Starwood Property Trust (STWD) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
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		288,278,083
Entity Central Index Key	0001465128
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 254,567	$ 563,217
Restricted cash	106,009	158,945
Loans held-for-investment, net of credit loss allowances of $59,825 and $77,444 ($142,706 and $90,684 held at fair value)	12,763,372	11,087,073
Loans held-for-sale ($875,802 and $932,295 held at fair value)	961,677	1,052,835
Investment securities, net of credit loss allowances of $4,929 and $5,675 ($185,549 and $198,053 held at fair value)	673,566	736,658
Properties, net	2,243,569	2,271,153
Intangible assets ($13,705 and $13,202 held at fair value)	65,193	70,117
Investment in unconsolidated entities	96,789	108,054
Goodwill	259,846	259,846
Derivative assets	35,615	40,555
Accrued interest receivable	113,800	95,980
Other assets	241,503	190,748
Total Assets	81,309,302	80,873,509
Liabilities:
Accounts payable, accrued expenses and other liabilities	182,226	206,845
Related-party payable	26,431	39,170
Dividends payable	139,457	137,959
Derivative liabilities	33,061	41,324
Secured financing agreements, net	9,932,662	10,146,190
Collateralized loan obligations, net	2,404,672	930,554
Unsecured senior notes, net	1,737,383	1,732,520
Total Liabilities	76,457,602	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	0	0
Common stock, $0.01 per share, 500,000,000 shares authorized, 295,257,898 issued and 287,809,207 outstanding as of June 30, 2021 and 292,091,601 issued and 284,642,910 outstanding as of December 31, 2020	2,952	2,921
Additional paid-in capital	5,248,490	5,209,739
Treasury stock (7,448,691 shares)	(138,022)	(138,022)
Accumulated other comprehensive income	41,310	43,993
Accumulated deficit	(677,375)	(629,733)
Total Starwood Property Trust, Inc. Stockholders’ Equity	4,477,355	4,488,898
Non-controlling interests in consolidated subsidiaries	374,345	373,678
Total Equity	4,851,700	4,862,576
Total Liabilities and Equity	81,309,302	80,873,509
Primary beneficiary
Assets:
Total Assets	63,493,796	64,238,328
Liabilities:
Total Liabilities	$ 62,001,710	$ 62,776,371

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Allowance for credit losses	$ 59,825	$ 77,444
Loans held-for-investment, net, held at fair value	142,706	90,684
Loans-held-for-sale, held at fair value	875,802	932,295
Credit loss allowance	4,929	5,675
Investments, fair value	185,549	198,053
Intangible assets held at fair value	$ 13,705	$ 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	295,257,898	292,091,601
Common stock, shares outstanding	287,809,207	284,642,910
Treasury stock, shares	7,448,691	7,448,691
Assets	$ 81,309,302	$ 80,873,509
Liabilities	76,457,602	76,010,933
CLOs (a)
Assets	2,900,000	1,100,000
Liabilities	$ 2,400,000	$ 900,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Interest income from loans	$ 189,272	$ 171,103	$ 379,847	$ 388,530
Interest income from investment securities	10,648	14,644	22,258	29,884
Servicing fees	10,864	6,658	19,266	11,451
Rental income	77,119	72,710	153,457	146,856
Other revenues	2,964	491	3,269	1,445
Total revenues	290,867	265,606	578,097	578,166
Costs and expenses:
Management fees	29,250	23,115	67,986	63,843
Interest expense	109,653	101,493	213,027	221,518
General and administrative	45,265	32,677	83,901	71,379
Acquisition and investment pursuit costs	407	1,590	592	2,499
Costs of rental operations	30,731	29,632	59,476	57,846
Depreciation and amortization	22,477	23,421	44,951	47,401
Credit loss provision, net	(11,844)	10,202	(11,800)	58,871
Other expense	0	102	685	490
Total costs and expenses	225,939	222,232	458,818	523,847
Other income (loss):
Change in net assets related to consolidated VIEs	12,509	51,261	52,254	5,768
Change in fair value of servicing rights	1,299	(2,569)	503	(2,962)
Change in fair value of investment securities, net	1,508	827	1,202	3,331
Change in fair value of mortgage loans, net	45,867	34,450	36,389	18,316
Earnings from unconsolidated entities	2,226	28,776	3,960	28,873
Gain on sale of investments and other assets, net	8,731	6,472	26,424	6,768
(Loss) gain on derivative financial instruments, net	(10,009)	(16,098)	23,980	(6,388)
Foreign currency gain (loss), net	2,627	7,173	(9,054)	(27,313)
Loss on extinguishment of debt	(1,182)	(2,207)	(1,698)	(2,377)
Other (loss) income, net	(5,473)	204	(5,452)	330
Total other income	58,103	108,289	128,508	24,346
Income before income taxes	123,031	151,663	247,787	78,665
Income tax benefit	3,353	1,298	1,123	8,027
Net income	126,384	152,961	248,910	86,692
Net income attributable to non-controlling interests	(10,074)	(13,305)	(21,222)	(13,805)
Net income attributable to Starwood Property Trust, Inc.	$ 116,310	$ 139,656	$ 227,688	$ 72,887
Earnings Per Share Attributable to STWD Common Stockholders:
Basic (in dollars per share)	$ 0.40	$ 0.49	$ 0.79	$ 0.25
Diluted (in dollars per share)	$ 0.40	$ 0.49	$ 0.78	$ 0.25

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 126,384	$ 152,961	$ 248,910	$ 86,692
Other comprehensive (loss) income (net change by component):
Available-for-sale securities	(344)	6,982	(2,747)	(8,066)
Foreign currency translation	0	0	64	0
Other comprehensive (loss) income	(344)	6,982	(2,683)	(8,066)
Comprehensive income	126,040	159,943	246,227	78,626
Less: Comprehensive income attributable to non-controlling interests	(10,074)	(13,305)	(21,222)	(13,805)
Comprehensive income attributable to Starwood Property Trust, Inc.	$ 115,966	$ 146,638	$ 225,005	$ 64,821

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity $ in Thousands	USD ($)shares	Cumulative Effect, Period of Adoption, AdjustmentUSD ($)	Total Property Trust, Inc. Stockholders’ EquityUSD ($)	Total Property Trust, Inc. Stockholders’ EquityCumulative Effect, Period of Adoption, AdjustmentUSD ($)	Common stockUSD ($)shares	Additional Paid-in CapitalUSD ($)	Additional Paid-in CapitalCumulative Effect, Period of Adoption, AdjustmentUSD ($)	Treasury Stock​USD ($)shares	Accumulated DeficitUSD ($)	Accumulated DeficitCumulative Effect, Period of Adoption, AdjustmentUSD ($)	Accumulated Other Comprehensive IncomeUSD ($)	Non- Controlling InterestsUSD ($)
Beginning Balance (in shares) at Dec. 31, 2019 | shares					287,380,891			5,180,140
Beginning Balance at Dec. 31, 2019	$ 5,137,014	$ (32,286)	$ 4,700,425	$ (32,286)	$ 2,874	$ 5,132,532		$ (104,194)	$ (381,719)	$ (32,286)	$ 50,932	$ 436,589
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan (in shares) | shares					25,031
Proceeds from DRIP Plan	369		369			369
Redemption of Class A Units (in shares)					409,712
Redemption of Class A Units			8,538		$ 4	8,534						(8,538)
Equity offering costs	(15)		(15)			(15)
Common stock repurchased (in shares) | shares								1,925,421
Common stock repurchased	(28,830)		(28,830)					$ (28,830)
Share-based compensation (in shares) | shares					1,336,217
Share-based compensation	16,144		16,144		$ 14	16,130
Manager fee paid in stock (in shares) | shares					2,421,232
Manager fees paid in stock	36,046		36,046		$ 24	36,022
Net income	86,692		72,887						72,887			13,805
Dividends declared	(272,975)		(272,975)						(272,975)
Other comprehensive loss, net	(8,066)		(8,066)								(8,066)
VIE non-controlling interests	(2,189)											(2,189)
Contributions from non-controlling interests	9,406											9,406
Distributions to non-controlling interests	(76,514)											(76,514)
Ending Balance (in shares) at Jun. 30, 2020 | shares					291,573,083			7,105,561
Ending Balance at Jun. 30, 2020	$ 4,864,796		4,492,237		$ 2,916	5,193,572		$ (133,024)	(614,093)		42,866	372,559
Accounting Standards Update [Extensible List]	stwd:AccountingStandardsUpdate202006Member
Beginning Balance (in shares) at Dec. 31, 2019 | shares					287,380,891			5,180,140
Beginning Balance at Dec. 31, 2019	$ 5,137,014	(32,286)	4,700,425	(32,286)	$ 2,874	5,132,532		$ (104,194)	(381,719)	(32,286)	50,932	436,589
Ending Balance (in shares) at Dec. 31, 2020 | shares	292,091,601				292,091,601			7,448,691
Ending Balance at Dec. 31, 2020	$ 4,862,576	(1,536)	4,488,898	(1,536)	$ 2,921	5,209,739	$ (3,755)	$ (138,022)	(629,733)	2,219	43,993	373,678
Beginning Balance (in shares) at Mar. 31, 2020 | shares					289,349,439			7,105,561
Beginning Balance at Mar. 31, 2020	4,817,351		4,448,058		$ 2,894	5,159,069		$ (133,024)	(616,765)		35,884	369,293
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan (in shares) | shares					17,313
Proceeds from DRIP Plan	216		216			216
Equity offering costs	(1)		(1)			(1)
Share-based compensation (in shares) | shares					141,009
Share-based compensation	7,344		7,344		$ 2	7,342
Manager fee paid in stock (in shares) | shares					2,065,322
Manager fees paid in stock	26,966		26,966		$ 20	26,946
Net income	152,961		139,656						139,656			13,305
Dividends declared	(136,984)		(136,984)						(136,984)
Other comprehensive loss, net	6,982		6,982								6,982
VIE non-controlling interests	(1)											(1)
Distributions to non-controlling interests	(10,038)											(10,038)
Ending Balance (in shares) at Jun. 30, 2020 | shares					291,573,083			7,105,561
Ending Balance at Jun. 30, 2020	$ 4,864,796		4,492,237		$ 2,916	5,193,572		$ (133,024)	(614,093)		42,866	372,559
Beginning Balance (in shares) at Dec. 31, 2020 | shares	292,091,601				292,091,601			7,448,691
Beginning Balance at Dec. 31, 2020	$ 4,862,576	$ (1,536)	4,488,898	$ (1,536)	$ 2,921	5,209,739	$ (3,755)	$ (138,022)	(629,733)	$ 2,219	43,993	373,678
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan (in shares) | shares					21,170
Proceeds from DRIP Plan	488		488			488
Redemption of Class A Units (in shares)					388,002
Redemption of Class A Units			8,116		$ 4	8,112						(8,116)
Equity offering costs	(22)		(22)			(22)
Share-based compensation (in shares) | shares					2,157,745
Share-based compensation	19,907		19,907		$ 21	19,886
Manager fee paid in stock (in shares) | shares					599,380
Manager fees paid in stock	14,048		14,048		$ 6	14,042
Net income	248,910		227,688						227,688			21,222
Dividends declared	(277,549)		(277,549)						(277,549)
Other comprehensive loss, net	(2,683)		(2,683)								(2,683)
Contributions from non-controlling interests	5,538											5,538
Distributions to non-controlling interests	$ (17,977)											(17,977)
Ending Balance (in shares) at Jun. 30, 2021 | shares	295,257,898				295,257,898			7,448,691
Ending Balance at Jun. 30, 2021	$ 4,851,700		4,477,355		$ 2,952	5,248,490		$ (138,022)	(677,375)		41,310	374,345
Beginning Balance (in shares) at Mar. 31, 2021 | shares					294,300,251			7,448,691
Beginning Balance at Mar. 31, 2021	4,854,785		4,476,862		$ 2,943	5,225,037		$ (138,022)	(654,750)		41,654	377,923
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan (in shares) | shares					8,936
Proceeds from DRIP Plan	226		226			226
Redemption of Class A Units (in shares)					338,002
Redemption of Class A Units			7,077		$ 3	7,074						(7,077)
Share-based compensation (in shares) | shares					343,331
Share-based compensation	9,597		9,597		$ 3	9,594
Manager fee paid in stock (in shares) | shares					267,378
Manager fees paid in stock	6,562		6,562		$ 3	6,559
Net income	126,384		116,310						116,310			10,074
Dividends declared	(138,935)		(138,935)						(138,935)
Other comprehensive loss, net	(344)		(344)								(344)
Contributions from non-controlling interests	2,569											2,569
Distributions to non-controlling interests	$ (9,144)											(9,144)
Ending Balance (in shares) at Jun. 30, 2021 | shares	295,257,898				295,257,898			7,448,691
Ending Balance at Jun. 30, 2021	$ 4,851,700		$ 4,477,355		$ 2,952	$ 5,248,490		$ (138,022)	$ (677,375)		$ 41,310	$ 374,345

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	Jun. 14, 2021	Mar. 11, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.96	$ 0.96

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows from Operating Activities:
Net income	$ 248,910	$ 86,692
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred financing costs, premiums and discounts on secured borrowings	21,265	19,552
Amortization of discounts and deferred financing costs on unsecured senior notes	3,451	3,938
Accretion of net discount on investment securities	(6,773)	(6,123)
Accretion of net deferred loan fees and discounts	(29,739)	(20,840)
Share-based compensation	19,907	16,144
Manager fees paid in stock	14,048	36,046
Change in fair value of investment securities	(1,202)	(3,331)
Change in fair value of consolidated VIEs	19,024	62,175
Change in fair value of servicing rights	(503)	2,962
Change in fair value of loans	(36,389)	(18,316)
Change in fair value of derivatives	(26,289)	10,531
Foreign currency loss, net	9,054	27,313
Gain on sale of investments and other assets	(26,424)	(6,768)
Credit loss provision, net	(11,800)	58,871
Depreciation and amortization	45,134	47,137
Earnings from unconsolidated entities	(3,960)	(28,873)
Distributions of earnings from unconsolidated entities	1,082	888
Loss on extinguishment of debt	1,698	2,377
Origination and purchase of loans held-for-sale, net of principal collections	(1,284,620)	(740,649)
Proceeds from sale of loans held-for-sale	1,477,579	1,340,833
Changes in operating assets and liabilities:
Related-party payable, net	(12,739)	(19,984)
Accrued and capitalized interest receivable, less purchased interest	(81,392)	(80,702)
Other assets	(32,132)	(16,372)
Accounts payable, accrued expenses and other liabilities	(19,203)	(3,763)
Net cash provided by operating activities	287,987	769,738
Cash Flows from Investing Activities:
Origination, purchase and funding of loans held-for-investment	(4,002,046)	(1,666,903)
Proceeds from principal collections on loans	2,244,935	999,254
Proceeds from loans sold	231,993	435,097
Purchase and funding of investment securities	0	(16,120)
Proceeds from sales of investment securities	0	7,940
Proceeds from principal collections on investment securities	68,867	50,479
Proceeds from sales of real estate	60,969	23,805
Purchases and additions to properties and other assets	(12,023)	(13,914)
Investment in unconsolidated entities	0	(3,130)
Proceeds from sale of interest in unconsolidated entities	0	10,313
Distribution of capital from unconsolidated entities	21,263	206
Payments for purchase or termination of derivatives	(8,111)	(80,911)
Proceeds from termination of derivatives	28,419	13,128
Net cash used in investing activities	(1,365,734)	(240,756)
Cash Flows from Financing Activities:
Proceeds from borrowings	6,793,363	3,686,932
Principal repayments on and repurchases of borrowings	(5,538,664)	(3,716,558)
Payment of deferred financing costs	(27,172)	(7,564)
Proceeds from common stock issuances	488	369
Payment of equity offering costs	(22)	(15)
Payment of dividends	(276,051)	(271,624)
Contributions from non-controlling interests	5,538	9,406
Distributions to non-controlling interests	(17,977)	(76,514)
Purchase of treasury stock	0	(28,830)
Issuance of debt of consolidated VIEs	42,288	24,376
Repayment of debt of consolidated VIEs	(306,496)	(236,336)
Distributions of cash from consolidated VIEs	42,546	36,989
Net cash provided by (used in) financing activities	717,841	(579,369)
Net decrease in cash, cash equivalents and restricted cash	(359,906)	(50,387)
Cash, cash equivalents and restricted cash, beginning of period	722,162	574,031
Effect of exchange rate changes on cash	(1,680)	487
Cash, cash equivalents and restricted cash, end of period	360,576	524,131
Supplemental disclosure of cash flow information:
Cash paid for interest	183,016	202,648
Income taxes paid	6,871	657
Supplemental disclosure of non-cash investing and financing activities:
Dividends declared, but not yet paid	139,985	137,242
Consolidation of VIEs (VIE asset/liability additions)	2,778,279	3,077,357
Reclassification of loans held-for-investment to loans held-for-sale	190,799	422,691
Reclassification of loans held-for-sale to loans held-for-investment	124,933	0
Transfer of loans from VIE assets residential loans upon redemption of a consolidated RMBS trust	172,474	0
Loan principal collections temporarily held at master servicer	56,064	12,274
Net assets acquired through conversion to equity interest and foreclosure	36,308	0
Redemption of Class A Units for common stock	$ 8,116	$ 8,538

Business and Organization

Business and Organization	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization 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 June 30, 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	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 and six months ended June 30, 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 pools of our loans through collateralized loan obligations (“CLOs”) which are considered VIEs. 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 , defines the primary beneficiary as the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the VIE which could be potentially significant. We consider our variable interests as well as any variable interests of our related parties in making this determination. Where both of these factors are present, we are deemed to be the primary beneficiary and we consolidate the VIE. Where either one of these factors is not present, we are not the primary beneficiary and do not consolidate the VIE. 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 2% of our consolidated securitization VIE assets, with the remaining 98% 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 , provides a fair value option election that allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. The decision to elect the fair value option is determined on an instrument by instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance are required to be reported separately in our consolidated balance sheets from those instruments using another accounting method. 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 $32.3 million increase to our total allowance for credit losses, which was recognized as a cumulative-effect adjustment to accumulated deficit as of January 1, 2020. 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), which removes certain separation models for convertible debt instruments and convertible preferred stock that require the separation into a debt component and an equity or derivative component. Consequently, 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. Upon the sale of loans or securities which are not accounted for pursuant to the fair value option, the excess (or deficiency) of net proceeds over the net carrying value of such loans or securities is recognized as a realized gain (loss). Servicing Fees We typically seek to be the special servicer on CMBS transactions in which we invest. When we are appointed to serve in this capacity, we earn special servicing fees from the related activities performed, which consist primarily of overseeing the workout of under-performing and non-performing loans underlying the CMBS transactions. These fees are recognized in income in the period in which the services are performed and the revenue recognition criteria have been met. Rental Income Rental income is recognized when earned from tenants. For leases that provide rent concessions or fixed escalations over the lease term, rental income is recognized on a straight-line basis over the noncancelable term of the lease. In net lease arrangements, costs reimbursable from tenants are recognized in rental income in the period in which the related expenses are incurred as we are generally the primary obligor with respect to purchasing goods and services for property operations. In instances where the tenant is responsible for property maintenance and repairs and contracts and settles such costs directly with third party service providers, we do not reflect those expenses in our consolidated statement of operations as the tenant is the primary obligor. 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 and six months ended June 30, 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. We believe the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of June 30, 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 June 30, 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 On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting, and on January 11, 2021, issued ASU 2021-01, Reference Rate Reform (Topic 848) – Scope, both of which provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or other reference rates expected to be discontinued because of reference rate reform. These ASUs are effective through December 31, 2022. The Company has not adopted any of the optional expedients or exceptions through June 30, 2021, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve.

Acquisitions and Divestitures

Acquisitions and Divestitures	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures During the three and six months ended June 30, 2021, we sold a property within the Investing and Servicing Segment Property Portfolio ("REIS Equity Portfolio") for $30.9 million. In connection with this sale, we recognized a gain of $9.7 million within gain on sale of investments and other assets in our condensed consolidated statements of operations. During the three and six months ended June 30, 2020, we sold a property within the REIS Equity Portfolio for $24.1 million. In connection with this sale, we recognized a gain of $7.4 million within gain on sale of investments and other assets in our condensed consolidated statements of operations. During the six months ended June 30, 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 statements of operations. During the three and six months ended June 30, 2021 and 2020, we had no significant acquisitions of properties or businesses.

Loans

Loans	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Loans	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 June 30, 2021 and December 31, 2020 (dollars in thousands): June 30, 2021 Carrying Face Weighted Weighted Loans held-for-investment: Commercial loans: First mortgages (3) $ 10,417,834 $ 10,473,818 5.1 % 1.7 Subordinated mortgages (4) 64,233 65,901 9.2 % 3.0 Mezzanine loans (3) 476,759 473,881 9.6 % 1.5 Other 17,947 19,863 8.2 % 2.5 Total commercial loans 10,976,773 11,033,463 Infrastructure first priority loans (5) 1,703,718 1,725,467 4.3 % 4.0 Residential loans, fair value option (6) 142,706 140,314 6.3 % N/A (7) Total loans held-for-investment 12,823,197 12,899,244 Loans held-for-sale: Residential, fair value option (6) 494,113 478,776 4.8 % N/A (7) Commercial, fair value option 381,689 368,819 3.9 % 7.1 Infrastructure, lower of cost or fair value (5) 85,875 86,079 2.8 % 2.2 Total loans held-for-sale 961,677 933,674 Total gross loans 13,784,874 $ 13,832,918 Credit loss allowances: Commercial loans held-for-investment (50,216) Infrastructure loans held-for-investment (9,609) Total allowances (59,825) Total net loans $ 13,725,049 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 June 30, 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 $1.1 billion and $877.3 million being classified as first mortgages as of June 30, 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 six months ended June 30, 2021, $30.7 million of infrastructure loans held-for-sale were reclassified into loans held-for-investment. (6) During the six months ended June 30, 2021, a net amount of $45.6 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 29.1 years and 27.9 years as of June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021, our variable rate loans held-for-investment were as follows (dollars in thousands): June 30, 2021 Carrying Weighted-average Commercial loans $ 10,538,637 4.2 % Infrastructure loans 1,703,718 3.8 % Total variable rate loans held-for-investment $ 12,242,355 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 June 30, 2021 (dollars in thousands): Term Loans Revolving Loans Total Credit As of June 30, 2021 2021 2020 2019 2018 2017 Prior Commercial loans: Credit quality indicator: LTV < 60% $ 1,454,059 $ 721,991 $ 1,172,510 $ 844,499 $ 713,951 $ 290,188 $ — $ 5,197,198 $ 8,024 LTV 60% - 70% 1,737,188 419,170 1,482,254 728,517 — 82,186 — 4,449,315 22,218 LTV > 70% — 282,896 604,322 351,600 — 61,518 — 1,300,336 11,708 Credit deteriorated — — — — — 11,977 — 11,977 8,266 Defeased and other — — — — — 17,947 — 17,947 — Total commercial $ 3,191,247 $ 1,424,057 $ 3,259,086 $ 1,924,616 $ 713,951 $ 463,816 $ — $ 10,976,773 $ 50,216 Infrastructure loans: Credit quality indicator: Power $ 24,753 $ 76,085 $ 218,837 $ 415,509 $ 123,438 $ 311,754 $ 13,914 $ 1,184,290 $ 4,885 Oil and gas 64,528 19,049 300,593 99,797 30,394 — 5,067 519,428 4,724 Total infrastructure $ 89,281 $ 95,134 $ 519,430 $ 515,306 $ 153,832 $ 311,754 $ 18,981 $ 1,703,718 $ 9,609 Residential loans held-for-investment, fair value option 142,706 — Loans held-for-sale 961,677 — Total gross loans $ 13,784,874 $ 59,825 As of June 30, 2021, we had credit deteriorated commercial loans with an amortized cost basis of $12.0 million. 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 $188.5 million commercial loan and $17.4 million of residential loans that were 90 days or greater past due at June 30, 2021. In March 2021, $7.3 million relating to the $188.5 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 $188.5 million commercial loan, along with a $13.8 million infrastructure loan in forbearance, were placed on nonaccrual status in January 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. In April 2021, we foreclosed on certain credit deteriorated loans related to a residential conversion project located in New York City, which resulted in our obtaining physical possession of the underlying collateral. The net carrying value of the loans related to this project totaled $100.5 million and consisted of: (i) a first mortgage and mezzanine loan with a net carrying value of $71.5 million, for which we consolidated the underlying property collateral in October 2020 when we obtained control over certain pledged equity interests of the borrower; and (ii) a first mortgage loan with a net carrying value of $29.0 million that was not subject to the pledged equity interests and thus continued to be reflected as a loan on our consolidated balance sheet until the April 2021 foreclosure. See Note 6 for further detail. 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 Six Months Ended June 30, 2021 Commercial Infrastructure Credit loss allowance at December 31, 2020 $ 69,611 $ 7,833 $ 77,444 Credit loss (reversal) provision, net (11,381) 1,519 (9,862) Charge-offs (7,757) (1) — (7,757) Recoveries — — — Transfers (257) 257 — Credit loss allowance at June 30, 2021 $ 50,216 $ 9,609 $ 59,825 Unfunded Commitments Credit Loss Allowance (2) Loans Held-for-Investment Six Months Ended June 30, 2021 Commercial Infrastructure Total Credit loss allowance at December 31, 2020 $ 5,258 $ 812 $ 6,070 Credit loss reversal, net (853) (339) (1,192) Credit loss allowance at June 30, 2021 $ 4,405 $ 473 $ 4,878 Memo: Unfunded commitments as of June 30, 2021 (3) $ 1,358,851 $ 46,238 $ 1,405,089 ______________________________________________________________________________________________________________________ (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 Six Months Ended June 30, 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 3,713,142 288,904 — 1,367,574 5,369,620 Capitalized interest (1) 63,538 — — — 63,538 Basis of loans sold (2) (207,975) — — (1,502,588) (1,710,563) Loan maturities/principal repayments (2,025,641) (100,624) (18,868) (206,119) (2,351,252) Discount accretion/premium amortization 27,067 2,168 — 504 29,739 Changes in fair value — — 1,384 35,005 36,389 Unrealized foreign currency translation gain (loss) 1,987 (345) — — 1,642 Credit loss reversal (provision), net 11,381 (1,519) — — 9,862 Loan foreclosure and conversion to equity interest (36,308) — — — (36,308) (3) Transfer to/from other asset classifications or between segments (204,583) 93,085 69,506 214,466 172,474 (4) Balance at June 30, 2021 $ 10,926,557 $ 1,694,109 $ 142,706 $ 961,677 $ 13,725,049 Held-for-Investment Loans Six Months Ended June 30, 2020 Commercial Infrastructure Residential Held-for-Sale Loans Total Loans Balance at December 31, 2019 $ 8,517,054 $ 1,397,448 $ 671,572 $ 884,150 $ 11,470,224 Cumulative effect of ASC 326 effective January 1, 2020 (10,112) (10,328) — — (20,440) Acquisitions/originations/additional funding 1,452,753 113,430 100,720 786,860 2,453,763 Capitalized interest (1) 70,346 — — — 70,346 Basis of loans sold (2) (397,038) — (604) (1,378,952) (1,776,594) Loan maturities/principal repayments (831,319) (68,585) (64,806) (43,593) (1,008,303) Discount accretion/premium amortization 19,706 1,025 — 109 20,840 Changes in fair value — — (16,461) 34,777 18,316 Unrealized foreign currency translation loss (76,137) — — (2,037) (78,174) Credit loss provision, net (51,420) (5,997) — — (57,417) Transfer to/from other asset classifications — 32,246 (422,691) 390,445 — Balance at June 30, 2020 $ 8,693,833 $ 1,459,239 $ 267,730 $ 671,759 $ 11,092,561 ______________________________________________________________________________________________________________________ (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. (3) Includes (i) a $29.0 million credit deteriorated loan related to a residential conversion project which was foreclosed in April 2021 and (ii) $7.3 million of a commercial loan that was converted to equity interests in March 2021 (see Note 7) pursuant to a consensual transfer under pre-existing equity pledges of additional collateral, both as described above. (4) Net transfers represent residential loans transferred from VIE assets upon redemption of a consolidated RMBS trust.

Investment Securities

Investment Securities	6 Months Ended
	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Investment Securities Investment securities were comprised of the following as of June 30, 2021 and December 31, 2020 (amounts in thousands): Carrying Value as of June 30, 2021 December 31, 2020 RMBS, available-for-sale $ 154,704 $ 167,349 RMBS, fair value option (1) 232,120 235,997 CMBS, fair value option (1), (2) 1,243,681 1,209,030 HTM debt securities, amortized cost net of credit loss allowance of $4,929 and $5,675 488,017 538,605 Equity security, fair value 11,880 11,247 Subtotal — Investment securities 2,130,402 2,162,228 VIE eliminations (1) (1,456,836) (1,425,570) Total investment securities 673,566 $ 736,658 ______________________________________________________________________________________________________________________ (1) Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. (2) Includes $186.6 million and $179.5 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of June 30, 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 Total Three Months Ended June 30, 2021 Purchases $ — $ 52,351 $ 54,082 $ — $ (106,433) $ — Sales — 30,684 — — (30,684) — Principal collections 7,863 14,687 2,013 879 (16,089) 9,353 Redemptions — 11,976 — — (11,976) — Three Months Ended June 30, 2020 Purchases/fundings $ — $ 185,433 $ — $ 10,391 $ (185,433) $ 10,391 Sales — — — — — — Principal collections 6,014 11,532 927 30,713 (12,266) 36,920 RMBS, RMBS, fair CMBS, fair HTM Securitization Total Six Months Ended June 30, 2021 Purchases $ — $ 79,684 $ 54,082 $ — $ (133,766) $ — Sales — 30,684 11,604 — (42,288) — Principal collections 15,114 28,031 3,723 52,569 (30,570) 68,867 Redemptions — 11,976 — — (11,976) — Six Months Ended June 30, 2020 Purchases/fundings $ — $ 214,725 $ 7,661 $ 16,120 $ (222,386) $ 16,120 Sales — — 32,316 — (24,376) 7,940 Principal collections 12,563 20,104 17,450 37,351 (36,989) 50,479 ______________________________________________________________________________________________________________________ (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 June 30, 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 June 30, 2021 and December 31, 2020 (amounts in thousands): Unrealized Gains or (Losses) Amortized Credit Net Gross Gross Net Fair Value June 30, 2021 RMBS $ 113,394 $ — $ 113,394 $ 41,312 $ (2) $ 41,310 $ 154,704 December 31, 2020 RMBS $ 123,292 $ — $ 123,292 $ 44,123 $ (66) $ 44,057 $ 167,349 Weighted Average Coupon (1) WAL June 30, 2021 RMBS 1.2 % 5.7 ______________________________________________________________________________________________________________________ (1) Calculated using the June 30, 2021 one-month LIBOR rate of 0.100% 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 June 30, 2021, approximately $134.7 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 $0.3 million for the three months ended June 30, 2021 and 2020, respectively, and $0.6 million and $0.7 million for the six months ended June 30, 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 June 30, 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 As of June 30, 2021 RMBS $ — $ 929 $ — $ (2) As of December 31, 2020 RMBS $ 438 $ 1,195 $ (25) $ (41) As of June 30, 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 June 30, 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 $2.9 billion, respectively. As of June 30, 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 $232.1 million and $143.8 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 $19.0 million at June 30, 2021) is eliminated against VIE liabilities before arriving at our GAAP balance for fair value option investment securities. As of June 30, 2021, $98.2 million of our CMBS were variable rate and none of our RMBS were variable rate. HTM Debt Securities, Amortized Cost The table below summarizes our investments in HTM debt securities as of June 30, 2021 and December 31, 2020 (amounts in thousands): Amortized Credit Loss Net Carrying Gross Unrealized Gross Unrealized Fair Value June 30, 2021 CMBS $ 339,142 $ — $ 339,142 $ — $ (23,543) $ 315,599 Preferred interests 117,001 (2,007) 114,994 3,616 — 118,610 Infrastructure bonds 36,803 (2,922) 33,881 468 — 34,349 Total 492,946 (4,929) 488,017 4,084 (23,543) 468,558 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): Preferred Infrastructure Total HTM Six Months Ended June 30, 2021 Credit loss allowance at December 31, 2020 $ 2,749 $ 2,926 $ 5,675 Credit loss reversal, net (742) (4) (746) Credit loss allowance at June 30, 2021 $ 2,007 $ 2,922 $ 4,929 The table below summarizes the maturities of our HTM debt securities by type as of June 30, 2021 (amounts in thousands): CMBS Preferred Infrastructure Total Less than one year $ 70,995 $ — $ — $ 70,995 One to three years 268,147 114,994 — 383,141 Three to five years — — — — Thereafter — — 33,881 33,881 Total $ 339,142 $ 114,994 $ 33,881 $ 488,017 Equity Security, Fair Value Option During 2012, we acquired 9,140,000 ordinary shares from a related-party in Starwood European Real Estate Finance Limited (“SEREF”), a debt fund that is externally managed by an affiliate of our Manager and is listed on the London Stock Exchange. The fair value of the investment remeasured in USD was $11.9 million and $11.2 million as of June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021, our shares represent an approximate 2% interest in SEREF.

Properties

Properties	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Properties	Properties 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 $638.1 million and debt of $573.1 million as of June 30, 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 $611.3 million and debt of $512.7 million as of June 30, 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 $761.4 million and debt of $593.4 million as of June 30, 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 $192.9 million as of June 30, 2021. Investing and Servicing Segment Property Portfolio The REIS Equity Portfolio is comprised of 14 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 $249.6 million and debt of $176.8 million as of June 30, 2021. The table below summarizes our properties held as of June 30, 2021 and December 31, 2020 (dollars in thousands): Depreciable Life June 30, 2021 December 31, 2020 Property Segment Land and land improvements 0 – 15 years $ 485,065 $ 484,846 Buildings and building improvements 5 – 45 years 1,692,996 1,690,701 Furniture & fixtures 3 – 7 years 62,531 59,632 Investing and Servicing Segment Land and land improvements 0 – 15 years 45,243 50,585 Buildings and building improvements 3 – 40 years 166,590 179,014 Furniture & fixtures 2 – 5 years 2,985 2,606 Commercial and Residential Lending Segment (1) Land and land improvements 0 – 7 years 9,691 11,416 Buildings and building improvements 9 – 20 years 12,409 19,251 Construction in progress N/A 104,136 75,245 Properties, cost 2,581,646 2,573,296 Less: accumulated depreciation (338,077) (302,143) Properties, net $ 2,243,569 $ 2,271,153 ______________________________________________________________________________________________________________________ (1) Represents properties acquired through loan foreclosure. Refer to Note 4 with respect to the construction in progress properties relating to a residential conversion project. During the three and six months ended June 30, 2021, we sold an operating property within the REIS Equity Portfolio for $30.9 million and recognized a gain of $9.7 million within gain on sale of investments and other assets in our condensed consolidated statements of operations. During the three and six months ended June 30, 2020, we sold an operating property within the REIS Equity Portfolio for $24.1 million and recognized a gain of $7.4 million within gain on sale of investments and other assets in our condensed consolidated statements of operations. During the six months ended June 30, 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 statements of operations. Refer to Note 3 for further discussion.

