​ — ​ 38,029 Accrued interest receivable ​ 97,853 ​ 3,310 ​ — ​ 274 ​ 408 ​ 101,845 ​ (132) ​ 101,713 Other assets ​ 61,677 ​ 7,107 ​ 85,740 ​ 44,719 ​ 9,646 ​ 208,889 ​ (16) ​ 208,873 VIE assets, at fair value ​ — ​ — ​ — ​ — ​ — ​ — ​ 62,367,110 ​ 62,367,110 Total Assets ​ $ 12,731,118 ​ $ 1,901,639 ​ $ 2,126,078 ​ $ 1,815,612 ​ $ 251,562 ​ $ 18,826,009 ​ $ 60,876,314 ​ $ 79,702,323 Liabilities and Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 37,206 ​ $ 16,010 ​ $ 44,184 ​ $ 24,110 ​ $ 56,614 ​ $ 178,124 ​ $ 91 ​ $ 178,215 Related-party payable ​ — ​ — ​ — ​ — ​ 36,135 ​ 36,135 ​ — ​ 36,135 Dividends payable ​ — ​ — ​ — ​ — ​ 138,906 ​ 138,906 ​ — ​ 138,906 Derivative liabilities ​ 33,190 ​ 1,310 ​ — ​ 305 ​ — ​ 34,805 ​ — ​ 34,805 Secured financing agreements, net ​ 6,502,059 ​ 1,259,813 ​ 1,871,026 ​ 653,222 ​ 631,655 ​ 10,917,775 ​ (21,843) ​ 10,895,932 Collateralized loan obligations, net ​ ​ 931,178 ​ ​ — ​ ​ — ​ — ​ — ​ 931,178 ​ ​ — ​ ​ 931,178 Unsecured senior notes, net ​ — ​ — ​ — ​ — ​ 1,735,658 ​ 1,735,658 ​ — ​ 1,735,658 VIE liabilities, at fair value ​ — ​ — ​ — ​ — ​ — ​ — ​ 60,896,709 ​ 60,896,709 Total Liabilities ​ 7,503,633 ​ 1,277,133 ​ 1,915,210 ​ 677,637 ​ 2,598,968 ​ 13,972,581 ​ 60,874,957 ​ 74,847,538 Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Starwood Property Trust, Inc. Stockholders’ Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ — ​ — ​ — ​ — ​ 2,943 ​ 2,943 ​ — ​ 2,943 Additional paid-in capital ​ 1,074,553 ​ 599,666 ​ 25,905 ​ (298,098) ​ 3,823,011 ​ 5,225,037 ​ — ​ 5,225,037 Treasury stock ​ — ​ — ​ — ​ — ​ (138,022) ​ (138,022) ​ — ​ (138,022) Accumulated other comprehensive income ​ 41,654 ​ — ​ — ​ — ​ — ​ 41,654 ​ — ​ 41,654 Retained earnings (accumulated deficit) ​ 4,111,160 ​ 24,840 ​ (40,641) ​ 1,285,229 ​ (6,035,338) ​ (654,750) ​ — ​ (654,750) Total Starwood Property Trust, Inc. Stockholders’ Equity ​ 5,227,367 ​ 624,506 ​ (14,736) ​ 987,131 ​ (2,347,406) ​ 4,476,862 ​ — ​ 4,476,862 Non-controlling interests in consolidated subsidiaries ​ 118 ​ — ​ 225,604 ​ 150,844 ​ — ​ 376,566 ​ 1,357 ​ 377,923 Total Equity ​ 5,227,485 ​ 624,506 ​ 210,868 ​ 1,137,975 ​ (2,347,406) ​ 4,853,428 ​ 1,357 ​ 4,854,785 Total Liabilities and Equity ​ $ 12,731,118 ​ $ 1,901,639 ​ $ 2,126,078 ​ $ 1,815,612 ​ $ 251,562 ​ $ 18,826,009 ​ $ 60,876,314 ​ $ 79,702,323 ​ The table below presents our condensed consolidated balance sheet as of December 31, 2020 by business segment (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ Infrastructure ​ ​ ​ Investing ​ ​ ​ ​ ​ ​ ​ ​ ​ Lending ​ Lending ​ Property ​ and Servicing ​ ​ ​ ​ ​ Securitization ​ ​ ​ Segment ​ Segment ​ Segment ​ Segment ​ Corporate ​ Subtotal ​ VIEs ​ Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents $ 160,007 $ 4,440 ​ $ 32,080 $ 19,546 $ 346,372 $ 562,445 $ 772 $ 563,217 Restricted cash ​ 93,445 ​ ​ 45,113 ​ 7,192 ​ 13,195 ​ — ​ 158,945 ​ — ​ 158,945 Loans held-for-investment, net ​ 9,673,625 ​ ​ 1,412,440 ​ — ​ 1,008 ​ — ​ 11,087,073 ​ — ​ 11,087,073 Loans held-for-sale ​ 841,963 ​ ​ 120,540 ​ — ​ 90,332 ​ — ​ 1,052,835 ​ — ​ 1,052,835 Investment securities ​ 1,014,402 ​ ​ 35,681 ​ — ​ 1,112,145 ​ — ​ 2,162,228 ​ (1,425,570) ​ 736,658 Properties, net ​ ​ 103,896 ​ ​ — ​ ​ 1,969,414 ​ ​ 197,843 ​ ​ — ​ 2,271,153 ​ — ​ 2,271,153 Intangible assets ​ — ​ ​ — ​ 40,370 ​ 71,123 ​ — ​ 111,493 ​ (41,376) ​ 70,117 Investment in unconsolidated entities ​ 54,407 ​ ​ 25,095 ​ — ​ 44,664 ​ — ​ 124,166 ​ (16,112) ​ 108,054 Goodwill ​ — ​ ​ 119,409 ​ — ​ 140,437 ​ — ​ 259,846 ​ — ​ 259,846 Derivative assets ​ 6,595 ​ ​ — ​ 41 ​ 147 ​ 33,772 ​ 40,555 ​ — ​ 40,555 Accrued interest receivable ​ 87,922 ​ ​ 2,091 ​ — ​ 123 ​ 5,978 ​ 96,114 ​ (134) ​ 95,980 Other assets ​ 61,638 ​ ​ 4,531 ​ 69,859 ​ 44,579 ​ 10,148 ​ 190,755 ​ (7) ​ 190,748 VIE assets, at fair value ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ 64,238,328 ​ 64,238,328 Total Assets ​ $ 12,097,900 ​ $ 1,769,340 ​ $ 2,118,956 ​ $ 1,735,142 ​ $ 396,270 ​ $ 18,117,608 ​ $ 62,755,901 ​ $ 80,873,509 Liabilities and Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 41,104 ​ $ 12,144 ​ $ 43,630 ​ $ 45,309 ​ $ 64,583 ​ $ 206,770 ​ $ 75 ​ $ 206,845 Related-party payable ​ — ​ ​ — ​ — ​ 5 ​ 39,165 ​ 39,170 ​ — ​ 39,170 Dividends payable ​ — ​ ​ — ​ — ​ — ​ 137,959 ​ 137,959 ​ — ​ 137,959 Derivative liabilities ​ 39,082 ​ ​ 1,718 ​ — ​ 524 ​ — ​ 41,324 ​ — ​ 41,324 Secured financing agreements, net ​ 5,893,999 ​ ​ 1,240,763 ​ 1,794,609 ​ 606,100 ​ 632,719 ​ 10,168,190 ​ (22,000) ​ 10,146,190 Collateralized loan obligations, net ​ ​ 930,554 ​ ​ — ​ — ​ — ​ — ​ 930,554 ​ — ​ 930,554 Unsecured senior notes, net ​ — ​ ​ — ​ — ​ — ​ 1,732,520 ​ 1,732,520 ​ — ​ 1,732,520 VIE liabilities, at fair value ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ 62,776,371 ​ 62,776,371 Total Liabilities ​ 6,904,739 ​ ​ 1,254,625 ​ 1,838,239 ​ 651,938 ​ 2,606,946 ​ 13,256,487 ​ 62,754,446 ​ 76,010,933 Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Starwood Property Trust, Inc. Stockholders’ Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ — ​ ​ — ​ — ​ — ​ 2,921 ​ 2,921 ​ — ​ 2,921 Additional paid-in capital ​ 1,192,584 ​ ​ 496,387 ​ 98,882 ​ (322,992) ​ 3,744,878 ​ 5,209,739 ​ — ​ 5,209,739 Treasury stock ​ — ​ ​ — ​ — ​ — ​ (138,022) ​ (138,022) ​ — ​ (138,022) Accumulated other comprehensive income (loss) ​ 44,057 ​ ​ — ​ — ​ (64) ​ — ​ 43,993 ​ — ​ 43,993 Retained earnings (accumulated deficit) ​ 3,956,405 ​ ​ 18,328 ​ (44,832) ​ 1,260,819 ​ (5,820,453) ​ (629,733) ​ — ​ (629,733) Total Starwood Property Trust, Inc. Stockholders’ Equity ​ 5,193,046 ​ ​ 514,715 ​ 54,050 ​ 937,763 ​ (2,210,676) ​ 4,488,898 ​ — ​ 4,488,898 Non-controlling interests in consolidated subsidiaries ​ 115 ​ ​ — ​ 226,667 ​ 145,441 ​ — ​ 372,223 ​ 1,455 ​ 373,678 Total Equity ​ 5,193,161 ​ ​ 514,715 ​ 280,717 ​ 1,083,204 ​ (2,210,676) ​ 4,861,121 ​ 1,455 ​ 4,862,576 Total Liabilities and Equity ​ $ 12,097,900 ​ $ 1,769,340 ​ $ 2,118,956 ​ $ 1,735,142 ​ $ 396,270 ​ $ 18,117,608 ​ $ 62,755,901 ​ $ 80,873,509

Business and Organization (Deta

Business and Organization (Details)	3 Months Ended
	Mar. 31, 2021segment
Business and Organization
Number of reportable business segments	4
Minimum annual REIT taxable income distributable to stockholders (as a percent)	90.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Jan. 01, 2021	Dec. 31, 2020	Jan. 01, 2020
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
Retained Earnings (Accumulated Deficit).	$ (654,750)		$ (629,733)
ASU 2016-13 | Reclassification Adjustment
Credit Losses
Allowance for credit losses				$ 32,300
ASU 2020-06 | Cumulative Effect, Period of Adoption, Adjustment
Fair Value Measurements
Additional paid-in capital		$ (3,700)
Retained Earnings (Accumulated Deficit).		$ (2,200)

Acquisitions and Divestitures -

Acquisitions and Divestitures - Sale of operating property - (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Acquisitions and Divestitures
Loan carrying value	$ 13,238,408,000		$ 12,217,352,000
Unpaid principal balance	13,301,495,000		12,262,840,000
Allowance	72,284,000		$ 77,444,000
Proceeds from sale of operating properties		$ 0
Operating properties | Commercial and Residential Lending Segment
Acquisitions and Divestitures
Loan carrying value	9,000,000
Unpaid principal balance	20,900,000
Allowance	8,300,000
Unamortized discount	3,600,000
Proceeds from sale of operating properties	30,600,000
Gain on sale of property	$ 17,700,000