Investment in Unconsolidated En

Investment in Unconsolidated Entities	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entities	Investment in Unconsolidated Entities The table below summarizes our investments in unconsolidated entities as of June 30, 2021 and December 31, 2020 (dollars in thousands): Participation / Carrying value as of June 30, 2021 December 31, 2020 Equity method investments: Equity interest in a natural gas power plant 10% $ 24,770 $ 25,095 Investor entity which owns equity in an online real estate company 50% 9,591 9,397 Equity interests in commercial real estate 50% 1,127 1,543 Equity interest in and advances to a residential mortgage originator (2) N/A 18,458 17,852 Various 25% - 50% 10,672 8,831 64,618 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 Investor entities which own equity interests in two entertainment and retail centers (3) 15% 7,320 — Federal Home Loan Bank stock N/A — 20,485 32,171 45,336 $ 96,789 $ 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 June 30, 2021 and December 31, 2020. (3) During the six months ended June 30, 2021, we obtained equity interests in two investor entities that own interests in two entertainment and retail centers in satisfaction of $7.3 million principal amount of a commercial loan. The interests were obtained in order to facilitate repayment of a portion of that loan for which these interests represented underlying collateral. The interests are entitled to preferred treatment in the distribution waterfall and are intended to repay us the $7.3 million principal amount of the loan plus interest. See further discussion in Note 4. As of June 30, 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 June 30, 2021. During the three and six months ended June 30, 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	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangibles	Goodwill and Intangibles Goodwill Goodwill is tested for impairment annually in the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Management considered the general economic decline and the impact of the COVID-19 pandemic, but did not identify any such event or circumstances. However, future changes in the expectations of the impact of COVID-19 on our operations, financial performance and cash flows could cause our goodwill to be impaired. Infrastructure Lending Segment The Infrastructure Lending Segment’s goodwill of $119.4 million at both June 30, 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 June 30, 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 June 30, 2021 and December 31, 2020, the balance of the domestic servicing intangible was net of $42.1 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 June 30, 2021 and December 31, 2020, the domestic servicing intangible had a balance of $55.8 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 June 30, 2021 and December 31, 2020 (amounts in thousands): As of June 30, 2021 As of December 31, 2020 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Domestic servicing rights, at fair value $ 13,705 $ — $ 13,705 $ 13,202 $ — $ 13,202 In-place lease intangible assets 131,418 (95,395) 36,023 133,203 (92,540) 40,663 Favorable lease intangible assets 23,862 (8,397) 15,465 24,181 (7,929) 16,252 Total net intangible assets $ 168,985 $ (103,792) $ 65,193 $ 170,586 $ (100,469) $ 70,117 The following table summarizes the activity within intangible assets for the six months ended June 30, 2021 (amounts in thousands): Domestic In-place Lease Favorable Lease Total Balance as of January 1, 2021 $ 13,202 $ 40,663 $ 16,252 $ 70,117 Amortization — (4,280) (718) (4,998) Sales — (360) (69) (429) Changes in fair value due to changes in inputs and assumptions 503 — — 503 Balance as of June 30, 2021 $ 13,705 $ 36,023 $ 15,465 $ 65,193 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) $ 4,539 2022 7,783 2023 6,043 2024 4,650 2025 3,775 Thereafter 24,698 Total $ 51,488

Secured Borrowings

Secured Borrowings	6 Months Ended
	Jun. 30, 2021
Secured Debt [Abstract]
Secured Borrowings	Secured Borrowings Secured Financing Agreements The following table is a summary of our secured financing agreements in place as of June 30, 2021 and December 31, 2020 (dollars in thousands): Outstanding Balance at Current Extended Weighted Average Pledged Asset Maximum June 30, 2021 December 31, 2020 Repurchase Agreements: Commercial Loans Aug 2021 to Aug 2025 (b) Dec 2023 to Mar 2029 (b) (c) $ 7,100,320 $ 9,272,007 (d) $ 4,775,976 $ 4,878,939 Residential Loans Apr 2022 to Oct 2023 N/A LIBOR + 2.07% 564,736 1,900,000 483,810 22,590 Infrastructure Loans Feb 2022 N/A LIBOR + 2.01% 188,448 500,000 158,165 232,961 Conduit Loans Feb 2022 to Jun 2023 Feb 2023 to Jun 2024 LIBOR + 2.03% 261,510 350,000 187,317 53,554 CMBS/RMBS Mar 2022 to May 2031 (e) Jun 2022 to Nov 2031 (e) (f) 1,236,236 829,879 704,853 (g) 620,763 Total Repurchase Agreements 9,351,250 12,851,886 6,310,121 5,808,807 Other Secured Financing: Borrowing Base Facility Apr 2022 Apr 2024 LIBOR + 2.25% 122,294 650,000 (h) 72,630 43,014 Commercial Financing Facility Mar 2022 Mar 2029 GBP LIBOR + 1.75% 101,978 82,132 82,132 81,218 Residential Financing Facility Sep 2022 Sep 2025 3.50% 72,064 250,000 1,515 215,024 Infrastructure Acquisition Facility Sep 2021 Sep 2022 (i) 335,309 336,931 230,040 467,450 Infrastructure Financing Facilities Jul 2022 to Oct 2022 Oct 2024 to Jul 2027 LIBOR + 2.03% 719,693 1,250,000 573,846 538,645 Property Mortgages - Fixed rate Nov 2024 to Aug 2052 (j) N/A 4.03% 1,262,514 1,155,035 1,155,035 1,077,528 Property Mortgages - Variable rate Nov 2021 to Jul 2030 N/A (k) 906,420 969,790 945,215 960,903 Term Loan and Revolver (l) N/A (l) N/A (l) 761,750 641,750 645,000 Federal Home Loan Bank N/A N/A N/A — — — 396,000 Total Other Secured Financing 3,520,272 5,455,638 3,702,163 4,424,782 $ 12,871,522 $ 18,307,524 10,012,284 10,233,589 Unamortized net discount (14,608) (13,569) Unamortized deferred financing costs (65,014) (73,830) $ 9,932,662 $ 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 $1.7 billion as of June 30, 2021 are indexed to GBP LIBOR and EURIBOR. The remainder have a weighted average rate of LIBOR + 2.07%. (d) Certain facilities with an aggregate initial maximum facility size of $8.4 billion may be increased to $9.3 billion, subject to certain conditions. The $9.3 billion amount includes such upsizes. (e) Certain facilities with an outstanding balance of $286.8 million as of June 30, 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 $243.2 million as of June 30, 2021 has a weighted average fixed annual interest rate of 3.21%. All other facilities are variable rate with a weighted average rate of LIBOR + 1.84%. (g) Includes: (i) $243.2 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 6.2 years as of June 30, 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 + 2.61%. (l) Consists of: (i) a $641.8 million term loan facility that matures in July 2026, of which $393.0 million has an annual interest rate of LIBOR + 2.50% and $248.8 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 $4.0 billion as of June 30, 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 bps LIBOR floor. The maximum facility size was initially $375.0 million and was increased to $1.0 billion in March 2021. 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. In May 2021, we entered into a Residential Loans repurchase facility to finance residential loans. The facility carries a 15-month term, which renews to a new 15-month term every three months, and an annual interest rate of one-month LIBOR + 2.25%, subject to a 15 bps LIBOR floor. The maximum facility size is $150.0 million. Our secured financing agreements contain certain financial tests and covenants. As of June 30, 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 64% 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 36% of repurchase agreements containing margin call provisions for general capital markets activity, approximately 10% of these pertain to our loans held-for-sale, for which we manage credit risk through the purchase of credit index instruments. We further seek to manage risks associated with our repurchase agreements by matching the maturities and interest rate characteristics of our loans with the related repurchase agreement. For the three and six months ended June 30, 2021, approximately $8.9 million and $18.4 million, respectively, of amortization of deferred financing costs from secured financing agreements was included in interest expense on our condensed consolidated statements of operations. For the three and six months ended June 30, 2020, approximately $9.0 million and $17.8 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 Commercial and Residential Lending Segment In May 2021, we refinanced a pool of our commercial loans held-for-investment through a CLO, STWD 2021-FL2. On the closing date, the CLO issued $1.3 billion of notes and preferred shares, of which $1.1 billion of notes was purchased by third party investors. We retained $70.1 million of notes, along with preferred shares with a liquidation preference of $127.5 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. The reinvestment feature was not utilized during the three months ended June 30, 2021. 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 of notes and preferred shares, of which $936.4 million of notes 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 six months ended June 30, 2021, we utilized the reinvestment feature, contributing $99.6 million of additional interests into the CLO. Infrastructure Lending Segment In April 2021, we refinanced a pool of our infrastructure loans held-for-investment through a new issue CLO, STWD 2021-SIF1. On the closing date, the CLO issued $500.0 million of notes and preferred shares, of which $410.0 million of notes was purchased by third party investors. We retained preferred shares with a liquidation preference of $90.0 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. The CLO also contains a ramp-up feature that, for a certain period of time after the closing date, allows us to utilize unused proceeds of the CLO to acquire additional collateral to complete the CLO portfolio. During the three months ended June 30, 2021, the ramp-up feature was utilized, with the CLO acquiring $75.2 million of additional assets. The reinvestment feature was not utilized during the three months ended June 30, 2021. The following table is a summary of our CLOs as of June 30, 2021 and December 31, 2020 (amounts in thousands): June 30, 2021 Count Face Carrying Weighted Maturity STWD 2019-FL1 Collateral assets 27 $ 1,096,200 $ 1,103,619 LIBOR + 4.22% (a) May 2024 (b) Financing 1 936,375 931,802 SOFR + 1.63% (c) July 2038 (d) STWD 2021-FL2 Collateral assets 24 1,272,919 1,278,839 LIBOR + 4.24% (a) December 2024 (b) Financing 1 1,077,375 1,068,271 LIBOR + 1.79% (c) April 2038 (d) STWD 2021-SIF1 Collateral assets 29 471,324 504,988 LIBOR + 3.90% (a) February 2026 (b) Financing 1 410,000 404,599 LIBOR + 2.15% (c) April 2032 (d) Total Collateral assets $ 2,840,443 $ 2,887,446 Financing $ 2,423,750 $ 2,404,672 December 31, 2020 STWD 2019-FL1 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. Of the loans financed by the STWD 2021-FL2 CLO as of June 30, 2021, 7% earned fixed-rate weighted average interest of 7.81%. Of the loans financed by the STWD 2021-SIF1 CLO as of June 30, 2021, 2% earned fixed-rate weighted average interest of 5.62%. (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 $24.5 million of issuance costs in connection with the CLOs, which are amortized on an effective yield basis over the estimated life of the CLOs. For the three and six months ended June 30, 2021, approximately $1.4 million and $2.0 million, respectively, of amortization of deferred financing costs was included in interest expense on our condensed consolidated statements of operations. For the three and six months ended June 30, 2020, approximately $0.6 million and $1.2 million, respectively, of amortization of deferred financing costs was included in interest expense. As of June 30, 2021 and December 31, 2020, our unamortized issuance costs were $19.1 million and $5.8 million, respectively. The CLOs are considered VIEs, for which we are deemed the primary beneficiary. We therefore consolidate the CLOs. 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 CLOs (a) Total 2021 (remainder of) $ 407,717 $ 43,004 $ 33,136 $ 483,857 2022 1,152,883 267,988 132,442 1,553,313 2023 940,751 817,388 726,149 2,484,288 2024 1,388,446 351,343 474,478 2,214,267 2025 1,731,070 256,176 629,893 2,617,139 Thereafter 689,254 1,966,264 427,652 3,083,170 Total $ 6,310,121 $ 3,702,163 $ 2,423,750 $ 12,436,034 ______________________________________________________________________________________________________________________ (a) Does not assume utilization of the reinvestment features. The following table is a summary of our unsecured senior notes outstanding as of June 30, 2021 and December 31, 2020 (dollars in thousands): Coupon Effective Maturity Remaining Carrying Value at June 30, 2021 December 31, 2020 2021 Senior Notes 5.00 % 5.32 % 12/15/2021 0.5 years $ 700,000 $ 700,000 2023 Senior Notes 5.50 % 5.71 % 11/1/2023 2.3 years 300,000 300,000 2023 Convertible Notes 4.38 % 4.57 % 4/1/2023 1.8 years 250,000 250,000 2025 Senior Notes 4.75 % (2) 5.04 % 3/15/2025 3.7 years 500,000 500,000 Total principal amount 1,750,000 1,750,000 Unamortized discount—Convertible Notes (800) (2,559) Unamortized discount—Senior Notes (7,370) (9,332) Unamortized deferred financing costs (4,447) (5,589) Carrying amount of debt components $ 1,737,383 $ 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 June 30, 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 June 30, 2021 and mature on April 1, 2023. We recognized interest expense of $2.9 million and $5.8 million during the three and six months ended June 30, 2021, respectively, from our Convertible Notes. We recognized interest expense of $3.1 million and $6.1 million during the three and six months ended June 30, 2020, respectively, from our Convertible Notes. The following table details the conversion attributes of our Convertible Notes outstanding as of June 30, 2021 (amounts in thousands, except rates): June 30, 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 June 30, 2021, the market price of the Company’s common stock was $26.17. The if-converted value of the 2023 Convertible Notes exceeded their principal amount by $2.5 million at June 30, 2021 as the closing market price of the Company’s common stock of $26.17 exceeded the implicit conversion price of $25.91 per share. The if-converted value of the principal amount of the 2023 Convertible Notes was $252.5 million as of June 30, 2021. As of June 30, 2021, the net carrying amount and fair value of the 2023 Convertible Notes was $248.8 million and $256.6 million, respectively. Upon conversion of the 2023 Convertible Notes, settlement may be made in common stock, cash or a combination of both, at the option of the Company. 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 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.

Unsecured Senior Notes

Unsecured Senior Notes	6 Months Ended
	Jun. 30, 2021
Debt Instruments [Abstract]
Unsecured Senior Notes	Secured Borrowings Secured Financing Agreements The following table is a summary of our secured financing agreements in place as of June 30, 2021 and December 31, 2020 (dollars in thousands): Outstanding Balance at Current Extended Weighted Average Pledged Asset Maximum June 30, 2021 December 31, 2020 Repurchase Agreements: Commercial Loans Aug 2021 to Aug 2025 (b) Dec 2023 to Mar 2029 (b) (c) $ 7,100,320 $ 9,272,007 (d) $ 4,775,976 $ 4,878,939 Residential Loans Apr 2022 to Oct 2023 N/A LIBOR + 2.07% 564,736 1,900,000 483,810 22,590 Infrastructure Loans Feb 2022 N/A LIBOR + 2.01% 188,448 500,000 158,165 232,961 Conduit Loans Feb 2022 to Jun 2023 Feb 2023 to Jun 2024 LIBOR + 2.03% 261,510 350,000 187,317 53,554 CMBS/RMBS Mar 2022 to May 2031 (e) Jun 2022 to Nov 2031 (e) (f) 1,236,236 829,879 704,853 (g) 620,763 Total Repurchase Agreements 9,351,250 12,851,886 6,310,121 5,808,807 Other Secured Financing: Borrowing Base Facility Apr 2022 Apr 2024 LIBOR + 2.25% 122,294 650,000 (h) 72,630 43,014 Commercial Financing Facility Mar 2022 Mar 2029 GBP LIBOR + 1.75% 101,978 82,132 82,132 81,218 Residential Financing Facility Sep 2022 Sep 2025 3.50% 72,064 250,000 1,515 215,024 Infrastructure Acquisition Facility Sep 2021 Sep 2022 (i) 335,309 336,931 230,040 467,450 Infrastructure Financing Facilities Jul 2022 to Oct 2022 Oct 2024 to Jul 2027 LIBOR + 2.03% 719,693 1,250,000 573,846 538,645 Property Mortgages - Fixed rate Nov 2024 to Aug 2052 (j) N/A 4.03% 1,262,514 1,155,035 1,155,035 1,077,528 Property Mortgages - Variable rate Nov 2021 to Jul 2030 N/A (k) 906,420 969,790 945,215 960,903 Term Loan and Revolver (l) N/A (l) N/A (l) 761,750 641,750 645,000 Federal Home Loan Bank N/A N/A N/A — — — 396,000 Total Other Secured Financing 3,520,272 5,455,638 3,702,163 4,424,782 $ 12,871,522 $ 18,307,524 10,012,284 10,233,589 Unamortized net discount (14,608) (13,569) Unamortized deferred financing costs (65,014) (73,830) $ 9,932,662 $ 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 $1.7 billion as of June 30, 2021 are indexed to GBP LIBOR and EURIBOR. The remainder have a weighted average rate of LIBOR + 2.07%. (d) Certain facilities with an aggregate initial maximum facility size of $8.4 billion may be increased to $9.3 billion, subject to certain conditions. The $9.3 billion amount includes such upsizes. (e) Certain facilities with an outstanding balance of $286.8 million as of June 30, 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 $243.2 million as of June 30, 2021 has a weighted average fixed annual interest rate of 3.21%. All other facilities are variable rate with a weighted average rate of LIBOR + 1.84%. (g) Includes: (i) $243.2 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 6.2 years as of June 30, 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 + 2.61%. (l) Consists of: (i) a $641.8 million term loan facility that matures in July 2026, of which $393.0 million has an annual interest rate of LIBOR + 2.50% and $248.8 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 $4.0 billion as of June 30, 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 bps LIBOR floor. The maximum facility size was initially $375.0 million and was increased to $1.0 billion in March 2021. 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. In May 2021, we entered into a Residential Loans repurchase facility to finance residential loans. The facility carries a 15-month term, which renews to a new 15-month term every three months, and an annual interest rate of one-month LIBOR + 2.25%, subject to a 15 bps LIBOR floor. The maximum facility size is $150.0 million. Our secured financing agreements contain certain financial tests and covenants. As of June 30, 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 64% 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 36% of repurchase agreements containing margin call provisions for general capital markets activity, approximately 10% of these pertain to our loans held-for-sale, for which we manage credit risk through the purchase of credit index instruments. We further seek to manage risks associated with our repurchase agreements by matching the maturities and interest rate characteristics of our loans with the related repurchase agreement. For the three and six months ended June 30, 2021, approximately $8.9 million and $18.4 million, respectively, of amortization of deferred financing costs from secured financing agreements was included in interest expense on our condensed consolidated statements of operations. For the three and six months ended June 30, 2020, approximately $9.0 million and $17.8 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 Commercial and Residential Lending Segment In May 2021, we refinanced a pool of our commercial loans held-for-investment through a CLO, STWD 2021-FL2. On the closing date, the CLO issued $1.3 billion of notes and preferred shares, of which $1.1 billion of notes was purchased by third party investors. We retained $70.1 million of notes, along with preferred shares with a liquidation preference of $127.5 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. The reinvestment feature was not utilized during the three months ended June 30, 2021. 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 of notes and preferred shares, of which $936.4 million of notes 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 six months ended June 30, 2021, we utilized the reinvestment feature, contributing $99.6 million of additional interests into the CLO. Infrastructure Lending Segment In April 2021, we refinanced a pool of our infrastructure loans held-for-investment through a new issue CLO, STWD 2021-SIF1. On the closing date, the CLO issued $500.0 million of notes and preferred shares, of which $410.0 million of notes was purchased by third party investors. We retained preferred shares with a liquidation preference of $90.0 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. The CLO also contains a ramp-up feature that, for a certain period of time after the closing date, allows us to utilize unused proceeds of the CLO to acquire additional collateral to complete the CLO portfolio. During the three months ended June 30, 2021, the ramp-up feature was utilized, with the CLO acquiring $75.2 million of additional assets. The reinvestment feature was not utilized during the three months ended June 30, 2021. The following table is a summary of our CLOs as of June 30, 2021 and December 31, 2020 (amounts in thousands): June 30, 2021 Count Face Carrying Weighted Maturity STWD 2019-FL1 Collateral assets 27 $ 1,096,200 $ 1,103,619 LIBOR + 4.22% (a) May 2024 (b) Financing 1 936,375 931,802 SOFR + 1.63% (c) July 2038 (d) STWD 2021-FL2 Collateral assets 24 1,272,919 1,278,839 LIBOR + 4.24% (a) December 2024 (b) Financing 1 1,077,375 1,068,271 LIBOR + 1.79% (c) April 2038 (d) STWD 2021-SIF1 Collateral assets 29 471,324 504,988 LIBOR + 3.90% (a) February 2026 (b) Financing 1 410,000 404,599 LIBOR + 2.15% (c) April 2032 (d) Total Collateral assets $ 2,840,443 $ 2,887,446 Financing $ 2,423,750 $ 2,404,672 December 31, 2020 STWD 2019-FL1 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. Of the loans financed by the STWD 2021-FL2 CLO as of June 30, 2021, 7% earned fixed-rate weighted average interest of 7.81%. Of the loans financed by the STWD 2021-SIF1 CLO as of June 30, 2021, 2% earned fixed-rate weighted average interest of 5.62%. (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 $24.5 million of issuance costs in connection with the CLOs, which are amortized on an effective yield basis over the estimated life of the CLOs. For the three and six months ended June 30, 2021, approximately $1.4 million and $2.0 million, respectively, of amortization of deferred financing costs was included in interest expense on our condensed consolidated statements of operations. For the three and six months ended June 30, 2020, approximately $0.6 million and $1.2 million, respectively, of amortization of deferred financing costs was included in interest expense. As of June 30, 2021 and December 31, 2020, our unamortized issuance costs were $19.1 million and $5.8 million, respectively. The CLOs are considered VIEs, for which we are deemed the primary beneficiary. We therefore consolidate the CLOs. 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 CLOs (a) Total 2021 (remainder of) $ 407,717 $ 43,004 $ 33,136 $ 483,857 2022 1,152,883 267,988 132,442 1,553,313 2023 940,751 817,388 726,149 2,484,288 2024 1,388,446 351,343 474,478 2,214,267 2025 1,731,070 256,176 629,893 2,617,139 Thereafter 689,254 1,966,264 427,652 3,083,170 Total $ 6,310,121 $ 3,702,163 $ 2,423,750 $ 12,436,034 ______________________________________________________________________________________________________________________ (a) Does not assume utilization of the reinvestment features. The following table is a summary of our unsecured senior notes outstanding as of June 30, 2021 and December 31, 2020 (dollars in thousands): Coupon Effective Maturity Remaining Carrying Value at June 30, 2021 December 31, 2020 2021 Senior Notes 5.00 % 5.32 % 12/15/2021 0.5 years $ 700,000 $ 700,000 2023 Senior Notes 5.50 % 5.71 % 11/1/2023 2.3 years 300,000 300,000 2023 Convertible Notes 4.38 % 4.57 % 4/1/2023 1.8 years 250,000 250,000 2025 Senior Notes 4.75 % (2) 5.04 % 3/15/2025 3.7 years 500,000 500,000 Total principal amount 1,750,000 1,750,000 Unamortized discount—Convertible Notes (800) (2,559) Unamortized discount—Senior Notes (7,370) (9,332) Unamortized deferred financing costs (4,447) (5,589) Carrying amount of debt components $ 1,737,383 $ 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 June 30, 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 June 30, 2021 and mature on April 1, 2023. We recognized interest expense of $2.9 million and $5.8 million during the three and six months ended June 30, 2021, respectively, from our Convertible Notes. We recognized interest expense of $3.1 million and $6.1 million during the three and six months ended June 30, 2020, respectively, from our Convertible Notes. The following table details the conversion attributes of our Convertible Notes outstanding as of June 30, 2021 (amounts in thousands, except rates): June 30, 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 June 30, 2021, the market price of the Company’s common stock was $26.17. The if-converted value of the 2023 Convertible Notes exceeded their principal amount by $2.5 million at June 30, 2021 as the closing market price of the Company’s common stock of $26.17 exceeded the implicit conversion price of $25.91 per share. The if-converted value of the principal amount of the 2023 Convertible Notes was $252.5 million as of June 30, 2021. As of June 30, 2021, the net carrying amount and fair value of the 2023 Convertible Notes was $248.8 million and $256.6 million, respectively. Upon conversion of the 2023 Convertible Notes, settlement may be made in common stock, cash or a combination of both, at the option of the Company. 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 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	6 Months Ended
	Jun. 30, 2021
Loan Securitization/Sale Activities
Loan Securitization/Sale Activities	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 and six months ended June 30, 2021 and 2020 (amounts in thousands): Commercial Loans Residential Loans Face Amount Proceeds Face Amount Proceeds For the Three Months Ended June 30, 2021 $ 304,604 $ 321,377 $ 564,429 $ 583,877 2020 — — 583,501 589,693 For the Six Months Ended June 30, 2021 $ 389,641 $ 411,087 $ 947,978 $ 973,675 2020 335,835 352,393 964,780 988,440 The securitization of these commercial and residential loans does not result in a discrete gain or loss since they are carried under the fair value option. Our securitizations have each been structured as bankruptcy-remote entities whose assets are not intended to be available to the creditors of any other party. Commercial and Residential Loan Sales Within the Commercial and Residential Lending Segment, we originate or acquire commercial mortgage loans, subsequently selling all or a portion thereof. Typically, our motivation for entering into these transactions is to effectively create leverage on the subordinated position that we will retain and hold for investment. We also may sell certain of our previously-acquired residential loans to third parties outside a securitization. The following table summarizes our loans sold by the Commercial and Residential Lending Segment, net of expenses (amounts in thousands): Loan Transfers Accounted for as Sales Commercial Loans Residential Loans Face amount (1) Proceeds (1) Face Amount Proceeds For the Three Months Ended June 30, 2021 $ 232,670 $ 229,490 $ 383 $ 398 2020 399,132 396,078 — — For the Six Months Ended June 30, 2021 $ 232,670 $ 229,490 $ 89,801 $ 92,817 2020 399,132 396,078 550 604 ______________________________________________________________________________________________________________________ (1) During both the three and six months ended June 30, 2021, we sold $210.1 million of senior interests in first mortgage loans and $22.6 million of whole loan interests for proceeds of $208.0 million and $21.5 million, respectively. During both the three and six months ended June 30, 2020, we sold $230.9 million of senior interests in first mortgage loans and $168.2 million of whole loan interests for proceeds of $224.1 million and $172.0 million, respectively. During both the three and six months ended June 30, 2021, losses recognized by the Commercial and Residential Lending Segment on sales of commercial loans were $1.0 million. During both the three and six months ended June 30, 2020, losses recognized by the Commercial and Residential Lending Segment on sales of commercial loans were $1.0 million. Infrastructure Loan Sales During both the three and six months ended June 30, 2021, the Infrastructure Lending Segment sold loans held-for-sale with an aggregate face amount of $2.5 million for proceeds of $2.5 million, recognizing immaterial gains. During the six months ended June 30, 2020, the Infrastructure Lending Segment sold loans held-for-sale with an aggregate face amount of $38.7 million for proceeds of $38.4 million, recognizing gains of $0.3 million. There were no sales of loans by the Infrastructure Lending Segment during the three months ended June 30, 2020.

Derivatives and Hedging Activit

Derivatives and Hedging Activity	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activity	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 June 30, 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 June 30, 2021 (notional amounts in thousands): Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Buy Euros ("EUR") 8 8,442 EUR August 2021 – November 2022 Fx contracts – Buy Pounds Sterling ("GBP") 11 10,685 GBP July 2021 – July 2022 Fx contracts – Sell EUR 167 299,977 EUR July 2021 – November 2025 Fx contracts – Sell GBP 128 571,689 GBP July 2021 – May 2024 Fx contracts – Sell Australian dollar ("AUD") 22 208,622 AUD August 2021 – June 2022 Interest rate swaps – Paying fixed rates 28 1,917,729 USD May 2023 – July 2031 Interest rate swaps – Receiving fixed rates 1 470,000 USD March 2025 Interest rate caps 20 939,893 USD November 2021 – April 2025 Credit index instruments 3 49,000 USD September 2058 – August 2061 Interest rate swap guarantees 5 315,425 USD May 2022 – June 2025 Total 393 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 June 30, 2021 and December 31, 2020 (amounts in thousands): Fair Value of Derivatives Fair Value of Derivatives June 30, December 31, June 30, December 31, Interest rate contracts $ 23,588 $ 33,841 $ — $ 4 Interest rate swap guarantees — — 353 849 Foreign exchange contracts 12,027 6,585 32,296 39,951 Credit index instruments — 129 412 520 Total derivatives $ 35,615 $ 40,555 $ 33,061 $ 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 and six months ended June 30, 2021 and 2020 (amounts in thousands): Derivatives Not Designated Location of Gain (Loss) Amount of Gain (Loss) Recognized in Income for the Three Months Ended June 30, Amount of Gain (Loss) Recognized in Income for the Six Months Ended June 30, 2021 2020 2021 2020 Interest rate contracts (Loss) gain on derivative financial instruments $ (7,344) $ (7,263) $ 12,814 $ (52,388) Interest rate swap guarantees (Loss) gain on derivative financial instruments 145 70 496 (605) Foreign exchange contracts (Loss) gain on derivative financial instruments (2,540) (7,107) 11,061 46,158 Credit index instruments (Loss) gain on derivative financial instruments (270) (1,798) (391) 447 $ (10,009) $ (16,098) $ 23,980 $ (6,388)

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	6 Months Ended
	Jun. 30, 2021
Offsetting [Abstract]
Offsetting Assets and Liabilities	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 , which for us are derivative assets and liabilities as well as repurchase agreement liabilities (amounts in thousands): (ii) (iii) = (i) - (ii) (iv) (i) Financial Cash Collateral (v) = (iii) - (iv) As of June 30, 2021 Derivative assets $ 35,615 $ — $ 35,615 $ 11,346 $ 22,927 $ 1,342 Derivative liabilities $ 33,061 $ — $ 33,061 $ 11,346 $ 20,547 $ 1,168 Repurchase agreements 6,310,121 — 6,310,121 6,310,121 — — $ 6,343,182 $ — $ 6,343,182 $ 6,321,467 $ 20,547 $ 1,168 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	6 Months Ended
	Jun. 30, 2021
Variable Interest Entities
Variable Interest Entities	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. As discussed in Note 9, we have refinanced various pools of our commercial and infrastructure loans held-for-investment through three CLOs, which are considered to be VIEs. We are the primary beneficiary of, and therefore consolidate, the CLOs in our financial statements as we have both (i) the power to direct the activities in our role as collateral manager or advisor that most significantly impact the CLOs’ economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the CLOs that could be potentially significant through the subordinate interests we own. The following table details the assets and liabilities of our consolidated CLOs as of June 30, 2021 and December 31, 2020 (amounts in thousands): June 30, 2021 December 31, 2020 Assets: Cash and cash equivalents $ 33,159 $ 96,998 Loans held-for-investment 2,829,905 1,002,441 Investment securities 9,680 — Accrued interest receivable 8,621 5,454 Other assets 6,081 557 Total Assets $ 2,887,446 $ 1,105,450 Liabilities Accounts payable, accrued expenses and other liabilities $ 3,212 $ 663 Collateralized loan obligations, net 2,404,672 930,554 Total Liabilities $ 2,407,884 $ 931,217 Assets held by the CLOs are restricted and can be used only to settle obligations of the CLOs, including the subordinate interests owned by us. The liabilities of the CLOs are non-recourse to us and can only be satisfied from the assets of the CLOs. 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 $677.0 million and liabilities of $520.8 million as of June 30, 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 $338.9 million and liabilities of $79.1 million as of June 30, 2021. Refer to Note 16 for further discussion. In addition to the above non-securitization entities, we have smaller VIEs with total assets of $104.2 million and liabilities of $54.0 million as of June 30, 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 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 June 30, 2021, our maximum risk of loss related to securitization VIEs in which we were not the primary beneficiary was $19.0 million on a fair value basis. As of June 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions 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. For the three months ended June 30, 2021 and 2020, approximately $19.2 million and $19.1 million, respectively, was incurred for base management fees. For the six months ended June 30, 2021 and 2020, approximately $38.3 million and $38.2 million, respectively, was incurred for base management fees. As of June 30, 2021 and December 31, 2020, there were $19.2 million and $19.2 million of unpaid base management fees included in related-party payable in our condensed consolidated balance sheets. Incentive Fee. For the three months ended June 30, 2021, approximately $5.0 million was incurred for incentive fees. There were no incentive fees incurred during the three months ended June 30, 2020. For the six months ended June 30, 2021 and 2020, approximately $18.2 million and $15.8 million, respectively, was incurred for incentive fees. As of June 30, 2021 and December 31, 2020, there were $5.0 million and $15.0 million of unpaid incentive fees included in related-party payable in our condensed consolidated balance sheets. Expense Reimbursement. For the three months ended June 30, 2021 and 2020, approximately $1.6 million and $1.5 million, respectively, was incurred for executive compensation and other reimbursable expenses and recognized within general and administrative expenses in our condensed consolidated statements of operations. For the six months ended June 30, 2021 and 2020, approximately $3.1 million and $3.7 million, respectively, was incurred for executive compensation and other reimbursable expenses. As of June 30, 2021 and December 31, 2020, there were $2.2 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. In certain instances, we issue RSAs to certain employees of affiliates of our Manager who perform services for us. There were no RSAs granted during the three months ended June 30, 2021 and 2020. Expenses related to the vesting of awards to employees of affiliates of our Manager were $2.2 million and $1.3 million during the three months ended June 30, 2021 and 2020, respectively, and are reflected in general and administrative expenses in our condensed consolidated statements of operations. During the six months ended June 30, 2021 and 2020, we granted 981,951 and 341,635 RSAs, respectively, at grant date fair values of $19.6 million and $3.9 million, respectively. Expenses related to the vesting of awards to employees of affiliates of our Manager were $4.5 million and $2.4 million during the six months ended June 30, 2021 and 2020, respectively. These shares generally vest over a three-year period. Manager Equity Plan In May 2017, the Company’s shareholders approved the Starwood Property Trust, Inc. 2017 Manager Equity Plan (the “2017 Manager Equity Plan”), which replaced the Starwood Property Trust, Inc. Manager Equity Plan (“Manager Equity Plan”). In November 2020, we granted 1,800,000 RSUs to our Manager under the 2017 Manager Equity Plan. In September 2019, we granted 1,200,000 RSUs to our Manager under the 2017 Manager Equity Plan. In April 2018, we granted 775,000 RSUs to our Manager under the 2017 Manager Equity Plan. In March, 2017, we granted 1,000,000 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 $4.5 million and $3.4 million within management fees in our condensed consolidated statements of operations for the three months ended June 30, 2021 and 2020, respectively. For the six months ended June 30, 2021 and 2020, we recognized $10.4 million and $8.6 million, respectively, related to these awards. Refer to Note 16 for further discussion of these grants. Investments in Loans In June 2021, collateral was released from an existing loan which was originated in November 2019 with SEREF, an affiliate of our Manager, for the acquisition of an office portfolio located in Spain. Financing for the released collateral was provided by the Company and the proceeds were used to partially repay €11.5 million of the existing loan, of which SEREF's portion was €5.7 million. During the three and six months ended June 30, 2021, the Company acquired $183.0 million and $324.6 million, respectively, of loans from a residential mortgage originator in which it holds an equity interest. Additionally, as of June 30, 2021, the Company had outstanding residential mortgage loan purchase commitments of $44.9 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. 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. In April 2020, we provided a $1.9 million cash security deposit to the landlord. During the three and six months ended June 30, 2021, we made payments to the landlord of $4.5 million and $4.8 million, respectively, for reimbursements relating to tenant improvements under the terms of the lease. Other Related-Party Arrangements Highmark Residential (“Highmark”), an affiliate of our Manager, provides property management services for properties within our Woodstar I and Woodstar II Portfolios. Fees paid to Highmark are calculated as a percentage of gross receipts and are at market terms. During the three months ended June 30, 2021 and 2020, property management fees to Highmark of $0.7 million and $0.5 million, respectively, were recognized in our condensed consolidated statements of operations. During the six months ended June 30, 2021 and 2020, property management fees to Highmark were $1.5 million and $1.0 million, respectively. 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	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
Stockholders' Equity and Non-Controlling Interests	Stockholders’ Equity and Non-Controlling Interests During the six months ended June 30, 2021, our board of directors declared the following dividends: Declaration Date Record Date Ex-Dividend Date Payment Date Amount Frequency 6/14/21 6/30/21 6/29/21 7/15/21 $ 0.48 Quarterly 3/11/21 3/31/21 3/30/21 4/15/21 0.48 Quarterly During the six months ended June 30, 2021 and 2020, there were no shares issued under our At-The-Market Equity Offering Sales Agreement. During the six months ended June 30, 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 six months ended June 30, 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 2017 Total Weighted Average Balance as of January 1, 2021 1,594,605 2,286,896 3,881,501 $ 17.26 Granted 1,646,994 — 1,646,994 22.04 Vested (639,037) (528,101) (1,167,138) 17.87 Forfeited (17,350) — (17,350) 21.61 Balance as of June 30, 2021 2,585,212 1,758,795 4,344,007 18.89 As of June 30, 2021, there were 3.1 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 June 30, 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 six months ended June 30, 2021, redemptions of 0.4 million of the Class A Units were received and settled in common stock, leaving 10.2 million Class A Units outstanding as of June 30, 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 $218.4 million and $226.7 million as of June 30, 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 the three and six months ended June 30, 2021, we recognized net income attributable to non-controlling interests of $4.9 million and $10.0 million, respectively, associated with these Class A Units. During the three and six months ended June 30, 2020, we recognized net income attributable to non-controlling interests of $5.1 million and $10.2 million, respectively, 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 $134.3 million and $126.7 million as of June 30, 2021 and December 31, 2020, respectively. During the three and six months ended June 30, 2021, net income (loss) attributable to non-controlling interests was $4.7 million and $10.1 million, respectively. During the three and six months ended June 30, 2020, net income attributable to non-controlling interests was $6.8 million and $0.8 million, respectively.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings per Share	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 For the Six Months Ended 2021 2020 2021 2020 Basic Earnings Income attributable to STWD common stockholders $ 116,310 $ 139,656 $ 227,688 $ 72,887 Less: Income attributable to participating shares not already deducted as non-controlling interests (1,791) (1,143) (3,716) (2,365) Basic earnings $ 114,519 $ 138,513 $ 223,972 $ 70,522 Diluted Earnings Income attributable to STWD common stockholders $ 116,310 $ 139,656 $ 227,688 $ 72,887 Less: Income attributable to participating shares not already deducted as non-controlling interests (1,791) (1,143) (3,716) (2,365) Add: Interest expense on Convertible Notes 2,900 3,051 5,816 * Add: Undistributed earnings to participating shares — 120 $ — — Less: Undistributed earnings reallocated to participating shares — (116) $ — — Diluted earnings $ 117,419 $ 141,568 $ 229,788 $ 70,522 Number of Shares: Basic — Average shares outstanding 284,710 281,461 284,018 281,225 Effect of dilutive securities — Convertible Notes 9,649 9,649 9,649 * Effect of dilutive securities — Contingently issuable shares 95 183 95 215 Effect of dilutive securities — Unvested non-participating shares 117 — 46 — Diluted — Average shares outstanding 294,571 291,293 293,808 281,440 Earnings Per Share Attributable to STWD Common Stockholders: Basic $ 0.40 $ 0.49 $ 0.79 $ 0.25 Diluted $ 0.40 $ 0.49 $ 0.78 $ 0.25 ______________________________________________________________________________________________________________________ * Our Convertible Notes were not dilutive for the six months ended June 30, 2020. As of June 30, 2021 and 2020, participating shares of 14.0 million and 13.0 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 June 30, 2021 and 2020 included 10.2 million and 10.6 million potential shares, respectively, of our common stock issuable upon redemption of the Class A Units in SPT Dolphin, as discussed in Note 16.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income The changes in AOCI by component are as follows (amounts in thousands): Cumulative Foreign Total Three Months Ended June 30, 2021 Balance at April 1, 2021 $ 41,654 $ — $ 41,654 OCI before reclassifications (344) — (344) Amounts reclassified from AOCI — — — Net period OCI (344) — (344) Balance at June 30, 2021 $ 41,310 $ — $ 41,310 Three Months Ended June 30, 2020 Balance at April 1, 2020 $ 35,948 $ (64) $ 35,884 OCI before reclassifications 6,982 — 6,982 Amounts reclassified from AOCI — — — Net period OCI 6,982 — 6,982 Balance at June 30, 2020 $ 42,930 $ (64) $ 42,866 Six Months Ended June 30, 2021 Balance at January 1, 2021 $ 44,057 $ (64) $ 43,993 OCI before reclassifications (2,747) — (2,747) Amounts reclassified from AOCI — 64 64 Net period OCI (2,747) 64 (2,683) Balance at June 30, 2021 $ 41,310 $ — $ 41,310 Six Months Ended June 30, 2020 Balance at January 1, 2020 $ 50,996 $ (64) $ 50,932 OCI before reclassifications (8,066) — (8,066) Amounts reclassified from AOCI — — — Net period OCI (8,066) — (8,066) Balance at June 30, 2020 $ 42,930 $ (64) $ 42,866

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value	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 —Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level II —Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level III —Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation Process We have valuation control processes in place to validate the fair value of the Company’s financial assets and liabilities measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable. Pricing Verification —We use recently executed transactions, other observable market data such as exchange data, broker/dealer quotes, third party pricing vendors and aggregation services for validating the fair values generated using valuation models. Pricing data provided by approved external sources is evaluated using a number of approaches; for example, by corroborating the external sources’ prices to executed trades, analyzing the methodology and assumptions used by the external source to generate a price and/or by evaluating how active the third party pricing source (or originating sources used by the third party pricing source) is in the market. Unobservable Inputs —Where inputs are not observable, we review the appropriateness of the proposed valuation methodology to ensure it is consistent with how a market participant would arrive at the unobservable input. The valuation methodologies utilized in the absence of observable inputs may include extrapolation techniques and the use of comparable observable inputs. Any changes to the valuation methodology will be reviewed by our management to ensure the changes are appropriate. The methods used may produce a fair value calculation that is not indicative of net realizable value or reflective of future fair values. Furthermore, while we anticipate that our valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value could result in a different estimate of fair value at the reporting date. Fair Value on a Recurring Basis We determine the fair value of our financial assets and liabilities measured at fair value on a recurring basis as follows: Loans held-for-sale, commercial We measure the fair value of our commercial mortgage loans held-for-sale using a discounted cash flow analysis unless observable market data (i.e., securitized pricing) is available. A discounted cash flow analysis requires management to make estimates regarding future interest rates and credit spreads. The most significant of these inputs relates to credit spreads and is unobservable. Thus, we have determined that the fair values of mortgage loans valued using a discounted cash flow analysis should be classified in Level III of the fair value hierarchy, while mortgage loans valued using securitized pricing should be classified in Level II of the fair value hierarchy. Mortgage loans classified in Level III are transferred to Level II if securitized pricing becomes available. Loans held-for-sale and loans held-for-investment, residential We measure the fair value of our residential 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 RMBS are valued utilizing observable and unobservable market inputs. The observable market inputs include recent transactions, broker quotes and vendor prices (“market data”). However, given the implied price dispersion amongst the market data, the fair value determination for RMBS has also utilized significant unobservable inputs in discounted cash flow models including prepayments, default and severity estimates based on the recent performance of the collateral, the underlying collateral characteristics, industry trends, as well as expectations of macroeconomic events (e.g., housing price curves, interest rate curves, etc.). At each measurement date, we consider both the observable and unobservable valuation inputs in the determination of fair value. However, given the significance of the unobservable inputs these securities have been classified within Level III. CMBS CMBS are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, recent trades of similar securities and the spreads used in the prior valuation. We obtain current market spread information where available and use this information in evaluating and validating the market price of all CMBS. Depending upon the significance of the fair value inputs used in determining these fair values, these securities are classified in either Level II or Level III of the fair value hierarchy. CMBS may shift between Level II and Level III of the fair value hierarchy if the significant fair value inputs used to price the CMBS become or cease to be observable. Equity security The equity security is publicly registered and traded in the U.S. and its market price is listed on the London Stock Exchange. The security has been classified within Level I. Domestic servicing rights The fair value of this intangible is determined using discounted cash flow modeling techniques which require management to make estimates regarding future net servicing cash flows, including forecasted loan defeasance, control migration, delinquency and anticipated maturity defaults which are calculated assuming a debt yield at which default occurs. Since the most significant of these inputs are unobservable, we have determined that the fair values of this intangible in its entirety should be classified in Level III of the fair value hierarchy. Derivatives The valuation of derivative contracts are determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market based inputs, including interest rate curves, spot and market forward points and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. We incorporate credit valuation adjustments to appropriately reflect both our own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of non-performance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. The valuation of over the counter derivatives are determined using discounted cash flows based on Overnight Index Swap (“OIS”) rates. Fully collateralized trades are discounted using OIS with no additional economic adjustments to arrive at fair value. Uncollateralized or partially collateralized trades are also discounted at OIS, but include appropriate economic adjustments for funding costs (i.e., a LIBOR OIS basis adjustment to approximate uncollateralized cost of funds) and credit risk. For credit index instruments, fair value is determined based on changes in the relevant indices from the date of initiation of the instrument to the reporting date, as these changes determine the amount of any future cash settlement between us and the counterparty. These indices are considered Level II inputs as they are directly observable. Although we have determined that the majority of the inputs used to value our derivatives fall within Level II of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level III inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of June 30, 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 The securitization VIEs in which we invest are “static”; that is, no reinvestment is permitted, and there is no active management of the underlying assets. In determining the fair value of the assets of the VIE, we maximize the use of observable inputs over unobservable inputs. The individual assets of a VIE are inherently incapable of precise measurement given their illiquid nature and the limitations on available information related to these assets. Because our methodology for valuing these assets does not value the individual assets of a VIE, but rather uses the value of the VIE liabilities as an indicator of the fair value of VIE assets as a whole, we have determined that our valuations of VIE assets in their entirety should be classified in Level III of the fair value hierarchy. Fair Value Only Disclosed We determine the fair value of our financial instruments and assets where fair value is disclosed as follows: 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 CLOs The fair value of the secured financing agreements and CLOs 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 June 30, 2021 and December 31, 2020 (amounts in thousands): June 30, 2021 Total Level I Level II Level III Financial Assets: Loans under fair value option $ 1,018,508 $ — $ 250,687 $ 767,821 RMBS 154,704 — — 154,704 CMBS 18,965 — — 18,965 Equity security 11,880 11,880 — — Domestic servicing rights 13,705 — — 13,705 Derivative assets 35,615 — 35,615 — VIE assets 63,493,796 — — 63,493,796 Total $ 64,747,173 $ 11,880 $ 286,302 $ 64,448,991 Financial Liabilities: Derivative liabilities $ 33,061 $ — $ 33,061 $ — VIE liabilities 62,001,710 — 57,165,518 4,836,192 Total $ 62,034,771 $ — $ 57,198,579 $ 4,836,192 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 and six months ended June 30, 2021 and 2020 (amounts in thousands): Three Months Ended June 30, 2021 Loans at RMBS CMBS Domestic VIE Assets VIE Total April 1, 2021 balance $ 763,773 $ 160,301 $ 19,256 $ 12,406 $ 62,367,110 $ (2,227,428) $ 61,095,418 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale 45,867 — 320 1,299 (1,085,746) 1,294 (1,036,966) Net accretion — 2,610 — — — — 2,610 Included in OCI — (344) — — — — (344) Purchases / Originations 992,304 — — — — — 992,304 Sales (905,653) — — — — — (905,653) Cash repayments / receipts (50,257) (7,863) (611) — — (1,401) (60,132) Transfers into Level III — — — — — (2,431,880) (2,431,880) Transfers out of Level III (250,687) — — — — 365,456 114,769 Transfers within Level III 172,474 — — — (172,474) — — Consolidation of VIEs — — — — 2,384,906 (542,233) 1,842,673 June 30, 2021 balance $ 767,821 $ 154,704 $ 18,965 $ 13,705 $ 63,493,796 $ (4,836,192) $ 59,612,799 Amount of unrealized gains (losses) attributable to assets still held at June 30, 2021: Included in earnings $ 3,274 $ 2,610 $ 320 $ 1,299 $ (1,258,220) $ 1,294 $ (1,249,423) Included in OCI $ — $ (344) $ — $ — $ — $ — $ (344) Three Months Ended June 30, 2020 Loans at RMBS CMBS Domestic VIE Assets VIE Total April 1, 2020 balance $ 1,347,797 $ 170,640 $ 22,435 $ 16,524 $ 61,157,805 $ (1,506,437) $ 61,208,764 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale 34,450 — (351) (2,569) 2,417,647 (8,686) 2,440,491 Net accretion — 2,673 — — — — 2,673 Included in OCI — 6,982 — — — — 6,982 Purchases / Originations 140,700 — — — — — 140,700 Sales (589,694) — — — — — (589,694) Cash repayments / receipts (38,640) (6,014) (193) — — (344) (45,191) Transfers into Level III — — — — — (655,942) (655,942) Transfers out of Level III — — — — — 41,880 41,880 Consolidation of VIEs — — — — 599,935 — 599,935 June 30, 2020 balance $ 894,613 $ 174,281 $ 21,891 $ 13,955 $ 64,175,387 $ (2,129,529) $ 63,150,598 Amount of unrealized (losses) gains attributable to assets still held at June 30, 2020: Included in earnings $ 20,349 $ 2,673 $ (351) $ (2,569) $ 2,417,647 $ (8,686) $ 2,429,063 Included in OCI $ — $ 6,982 $ — $ — $ — $ — $ 6,982 Six Months Ended June 30, 2021 Loans at RMBS CMBS Domestic VIE Assets VIE 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 36,389 — 692 503 (3,350,337) 66,975 (3,245,778) Net accretion — 5,216 — — — — 5,216 Included in OCI — (2,747) — — — — (2,747) Purchases / Originations 1,367,574 — — — — — 1,367,574 Sales (1,477,580) — — — — — (1,477,580) Issuances — — — — — (11,604) (11,604) Cash repayments / receipts (103,328) (15,114) (1,184) — — (2,538) (122,164) Transfers into Level III — — — — — (2,841,147) (2,841,147) Transfers out of Level III (250,687) — — — — 514,231 263,544 Transfers within Level III 172,474 — — — (172,474) — — Consolidation of VIEs — — — — 2,778,279 (542,233) 2,236,046 June 30, 2021 balance $ 767,821 $ 154,704 $ 18,965 $ 13,705 $ 63,493,796 $ (4,836,192) $ 59,612,799 Amount of unrealized gains (losses) attributable to assets still held at June 30, 2021: Included in earnings $ 2,902 $ 5,216 $ 692 $ 503 $ (3,522,811) $ 66,975 $ (3,446,523) Included in OCI $ — $ (2,747) $ — $ — $ — $ — $ (2,747) Six Months Ended June 30, 2020 Loans at RMBS CMBS Domestic VIE Assets VIE 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 18,316 — 5,387 (2,962) (1,089,145) 137,596 (930,808) Net accretion — 5,334 — — — — 5,334 Included in OCI — (8,066) — — — — (8,066) Purchases / Originations 887,580 — — — — — 887,580 Sales (1,341,440) — (7,940) — — — (1,349,380) Issuances — — — — — (24,376) (24,376) Cash repayments / receipts (106,037) (12,563) (564) — — (9,260) (128,424) Transfers into Level III — — — — — (757,207) (757,207) Transfers out of Level III — — — — — 1,132,205 1,132,205 Consolidation of VIEs — — — — 3,077,357 (71,095) 3,006,262 June 30, 2020 balance $ 894,613 $ 174,281 $ 21,891 $ 13,955 $ 64,175,387 $ (2,129,529) $ 63,150,598 Amount of unrealized gains (losses) attributable to assets still held at June 30, 2020: Included in earnings $ 1,589 $ 5,334 $ (999) $ (2,962) $ (1,089,145) $ 137,596 $ (948,587) Included in OCI $ — $ (8,066) $ — $ — $ — $ — $ (8,066) 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): June 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Financial assets not carried at fair value: Loans held-for-investment and loans held-for-sale $ 12,706,541 $ 12,776,798 $ 11,116,929 $ 11,107,316 HTM debt securities 488,017 468,558 538,605 515,253 Financial liabilities not carried at fair value: Secured financing agreements and CLO $ 12,337,334 $ 12,430,899 $ 11,076,744 $ 11,108,364 Unsecured senior notes 1,737,383 1,802,131 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 June 30, 2021 Valuation Unobservable Range (Weighted Average) as of (1) June 30, 2021 December 31, 2020 Loans under fair value option $ 767,821 Discounted cash flow, market pricing Coupon (d) 2.6% - 9.5% (5.0%) 3.3% - 9.7% (5.9%) Remaining contractual term (d) 2.0 - 38.8 years (24.6 years) 7.3 - 39.3 years (26.3 years) FICO score (a) 519 - 823 (739) 519 - 823 (727) LTV (b) 13% - 96% (67%) 5% - 94% (68%) Purchase price (d) 85.6% - 104.8% (102.0%) 84.4% - 104.8% (99.8%) RMBS 154,704 Discounted cash flow Constant prepayment rate (a) 3.8% - 18.4% (8.2%) 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% - 83% (11%) (f) 0% - 85% (20%) (f) Delinquency rate (c) 10% - 33% (19%) 10%- 32% (19%) Servicer advances (a) 23% -84% (53%) 23% - 82% (54%) Annual coupon deterioration (b) 0%- 1.8% (0.1%) 0% - 0.9% (0.1%) Putback amount per projected total collateral loss (e) 0% -8% (0.4%) 0% -17% (0.8%) CMBS 18,965 Discounted cash flow Yield (b) 0% - 705.9% (11.6%) 0% - 536.6% (7.1%) Duration (c) 0 - 6.8 years (5.1 years) 0 - 7.6 years (5.3 years) Domestic servicing rights 13,705 Discounted cash flow Debt yield (a) 7.25% (7.25%) 7.50% (7.50%) Discount rate (b) 15% (15%) 15% (15%) VIE assets 63,493,796 Discounted cash flow Yield (b) 0% - 458.7% (12.0%) 0% - 312.2% (14.3%) Duration (c) 0 - 19.8 years (3.6 years) 0 - 16.3 years (3.8 years) VIE liabilities 4,836,192 Discounted cash flow Yield (b) 0% - 458.7% (11.9%) 0% - 312.2% (14.4%) Duration (c) 0 - 19.8 years (3.8 years) 0 - 10.8 years (3.8 years) ______________________________________________________________________________________________________________________ (1) Unobservable inputs were weighted by the relative carrying value of the instruments as of June 30, 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) 8% and 23% of the portfolio falls within a range of 45% - 80% as of June 30, 2021 and December 31, 2020, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	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 June 30, 2021 and December 31, 2020, approximately $1.5 billion 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 and six months ended June 30, 2021 and 2020 (dollars in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Federal statutory tax rate $ 25,836 21.0 % $ 31,849 21.0 % $ 52,035 21.0 % $ 16,520 21.0 % REIT and other non-taxable loss (24,018) (19.5) % (26,923) (17.8) % (48,519) (19.6) % (17,009) (21.6) % State income taxes 597 0.5 % 1,619 1.1 % 1,155 0.5 % (160) (0.2) % Federal benefit of state tax deduction (126) (0.1) % (340) (0.2) % (243) (0.1) % 34 — % Net operating loss carryback rate differential — — % (3,717) (2.5) % — — % (3,717) (4.7) % Intra-entity transfer (6,037) (4.9) % (3,781) (2.5) % (6,052) (2.4) % (3,781) (4.8) % Other 395 0.3 % (5) — % 501 0.1 % 86 0.1 % Effective tax rate $ (3,353) (2.7) % $ (1,298) (0.9) % $ (1,123) (0.5) % $ (8,027) (10.2) % 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 and six months ended June 30, 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	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of June 30, 2021, our Commercial and Residential Lending Segment had future commercial loan funding commitments totaling $1.5 billion, of which we expect to fund $1.4 billion. These future funding commitments primarily relate to construction projects, capital improvements, tenant improvements and leasing commissions. Additionally, as of June 30, 2021, our Commercial and Residential Lending Segment had outstanding residential loan purchase commitments of $406.0 million. As of June 30, 2021, our Infrastructure Lending Segment had future infrastructure loan funding commitments totaling $158.6 million, including $112.4 million under revolvers and letters of credit (“LCs”), and $46.2 million under delayed draw term loans. As of June 30, 2021, $19.4 million of revolvers and LCs were outstanding. Additionally, as of June 30, 2021, our Infrastructure Lending Segment had outstanding loan purchase commitments of $15.0 million. In connection with the Infrastructure Lending Segment acquisition, we assumed guarantees of certain borrowers’ performance under existing interest rate swaps. As of June 30, 2021, we had five outstanding guarantees on interest rate swaps maturing between May 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	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Data	Segment Data 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 June 30, 2021 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 165,697 $ 21,171 $ — $ 2,404 $ — $ 189,272 $ — $ 189,272 Interest income from investment securities 17,190 555 — 25,668 — 43,413 (32,765) 10,648 Servicing fees 110 — — 16,365 — 16,475 (5,611) 10,864 Rental income 1,419 — 65,410 10,290 — 77,119 — 77,119 Other revenues 74 69 44 2,777 — 2,964 — 2,964 Total revenues 184,490 21,795 65,454 57,504 — 329,243 (38,376) 290,867 Costs and expenses: Management fees 300 — — 224 28,716 29,240 10 29,250 Interest expense 48,356 9,694 16,863 5,789 29,171 109,873 (220) 109,653 General and administrative 10,411 3,532 1,028 25,720 4,489 45,180 85 45,265 Acquisition and investment pursuit costs 179 249 — (21) — 407 — 407 Costs of rental operations 433 — 25,922 4,376 — 30,731 — 30,731 Depreciation and amortization 311 100 17,901 4,165 — 22,477 — 22,477 Credit loss (reversal) provision, net (12,447) 603 — — — (11,844) — (11,844) Other expense — — — — — — — — Total costs and expenses 47,543 14,178 61,714 40,253 62,376 226,064 (125) 225,939 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 12,509 12,509 Change in fair value of servicing rights — — — 460 — 460 839 1,299 Change in fair value of investment securities, net (9,402) — — (12,585) — (21,987) 23,495 1,508 Change in fair value of mortgage loans, net 12,329 — — 33,538 — 45,867 — 45,867 Earnings (loss) from unconsolidated entities 1,996 (70) — (507) — 1,419 807 2,226 (Loss) gain on sale of investments and other assets, net (1,019) 27 — 9,723 — 8,731 — 8,731 (Loss) gain on derivative financial instruments, net (4,945) 112 (372) (5,731) 927 (10,009) — (10,009) Foreign currency gain (loss), net 2,715 (62) (25) (1) — 2,627 — 2,627 Loss on extinguishment of debt (221) (939) — (22) — (1,182) — (1,182) Other (loss) income, net (5,504) 2 — 29 — (5,473) — (5,473) Total other income (loss) (4,051) (930) (397) 24,904 927 20,453 37,650 58,103 Income (loss) before income taxes 132,896 6,687 3,343 42,155 (61,449) 123,632 (601) 123,031 Income tax benefit (provision) 8,043 (58) — (4,632) — 3,353 — 3,353 Net income (loss) 140,939 6,629 3,343 37,523 (61,449) 126,985 (601) 126,384 Net (income) loss attributable to non-controlling interests (4) — (4,914) (5,757) — (10,675) 601 (10,074) Net income (loss) attributable to Starwood Property Trust, Inc . $ 140,935 $ 6,629 $ (1,571) $ 31,766 $ (61,449) $ 116,310 $ — $ 116,310 The table below presents our results of operations for the three months ended June 30, 2020 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 150,136 $ 19,126 $ — $ 1,841 $ — $ 171,103 $ — $ 171,103 Interest income from investment securities 17,345 683 — 24,924 — 42,952 (28,308) 14,644 Servicing fees 142 — — 8,591 — 8,733 (2,075) 6,658 Rental income 690 — 63,566 8,454 — 72,710 — 72,710 Other revenues 54 100 58 280 — 492 (1) 491 Total revenues 168,367 19,909 63,624 44,090 — 295,990 (30,384) 265,606 Costs and expenses: Management fees 339 — — 220 22,554 23,113 2 23,115 Interest expense 41,871 9,678 15,942 6,177 27,825 101,493 — 101,493 General and administrative 8,615 4,337 1,281 14,993 3,368 32,594 83 32,677 Acquisition and investment pursuit costs 578 1,100 — (88) — 1,590 — 1,590 Costs of rental operations 988 — 24,703 3,941 — 29,632 — 29,632 Depreciation and amortization 430 89 19,153 3,749 — 23,421 — 23,421 Credit loss provision (reversal), net 11,294 (1,092) — — — 10,202 — 10,202 Other expense 76 — 26 — — 102 — 102 Total costs and expenses 64,191 14,112 61,105 28,992 53,747 222,147 85 222,232 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 51,261 51,261 Change in fair value of servicing rights — — — 5,328 — 5,328 (7,897) (2,569) Change in fair value of investment securities, net 5,454 — — 7,941 — 13,395 (12,568) 827 Change in fair value of mortgage loans, net 33,010 — — 1,440 — 34,450 — 34,450 Earnings (loss) from unconsolidated entities 671 (1,118) — 29,526 — 29,079 (303) 28,776 (Loss) gain on sale of investments and other assets, net (961) — — 7,433 — 6,472 — 6,472 (Loss) gain on derivative financial instruments, net (11,736) (437) (4,614) (3,828) 4,517 (16,098) — (16,098) Foreign currency gain (loss), net 6,942 310 (48) (31) — 7,173 — 7,173 Loss on extinguishment of debt (22) — (2,185) — — (2,207) — (2,207) Other income, net — — 191 13 — 204 — 204 Total other income (loss) 33,358 (1,245) (6,656) 47,822 4,517 77,796 30,493 108,289 Income (loss) before income taxes 137,534 4,552 (4,137) 62,920 (49,230) 151,639 24 151,663 Income tax (provision) benefit (3,257) (56) — 4,611 — 1,298 — 1,298 Net income (loss) 134,277 4,496 (4,137) 67,531 (49,230) 152,937 24 152,961 Net income attributable to non-controlling interests (4) — (5,111) (8,166) — (13,281) (24) (13,305) Net income (loss) attributable to Starwood Property Trust, Inc . $ 134,273 $ 4,496 $ (9,248) $ 59,365 $ (49,230) $ 139,656 $ — $ 139,656 The table below presents our results of operations for the six months ended June 30, 2021 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 336,290 $ 39,979 $ — $ 3,578 $ — $ 379,847 $ — $ 379,847 Interest income from investment securities 35,575 1,119 — 46,608 — 83,302 (61,044) 22,258 Servicing fees 234 — — 28,821 — 29,055 (9,789) 19,266 Rental income 2,758 — 130,514 20,185 — 153,457 — 153,457 Other revenues 164 162 84 2,859 — 3,269 — 3,269 Total revenues 375,021 41,260 130,598 102,051 — 648,930 (70,833) 578,097 Costs and expenses: Management fees 615 — — 446 66,904 67,965 21 67,986 Interest expense 92,651 18,535 32,695 11,238 58,319 213,438 (411) 213,027 General and administrative 21,744 6,974 2,051 44,160 8,800 83,729 172 83,901 Acquisition and investment pursuit costs 364 249 — (21) — 592 — 592 Costs of rental operations 910 — 49,882 8,684 — 59,476 — 59,476 Depreciation and amortization 618 200 36,001 8,132 — 44,951 — 44,951 Credit loss (reversal) provision, net (12,976) 1,176 — — — (11,800) — (11,800) Other expense 31 — 583 71 — 685 — 685 Total costs and expenses 103,957 27,134 121,212 72,710 134,023 459,036 (218) 458,818 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 52,254 52,254 Change in fair value of servicing rights — — — 1,205 — 1,205 (702) 503 Change in fair value of investment securities, net (11,452) — — (5,415) — (16,867) 18,069 1,202 Change in fair value of mortgage loans, net 1,615 — — 34,774 — 36,389 — 36,389 Earnings (loss) from unconsolidated entities 3,749 (324) — 82 — 3,507 453 3,960 Gain on sale of investments and other assets, net 16,674 27 — 9,723 — 26,424 — 26,424 Gain (loss) on derivative financial instruments, net 21,196 796 4,352 3,552 (5,916) 23,980 — 23,980 Foreign currency loss, net (8,879) (111) — (64) — (9,054) — (9,054) Loss on extinguishment of debt (289) (1,246) (141) (22) — (1,698) — (1,698) Other (loss) income, net (5,504) 23 — 29 — (5,452) — (5,452) Total other income (loss) 17,110 (835) 4,211 43,864 (5,916) 58,434 70,074 128,508 Income (loss) before income taxes 288,174 13,291 13,597 73,205 (139,939) 248,328 (541) 247,787 Income tax benefit (provision) 6,538 (150) — (5,265) — 1,123 — 1,123 Net income (loss) 294,712 13,141 13,597 67,940 (139,939) 249,451 (541) 248,910 Net (income) loss attributable to non-controlling interests (7) — (9,991) (11,765) — (21,763) 541 (21,222) Net income (loss) attributable to Starwood Property Trust, Inc . $ 294,705 $ 13,141 $ 3,606 $ 56,175 $ (139,939) $ 227,688 $ — $ 227,688 The table below presents our results of operations for the six months ended June 30, 2020 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 342,517 $ 41,539 $ — $ 4,474 $ — $ 388,530 $ — $ 388,530 Interest income from investment securities 35,973 1,384 — 49,724 — 87,081 (57,197) 29,884 Servicing fees 314 — — 15,033 — 15,347 (3,896) 11,451 Rental income 768 — 127,527 18,561 — 146,856 — 146,856 Other revenues 232 243 180 793 — 1,448 (3) 1,445 Total revenues 379,804 43,166 127,707 88,585 — 639,262 (61,096) 578,166 Costs and expenses: Management fees 690 — — 459 62,661 63,810 33 63,843 Interest expense 95,821 22,795 33,063 13,371 56,630 221,680 (162) 221,518 General and administrative 16,747 8,760 2,359 35,677 7,669 71,212 167 71,379 Acquisition and investment pursuit costs 1,438 1,117 12 (68) — 2,499 — 2,499 Costs of rental operations 1,766 — 47,555 8,525 — 57,846 — 57,846 Depreciation and amortization 845 159 38,441 7,956 — 47,401 — 47,401 Credit loss provision, net 51,511 7,360 — — — 58,871 — 58,871 Other expense 153 — 337 — — 490 — 490 Total costs and expenses 168,971 40,191 121,767 65,920 126,960 523,809 38 523,847 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 5,768 5,768 Change in fair value of servicing rights — — — 5,646 — 5,646 (8,608) (2,962) Change in fair value of investment securities, net (22,425) — — (39,275) — (61,700) 65,031 3,331 Change in fair value of mortgage loans, net (2,507) — — 20,823 — 18,316 — 18,316 Earnings (loss) from unconsolidated entities 722 (1,118) — 30,146 — 29,750 (877) 28,873 (Loss) gain on sale of investments and other assets, net (961) 296 — 7,433 — 6,768 — 6,768 Gain (loss) on derivative financial instruments, net 19,069 (1,438) (34,837) (22,934) 33,752 (6,388) — (6,388) Foreign currency loss, net (27,059) (163) (67) (24) — (27,313) — (27,313) Loss on extinguishment of debt (22) (170) (2,185) — — (2,377) — (2,377) Other income, net — — 241 89 — 330 — 330 Total other income (loss) (33,183) (2,593) (36,848) 1,904 33,752 (36,968) 61,314 24,346 Income (loss) before income taxes 177,650 382 (30,908) 24,569 (93,208) 78,485 180 78,665 Income tax benefit 1,165 89 — 6,773 — 8,027 — 8,027 Net income (loss) 178,815 471 (30,908) 31,342 (93,208) 86,512 180 86,692 Net income attributable to non-controlling interests (7) — (10,222) (3,396) — (13,625) (180) (13,805) Net income (loss) attributable to Starwood Property Trust, Inc . $ 178,808 $ 471 $ (41,130) $ 27,946 $ (93,208) $ 72,887 $ — $ 72,887 The table below presents our condensed consolidated balance sheet as of June 30, 2021 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Assets: Cash and cash equivalents $ 60,651 $ 31,695 $ 28,088 $ 22,618 $ 110,904 $ 253,956 $ 611 $ 254,567 Restricted cash 60,416 25,840 6,681 13,072 — 106,009 — 106,009 Loans held-for-investment, net 11,068,406 1,694,109 — 857 — 12,763,372 — 12,763,372 Loans held-for-sale 494,113 85,875 — 381,689 — 961,677 — 961,677 Investment securities 951,036 33,881 — 1,145,485 — 2,130,402 (1,456,836) 673,566 Properties, net 124,916 — 1,941,500 177,153 — 2,243,569 — 2,243,569 Intangible assets — — 37,361 69,910 — 107,271 (42,078) 65,193 Investment in unconsolidated entities 43,717 24,770 — 42,954 — 111,441 (14,652) 96,789 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Derivative assets 12,472 — 124 92 22,927 35,615 — 35,615 Accrued interest receivable 102,086 5,307 — 495 6,031 113,919 (119) 113,800 Other assets 81,621 11,497 91,158 42,237 14,977 241,490 13 241,503 VIE assets, at fair value — — — — — — 63,493,796 63,493,796 Total Assets $ 12,999,434 $ 2,032,383 $ 2,104,912 $ 2,036,999 $ 154,839 $ 19,328,567 $ 61,980,735 $ 81,309,302 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 38,973 $ 8,464 $ 45,231 $ 40,245 $ 49,260 $ 182,173 $ 53 $ 182,226 Related-party payable — — — — 26,393 26,393 38 26,431 Dividends payable — — — — 139,457 139,457 — 139,457 Derivative liabilities 31,530 1,118 — 413 — 33,061 — 33,061 Secured financing agreements, net 5,751,375 957,605 1,872,043 742,811 630,578 9,954,412 (21,750) 9,932,662 Collateralized loan obligations, net 2,000,073 404,599 — — — 2,404,672 — 2,404,672 Unsecured senior notes, net — — — — 1,737,383 1,737,383 — 1,737,383 VIE liabilities, at fair value — — — — — — 62,001,710 62,001,710 Total Liabilities 7,821,951 1,371,786 1,917,274 783,469 2,583,071 14,477,551 61,980,051 76,457,602 Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 2,952 2,952 — 2,952 Additional paid-in capital 878,471 629,130 16,967 (218,645) 3,942,567 5,248,490 — 5,248,490 Treasury stock — — — — (138,022) (138,022) — (138,022) Accumulated other comprehensive income 41,310 — — — — 41,310 — 41,310 Retained earnings (accumulated deficit) 4,257,587 31,467 (47,694) 1,316,994 (6,235,729) (677,375) — (677,375) Total Starwood Property Trust, Inc. Stockholders’ Equity 5,177,368 660,597 (30,727) 1,098,349 (2,428,232) 4,477,355 — 4,477,355 Non-controlling interests in consolidated subsidiaries 115 — 218,365 155,181 — 373,661 684 374,345 Total Equity 5,177,483 660,597 187,638 1,253,530 (2,428,232) 4,851,016 684 4,851,700 Total Liabilities and Equity $ 12,999,434 $ 2,032,383 $ 2,104,912 $ 2,036,999 $ 154,839 $ 19,328,567 $ 61,980,735 $ 81,309,302 The table below presents our condensed consolidated balance sheet as of December 31, 2020 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization 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	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Our significant events subsequent to June 30, 2021 were as follows: Unsecured Senior Notes In July 2021, we issued $400.0 million of 3.625% Senior Notes due 2026 which mature on July 15, 2026. Single-Asset Single-Borrower Securitization In July 2021, we securitized a previously originated $230.0 million first mortgage and mezzanine loan on a portfolio of 41 extended stay hotels with $210.1 million of third party financing at an average coupon of LIBOR + 222 bps.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
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.
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 and six months ended June 30, 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 pools of our loans through collateralized loan obligations (“CLOs”) which are considered VIEs. 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 , defines the primary beneficiary as the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the VIE which could be potentially significant. We consider our variable interests as well as any variable interests of our related parties in making this determination. Where both of these factors are present, we are deemed to be the primary beneficiary and we consolidate the VIE. Where either one of these factors is not present, we are not the primary beneficiary and do not consolidate the VIE. 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 2% of our consolidated securitization VIE assets, with the remaining 98% 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 , provides a fair value option election that allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. The decision to elect the fair value option is determined on an instrument by instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance are required to be reported separately in our consolidated balance sheets from those instruments using another accounting method. 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. Valuation Process We have valuation control processes in place to validate the fair value of the Company’s financial assets and liabilities measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable. Pricing Verification —We use recently executed transactions, other observable market data such as exchange data, broker/dealer quotes, third party pricing vendors and aggregation services for validating the fair values generated using valuation models. Pricing data provided by approved external sources is evaluated using a number of approaches; for example, by corroborating the external sources’ prices to executed trades, analyzing the methodology and assumptions used by the external source to generate a price and/or by evaluating how active the third party pricing source (or originating sources used by the third party pricing source) is in the market. Unobservable Inputs —Where inputs are not observable, we review the appropriateness of the proposed valuation methodology to ensure it is consistent with how a market participant would arrive at the unobservable input. The valuation methodologies utilized in the absence of observable inputs may include extrapolation techniques and the use of comparable observable inputs. Any changes to the valuation methodology will be reviewed by our management to ensure the changes are appropriate. The methods used may produce a fair value calculation that is not indicative of net realizable value or reflective of future fair values. Furthermore, while we anticipate that our valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value could result in a different estimate of fair value at the reporting date. Fair Value on a Recurring Basis We determine the fair value of our financial assets and liabilities measured at fair value on a recurring basis as follows: Loans held-for-sale, commercial We measure the fair value of our commercial mortgage loans held-for-sale using a discounted cash flow analysis unless observable market data (i.e., securitized pricing) is available. A discounted cash flow analysis requires management to make estimates regarding future interest rates and credit spreads. The most significant of these inputs relates to credit spreads and is unobservable. Thus, we have determined that the fair values of mortgage loans valued using a discounted cash flow analysis should be classified in Level III of the fair value hierarchy, while mortgage loans valued using securitized pricing should be classified in Level II of the fair value hierarchy. Mortgage loans classified in Level III are transferred to Level II if securitized pricing becomes available. Loans held-for-sale and loans held-for-investment, residential We measure the fair value of our residential 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 RMBS are valued utilizing observable and unobservable market inputs. The observable market inputs include recent transactions, broker quotes and vendor prices (“market data”). However, given the implied price dispersion amongst the market data, the fair value determination for RMBS has also utilized significant unobservable inputs in discounted cash flow models including prepayments, default and severity estimates based on the recent performance of the collateral, the underlying collateral characteristics, industry trends, as well as expectations of macroeconomic events (e.g., housing price curves, interest rate curves, etc.). At each measurement date, we consider both the observable and unobservable valuation inputs in the determination of fair value. However, given the significance of the unobservable inputs these securities have been classified within Level III. CMBS CMBS are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, recent trades of similar securities and the spreads used in the prior valuation. We obtain current market spread information where available and use this information in evaluating and validating the market price of all CMBS. Depending upon the significance of the fair value inputs used in determining these fair values, these securities are classified in either Level II or Level III of the fair value hierarchy. CMBS may shift between Level II and Level III of the fair value hierarchy if the significant fair value inputs used to price the CMBS become or cease to be observable. Equity security The equity security is publicly registered and traded in the U.S. and its market price is listed on the London Stock Exchange. The security has been classified within Level I. Domestic servicing rights The fair value of this intangible is determined using discounted cash flow modeling techniques which require management to make estimates regarding future net servicing cash flows, including forecasted loan defeasance, control migration, delinquency and anticipated maturity defaults which are calculated assuming a debt yield at which default occurs. Since the most significant of these inputs are unobservable, we have determined that the fair values of this intangible in its entirety should be classified in Level III of the fair value hierarchy. Derivatives The valuation of derivative contracts are determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market based inputs, including interest rate curves, spot and market forward points and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. We incorporate credit valuation adjustments to appropriately reflect both our own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of non-performance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. The valuation of over the counter derivatives are determined using discounted cash flows based on Overnight Index Swap (“OIS”) rates. Fully collateralized trades are discounted using OIS with no additional economic adjustments to arrive at fair value. Uncollateralized or partially collateralized trades are also discounted at OIS, but include appropriate economic adjustments for funding costs (i.e., a LIBOR OIS basis adjustment to approximate uncollateralized cost of funds) and credit risk. For credit index instruments, fair value is determined based on changes in the relevant indices from the date of initiation of the instrument to the reporting date, as these changes determine the amount of any future cash settlement between us and the counterparty. These indices are considered Level II inputs as they are directly observable. Although we have determined that the majority of the inputs used to value our derivatives fall within Level II of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level III inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of June 30, 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 The securitization VIEs in which we invest are “static”; that is, no reinvestment is permitted, and there is no active management of the underlying assets. In determining the fair value of the assets of the VIE, we maximize the use of observable inputs over unobservable inputs. The individual assets of a VIE are inherently incapable of precise measurement given their illiquid nature and the limitations on available information related to these assets. Because our methodology for valuing these assets does not value the individual assets of a VIE, but rather uses the value of the VIE liabilities as an indicator of the fair value of VIE assets as a whole, we have determined that our valuations of VIE assets in their entirety should be classified in Level III of the fair value hierarchy. Fair Value Only Disclosed We determine the fair value of our financial instruments and assets where fair value is disclosed as follows: 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 CLOs The fair value of the secured financing agreements and CLOs 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.
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 $32.3 million increase to our total allowance for credit losses, which was recognized as a cumulative-effect adjustment to accumulated deficit as of January 1, 2020. 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.
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), which removes certain separation models for convertible debt instruments and convertible preferred stock that require the separation into a debt component and an equity or derivative component. Consequently, 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. Upon the sale of loans or securities which are not accounted for pursuant to the fair value option, the excess (or deficiency) of net proceeds over the net carrying value of such loans or securities is recognized as a realized gain (loss). Servicing Fees We typically seek to be the special servicer on CMBS transactions in which we invest. When we are appointed to serve in this capacity, we earn special servicing fees from the related activities performed, which consist primarily of overseeing the workout of under-performing and non-performing loans underlying the CMBS transactions. These fees are recognized in income in the period in which the services are performed and the revenue recognition criteria have been met. Rental Income Rental income is recognized when earned from tenants. For leases that provide rent concessions or fixed escalations over the lease term, rental income is recognized on a straight-line basis over the noncancelable term of the lease. In net lease arrangements, costs reimbursable from tenants are recognized in rental income in the period in which the related expenses are
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 and six months ended June 30, 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. We believe the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of June 30, 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 June 30, 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 On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting, and on January 11, 2021, issued ASU 2021-01, Reference Rate Reform (Topic 848) – Scope, both of which provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or other reference rates expected to be discontinued because of reference rate reform. These ASUs are effective through December 31, 2022. The Company has not adopted any of the optional expedients or exceptions through June 30, 2021, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve.