Loans - Held for Investment (De

Loans - Held for Investment (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Investments in loans
Total gross loans	$ 13,238,408	$ 12,217,352
Face Amount	13,301,495	12,262,840
Total allowance	(72,284)	(77,444)
Carrying Value	13,166,124	12,139,908	$ 11,663,870	$ 11,470,224
Total loans held-for-investment
Investments in loans
Total gross loans	12,393,777	11,164,517
Face Amount	12,461,952	11,230,344
Total allowance	(72,284)	(77,444)
Loans held-for-sale
Investments in loans
Total gross loans	844,631	1,052,835
Face Amount	839,543	1,032,496
Carrying Value	844,631	1,052,835	1,174,934	884,150
Commercial Portfolio Segment
Investments in loans
Total gross loans	10,647,450
Reclassification to held-for-sale	142,200
Loans with no related allowance	29,000
Commercial Portfolio Segment | Total loans held-for-investment
Investments in loans
Total gross loans	10,647,450	9,653,560
Face Amount	10,695,832	9,703,608
Total allowance	(63,477)	(69,611)
Carrying Value	10,583,973	9,583,949	8,832,907	8,517,054
Infrastructure Portfolio Segment
Investments in loans
Total gross loans	1,595,615
Reclassification to held for investment	30,700
Infrastructure Portfolio Segment | Total loans held-for-investment
Investments in loans
Total gross loans	1,595,615	1,420,273
Face Amount	$ 1,616,716	$ 1,439,940
Weighted Average Life	4 years 1 month 6 days	4 years 3 months 18 days
Total allowance	$ (8,807)	$ (7,833)
Carrying Value	$ 1,586,808	$ 1,412,440	1,381,271	1,397,448
Infrastructure Portfolio Segment | Total loans held-for-investment | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	4.30%	4.40%
Infrastructure Portfolio Segment | Loans held-for-sale
Investments in loans
Total gross loans	$ 89,368	$ 120,540
Face Amount	$ 89,601	$ 120,900
Weighted Average Life	2 years 7 months 6 days	3 years 2 months 12 days
Infrastructure Portfolio Segment | Loans held-for-sale | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	2.90%	3.10%
Residential Portfolio Segment
Investments in loans
Total gross loans	$ 150,712
Weighted Average Life	28 years 10 months 24 days	27 years 10 months 24 days
Reclassification to held for investment	$ 69,500
Residential Portfolio Segment | Total loans held-for-investment
Investments in loans
Carrying Value	150,712	$ 90,684	$ 274,758	$ 671,572
RMBS, fair value option | Loans held-for-sale
Investments in loans
Total gross loans	444,835	841,963
Face Amount	$ 435,025	$ 820,807
RMBS, fair value option | Loans held-for-sale | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	5.70%	6.00%
CMBS, fair value option | Loans held-for-sale
Investments in loans
Total gross loans	$ 310,428	$ 90,332
Face Amount	$ 314,917	$ 90,789
Weighted Average Life	5 years 8 months 12 days	10 years
CMBS, fair value option | Loans held-for-sale | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	4.30%	3.90%
First mortgage loan participation | Total loans held-for-investment
Investments in loans
Total gross loans	$ 9,955,674
Face Amount	$ 10,003,057
Weighted Average Life	1 year 8 months 12 days
First mortgage loan participation | Total loans held-for-investment | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	5.10%
First mortgage loan participation | Loans held-for-sale
Investments in loans
Total gross loans		$ 8,931,772
Face Amount		$ 8,978,373
Weighted Average Life		1 year 6 months
First mortgage loan participation | Loans held-for-sale | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)		5.30%
Subordinated mortgages | Total loans held-for-investment
Investments in loans
Total gross loans	$ 70,457	$ 71,185
Face Amount	$ 71,428	$ 72,257
Weighted Average Life	2 years 6 months	2 years 9 months 18 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	$ 917,800	$ 877,300
Mezzanine Loans | Total loans held-for-investment
Investments in loans
Total gross loans	603,119	620,319
Face Amount	$ 601,080	$ 619,352
Weighted Average Life	1 year 4 months 24 days	1 year 7 months 6 days
Mezzanine Loans | Total loans held-for-investment | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	10.10%	10.10%
Other | Total loans held-for-investment
Investments in loans
Total gross loans	$ 18,200	$ 30,284
Face Amount	$ 20,267	$ 33,626
Weighted Average Life	2 years 7 months 6 days	1 year 9 months 18 days
Other | Total loans held-for-investment | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	8.20%	8.90%
Residential loans, fair value option | Total loans held-for-investment
Investments in loans
Total gross loans	$ 150,712	$ 90,684
Face Amount	$ 149,404	$ 86,796
Residential loans, fair value option | Total loans held-for-investment | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	6.20%	6.00%
Commercial loans, fair value option
Investments in loans
Total gross loans	$ 168,226

Loans - Variable Rate Loans Hel

Loans - Variable Rate Loans Held for Investment (Details) $ in Thousands	Mar. 31, 2021USD ($)
Variable rate loans held-for-investment
Total variable rate loans held-for-investment, carrying value	$ 11,565,002
Weighted average spread of loans (as a percent)	4.20%
Commercial loans
Variable rate loans held-for-investment
Total variable rate loans held-for-investment, carrying value	$ 9,969,387
Weighted average spread of loans (as a percent)	4.30%
Infrastructure loans
Variable rate loans held-for-investment
Total variable rate loans held-for-investment, carrying value	$ 1,595,615
Weighted average spread of loans (as a percent)	3.80%

Loans - Ratings (Details)

Loans - Ratings (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Investments in loans
Loans Amortized Cost Basis		$ 13,238,408	$ 12,217,352
Credit Loss Allowance		72,284
Past due loan converted to equity interests		7,300
Commercial Loans
Investments in loans
Nonaccrual status		187,600
Infrastructure Loans
Investments in loans
Nonaccrual status		14,800
Total loans held-for-investment
Investments in loans
Loans Amortized Cost Basis		12,393,777	11,164,517
Total loans held-for-investment | First mortgage loan participation
Investments in loans
Loans Amortized Cost Basis		9,955,674
Total loans held-for-investment | Subordinated mortgages
Investments in loans
Loans Amortized Cost Basis		70,457	71,185
Total loans held-for-investment | Mezzanine Loans
Investments in loans
Loans Amortized Cost Basis		603,119	620,319
Total loans held-for-investment | Residential loans, fair value option
Investments in loans
Loans Amortized Cost Basis		150,712	90,684
Total loans held-for-investment | Other
Investments in loans
Loans Amortized Cost Basis		18,200	30,284
Loans held-for-sale
Investments in loans
Loans Amortized Cost Basis		844,631	1,052,835
Loans held-for-sale | First mortgage loan participation
Investments in loans
Loans Amortized Cost Basis			8,931,772
Commercial Portfolio Segment
Investments in loans
2021		2,011,344
2020		1,430,494
2019		3,444,432
2018		2,392,775
2017		769,143
Prior		599,262
Loans Amortized Cost Basis		10,647,450
Credit Loss Allowance		63,477
Loans with no related allowance		29,000
Commercial Portfolio Segment | 90 days or greater past due
Investments in loans
Loans Amortized Cost Basis		187,600
Commercial Portfolio Segment | LTV Less than 60%
Investments in loans
2021		1,152,309
2020		709,735
2019		1,314,912
2018		1,225,605
2017		729,227
Prior		425,570
Loans Amortized Cost Basis		5,557,358
Credit Loss Allowance		7,015
Commercial Portfolio Segment | LTV 60% - 70%
Investments in loans
2021		859,035
2020		480,542
2019		1,530,002
2018		825,212
2017		39,916
Prior		82,088
Loans Amortized Cost Basis		3,816,795
Credit Loss Allowance		31,535
Commercial Portfolio Segment | LTV > 70%
Investments in loans
2020		240,217
2019		599,518
2018		312,972
Prior		61,426
Loans Amortized Cost Basis		1,214,133
Credit Loss Allowance		16,661
Commercial Portfolio Segment | Credit deteriorated
Investments in loans
2018		28,986
Prior		11,977
Loans Amortized Cost Basis	$ 41,000	40,963
Credit Loss Allowance		8,266
Commercial Portfolio Segment | Defeased and other
Investments in loans
Prior		18,201
Loans Amortized Cost Basis		18,201
Commercial Portfolio Segment | Total loans held-for-investment
Investments in loans
Loans Amortized Cost Basis		10,647,450	9,653,560
Infrastructure Portfolio Segment
Investments in loans
2020		97,427
2019		488,628
2018		498,422
2017		124,959
Prior		371,072
Revolving Loans Amortized Cost Total		15,107
Loans Amortized Cost Basis		1,595,615
Credit Loss Allowance		8,807
Infrastructure Portfolio Segment | Power
Investments in loans
2020		77,525
2019		220,901
2018		397,619
2017		124,959
Prior		371,072
Revolving Loans Amortized Cost Total		10,057
Loans Amortized Cost Basis		1,202,133
Credit Loss Allowance		5,074
Infrastructure Portfolio Segment | Oil and gas
Investments in loans
2020		19,902
2019		267,727
2018		100,803
Revolving Loans Amortized Cost Total		5,050
Loans Amortized Cost Basis		393,482
Credit Loss Allowance		3,733
Infrastructure Portfolio Segment | Total loans held-for-investment
Investments in loans
Loans Amortized Cost Basis		1,595,615	1,420,273
Infrastructure Portfolio Segment | Loans held-for-sale
Investments in loans
Loans Amortized Cost Basis		89,368	$ 120,540
Residential Portfolio Segment
Investments in loans
Loans Amortized Cost Basis		150,712
Residential Portfolio Segment | 90 days or greater past due
Investments in loans
Loans Amortized Cost Basis		$ 20,200

Loans - Activity in Portfolio (

Loans - Activity in Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Activity in allowance for loan losses
Credit loss allowance at the beginning of the period	$ 77,444
Credit loss allowance at the end of the period	72,284
Activity in loan portfolio
Balance at the beginning of the period	12,139,908	$ 11,470,224
Acquisitions/origination/additional funding	2,671,394	1,898,905
Capitalized Interest	36,646	36,072
Basis of loans sold	(571,927)	(789,863)
Loan maturities/principal repayments	(1,092,984)	(796,323)
Discount accretion/premium amortization	16,745	12,080
Changes in fair value	(9,478)	(16,134)
Unrealized foreign currency translation (loss) gain	(14,263)	(87,319)
Credit loss provision, net	(2,597)	(43,332)
Transfer to/from other asset classifications	(7,320)
Balance at the end of the period	13,166,124	11,663,870
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	77,444
Credit loss allowance at the end of the period	72,284
Loans held-for-sale
Activity in loan portfolio
Balance at the beginning of the period	1,052,835	884,150
Acquisitions/origination/additional funding	375,270	646,160
Basis of loans sold	(571,927)	(789,259)
Loan maturities/principal repayments	(44,326)	(20,680)
Discount accretion/premium amortization		110
Changes in fair value	(9,188)	9,485
Unrealized foreign currency translation (loss) gain		(4,056)
Transfer to/from other asset classifications	41,967	449,024
Balance at the end of the period	844,631	1,174,934
Funded commitments
Activity in allowance for loan losses
Credit loss allowance at the beginning of the period	77,444
Credit loss provision (reversal), net	2,597
Charge-offs	(7,757)
Credit loss allowance at the end of the period	72,284
Unfunded commitments
Activity in allowance for loan losses
Credit loss allowance at the beginning of the period	6,070
Credit loss provision (reversal), net	(2,265)
Credit loss allowance at the end of the period	3,805
Unfunded commitments	1,357,095
Commercial Portfolio Segment | Total loans held-for-investment
Activity in allowance for loan losses
Credit loss allowance at the beginning of the period	69,611
Credit loss allowance at the end of the period	63,477
Activity in loan portfolio
Balance at the beginning of the period	9,583,949	8,517,054
Acquisitions/origination/additional funding	2,196,813	1,089,096
Capitalized Interest	36,646	36,072
Loan maturities/principal repayments	(1,021,393)	(689,972)
Discount accretion/premium amortization	15,824	11,559
Unrealized foreign currency translation (loss) gain	(14,082)	(83,263)
Credit loss provision, net	(1,880)	(37,527)
Transfer to/from other asset classifications	(211,904)
Balance at the end of the period	10,583,973	8,832,907
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 commitments
Activity in allowance for loan losses
Credit loss allowance at the beginning of the period	69,611
Credit loss provision (reversal), net	1,880
Charge-offs	(7,757)
Transfers	(257)
Credit loss allowance at the end of the period	63,477
Commercial Portfolio Segment | Unfunded commitments
Activity in allowance for loan losses
Credit loss allowance at the beginning of the period	5,258
Credit loss provision (reversal), net	(2,122)
Credit loss allowance at the end of the period	3,136
Unfunded commitments	1,291,304
Infrastructure Portfolio Segment | Total loans held-for-investment
Activity in allowance for loan losses
Credit loss allowance at the beginning of the period	7,833
Credit loss allowance at the end of the period	8,807
Activity in loan portfolio
Balance at the beginning of the period	1,412,440	1,397,448
Acquisitions/origination/additional funding	99,311	62,929
Loan maturities/principal repayments	(18,055)	(37,051)
Discount accretion/premium amortization	921	411
Unrealized foreign currency translation (loss) gain	(181)
Credit loss provision, net	(717)	(5,805)
Transfer to/from other asset classifications	93,089	(26,333)
Balance at the end of the period	1,586,808	1,381,271
Infrastructure Portfolio Segment | Total loans held-for-investment | ASU 2016-13
Activity in loan portfolio
Loan maturities/principal repayments		(10,328)
Infrastructure Portfolio Segment | Funded commitments
Activity in allowance for loan losses
Credit loss allowance at the beginning of the period	7,833
Credit loss provision (reversal), net	717
Transfers	257
Credit loss allowance at the end of the period	8,807
Infrastructure Portfolio Segment | Unfunded commitments
Activity in allowance for loan losses
Credit loss allowance at the beginning of the period	812
Credit loss provision (reversal), net	(143)
Credit loss allowance at the end of the period	669
Unfunded commitments	65,791
Residential Portfolio Segment | Total loans held-for-investment
Activity in loan portfolio
Balance at the beginning of the period	90,684	671,572
Acquisitions/origination/additional funding		100,720
Basis of loans sold		(604)
Loan maturities/principal repayments	(9,210)	(48,620)
Changes in fair value	(290)	(25,619)
Transfer to/from other asset classifications	69,528	(422,691)
Balance at the end of the period	$ 150,712	$ 274,758

Investment Securities (Details)