Loans (Tables)

Loans (Tables)	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Summary of Investments in Mortgages and Loans by Subordination Class	The following tables summarize our investments in mortgages and loans as of June 30, 2021 and December 31, 2020 (dollars in thousands): June 30, 2021 Carrying Face Weighted Weighted Loans held-for-investment: Commercial loans: First mortgages (3) $ 10,417,834 $ 10,473,818 5.1 % 1.7 Subordinated mortgages (4) 64,233 65,901 9.2 % 3.0 Mezzanine loans (3) 476,759 473,881 9.6 % 1.5 Other 17,947 19,863 8.2 % 2.5 Total commercial loans 10,976,773 11,033,463 Infrastructure first priority loans (5) 1,703,718 1,725,467 4.3 % 4.0 Residential loans, fair value option (6) 142,706 140,314 6.3 % N/A (7) Total loans held-for-investment 12,823,197 12,899,244 Loans held-for-sale: Residential, fair value option (6) 494,113 478,776 4.8 % N/A (7) Commercial, fair value option 381,689 368,819 3.9 % 7.1 Infrastructure, lower of cost or fair value (5) 85,875 86,079 2.8 % 2.2 Total loans held-for-sale 961,677 933,674 Total gross loans 13,784,874 $ 13,832,918 Credit loss allowances: Commercial loans held-for-investment (50,216) Infrastructure loans held-for-investment (9,609) Total allowances (59,825) Total net loans $ 13,725,049 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 June 30, 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 $1.1 billion and $877.3 million being classified as first mortgages as of June 30, 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 six months ended June 30, 2021, $30.7 million of infrastructure loans held-for-sale were reclassified into loans held-for-investment. (6) During the six months ended June 30, 2021, a net amount of $45.6 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 29.1 years and 27.9 years as of June 30, 2021 and December 31, 2020, respectively.
Summary of Variable Rate Loans Held-for-Investment	As of June 30, 2021, our variable rate loans held-for-investment were as follows (dollars in thousands): June 30, 2021 Carrying Weighted-average Commercial loans $ 10,538,637 4.2 % Infrastructure loans 1,703,718 3.8 % Total variable rate loans held-for-investment $ 12,242,355 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 June 30, 2021 (dollars in thousands): Term Loans Revolving Loans Total Credit As of June 30, 2021 2021 2020 2019 2018 2017 Prior Commercial loans: Credit quality indicator: LTV < 60% $ 1,454,059 $ 721,991 $ 1,172,510 $ 844,499 $ 713,951 $ 290,188 $ — $ 5,197,198 $ 8,024 LTV 60% - 70% 1,737,188 419,170 1,482,254 728,517 — 82,186 — 4,449,315 22,218 LTV > 70% — 282,896 604,322 351,600 — 61,518 — 1,300,336 11,708 Credit deteriorated — — — — — 11,977 — 11,977 8,266 Defeased and other — — — — — 17,947 — 17,947 — Total commercial $ 3,191,247 $ 1,424,057 $ 3,259,086 $ 1,924,616 $ 713,951 $ 463,816 $ — $ 10,976,773 $ 50,216 Infrastructure loans: Credit quality indicator: Power $ 24,753 $ 76,085 $ 218,837 $ 415,509 $ 123,438 $ 311,754 $ 13,914 $ 1,184,290 $ 4,885 Oil and gas 64,528 19,049 300,593 99,797 30,394 — 5,067 519,428 4,724 Total infrastructure $ 89,281 $ 95,134 $ 519,430 $ 515,306 $ 153,832 $ 311,754 $ 18,981 $ 1,703,718 $ 9,609 Residential loans held-for-investment, fair value option 142,706 — Loans held-for-sale 961,677 — Total gross loans $ 13,784,874 $ 59,825
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 Six Months Ended June 30, 2021 Commercial Infrastructure Credit loss allowance at December 31, 2020 $ 69,611 $ 7,833 $ 77,444 Credit loss (reversal) provision, net (11,381) 1,519 (9,862) Charge-offs (7,757) (1) — (7,757) Recoveries — — — Transfers (257) 257 — Credit loss allowance at June 30, 2021 $ 50,216 $ 9,609 $ 59,825 Unfunded Commitments Credit Loss Allowance (2) Loans Held-for-Investment Six Months Ended June 30, 2021 Commercial Infrastructure Total Credit loss allowance at December 31, 2020 $ 5,258 $ 812 $ 6,070 Credit loss reversal, net (853) (339) (1,192) Credit loss allowance at June 30, 2021 $ 4,405 $ 473 $ 4,878 Memo: Unfunded commitments as of June 30, 2021 (3) $ 1,358,851 $ 46,238 $ 1,405,089 ______________________________________________________________________________________________________________________ (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 Six Months Ended June 30, 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 3,713,142 288,904 — 1,367,574 5,369,620 Capitalized interest (1) 63,538 — — — 63,538 Basis of loans sold (2) (207,975) — — (1,502,588) (1,710,563) Loan maturities/principal repayments (2,025,641) (100,624) (18,868) (206,119) (2,351,252) Discount accretion/premium amortization 27,067 2,168 — 504 29,739 Changes in fair value — — 1,384 35,005 36,389 Unrealized foreign currency translation gain (loss) 1,987 (345) — — 1,642 Credit loss reversal (provision), net 11,381 (1,519) — — 9,862 Loan foreclosure and conversion to equity interest (36,308) — — — (36,308) (3) Transfer to/from other asset classifications or between segments (204,583) 93,085 69,506 214,466 172,474 (4) Balance at June 30, 2021 $ 10,926,557 $ 1,694,109 $ 142,706 $ 961,677 $ 13,725,049 Held-for-Investment Loans Six Months Ended June 30, 2020 Commercial Infrastructure Residential Held-for-Sale Loans Total Loans Balance at December 31, 2019 $ 8,517,054 $ 1,397,448 $ 671,572 $ 884,150 $ 11,470,224 Cumulative effect of ASC 326 effective January 1, 2020 (10,112) (10,328) — — (20,440) Acquisitions/originations/additional funding 1,452,753 113,430 100,720 786,860 2,453,763 Capitalized interest (1) 70,346 — — — 70,346 Basis of loans sold (2) (397,038) — (604) (1,378,952) (1,776,594) Loan maturities/principal repayments (831,319) (68,585) (64,806) (43,593) (1,008,303) Discount accretion/premium amortization 19,706 1,025 — 109 20,840 Changes in fair value — — (16,461) 34,777 18,316 Unrealized foreign currency translation loss (76,137) — — (2,037) (78,174) Credit loss provision, net (51,420) (5,997) — — (57,417) Transfer to/from other asset classifications — 32,246 (422,691) 390,445 — Balance at June 30, 2020 $ 8,693,833 $ 1,459,239 $ 267,730 $ 671,759 $ 11,092,561 ______________________________________________________________________________________________________________________ (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. (3) Includes (i) a $29.0 million credit deteriorated loan related to a residential conversion project which was foreclosed in April 2021 and (ii) $7.3 million of a commercial loan that was converted to equity interests in March 2021 (see Note 7) pursuant to a consensual transfer under pre-existing equity pledges of additional collateral, both as described above. (4) Net transfers represent residential loans transferred from VIE assets upon redemption of a consolidated RMBS trust.

Investment Securities (Tables)

Investment Securities (Tables)	6 Months Ended
	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Investment Securities	Investment securities were comprised of the following as of June 30, 2021 and December 31, 2020 (amounts in thousands): Carrying Value as of June 30, 2021 December 31, 2020 RMBS, available-for-sale $ 154,704 $ 167,349 RMBS, fair value option (1) 232,120 235,997 CMBS, fair value option (1), (2) 1,243,681 1,209,030 HTM debt securities, amortized cost net of credit loss allowance of $4,929 and $5,675 488,017 538,605 Equity security, fair value 11,880 11,247 Subtotal — Investment securities 2,130,402 2,162,228 VIE eliminations (1) (1,456,836) (1,425,570) Total investment securities 673,566 $ 736,658 ______________________________________________________________________________________________________________________ (1) Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. (2) Includes $186.6 million and $179.5 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of June 30, 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 Total Three Months Ended June 30, 2021 Purchases $ — $ 52,351 $ 54,082 $ — $ (106,433) $ — Sales — 30,684 — — (30,684) — Principal collections 7,863 14,687 2,013 879 (16,089) 9,353 Redemptions — 11,976 — — (11,976) — Three Months Ended June 30, 2020 Purchases/fundings $ — $ 185,433 $ — $ 10,391 $ (185,433) $ 10,391 Sales — — — — — — Principal collections 6,014 11,532 927 30,713 (12,266) 36,920 RMBS, RMBS, fair CMBS, fair HTM Securitization Total Six Months Ended June 30, 2021 Purchases $ — $ 79,684 $ 54,082 $ — $ (133,766) $ — Sales — 30,684 11,604 — (42,288) — Principal collections 15,114 28,031 3,723 52,569 (30,570) 68,867 Redemptions — 11,976 — — (11,976) — Six Months Ended June 30, 2020 Purchases/fundings $ — $ 214,725 $ 7,661 $ 16,120 $ (222,386) $ 16,120 Sales — — 32,316 — (24,376) 7,940 Principal collections 12,563 20,104 17,450 37,351 (36,989) 50,479 ______________________________________________________________________________________________________________________ (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 June 30, 2021 and December 31, 2020 (amounts in thousands): Unrealized Gains or (Losses) Amortized Credit Net Gross Gross Net Fair Value June 30, 2021 RMBS $ 113,394 $ — $ 113,394 $ 41,312 $ (2) $ 41,310 $ 154,704 December 31, 2020 RMBS $ 123,292 $ — $ 123,292 $ 44,123 $ (66) $ 44,057 $ 167,349 Weighted Average Coupon (1) WAL June 30, 2021 RMBS 1.2 % 5.7 ______________________________________________________________________________________________________________________ (1) Calculated using the June 30, 2021 one-month LIBOR rate of 0.100% 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 With No Recorded Allowance for Credit Loss	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 June 30, 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 As of June 30, 2021 RMBS $ — $ 929 $ — $ (2) As of December 31, 2020 RMBS $ 438 $ 1,195 $ (25) $ (41)
Summary of Investments in HTM Securities	The table below summarizes our investments in HTM debt securities as of June 30, 2021 and December 31, 2020 (amounts in thousands): Amortized Credit Loss Net Carrying Gross Unrealized Gross Unrealized Fair Value June 30, 2021 CMBS $ 339,142 $ — $ 339,142 $ — $ (23,543) $ 315,599 Preferred interests 117,001 (2,007) 114,994 3,616 — 118,610 Infrastructure bonds 36,803 (2,922) 33,881 468 — 34,349 Total 492,946 (4,929) 488,017 4,084 (23,543) 468,558 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 Decurities	The following table presents the activity in our credit loss allowance for HTM debt securities (amounts in thousands): Preferred Infrastructure Total HTM Six Months Ended June 30, 2021 Credit loss allowance at December 31, 2020 $ 2,749 $ 2,926 $ 5,675 Credit loss reversal, net (742) (4) (746) Credit loss allowance at June 30, 2021 $ 2,007 $ 2,922 $ 4,929
Summary of Maturities of Preferred Equity Interests in Limited Liability Companies	The table below summarizes the maturities of our HTM debt securities by type as of June 30, 2021 (amounts in thousands): CMBS Preferred Infrastructure Total Less than one year $ 70,995 $ — $ — $ 70,995 One to three years 268,147 114,994 — 383,141 Three to five years — — — — Thereafter — — 33,881 33,881 Total $ 339,142 $ 114,994 $ 33,881 $ 488,017

Properties (Tables)

Properties (Tables)	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Summary of Properties	The table below summarizes our properties held as of June 30, 2021 and December 31, 2020 (dollars in thousands): Depreciable Life June 30, 2021 December 31, 2020 Property Segment Land and land improvements 0 – 15 years $ 485,065 $ 484,846 Buildings and building improvements 5 – 45 years 1,692,996 1,690,701 Furniture & fixtures 3 – 7 years 62,531 59,632 Investing and Servicing Segment Land and land improvements 0 – 15 years 45,243 50,585 Buildings and building improvements 3 – 40 years 166,590 179,014 Furniture & fixtures 2 – 5 years 2,985 2,606 Commercial and Residential Lending Segment (1) Land and land improvements 0 – 7 years 9,691 11,416 Buildings and building improvements 9 – 20 years 12,409 19,251 Construction in progress N/A 104,136 75,245 Properties, cost 2,581,646 2,573,296 Less: accumulated depreciation (338,077) (302,143) Properties, net $ 2,243,569 $ 2,271,153 ______________________________________________________________________________________________________________________ (1) Represents properties acquired through loan foreclosure. Refer to Note 4 with respect to the construction in progress properties relating to a residential conversion project.

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Summary of Investments in Unconsolidated Entities	The table below summarizes our investments in unconsolidated entities as of June 30, 2021 and December 31, 2020 (dollars in thousands): Participation / Carrying value as of June 30, 2021 December 31, 2020 Equity method investments: Equity interest in a natural gas power plant 10% $ 24,770 $ 25,095 Investor entity which owns equity in an online real estate company 50% 9,591 9,397 Equity interests in commercial real estate 50% 1,127 1,543 Equity interest in and advances to a residential mortgage originator (2) N/A 18,458 17,852 Various 25% - 50% 10,672 8,831 64,618 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 Investor entities which own equity interests in two entertainment and retail centers (3) 15% 7,320 — Federal Home Loan Bank stock N/A — 20,485 32,171 45,336 $ 96,789 $ 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 June 30, 2021 and December 31, 2020. (3) During the six months ended June 30, 2021, we obtained equity interests in two investor entities that own interests in two entertainment and retail centers in satisfaction of $7.3 million principal amount of a commercial loan. The interests were obtained in order to facilitate repayment of a portion of that loan for which these interests represented underlying collateral. The interests are entitled to preferred treatment in the distribution waterfall and are intended to repay us the $7.3 million principal amount of the loan plus interest. See further discussion in Note 4.

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangibles Assets	The following table summarizes our intangible assets, which are comprised of servicing rights intangibles and lease intangibles, as of June 30, 2021 and December 31, 2020 (amounts in thousands): As of June 30, 2021 As of December 31, 2020 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Domestic servicing rights, at fair value $ 13,705 $ — $ 13,705 $ 13,202 $ — $ 13,202 In-place lease intangible assets 131,418 (95,395) 36,023 133,203 (92,540) 40,663 Favorable lease intangible assets 23,862 (8,397) 15,465 24,181 (7,929) 16,252 Total net intangible assets $ 168,985 $ (103,792) $ 65,193 $ 170,586 $ (100,469) $ 70,117
Summary of Activity Within Intangible Assets	The following table summarizes the activity within intangible assets for the six months ended June 30, 2021 (amounts in thousands): Domestic In-place Lease Favorable Lease Total Balance as of January 1, 2021 $ 13,202 $ 40,663 $ 16,252 $ 70,117 Amortization — (4,280) (718) (4,998) Sales — (360) (69) (429) Changes in fair value due to changes in inputs and assumptions 503 — — 503 Balance as of June 30, 2021 $ 13,705 $ 36,023 $ 15,465 $ 65,193
Schedule of Future Amortization Expense	Domestic In-place Lease Favorable Lease Total Balance as of January 1, 2021 $ 13,202 $ 40,663 $ 16,252 $ 70,117 Amortization — (4,280) (718) (4,998) Sales — (360) (69) (429) Changes in fair value due to changes in inputs and assumptions 503 — — 503 Balance as of June 30, 2021 $ 13,705 $ 36,023 $ 15,465 $ 65,193 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) $ 4,539 2022 7,783 2023 6,043 2024 4,650 2025 3,775 Thereafter 24,698 Total $ 51,488

Secured Borrowings (Tables)

Secured Borrowings (Tables)	6 Months Ended
	Jun. 30, 2021
Secured Debt [Abstract]
Summary of Secured Financing Agreements	The following table is a summary of our secured financing agreements in place as of June 30, 2021 and December 31, 2020 (dollars in thousands): Outstanding Balance at Current Extended Weighted Average Pledged Asset Maximum June 30, 2021 December 31, 2020 Repurchase Agreements: Commercial Loans Aug 2021 to Aug 2025 (b) Dec 2023 to Mar 2029 (b) (c) $ 7,100,320 $ 9,272,007 (d) $ 4,775,976 $ 4,878,939 Residential Loans Apr 2022 to Oct 2023 N/A LIBOR + 2.07% 564,736 1,900,000 483,810 22,590 Infrastructure Loans Feb 2022 N/A LIBOR + 2.01% 188,448 500,000 158,165 232,961 Conduit Loans Feb 2022 to Jun 2023 Feb 2023 to Jun 2024 LIBOR + 2.03% 261,510 350,000 187,317 53,554 CMBS/RMBS Mar 2022 to May 2031 (e) Jun 2022 to Nov 2031 (e) (f) 1,236,236 829,879 704,853 (g) 620,763 Total Repurchase Agreements 9,351,250 12,851,886 6,310,121 5,808,807 Other Secured Financing: Borrowing Base Facility Apr 2022 Apr 2024 LIBOR + 2.25% 122,294 650,000 (h) 72,630 43,014 Commercial Financing Facility Mar 2022 Mar 2029 GBP LIBOR + 1.75% 101,978 82,132 82,132 81,218 Residential Financing Facility Sep 2022 Sep 2025 3.50% 72,064 250,000 1,515 215,024 Infrastructure Acquisition Facility Sep 2021 Sep 2022 (i) 335,309 336,931 230,040 467,450 Infrastructure Financing Facilities Jul 2022 to Oct 2022 Oct 2024 to Jul 2027 LIBOR + 2.03% 719,693 1,250,000 573,846 538,645 Property Mortgages - Fixed rate Nov 2024 to Aug 2052 (j) N/A 4.03% 1,262,514 1,155,035 1,155,035 1,077,528 Property Mortgages - Variable rate Nov 2021 to Jul 2030 N/A (k) 906,420 969,790 945,215 960,903 Term Loan and Revolver (l) N/A (l) N/A (l) 761,750 641,750 645,000 Federal Home Loan Bank N/A N/A N/A — — — 396,000 Total Other Secured Financing 3,520,272 5,455,638 3,702,163 4,424,782 $ 12,871,522 $ 18,307,524 10,012,284 10,233,589 Unamortized net discount (14,608) (13,569) Unamortized deferred financing costs (65,014) (73,830) $ 9,932,662 $ 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 $1.7 billion as of June 30, 2021 are indexed to GBP LIBOR and EURIBOR. The remainder have a weighted average rate of LIBOR + 2.07%. (d) Certain facilities with an aggregate initial maximum facility size of $8.4 billion may be increased to $9.3 billion, subject to certain conditions. The $9.3 billion amount includes such upsizes. (e) Certain facilities with an outstanding balance of $286.8 million as of June 30, 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 $243.2 million as of June 30, 2021 has a weighted average fixed annual interest rate of 3.21%. All other facilities are variable rate with a weighted average rate of LIBOR + 1.84%. (g) Includes: (i) $243.2 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 6.2 years as of June 30, 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 + 2.61%. (l) Consists of: (i) a $641.8 million term loan facility that matures in July 2026, of which $393.0 million has an annual interest rate of LIBOR + 2.50% and $248.8 million has an annual interest rate of LIBOR + 3.50%, subject to a 75 bps
Schedule of Collateralized Loan Obligations	The following table is a summary of our CLOs as of June 30, 2021 and December 31, 2020 (amounts in thousands): June 30, 2021 Count Face Carrying Weighted Maturity STWD 2019-FL1 Collateral assets 27 $ 1,096,200 $ 1,103,619 LIBOR + 4.22% (a) May 2024 (b) Financing 1 936,375 931,802 SOFR + 1.63% (c) July 2038 (d) STWD 2021-FL2 Collateral assets 24 1,272,919 1,278,839 LIBOR + 4.24% (a) December 2024 (b) Financing 1 1,077,375 1,068,271 LIBOR + 1.79% (c) April 2038 (d) STWD 2021-SIF1 Collateral assets 29 471,324 504,988 LIBOR + 3.90% (a) February 2026 (b) Financing 1 410,000 404,599 LIBOR + 2.15% (c) April 2032 (d) Total Collateral assets $ 2,840,443 $ 2,887,446 Financing $ 2,423,750 $ 2,404,672 December 31, 2020 STWD 2019-FL1 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. Of the loans financed by the STWD 2021-FL2 CLO as of June 30, 2021, 7% earned fixed-rate weighted average interest of 7.81%. Of the loans financed by the STWD 2021-SIF1 CLO as of June 30, 2021, 2% earned fixed-rate weighted average interest of 5.62%. (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	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 CLOs (a) Total 2021 (remainder of) $ 407,717 $ 43,004 $ 33,136 $ 483,857 2022 1,152,883 267,988 132,442 1,553,313 2023 940,751 817,388 726,149 2,484,288 2024 1,388,446 351,343 474,478 2,214,267 2025 1,731,070 256,176 629,893 2,617,139 Thereafter 689,254 1,966,264 427,652 3,083,170 Total $ 6,310,121 $ 3,702,163 $ 2,423,750 $ 12,436,034 ______________________________________________________________________________________________________________________ (a) Does not assume utilization of the reinvestment features.

Unsecured Senior Notes (Tables)

Unsecured Senior Notes (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Instruments [Abstract]
Schedule of Unsecured Convertible Senior Notes Outstanding	The following table is a summary of our unsecured senior notes outstanding as of June 30, 2021 and December 31, 2020 (dollars in thousands): Coupon Effective Maturity Remaining Carrying Value at June 30, 2021 December 31, 2020 2021 Senior Notes 5.00 % 5.32 % 12/15/2021 0.5 years $ 700,000 $ 700,000 2023 Senior Notes 5.50 % 5.71 % 11/1/2023 2.3 years 300,000 300,000 2023 Convertible Notes 4.38 % 4.57 % 4/1/2023 1.8 years 250,000 250,000 2025 Senior Notes 4.75 % (2) 5.04 % 3/15/2025 3.7 years 500,000 500,000 Total principal amount 1,750,000 1,750,000 Unamortized discount—Convertible Notes (800) (2,559) Unamortized discount—Senior Notes (7,370) (9,332) Unamortized deferred financing costs (4,447) (5,589) Carrying amount of debt components $ 1,737,383 $ 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 June 30, 2021 (amounts in thousands, except rates): June 30, 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 June 30, 2021, the market price of the Company’s common stock was $26.17.

Loan Securitization_Sale Acti_2

Loan Securitization/Sale Activities (Tables)	6 Months Ended
	Jun. 30, 2021
Investing and Servicing Segment
Summary of Face Amount and Proceeds of Loans	The following summarizes the face amount and proceeds of commercial and residential loans securitized for the three and six months ended June 30, 2021 and 2020 (amounts in thousands): Commercial Loans Residential Loans Face Amount Proceeds Face Amount Proceeds For the Three Months Ended June 30, 2021 $ 304,604 $ 321,377 $ 564,429 $ 583,877 2020 — — 583,501 589,693 For the Six Months Ended June 30, 2021 $ 389,641 $ 411,087 $ 947,978 $ 973,675 2020 335,835 352,393 964,780 988,440
Commercial and Residential Lending Segment
Summary of Loans Sold	The following table summarizes our loans sold by the Commercial and Residential Lending Segment, net of expenses (amounts in thousands): Loan Transfers Accounted for as Sales Commercial Loans Residential Loans Face amount (1) Proceeds (1) Face Amount Proceeds For the Three Months Ended June 30, 2021 $ 232,670 $ 229,490 $ 383 $ 398 2020 399,132 396,078 — — For the Six Months Ended June 30, 2021 $ 232,670 $ 229,490 $ 89,801 $ 92,817 2020 399,132 396,078 550 604 ______________________________________________________________________________________________________________________ (1) During both the three and six months ended June 30, 2021, we sold $210.1 million of senior interests in first mortgage loans and $22.6 million of whole loan interests for proceeds of $208.0 million and $21.5 million, respectively. During both the three and six months ended June 30, 2020, we sold $230.9 million of senior interests in first mortgage loans and $168.2 million of whole loan interests for proceeds of $224.1 million and $172.0 million, respectively.