Investment Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Investment Securities
Investment securities	$ 678,287		$ 736,658
Credit Loss Allowance	5,387		5,675
Purchases		$ 5,729
Sales		7,940
Principal collections	59,514	13,559
VIE eliminations
Investment Securities
Purchases	(27,333)	(36,953)
Sales	(11,604)	(24,376)
Principal collections	(14,481)	(24,723)
Before consolidation of securitization VIEs
Investment Securities
Investment securities	$ 2,110,919		2,162,228
Available-for-sale | One-month LIBOR
Investment Securities
Effective variable rate basis (as a percent)	0.111%
Fair value option
Investment Securities
Fair Value	$ 1,500
Fair value option | VIE eliminations
Investment Securities
Investment securities	(1,432,632)		(1,425,570)
Held-to-maturity
Investment Securities
Credit Loss Allowance	5,387		5,675
Purchases		5,729
Principal collections	51,690	6,638
Held-to-maturity | Before consolidation of securitization VIEs
Investment Securities
Investment securities	488,075		538,605
RMBS
Investment Securities
Portion of securities with variable rate	139,400
RMBS | Available-for-sale
Investment Securities
Principal collections	7,251	6,549
Purchase Amortized Cost	118,647		123,292
Recorded Amortized Cost	118,647		123,292
Gross Unrealized Gains	41,688		44,123
Gross Unrealized Losses	(34)		(66)
Net Fair Value Adjustment	41,654		44,057
Fair Value	$ 160,301		167,349
Portion of securities with variable rate (as a percent)	87.00%
Cost of third party management	$ 300	400
RMBS | Available-for-sale | B-
Investment Securities
Weighted Average Coupon (as a percent)	1.20%
WAL (Years)	5 years 10 months 24 days
RMBS | Available-for-sale | Before consolidation of securitization VIEs
Investment Securities
Investment securities	$ 160,301		167,349
RMBS | Fair value option
Investment Securities
Purchases	27,333	29,292
Principal collections	13,344	8,572
Portion of securities with variable rate	0
RMBS | Fair value option | Before consolidation of securitization VIEs
Investment Securities
Investment securities	249,005		235,997
CMBS | Fair value option
Investment Securities
Purchases		7,661
Sales	11,604	32,316
Principal collections	1,710	$ 16,523
Portion of securities with variable rate	96,900
CMBS | Fair value option | Non-Controlling Interests
Investment Securities
Investment securities	180,900		179,500
CMBS | Fair value option | Before consolidation of securitization VIEs
Investment Securities
Investment securities	1,202,883		1,209,030
Equity security | Fair value option | Before consolidation of securitization VIEs
Investment Securities
Investment securities	10,655		11,247
Infrastructure bonds
Investment Securities
Credit Loss Allowance	$ 2,925		$ 2,926

Investment Securities - AFS and

Investment Securities - AFS and Fair Value Option (Details) $ in Thousands	Mar. 31, 2021USD ($)security	Dec. 31, 2020USD ($)security
Unrealized Losses
Number of securities with unrealized losses | security	1	2
RMBS
Estimated Fair Value
Securities with a loss less than 12 months		$ 438
Securities with a loss greater than 12 months	$ 1,170	1,195
Unrealized Losses
Securities with a loss less than 12 months		(25)
Securities with a loss greater than 12 months	(34)	$ (41)
Portion of securities with variable rate	139,400
RMBS | Fair value option
Unrealized Losses
Fair value of investment securities before consolidation of VIEs	249,000
Unpaid principal balance of investment securities before consolidation of VIEs	160,100
Portion of securities with variable rate	0
CMBS | Fair value option
Unrealized Losses
Fair value of investment securities before consolidation of VIEs	1,200,000
Unpaid principal balance of investment securities before consolidation of VIEs	2,700,000
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	$ 19,300

Investment Securities - HTM (De

Investment Securities - HTM (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
HTM Securities
Amortized Cost Basis		$ 493,462	$ 544,280
Credit Loss Allowance	$ (5,387)	(5,387)	(5,675)
Net Carrying Amount		488,075	538,605
Gross Unrealized Holdings Gains		3,781	847
Gross Unrealized Holdings Losses		(25,169)	(24,199)
Fair Value		466,687	515,253
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at beginning	5,675
Credit loss provision, net	(288)
Credit loss allowance at ending	5,387
HTM preferred equity interests
Less than one year		313,863
One to three years		139,261
Thereafter		34,951
Total		488,075	538,605
CMBS
HTM Securities
Amortized Cost Basis		339,120	339,059
Net Carrying Amount		339,120	339,059
Gross Unrealized Holdings Losses		(25,169)	(23,286)
Fair Value		313,951	315,773
HTM preferred equity interests
Less than one year		313,863
One to three years		25,257
Total		339,120	339,059
Preferred interests
HTM Securities
Amortized Cost Basis		116,466	166,614
Credit Loss Allowance	(2,462)	(2,462)	(2,749)
Net Carrying Amount		114,004	163,865
Gross Unrealized Holdings Gains		3,346	432
Gross Unrealized Holdings Losses			(913)
Fair Value		117,350	163,384
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at beginning	2,749
Credit loss provision, net	(287)
Credit loss allowance at ending	2,462
HTM preferred equity interests
One to three years		114,004
Total		114,004	163,865
Infrastructure bonds
HTM Securities
Amortized Cost Basis		37,876	38,607
Credit Loss Allowance	(2,925)	(2,925)	(2,926)
Net Carrying Amount		34,951	35,681
Gross Unrealized Holdings Gains		435	415
Fair Value		35,386	36,096
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at beginning	2,926
Credit loss provision, net	(1)
Credit loss allowance at ending	$ 2,925
HTM preferred equity interests
Thereafter		34,951
Total		$ 34,951	$ 35,681

Investment Securities - SEREF (

Investment Securities - SEREF (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2012	Dec. 31, 2020
Residential Real Estate
Fair value of the investment	$ 29,772		$ 45,336
SEREF
Residential Real Estate
Number of shares acquired		9,140,000
Fair value of the investment	$ 10,700		$ 11,200
Ownership percentage	2.00%

Properties (Details)

Properties (Details) ft² in Millions	1 Months Ended		3 Months Ended		12 Months Ended			13 Months Ended	24 Months Ended
	Dec. 31, 2017item	Sep. 30, 2017ft²property	Mar. 31, 2021USD ($)itemproperty	Mar. 31, 2020USD ($)	Dec. 31, 2018item	Dec. 31, 2016ft²item	Dec. 31, 2015item	Dec. 31, 2018item	Dec. 31, 2016ft²item	Dec. 31, 2020USD ($)
Summary of properties
Properties, cost			$ 2,565,472,000							$ 2,573,296,000
Less: accumulated depreciation			(320,724,000)							(302,143,000)
Properties, net			2,244,748,000							2,271,153,000
Proceeds from sale of operating properties				$ 0
Property Segment
Summary of properties
Land and land improvements			485,026,000							484,846,000
Buildings and building improvements			1,691,423,000							1,690,701,000
Furniture & fixtures			$ 60,926,000							59,632,000
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			$ 50,617,000							50,585,000
Buildings and building improvements			179,813,000							179,014,000
Furniture & fixtures			$ 2,804,000							2,606,000
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
Commercial and Residential Lending Segment
Summary of properties
Land and land improvements			$ 9,691,000							11,416,000
Buildings			9,927,000							19,251,000
Construction in progress			$ 75,245,000							$ 75,245,000
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			7 years
Building and building improvements, useful life			20 years
Commercial and Residential Lending Segment | Operating properties
Summary of properties
Proceeds from sale of operating properties			$ 30,600,000
Gain on sale of property			$ 17,700,000
Woodstar Portfolio
Properties
Number of properties in portfolio investment | item			32						32
Total gross properties and lease intangibles			$ 636,700,000
Debt			$ 572,800,000
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			$ 610,600,000
Debt			$ 512,600,000
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			$ 760,300,000
Debt			592,900,000
Number of acquired properties closed | item						34
Master Lease Portfolio
Properties
Total gross properties and lease intangibles			343,800,000
Debt			192,800,000
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			270,400,000
Debt			$ 192,600,000
Number of retail properties acquired | property			15
Number of equity interests in unconsolidated commercial real estate properties | property			1
Utah, Florida, Texas and Minnesota | Master Lease Portfolio | Geographic Concentration Risk | Minimum | Retail Properties [Member]
Properties
Concentration risk (as a percent)		50.00%

Investment in Unconsolidated _3

Investment in Unconsolidated Entities (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2021USD ($)itementity	Mar. 31, 2021USD ($)item	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Investment in Unconsolidated Entities
Equity method, Carrying value	$ 71,135	$ 71,135		$ 62,718
Number of publicly traded investments | item	0	0
Fair value of the investment	$ 29,772	$ 29,772		45,336
Investment in unconsolidated entities	100,907	100,907		108,054
Capital distribution		15,980	$ 153
Carrying value over (under) equity in net assets	0	0
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 100,907	$ 100,907		108,054
Equity interest in a natural gas power plant
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	10.00%	10.00%
Equity method, Carrying value	$ 24,840	$ 24,840		25,095
Investor entity which owns equity in two real estate services providers
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	50.00%	50.00%
Equity method, Carrying value	$ 9,573	$ 9,573		9,397
Equity interests in commercial real estate
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	50.00%	50.00%
Equity method, Carrying value	$ 1,368	$ 1,368		1,543
Equity interest in a residential mortgage originator
Investment in Unconsolidated Entities
Equity method, Carrying value	18,458	18,458		17,852
Carrying value over (under) equity in net assets	1,600	1,600
Equity interest in a residential mortgage originator | Subordinated Loans
Investment in Unconsolidated Entities
Equity method, Carrying value	$ 4,500	$ 4,500		4,500
Various - Equity method
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	15.00%	15.00%
Equity method, Carrying value	$ 16,896	$ 16,896		$ 8,831
Investment in unconsolidated entities	$ 7,300	7,300
Percentage Of Equity Interest Owned By Investor Entities	49.00%
Equity Method Investments, Number Of Investor Entities | entity	2
Number Of Shopping Malls | item	2
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 7,300	$ 7,300
Various - Equity method | Minimum
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	15.00%	15.00%		15.00%
Various - Equity method | Maximum
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	50.00%	50.00%		50.00%
Equity interest in a servicing and advisory business
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	2.00%	2.00%
Fair value of the investment	$ 17,584	$ 17,584		$ 17,584
Investment funds which own equity in a loan servicer and other real estate assets
Investment in Unconsolidated Entities
Fair value of the investment	$ 7,267	$ 7,267		$ 7,267
Investment funds which own equity in a loan servicer and other real estate assets | Minimum
Investment in Unconsolidated Entities
Cost method, Ownership %	4.00%	4.00%		4.00%
Investment funds which own equity in a loan servicer and other real estate assets | Maximum
Investment in Unconsolidated Entities
Cost method, Ownership %	6.00%	6.00%		6.00%
Various
Investment in Unconsolidated Entities
Fair value of the investment	$ 4,921	$ 4,921		$ 20,485
Various | Minimum
Investment in Unconsolidated Entities
Cost method, Ownership %	0.00%	0.00%		0.00%
Various | Maximum
Investment in Unconsolidated Entities
Cost method, Ownership %	2.00%	2.00%		2.00%

Goodwill and Intangibles (Detai

Goodwill and Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Intangible Assets
Goodwill	$ 259,846	$ 259,846
Summary of Intangible Assets
Gross Carrying Value	169,790	170,586
Accumulated Amortization	(103,018)	(100,469)
Net Carrying Value	66,772	70,117
In-place lease
Summary of Intangible Assets
Gross Carrying Value	133,203	133,203
Accumulated Amortization	(94,726)	(92,540)
Net Carrying Value	38,477	40,663
Favorable lease
Summary of Intangible Assets
Gross Carrying Value	24,181	24,181
Accumulated Amortization	(8,292)	(7,929)
Net Carrying Value	15,889	16,252
Domestic Servicing Rights
Summary of Intangible Assets
Gross Carrying Value	12,406	13,202
Net Carrying Value	12,406	13,202
Domestic Servicing Rights | Before consolidation of securitization VIEs
Intangible Assets
Servicing rights intangibles	55,300	54,600
Domestic Servicing Rights | VIE eliminations
Intangible Assets
Servicing rights intangibles	42,900	41,400
Infrastructure Lending Segment
Intangible Assets
Goodwill	119,400	119,400
Investing and Servicing Segment
Intangible Assets
Goodwill	$ 140,400	$ 140,400