Derivatives and Hedging Activ_2

Derivatives and Hedging Activity (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Non-Designated Derivatives	The following table summarizes our non-designated derivatives as of June 30, 2021 (notional amounts in thousands): Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Buy Euros ("EUR") 8 8,442 EUR August 2021 – November 2022 Fx contracts – Buy Pounds Sterling ("GBP") 11 10,685 GBP July 2021 – July 2022 Fx contracts – Sell EUR 167 299,977 EUR July 2021 – November 2025 Fx contracts – Sell GBP 128 571,689 GBP July 2021 – May 2024 Fx contracts – Sell Australian dollar ("AUD") 22 208,622 AUD August 2021 – June 2022 Interest rate swaps – Paying fixed rates 28 1,917,729 USD May 2023 – July 2031 Interest rate swaps – Receiving fixed rates 1 470,000 USD March 2025 Interest rate caps 20 939,893 USD November 2021 – April 2025 Credit index instruments 3 49,000 USD September 2058 – August 2061 Interest rate swap guarantees 5 315,425 USD May 2022 – June 2025 Total 393
Schedule of Fair Value of Derivatives	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 June 30, 2021 and December 31, 2020 (amounts in thousands): Fair Value of Derivatives Fair Value of Derivatives June 30, December 31, June 30, December 31, Interest rate contracts $ 23,588 $ 33,841 $ — $ 4 Interest rate swap guarantees — — 353 849 Foreign exchange contracts 12,027 6,585 32,296 39,951 Credit index instruments — 129 412 520 Total derivatives $ 35,615 $ 40,555 $ 33,061 $ 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	The table below presents the effect of our derivative financial instruments on the condensed consolidated statements of operations for the three and six months ended June 30, 2021 and 2020 (amounts in thousands): Derivatives Not Designated Location of Gain (Loss) Amount of Gain (Loss) Recognized in Income for the Three Months Ended June 30, Amount of Gain (Loss) Recognized in Income for the Six Months Ended June 30, 2021 2020 2021 2020 Interest rate contracts (Loss) gain on derivative financial instruments $ (7,344) $ (7,263) $ 12,814 $ (52,388) Interest rate swap guarantees (Loss) gain on derivative financial instruments 145 70 496 (605) Foreign exchange contracts (Loss) gain on derivative financial instruments (2,540) (7,107) 11,061 46,158 Credit index instruments (Loss) gain on derivative financial instruments (270) (1,798) (391) 447 $ (10,009) $ (16,098) $ 23,980 $ (6,388)

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Offsetting [Abstract]
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 , which for us are derivative assets and liabilities as well as repurchase agreement liabilities (amounts in thousands): (ii) (iii) = (i) - (ii) (iv) (i) Financial Cash Collateral (v) = (iii) - (iv) As of June 30, 2021 Derivative assets $ 35,615 $ — $ 35,615 $ 11,346 $ 22,927 $ 1,342 Derivative liabilities $ 33,061 $ — $ 33,061 $ 11,346 $ 20,547 $ 1,168 Repurchase agreements 6,310,121 — 6,310,121 6,310,121 — — $ 6,343,182 $ — $ 6,343,182 $ 6,321,467 $ 20,547 $ 1,168 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)	6 Months Ended
	Jun. 30, 2021
Variable Interest Entities
Summary of Assets and Liabilities of Our Consolidated CLO	The following table details the assets and liabilities of our consolidated CLOs as of June 30, 2021 and December 31, 2020 (amounts in thousands): June 30, 2021 December 31, 2020 Assets: Cash and cash equivalents $ 33,159 $ 96,998 Loans held-for-investment 2,829,905 1,002,441 Investment securities 9,680 — Accrued interest receivable 8,621 5,454 Other assets 6,081 557 Total Assets $ 2,887,446 $ 1,105,450 Liabilities Accounts payable, accrued expenses and other liabilities $ 3,212 $ 663 Collateralized loan obligations, net 2,404,672 930,554 Total Liabilities $ 2,407,884 $ 931,217

Stockholders' Equity and Non-_2

Stockholders' Equity and Non-Controlling Interests (Tables)	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
Schedule of Dividends Declared by Board of Directors	During the six months ended June 30, 2021, our board of directors declared the following dividends: Declaration Date Record Date Ex-Dividend Date Payment Date Amount Frequency 6/14/21 6/30/21 6/29/21 7/15/21 $ 0.48 Quarterly 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 six months ended June 30, 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 2017 Total Weighted Average Balance as of January 1, 2021 1,594,605 2,286,896 3,881,501 $ 17.26 Granted 1,646,994 — 1,646,994 22.04 Vested (639,037) (528,101) (1,167,138) 17.87 Forfeited (17,350) — (17,350) 21.61 Balance as of June 30, 2021 2,585,212 1,758,795 4,344,007 18.89

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Reconciliation of Net Income and Number of Shares Used in Computation of 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 For the Six Months Ended 2021 2020 2021 2020 Basic Earnings Income attributable to STWD common stockholders $ 116,310 $ 139,656 $ 227,688 $ 72,887 Less: Income attributable to participating shares not already deducted as non-controlling interests (1,791) (1,143) (3,716) (2,365) Basic earnings $ 114,519 $ 138,513 $ 223,972 $ 70,522 Diluted Earnings Income attributable to STWD common stockholders $ 116,310 $ 139,656 $ 227,688 $ 72,887 Less: Income attributable to participating shares not already deducted as non-controlling interests (1,791) (1,143) (3,716) (2,365) Add: Interest expense on Convertible Notes 2,900 3,051 5,816 * Add: Undistributed earnings to participating shares — 120 $ — — Less: Undistributed earnings reallocated to participating shares — (116) $ — — Diluted earnings $ 117,419 $ 141,568 $ 229,788 $ 70,522 Number of Shares: Basic — Average shares outstanding 284,710 281,461 284,018 281,225 Effect of dilutive securities — Convertible Notes 9,649 9,649 9,649 * Effect of dilutive securities — Contingently issuable shares 95 183 95 215 Effect of dilutive securities — Unvested non-participating shares 117 — 46 — Diluted — Average shares outstanding 294,571 291,293 293,808 281,440 Earnings Per Share Attributable to STWD Common Stockholders: Basic $ 0.40 $ 0.49 $ 0.79 $ 0.25 Diluted $ 0.40 $ 0.49 $ 0.78 $ 0.25 ______________________________________________________________________________________________________________________ * Our Convertible Notes were not dilutive for the six months ended June 30, 2020.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Schedule of Changes in AOCI by Component	The changes in AOCI by component are as follows (amounts in thousands): Cumulative Foreign Total Three Months Ended June 30, 2021 Balance at April 1, 2021 $ 41,654 $ — $ 41,654 OCI before reclassifications (344) — (344) Amounts reclassified from AOCI — — — Net period OCI (344) — (344) Balance at June 30, 2021 $ 41,310 $ — $ 41,310 Three Months Ended June 30, 2020 Balance at April 1, 2020 $ 35,948 $ (64) $ 35,884 OCI before reclassifications 6,982 — 6,982 Amounts reclassified from AOCI — — — Net period OCI 6,982 — 6,982 Balance at June 30, 2020 $ 42,930 $ (64) $ 42,866 Six Months Ended June 30, 2021 Balance at January 1, 2021 $ 44,057 $ (64) $ 43,993 OCI before reclassifications (2,747) — (2,747) Amounts reclassified from AOCI — 64 64 Net period OCI (2,747) 64 (2,683) Balance at June 30, 2021 $ 41,310 $ — $ 41,310 Six Months Ended June 30, 2020 Balance at January 1, 2020 $ 50,996 $ (64) $ 50,932 OCI before reclassifications (8,066) — (8,066) Amounts reclassified from AOCI — — — Net period OCI (8,066) — (8,066) Balance at June 30, 2020 $ 42,930 $ (64) $ 42,866

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
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 June 30, 2021 and December 31, 2020 (amounts in thousands): June 30, 2021 Total Level I Level II Level III Financial Assets: Loans under fair value option $ 1,018,508 $ — $ 250,687 $ 767,821 RMBS 154,704 — — 154,704 CMBS 18,965 — — 18,965 Equity security 11,880 11,880 — — Domestic servicing rights 13,705 — — 13,705 Derivative assets 35,615 — 35,615 — VIE assets 63,493,796 — — 63,493,796 Total $ 64,747,173 $ 11,880 $ 286,302 $ 64,448,991 Financial Liabilities: Derivative liabilities $ 33,061 $ — $ 33,061 $ — VIE liabilities 62,001,710 — 57,165,518 4,836,192 Total $ 62,034,771 $ — $ 57,198,579 $ 4,836,192 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 and six months ended June 30, 2021 and 2020 (amounts in thousands): Three Months Ended June 30, 2021 Loans at RMBS CMBS Domestic VIE Assets VIE Total April 1, 2021 balance $ 763,773 $ 160,301 $ 19,256 $ 12,406 $ 62,367,110 $ (2,227,428) $ 61,095,418 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale 45,867 — 320 1,299 (1,085,746) 1,294 (1,036,966) Net accretion — 2,610 — — — — 2,610 Included in OCI — (344) — — — — (344) Purchases / Originations 992,304 — — — — — 992,304 Sales (905,653) — — — — — (905,653) Cash repayments / receipts (50,257) (7,863) (611) — — (1,401) (60,132) Transfers into Level III — — — — — (2,431,880) (2,431,880) Transfers out of Level III (250,687) — — — — 365,456 114,769 Transfers within Level III 172,474 — — — (172,474) — — Consolidation of VIEs — — — — 2,384,906 (542,233) 1,842,673 June 30, 2021 balance $ 767,821 $ 154,704 $ 18,965 $ 13,705 $ 63,493,796 $ (4,836,192) $ 59,612,799 Amount of unrealized gains (losses) attributable to assets still held at June 30, 2021: Included in earnings $ 3,274 $ 2,610 $ 320 $ 1,299 $ (1,258,220) $ 1,294 $ (1,249,423) Included in OCI $ — $ (344) $ — $ — $ — $ — $ (344) Three Months Ended June 30, 2020 Loans at RMBS CMBS Domestic VIE Assets VIE Total April 1, 2020 balance $ 1,347,797 $ 170,640 $ 22,435 $ 16,524 $ 61,157,805 $ (1,506,437) $ 61,208,764 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale 34,450 — (351) (2,569) 2,417,647 (8,686) 2,440,491 Net accretion — 2,673 — — — — 2,673 Included in OCI — 6,982 — — — — 6,982 Purchases / Originations 140,700 — — — — — 140,700 Sales (589,694) — — — — — (589,694) Cash repayments / receipts (38,640) (6,014) (193) — — (344) (45,191) Transfers into Level III — — — — — (655,942) (655,942) Transfers out of Level III — — — — — 41,880 41,880 Consolidation of VIEs — — — — 599,935 — 599,935 June 30, 2020 balance $ 894,613 $ 174,281 $ 21,891 $ 13,955 $ 64,175,387 $ (2,129,529) $ 63,150,598 Amount of unrealized (losses) gains attributable to assets still held at June 30, 2020: Included in earnings $ 20,349 $ 2,673 $ (351) $ (2,569) $ 2,417,647 $ (8,686) $ 2,429,063 Included in OCI $ — $ 6,982 $ — $ — $ — $ — $ 6,982 Six Months Ended June 30, 2021 Loans at RMBS CMBS Domestic VIE Assets VIE 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 36,389 — 692 503 (3,350,337) 66,975 (3,245,778) Net accretion — 5,216 — — — — 5,216 Included in OCI — (2,747) — — — — (2,747) Purchases / Originations 1,367,574 — — — — — 1,367,574 Sales (1,477,580) — — — — — (1,477,580) Issuances — — — — — (11,604) (11,604) Cash repayments / receipts (103,328) (15,114) (1,184) — — (2,538) (122,164) Transfers into Level III — — — — — (2,841,147) (2,841,147) Transfers out of Level III (250,687) — — — — 514,231 263,544 Transfers within Level III 172,474 — — — (172,474) — — Consolidation of VIEs — — — — 2,778,279 (542,233) 2,236,046 June 30, 2021 balance $ 767,821 $ 154,704 $ 18,965 $ 13,705 $ 63,493,796 $ (4,836,192) $ 59,612,799 Amount of unrealized gains (losses) attributable to assets still held at June 30, 2021: Included in earnings $ 2,902 $ 5,216 $ 692 $ 503 $ (3,522,811) $ 66,975 $ (3,446,523) Included in OCI $ — $ (2,747) $ — $ — $ — $ — $ (2,747) Six Months Ended June 30, 2020 Loans at RMBS CMBS Domestic VIE Assets VIE 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 18,316 — 5,387 (2,962) (1,089,145) 137,596 (930,808) Net accretion — 5,334 — — — — 5,334 Included in OCI — (8,066) — — — — (8,066) Purchases / Originations 887,580 — — — — — 887,580 Sales (1,341,440) — (7,940) — — — (1,349,380) Issuances — — — — — (24,376) (24,376) Cash repayments / receipts (106,037) (12,563) (564) — — (9,260) (128,424) Transfers into Level III — — — — — (757,207) (757,207) Transfers out of Level III — — — — — 1,132,205 1,132,205 Consolidation of VIEs — — — — 3,077,357 (71,095) 3,006,262 June 30, 2020 balance $ 894,613 $ 174,281 $ 21,891 $ 13,955 $ 64,175,387 $ (2,129,529) $ 63,150,598 Amount of unrealized gains (losses) attributable to assets still held at June 30, 2020: Included in earnings $ 1,589 $ 5,334 $ (999) $ (2,962) $ (1,089,145) $ 137,596 $ (948,587) Included in OCI $ — $ (8,066) $ — $ — $ — $ — $ (8,066)
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): June 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Financial assets not carried at fair value: Loans held-for-investment and loans held-for-sale $ 12,706,541 $ 12,776,798 $ 11,116,929 $ 11,107,316 HTM debt securities 488,017 468,558 538,605 515,253 Financial liabilities not carried at fair value: Secured financing agreements and CLO $ 12,337,334 $ 12,430,899 $ 11,076,744 $ 11,108,364 Unsecured senior notes 1,737,383 1,802,131 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 June 30, 2021 Valuation Unobservable Range (Weighted Average) as of (1) June 30, 2021 December 31, 2020 Loans under fair value option $ 767,821 Discounted cash flow, market pricing Coupon (d) 2.6% - 9.5% (5.0%) 3.3% - 9.7% (5.9%) Remaining contractual term (d) 2.0 - 38.8 years (24.6 years) 7.3 - 39.3 years (26.3 years) FICO score (a) 519 - 823 (739) 519 - 823 (727) LTV (b) 13% - 96% (67%) 5% - 94% (68%) Purchase price (d) 85.6% - 104.8% (102.0%) 84.4% - 104.8% (99.8%) RMBS 154,704 Discounted cash flow Constant prepayment rate (a) 3.8% - 18.4% (8.2%) 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% - 83% (11%) (f) 0% - 85% (20%) (f) Delinquency rate (c) 10% - 33% (19%) 10%- 32% (19%) Servicer advances (a) 23% -84% (53%) 23% - 82% (54%) Annual coupon deterioration (b) 0%- 1.8% (0.1%) 0% - 0.9% (0.1%) Putback amount per projected total collateral loss (e) 0% -8% (0.4%) 0% -17% (0.8%) CMBS 18,965 Discounted cash flow Yield (b) 0% - 705.9% (11.6%) 0% - 536.6% (7.1%) Duration (c) 0 - 6.8 years (5.1 years) 0 - 7.6 years (5.3 years) Domestic servicing rights 13,705 Discounted cash flow Debt yield (a) 7.25% (7.25%) 7.50% (7.50%) Discount rate (b) 15% (15%) 15% (15%) VIE assets 63,493,796 Discounted cash flow Yield (b) 0% - 458.7% (12.0%) 0% - 312.2% (14.3%) Duration (c) 0 - 19.8 years (3.6 years) 0 - 16.3 years (3.8 years) VIE liabilities 4,836,192 Discounted cash flow Yield (b) 0% - 458.7% (11.9%) 0% - 312.2% (14.4%) Duration (c) 0 - 19.8 years (3.8 years) 0 - 10.8 years (3.8 years) ______________________________________________________________________________________________________________________ (1) Unobservable inputs were weighted by the relative carrying value of the instruments as of June 30, 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) 8% and 23% of the portfolio falls within a range of 45% - 80% as of June 30, 2021 and December 31, 2020, respectively.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Schedule of Income Tax Rate Reconciliation	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 and six months ended June 30, 2021 and 2020 (dollars in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Federal statutory tax rate $ 25,836 21.0 % $ 31,849 21.0 % $ 52,035 21.0 % $ 16,520 21.0 % REIT and other non-taxable loss (24,018) (19.5) % (26,923) (17.8) % (48,519) (19.6) % (17,009) (21.6) % State income taxes 597 0.5 % 1,619 1.1 % 1,155 0.5 % (160) (0.2) % Federal benefit of state tax deduction (126) (0.1) % (340) (0.2) % (243) (0.1) % 34 — % Net operating loss carryback rate differential — — % (3,717) (2.5) % — — % (3,717) (4.7) % Intra-entity transfer (6,037) (4.9) % (3,781) (2.5) % (6,052) (2.4) % (3,781) (4.8) % Other 395 0.3 % (5) — % 501 0.1 % 86 0.1 % Effective tax rate $ (3,353) (2.7) % $ (1,298) (0.9) % $ (1,123) (0.5) % $ (8,027) (10.2) %

Segment Data (Tables)

Segment Data (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of Results of Operations by Business Segment	The table below presents our results of operations for the three months ended June 30, 2021 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 165,697 $ 21,171 $ — $ 2,404 $ — $ 189,272 $ — $ 189,272 Interest income from investment securities 17,190 555 — 25,668 — 43,413 (32,765) 10,648 Servicing fees 110 — — 16,365 — 16,475 (5,611) 10,864 Rental income 1,419 — 65,410 10,290 — 77,119 — 77,119 Other revenues 74 69 44 2,777 — 2,964 — 2,964 Total revenues 184,490 21,795 65,454 57,504 — 329,243 (38,376) 290,867 Costs and expenses: Management fees 300 — — 224 28,716 29,240 10 29,250 Interest expense 48,356 9,694 16,863 5,789 29,171 109,873 (220) 109,653 General and administrative 10,411 3,532 1,028 25,720 4,489 45,180 85 45,265 Acquisition and investment pursuit costs 179 249 — (21) — 407 — 407 Costs of rental operations 433 — 25,922 4,376 — 30,731 — 30,731 Depreciation and amortization 311 100 17,901 4,165 — 22,477 — 22,477 Credit loss (reversal) provision, net (12,447) 603 — — — (11,844) — (11,844) Other expense — — — — — — — — Total costs and expenses 47,543 14,178 61,714 40,253 62,376 226,064 (125) 225,939 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 12,509 12,509 Change in fair value of servicing rights — — — 460 — 460 839 1,299 Change in fair value of investment securities, net (9,402) — — (12,585) — (21,987) 23,495 1,508 Change in fair value of mortgage loans, net 12,329 — — 33,538 — 45,867 — 45,867 Earnings (loss) from unconsolidated entities 1,996 (70) — (507) — 1,419 807 2,226 (Loss) gain on sale of investments and other assets, net (1,019) 27 — 9,723 — 8,731 — 8,731 (Loss) gain on derivative financial instruments, net (4,945) 112 (372) (5,731) 927 (10,009) — (10,009) Foreign currency gain (loss), net 2,715 (62) (25) (1) — 2,627 — 2,627 Loss on extinguishment of debt (221) (939) — (22) — (1,182) — (1,182) Other (loss) income, net (5,504) 2 — 29 — (5,473) — (5,473) Total other income (loss) (4,051) (930) (397) 24,904 927 20,453 37,650 58,103 Income (loss) before income taxes 132,896 6,687 3,343 42,155 (61,449) 123,632 (601) 123,031 Income tax benefit (provision) 8,043 (58) — (4,632) — 3,353 — 3,353 Net income (loss) 140,939 6,629 3,343 37,523 (61,449) 126,985 (601) 126,384 Net (income) loss attributable to non-controlling interests (4) — (4,914) (5,757) — (10,675) 601 (10,074) Net income (loss) attributable to Starwood Property Trust, Inc . $ 140,935 $ 6,629 $ (1,571) $ 31,766 $ (61,449) $ 116,310 $ — $ 116,310 The table below presents our results of operations for the three months ended June 30, 2020 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 150,136 $ 19,126 $ — $ 1,841 $ — $ 171,103 $ — $ 171,103 Interest income from investment securities 17,345 683 — 24,924 — 42,952 (28,308) 14,644 Servicing fees 142 — — 8,591 — 8,733 (2,075) 6,658 Rental income 690 — 63,566 8,454 — 72,710 — 72,710 Other revenues 54 100 58 280 — 492 (1) 491 Total revenues 168,367 19,909 63,624 44,090 — 295,990 (30,384) 265,606 Costs and expenses: Management fees 339 — — 220 22,554 23,113 2 23,115 Interest expense 41,871 9,678 15,942 6,177 27,825 101,493 — 101,493 General and administrative 8,615 4,337 1,281 14,993 3,368 32,594 83 32,677 Acquisition and investment pursuit costs 578 1,100 — (88) — 1,590 — 1,590 Costs of rental operations 988 — 24,703 3,941 — 29,632 — 29,632 Depreciation and amortization 430 89 19,153 3,749 — 23,421 — 23,421 Credit loss provision (reversal), net 11,294 (1,092) — — — 10,202 — 10,202 Other expense 76 — 26 — — 102 — 102 Total costs and expenses 64,191 14,112 61,105 28,992 53,747 222,147 85 222,232 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 51,261 51,261 Change in fair value of servicing rights — — — 5,328 — 5,328 (7,897) (2,569) Change in fair value of investment securities, net 5,454 — — 7,941 — 13,395 (12,568) 827 Change in fair value of mortgage loans, net 33,010 — — 1,440 — 34,450 — 34,450 Earnings (loss) from unconsolidated entities 671 (1,118) — 29,526 — 29,079 (303) 28,776 (Loss) gain on sale of investments and other assets, net (961) — — 7,433 — 6,472 — 6,472 (Loss) gain on derivative financial instruments, net (11,736) (437) (4,614) (3,828) 4,517 (16,098) — (16,098) Foreign currency gain (loss), net 6,942 310 (48) (31) — 7,173 — 7,173 Loss on extinguishment of debt (22) — (2,185) — — (2,207) — (2,207) Other income, net — — 191 13 — 204 — 204 Total other income (loss) 33,358 (1,245) (6,656) 47,822 4,517 77,796 30,493 108,289 Income (loss) before income taxes 137,534 4,552 (4,137) 62,920 (49,230) 151,639 24 151,663 Income tax (provision) benefit (3,257) (56) — 4,611 — 1,298 — 1,298 Net income (loss) 134,277 4,496 (4,137) 67,531 (49,230) 152,937 24 152,961 Net income attributable to non-controlling interests (4) — (5,111) (8,166) — (13,281) (24) (13,305) Net income (loss) attributable to Starwood Property Trust, Inc . $ 134,273 $ 4,496 $ (9,248) $ 59,365 $ (49,230) $ 139,656 $ — $ 139,656 The table below presents our results of operations for the six months ended June 30, 2021 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 336,290 $ 39,979 $ — $ 3,578 $ — $ 379,847 $ — $ 379,847 Interest income from investment securities 35,575 1,119 — 46,608 — 83,302 (61,044) 22,258 Servicing fees 234 — — 28,821 — 29,055 (9,789) 19,266 Rental income 2,758 — 130,514 20,185 — 153,457 — 153,457 Other revenues 164 162 84 2,859 — 3,269 — 3,269 Total revenues 375,021 41,260 130,598 102,051 — 648,930 (70,833) 578,097 Costs and expenses: Management fees 615 — — 446 66,904 67,965 21 67,986 Interest expense 92,651 18,535 32,695 11,238 58,319 213,438 (411) 213,027 General and administrative 21,744 6,974 2,051 44,160 8,800 83,729 172 83,901 Acquisition and investment pursuit costs 364 249 — (21) — 592 — 592 Costs of rental operations 910 — 49,882 8,684 — 59,476 — 59,476 Depreciation and amortization 618 200 36,001 8,132 — 44,951 — 44,951 Credit loss (reversal) provision, net (12,976) 1,176 — — — (11,800) — (11,800) Other expense 31 — 583 71 — 685 — 685 Total costs and expenses 103,957 27,134 121,212 72,710 134,023 459,036 (218) 458,818 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 52,254 52,254 Change in fair value of servicing rights — — — 1,205 — 1,205 (702) 503 Change in fair value of investment securities, net (11,452) — — (5,415) — (16,867) 18,069 1,202 Change in fair value of mortgage loans, net 1,615 — — 34,774 — 36,389 — 36,389 Earnings (loss) from unconsolidated entities 3,749 (324) — 82 — 3,507 453 3,960 Gain on sale of investments and other assets, net 16,674 27 — 9,723 — 26,424 — 26,424 Gain (loss) on derivative financial instruments, net 21,196 796 4,352 3,552 (5,916) 23,980 — 23,980 Foreign currency loss, net (8,879) (111) — (64) — (9,054) — (9,054) Loss on extinguishment of debt (289) (1,246) (141) (22) — (1,698) — (1,698) Other (loss) income, net (5,504) 23 — 29 — (5,452) — (5,452) Total other income (loss) 17,110 (835) 4,211 43,864 (5,916) 58,434 70,074 128,508 Income (loss) before income taxes 288,174 13,291 13,597 73,205 (139,939) 248,328 (541) 247,787 Income tax benefit (provision) 6,538 (150) — (5,265) — 1,123 — 1,123 Net income (loss) 294,712 13,141 13,597 67,940 (139,939) 249,451 (541) 248,910 Net (income) loss attributable to non-controlling interests (7) — (9,991) (11,765) — (21,763) 541 (21,222) Net income (loss) attributable to Starwood Property Trust, Inc . $ 294,705 $ 13,141 $ 3,606 $ 56,175 $ (139,939) $ 227,688 $ — $ 227,688 The table below presents our results of operations for the six months ended June 30, 2020 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 342,517 $ 41,539 $ — $ 4,474 $ — $ 388,530 $ — $ 388,530 Interest income from investment securities 35,973 1,384 — 49,724 — 87,081 (57,197) 29,884 Servicing fees 314 — — 15,033 — 15,347 (3,896) 11,451 Rental income 768 — 127,527 18,561 — 146,856 — 146,856 Other revenues 232 243 180 793 — 1,448 (3) 1,445 Total revenues 379,804 43,166 127,707 88,585 — 639,262 (61,096) 578,166 Costs and expenses: Management fees 690 — — 459 62,661 63,810 33 63,843 Interest expense 95,821 22,795 33,063 13,371 56,630 221,680 (162) 221,518 General and administrative 16,747 8,760 2,359 35,677 7,669 71,212 167 71,379 Acquisition and investment pursuit costs 1,438 1,117 12 (68) — 2,499 — 2,499 Costs of rental operations 1,766 — 47,555 8,525 — 57,846 — 57,846 Depreciation and amortization 845 159 38,441 7,956 — 47,401 — 47,401 Credit loss provision, net 51,511 7,360 — — — 58,871 — 58,871 Other expense 153 — 337 — — 490 — 490 Total costs and expenses 168,971 40,191 121,767 65,920 126,960 523,809 38 523,847 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 5,768 5,768 Change in fair value of servicing rights — — — 5,646 — 5,646 (8,608) (2,962) Change in fair value of investment securities, net (22,425) — — (39,275) — (61,700) 65,031 3,331 Change in fair value of mortgage loans, net (2,507) — — 20,823 — 18,316 — 18,316 Earnings (loss) from unconsolidated entities 722 (1,118) — 30,146 — 29,750 (877) 28,873 (Loss) gain on sale of investments and other assets, net (961) 296 — 7,433 — 6,768 — 6,768 Gain (loss) on derivative financial instruments, net 19,069 (1,438) (34,837) (22,934) 33,752 (6,388) — (6,388) Foreign currency loss, net (27,059) (163) (67) (24) — (27,313) — (27,313) Loss on extinguishment of debt (22) (170) (2,185) — — (2,377) — (2,377) Other income, net — — 241 89 — 330 — 330 Total other income (loss) (33,183) (2,593) (36,848) 1,904 33,752 (36,968) 61,314 24,346 Income (loss) before income taxes 177,650 382 (30,908) 24,569 (93,208) 78,485 180 78,665 Income tax benefit 1,165 89 — 6,773 — 8,027 — 8,027 Net income (loss) 178,815 471 (30,908) 31,342 (93,208) 86,512 180 86,692 Net income attributable to non-controlling interests (7) — (10,222) (3,396) — (13,625) (180) (13,805) Net income (loss) attributable to Starwood Property Trust, Inc . $ 178,808 $ 471 $ (41,130) $ 27,946 $ (93,208) $ 72,887 $ — $ 72,887
Schedule of Consolidated Balance Sheet by Business Segment	The table below presents our condensed consolidated balance sheet as of June 30, 2021 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Assets: Cash and cash equivalents $ 60,651 $ 31,695 $ 28,088 $ 22,618 $ 110,904 $ 253,956 $ 611 $ 254,567 Restricted cash 60,416 25,840 6,681 13,072 — 106,009 — 106,009 Loans held-for-investment, net 11,068,406 1,694,109 — 857 — 12,763,372 — 12,763,372 Loans held-for-sale 494,113 85,875 — 381,689 — 961,677 — 961,677 Investment securities 951,036 33,881 — 1,145,485 — 2,130,402 (1,456,836) 673,566 Properties, net 124,916 — 1,941,500 177,153 — 2,243,569 — 2,243,569 Intangible assets — — 37,361 69,910 — 107,271 (42,078) 65,193 Investment in unconsolidated entities 43,717 24,770 — 42,954 — 111,441 (14,652) 96,789 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Derivative assets 12,472 — 124 92 22,927 35,615 — 35,615 Accrued interest receivable 102,086 5,307 — 495 6,031 113,919 (119) 113,800 Other assets 81,621 11,497 91,158 42,237 14,977 241,490 13 241,503 VIE assets, at fair value — — — — — — 63,493,796 63,493,796 Total Assets $ 12,999,434 $ 2,032,383 $ 2,104,912 $ 2,036,999 $ 154,839 $ 19,328,567 $ 61,980,735 $ 81,309,302 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 38,973 $ 8,464 $ 45,231 $ 40,245 $ 49,260 $ 182,173 $ 53 $ 182,226 Related-party payable — — — — 26,393 26,393 38 26,431 Dividends payable — — — — 139,457 139,457 — 139,457 Derivative liabilities 31,530 1,118 — 413 — 33,061 — 33,061 Secured financing agreements, net 5,751,375 957,605 1,872,043 742,811 630,578 9,954,412 (21,750) 9,932,662 Collateralized loan obligations, net 2,000,073 404,599 — — — 2,404,672 — 2,404,672 Unsecured senior notes, net — — — — 1,737,383 1,737,383 — 1,737,383 VIE liabilities, at fair value — — — — — — 62,001,710 62,001,710 Total Liabilities 7,821,951 1,371,786 1,917,274 783,469 2,583,071 14,477,551 61,980,051 76,457,602 Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 2,952 2,952 — 2,952 Additional paid-in capital 878,471 629,130 16,967 (218,645) 3,942,567 5,248,490 — 5,248,490 Treasury stock — — — — (138,022) (138,022) — (138,022) Accumulated other comprehensive income 41,310 — — — — 41,310 — 41,310 Retained earnings (accumulated deficit) 4,257,587 31,467 (47,694) 1,316,994 (6,235,729) (677,375) — (677,375) Total Starwood Property Trust, Inc. Stockholders’ Equity 5,177,368 660,597 (30,727) 1,098,349 (2,428,232) 4,477,355 — 4,477,355 Non-controlling interests in consolidated subsidiaries 115 — 218,365 155,181 — 373,661 684 374,345 Total Equity 5,177,483 660,597 187,638 1,253,530 (2,428,232) 4,851,016 684 4,851,700 Total Liabilities and Equity $ 12,999,434 $ 2,032,383 $ 2,104,912 $ 2,036,999 $ 154,839 $ 19,328,567 $ 61,980,735 $ 81,309,302 The table below presents our condensed consolidated balance sheet as of December 31, 2020 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization 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)	6 Months Ended
	Jun. 30, 2021segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 ($)	Jun. 30, 2021	Jan. 01, 2021	Dec. 31, 2020	Jan. 01, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
REO assets as a percent of consolidated VIE assets	2.00%
Loans as a percent of consolidated VIE assets	98.00%
Permitted reinvestment under static investment in VIEs	$ 0
Allowance for credit losses	59,825,000		$ 77,444,000
Retained earnings (accumulated deficit)	$ (677,375,000)		$ (629,733,000)
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Additional paid-in capital		$ (3,700,000)
Retained earnings (accumulated deficit)		$ (2,200,000)
Reclassification Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses				$ 32,300,000

Acquisitions and Divestitures -

Acquisitions and Divestitures - Sale of operating property - (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2019
Business Acquisition [Line Items]
Proceeds from sale of operating properties		$ 24,100		$ 24,100
Unpaid principal balance					$ 20,900
Allowance	$ 59,825		$ 59,825
Montgomery Alabama
Business Acquisition [Line Items]
Carrying value					9,000
Allowance					8,300
Unamortized discount					$ 3,600
Operating properties
Business Acquisition [Line Items]
Proceeds from sale of operating properties	30,900		30,900
Gain on sale of property	$ 9,700	$ 7,400	9,700	$ 7,400
Operating properties | Commercial and Residential Lending Segment | Montgomery Alabama
Business Acquisition [Line Items]
Proceeds from sale of operating properties			30,600
Gain on sale of property			$ 17,700

Loans - Held for Investment (De

Loans - Held for Investment (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Investments in loans
Carrying Value	$ 13,784,874	$ 12,217,352
Face Amount	13,832,918	12,262,840
Credit loss allowances	(59,825)	(77,444)
Total net loans	13,725,049	12,139,908	$ 11,092,561	$ 11,470,224
Loans held for investment
Investments in loans
Carrying Value	12,823,197	11,164,517
Face Amount	12,899,244	11,230,344
Credit loss allowances	(59,825)	(77,444)
Loans held-for-sale
Investments in loans
Carrying Value	961,677	1,052,835
Face Amount	933,674	1,032,496
Total net loans	961,677	1,052,835	671,759	884,150
Commercial Portfolio Segment
Investments in loans
Carrying Value	10,976,773
Commercial Portfolio Segment | Loans held for investment
Investments in loans
Carrying Value	10,976,773	9,653,560
Face Amount	11,033,463	9,703,608
Credit loss allowances	(50,216)	(69,611)
Total net loans	10,926,557	9,583,949	8,693,833	8,517,054
Infrastructure Portfolio Segment
Investments in loans
Carrying Value	1,703,718
Reclassification to held for investment	30,700
Infrastructure Portfolio Segment | Loans held for investment
Investments in loans
Carrying Value	1,703,718	1,420,273
Face Amount	$ 1,725,467	$ 1,439,940
Weighted Average Life	4 years	4 years 3 months 18 days
Credit loss allowances	$ (9,609)	$ (7,833)
Total net loans	$ 1,694,109	$ 1,412,440	1,459,239	1,397,448
Infrastructure Portfolio Segment | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon	4.30%	4.40%
Infrastructure Portfolio Segment | Loans held-for-sale
Investments in loans
Carrying Value	$ 85,875	$ 120,540
Face Amount	$ 86,079	$ 120,900
Weighted Average Life	2 years 2 months 12 days	3 years 2 months 12 days
Infrastructure Portfolio Segment | Loans held-for-sale | Weighted-average
Investments in loans
Weighted Average Coupon	2.80%	3.10%
Residential Portfolio Segment
Investments in loans
Weighted Average Life	29 years 1 month 6 days	27 years 10 months 24 days
Reclassification to held for investment	$ 45,600
Residential Portfolio Segment | Loans held for investment
Investments in loans
Total net loans	142,706	$ 90,684	$ 267,730	$ 671,572
RMBS, fair value option | Loans held-for-sale
Investments in loans
Carrying Value	494,113	841,963
Face Amount	$ 478,776	$ 820,807
RMBS, fair value option | Loans held-for-sale | Weighted-average
Investments in loans
Weighted Average Coupon	4.80%	6.00%
CMBS, fair value option | Loans held-for-sale
Investments in loans
Carrying Value	$ 381,689	$ 90,332
Face Amount	$ 368,819	$ 90,789
Weighted Average Life	7 years 1 month 6 days	10 years
CMBS, fair value option | Loans held-for-sale | Weighted-average
Investments in loans
Weighted Average Coupon	3.90%	3.90%
First mortgage loan participation | Loans held for investment
Investments in loans
Carrying Value	$ 10,417,834	$ 8,931,772
Face Amount	$ 10,473,818	$ 8,978,373
Weighted Average Life	1 year 8 months 12 days	1 year 6 months
First mortgage loan participation | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon	5.10%	5.30%
Subordinated mortgages | Loans held for investment
Investments in loans
Carrying Value	$ 64,233	$ 71,185
Face Amount	$ 65,901	$ 72,257
Weighted Average Life	3 years	2 years 9 months 18 days
Subordinated mortgages | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon	9.20%	8.80%
Mezzanine Loans
Investments in loans
Total net loans	$ 1,100,000	$ 877,300
Mezzanine Loans | Loans held for investment
Investments in loans
Carrying Value	476,759	620,319
Face Amount	$ 473,881	$ 619,352
Weighted Average Life	1 year 6 months	1 year 7 months 6 days
Mezzanine Loans | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon	9.60%	10.10%
Other | Loans held for investment
Investments in loans
Carrying Value	$ 17,947	$ 30,284
Face Amount	$ 19,863	$ 33,626
Weighted Average Life	2 years 6 months	1 year 9 months 18 days
Other | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon	8.20%	8.90%
Residential loans, fair value option | Loans held for investment
Investments in loans
Carrying Value	$ 142,706	$ 90,684
Face Amount	$ 140,314	$ 86,796
Residential loans, fair value option | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon	6.30%	6.00%

Loans - Variable Rate Loans Hel

Loans - Variable Rate Loans Held for Investment (Details) $ in Thousands	Jun. 30, 2021USD ($)
Variable rate loans held-for-investment
Carrying Value	$ 12,242,355
Weighted-average Spread Above Index	4.20%
Commercial loans
Variable rate loans held-for-investment
Carrying Value	$ 10,538,637
Weighted-average Spread Above Index	4.20%
Infrastructure loans
Variable rate loans held-for-investment
Carrying Value	$ 1,703,718
Weighted-average Spread Above Index	3.80%

Loans - Ratings (Details)

Loans - Ratings (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Investments in loans
Total Amortized Cost Basis	$ 13,784,874	$ 12,217,352
Credit Loss Allowance	59,825
Loans held-for-sale
Investments in loans
Total Amortized Cost Basis	961,677	1,052,835
Credit Loss Allowance	0
Commercial Portfolio Segment
Investments in loans
2021	3,191,247
2020	1,424,057
2019	3,259,086
2018	1,924,616
2017	713,951
Prior	463,816
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	10,976,773
Credit Loss Allowance	50,216
Commercial Portfolio Segment | LTV less than 60%
Investments in loans
2021	1,454,059
2020	721,991
2019	1,172,510
2018	844,499
2017	713,951
Prior	290,188
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	5,197,198
Credit Loss Allowance	8,024
Commercial Portfolio Segment | LTV 60% - 70%
Investments in loans
2021	1,737,188
2020	419,170
2019	1,482,254
2018	728,517
2017	0
Prior	82,186
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	4,449,315
Credit Loss Allowance	22,218
Commercial Portfolio Segment | LTV > 70%
Investments in loans
2021	0
2020	282,896
2019	604,322
2018	351,600
2017	0
Prior	61,518
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	1,300,336
Credit Loss Allowance	11,708
Commercial Portfolio Segment | Credit deteriorated
Investments in loans
2021	0
2020	0
2019	0
2018	0
2017	0
Prior	11,977
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	11,977
Credit Loss Allowance	8,266
Commercial Portfolio Segment | Defeased and other
Investments in loans
2021	0
2020	0
2019	0
2018	0
2017	0
Prior	17,947
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	17,947
Credit Loss Allowance	0
Infrastructure Portfolio Segment
Investments in loans
2021	89,281
2020	95,134
2019	519,430
2018	515,306
2017	153,832
Prior	311,754
Revolving Loans Amortized Cost Total	18,981
Total Amortized Cost Basis	1,703,718
Credit Loss Allowance	9,609
Infrastructure Portfolio Segment | Power
Investments in loans
2021	24,753
2020	76,085
2019	218,837
2018	415,509
2017	123,438
Prior	311,754
Revolving Loans Amortized Cost Total	13,914
Total Amortized Cost Basis	1,184,290
Credit Loss Allowance	4,885
Infrastructure Portfolio Segment | Oil and gas
Investments in loans
2021	64,528
2020	19,049
2019	300,593
2018	99,797
2017	30,394
Prior	0
Revolving Loans Amortized Cost Total	5,067
Total Amortized Cost Basis	519,428
Credit Loss Allowance	4,724
Infrastructure Portfolio Segment | Loans held-for-sale
Investments in loans
Total Amortized Cost Basis	85,875	$ 120,540
Residential Portfolio Segment
Investments in loans
Credit Loss Allowance	$ 0