Goodwill and Intangibles - Acti

Goodwill and Intangibles - Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Summary of activity within intangible assets
Balance as of beginning of period	$ 70,117
Amortization	(2,549)
Changes in fair value due to changes in inputs and assumptions	(796)
Balance as of end of period	66,772
Future rental payments due to us from tenants under existing non-cancellable operating leases
2021 (remainder of)	7,094
2022	7,862
2023	6,115
2024	4,722
2025	3,846
Thereafter	24,727
Total	54,366
In-place lease
Summary of activity within intangible assets
Balance as of beginning of period	40,663
Amortization	(2,186)
Balance as of end of period	38,477
Favorable lease
Summary of activity within intangible assets
Balance as of beginning of period	16,252
Amortization	(363)
Balance as of end of period	15,889
Domestic Servicing Rights
Summary of activity within intangible assets
Balance as of beginning of period	13,202
Changes in fair value due to changes in inputs and assumptions	(796)
Balance as of end of period	$ 12,406

Secured Borrowings (Details)

Secured Borrowings (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Aug. 31, 2019
Secured Borrowings
Carrying Value		$ 10,895,932		$ 10,146,190
Maximum borrowing capacity	$ 375,000	1,000,000
Payment of debt		2,001,336	$ 1,923,754
Revolving credit facility
Secured Borrowings
Equity interests in certain subsidiaries used to secure facilities		4,200,000
Maximum borrowing capacity		$ 120,000
Revolving credit facility | LIBOR
Secured Borrowings
Interest rate (as a percent)		3.00%
Residential Repurchase Facility | One-month LIBOR
Secured Borrowings
Floor interest rate (as a percent)	0.25%
Residential Repurchase Facility | One-month LIBOR | Maximum
Secured Borrowings
Pricing margin (as a percent)	2.50%
Spread (as a percent)	2.50%
Woodstar I Portfolio
Secured Borrowings
Maximum borrowing capacity		$ 82,900
Maturity period		7 years
Payment of debt		$ 4,900
Woodstar I Portfolio | LIBOR
Secured Borrowings
Pricing margin (as a percent)		4.36%
Spread (as a percent)		4.36%
Revolving Credit Agreement
Secured Borrowings
Maximum Facility Size		$ 300,000
Maximum facility size subject to certain conditions		$ 650,000
Infrastructure Acquisition Facility
Secured Borrowings
Pricing margin (as a percent)		2.00%
Spread (as a percent)		2.00%
Property Mortgages - Fixed rate
Secured Borrowings
Maturity period		6 years 6 months
Collateralized Loan Obligation
Secured Borrowings
Principal Amount					$ 86,600
Principal amount of notes					1,100,000
Liquidation preference					$ 77,000
Term loan facility
Secured Borrowings
Maximum borrowing capacity		$ 643,400
Floor interest rate (as a percent)		0.75%
Term loan facility | LIBOR + 2.50%
Secured Borrowings
Pricing margin (as a percent)		2.50%
Maximum borrowing capacity		$ 394,000
Spread (as a percent)		2.50%
Term loan facility | LIBOR + 3.50%
Secured Borrowings
Pricing margin (as a percent)		3.50%
Maximum borrowing capacity		$ 249,400
Spread (as a percent)		3.50%
Commercial Loans
Secured Borrowings
Maximum Facility Size		$ 9,200,000
Carrying Value		$ 1,900,000
Commercial Loans | LIBOR | Weighted-average
Secured Borrowings
Interest rate (as a percent)		2.01%
CMBS/RMBS
Secured Borrowings
Interest rate (as a percent)		3.29%
Carrying Value		$ 212,000
Amount outstanding on a repurchase facility not subject to margin calls		212,000
Amount outstanding on repurchase facility		$ 38,300
Pro rata share owned by a non-controlling partner in a consolidated joint venture		49.00%
CMBS/RMBS | LIBOR | Weighted-average
Secured Borrowings
Interest rate (as a percent)		1.92%
CMBS/RMBS | Certain Facilities
Secured Borrowings
Carrying Value		$ 280,300
Rolling maturity period		11 months
Maturity period		12 months
Secured Borrowings
Secured Borrowings
Pledged Asset Carrying Value		$ 14,068,476
Maximum Facility Size		18,241,369
Principal Amount		10,977,193		10,233,589
Unamortized net discount		(13,149)		(13,569)
Unamortized deferred financing costs		(68,112)		(73,830)
Carrying Value		10,895,932		10,146,190
Secured Borrowings | Residential Repurchase Facility
Secured Borrowings
Maturity period	1 year
Secured Borrowings | Residential Repurchase Facility | One-month LIBOR | Minimum
Secured Borrowings
Pricing margin (as a percent)	2.00%
Spread (as a percent)	2.00%
Secured Borrowings | Other Secured Financing
Secured Borrowings
Pledged Asset Carrying Value		3,995,660
Maximum Facility Size		5,653,479
Principal Amount		4,029,705		4,424,782
Secured Borrowings | Revolving Credit Agreement
Secured Borrowings
Pledged Asset Carrying Value		304,076
Maximum Facility Size		650,000
Principal Amount		$ 223,302		43,014
Secured Borrowings | Revolving Credit Agreement | LIBOR
Secured Borrowings
Pricing margin (as a percent)		2.25%
Spread (as a percent)		2.25%
Secured Borrowings | Commercial Financing Facility
Secured Borrowings
Pledged Asset Carrying Value		$ 101,559
Maximum Facility Size		81,847
Principal Amount		$ 81,847		81,218
Secured Borrowings | Commercial Financing Facility | LIBOR
Secured Borrowings
Pricing margin (as a percent)		1.75%
Spread (as a percent)		1.75%
Secured Borrowings | Residential Financing Facility
Secured Borrowings
Interest rate (as a percent)		3.50%
Pledged Asset Carrying Value		$ 163,545
Maximum Facility Size		250,000
Principal Amount		1,515		215,024
Secured Borrowings | Infrastructure Acquisition Facility
Secured Borrowings
Pledged Asset Carrying Value		525,611
Maximum Facility Size		517,498
Principal Amount		414,503		467,450
Secured Borrowings | Infrastructure Financing Facilities
Secured Borrowings
Pledged Asset Carrying Value		699,684
Maximum Facility Size		1,250,000
Principal Amount		$ 548,956		538,645
Secured Borrowings | Infrastructure Financing Facilities | LIBOR
Secured Borrowings
Pricing margin (as a percent)		2.04%
Spread (as a percent)		2.04%
Secured Borrowings | Property Mortgages - Fixed rate
Secured Borrowings
Interest rate (as a percent)		4.03%
Pledged Asset Carrying Value		$ 1,271,385
Maximum Facility Size		1,155,306
Principal Amount		1,155,306		1,077,528
Secured Borrowings | Property Mortgages - Variable rate
Secured Borrowings
Pledged Asset Carrying Value		929,800
Maximum Facility Size		985,453
Principal Amount		$ 960,901		960,903
Secured Borrowings | Property Mortgages - Variable rate | LIBOR
Secured Borrowings
Pricing margin (as a percent)		2.59%
Spread (as a percent)		2.59%
Secured Borrowings | Term Loan and Revolver
Secured Borrowings
Maximum Facility Size		$ 763,375
Principal Amount		643,375		645,000
Secured Borrowings | FHLB
Secured Borrowings
Principal Amount				396,000
Secured Borrowings | First Mortgage And Mezzanine
Secured Borrowings
Principal Amount		$ 600,000
Secured Borrowings | First Mortgage And Mezzanine | LIBOR
Secured Borrowings
Interest rate (as a percent)		3.34%
Secured Borrowings | First Mortgage And Mezzanine | LIBOR | Weighted-average
Secured Borrowings
Pricing margin (as a percent)		2.07%
Spread (as a percent)		2.07%
Secured Borrowings | Repurchase Agreements
Secured Borrowings
Pledged Asset Carrying Value		$ 10,072,816
Maximum Facility Size		12,587,890
Principal Amount		6,947,488		5,808,807
Secured Borrowings | Commercial Loans
Secured Borrowings
Pledged Asset Carrying Value		8,088,081
Maximum Facility Size		9,164,525
Principal Amount		5,592,652		4,878,939
Secured Borrowings | Residential Loans
Secured Borrowings
Pledged Asset Carrying Value		428,877
Maximum Facility Size		1,750,000
Principal Amount		$ 328,620		22,590
Secured Borrowings | Residential Loans | LIBOR
Secured Borrowings
Pricing margin (as a percent)		2.09%
Spread (as a percent)		2.09%
Secured Borrowings | Infrastructure Loans
Secured Borrowings
Pledged Asset Carrying Value		$ 295,516
Maximum Facility Size		500,000
Principal Amount		$ 246,136		232,961
Secured Borrowings | Infrastructure Loans | LIBOR
Secured Borrowings
Pricing margin (as a percent)		2.00%
Spread (as a percent)		2.00%
Secured Borrowings | Conduit Loans
Secured Borrowings
Pledged Asset Carrying Value		$ 147,523
Maximum Facility Size		350,000
Principal Amount		$ 111,087		53,554
Secured Borrowings | Conduit Loans | LIBOR
Secured Borrowings
Pricing margin (as a percent)		2.15%
Spread (as a percent)		2.15%
Secured Borrowings | CMBS/RMBS
Secured Borrowings
Pledged Asset Carrying Value		$ 1,112,819
Maximum Facility Size		823,365
Principal Amount		$ 668,993		$ 620,763

Secured Borrowings - Repurchase

Secured Borrowings - Repurchase Agreements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Secured Borrowings
Secured Borrowings
Amortization of deferred financing costs	$ 9.5	$ 8.8
Repurchase Agreements
Secured Borrowings
Percentage of repurchase agreements for which margin calls are limited to collateral specific credit marks	72.00%
Percentage of repurchase agreements containing margin call provisions for general capital market activity	28.00%
Percentage of repurchase agreements containing margin call provisions that pertain to loans held-for-sale	15.00%

Secured Borrowings- Collaterali

Secured Borrowings- Collateralized Loan Obligations (Details) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Aug. 31, 2019USD ($)	Mar. 31, 2021USD ($)item	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)item
Summary of CLO
Carrying value		$ 931,178		$ 930,554
LIBOR | Collateral assets
Summary of CLO
Spread (as a percent)		4.21%		3.93%
LIBOR | Financing
Summary of CLO
Spread (as a percent)		1.63%		1.64%
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		$ 600	$ 600
Deferred financing costs, net of amortization		5,200		$ 5,800
Principal amount of notes purchased by third-party investors	$ 936,400
Additional Contribution to CLO		$ 98,600
Collateralized Loan Obligation | Collateral assets
Summary of CLO
Count | item		25		23
Amount issued		$ 1,099,693		$ 1,002,445
Carrying value		$ 1,099,639		$ 1,099,439
Collateralized Loan Obligation | Financing
Summary of CLO
Count | item		1		1
Amount issued		$ 936,375		$ 936,375
Carrying value		$ 931,178		$ 930,554

Secured Borrowings - Principal

Secured Borrowings - Principal Repayments (Details) $ in Thousands	Mar. 31, 2021USD ($)
Collateralized Loan Obligation
Repayment of secured financings
Thereafter	$ 936,375
Total	936,375
Secured Borrowings
Repayment of secured financings
2021 (remainder of)	360,968
2022	1,967,919
2023	2,253,577
2024	1,955,427
2025	1,758,983
Thereafter	3,616,694
Total	11,913,568
Repurchase Agreements
Repayment of secured financings
2021 (remainder of)	302,200
2022	1,548,791
2023	1,450,262
2024	1,480,044
2025	1,510,607
Thereafter	655,584
Total	6,947,488
Other Secured Financing
Repayment of secured financings
2021 (remainder of)	58,768
2022	419,128
2023	803,315
2024	475,383
2025	248,376
Thereafter	2,024,735
Total	$ 4,029,705

Unsecured Senior Notes (Details

Unsecured Senior Notes (Details)	3 Months Ended
	Mar. 31, 2021USD ($)item$ / shares	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Mar. 29, 2017USD ($)
Unsecured Senior Notes
Interest expense	$ 103,374,000	$ 120,025,000
Add: Loss on extinguishment of Convertible Notes	(516,000)	(170,000)
Principal amount of notes, basis for conversion	$ 1,000
Closing share price (in dollars per share) | $ / shares	$ 24.74
Conversion upon satisfaction of closing market price condition | Minimum
Unsecured Senior Notes
Period of average closing market price of common stock as a basis for debt conversion	10 days
2021 Senior Notes 5.00%
Unsecured Senior Notes
Coupon Rate (as a percent)	5.00%
Effective Rate (as a percent)	5.32%
Remaining Period of Amortization	8 months 12 days
Principal Amount	$ 700,000,000		$ 700,000,000
Senior Notes 2023
Unsecured Senior Notes
Coupon Rate (as a percent)	5.50%
Effective Rate (as a percent)	5.71%
Remaining Period of Amortization	2 years 7 months 6 days
Principal Amount	$ 300,000,000		300,000,000
2023 Convertible Notes
Unsecured Senior Notes
Coupon Rate (as a percent)	4.38%			4.375%
Effective Rate (as a percent)	4.57%
Remaining Period of Amortization	2 years
Principal Amount	$ 250,000,000		250,000,000
Amount issued				$ 250,000,000
Conversion Rate	38.5959
Conversion price (in dollars per share) | $ / shares	$ 25.91
Closing share price (in dollars per share) | $ / shares	$ 24.74
If-converted value	$ 238,700,000
Amount by which if-converted value of the Notes are less than principal amount	11,300,000
Convertible notes fair value	255,800,000
Convertible notes carrying value	$ 248,600,000
2025 Senior Notes
Unsecured Senior Notes
Coupon Rate (as a percent)	4.75%
Effective Rate (as a percent)	5.04%
Remaining Period of Amortization	4 years
Principal Amount	$ 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
Unsecured Senior Notes
Unsecured Senior Notes
Principal Amount	1,750,000,000		1,750,000,000
Unamortized deferred financing costs	(5,076,000)		(5,589,000)
Carrying amount of conversion option equity components recorded in additional paid-in capital for outstanding convertible notes			3,755,000
Carrying amount of debt components	1,735,658,000		1,732,520,000
Convertible Senior Notes
Unsecured Senior Notes
Unamortized discount	(910,000)		(2,559,000)
Interest expense	$ 2,900,000	$ 3,000,000
Minimum number of conditions to be satisfied for conversion of debt | item	1
Convertible Senior Notes | Conversion upon satisfaction of closing market price condition
Unsecured Senior Notes
Minimum trading period as a basis for debt conversion	20 days
Consecutive trading period as a basis for debt conversion	30 days
Convertible Senior Notes | Conversion upon satisfaction of closing market price condition | Minimum
Unsecured Senior Notes
Percentage of per share value of distributions that exceeds the market price of the entity's common stock as a basis for debt conversion	10.00%
Convertible Senior Notes | Conversion upon satisfaction of trading price condition
Unsecured Senior Notes
Consecutive trading period as a basis for debt conversion	5 days
Convertible Senior Notes | Conversion upon satisfaction of trading price condition | Maximum
Unsecured Senior Notes
Percentage of conversion price and last reported sales price as a basis for debt conversion	98.00%
Senior Notes
Unsecured Senior Notes
Unamortized discount	$ (8,356,000)		$ (9,332,000)
Convertible Notes and Senior Notes | 2017 Notes | Conversion upon satisfaction of closing market price condition | Minimum
Unsecured Senior Notes
Percentage of conversion price as a basis for debt conversion	110.00%

Loan Securitization_Sale Acti_3

Loan Securitization/Sale Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investing and Servicing Segment | Loans held-for-sale, commercial
Loan Transfer Activities
Face Amount	$ 85,037	$ 335,835
Proceeds	89,710	352,393
Investing and Servicing Segment | Loans held-for-sale, residential
Loan Transfer Activities
Face Amount	383,549	381,279
Proceeds	389,798	398,747
Commercial and Residential Lending Segment | Loans held-for-sale, residential
Loan Transfers Accounted for as Sales
Face Amount	89,418	550
Proceeds	$ 92,419	604
Infrastructure Lending Segment
Loan Transfer Activities
Face Amount		38,700
Proceeds		38,400
Loan Transfers Accounted for as Sales
Net gains (losses) on the sale of loan qualifying for sales treatment		$ 300

Derivatives and Hedging Activ_3

Derivatives and Hedging Activity - Designated and Non-Designated Hedges (Details) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands	Mar. 31, 2021EUR (€)item	Mar. 31, 2021USD ($)item	Mar. 31, 2021GBP (£)item	Mar. 31, 2021AUD ($)item
Derivatives
Number of contracts	471	471	471	471
Foreign exchange contracts | EUR | Long
Derivatives
Number of contracts	2	2	2	2
Aggregate notional amount | €	€ 3,973
Foreign exchange contracts | EUR | Short
Derivatives
Number of contracts	208	208	208	208
Aggregate notional amount | €	€ 252,796
Foreign exchange contracts | AUD | Short
Derivatives
Number of contracts	19	19	19	19
Aggregate notional amount | $				$ 188,554
Foreign exchange contracts | GBP | Long
Derivatives
Number of contracts	8	8	8	8
Aggregate notional amount | $		$ 16,675
Foreign exchange contracts | GBP | Short
Derivatives
Number of contracts	156	156	156	156
Aggregate notional amount | £			£ 556,798
Interest rate swaps - Paying fixed rates | USD
Derivatives
Number of contracts	46	46	46	46
Aggregate notional amount | $		$ 1,791,332
Interest rate swaps - Receiving fixed rates | USD
Derivatives
Number of contracts	1	1	1	1
Aggregate notional amount | $		$ 470,000
Interest Rate Swap Guarantees | USD
Derivatives
Number of contracts	6	6	6	6
Aggregate notional amount | $		$ 371,890
Interest rate caps | USD
Derivatives
Number of contracts	22	22	22	22
Aggregate notional amount | $		$ 985,635
Credit spread instrument | USD
Derivatives
Number of contracts	3	3	3	3
Aggregate notional amount | $		$ 49,000

Derivatives and Hedging Activ_4

Derivatives and Hedging Activity - Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	$ 38,029	$ 40,555
Fair Value of Derivatives in a Liability Position	34,805	41,324
Interest rate swaps | Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	25,331	33,841
Fair Value of Derivatives in a Liability Position	4	4
Interest Rate Swap Guarantees | Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in a Liability Position	498	849
Foreign exchange contracts | Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	12,617	6,585
Fair Value of Derivatives in a Liability Position	34,002	39,951
Credit spread instrument | Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	81	129
Fair Value of Derivatives in a Liability Position	$ 301	$ 520

Derivatives and Hedging Activ_5

Derivatives and Hedging Activity - Effect on Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivatives
Gain on derivative financial instruments	$ 33,989	$ 9,710
Interest rate swaps
Derivatives
Gain on derivative financial instruments	20,158	(45,125)
Interest rate swap guarantees
Derivatives
Gain on derivative financial instruments	351	(675)
Foreign exchange contracts
Derivatives
Gain on derivative financial instruments	13,602	53,265
Credit spread instrument
Derivatives
Gain on derivative financial instruments	$ (122)	$ 2,245

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Net Amounts of Assets Presented in the Statement of Financial Position	$ 38,029	$ 40,555
Liabilities
Gross Amounts of Recognized Liabilities	6,982,293	5,850,131
Net Amounts of Liabilities Presented in the Statement of Financial Position	6,982,293	5,850,131
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	6,958,979	5,815,523
Cash Collateral Pledged	22,618	27,416
Net Amount	696	7,192
Derivatives
Assets
Gross Amounts of Recognized Assets	38,029	40,555
Net Amounts of Assets Presented in the Statement of Financial Position	38,029	40,555
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	11,491	6,716
Cash Collateral Received	24,235	33,772
Net Amount	2,303	67
Liabilities
Gross Amounts of Recognized Liabilities	34,805	41,324
Net Amounts of Liabilities Presented in the Statement of Financial Position	34,805	41,324
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	11,491	6,716
Cash Collateral Pledged	22,618	27,416
Net Amount	696	7,192
Repurchase Agreements
Liabilities
Gross Amounts of Recognized Liabilities	6,947,488	5,808,807
Net Amounts of Liabilities Presented in the Statement of Financial Position	6,947,488	5,808,807
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	$ 6,947,488	$ 5,808,807

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Consolidated CLO (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 351,190	$ 563,217
Loans held-for-investment, net	12,321,493	11,087,073
Accrued interest receivable	101,713	95,980
Other assets	208,873	190,748
Total Assets	79,702,323	80,873,509
Accounts payable, accrued expenses and other liabilities	178,215	206,845
Collateralized loan obligations, net	931,178	930,554
Liabilities	74,847,538	76,010,933
Primary beneficiary
Assets:
Total Assets	62,367,110	64,238,328
Liabilities	60,896,709	62,776,371
Collateralized Loan Obligation | Primary beneficiary
Assets:
Cash and cash equivalents		96,998
Total Assets	1,104,014	1,105,450
Liabilities	931,818	931,217
Accounts payable, accrued expenses and other liabilities	640	663
Loans held-for-investment, net	1,099,639	1,002,441
Collateralized loan obligations, net	931,178	930,554
Accrued interest receivable	4,068	5,454
Other assets	$ 307	$ 557

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)item	Mar. 31, 2021USD ($)item
Variable interest entities
Total Assets	$ 80,873,509	$ 79,702,323
Total Liabilities	76,010,933	$ 74,847,538
Number of collateralized debt obligation | item		0
Investment in unconsolidated entities	108,054	$ 100,907
CMBS JV
Variable interest entities
Ownership percentage		51.00%
Primary beneficiary
Variable interest entities
Total Assets	64,238,328	$ 62,367,110
Total Liabilities	$ 62,776,371	60,896,709
Primary beneficiary | ASU 2015-02
Variable interest entities
Total Assets		98,700
Total Liabilities		53,800
Primary beneficiary | CMBS Venture Holdings
Variable interest entities
Total Assets		335,400
Total Liabilities		78,900
Primary beneficiary | SPT Dolphin | ASU 2015-02
Variable interest entities
Total Assets		685,400
Total Liabilities		$ 520,600
Not primary beneficiary
Variable interest entities
Number of CDO structures currently in default | item		5
Number of CDO structures | item	5	6
Number of CDO structures that entered default during the period | item	2
Maximum risk of loss related to VIEs, on fair value basis		$ 19,300
Not primary beneficiary | ASU 2015-02 | Measurement Period Adjustments
Variable interest entities
Investment in unconsolidated entities		25,700
Not primary beneficiary | Securitization SPEs
Variable interest entities
Debt obligations to beneficial interest holders, unpaid principal balances		$ 3,900,000

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($) $ in Millions	1 Months Ended				3 Months Ended
	Nov. 30, 2020	Sep. 30, 2019	Apr. 30, 2018	Mar. 31, 2017	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Related-Party Transactions
Granted (in shares)					1,518,072
Starwood Property Trust, Inc. Manager Equity Plan | Restricted stock units
Related-Party Transactions
Granted (in shares)	1,800,000	1,200,000	775,000	1,000,000
Award vesting period	3 years		3 years	3 years
Share-based compensation expense, before tax					$ 5.9	$ 5.2
Manager
Related-Party Transactions
Base management fee incurred					19.2	19.1
Base management fee payable					19.2
Incentive fee incurred					13.1	15.8
Incentive fees payable					13.1		$ 15
Executive compensation and other reimbursable expenses					1.5	$ 2.2
Executive compensation and other reimbursable expense payable					$ 3.8		$ 5
Manager | RSAs
Related-Party Transactions
Granted (in shares)					981,951	341,635
Grant date fair value					$ 19.6	$ 3.9
Share-based compensation expense, before tax					$ 2.4	$ 1.1
Manager | Starwood Property Trust, Inc. Manager Equity Plan | RSAs
Related-Party Transactions
Award vesting period					3 years	3 years

Related-Party Transactions - In

Related-Party Transactions - Investments in Loans and Securities and Other Arrangements (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2020ft²$ / ft²	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Apr. 30, 2020USD ($)
Related-Party Transactions
Acquisitions and originations of mortgage financing		$ 2,671,394	$ 1,898,905
Highmark Residential
Related-Party Transactions
Payments to related party		700	$ 500
Affiliates Of Chairman And CEO | Office Lease Agreement With Affiliate Of Chairman And CEO
Related-Party Transactions
Area of office space | ft²	74,000
Lease Term	15 years		15 years
Operating Lease, Annual Base Rent Per Square Foot | $ / ft²	52
Operating Lease, Percentage Of Increase in Annual Base Rent	3.00%
Security Deposit				$ 1,900
Loans held-for-sale, residential | Residential mortgage originator
Related-Party Transactions
Acquisitions and originations of mortgage financing		141,600
Loan Purchase Commitment		$ 27,400

Stockholders' Equity and Non-_3

Stockholders' Equity and Non-Controlling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2018	Dec. 31, 2019
Stockholders' Equity
Dividend declared (in dollars per share)	$ 0.48	$ 0.48
Shares issued under ATM Agreement	0	0
Repurchase of common stock		$ 28,830
Net income attributable to non-controlling interests	$ 11,148	500
Investment securities	678,287		$ 736,658
Accrued interest receivable	101,713		95,980
Payment to acquire non-controlling interest	$ 8,833	66,476
CMBS JV
Stockholders' Equity
Noncontrolling Interest, Ownership Percentage by Parent	51.00%
Class A Units
Stockholders' Equity
Number of units outstanding	10,600,000
Value of shares issued to settle redemption	$ 100
CMBS JV
Stockholders' Equity
Non-controlling interest	132,400		$ 126,700
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
Woodstar II Portfolio | Class A Units | SPT Dolphin
Stockholders' Equity
Shares issued				10,200,000
Right to receive additional shares	1,900,000			1,900,000
Number of common stock per unit	1
Woodstar II Portfolio | Class A Units | SPT Dolphin | Non-Controlling Interests
Stockholders' Equity
Redemption of units	225,600,000		226,700,000
Woodstar II Portfolio | CMBS JV | Class A Units
Stockholders' Equity
Net income attributable to non-controlling interests	$ 5,400	$ (6,000)