Loans - Narrative (Details)

Loans - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Apr. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	$ 13,784,874			$ 12,217,352
Infrastructure Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Nonaccrual status	13,800
90 days or greater past due
Financing Receivable, Allowance for Credit Loss [Line Items]
Past due loan converted to equity interests	17,400		$ 7,300
Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	10,976,773
Commercial Portfolio Segment | New York
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value		$ 100,500
Commercial Portfolio Segment | First Mortgage and Mezzanine | New York
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value		71,500
Commercial Portfolio Segment | First mortgage | New York
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value		$ 29,000
Commercial Portfolio Segment | 90 days or greater past due
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	12,000
Commercial Portfolio Segment | Credit deteriorated
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	11,977
Commercial Portfolio Segment | Credit deteriorated | 90 days or greater past due
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	$ 188,500

Loans - Activity in Portfolio (

Loans - Activity in Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Apr. 30, 2021	Dec. 31, 2020
Activity in allowance for loan losses
Credit loss allowance at beginning of the period			$ 77,444
Credit loss allowance at the end of the period	$ 59,825		59,825
Activity in loan portfolio
Balance at the beginning of the period			12,139,908	$ 11,470,224
Acquisitions/originations/additional funding			5,369,620	2,453,763
Capitalized Interest			63,538	70,346
Basis of loans sold			(1,710,563)	(1,776,594)
Loan maturities/principal repayments			(2,351,252)	(1,008,303)
Discount accretion/premium amortization			29,739	20,840
Changes in fair value	45,867	$ 34,450	36,389	18,316
Unrealized foreign currency translation gain (loss)			1,642	(78,174)
Credit loss reversal (provision), net			9,862	(57,417)
Loan foreclosure and conversion to equity interest			(36,308)
Transfer to/from other asset classifications or between segments			172,474	0
Balance at the end of the period	13,725,049	11,092,561	13,725,049	11,092,561
Carrying Value	13,784,874		13,784,874			$ 12,217,352
Cumulative Effect, Period of Adoption, Adjustment
Activity in loan portfolio
Balance at the beginning of the period				(20,440)
Total loans held-for-investment
Activity in allowance for loan losses
Credit loss allowance at beginning of the period			77,444
Credit loss allowance at the end of the period	59,825		59,825
Activity in loan portfolio
Carrying Value	12,823,197		12,823,197			11,164,517
Total loans held-for-investment | First mortgage loan participation
Activity in loan portfolio
Carrying Value	10,417,834		10,417,834			8,931,772
Loans held-for-sale
Activity in loan portfolio
Balance at the beginning of the period			1,052,835	884,150
Acquisitions/originations/additional funding			1,367,574	786,860
Capitalized Interest			0	0
Basis of loans sold			(1,502,588)	(1,378,952)
Loan maturities/principal repayments			(206,119)	(43,593)
Discount accretion/premium amortization			504	109
Changes in fair value			35,005	34,777
Unrealized foreign currency translation gain (loss)			0	(2,037)
Credit loss reversal (provision), net			0	0
Loan foreclosure and conversion to equity interest			0
Transfer to/from other asset classifications or between segments			214,466	390,445
Balance at the end of the period	961,677	671,759	961,677	671,759
Carrying Value	961,677		961,677			1,052,835
Funded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period			77,444
Credit loss (reversal) provision, net			(9,862)
Charge-offs			(7,757)
Recoveries			0
Transfers			0
Credit loss allowance at the end of the period	59,825		59,825
Unfunded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period			6,070
Credit loss (reversal) provision, net			(1,192)
Credit loss allowance at the end of the period	4,878		4,878
Unfunded commitments	1,405,089		1,405,089
Commercial Portfolio Segment
Activity in loan portfolio
Carrying Value	10,976,773		10,976,773
Commercial Portfolio Segment | New York
Activity in loan portfolio
Carrying Value					$ 100,500
Commercial Portfolio Segment | First mortgage loan participation | New York
Activity in loan portfolio
Carrying Value					$ 29,000
Commercial Portfolio Segment | Total loans held-for-investment
Activity in allowance for loan losses
Credit loss allowance at beginning of the period			69,611
Credit loss allowance at the end of the period	50,216		50,216
Activity in loan portfolio
Balance at the beginning of the period			9,583,949	8,517,054
Acquisitions/originations/additional funding			3,713,142	1,452,753
Capitalized Interest			63,538	70,346
Basis of loans sold			(207,975)	(397,038)
Loan maturities/principal repayments			(2,025,641)	(831,319)
Discount accretion/premium amortization			27,067	19,706
Changes in fair value			0	0
Unrealized foreign currency translation gain (loss)			1,987	(76,137)
Credit loss reversal (provision), net			11,381	(51,420)
Loan foreclosure and conversion to equity interest			(36,308)
Transfer to/from other asset classifications or between segments			(204,583)	0
Balance at the end of the period	10,926,557	8,693,833	10,926,557	8,693,833
Carrying Value	10,976,773		10,976,773			9,653,560
Commercial Portfolio Segment | Total loans held-for-investment | Cumulative Effect, Period of Adoption, Adjustment
Activity in loan portfolio
Balance at the beginning of the period				(10,112)
Commercial Portfolio Segment | Funded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period			69,611
Credit loss (reversal) provision, net			(11,381)
Charge-offs			(7,757)
Recoveries			0
Transfers			(257)
Credit loss allowance at the end of the period	50,216		50,216
Commercial Portfolio Segment | Unfunded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period			5,258
Credit loss (reversal) provision, net			(853)
Credit loss allowance at the end of the period	4,405		4,405
Unfunded commitments	1,358,851		1,358,851
Infrastructure Portfolio Segment
Activity in loan portfolio
Carrying Value	1,703,718		1,703,718
Infrastructure Portfolio Segment | Total loans held-for-investment
Activity in allowance for loan losses
Credit loss allowance at beginning of the period			7,833
Credit loss allowance at the end of the period	9,609		9,609
Activity in loan portfolio
Balance at the beginning of the period			1,412,440	1,397,448
Acquisitions/originations/additional funding			288,904	113,430
Capitalized Interest			0	0
Basis of loans sold			0	0
Loan maturities/principal repayments			(100,624)	(68,585)
Discount accretion/premium amortization			2,168	1,025
Changes in fair value			0	0
Unrealized foreign currency translation gain (loss)			(345)	0
Credit loss reversal (provision), net			(1,519)	(5,997)
Loan foreclosure and conversion to equity interest			0
Transfer to/from other asset classifications or between segments			93,085	32,246
Balance at the end of the period	1,694,109	1,459,239	1,694,109	1,459,239
Carrying Value	1,703,718		1,703,718			1,420,273
Infrastructure Portfolio Segment | Total loans held-for-investment | Cumulative Effect, Period of Adoption, Adjustment
Activity in loan portfolio
Balance at the beginning of the period				(10,328)
Infrastructure Portfolio Segment | Loans held-for-sale
Activity in loan portfolio
Carrying Value	85,875		85,875			$ 120,540
Infrastructure Portfolio Segment | Funded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period			7,833
Credit loss (reversal) provision, net			1,519
Charge-offs			0
Recoveries			0
Transfers			257
Credit loss allowance at the end of the period	9,609		9,609
Infrastructure Portfolio Segment | Unfunded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period			812
Credit loss (reversal) provision, net			(339)
Credit loss allowance at the end of the period	473		473
Unfunded commitments	46,238		46,238
Residential Portfolio Segment | Total loans held-for-investment
Activity in loan portfolio
Balance at the beginning of the period			90,684	671,572
Acquisitions/originations/additional funding			0	100,720
Capitalized Interest			0	0
Basis of loans sold			0	(604)
Loan maturities/principal repayments			(18,868)	(64,806)
Discount accretion/premium amortization			0	0
Changes in fair value			1,384	(16,461)
Unrealized foreign currency translation gain (loss)			0	0
Credit loss reversal (provision), net			0	0
Loan foreclosure and conversion to equity interest			0
Transfer to/from other asset classifications or between segments			69,506	(422,691)
Balance at the end of the period	$ 142,706	$ 267,730	$ 142,706	$ 267,730

Investment Securities - Summary

Investment Securities - Summary of Investment Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	$ 154,704	$ 167,349
HTM debt securities	492,946	544,280
Total investment securities	673,566	736,658
Credit loss allowance	4,929	5,675
VIE eliminations
Debt Securities, Available-for-sale [Line Items]
Equity security	(1,456,836)	(1,425,570)
CMBS
Debt Securities, Available-for-sale [Line Items]
HTM debt securities	339,142	339,059
Credit loss allowance	0	0
CMBS | Non- Controlling Interests
Debt Securities, Available-for-sale [Line Items]
Equity security	186,600	179,500
Before consolidation of securitization VIEs
Debt Securities, Available-for-sale [Line Items]
HTM debt securities	488,017	538,605
Equity security, fair value	11,880	11,247
Total investment securities	2,130,402	2,162,228
Before consolidation of securitization VIEs | RMBS
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	154,704	167,349
Equity security	232,120	235,997
Before consolidation of securitization VIEs | CMBS
Debt Securities, Available-for-sale [Line Items]
Equity security	$ 1,243,681	$ 1,209,030

Investment Securities - Summa_2

Investment Securities - Summary of Purchases and Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	$ 0	$ 10,391	$ 0	$ 16,120
Sales	0	0	0	7,940
Principal collections	9,353	36,920	68,867	50,479
Redemptions	0		0
VIE eliminations
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	(106,433)	(185,433)	(133,766)	(222,386)
Sales	(30,684)	0	(42,288)	(24,376)
Principal collections	(16,089)	(12,266)	(30,570)	(36,989)
Redemptions	(11,976)		(11,976)
Held-to-maturity
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	0	10,391	0	16,120
Sales	0	0	0	0
Principal collections	879	30,713	52,569	37,351
Redemptions	0		0
RMBS | Available-for-sale
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	0	0	0	0
Sales	0	0	0	0
Principal collections	7,863	6,014	15,114	12,563
Redemptions	0		0
RMBS | Fair value option
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	52,351	185,433	79,684	214,725
Sales	30,684	0	30,684	0
Principal collections	14,687	11,532	28,031	20,104
Redemptions	11,976		11,976
CMBS | Fair value option
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	54,082	0	54,082	7,661
Sales	0	0	11,604	32,316
Principal collections	2,013	$ 927	3,723	$ 17,450
Redemptions	$ 0		$ 0

Investment Securities - Availab

Investment Securities - Available-for-Sale RMBS (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 113,394	$ 123,292
Credit Loss Allowance	0	0
Net Basis	113,394	123,292
Gross Unrealized Gains	41,312	44,123
Gross Unrealized Losses	(2)	(66)
Net Fair Value Adjustment	41,310	44,057
Fair Value	$ 154,704	$ 167,349
Available-for-sale | One-month LIBOR
Debt Securities, Available-for-sale [Line Items]
Effective variable rate basis	0.10%
RMBS | Available-for-sale | B-
Debt Securities, Available-for-sale [Line Items]
Weighted Average Coupon	1.20%
WAL (Years)	5 years 8 months 12 days

Investment Securities - Narrati

Investment Securities - Narrative (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)security	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)security	Jun. 30, 2020USD ($)	Dec. 31, 2012shares	Dec. 31, 2020USD ($)security
Debt Securities, Available-for-sale [Line Items]
Cost of third party management	$ 300,000	$ 300,000	$ 600,000	$ 700,000
Number of securities with unrealized losses | security	1		1			2
SEREF
Debt Securities, Available-for-sale [Line Items]
Number of shares acquired (in shares) | shares					9,140,000
Equity security, fair value	$ 11,900,000		$ 11,900,000			$ 11,200,000
Ownership percentage			2.00%
VIE eliminations
Debt Securities, Available-for-sale [Line Items]
Fair value of investment securities before consolidation of VIEs eliminated against VIE liabilities	19,000,000		$ 19,000,000
Fair value option
Debt Securities, Available-for-sale [Line Items]
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	1,500,000,000		1,500,000,000
RMBS
Debt Securities, Available-for-sale [Line Items]
Portion of securities with variable rate	$ 134,700,000		$ 134,700,000
RMBS | Available-for-sale
Debt Securities, Available-for-sale [Line Items]
Portion of securities with variable rate (as a percent)	87.00%		87.00%
RMBS | Fair value option
Debt Securities, Available-for-sale [Line Items]
Portion of securities with variable rate	$ 0		$ 0
Fair value of investment securities before consolidation of VIEs	232,100,000		232,100,000
Unpaid principal balance of investment securities before consolidation of VIEs	143,800,000		143,800,000
CMBS | Fair value option
Debt Securities, Available-for-sale [Line Items]
Portion of securities with variable rate	98,200,000		98,200,000
Fair value of investment securities before consolidation of VIEs	1,200,000,000		1,200,000,000
Unpaid principal balance of investment securities before consolidation of VIEs	$ 2,900,000,000		$ 2,900,000,000

Investment Securities - AFS and

Investment Securities - AFS and Fair Value Option (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Estimated Fair Value
Securities with a loss less than 12 months	$ 0	$ 438
Securities with a loss greater than 12 months	929	1,195
Unrealized Losses
Securities with a loss less than 12 months	0	(25)
Securities with a loss greater than 12 months	$ (2)	$ (41)

Investment Securities - HTM (De

Investment Securities - HTM (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
HTM Securities
Amortized Cost Basis	$ 492,946	$ 544,280
Credit Loss Allowance	(4,929)	(5,675)
Net Carrying Amount	488,017	538,605
Gross Unrealized Holding Gains	4,084	847
Gross Unrealized Holding Losses	(23,543)	(24,199)
Fair Value	468,558	515,253
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at December 31, 2020	5,675
Credit loss reversal, net	(746)
Credit loss allowance at June 30, 2021	4,929
HTM preferred equity interests
Less than one year	70,995
One to three years	383,141
Three to five years	0
Thereafter	33,881
Total	488,017
CMBS
HTM Securities
Amortized Cost Basis	339,142	339,059
Credit Loss Allowance	0	0
Net Carrying Amount	339,142	339,059
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	(23,543)	(23,286)
Fair Value	315,599	315,773
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at December 31, 2020	0
Credit loss allowance at June 30, 2021	0
HTM preferred equity interests
Less than one year	70,995
One to three years	268,147
Three to five years	0
Thereafter	0
Total	339,142
Preferred interests
HTM Securities
Amortized Cost Basis	117,001	166,614
Credit Loss Allowance	(2,007)	(2,749)
Net Carrying Amount	114,994	163,865
Gross Unrealized Holding Gains	3,616	432
Gross Unrealized Holding Losses	0	(913)
Fair Value	118,610	163,384
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at December 31, 2020	2,749
Credit loss reversal, net	(742)
Credit loss allowance at June 30, 2021	2,007
HTM preferred equity interests
Less than one year	0
One to three years	114,994
Three to five years	0
Thereafter	0
Total	114,994
Infrastructure bonds
HTM Securities
Amortized Cost Basis	36,803	38,607
Credit Loss Allowance	(2,922)	(2,926)
Net Carrying Amount	33,881	35,681
Gross Unrealized Holding Gains	468	415
Gross Unrealized Holding Losses	0	0
Fair Value	34,349	$ 36,096
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at December 31, 2020	2,926
Credit loss reversal, net	(4)
Credit loss allowance at June 30, 2021	2,922
HTM preferred equity interests
Less than one year	0
One to three years	0
Three to five years	0
Thereafter	33,881
Total	$ 33,881

Properties - Narrative (Details

Properties - Narrative (Details) ft² in Millions, $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended			13 Months Ended	24 Months Ended
	Dec. 31, 2017Item	Sep. 30, 2017ft²property	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)Itemproperty	Jun. 30, 2020USD ($)	Dec. 31, 2018Item	Dec. 31, 2016ft²Item	Dec. 31, 2015Item	Dec. 31, 2018Item	Dec. 31, 2016ft²Item
Real Estate Properties [Line Items]
Proceeds from sale of operating properties				$ 24.1		$ 24.1
Operating properties
Real Estate Properties [Line Items]
Proceeds from sale of operating properties			$ 30.9		$ 30.9
Gain on sale of property			9.7	7.4	9.7	7.4
Operating properties | Commercial and Residential Lending Segment | Montgomery Alabama
Real Estate Properties [Line Items]
Proceeds from sale of operating properties					30.6
Gain on sale of property					$ 17.7
Woodstar Portfolio
Real Estate Properties [Line Items]
Number of properties in portfolio investment | Item					32						32
Number of units acquired | Item					8,948
Number of acquired properties closed | Item								14	18
Total gross properties and lease intangibles			638.1		$ 638.1
Debt			573.1		$ 573.1
Woodstar II Portfolio
Real Estate Properties [Line Items]
Number of properties in portfolio investment | Item					27
Number of acquired properties closed | Item	8						19			27
Total gross properties and lease intangibles			611.3		$ 611.3
Debt			512.7		$ 512.7
Number of units in portfolio investment | Item					6,109
Medical Office Portfolio
Real Estate Properties [Line Items]
Number of acquired properties closed | Item								34
Total gross properties and lease intangibles			761.4		$ 761.4
Debt			593.4		593.4
Area of property | ft²								1.9			1.9
Master Lease Portfolio
Real Estate Properties [Line Items]
Total gross properties and lease intangibles			343.8		343.8
Debt			192.9		192.9
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
Master Lease Portfolio | Minimum | Retail Properties | Geographic Concentration Risk | Utah, Florida, Texas and Minnesota
Real Estate Properties [Line Items]
Concentration risk (as a percent)		50.00%
REIS Equity Portfolio
Real Estate Properties [Line Items]
Total gross properties and lease intangibles			249.6		249.6
Debt			176.8		$ 176.8
Number of retail properties acquired | property					14
Number of equity interests in unconsolidated commercial real estate properties | property					1
REIS Equity Portfolio | Operating properties
Real Estate Properties [Line Items]
Proceeds from sale of operating properties			30.9	24.1	$ 30.9	24.1
Gain on sale of property			$ 9.7	$ 7.4	$ 9.7	$ 7.4

Properties - Summary of Propert

Properties - Summary of Properties (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Properties, cost	$ 2,581,646	$ 2,573,296
Less: accumulated depreciation	(338,077)	(302,143)
Properties, net	2,243,569	2,271,153
Property Segment
Real Estate Properties [Line Items]
Land and land improvements	485,065	484,846
Buildings and building improvements	1,692,996	1,690,701
Furniture & fixtures	$ 62,531	59,632
Property Segment | Minimum
Real Estate Properties [Line Items]
Land and land improvements, useful life	0 days
Building and building improvements, useful life	5 years
Furniture & fixtures, useful life	3 years
Property Segment | Maximum
Real Estate Properties [Line Items]
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
Real Estate Properties [Line Items]
Land and land improvements	$ 45,243	50,585
Buildings and building improvements	166,590	179,014
Furniture & fixtures	$ 2,985	2,606
Investing and Servicing Segment | Minimum
Real Estate Properties [Line Items]
Land and land improvements, useful life	0 days
Building and building improvements, useful life	3 years
Furniture & fixtures, useful life	2 years
Investing and Servicing Segment | Maximum
Real Estate Properties [Line Items]
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
Real Estate Properties [Line Items]
Land and land improvements	$ 9,691	11,416
Buildings and building improvements	12,409	19,251
Construction in progress	$ 104,136	$ 75,245
Commercial and Residential Lending Segment | Minimum
Real Estate Properties [Line Items]
Land and land improvements, useful life	0 days
Building and building improvements, useful life	9 years
Commercial and Residential Lending Segment | Maximum
Real Estate Properties [Line Items]
Land and land improvements, useful life	7 years
Building and building improvements, useful life	20 years

Investment in Unconsolidated _3

Investment in Unconsolidated Entities (Details)	6 Months Ended
	Jun. 30, 2021USD ($)entityItem	Dec. 31, 2020USD ($)
Equity method investments:
Equity method, Carrying value	$ 64,618,000	$ 62,718,000
Other equity investments:
Other equity investments, carrying value	32,171,000	45,336,000
Investment in unconsolidated entities	$ 96,789,000	108,054,000
Number of publicly traded investments | Item	0
Principal amount	$ 96,789,000	108,054,000
Carrying value over (under) equity in net assets	$ 0
Equity interest in a natural gas power plant
Equity method investments:
Equity method, Participation / Ownership %	10.00%
Equity method, Carrying value	$ 24,770,000	25,095,000
Investor entity which owns equity in an online real estate company
Equity method investments:
Equity method, Participation / Ownership %	50.00%
Equity method, Carrying value	$ 9,591,000	9,397,000
Equity interests in commercial real estate
Equity method investments:
Equity method, Participation / Ownership %	50.00%
Equity method, Carrying value	$ 1,127,000	1,543,000
Equity interest in a residential mortgage originator
Equity method investments:
Equity method, Carrying value	18,458,000	17,852,000
Other equity investments:
Carrying value over (under) equity in net assets	1,600,000
Equity interest in a residential mortgage originator | Subordinated Loans
Equity method investments:
Equity method, Carrying value	4,500,000	4,500,000
Various
Equity method investments:
Equity method, Carrying value	10,672,000	8,831,000
Other equity investments:
Investment in unconsolidated entities	$ 7,300,000
Number of investor entities | entity	2
Number of shopping malls | Item	2
Principal amount	$ 7,300,000
Various | Minimum
Equity method investments:
Equity method, Participation / Ownership %	25.00%
Various | Maximum
Equity method investments:
Equity method, Participation / Ownership %	50.00%
Equity interest in a servicing and advisory business
Other equity investments:
Cost method, Participation / Ownership %	2.00%
Other equity investments, carrying value	$ 17,584,000	17,584,000
Investment funds which own equity in a loan servicer and other real estate assets
Other equity investments:
Other equity investments, carrying value	$ 7,267,000	7,267,000
Investment funds which own equity in a loan servicer and other real estate assets | Minimum
Other equity investments:
Cost method, Participation / Ownership %	4.00%
Investment funds which own equity in a loan servicer and other real estate assets | Maximum
Other equity investments:
Cost method, Participation / Ownership %	6.00%
Investor entities which own equity interests in two entertainment and retail centers
Other equity investments:
Cost method, Participation / Ownership %	15.00%
Other equity investments, carrying value	$ 7,320,000	0
Federal Home Loan Bank stock
Other equity investments:
Other equity investments, carrying value	$ 0	$ 20,485,000

Goodwill and Intangibles - Narr

Goodwill and Intangibles - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill	$ 259,846	$ 259,846
Domestic servicing rights, at fair value | Before consolidation of securitization VIEs
Goodwill [Line Items]
Servicing rights intangibles	55,800	54,600
VIE eliminations | Domestic servicing rights, at fair value
Goodwill [Line Items]
Servicing rights intangibles	42,100	41,400
Infrastructure Lending Segment
Goodwill [Line Items]
Goodwill	119,400	119,400
Investing and Servicing Segment
Goodwill [Line Items]
Goodwill	$ 140,400	$ 140,400

Goodwill and Intangibles - Summ

Goodwill and Intangibles - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Goodwill [Line Items]
Gross Carrying Value	$ 168,985	$ 170,586
Accumulated Amortization	(103,792)	(100,469)
Net Carrying Value	65,193	70,117
In-place Lease Intangible Assets
Goodwill [Line Items]
Gross Carrying Value	131,418	133,203
Accumulated Amortization	(95,395)	(92,540)
Net Carrying Value	36,023	40,663
Favorable Lease Intangible Assets
Goodwill [Line Items]
Gross Carrying Value	23,862	24,181
Accumulated Amortization	(8,397)	(7,929)
Net Carrying Value	15,465	16,252
Domestic servicing rights, at fair value
Goodwill [Line Items]
Gross Carrying Value	13,705	13,202
Net Carrying Value	$ 13,705	$ 13,202

Goodwill and Intangibles - Acti

Goodwill and Intangibles - Activity (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Summary of activity within intangible assets
Balance as of January 1, 2021	$ 70,117
Amortization	(4,998)
Sales	(429)
Changes in fair value due to changes in inputs and assumptions	503
Balance as of June 30, 2021	65,193
In-place Lease Intangible Assets
Summary of activity within intangible assets
Balance as of January 1, 2021	40,663
Amortization	(4,280)
Sales	(360)
Changes in fair value due to changes in inputs and assumptions	0
Balance as of June 30, 2021	36,023
Favorable Lease Intangible Assets
Summary of activity within intangible assets
Balance as of January 1, 2021	16,252
Amortization	(718)
Sales	(69)
Changes in fair value due to changes in inputs and assumptions	0
Balance as of June 30, 2021	15,465
Domestic servicing rights, at fair value
Summary of activity within intangible assets
Balance as of January 1, 2021	13,202
Amortization	0
Sales	0
Changes in fair value due to changes in inputs and assumptions	503
Balance as of June 30, 2021	$ 13,705

Goodwill and Intangibles - Futu

Goodwill and Intangibles - Future Expected Amortization (Details) $ in Thousands	Jun. 30, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021 (remainder of)	$ 4,539
2022	7,783
2023	6,043
2024	4,650
2025	3,775
Thereafter	24,698
Total	$ 51,488

Secured Borrowings - Secured Fi

Secured Borrowings - Secured Financing Agreements (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jan. 31, 2021	Dec. 31, 2020
Secured Borrowings
Secured financing agreements, net	$ 9,932,662	$ 9,932,662			$ 10,146,190
Maximum borrowing capacity			$ 1,000,000	$ 375,000
Revolving credit facility
Secured Borrowings
Maximum borrowing capacity	120,000	120,000
Equity interests in certain subsidiaries used to secure facilities		4,000,000
Borrowing Base Facility
Secured Borrowings
Maximum Facility Size	300,000	300,000
Maximum facility size subject to certain conditions	650,000	$ 650,000
Infrastructure Acquisition Facility
Secured Borrowings
Pricing margin		2.00%
Property Mortgages - Fixed rate
Secured Borrowings
Maturity period		6 years 2 months 12 days
Term Loan Facility
Secured Borrowings
Maximum borrowing capacity	$ 641,800	$ 641,800
Floor interest rate (as a percent)		0.75%
LIBOR | Revolving credit facility
Secured Borrowings
Coupon Rate	3.00%	3.00%
LIBOR + 2.50% | Term Loan Facility
Secured Borrowings
Pricing margin		2.50%
Maximum borrowing capacity	$ 393,000	$ 393,000
LIBOR + 3.50% | Term Loan Facility
Secured Borrowings
Pricing margin		3.50%
Maximum borrowing capacity	248,800	$ 248,800
Secured Borrowings
Secured Borrowings
Pledged Asset Carrying Value	12,871,522	12,871,522
Maximum Facility Size	18,307,524	18,307,524
Long term debt, gross	10,012,284	10,012,284			10,233,589
Unamortized net discount	(14,608)	(14,608)			(13,569)
Unamortized deferred financing costs	(65,014)	(65,014)			(73,830)
Secured financing agreements, net	9,932,662	9,932,662			10,146,190
Secured Borrowings | Borrowing Base Facility
Secured Borrowings
Pledged Asset Carrying Value	122,294	122,294
Maximum Facility Size	650,000	650,000
Long term debt, gross	72,630	72,630			43,014
Secured Borrowings | Commercial Financing Facility
Secured Borrowings
Pledged Asset Carrying Value	101,978	101,978
Maximum Facility Size	82,132	82,132
Long term debt, gross	$ 82,132	$ 82,132			81,218
Secured Borrowings | Residential Financing Facility
Secured Borrowings
Coupon Rate	3.50%	3.50%
Pledged Asset Carrying Value	$ 72,064	$ 72,064
Maximum Facility Size	250,000	250,000
Long term debt, gross	1,515	1,515			215,024
Secured Borrowings | Infrastructure Acquisition Facility
Secured Borrowings
Pledged Asset Carrying Value	335,309	335,309
Maximum Facility Size	336,931	336,931
Long term debt, gross	230,040	230,040			467,450
Secured Borrowings | Infrastructure Financing Facilities
Secured Borrowings
Pledged Asset Carrying Value	719,693	719,693
Maximum Facility Size	1,250,000	1,250,000
Long term debt, gross	$ 573,846	$ 573,846			538,645
Secured Borrowings | Property Mortgages - Fixed rate
Secured Borrowings
Coupon Rate	4.03%	4.03%
Pledged Asset Carrying Value	$ 1,262,514	$ 1,262,514
Maximum Facility Size	1,155,035	1,155,035
Long term debt, gross	1,155,035	1,155,035			1,077,528
Secured Borrowings | Property Mortgages - Variable rate
Secured Borrowings
Pledged Asset Carrying Value	906,420	906,420
Maximum Facility Size	969,790	969,790
Long term debt, gross	945,215	945,215			960,903
Secured Borrowings | Term Loan and Revolver
Secured Borrowings
Maximum Facility Size	761,750	761,750
Long term debt, gross	641,750	641,750			645,000
Secured Borrowings | Federal Home Loan Bank
Secured Borrowings
Pledged Asset Carrying Value	0	0
Maximum Facility Size	0	0
Long term debt, gross	0	0			396,000
Secured Borrowings | Other Secured Financing
Secured Borrowings
Pledged Asset Carrying Value	3,520,272	3,520,272
Maximum Facility Size	5,455,638	5,455,638
Long term debt, gross	3,702,163	3,702,163			4,424,782
Secured Borrowings | First Mortgage and Mezzanine
Secured Borrowings
Long term debt, gross	$ 600,000	$ 600,000
Secured Borrowings | LIBOR | Borrowing Base Facility
Secured Borrowings
Pricing margin	2.25%
Secured Borrowings | LIBOR | Commercial Financing Facility
Secured Borrowings
Pricing margin	1.75%
Secured Borrowings | LIBOR | Infrastructure Financing Facilities
Secured Borrowings
Pricing margin	2.03%
Secured Borrowings | LIBOR | First Mortgage and Mezzanine
Secured Borrowings
Coupon Rate	3.34%	3.34%
Secured Borrowings | LIBOR | First Mortgage and Mezzanine | Weighted-average
Secured Borrowings
Pricing margin		2.07%
Commercial Loan
Secured Borrowings
Maximum Facility Size	$ 8,400,000	$ 8,400,000
Secured financing agreements, net	1,700,000	1,700,000
Line of credit capacity if conditions are met	$ 9,300,000	$ 9,300,000
Commercial Loan | LIBOR | Weighted-average
Secured Borrowings
Pricing margin		2.61%
Coupon Rate	2.07%	2.07%
Commercial Loan | Secured Borrowings
Secured Borrowings
Pledged Asset Carrying Value	$ 7,100,320	$ 7,100,320
Maximum Facility Size	9,272,007	9,272,007
Long term debt, gross	4,775,976	4,775,976			4,878,939
Residential Loans | Secured Borrowings
Secured Borrowings
Pledged Asset Carrying Value	564,736	564,736
Maximum Facility Size	1,900,000	1,900,000
Long term debt, gross	$ 483,810	483,810			22,590
Residential Loans | Secured Borrowings | LIBOR
Secured Borrowings
Pricing margin	2.07%
Infrastructure Loans | Secured Borrowings
Secured Borrowings
Pledged Asset Carrying Value	$ 188,448	188,448
Maximum Facility Size	500,000	500,000
Long term debt, gross	$ 158,165	158,165			232,961
Infrastructure Loans | Secured Borrowings | LIBOR
Secured Borrowings
Pricing margin	2.01%
Conduit Loans | Secured Borrowings
Secured Borrowings
Pledged Asset Carrying Value	$ 261,510	261,510
Maximum Facility Size	350,000	350,000
Long term debt, gross	$ 187,317	$ 187,317			53,554
Conduit Loans | Secured Borrowings | LIBOR
Secured Borrowings
Pricing margin	2.03%
CMBS/RMBS
Secured Borrowings
Coupon Rate	3.21%	3.21%
Secured financing agreements, net	$ 243,200	$ 243,200
Amount outstanding on a repurchase facility not subject to margin calls	243,200	243,200
Amount outstanding on repurchase facility	$ 38,300	$ 38,300
Pro rata share owned by a non-controlling partner in a consolidated joint venture	49.00%	49.00%
CMBS/RMBS | Certain Facilities
Secured Borrowings
Secured financing agreements, net	$ 286,800	$ 286,800
Rolling maturity period		11 months
Maturity period		12 months
CMBS/RMBS | LIBOR | Weighted-average
Secured Borrowings
Coupon Rate	1.84%	1.84%
CMBS/RMBS | Secured Borrowings
Secured Borrowings
Pledged Asset Carrying Value	$ 1,236,236	$ 1,236,236
Maximum Facility Size	829,879	829,879
Long term debt, gross	704,853	704,853			620,763
Repurchase Agreements | Secured Borrowings
Secured Borrowings
Pledged Asset Carrying Value	9,351,250	9,351,250
Maximum Facility Size	12,851,886	12,851,886
Long term debt, gross	$ 6,310,121	$ 6,310,121			$ 5,808,807

Secured Borrowings - Narrative

Secured Borrowings - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended
	May 31, 2021	Mar. 31, 2021	Jan. 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Apr. 30, 2021	Dec. 31, 2020	Aug. 31, 2019
Secured Borrowings
Maximum borrowing capacity		$ 1,000,000	$ 375,000
Payment of debt						$ 5,538,664	$ 3,716,558
Secured Borrowings
Secured Borrowings
Amortization of deferred financing costs				$ 8,900	$ 9,000	18,400	17,800
Long term debt, gross				$ 10,012,284		$ 10,012,284			$ 10,233,589
Repurchase Agreements
Secured Borrowings
Percentage of repurchase agreements for which margin calls are limited to collateral specific credit marks				64.00%		64.00%
Percentage of repurchase agreements containing margin call provisions for general capital market activity				36.00%		36.00%
Percentage of repurchase agreements containing margin call provisions that pertain to loans held-for-sale				10.00%		10.00%
Residential Repurchase Facility | One-month LIBOR
Secured Borrowings
Pricing margin	2.25%
Floor interest rate (as a percent)	0.15%		2500.00%
Residential Repurchase Facility | Maximum | One-month LIBOR
Secured Borrowings
Pricing margin			2.50%
Residential Repurchase Facility | Secured Borrowings
Secured Borrowings
Maturity period	15 months		1 year
Period in between extensions	3 months		3 months
Maximum borrowing capacity	$ 150,000
Residential Repurchase Facility | Secured Borrowings | Minimum | One-month LIBOR
Secured Borrowings
Pricing margin			2.00%
Woodstar I Portfolio
Secured Borrowings
Maturity period		7 years
Maximum borrowing capacity		$ 82,900
Payment of debt		$ 4,900
Woodstar I Portfolio | LIBOR
Secured Borrowings
Pricing margin		4.36%
CLOs (a)
Secured Borrowings
Amortization of deferred financing costs				$ 1,400	$ 600	$ 2,000	$ 1,200
Incurred debt issuance costs						24,500
Deferred financing costs, net of amortization				$ 19,100		19,100			$ 5,800
STWD 2021-FL2
Secured Borrowings
Amount issued	1,300,000
Principal amount of notes purchased by third-party investors	1,100,000
Long term debt, gross	70,100
Liquidation preference	$ 127,500
STWD 2019-FL1
Secured Borrowings
Amount issued										$ 1,100,000
Principal amount of notes purchased by third-party investors										936,400
Long term debt, gross										86,600
Liquidation preference										$ 77,000
Additional contribution to CLO						99,600
STWD 2021-SIF1
Secured Borrowings
Amount issued								$ 500,000
Principal amount of notes purchased by third-party investors								410,000
Liquidation preference								$ 90,000
Additional contribution to CLO						$ 75,200