Stockholders' Equity and Non-_4

Stockholders' Equity and Non-Controlling Interests - Equity Incentive Plans (Details) - USD ($) $ in Thousands	1 Months Ended				3 Months Ended
	Nov. 30, 2020	Sep. 30, 2019	Apr. 30, 2018	Mar. 31, 2017	Mar. 31, 2021	May 31, 2017
Equity Incentive Plans
Granted (in shares)					1,518,072
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					3,200,000
Starwood Property Trust, Inc. Equity Plan
Equity Incentive Plans
Granted (in shares)					1,518,072
Starwood Property Trust, Inc. Manager Equity Plan | Restricted stock units
Equity Incentive Plans
Granted (in shares)	1,800,000	1,200,000	775,000	1,000,000
Awards granted, fair value	$ 30,078	$ 29,484	$ 16,329	$ 22,240
Award vesting period	3 years		3 years	3 years
Starwood Property Trust, Inc. Manager Equity Plan | Restricted stock units | Vested immediately on the grant date
Equity Incentive Plans
Granted (in shares)		218,898
Starwood Property Trust, Inc. Manager Equity Plan | Restricted stock units | Remaining vesting
Equity Incentive Plans
Award vesting period					3 years

Stockholders' Equity and Non-_5

Stockholders' Equity and Non-Controlling Interests - Non-Vested Shares (Details)	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	3,881,501
Granted (in shares)	1,518,072
Vested (in shares)	(930,235)
Balance at the end of the period (in shares)	4,469,338
Weighted Average Grant Date Fair Value (per share)
Balance at the beginning of period (in dollars per share) | $ / shares	$ 17.26
Granted (in dollars per share) | $ / shares	21.81
Vested (in dollars per share) | $ / shares	17.48
Balance at the end of period (in dollars per share) | $ / shares	$ 18.76
Starwood Property Trust, Inc. Equity Plan
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	1,594,605
Granted (in shares)	1,518,072
Vested (in shares)	(633,893)
Balance at the end of the period (in shares)	2,478,784
Starwood Property Trust, Inc. Manager Equity Plan
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	2,286,896
Vested (in shares)	(296,342)
Balance at the end of the period (in shares)	1,990,554

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Continuing Operations:
Basic - Income (loss) attributable to STWD common stockholders	$ 111,378	$ (66,769)
Less: Income attributable to participating shares not already deducted as non-controlling interests	(1,925)	(1,222)
Basic earnings (loss)	109,453	(67,991)
Continuing Operations:
Basic - Income (loss) attributable to STWD common stockholders	111,378	(66,769)
Less: Income attributable to participating shares not already deducted as non-controlling interests	(1,925)	(1,222)
Add: Loss on extinguishment of Convertible Notes	(516)	(170)
Diluted earnings (loss)	$ 112,369	$ (67,991)
Number of Shares:
Basic - Average shares outstanding	283,319	280,990
Effect of dilutive securities - Contingently issuable shares (in shares)	263
Diluted - Average shares outstanding	293,231	280,990
Basic:
Basic (in dollars per share)	$ 0.39	$ (0.24)
Diluted:
Diluted (in dollars per share)	$ 0.38	$ (0.24)
Convertible Senior Notes
Continuing Operations:
Add: Interest expense on Convertible Notes	$ 2,916
Number of Shares:
Effect of dilutive securities - Convertible Notes (in shares)	9,649

Earnings per Share - Dilutive a

Earnings per Share - Dilutive and Antidilutive securities (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Class A Units
Antidilutive securities and effect of dilutive securities
Number of anti-dilutive common shares excluded from the calculation of diluted income per share	10.6
Restricted stock
Antidilutive securities and effect of dilutive securities
Number of anti-dilutive common shares excluded from the calculation of diluted income per share	14.6	13.2

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Changes in AOCI by component
Beginning balance	$ 43,993	$ 50,932
OCI before reclassifications	(2,403)	(15,048)
Amounts reclassified from AOCI	64
Net period OCI	(2,339)	(15,048)
Ending balance	41,654	35,884
Cumulative Unrealized Gain (Loss) on Available-for-Sale Securities
Changes in AOCI by component
Beginning balance	44,057	50,996
OCI before reclassifications	(2,403)	(15,048)
Net period OCI	(2,403)	(15,048)
Ending balance	41,654	35,948
Foreign Currency Translation
Changes in AOCI by component
Beginning balance	(64)	(64)
Amounts reclassified from AOCI	64
Net period OCI	$ 64
Ending balance		$ (64)

Fair Value - Financial Assets a

Fair Value - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets and liabilities measured at fair value
Permitted reinvestment under static investment in VIEs	$ 0
Marketable securities	678,287	$ 736,658
Domestic servicing rights	12,406	13,202
Derivative assets	38,029	40,555
Total Assets	79,702,323	80,873,509
Total Liabilities	74,847,538	76,010,933
Derivative liabilities	34,805	41,324
Fair value measurements on recurring basis
Assets and liabilities measured at fair value
Derivative assets	38,029	40,555
Total Assets	63,371,530	65,513,117
Derivative liabilities	34,805	41,324
Total Liabilities	60,931,514	62,817,695
Fair value measurements on recurring basis | Loans held-for-sale
Assets and liabilities measured at fair value
Loans held-for-sale, fair value option	763,773	1,022,979
Fair value measurements on recurring basis | RMBS
Assets and liabilities measured at fair value
Available-for-sale securities	160,301	167,349
Fair value measurements on recurring basis | CMBS
Assets and liabilities measured at fair value
Available-for-sale securities	19,256	19,457
Fair value measurements on recurring basis | Equity security
Assets and liabilities measured at fair value
Marketable securities	10,655	11,247
Fair value measurements on recurring basis | Domestic Servicing Rights
Assets and liabilities measured at fair value
Domestic servicing rights	12,406	13,202
Fair value measurements on recurring basis | Level I
Assets and liabilities measured at fair value
Total Assets	10,655	11,247
Fair value measurements on recurring basis | Level I | Equity security
Assets and liabilities measured at fair value
Marketable securities	10,655	11,247
Fair value measurements on recurring basis | Level II
Assets and liabilities measured at fair value
Derivative assets	38,029	40,555
Total Assets	38,029	40,555
Derivative liabilities	34,805	41,324
Total Liabilities	58,704,086	60,797,819
Fair value measurements on recurring basis | Level III
Assets and liabilities measured at fair value
Total Assets	63,322,846	65,461,315
Total Liabilities	2,227,428	2,019,876
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	763,773	1,022,979
Fair value measurements on recurring basis | Level III | RMBS
Assets and liabilities measured at fair value
Available-for-sale securities	160,301	167,349
Fair value measurements on recurring basis | Level III | CMBS
Assets and liabilities measured at fair value
Available-for-sale securities	19,256	19,457
Fair value measurements on recurring basis | Level III | Domestic Servicing Rights
Assets and liabilities measured at fair value
Domestic servicing rights	12,406	13,202
Primary beneficiary
Assets and liabilities measured at fair value
Total Assets	62,367,110	64,238,328
Total Liabilities	60,896,709	62,776,371
Primary beneficiary | Fair value measurements on recurring basis | VIE Assets
Assets and liabilities measured at fair value
Total Assets	62,367,110	64,238,328
Primary beneficiary | Fair value measurements on recurring basis | VIE liabilities
Assets and liabilities measured at fair value
Total Liabilities	60,896,709	62,776,371
Primary beneficiary | Fair value measurements on recurring basis | Level II | VIE liabilities
Assets and liabilities measured at fair value
Total Liabilities	58,669,281	60,756,495
Primary beneficiary | Fair value measurements on recurring basis | Level III | VIE Assets
Assets and liabilities measured at fair value
Total Assets	62,367,110	64,238,328
Primary beneficiary | Fair value measurements on recurring basis | Level III | VIE liabilities
Assets and liabilities measured at fair value
Total Liabilities	$ 2,227,428	$ 2,019,876

Fair Value - Level III (Details

Fair Value - Level III (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Total realized and unrealized gains (losses):
Included in earnings: Net accretion	$ 3,476	$ 2,783
Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	63,441,439	61,317,478
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	(2,208,812)	(3,371,299)
Included in earnings: Net accretion	2,606	2,661
Included in OCI	(2,403)	(15,048)
Purchases / Originations	375,270	746,880
Sales	(571,927)	(759,686)
Issuances	(11,604)	(24,376)
Cash repayments / receipts	(62,032)	(83,233)
Transfers into Level III	(409,267)	(101,265)
Transfers out of Level III	148,775	1,090,325
Consolidations of VIEs	393,373	2,406,327
Balance at the end of the period	61,095,418	61,208,764
Amount of unrealized gains (losses) included in earnings attributable to assets still held at period end	(2,204,436)	(3,397,959)
Amount of unrealized gains (losses) included in OCI attributable to assets still held at period end	(2,403)	(15,048)
Level III | Loans held-for-sale
Changes in financial assets classified as Level III
Balance at the beginning of the period	1,022,979	1,436,194
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	(9,478)	(16,134)
Purchases / Originations	375,270	746,880
Sales	(571,927)	(751,746)
Cash repayments / receipts	(53,071)	(67,397)
Balance at the end of the period	763,773	1,347,797
Amount of unrealized gains (losses) included in earnings attributable to assets still held at period end	(7,708)	(39,070)
Level III | RMBS
Changes in financial assets classified as Level III
Balance at the beginning of the period	167,349	189,576
Total realized and unrealized gains (losses):
Included in earnings: Net accretion	2,606	2,661
Included in OCI	(2,403)	(15,048)
Cash repayments / receipts	(7,251)	(6,549)
Balance at the end of the period	160,301	170,640
Amount of unrealized gains (losses) included in earnings attributable to assets still held at period end	2,606	2,661
Amount of unrealized gains (losses) included in OCI attributable to assets still held at period end	(2,403)	(15,048)
Level III | CMBS
Changes in financial assets classified as Level III
Balance at the beginning of the period	19,457	25,008
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	372	5,738
Sales		(7,940)
Cash repayments / receipts	(573)	(371)
Balance at the end of the period	19,256	22,435
Amount of unrealized gains (losses) included in earnings attributable to assets still held at period end	372	(647)
Level III | Domestic Servicing Rights
Changes in financial assets classified as Level III
Balance at the beginning of the period	13,202	16,917
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	(796)	(393)
Balance at the end of the period	12,406	16,524
Amount of unrealized gains (losses) included in earnings attributable to assets still held at period end	(796)	(393)
Level III | VIE Assets
Changes in financial assets classified as Level III
Balance at the beginning of the period	64,238,328	62,187,175
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	(2,264,591)	(3,506,792)
Consolidations of VIEs	393,373	2,477,422
Balance at the end of the period	62,367,110	61,157,805
Amount of unrealized gains (losses) included in earnings attributable to assets still held at period end	(2,264,591)	(3,506,792)
Level III | VIE liabilities
Changes in financial assets classified as Level III
Balance at the beginning of the period	(2,019,876)	(2,537,392)
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	65,681	146,282
Issuances	(11,604)	(24,376)
Cash repayments / receipts	(1,137)	(8,916)
Transfers into Level III	(409,267)	(101,265)
Transfers out of Level III	148,775	1,090,325
Consolidations of VIEs		(71,095)
Balance at the end of the period	(2,227,428)	(1,506,437)
Amount of unrealized gains (losses) included in earnings attributable to assets still held at period end	$ 65,681	$ 146,282

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financial assets not carried at fair value:
HTM securities	$ 493,462	$ 544,280
Carrying Value
Financial assets not carried at fair value:
Loans held-for-investment, loans held-for-sale and loans transferred as secured borrowings	12,402,351	11,116,929
HTM securities	488,075	538,605
Financial liabilities not carried at fair value:
Secured financing agreements and secured borrowings on transferred loans	11,827,110	11,076,744
Unsecured senior notes	1,735,658	1,732,520
Fair Value
Financial assets not carried at fair value:
Loans held-for-investment, loans held-for-sale and loans transferred as secured borrowings	12,460,388	11,107,316
HTM securities	466,687	515,253
Financial liabilities not carried at fair value:
Secured financing agreements and secured borrowings on transferred loans	11,900,381	11,108,364
Unsecured senior notes	$ 1,803,224	$ 1,786,667

Fair Value - Significant unobse

Fair Value - Significant unobservable inputs (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)item	Dec. 31, 2020USD ($)item
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Domestic servicing rights	$ 12,406,000	$ 13,202,000
Total Assets	79,702,323,000	80,873,509,000
Total Liabilities	74,847,538,000	76,010,933,000
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	763,773,000	1,022,979,000
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	160,301,000	167,349,000
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	19,256,000	19,457,000
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	12,406,000	13,202,000
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	$ 763,773,000	$ 1,022,979,000
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	7 years	7 years 3 months 18 days
Fair value measurements on recurring basis | Level III | Loans held-for-sale | Minimum | FICO score
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 | item	519	519
Fair value measurements on recurring basis | Level III | Loans held-for-sale | Minimum | LTV
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	15	5
Fair value measurements on recurring basis | Level III | Loans held-for-sale | Minimum | Purchase price
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	85.6	84.4
Fair value measurements on recurring basis | Level III | Loans held-for-sale | Minimum | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans held-for-sale, measurement input	3.4	3.3
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	39 years	39 years 3 months 18 days
Fair value measurements on recurring basis | Level III | Loans held-for-sale | Maximum | FICO score
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 | item	823	823
Fair value measurements on recurring basis | Level III | Loans held-for-sale | Maximum | LTV
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	94	94
Fair value measurements on recurring basis | Level III | Loans held-for-sale | Maximum | Purchase price
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	104.8	104.8
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	9.5	9.7
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	24 years 8 months 12 days	26 years 3 months 18 days
Fair value measurements on recurring basis | Level III | Loans held-for-sale | Weighted-average | FICO score
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	(732)	(727)
Fair value measurements on recurring basis | Level III | Loans held-for-sale | Weighted-average | LTV
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	66	68
Fair value measurements on recurring basis | Level III | Loans held-for-sale | Weighted-average | Purchase price
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	101.7	99.8
Fair value measurements on recurring basis | Level III | Loans held-for-sale | Weighted-average | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans held-for-sale, measurement input	5.5	5.9
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	$ 160,301,000	$ 167,349,000
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)	14.00%	23.00%
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	3.5	3.6
Fair value measurements on recurring basis | Level III | RMBS | Minimum | Constant default rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.7	0.7
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	9	10
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	23	23
Fair value measurements on recurring basis | Level III | RMBS | Minimum | Annual coupon deterioration
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0	0
Fair value measurements on recurring basis | Level III | RMBS | Minimum | Putback amount per projected total collateral loss
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0	0
Fair value measurements on recurring basis | Level III | RMBS | Maximum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loss severity for specified percentage of portfolio (as a percent)	80.00%	80.00%
Fair value measurements on recurring basis | Level III | RMBS | Maximum | Constant prepayment rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	17.3	19.4
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	5.4
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	84	85
Fair value measurements on recurring basis | Level III | RMBS | Maximum | Delinquency rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	32	32
Fair value measurements on recurring basis | Level III | RMBS | Maximum | Servicer advances
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	84	82
Fair value measurements on recurring basis | Level III | RMBS | Maximum | Annual coupon deterioration
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	1.2	0.9
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	17	17
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	7.4	7.6
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	2.2	2.4
Fair value measurements on recurring basis | Level III | RMBS | Weighted-average | Loss severity
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	17	20
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	19
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	53	54
Fair value measurements on recurring basis | Level III | RMBS | Weighted-average | Annual coupon deterioration
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.1	0.1
Fair value measurements on recurring basis | Level III | RMBS | Weighted-average | Putback amount per projected total collateral loss
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.8	0.8
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	$ 19,256,000	$ 19,457,000
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	7 years 7 months 6 days	7 years 7 months 6 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	298.5	536.6
Fair value measurements on recurring basis | Level III | CMBS | Weighted-average
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale debt securities, term	6 years	5 years 3 months 18 days
Fair value measurements on recurring basis | Level III | CMBS | Weighted-average | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	5.9	7.1
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	$ 12,406,000	$ 13,202,000
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	7.25
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	7.25	7.50
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	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)	20 years 7 months 6 days	16 years 3 months 18 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	752.4	312.2
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 9 months 18 days	3 years 9 months 18 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	16.9	14.3
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	10 years 9 months 18 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	752.4	312.2
Fair value measurements on recurring basis | Level III | VIE liabilities | Weighted-average
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE duration (in years)		3 years 9 months 18 days
Fair value measurements on recurring basis | Level III | VIE liabilities | Weighted-average | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE liabilities, measurement input	17.3	14.4
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 8 months 12 days
Primary beneficiary
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Total Assets	$ 62,367,110,000	$ 64,238,328,000
Total Liabilities	60,896,709,000	62,776,371,000
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	62,367,110,000	64,238,328,000
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	60,896,709,000	62,776,371,000
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	$ 62,367,110,000	$ 64,238,328,000
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	$ 2,227,428,000	$ 2,019,876,000
Derivative Liability, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Income Taxes
Assets	$ 79,702,323	$ 80,873,509
Investing and Servicing Segment | TRS entities
Income Taxes
Assets	$ 959,600,000	$ 1,400,000

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2017
Reconciliation of statutory tax to effective tax
Federal statutory tax rate	$ 26,199	$ (15,329)
REIT and other non-taxable income	(24,501)	9,914
State income taxes	558	(1,779)
Federal benefit of state tax deduction	(117)	374
Other	91	91
Total income tax provision	$ 2,230	$ (6,729)
Reconciliation of statutory tax rate to effective tax rate
Federal statutory tax rate (as a percent)	21.00%	21.00%	35.00%
REIT and other non-taxable income (as a percent)	(19.60%)	(13.60%)
State income taxes (as a percent)	0.40%	2.40%
Federal benefit of state tax deduction (as a percent)	(0.10%)	(0.50%)
Other (as a percent)	0.10%	(0.10%)
Effective tax rate (as a percent)	1.80%	9.20%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2021USD ($)item
Infrastructure Lending Segment | Interest rate swaps | Derivatives designated as hedging instruments
Commitments and Contingencies
Number of guarantees | item	6
Commitments | Commercial and Residential Lending Segment
Commitments and Contingencies
Value of loans with future funding commitments	$ 1,500
Value of loans with future funding commitments expected to fund	1,300
Outstanding	82.7
Commitments | Infrastructure Lending Segment
Commitments and Contingencies
Value of loans with future funding commitments	192.5
Revolvers and letters of credit | Infrastructure Lending Segment
Commitments and Contingencies
Value of loans with future funding commitments	126.7
Outstanding	15.6
Delayed draw term loans | Infrastructure Lending Segment
Commitments and Contingencies
Value of loans with future funding commitments	$ 65.8

Segment and Geographic Data - R

Segment and Geographic Data - Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Interest income from loans	$ 190,575	$ 217,427
Interest income from investment securities	11,610	15,240
Servicing fees	8,402	4,793
Rental income	76,338	74,146
Other revenues	305	954
Total revenues	287,230	312,560
Costs and expenses:
Management fees	38,736	40,728
Interest expense	103,374	120,025
General and administrative	38,636	38,702
Acquisition and investment pursuit costs	185	909
Costs of rental operations	28,745	28,214
Depreciation and amortization	22,474	23,980
Credit loss provision (reversal), net	44	48,669
Other expense	685	388
Total costs and expenses	232,879	301,615
Other income (loss):
Change in net assets related to consolidated VIEs	39,745	(45,493)
Change in fair value of servicing rights	(796)	(393)
Change in fair value of investment securities, net	(306)	2,504
Change in fair value of mortgage loans, net	(9,478)	(16,134)
Earnings from unconsolidated entities	1,734	97
(Loss) gain on sale of investments and other assets, net	17,693	296
(Loss) gain on derivative financial instruments, net	33,989	9,710
Foreign currency (loss) gain, net	(11,681)	(34,486)
Add: Loss on extinguishment of Convertible Notes	(516)	(170)
Other income, net	21	126
Total other income (loss)	70,405	(83,943)
Income (loss) before income taxes	124,756	(72,998)
Income tax (provision) benefit	(2,230)	6,729
Net income (loss)	122,526	(66,269)
Net income attributable to non-controlling interests	(11,148)	(500)
Net income (loss) attributable to Starwood Property Trust, Inc.	111,378	(66,769)
Operating Segments and Corporate
Revenues:
Interest income from loans	190,575	217,427
Interest income from investment securities	39,889	44,129
Servicing fees	12,580	6,614
Rental income	76,338	74,146
Other revenues	305	956
Total revenues	319,687	343,272
Costs and expenses:
Management fees	38,725	40,697
Interest expense	103,565	120,187
General and administrative	38,549	38,618
Acquisition and investment pursuit costs	185	909
Costs of rental operations	28,745	28,214
Depreciation and amortization	22,474	23,980
Credit loss provision (reversal), net	44	48,669
Other expense	685	388
Total costs and expenses	232,972	301,662
Other income (loss):
Change in fair value of servicing rights	745	318
Change in fair value of investment securities, net	5,120	(75,095)
Change in fair value of mortgage loans, net	(9,478)	(16,134)
Earnings from unconsolidated entities	2,088	671
(Loss) gain on sale of investments and other assets, net	17,693	296
(Loss) gain on derivative financial instruments, net	33,989	9,710
Foreign currency (loss) gain, net	(11,681)	(34,486)
Add: Loss on extinguishment of Convertible Notes	(516)	(170)
Other income, net	21	126
Total other income (loss)	37,981	(114,764)
Income (loss) before income taxes	124,696	(73,154)
Income tax (provision) benefit	(2,230)	6,729
Net income (loss)	122,466	(66,425)
Net income attributable to non-controlling interests	(11,088)	(344)
Net income (loss) attributable to Starwood Property Trust, Inc.	111,378	(66,769)
Operating segment | Commercial and Residential Lending Segment
Revenues:
Interest income from loans	170,593	192,381
Interest income from investment securities	18,385	18,628
Servicing fees	124	172
Rental income	1,339	78
Other revenues	90	178
Total revenues	190,531	211,437
Costs and expenses:
Management fees	315	351
Interest expense	44,295	53,950
General and administrative	11,333	8,132
Acquisition and investment pursuit costs	185	860
Costs of rental operations	477	778
Depreciation and amortization	307	415
Credit loss provision (reversal), net	(529)	40,217
Other expense	31	77
Total costs and expenses	56,414	104,780
Other income (loss):
Change in fair value of investment securities, net	(2,050)	(27,879)
Change in fair value of mortgage loans, net	(10,714)	(35,517)
Earnings from unconsolidated entities	1,753	51
(Loss) gain on sale of investments and other assets, net	17,693
(Loss) gain on derivative financial instruments, net	26,141	30,805
Foreign currency (loss) gain, net	(11,594)	(34,001)
Add: Loss on extinguishment of Convertible Notes	(68)
Total other income (loss)	21,161	(66,541)
Income (loss) before income taxes	155,278	40,116
Income tax (provision) benefit	(1,505)	4,422
Net income (loss)	153,773	44,538
Net income attributable to non-controlling interests	(3)	(3)
Net income (loss) attributable to Starwood Property Trust, Inc.	153,770	44,535
Operating segment | Infrastructure Lending Segment
Revenues:
Interest income from loans	18,808	22,413
Interest income from investment securities	564	701
Other revenues	93	143
Total revenues	19,465	23,257
Costs and expenses:
Interest expense	8,841	13,117
General and administrative	3,442	4,423
Acquisition and investment pursuit costs		17
Depreciation and amortization	100	70
Credit loss provision (reversal), net	573	8,452
Total costs and expenses	12,956	26,079
Other income (loss):
Earnings from unconsolidated entities	(254)
(Loss) gain on sale of investments and other assets, net		296
(Loss) gain on derivative financial instruments, net	684	(1,001)
Foreign currency (loss) gain, net	(49)	(473)
Add: Loss on extinguishment of Convertible Notes	(307)	(170)
Other income, net	21
Total other income (loss)	95	(1,348)
Income (loss) before income taxes	6,604	(4,170)
Income tax (provision) benefit	(92)	145
Net income (loss)	6,512	(4,025)
Net income (loss) attributable to Starwood Property Trust, Inc.	6,512	(4,025)
Operating segment | Investing and Servicing Segment
Revenues:
Interest income from loans	1,174	2,633
Interest income from investment securities	20,940	24,800
Servicing fees	12,456	6,442
Rental income	9,895	10,107
Other revenues	82	513
Total revenues	44,547	44,495
Costs and expenses:
Management fees	222	239
Interest expense	5,449	7,194
General and administrative	18,440	20,684
Acquisition and investment pursuit costs		20
Costs of rental operations	4,308	4,584
Depreciation and amortization	3,967	4,207
Other expense	71
Total costs and expenses	32,457	36,928
Other income (loss):
Change in fair value of servicing rights	745	318
Change in fair value of investment securities, net	7,170	(47,216)
Change in fair value of mortgage loans, net	1,236	19,383
Earnings from unconsolidated entities	589	620
(Loss) gain on derivative financial instruments, net	9,283	(19,106)
Foreign currency (loss) gain, net	(63)	7
Other income, net		76
Total other income (loss)	18,960	(45,918)
Income (loss) before income taxes	31,050	(38,351)
Income tax (provision) benefit	(633)	2,162
Net income (loss)	30,417	(36,189)
Net income attributable to non-controlling interests	(6,008)	4,770
Net income (loss) attributable to Starwood Property Trust, Inc.	24,409	(31,419)
Operating segment | Property Segment
Revenues:
Rental income	65,104	63,961
Other revenues	40	122
Total revenues	65,144	64,083
Costs and expenses:
Interest expense	15,832	17,121
General and administrative	1,023	1,078
Acquisition and investment pursuit costs		12
Costs of rental operations	23,960	22,852
Depreciation and amortization	18,100	19,288
Other expense	583	311
Total costs and expenses	59,498	60,662
Other income (loss):
(Loss) gain on derivative financial instruments, net	4,724	(30,223)
Foreign currency (loss) gain, net	25	(19)
Add: Loss on extinguishment of Convertible Notes	(141)
Other income, net		50
Total other income (loss)	4,608	(30,192)
Income (loss) before income taxes	10,254	(26,771)
Net income (loss)	10,254	(26,771)
Net income attributable to non-controlling interests	(5,077)	(5,111)
Net income (loss) attributable to Starwood Property Trust, Inc.	5,177	(31,882)
Corporate
Costs and expenses:
Management fees	38,188	40,107
Interest expense	29,148	28,805
General and administrative	4,311	4,301
Total costs and expenses	71,647	73,213
Other income (loss):
(Loss) gain on derivative financial instruments, net	(6,843)	29,235
Total other income (loss)	(6,843)	29,235
Income (loss) before income taxes	(78,490)	(43,978)
Net income (loss)	(78,490)	(43,978)
Net income (loss) attributable to Starwood Property Trust, Inc.	(78,490)	(43,978)
LNR VIEs
Revenues:
Interest income from investment securities	(28,279)	(28,889)
Servicing fees	(4,178)	(1,821)
Other revenues		(2)
Total revenues	(32,457)	(30,712)
Costs and expenses:
Management fees	11	31
Interest expense	(191)	(162)
General and administrative	87	84
Total costs and expenses	(93)	(47)
Other income (loss):
Change in net assets related to consolidated VIEs	39,745	(45,493)
Change in fair value of servicing rights	(1,541)	(711)
Change in fair value of investment securities, net	(5,426)	77,599
Earnings from unconsolidated entities	(354)	(574)
Total other income (loss)	32,424	30,821
Income (loss) before income taxes	60	156
Net income (loss)	60	156
Net income attributable to non-controlling interests	$ (60)	$ (156)