Secured Borrowings - Collateral

Secured Borrowings - Collateralized Loan Obligations (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)Item	Dec. 31, 2020USD ($)Item	May 31, 2021USD ($)	Apr. 30, 2021USD ($)	Aug. 31, 2019USD ($)
Summary of CLO
Carrying value	$ 2,404,672	$ 930,554
Collateral assets
Summary of CLO
Amount issued	2,840,443
Carrying value	2,887,446
Financing
Summary of CLO
Amount issued	2,423,750
Carrying value	$ 2,404,672
STWD 2019-FL1
Summary of CLO
Amount issued					$ 1,100,000
STWD 2019-FL1 | Collateral assets
Summary of CLO
Count | Item	27	23
Amount issued	$ 1,096,200	$ 1,002,445
Carrying value	$ 1,103,619	$ 1,099,439
STWD 2019-FL1 | Financing
Summary of CLO
Count | Item	1	1
Amount issued	$ 936,375	$ 936,375
Carrying value	$ 931,802	$ 930,554
STWD 2019-FL1 | LIBOR | Collateral assets
Summary of CLO
Spread	4.22%	3.93%
STWD 2019-FL1 | LIBOR | Financing
Summary of CLO
Spread	1.63%	1.64%
STWD 2021-FL2
Summary of CLO
Amount issued			$ 1,300,000
Debt, Weighted Average Interest Rate	7.81%
Percent Of Outstanding Loan	7.00%
STWD 2021-FL2 | Collateral assets
Summary of CLO
Count | Item	24
Amount issued	$ 1,272,919
Carrying value	$ 1,278,839
STWD 2021-FL2 | Financing
Summary of CLO
Count | Item	1
Amount issued	$ 1,077,375
Carrying value	$ 1,068,271
STWD 2021-FL2 | LIBOR | Collateral assets
Summary of CLO
Spread	4.24%
STWD 2021-FL2 | LIBOR | Financing
Summary of CLO
Spread	1.79%
STWD 2021-SIF1
Summary of CLO
Amount issued				$ 500,000
Debt, Weighted Average Interest Rate	5.62%
Percent Of Outstanding Loan	2.00%
STWD 2021-SIF1 | Collateral assets
Summary of CLO
Count | Item	29
Amount issued	$ 471,324
Carrying value	$ 504,988
STWD 2021-SIF1 | Financing
Summary of CLO
Count | Item	1
Amount issued	$ 410,000
Carrying value	$ 404,599
STWD 2021-SIF1 | LIBOR | Collateral assets
Summary of CLO
Spread	3.90%
STWD 2021-SIF1 | LIBOR | Financing
Summary of CLO
Spread	2.15%

Secured Borrowings - Principal

Secured Borrowings - Principal Repayments (Details) $ in Thousands	Jun. 30, 2021USD ($)
CLOs (a)
Repayment of secured financings
2021 (remainder of)	$ 33,136
2022	132,442
2023	726,149
2024	474,478
2025	629,893
Thereafter	427,652
Total	2,423,750
Secured Borrowings
Repayment of secured financings
2021 (remainder of)	483,857
2022	1,553,313
2023	2,484,288
2024	2,214,267
2025	2,617,139
Thereafter	3,083,170
Total	12,436,034
Repurchase Agreements
Repayment of secured financings
2021 (remainder of)	407,717
2022	1,152,883
2023	940,751
2024	1,388,446
2025	1,731,070
Thereafter	689,254
Total	6,310,121
Other Secured Financing
Repayment of secured financings
2021 (remainder of)	43,004
2022	267,988
2023	817,388
2024	351,343
2025	256,176
Thereafter	1,966,264
Total	$ 3,702,163

Unsecured Senior Notes - Summar

Unsecured Senior Notes - Summary of Unsecured Financing Agreements (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Mar. 29, 2017
Unsecured Senior Notes
Unsecured Senior Notes
Long term debt, gross	$ 1,750,000	$ 1,750,000	$ 1,750,000
Unamortized deferred financing costs	(4,447)	(4,447)	(5,589)
Carrying amount of debt components	1,737,383	1,737,383	1,732,520
Carrying amount of conversion option equity components recorded in additional paid-in capital for outstanding convertible notes			3,755
Convertible Senior Notes
Unsecured Senior Notes
Unamortized discount	(800)	(800)	(2,559)
Senior Notes
Unsecured Senior Notes
Unamortized discount	$ (7,370)	$ (7,370)	(9,332)
2021 Senior Notes
Unsecured Senior Notes
Coupon Rate	5.00%	5.00%
Effective Rate	5.32%	5.32%
Remaining Period of Amortization		6 months
Long term debt, gross	$ 700,000	$ 700,000	700,000
2023 Senior Notes
Unsecured Senior Notes
Coupon Rate	5.50%	5.50%
Effective Rate	5.71%	5.71%
Remaining Period of Amortization		2 years 3 months 18 days
Long term debt, gross	$ 300,000	$ 300,000	300,000
2023 Convertible Notes
Unsecured Senior Notes
Coupon Rate	4.38%	4.38%		4.375%
Effective Rate	4.57%	4.57%
Remaining Period of Amortization		1 year 9 months 18 days
Long term debt, gross	$ 250,000	$ 250,000	250,000
2025 Senior Notes
Unsecured Senior Notes
Coupon Rate	4.75%	4.75%
Effective Rate	5.04%	5.04%
Remaining Period of Amortization		3 years 8 months 12 days
Long term debt, gross	$ 500,000	$ 500,000	$ 500,000
2025 Senior Notes | LIBOR
Unsecured Senior Notes
Long term debt, gross	$ 470,000	$ 470,000
Pricing margin	2.53%

Unsecured Senior Notes - Conver

Unsecured Senior Notes - Convertible Notes (Details)	3 Months Ended
	Jun. 30, 2021USD ($)$ / shares
Unsecured Senior Notes
Principal amount of notes, basis for conversion | $	$ 1,000
Closing share price (in dollars per share)	$ 26.17
2023 Convertible Notes
Unsecured Senior Notes
Conversion Rate	38.5959
Conversion price (in dollars per share)	$ 25.91

Unsecured Senior Notes - Narrat

Unsecured Senior Notes - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)$ / shares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)Item$ / shares	Jun. 30, 2020USD ($)	Mar. 29, 2017USD ($)
Unsecured Senior Notes
Interest expense	$ 109,653	$ 101,493	$ 213,027	$ 221,518
Closing share price (in dollars per share) | $ / shares	$ 26.17		$ 26.17
Minimum | Conversion upon satisfaction of closing market price condition
Unsecured Senior Notes
Period of average closing market price of common stock as a basis for debt conversion			10 days
Convertible Senior Notes
Unsecured Senior Notes
Interest expense	$ 2,900	$ 3,100	$ 5,800	$ 6,100
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 trading price condition
Unsecured Senior Notes
Consecutive trading period as a basis for debt conversion			5 days
Convertible Senior Notes | Minimum | Conversion upon satisfaction of closing market price condition
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 | Maximum | Conversion upon satisfaction of trading price condition
Unsecured Senior Notes
Percentage of conversion price and last reported sales price as a basis for debt conversion			98.00%
2023 Convertible Notes
Unsecured Senior Notes
Amount issued					$ 250,000
Coupon Rate	4.38%		4.38%		4.375%
Amount by which if-converted value of the Notes are less than principal amount			$ 2,500
Conversion price (in dollars per share) | $ / shares	$ 25.91		$ 25.91
If-converted value	$ 252,500		$ 252,500
Convertible notes carrying value	248,800		248,800
Convertible notes fair value	$ 256,600		$ 256,600
2017 Notes | Convertible Notes and Senior Notes | Minimum | Conversion upon satisfaction of closing market price condition
Unsecured Senior Notes
Percentage of conversion price as a basis for debt conversion			110.00%

Loan Securitization_Sale Acti_3

Loan Securitization/Sale Activities - Summary of Loans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Investing and Servicing Segment | Commercial Loans
Loan Transfer Activities
Face Amount	$ 304,604	$ 0	$ 389,641	$ 335,835
Proceeds	321,377	0	411,087	352,393
Investing and Servicing Segment | Residential Loans
Loan Transfer Activities
Face Amount	564,429	583,501	947,978	964,780
Proceeds	583,877	589,693	973,675	988,440
Commercial and Residential Lending Segment | Commercial Loans
Loan Transfers Accounted for as Sales
Face Amount	232,670	399,132	232,670	399,132
Proceeds	229,490	396,078	229,490	396,078
Commercial and Residential Lending Segment | Residential Loans
Loan Transfers Accounted for as Sales
Face Amount	383	0	89,801	550
Proceeds	398	0	92,817	604
First Mortgage Loans
Loan Transfers Accounted for as Sales
Face Amount	210,100	230,900	210,100	230,900
Proceeds from sale of mortgage loans	208,000	224,100	208,000	224,100
Whole Loan Interest
Loan Transfers Accounted for as Sales
Face Amount	22,600	168,200	22,600	168,200
Proceeds from sale of mortgage loans	$ 21,500	$ 172,000	$ 21,500	$ 172,000

Loan Securitization_Sale Acti_4

Loan Securitization/Sale Activities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Infrastructure Lending Segment
Loan Transfer Activities
Net gains (losses) on the sale of loan qualifying for sales treatment				$ 0.3
Loans held-for-sale face amount	$ 2.5		$ 2.5	38.7
Proceeds	2.5		2.5	38.4
Commercial and Residential Lending Segment
Loan Transfer Activities
Net gains (losses) on the sale of loan qualifying for sales treatment	$ (1)	$ 1	$ (1)	$ 1

Derivatives and Hedging Activ_3

Derivatives and Hedging Activity - Designated and Non-Designated Hedges (Details) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands	Jun. 30, 2021EUR (€)contract	Jun. 30, 2021GBP (£)contract	Jun. 30, 2021AUD ($)contract	Jun. 30, 2021USD ($)contract
Derivatives
Number of Contracts	393	393	393	393
Foreign exchange contracts | EUR | Long
Derivatives
Number of Contracts	8	8	8	8
Aggregate Notional Amount | €	€ 8,442
Foreign exchange contracts | EUR | Short
Derivatives
Number of Contracts	167	167	167	167
Aggregate Notional Amount | €	€ 299,977
Foreign exchange contracts | GBP | Long
Derivatives
Number of Contracts	11	11	11	11
Aggregate Notional Amount | £		£ 10,685
Foreign exchange contracts | GBP | Short
Derivatives
Number of Contracts	128	128	128	128
Aggregate Notional Amount | £		£ 571,689
Foreign exchange contracts | AUD | Short
Derivatives
Number of Contracts	22	22	22	22
Aggregate Notional Amount | $			$ 208,622
Interest rate swaps – Paying fixed rates | USD
Derivatives
Number of Contracts	28	28	28	28
Aggregate Notional Amount | $				$ 1,917,729
Interest rate swaps – Receiving fixed rates | USD
Derivatives
Number of Contracts	1	1	1	1
Aggregate Notional Amount | $				$ 470,000
Interest rate caps | USD
Derivatives
Number of Contracts	20	20	20	20
Aggregate Notional Amount | $				$ 939,893
Credit index instruments | USD
Derivatives
Number of Contracts	3	3	3	3
Aggregate Notional Amount | $				$ 49,000
Interest rate swap guarantees | USD
Derivatives
Number of Contracts	5	5	5	5
Aggregate Notional Amount | $				$ 315,425

Derivatives and Hedging Activ_4

Derivatives and Hedging Activity - Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	$ 35,615	$ 40,555
Fair Value of Derivatives in a Liability Position	33,061	41,324
Interest rate contracts
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	23,588	33,841
Fair Value of Derivatives in a Liability Position	0	4
Interest rate swap guarantees
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	0	0
Fair Value of Derivatives in a Liability Position	353	849
Foreign exchange contracts
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	12,027	6,585
Fair Value of Derivatives in a Liability Position	32,296	39,951
Credit index instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	0	129
Fair Value of Derivatives in a Liability Position	$ 412	$ 520

Derivatives and Hedging Activ_5

Derivatives and Hedging Activity - Effect on Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivatives
(Loss) gain on derivative financial instruments, net	$ (10,009)	$ (16,098)	$ 23,980	$ (6,388)
Interest rate contracts
Derivatives
(Loss) gain on derivative financial instruments, net	(7,344)	(7,263)	12,814	(52,388)
Interest rate swap guarantees
Derivatives
(Loss) gain on derivative financial instruments, net	145	70	496	(605)
Foreign exchange contracts
Derivatives
(Loss) gain on derivative financial instruments, net	(2,540)	(7,107)	11,061	46,158
Credit index instruments
Derivatives
(Loss) gain on derivative financial instruments, net	$ (270)	$ (1,798)	$ (391)	$ 447

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Derivative assets
Gross Amounts Recognized	$ 35,615	$ 40,555
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	35,615	40,555
Derivative Assets, Gross Amounts Not Offset in the Statements of Condition, Financial Instruments	11,346	6,716
Derivative Assets, Gross Amounts Not Offset in the Statements of Condition, Cash Collateral Received/Pledged	22,927	33,772
Total net derivative assets	1,342	67
Derivative liabilities
Gross Amounts Recognized	33,061	41,324
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	33,061	41,324
Derivative Liabilities, Gross Amounts Not Offset in the Statements of Condition, Financial Instruments	11,346	6,716
Derivative Liabilities, Gross Amounts Not Offset in the Statements of Condition, Cash Collateral Received/Pledged	20,547	27,416
Total net derivative liabilities	1,168	7,192
Repurchase agreements
Gross Amounts Recognized	6,310,121	5,808,807
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	6,310,121	5,808,807
Repurchase Agreements, Gross Amounts Not Offset in the Statements of Condition, Financial Instruments	6,310,121	5,808,807
Repurchase Agreements, Gross Amounts Not Offset in the Statements of Condition, Cash Collateral Received/Pledged	0	0
Total net repurchase agreements	0	0
Offsetting Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned [Abstract]
Gross Amounts Recognized	6,343,182	5,850,131
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	6,343,182	5,850,131
Liabilities, Gross Amounts Not Offset in the Statements of Condition, Financial Instruments	6,321,467	5,815,523
Liabilities, Gross Amounts Not Offset in the Statements of Condition, Cash Collateral Received/Pledged	20,547	27,416
Total net liabilities	$ 1,168	$ 7,192

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Consolidated CLO (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 254,567	$ 563,217
Investment securities	673,566	736,658
Accrued interest receivable	113,800	95,980
Other assets	241,503	190,748
Total Assets	81,309,302	80,873,509
Liabilities
Accounts payable, accrued expenses and other liabilities	182,226	206,845
Collateralized loan obligations, net	2,404,672	930,554
Total Liabilities	76,457,602	76,010,933
Primary beneficiary
Assets:
Total Assets	63,493,796	64,238,328
Liabilities
Total Liabilities	62,001,710	62,776,371
CLOs (a) | Primary beneficiary
Assets:
Cash and cash equivalents	33,159	96,998
Loans held-for-investment	2,829,905	1,002,441
Investment securities	9,680	0
Accrued interest receivable	8,621	5,454
Other assets	6,081	557
Total Assets	2,887,446	1,105,450
Liabilities
Accounts payable, accrued expenses and other liabilities	3,212	663
Collateralized loan obligations, net	2,404,672	930,554
Total Liabilities	$ 2,407,884	$ 931,217

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)collateralizedLoanObligation	Dec. 31, 2020USD ($)
Variable interest entities
Number of CLOs | collateralizedLoanObligation	3
Assets	$ 81,309,302	$ 80,873,509
Liabilities	76,457,602	76,010,933
Investment in unconsolidated entities	$ 96,789	108,054
CMBS JV
Variable interest entities
Ownership percentage	51.00%
Primary beneficiary
Variable interest entities
Assets	$ 63,493,796	64,238,328
Liabilities	62,001,710	$ 62,776,371
Primary beneficiary | ASU 2015-02
Variable interest entities
Assets	104,200
Liabilities	54,000
Primary beneficiary | CMBS Venture Holdings
Variable interest entities
Assets	338,900
Liabilities	79,100
Primary beneficiary | SPT Dolphin | ASU 2015-02
Variable interest entities
Assets	677,000
Liabilities	520,800
Not primary beneficiary
Variable interest entities
Maximum risk of loss related to VIEs, on fair value basis	19,000
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
Long term debt, gross	$ 3,900,000

Related-Party Transactions - Ma

Related-Party Transactions - Management Agreement & Manager Equity Plan (Details) - USD ($)	1 Months Ended				3 Months Ended		6 Months Ended
	Nov. 30, 2020	Sep. 30, 2019	Apr. 30, 2018	Mar. 31, 2017	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Related-Party Transactions
Granted (in shares)							1,646,994
2017 Manager Equity Plan
Related-Party Transactions
Granted (in shares)							0
2017 Manager Equity Plan | Restricted stock units
Related-Party Transactions
Granted (in shares)	1,800,000	1,200,000	775,000	1,000,000
Share-based compensation expense, before tax					$ 4,500,000	$ 3,400,000	$ 10,400,000	$ 8,600,000
Award vesting period	3 years		3 years	3 years
Manager
Related-Party Transactions
Base management fee incurred					19,200,000	19,100,000	38,300,000	38,200,000
Base management fee payable					19,200,000		19,200,000		$ 19,200,000
Incentive fee incurred					5,000,000	0	18,200,000	15,800,000
Incentive fees payable					5,000,000		5,000,000		15,000,000
Executive compensation and other reimbursable expenses					1,600,000	$ 1,500,000	3,100,000	$ 3,700,000
Executive compensation and other reimbursable expense payable					$ 2,200,000		$ 2,200,000		$ 5,000,000
Manager | RSAs
Related-Party Transactions
Granted (in shares)					0	0	981,951	341,635
Grant date fair value							$ 19,600,000	$ 3,900,000
Share-based compensation expense, before tax					$ 2,200,000	$ 1,300,000	$ 4,500,000	$ 2,400,000
Manager | 2017 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, € in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 30, 2021EUR (€)	Mar. 31, 2020ft²$ / sqft	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Apr. 30, 2020USD ($)
Related-Party Transactions
Payment of debt					$ 5,538,664	$ 3,716,558
Acquisitions/originations/additional funding					5,369,620	2,453,763
Highmark Residential
Related-Party Transactions
Payments to related party			$ 700	$ 500	1,500	$ 1,000
Residential Loans | Residential Mortgage Originator
Related-Party Transactions
Acquisitions/originations/additional funding			183,000		324,600
Loan purchase commitment			44,900		44,900
Office portfolio located in Spain | SEREF
Related-Party Transactions
Payment of debt | €	€ 5.7
Office portfolio located in Spain | Affiliated Entity | SEREF
Related-Party Transactions
Payment of debt | €	€ 11.5
Office Lease Agreement with Affiliate of Chairman and CEO | Affiliates of Chairman and CEO
Related-Party Transactions
Area of office space | ft²		74,000
Term of master lease agreements				15 years		15 years
Annual base rent (in usd per sq ft) | $ / sqft		52
Percent increase in base rent		3.00%
Security deposit							$ 1,900
Rent payments			$ 4,500		$ 4,800

Stockholders' Equity and Non-_3

Stockholders' Equity and Non-Controlling Interests - Declared Dividends (Details) - $ / shares	Jun. 14, 2021	Mar. 11, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.96	$ 0.96

Stockholders' Equity and Non-_4

Stockholders' Equity and Non-Controlling Interests - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2018	May 31, 2017
Equity Incentive Plans
Shares issued ATM (in shares)			0	0
Net income attributable to non-controlling interests	$ 10,074	$ 13,305	$ 21,222	$ 13,805
CMBS JV
Equity Incentive Plans
Non-controlling interest	$ 134,300		$ 134,300		$ 126,700
CMBS JV | Joint Venture Partner
Equity Incentive Plans
Ownership percentage	49.00%		49.00%
CMBS JV
Equity Incentive Plans
Ownership percentage	51.00%		51.00%
Class A Units
Equity Incentive Plans
Value of shares issued to settle redemption			$ 400
Number of units outstanding (in shares)	10,200,000		10,200,000
Woodstar II Portfolio | Class A Units
Equity Incentive Plans
Net income attributable to non-controlling interests	$ 4,900	5,100	$ 10,000	10,200
Woodstar II Portfolio | Class A Units | CMBS JV
Equity Incentive Plans
Net income attributable to non-controlling interests	$ 4,700	$ 6,800	$ 10,100	$ 800
Subsidiaries | Woodstar II Portfolio | Class A Units
Equity Incentive Plans
Shares issued (in shares)						10,200,000
Right to receive additional shares (in shares)			1,900,000			1,900,000
Subsidiaries | Woodstar II Portfolio | Class A Units | Non- Controlling Interests
Equity Incentive Plans
Redemption of units			$ 218,400		$ 226,700
Starwood Property Trust, Inc. Equity Plan and Manager Equity Plan
Equity Incentive Plans
Number of shares of authorized for issuance (in shares)							11,000,000
Number of shares available for future grants (in shares)	3,100,000		3,100,000

Stockholders' Equity and Non-_5

Stockholders' Equity and Non-Controlling Interests - Equity Incentive Plans (Details) - USD ($) $ in Thousands	1 Months Ended				3 Months Ended	6 Months Ended
	Nov. 30, 2020	Sep. 30, 2019	Apr. 30, 2018	Mar. 31, 2017	Jun. 30, 2021	Jun. 30, 2021
Equity Incentive Plans
Granted (in shares)						1,646,994
2017 Manager Equity Plan
Equity Incentive Plans
Granted (in shares)						0
Restricted stock units | 2017 Manager Equity Plan
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
Restricted stock units | 2017 Manager Equity Plan | Vested immediately on the grant date
Equity Incentive Plans
Granted (in shares)		218,898
Restricted stock units | 2017 Manager Equity Plan | Remaining vesting
Equity Incentive Plans
Award vesting period					3 years

Stockholders' Equity and Non-_6

Stockholders' Equity and Non-Controlling Interests - Non-Vested Shares (Details)	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	3,881,501
Granted (in shares)	1,646,994
Vested (in shares)	(1,167,138)
Forfeited (in shares)	(17,350)
Balance at the end of the period (in shares)	4,344,007
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	22.04
Vested (in dollars per share) | $ / shares	17.87
Forfeited (in dollars per share) | $ / shares	21.61
Balance at the end of period (in dollars per share) | $ / shares	$ 18.89
2017 Equity Plan
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	1,594,605
Granted (in shares)	1,646,994
Vested (in shares)	(639,037)
Forfeited (in shares)	(17,350)
Balance at the end of the period (in shares)	2,585,212
2017 Manager Equity Plan
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	2,286,896
Granted (in shares)	0
Vested (in shares)	(528,101)
Forfeited (in shares)	0
Balance at the end of the period (in shares)	1,758,795

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Basic Earnings
Income attributable to STWD common stockholders	$ 116,310	$ 139,656	$ 227,688	$ 72,887
Less: Income attributable to participating shares not already deducted as non-controlling interests	(1,791)	(1,143)	(3,716)	(2,365)
Basic earnings	114,519	138,513	223,972	70,522
Diluted Earnings
Income attributable to STWD common stockholders	116,310	139,656	227,688	72,887
Less: Income attributable to participating shares not already deducted as non-controlling interests	(1,791)	(1,143)	(3,716)	(2,365)
Add: Undistributed earnings to participating shares	0	120	0	0
Less: Undistributed earnings reallocated to participating shares	0	(116)	0	0
Diluted earnings	$ 117,419	$ 141,568	$ 229,788	$ 70,522
Number of Shares:
Basic - Average shares outstanding (in shares)	284,710	281,461	284,018	281,225
Effect of dilutive securities - Contingently issuable shares (in shares)	95	183	95	215
Effect of dilutive securities - Unvested non-participating shares (in shares)	117	0	46	0
Diluted - Average shares outstanding (in shares)	294,571	291,293	293,808	281,440
Basic
Basic (in dollars per share)	$ 0.40	$ 0.49	$ 0.79	$ 0.25
Diluted
Diluted (in dollars per share)	$ 0.40	$ 0.49	$ 0.78	$ 0.25
Convertible Senior Notes
Diluted Earnings
Add: Interest expense on Convertible Notes	$ 2,900	$ 3,051	$ 5,816
Number of Shares:
Effect of dilutive securities - Convertible Notes (in shares)	9,649	9,649	9,649

Earnings per Share - Dilutive a

Earnings per Share - Dilutive and Antidilutive securities (Details) - shares shares in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 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 (in shares)	10.2	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 (in shares)	14	13

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Changes in AOCI by component
Beginning Balance	$ 4,854,785	$ 4,817,351	$ 4,862,576	$ 5,137,014
Ending Balance	4,851,700	4,864,796	4,851,700	4,864,796
Cumulative Unrealized Gain (Loss) on Available-for- Sale Securities
Changes in AOCI by component
Beginning Balance	41,654	35,948	44,057	50,996
OCI before reclassifications	(344)	6,982	(2,747)	(8,066)
Amounts reclassified from AOCI	0	0	0	0
Net period OCI	(344)	6,982	(2,747)	(8,066)
Ending Balance	41,310	42,930	41,310	42,930
Foreign Currency Translation
Changes in AOCI by component
Beginning Balance	0	(64)	(64)	(64)
OCI before reclassifications	0	0	0	0
Amounts reclassified from AOCI	0	0	64	0
Net period OCI	0	0	64	0
Ending Balance	0	(64)	0	(64)
Accumulated Other Comprehensive Income
Changes in AOCI by component
Beginning Balance	41,654	35,884	43,993	50,932
OCI before reclassifications	(344)	6,982	(2,747)	(8,066)
Amounts reclassified from AOCI	0	0	64	0
Net period OCI	(344)	6,982	(2,683)	(8,066)
Ending Balance	$ 41,310	$ 42,866	$ 41,310	$ 42,866

Fair Value - Financial Assets a

Fair Value - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Financial Assets:
Available-for-sale securities	$ 154,704	$ 167,349
Domestic servicing rights	13,705	13,202
Derivative assets	35,615	40,555
Assets	81,309,302	80,873,509
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	33,061	41,324
Liabilities	76,457,602	76,010,933
Fair value measurements on recurring basis
Financial Assets:
Equity security, fair value	11,880	11,247
Derivative assets	35,615	40,555
Total Assets	64,747,173	65,513,117
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	33,061	41,324
Total Liabilities	62,034,771	62,817,695
Fair value measurements on recurring basis | Loans held-for-sale
Financial Assets:
Loans under fair value option	1,018,508	1,022,979
Fair value measurements on recurring basis | RMBS
Financial Assets:
Available-for-sale securities	154,704	167,349
Fair value measurements on recurring basis | CMBS
Financial Assets:
Available-for-sale securities	18,965	19,457
Fair value measurements on recurring basis | Domestic servicing rights, at fair value
Financial Assets:
Domestic servicing rights	13,705	13,202
Fair value measurements on recurring basis | Level I
Financial Assets:
Equity security, fair value	11,880	11,247
Derivative assets	0	0
Total Assets	11,880	11,247
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	0	0
Total Liabilities	0	0
Fair value measurements on recurring basis | Level I | Loans held-for-sale
Financial Assets:
Loans under fair value option	0	0
Fair value measurements on recurring basis | Level I | RMBS
Financial Assets:
Available-for-sale securities	0	0
Fair value measurements on recurring basis | Level I | CMBS
Financial Assets:
Available-for-sale securities	0	0
Fair value measurements on recurring basis | Level I | Domestic servicing rights, at fair value
Financial Assets:
Domestic servicing rights	0	0
Fair value measurements on recurring basis | Level II
Financial Assets:
Equity security, fair value	0	0
Derivative assets	35,615	40,555
Total Assets	286,302	40,555
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	33,061	41,324
Total Liabilities	57,198,579	60,797,819
Fair value measurements on recurring basis | Level II | Loans held-for-sale
Financial Assets:
Loans under fair value option	250,687	0
Fair value measurements on recurring basis | Level II | RMBS
Financial Assets:
Available-for-sale securities	0	0
Fair value measurements on recurring basis | Level II | CMBS
Financial Assets:
Available-for-sale securities	0	0
Fair value measurements on recurring basis | Level II | Domestic servicing rights, at fair value
Financial Assets:
Domestic servicing rights	0	0
Fair value measurements on recurring basis | Level III
Financial Assets:
Equity security, fair value	0	0
Derivative assets	0	0
Total Assets	64,448,991	65,461,315
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	0	0
Total Liabilities	4,836,192	2,019,876
Fair value measurements on recurring basis | Level III | Loans held-for-sale
Financial Assets:
Loans under fair value option	767,821	1,022,979
Fair value measurements on recurring basis | Level III | RMBS
Financial Assets:
Available-for-sale securities	154,704	167,349
Fair value measurements on recurring basis | Level III | CMBS
Financial Assets:
Available-for-sale securities	18,965	19,457
Fair value measurements on recurring basis | Level III | Domestic servicing rights, at fair value
Financial Assets:
Domestic servicing rights	13,705	13,202
Primary beneficiary
Financial Assets:
Assets	63,493,796	64,238,328
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	62,001,710	62,776,371
Primary beneficiary | Fair value measurements on recurring basis | VIE assets
Financial Assets:
Assets	63,493,796	64,238,328
Primary beneficiary | Fair value measurements on recurring basis | VIE liabilities
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	62,001,710	62,776,371
Primary beneficiary | Fair value measurements on recurring basis | Level I | VIE assets
Financial Assets:
Assets	0	0
Primary beneficiary | Fair value measurements on recurring basis | Level I | VIE liabilities
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	0	0
Primary beneficiary | Fair value measurements on recurring basis | Level II | VIE assets
Financial Assets:
Assets	0	0
Primary beneficiary | Fair value measurements on recurring basis | Level II | VIE liabilities
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	57,165,518	60,756,495
Primary beneficiary | Fair value measurements on recurring basis | Level III | VIE assets
Financial Assets:
Assets	63,493,796	64,238,328
Primary beneficiary | Fair value measurements on recurring basis | Level III | VIE liabilities
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	$ 4,836,192	$ 2,019,876

Fair Value - Level III (Details

Fair Value - Level III (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Total realized and unrealized gains (losses):
Net accretion			$ 6,773	$ 6,123
Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	$ 61,095,418	$ 61,208,764	63,441,439	61,317,478
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	(1,036,966)	2,440,491	(3,245,778)	(930,808)
Net accretion	2,610	2,673	5,216	5,334
Included in OCI	(344)	6,982	(2,747)	(8,066)
Purchases / Originations	992,304	140,700	1,367,574	887,580
Sales	(905,653)	(589,694)	(1,477,580)	(1,349,380)
Issuances			(11,604)	(24,376)
Cash repayments / receipts	(60,132)	(45,191)	(122,164)	(128,424)
Transfers into Level III	(2,431,880)	(655,942)	(2,841,147)	(757,207)
Transfers out of Level III	114,769	41,880	263,544	1,132,205
Transfers within Level III	0		0
Consolidation of VIEs	1,842,673	599,935	2,236,046	3,006,262
Balance at the end of the period	59,612,799	63,150,598	59,612,799	63,150,598
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	(1,249,423)	2,429,063	(3,446,523)	(948,587)
Included in OCI	(344)	6,982	(2,747)	(8,066)
Level III | Loans held-for-sale
Changes in financial assets classified as Level III
Balance at the beginning of the period	763,773	1,347,797	1,022,979	1,436,194
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	45,867	34,450	36,389	18,316
Net accretion	0	0	0	0
Included in OCI	0	0	0	0
Purchases / Originations	992,304	140,700	1,367,574	887,580
Sales	(905,653)	(589,694)	(1,477,580)	(1,341,440)
Issuances			0	0
Cash repayments / receipts	(50,257)	(38,640)	(103,328)	(106,037)
Transfers into Level III	0	0	0	0
Transfers out of Level III	(250,687)	0	(250,687)	0
Transfers within Level III	172,474		172,474
Consolidation of VIEs	0	0	0	0
Balance at the end of the period	767,821	894,613	767,821	894,613
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	3,274	20,349	2,902	1,589
Included in OCI	0	0	0	0
Level III | RMBS
Changes in financial assets classified as Level III
Balance at the beginning of the period	160,301	170,640	167,349	189,576
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	0	0	0	0
Net accretion	2,610	2,673	5,216	5,334
Included in OCI	(344)	6,982	(2,747)	(8,066)
Purchases / Originations	0	0	0	0
Sales	0	0	0	0
Issuances			0	0
Cash repayments / receipts	(7,863)	(6,014)	(15,114)	(12,563)
Transfers into Level III	0	0	0	0
Transfers out of Level III	0	0	0	0
Transfers within Level III	0		0
Consolidation of VIEs	0	0	0	0
Balance at the end of the period	154,704	174,281	154,704	174,281
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	2,610	2,673	5,216	5,334
Included in OCI	(344)	6,982	(2,747)	(8,066)
Level III | CMBS
Changes in financial assets classified as Level III
Balance at the beginning of the period	19,256	22,435	19,457	25,008
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	320	(351)	692	5,387
Net accretion	0	0	0	0
Included in OCI	0	0	0	0
Purchases / Originations	0	0	0	0
Sales	0	0	0	(7,940)
Issuances			0	0
Cash repayments / receipts	(611)	(193)	(1,184)	(564)
Transfers into Level III	0	0	0	0
Transfers out of Level III	0	0	0	0
Transfers within Level III	0		0
Consolidation of VIEs	0	0	0	0
Balance at the end of the period	18,965	21,891	18,965	21,891
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	320	(351)	692	(999)
Included in OCI	0	0	0	0
Level III | Domestic servicing rights, at fair value
Changes in financial assets classified as Level III
Balance at the beginning of the period	12,406	16,524	13,202	16,917
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	1,299	(2,569)	503	(2,962)
Net accretion	0	0	0	0
Included in OCI	0	0	0	0
Purchases / Originations	0	0	0	0
Sales	0	0	0	0
Issuances			0	0
Cash repayments / receipts	0	0	0	0
Transfers into Level III	0	0	0	0
Transfers out of Level III	0	0	0	0
Transfers within Level III	0		0
Consolidation of VIEs	0	0	0	0
Balance at the end of the period	13,705	13,955	13,705	13,955
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	1,299	(2,569)	503	(2,962)
Included in OCI	0	0	0	0
Level III | VIE assets
Changes in financial assets classified as Level III
Balance at the beginning of the period	62,367,110	61,157,805	64,238,328	62,187,175
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	(1,085,746)	2,417,647	(3,350,337)	(1,089,145)
Net accretion	0	0	0	0
Included in OCI	0	0	0	0
Purchases / Originations	0	0	0	0
Sales	0	0	0	0
Issuances			0	0
Cash repayments / receipts	0	0	0	0
Transfers into Level III	0	0	0	0
Transfers out of Level III	0	0	0	0
Transfers within Level III	(172,474)		(172,474)
Consolidation of VIEs	2,384,906	599,935	2,778,279	3,077,357
Balance at the end of the period	63,493,796	64,175,387	63,493,796	64,175,387
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	(1,258,220)	2,417,647	(3,522,811)	(1,089,145)
Included in OCI	0	0	0	0
Level III | VIE liabilities
Changes in financial assets classified as Level III
Balance at the beginning of the period	(2,227,428)	(1,506,437)	(2,019,876)	(2,537,392)
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	1,294	(8,686)	66,975	137,596
Net accretion	0	0	0	0
Included in OCI	0	0	0	0
Purchases / Originations	0	0	0	0
Sales	0	0	0	0
Issuances			(11,604)	(24,376)
Cash repayments / receipts	(1,401)	(344)	(2,538)	(9,260)
Transfers into Level III	(2,431,880)	(655,942)	(2,841,147)	(757,207)
Transfers out of Level III	365,456	41,880	514,231	1,132,205
Transfers within Level III	0		0
Consolidation of VIEs	(542,233)	0	(542,233)	(71,095)
Balance at the end of the period	(4,836,192)	(2,129,529)	(4,836,192)	(2,129,529)
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	1,294	(8,686)	66,975	137,596
Included in OCI	$ 0	$ 0	$ 0	$ 0