Segment and Geographic Data - B

Segment and Geographic Data - Balance sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 351,190	$ 563,217
Restricted cash	118,724	158,945
Loans held-for-investment, net	12,321,493	11,087,073
Loans held-for-sale	844,631	1,052,835
Investment securities	678,287	736,658
Properties, net	2,244,748	2,271,153
Intangible assets	66,772	70,117
Investment in unconsolidated entities	100,907	108,054
Goodwill	259,846	259,846
Derivative assets	38,029	40,555
Accrued interest receivable	101,713	95,980
Other assets	208,873	190,748
Total Assets	79,702,323	80,873,509
Liabilities:
Accounts payable, accrued expenses and other liabilities	178,215	206,845
Related-party payable	36,135	39,170
Dividends payable	138,906	137,959
Derivative liabilities	34,805	41,324
Secured financing agreements, net	10,895,932	10,146,190
Collateralized loan obligations, net	931,178	930,554
Unsecured senior notes, net	1,735,658	1,732,520
Total Liabilities	74,847,538	76,010,933
Starwood Property Trust, Inc. Stockholders' Equity:
Common stock	2,943	2,921
Additional paid-in capital	5,225,037	5,209,739
Treasury stock	(138,022)	(138,022)
Accumulated other comprehensive income (loss)	41,654	43,993	$ 35,884	$ 50,932
Retained earnings (accumulated deficit)	(654,750)	(629,733)
Total Starwood Property Trust, Inc. Stockholders' Equity	4,476,862	4,488,898
Non-controlling interests in consolidated subsidiaries	377,923	373,678
Total Equity	4,854,785	4,862,576	$ 4,817,351	$ 5,137,014
Total Liabilities and Equity	79,702,323	80,873,509
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	350,406	562,445
Restricted cash	118,724	158,945
Loans held-for-investment, net	12,321,493	11,087,073
Loans held-for-sale	844,631	1,052,835
Investment securities	2,110,919	2,162,228
Properties, net	2,244,748	2,271,153
Intangible assets	109,690	111,493
Investment in unconsolidated entities	116,789	124,166
Goodwill	259,846	259,846
Derivative assets	38,029	40,555
Accrued interest receivable	101,845	96,114
Other assets	208,889	190,755
Total Assets	18,826,009	18,117,608
Liabilities:
Accounts payable, accrued expenses and other liabilities	178,124	206,770
Related-party payable	36,135	39,170
Dividends payable	138,906	137,959
Derivative liabilities	34,805	41,324
Secured financing agreements, net	10,917,775	10,168,190
Collateralized loan obligations, net	931,178	930,554
Unsecured senior notes, net	1,735,658	1,732,520
Total Liabilities	13,972,581	13,256,487
Starwood Property Trust, Inc. Stockholders' Equity:
Common stock	2,943	2,921
Additional paid-in capital	5,225,037	5,209,739
Treasury stock	(138,022)	(138,022)
Accumulated other comprehensive income (loss)	41,654	43,993
Retained earnings (accumulated deficit)	(654,750)	(629,733)
Total Starwood Property Trust, Inc. Stockholders' Equity	4,476,862	4,488,898
Non-controlling interests in consolidated subsidiaries	376,566	372,223
Total Equity	4,853,428	4,861,121
Total Liabilities and Equity	18,826,009	18,117,608
Operating segment | Commercial and Residential Lending Segment
Assets:
Cash and cash equivalents	56,629	160,007
Restricted cash	69,882	93,445
Loans held-for-investment, net	10,733,752	9,673,625
Loans held-for-sale	587,037	841,963
Investment securities	969,968	1,014,402
Properties, net	93,718	103,896
Investment in unconsolidated entities	47,514	54,407
Derivative assets	13,088	6,595
Accrued interest receivable	97,853	87,922
Other assets	61,677	61,638
Total Assets	12,731,118	12,097,900
Liabilities:
Accounts payable, accrued expenses and other liabilities	37,206	41,104
Derivative liabilities	33,190	39,082
Secured financing agreements, net	6,502,059	5,893,999
Collateralized loan obligations, net	931,178	930,554
Total Liabilities	7,503,633	6,904,739
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	1,074,553	1,192,584
Accumulated other comprehensive income (loss)	41,654	44,057
Retained earnings (accumulated deficit)	4,111,160	3,956,405
Total Starwood Property Trust, Inc. Stockholders' Equity	5,227,367	5,193,046
Non-controlling interests in consolidated subsidiaries	118	115
Total Equity	5,227,485	5,193,161
Total Liabilities and Equity	12,731,118	12,097,900
Operating segment | Infrastructure Lending Segment
Assets:
Cash and cash equivalents	7,873	4,440
Restricted cash	27,973	45,113
Loans held-for-investment, net	1,586,808	1,412,440
Loans held-for-sale	89,368	120,540
Investment securities	34,951	35,681
Investment in unconsolidated entities	24,840	25,095
Goodwill	119,409	119,409
Accrued interest receivable	3,310	2,091
Other assets	7,107	4,531
Total Assets	1,901,639	1,769,340
Liabilities:
Accounts payable, accrued expenses and other liabilities	16,010	12,144
Derivative liabilities	1,310	1,718
Secured financing agreements, net	1,259,813	1,240,763
Total Liabilities	1,277,133	1,254,625
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	599,666	496,387
Retained earnings (accumulated deficit)	24,840	18,328
Total Starwood Property Trust, Inc. Stockholders' Equity	624,506	514,715
Total Equity	624,506	514,715
Total Liabilities and Equity	1,901,639	1,769,340
Operating segment | Property Segment
Assets:
Cash and cash equivalents	39,791	32,080
Restricted cash	6,672	7,192
Properties, net	1,954,880	1,969,414
Intangible assets	38,833	40,370
Derivative assets	162	41
Other assets	85,740	69,859
Total Assets	2,126,078	2,118,956
Liabilities:
Accounts payable, accrued expenses and other liabilities	44,184	43,630
Secured financing agreements, net	1,871,026	1,794,609
Total Liabilities	1,915,210	1,838,239
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	25,905	98,882
Retained earnings (accumulated deficit)	(40,641)	(44,832)
Total Starwood Property Trust, Inc. Stockholders' Equity	(14,736)	54,050
Non-controlling interests in consolidated subsidiaries	225,604	226,667
Total Equity	210,868	280,717
Total Liabilities and Equity	2,126,078	2,118,956
Operating segment | Investing and Servicing Segment
Assets:
Cash and cash equivalents	29,064	19,546
Restricted cash	14,197	13,195
Loans held-for-investment, net	933	1,008
Loans held-for-sale	168,226	90,332
Investment securities	1,106,000	1,112,145
Properties, net	196,150	197,843
Intangible assets	70,857	71,123
Investment in unconsolidated entities	44,435	44,664
Goodwill	140,437	140,437
Derivative assets	320	147
Accrued interest receivable	274	123
Other assets	44,719	44,579
Total Assets	1,815,612	1,735,142
Liabilities:
Accounts payable, accrued expenses and other liabilities	24,110	45,309
Related-party payable		5
Derivative liabilities	305	524
Secured financing agreements, net	653,222	606,100
Total Liabilities	677,637	651,938
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	(298,098)	(322,992)
Accumulated other comprehensive income (loss)		(64)
Retained earnings (accumulated deficit)	1,285,229	1,260,819
Total Starwood Property Trust, Inc. Stockholders' Equity	987,131	937,763
Non-controlling interests in consolidated subsidiaries	150,844	145,441
Total Equity	1,137,975	1,083,204
Total Liabilities and Equity	1,815,612	1,735,142
Corporate
Assets:
Cash and cash equivalents	217,049	346,372
Derivative assets	24,459	33,772
Accrued interest receivable	408	5,978
Other assets	9,646	10,148
Total Assets	251,562	396,270
Liabilities:
Accounts payable, accrued expenses and other liabilities	56,614	64,583
Related-party payable	36,135	39,165
Dividends payable	138,906	137,959
Secured financing agreements, net	631,655	632,719
Unsecured senior notes, net	1,735,658	1,732,520
Total Liabilities	2,598,968	2,606,946
Starwood Property Trust, Inc. Stockholders' Equity:
Common stock	2,943	2,921
Additional paid-in capital	3,823,011	3,744,878
Treasury stock	(138,022)	(138,022)
Retained earnings (accumulated deficit)	(6,035,338)	(5,820,453)
Total Starwood Property Trust, Inc. Stockholders' Equity	(2,347,406)	(2,210,676)
Total Equity	(2,347,406)	(2,210,676)
Total Liabilities and Equity	251,562	396,270
LNR VIEs
Assets:
Cash and cash equivalents	784	772
Investment securities	(1,432,632)	(1,425,570)
Intangible assets	(42,918)	(41,376)
Investment in unconsolidated entities	(15,882)	(16,112)
Accrued interest receivable	(132)	(134)
Other assets	(16)	(7)
Total Assets	60,876,314	62,755,901
Liabilities:
Accounts payable, accrued expenses and other liabilities	91	75
Secured financing agreements, net	(21,843)	(22,000)
Total Liabilities	60,874,957	62,754,446
Starwood Property Trust, Inc. Stockholders' Equity:
Non-controlling interests in consolidated subsidiaries	1,357	1,455
Total Equity	1,357	1,455
Total Liabilities and Equity	60,876,314	62,755,901
Primary beneficiary
Assets:
Total Assets	62,367,110	64,238,328
Liabilities:
Total Liabilities	60,896,709	62,776,371
Primary beneficiary | LNR VIEs
Assets:
Total Assets	62,367,110	64,238,328
Liabilities:
Total Liabilities	$ 60,896,709	$ 62,776,371

Subsequent Events (Details)

Subsequent Events (Details) - Collateralized Loan Obligation - USD ($) $ in Millions	1 Months Ended
	May 31, 2021	Apr. 30, 2021	Aug. 31, 2019
Subsequent Events
Amount issued			$ 1,100
Principal amount of rated bonds			$ 936.4
Total loans held-for-investment | Commercial Portfolio Segment | Subsequent event
Subsequent Events
Amount issued	$ 1,300
Principal amount of rated bonds	$ 1,100
Period for which allows us to contribute new loans or participation interests in loans	2 years
Total loans held-for-investment | Commercial Portfolio Segment | Subsequent event | LIBOR
Subsequent Events
Pricing margin (as a percent)	150.00%
Total loans held-for-investment | Infrastructure Portfolio Segment | Subsequent event
Subsequent Events
Amount issued		$ 500
Principal amount of rated bonds		$ 410
Period for which allows us to contribute new loans or participation interests in loans		3 years
Total loans held-for-investment | Infrastructure Portfolio Segment | Subsequent event | LIBOR
Subsequent Events
Pricing margin (as a percent)		181.00%