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Financial assets not carried at fair value:
HTM debt securities	$ 492,946	$ 544,280
Carrying Value
Financial assets not carried at fair value:
Loans held-for-investment and loans held-for-sale	12,706,541	11,116,929
HTM debt securities	488,017	538,605
Financial liabilities not carried at fair value:
Secured financing agreements and CLO	12,337,334	11,076,744
Unsecured senior notes	1,737,383	1,732,520
Fair Value
Financial assets not carried at fair value:
Loans held-for-investment and loans held-for-sale	12,776,798	11,107,316
HTM debt securities	468,558	515,253
Financial liabilities not carried at fair value:
Secured financing agreements and CLO	12,430,899	11,108,364
Unsecured senior notes	$ 1,802,131	$ 1,786,667

Fair Value - Significant Unobse

Fair Value - Significant Unobservable Inputs (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)Item	Dec. 31, 2020USD ($)Item$ / sqft
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities	$ 154,704	$ 167,349
Domestic servicing rights	13,705	13,202
Assets	81,309,302	80,873,509
Liabilities	76,457,602	76,010,933
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 under fair value option	1,018,508	1,022,979
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	154,704	167,349
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	18,965	19,457
Fair value measurements on recurring basis | Domestic servicing rights, at fair value
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Domestic servicing rights	13,705	13,202
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 under fair value option	$ 767,821	$ 1,022,979
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	2 years	7 years 3 months 18 days
Fair value measurements on recurring basis | Level III | Loans held-for-sale | Minimum | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans held-for-sale, measurement input	0.026	0.033
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	0.13	0.05
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	0.856	0.844
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	38 years 9 months 18 days	39 years 3 months 18 days
Fair value measurements on recurring basis | Level III | Loans held-for-sale | Maximum | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans held-for-sale, measurement input	0.095	0.097
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	0.96	0.94
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	1.048	1.048
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 7 months 6 days	26 years 3 months 18 days
Fair value measurements on recurring basis | Level III | Loans held-for-sale | Weighted-average | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans held-for-sale, measurement input	0.050	0.059
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	(739)	(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	0.67	0.68
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	1.020	0.998
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	$ 154,704	$ 167,349
Loss severity for specified percentage of portfolio (as a percent)	8.00%	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%
Fair value measurements on recurring basis | Level III | RMBS | Minimum | Constant prepayment rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.038	0.036
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	0.007	0.007
Fair value measurements on recurring basis | Level III | RMBS | Minimum | Loss severity
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0	0
Fair value measurements on recurring basis | Level III | RMBS | Minimum | Delinquency rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.10	0.10
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	0.23	0.23
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%
Fair value measurements on recurring basis | Level III | RMBS | Maximum | Constant prepayment rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.184	0.194
Fair value measurements on recurring basis | Level III | RMBS | Maximum | Constant default rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.050	0.054
Fair value measurements on recurring basis | Level III | RMBS | Maximum | Loss severity
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.83	0.85
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	0.33	0.32
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	0.84	0.82
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	0.018	0.009
Fair value measurements on recurring basis | Level III | RMBS | Maximum | Putback amount per projected total collateral loss
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.08	0.17
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	0.082	0.076
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	0.022	0.024
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	0.11	0.20
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	0.19	0.19
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	0.53	0.54
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	0.001	0.001
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	0.004	0.008
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	$ 18,965	$ 19,457
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 days	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	6 years 9 months 18 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	7.059	5.366
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	5 years 1 month 6 days	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	0.116	0.071
Fair value measurements on recurring basis | Level III | Domestic servicing rights, at fair value
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Domestic servicing rights	$ 13,705	$ 13,202
Fair value measurements on recurring basis | Level III | Domestic servicing rights, at fair value | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Servicing asset, measurement input	0.0725	0.0750
Fair value measurements on recurring basis | Level III | Domestic servicing rights, at fair value | Discount rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Servicing asset, measurement input	0.15	0.15
Fair value measurements on recurring basis | Level III | Domestic servicing rights, at fair value | 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	0.0725	0.0750
Fair value measurements on recurring basis | Level III | Domestic servicing rights, at fair value | 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	0.15	0.15
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 days	0 years
Fair value measurements on recurring basis | Level III | VIE assets | Minimum | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE assets, measurement input	0	0
Fair value measurements on recurring basis | Level III | VIE assets | Maximum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE duration (in years)	19 years 9 months 18 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	4.587	3.122
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 7 months 6 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	0.120	0.143
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 days	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)	19 years 9 months 18 days	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	4.587	3.122
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	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	0.119	0.144
Primary beneficiary
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Assets	$ 63,493,796	$ 64,238,328
Liabilities	62,001,710	62,776,371
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
Assets	63,493,796	64,238,328
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
Liabilities	62,001,710	62,776,371
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
Assets	63,493,796	64,238,328
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
Liabilities	$ 4,836,192	$ 2,019,876

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2017	Dec. 31, 2020
Income Taxes
Assets	$ 81,309,302		$ 81,309,302			$ 80,873,509
Federal statutory tax rate	21.00%	21.00%	21.00%	21.00%	35.00%
Investing and Servicing Segment | TRS entities
Income Taxes
Assets	$ 1,500,000		$ 1,500,000			$ 1,400,000

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2017
Reconciliation of statutory tax to effective tax
Federal statutory tax rate	$ 25,836	$ 31,849	$ 52,035	$ 16,520
REIT and other non-taxable loss	(24,018)	(26,923)	(48,519)	(17,009)
State income taxes	597	1,619	1,155	(160)
Federal benefit of state tax deduction	(126)	(340)	(243)	34
Net operating loss carryback rate differential	0	(3,717)	0	(3,717)
Intra-entity transfer	(6,037)	(3,781)	(6,052)	(3,781)
Other	395	(5)	501	86
Effective tax rate	$ (3,353)	$ (1,298)	$ (1,123)	$ (8,027)
Reconciliation of statutory tax rate to effective tax rate
Federal statutory tax rate	21.00%	21.00%	21.00%	21.00%	35.00%
REIT and other non-taxable loss	(19.50%)	(17.80%)	(19.60%)	(21.60%)
State income taxes	0.50%	1.10%	0.50%	(0.20%)
Federal benefit of state tax deduction	(0.10%)	(0.20%)	(0.10%)	0.00%
Net operating loss carryback rate differential	0.00%	(2.50%)	0.00%	(4.70%)
Intra-entity transfer	(4.90%)	(2.50%)	(2.40%)	(4.80%)
Other	0.30%	0.00%	0.10%	0.10%
Effective tax rate	(2.70%)	(0.90%)	(0.50%)	(10.20%)

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	Jun. 30, 2021USD ($)contract
Commitments and Contingencies
Number of Contracts | contract	393
Interest rate swap guarantees | USD
Commitments and Contingencies
Number of Contracts | contract	5
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	1,400
Outstanding	406
Commitments | Infrastructure Lending Segment
Commitments and Contingencies
Value of loans with future funding commitments	158.6
Outstanding	15
Revolvers and letters of credit | Infrastructure Lending Segment
Commitments and Contingencies
Value of loans with future funding commitments	112.4
Outstanding	19.4
Delayed draw term loans | Infrastructure Lending Segment
Commitments and Contingencies
Value of loans with future funding commitments	$ 46.2

Segment Data - Results of Opera

Segment Data - Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Interest income from loans	$ 189,272	$ 171,103	$ 379,847	$ 388,530
Interest income from investment securities	10,648	14,644	22,258	29,884
Servicing fees	10,864	6,658	19,266	11,451
Rental income	77,119	72,710	153,457	146,856
Other revenues	2,964	491	3,269	1,445
Total revenues	290,867	265,606	578,097	578,166
Costs and expenses:
Management fees	29,250	23,115	67,986	63,843
Interest expense	109,653	101,493	213,027	221,518
General and administrative	45,265	32,677	83,901	71,379
Acquisition and investment pursuit costs	407	1,590	592	2,499
Costs of rental operations	30,731	29,632	59,476	57,846
Depreciation and amortization	22,477	23,421	44,951	47,401
Credit loss provision (reversal), net	(11,844)	10,202	(11,800)	58,871
Other expense	0	102	685	490
Total costs and expenses	225,939	222,232	458,818	523,847
Other income (loss):
Change in net assets related to consolidated VIEs	12,509	51,261	52,254	5,768
Change in fair value of servicing rights	1,299	(2,569)	503	(2,962)
Change in fair value of investment securities, net	1,508	827	1,202	3,331
Change in fair value of mortgage loans, net	45,867	34,450	36,389	18,316
Earnings from unconsolidated entities	2,226	28,776	3,960	28,873
(Loss) gain on sale of investments and other assets, net	8,731	6,472	26,424	6,768
(Loss) gain on derivative financial instruments, net	(10,009)	(16,098)	23,980	(6,388)
Foreign currency gain (loss), net	2,627	7,173	(9,054)	(27,313)
Loss on extinguishment of debt	(1,182)	(2,207)	(1,698)	(2,377)
Other (loss) income, net	(5,473)	204	(5,452)	330
Total other income	58,103	108,289	128,508	24,346
Income before income taxes	123,031	151,663	247,787	78,665
Income tax (provision) benefit	3,353	1,298	1,123	8,027
Net income	126,384	152,961	248,910	86,692
Net (income) loss attributable to non-controlling interests	(10,074)	(13,305)	(21,222)	(13,805)
Net income attributable to Starwood Property Trust, Inc.	116,310	139,656	227,688	72,887
Operating Segments and Corporate
Revenues:
Interest income from loans	189,272	171,103	379,847	388,530
Interest income from investment securities	43,413	42,952	83,302	87,081
Servicing fees	16,475	8,733	29,055	15,347
Rental income	77,119	72,710	153,457	146,856
Other revenues	2,964	492	3,269	1,448
Total revenues	329,243	295,990	648,930	639,262
Costs and expenses:
Management fees	29,240	23,113	67,965	63,810
Interest expense	109,873	101,493	213,438	221,680
General and administrative	45,180	32,594	83,729	71,212
Acquisition and investment pursuit costs	407	1,590	592	2,499
Costs of rental operations	30,731	29,632	59,476	57,846
Depreciation and amortization	22,477	23,421	44,951	47,401
Credit loss provision (reversal), net	(11,844)	10,202	(11,800)	58,871
Other expense	0	102	685	490
Total costs and expenses	226,064	222,147	459,036	523,809
Other income (loss):
Change in net assets related to consolidated VIEs	0	0	0	0
Change in fair value of servicing rights	460	5,328	1,205	5,646
Change in fair value of investment securities, net	(21,987)	13,395	(16,867)	(61,700)
Change in fair value of mortgage loans, net	45,867	34,450	36,389	18,316
Earnings from unconsolidated entities	1,419	29,079	3,507	29,750
(Loss) gain on sale of investments and other assets, net	8,731	6,472	26,424	6,768
(Loss) gain on derivative financial instruments, net	(10,009)	(16,098)	23,980	(6,388)
Foreign currency gain (loss), net	2,627	7,173	(9,054)	(27,313)
Loss on extinguishment of debt	(1,182)	(2,207)	(1,698)	(2,377)
Other (loss) income, net	(5,473)	204	(5,452)	330
Total other income	20,453	77,796	58,434	(36,968)
Income before income taxes	123,632	151,639	248,328	78,485
Income tax (provision) benefit	3,353	1,298	1,123	8,027
Net income	126,985	152,937	249,451	86,512
Net (income) loss attributable to non-controlling interests	(10,675)	(13,281)	(21,763)	(13,625)
Net income attributable to Starwood Property Trust, Inc.	116,310	139,656	227,688	72,887
Operating segment | Commercial and Residential Lending Segment
Revenues:
Interest income from loans	165,697	150,136	336,290	342,517
Interest income from investment securities	17,190	17,345	35,575	35,973
Servicing fees	110	142	234	314
Rental income	1,419	690	2,758	768
Other revenues	74	54	164	232
Total revenues	184,490	168,367	375,021	379,804
Costs and expenses:
Management fees	300	339	615	690
Interest expense	48,356	41,871	92,651	95,821
General and administrative	10,411	8,615	21,744	16,747
Acquisition and investment pursuit costs	179	578	364	1,438
Costs of rental operations	433	988	910	1,766
Depreciation and amortization	311	430	618	845
Credit loss provision (reversal), net	(12,447)	11,294	(12,976)	51,511
Other expense	0	76	31	153
Total costs and expenses	47,543	64,191	103,957	168,971
Other income (loss):
Change in net assets related to consolidated VIEs	0	0	0	0
Change in fair value of servicing rights	0	0	0	0
Change in fair value of investment securities, net	(9,402)	5,454	(11,452)	(22,425)
Change in fair value of mortgage loans, net	12,329	33,010	1,615	(2,507)
Earnings from unconsolidated entities	1,996	671	3,749	722
(Loss) gain on sale of investments and other assets, net	(1,019)	(961)	16,674	(961)
(Loss) gain on derivative financial instruments, net	(4,945)	(11,736)	21,196	19,069
Foreign currency gain (loss), net	2,715	6,942	(8,879)	(27,059)
Loss on extinguishment of debt	(221)	(22)	(289)	(22)
Other (loss) income, net	(5,504)	0	(5,504)	0
Total other income	(4,051)	33,358	17,110	(33,183)
Income before income taxes	132,896	137,534	288,174	177,650
Income tax (provision) benefit	8,043	(3,257)	6,538	1,165
Net income	140,939	134,277	294,712	178,815
Net (income) loss attributable to non-controlling interests	(4)	(4)	(7)	(7)
Net income attributable to Starwood Property Trust, Inc.	140,935	134,273	294,705	178,808
Operating segment | Infrastructure Lending Segment
Revenues:
Interest income from loans	21,171	19,126	39,979	41,539
Interest income from investment securities	555	683	1,119	1,384
Servicing fees	0	0	0	0
Rental income	0	0	0	0
Other revenues	69	100	162	243
Total revenues	21,795	19,909	41,260	43,166
Costs and expenses:
Management fees	0	0	0	0
Interest expense	9,694	9,678	18,535	22,795
General and administrative	3,532	4,337	6,974	8,760
Acquisition and investment pursuit costs	249	1,100	249	1,117
Costs of rental operations	0	0	0	0
Depreciation and amortization	100	89	200	159
Credit loss provision (reversal), net	603	(1,092)	1,176	7,360
Other expense	0	0	0	0
Total costs and expenses	14,178	14,112	27,134	40,191
Other income (loss):
Change in net assets related to consolidated VIEs	0	0	0	0
Change in fair value of servicing rights	0	0	0	0
Change in fair value of investment securities, net	0	0	0	0
Change in fair value of mortgage loans, net	0	0	0	0
Earnings from unconsolidated entities	(70)	(1,118)	(324)	(1,118)
(Loss) gain on sale of investments and other assets, net	27	0	27	296
(Loss) gain on derivative financial instruments, net	112	(437)	796	(1,438)
Foreign currency gain (loss), net	(62)	310	(111)	(163)
Loss on extinguishment of debt	(939)	0	(1,246)	(170)
Other (loss) income, net	2	0	23	0
Total other income	(930)	(1,245)	(835)	(2,593)
Income before income taxes	6,687	4,552	13,291	382
Income tax (provision) benefit	(58)	(56)	(150)	89
Net income	6,629	4,496	13,141	471
Net (income) loss attributable to non-controlling interests	0	0	0	0
Net income attributable to Starwood Property Trust, Inc.	6,629	4,496	13,141	471
Operating segment | Property Segment
Revenues:
Interest income from loans	0	0	0	0
Interest income from investment securities	0	0	0	0
Servicing fees	0	0	0	0
Rental income	65,410	63,566	130,514	127,527
Other revenues	44	58	84	180
Total revenues	65,454	63,624	130,598	127,707
Costs and expenses:
Management fees	0	0	0	0
Interest expense	16,863	15,942	32,695	33,063
General and administrative	1,028	1,281	2,051	2,359
Acquisition and investment pursuit costs	0	0	0	12
Costs of rental operations	25,922	24,703	49,882	47,555
Depreciation and amortization	17,901	19,153	36,001	38,441
Credit loss provision (reversal), net	0	0	0	0
Other expense	0	26	583	337
Total costs and expenses	61,714	61,105	121,212	121,767
Other income (loss):
Change in net assets related to consolidated VIEs	0	0	0	0
Change in fair value of servicing rights	0	0	0	0
Change in fair value of investment securities, net	0	0	0	0
Change in fair value of mortgage loans, net	0	0	0	0
Earnings from unconsolidated entities	0	0	0	0
(Loss) gain on sale of investments and other assets, net	0	0	0	0
(Loss) gain on derivative financial instruments, net	(372)	(4,614)	4,352	(34,837)
Foreign currency gain (loss), net	(25)	(48)	0	(67)
Loss on extinguishment of debt	0	(2,185)	(141)	(2,185)
Other (loss) income, net	0	191	0	241
Total other income	(397)	(6,656)	4,211	(36,848)
Income before income taxes	3,343	(4,137)	13,597	(30,908)
Income tax (provision) benefit	0	0	0	0
Net income	3,343	(4,137)	13,597	(30,908)
Net (income) loss attributable to non-controlling interests	(4,914)	(5,111)	(9,991)	(10,222)
Net income attributable to Starwood Property Trust, Inc.	(1,571)	(9,248)	3,606	(41,130)
Operating segment | Investing and Servicing Segment
Revenues:
Interest income from loans	2,404	1,841	3,578	4,474
Interest income from investment securities	25,668	24,924	46,608	49,724
Servicing fees	16,365	8,591	28,821	15,033
Rental income	10,290	8,454	20,185	18,561
Other revenues	2,777	280	2,859	793
Total revenues	57,504	44,090	102,051	88,585
Costs and expenses:
Management fees	224	220	446	459
Interest expense	5,789	6,177	11,238	13,371
General and administrative	25,720	14,993	44,160	35,677
Acquisition and investment pursuit costs	(21)	(88)	(21)	(68)
Costs of rental operations	4,376	3,941	8,684	8,525
Depreciation and amortization	4,165	3,749	8,132	7,956
Credit loss provision (reversal), net	0	0	0	0
Other expense	0	0	71	0
Total costs and expenses	40,253	28,992	72,710	65,920
Other income (loss):
Change in net assets related to consolidated VIEs	0	0	0	0
Change in fair value of servicing rights	460	5,328	1,205	5,646
Change in fair value of investment securities, net	(12,585)	7,941	(5,415)	(39,275)
Change in fair value of mortgage loans, net	33,538	1,440	34,774	20,823
Earnings from unconsolidated entities	(507)	29,526	82	30,146
(Loss) gain on sale of investments and other assets, net	9,723	7,433	9,723	7,433
(Loss) gain on derivative financial instruments, net	(5,731)	(3,828)	3,552	(22,934)
Foreign currency gain (loss), net	(1)	(31)	(64)	(24)
Loss on extinguishment of debt	(22)	0	(22)	0
Other (loss) income, net	29	13	29	89
Total other income	24,904	47,822	43,864	1,904
Income before income taxes	42,155	62,920	73,205	24,569
Income tax (provision) benefit	(4,632)	4,611	(5,265)	6,773
Net income	37,523	67,531	67,940	31,342
Net (income) loss attributable to non-controlling interests	(5,757)	(8,166)	(11,765)	(3,396)
Net income attributable to Starwood Property Trust, Inc.	31,766	59,365	56,175	27,946
Corporate
Revenues:
Interest income from loans	0	0	0	0
Interest income from investment securities	0	0	0	0
Servicing fees	0	0	0	0
Rental income	0	0	0	0
Other revenues	0	0	0	0
Total revenues	0	0	0	0
Costs and expenses:
Management fees	28,716	22,554	66,904	62,661
Interest expense	29,171	27,825	58,319	56,630
General and administrative	4,489	3,368	8,800	7,669
Acquisition and investment pursuit costs	0	0	0	0
Costs of rental operations	0	0	0	0
Depreciation and amortization	0	0	0	0
Credit loss provision (reversal), net	0	0	0	0
Other expense	0	0	0	0
Total costs and expenses	62,376	53,747	134,023	126,960
Other income (loss):
Change in net assets related to consolidated VIEs	0	0	0	0
Change in fair value of servicing rights	0	0	0	0
Change in fair value of investment securities, net	0	0	0	0
Change in fair value of mortgage loans, net	0	0	0	0
Earnings from unconsolidated entities	0	0	0	0
(Loss) gain on sale of investments and other assets, net	0	0	0	0
(Loss) gain on derivative financial instruments, net	927	4,517	(5,916)	33,752
Foreign currency gain (loss), net	0	0	0	0
Loss on extinguishment of debt	0	0	0	0
Other (loss) income, net	0	0	0	0
Total other income	927	4,517	(5,916)	33,752
Income before income taxes	(61,449)	(49,230)	(139,939)	(93,208)
Income tax (provision) benefit	0	0	0	0
Net income	(61,449)	(49,230)	(139,939)	(93,208)
Net (income) loss attributable to non-controlling interests	0	0	0	0
Net income attributable to Starwood Property Trust, Inc.	(61,449)	(49,230)	(139,939)	(93,208)
Securitization VIEs
Revenues:
Interest income from loans	0	0	0	0
Interest income from investment securities	(32,765)	(28,308)	(61,044)	(57,197)
Servicing fees	(5,611)	(2,075)	(9,789)	(3,896)
Rental income	0	0	0	0
Other revenues	0	(1)	0	(3)
Total revenues	(38,376)	(30,384)	(70,833)	(61,096)
Costs and expenses:
Management fees	10	2	21	33
Interest expense	(220)	0	(411)	(162)
General and administrative	85	83	172	167
Acquisition and investment pursuit costs	0	0	0	0
Costs of rental operations	0	0	0	0
Depreciation and amortization	0	0	0	0
Credit loss provision (reversal), net	0	0	0	0
Other expense	0	0	0	0
Total costs and expenses	(125)	85	(218)	38
Other income (loss):
Change in net assets related to consolidated VIEs	12,509	51,261	52,254	5,768
Change in fair value of servicing rights	839	(7,897)	(702)	(8,608)
Change in fair value of investment securities, net	23,495	(12,568)	18,069	65,031
Change in fair value of mortgage loans, net	0	0	0	0
Earnings from unconsolidated entities	807	(303)	453	(877)
(Loss) gain on sale of investments and other assets, net	0	0	0	0
(Loss) gain on derivative financial instruments, net	0	0	0	0
Foreign currency gain (loss), net	0	0	0	0
Loss on extinguishment of debt	0	0	0	0
Other (loss) income, net	0	0	0	0
Total other income	37,650	30,493	70,074	61,314
Income before income taxes	(601)	24	(541)	180
Income tax (provision) benefit	0	0	0	0
Net income	(601)	24	(541)	180
Net (income) loss attributable to non-controlling interests	601	(24)	541	(180)
Net income attributable to Starwood Property Trust, Inc.	$ 0	$ 0	$ 0	$ 0

Segment Data - Balance Sheet (D

Segment Data - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 254,567		$ 563,217
Restricted cash	106,009		158,945
Loans held-for-investment, net	12,763,372		11,087,073
Loans held-for-sale	961,677		1,052,835
Investment securities	673,566		736,658
Properties, net	2,243,569		2,271,153
Intangible assets	65,193		70,117
Investment in unconsolidated entities	96,789		108,054
Goodwill	259,846		259,846
Derivative assets	35,615		40,555
Accrued interest receivable	113,800		95,980
Other assets	241,503		190,748
Total Assets	81,309,302		80,873,509
Liabilities:
Accounts payable, accrued expenses and other liabilities	182,226		206,845
Related-party payable	26,431		39,170
Dividends payable	139,457		137,959
Derivative liabilities	33,061		41,324
Secured financing agreements, net	9,932,662		10,146,190
Collateralized loan obligations, net	2,404,672		930,554
Unsecured senior notes, net	1,737,383		1,732,520
Total Liabilities	76,457,602		76,010,933
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	2,952		2,921
Additional paid-in capital	5,248,490		5,209,739
Treasury stock	(138,022)		(138,022)
Accumulated other comprehensive income (loss)	41,310		43,993
Retained earnings (accumulated deficit)	(677,375)		(629,733)
Total Starwood Property Trust, Inc. Stockholders’ Equity	4,477,355		4,488,898
Non-controlling interests in consolidated subsidiaries	374,345		373,678
Total Equity	4,851,700	$ 4,854,785	4,862,576	$ 4,864,796	$ 4,817,351	$ 5,137,014
Total Liabilities and Equity	81,309,302		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	253,956		562,445
Restricted cash	106,009		158,945
Loans held-for-investment, net	12,763,372		11,087,073
Loans held-for-sale	961,677		1,052,835
Investment securities	2,130,402		2,162,228
Properties, net	2,243,569		2,271,153
Intangible assets	107,271		111,493
Investment in unconsolidated entities	111,441		124,166
Goodwill	259,846		259,846
Derivative assets	35,615		40,555
Accrued interest receivable	113,919		96,114
Other assets	241,490		190,755
Total Assets	19,328,567		18,117,608
Liabilities:
Accounts payable, accrued expenses and other liabilities	182,173		206,770
Related-party payable	26,393		39,170
Dividends payable	139,457		137,959
Derivative liabilities	33,061		41,324
Secured financing agreements, net	9,954,412		10,168,190
Collateralized loan obligations, net	2,404,672		930,554
Unsecured senior notes, net	1,737,383		1,732,520
Total Liabilities	14,477,551		13,256,487
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	2,952		2,921
Additional paid-in capital	5,248,490		5,209,739
Treasury stock	(138,022)		(138,022)
Accumulated other comprehensive income (loss)	41,310		43,993
Retained earnings (accumulated deficit)	(677,375)		(629,733)
Total Starwood Property Trust, Inc. Stockholders’ Equity	4,477,355		4,488,898
Non-controlling interests in consolidated subsidiaries	373,661		372,223
Total Equity	4,851,016		4,861,121
Total Liabilities and Equity	19,328,567		18,117,608
Operating segment | Commercial and Residential Lending Segment
Assets:
Cash and cash equivalents	60,651		160,007
Restricted cash	60,416		93,445
Loans held-for-investment, net	11,068,406		9,673,625
Loans held-for-sale	494,113		841,963
Investment securities	951,036		1,014,402
Properties, net	124,916		103,896
Intangible assets	0		0
Investment in unconsolidated entities	43,717		54,407
Goodwill	0		0
Derivative assets	12,472		6,595
Accrued interest receivable	102,086		87,922
Other assets	81,621		61,638
Total Assets	12,999,434		12,097,900
Liabilities:
Accounts payable, accrued expenses and other liabilities	38,973		41,104
Related-party payable	0		0
Dividends payable	0		0
Derivative liabilities	31,530		39,082
Secured financing agreements, net	5,751,375		5,893,999
Collateralized loan obligations, net	2,000,073		930,554
Unsecured senior notes, net	0		0
Total Liabilities	7,821,951		6,904,739
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	0		0
Additional paid-in capital	878,471		1,192,584
Treasury stock	0		0
Accumulated other comprehensive income (loss)	41,310		44,057
Retained earnings (accumulated deficit)	4,257,587		3,956,405
Total Starwood Property Trust, Inc. Stockholders’ Equity	5,177,368		5,193,046
Non-controlling interests in consolidated subsidiaries	115		115
Total Equity	5,177,483		5,193,161
Total Liabilities and Equity	12,999,434		12,097,900
Operating segment | Infrastructure Lending Segment
Assets:
Cash and cash equivalents	31,695		4,440
Restricted cash	25,840		45,113
Loans held-for-investment, net	1,694,109		1,412,440
Loans held-for-sale	85,875		120,540
Investment securities	33,881		35,681
Properties, net	0		0
Intangible assets	0		0
Investment in unconsolidated entities	24,770		25,095
Goodwill	119,409		119,409
Derivative assets	0		0
Accrued interest receivable	5,307		2,091
Other assets	11,497		4,531
Total Assets	2,032,383		1,769,340
Liabilities:
Accounts payable, accrued expenses and other liabilities	8,464		12,144
Related-party payable	0		0
Dividends payable	0		0
Derivative liabilities	1,118		1,718
Secured financing agreements, net	957,605		1,240,763
Collateralized loan obligations, net	404,599		0
Unsecured senior notes, net	0		0
Total Liabilities	1,371,786		1,254,625
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	0		0
Additional paid-in capital	629,130		496,387
Treasury stock	0		0
Accumulated other comprehensive income (loss)	0		0
Retained earnings (accumulated deficit)	31,467		18,328
Total Starwood Property Trust, Inc. Stockholders’ Equity	660,597		514,715
Non-controlling interests in consolidated subsidiaries	0		0
Total Equity	660,597		514,715
Total Liabilities and Equity	2,032,383		1,769,340
Operating segment | Property Segment
Assets:
Cash and cash equivalents	28,088		32,080
Restricted cash	6,681		7,192
Loans held-for-investment, net	0		0
Loans held-for-sale	0		0
Investment securities	0		0
Properties, net	1,941,500		1,969,414
Intangible assets	37,361		40,370
Investment in unconsolidated entities	0		0
Goodwill	0		0
Derivative assets	124		41
Accrued interest receivable	0		0
Other assets	91,158		69,859
Total Assets	2,104,912		2,118,956
Liabilities:
Accounts payable, accrued expenses and other liabilities	45,231		43,630
Related-party payable	0		0
Dividends payable	0		0
Derivative liabilities	0		0
Secured financing agreements, net	1,872,043		1,794,609
Collateralized loan obligations, net	0		0
Unsecured senior notes, net	0		0
Total Liabilities	1,917,274		1,838,239
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	0		0
Additional paid-in capital	16,967		98,882
Treasury stock	0		0
Accumulated other comprehensive income (loss)	0		0
Retained earnings (accumulated deficit)	(47,694)		(44,832)
Total Starwood Property Trust, Inc. Stockholders’ Equity	(30,727)		54,050
Non-controlling interests in consolidated subsidiaries	218,365		226,667
Total Equity	187,638		280,717
Total Liabilities and Equity	2,104,912		2,118,956
Operating segment | Investing and Servicing Segment
Assets:
Cash and cash equivalents	22,618		19,546
Restricted cash	13,072		13,195
Loans held-for-investment, net	857		1,008
Loans held-for-sale	381,689		90,332
Investment securities	1,145,485		1,112,145
Properties, net	177,153		197,843
Intangible assets	69,910		71,123
Investment in unconsolidated entities	42,954		44,664
Goodwill	140,437		140,437
Derivative assets	92		147
Accrued interest receivable	495		123
Other assets	42,237		44,579
Total Assets	2,036,999		1,735,142
Liabilities:
Accounts payable, accrued expenses and other liabilities	40,245		45,309
Related-party payable	0		5
Dividends payable	0		0
Derivative liabilities	413		524
Secured financing agreements, net	742,811		606,100
Collateralized loan obligations, net	0		0
Unsecured senior notes, net	0		0
Total Liabilities	783,469		651,938
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	0		0
Additional paid-in capital	(218,645)		(322,992)
Treasury stock	0		0
Accumulated other comprehensive income (loss)	0		(64)
Retained earnings (accumulated deficit)	1,316,994		1,260,819
Total Starwood Property Trust, Inc. Stockholders’ Equity	1,098,349		937,763
Non-controlling interests in consolidated subsidiaries	155,181		145,441
Total Equity	1,253,530		1,083,204
Total Liabilities and Equity	2,036,999		1,735,142
Corporate
Assets:
Cash and cash equivalents	110,904		346,372
Restricted cash	0		0
Loans held-for-investment, net	0		0
Loans held-for-sale	0		0
Investment securities	0		0
Properties, net	0		0
Intangible assets	0		0
Investment in unconsolidated entities	0		0
Goodwill	0		0
Derivative assets	22,927		33,772
Accrued interest receivable	6,031		5,978
Other assets	14,977		10,148
Total Assets	154,839		396,270
Liabilities:
Accounts payable, accrued expenses and other liabilities	49,260		64,583
Related-party payable	26,393		39,165
Dividends payable	139,457		137,959
Derivative liabilities	0		0
Secured financing agreements, net	630,578		632,719
Collateralized loan obligations, net	0		0
Unsecured senior notes, net	1,737,383		1,732,520
Total Liabilities	2,583,071		2,606,946
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	2,952		2,921
Additional paid-in capital	3,942,567		3,744,878
Treasury stock	(138,022)		(138,022)
Accumulated other comprehensive income (loss)	0		0
Retained earnings (accumulated deficit)	(6,235,729)		(5,820,453)
Total Starwood Property Trust, Inc. Stockholders’ Equity	(2,428,232)		(2,210,676)
Non-controlling interests in consolidated subsidiaries	0		0
Total Equity	(2,428,232)		(2,210,676)
Total Liabilities and Equity	154,839		396,270
Securitization VIEs
Assets:
Cash and cash equivalents	611		772
Restricted cash	0		0
Loans held-for-investment, net	0		0
Loans held-for-sale	0		0
Investment securities	(1,456,836)		(1,425,570)
Properties, net	0		0
Intangible assets	(42,078)		(41,376)
Investment in unconsolidated entities	(14,652)		(16,112)
Goodwill	0		0
Derivative assets	0		0
Accrued interest receivable	(119)		(134)
Other assets	13		(7)
Total Assets	61,980,735		62,755,901
Liabilities:
Accounts payable, accrued expenses and other liabilities	53		75
Related-party payable	38		0
Dividends payable	0		0
Derivative liabilities	0		0
Secured financing agreements, net	(21,750)		(22,000)
Collateralized loan obligations, net	0		0
Unsecured senior notes, net	0		0
Total Liabilities	61,980,051		62,754,446
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	0		0
Additional paid-in capital	0		0
Treasury stock	0		0
Accumulated other comprehensive income (loss)	0		0
Retained earnings (accumulated deficit)	0		0
Total Starwood Property Trust, Inc. Stockholders’ Equity	0		0
Non-controlling interests in consolidated subsidiaries	684		1,455
Total Equity	684		1,455
Total Liabilities and Equity	61,980,735		62,755,901
Primary beneficiary
Assets:
Total Assets	63,493,796		64,238,328
Liabilities:
Total Liabilities	62,001,710		62,776,371
Primary beneficiary | Operating Segments and Corporate
Assets:
Total Assets	0		0
Liabilities:
Total Liabilities	0		0
Primary beneficiary | Operating segment | Commercial and Residential Lending Segment
Assets:
Total Assets	0		0
Liabilities:
Total Liabilities	0		0
Primary beneficiary | Operating segment | Infrastructure Lending Segment
Assets:
Total Assets	0		0
Liabilities:
Total Liabilities	0		0
Primary beneficiary | Operating segment | Property Segment
Assets:
Total Assets	0		0
Liabilities:
Total Liabilities	0		0
Primary beneficiary | Operating segment | Investing and Servicing Segment
Assets:
Total Assets	0		0
Liabilities:
Total Liabilities	0		0
Primary beneficiary | Corporate
Assets:
Total Assets	0		0
Liabilities:
Total Liabilities	0		0
Primary beneficiary | Securitization VIEs
Assets:
Total Assets	63,493,796		64,238,328
Liabilities:
Total Liabilities	$ 62,001,710		$ 62,776,371

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent event $ in Millions	1 Months Ended
	Jul. 31, 2021USD ($)hotel
Subsequent Events
Principal amount of notes purchased by third-party investors	$ 210.1
LIBOR
Subsequent Events
Pricing margin	2.22%
RMBS
Subsequent Events
Securitizations of loans	$ 230
Number of hotels | hotel	41
Convertible Senior Notes Due 2026
Subsequent Events
Amount issued	$ 400
Stated rate	3.625%

Uncategorized Items - stwd-2021

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201613Member