Starwood Property Trust (STWD) 10-K 25 Feb 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 18, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 7,164,419,530
Entity Common Stock, Shares Outstanding		304,827,055
Documents Incorporated by Reference	Documents Incorporated By Reference: The information required by Part III of this Form 10-K, to the extent not set forth herein or by amendment, is incorporated by reference from the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A on or prior to May 2, 2022.
Entity Central Index Key	0001465128
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Miami, Florida

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 217,362	$ 563,217
Restricted cash	104,552	158,945
Loans held-for-investment, net of credit loss allowances of $67,270 and $77,444 ($59,225 and $90,684 held at fair value)	15,536,849	11,087,073
Loans held-for-sale ($2,876,800 and $932,295 held at fair value)	2,876,800	1,052,835
Investment securities, net of credit loss allowances of $8,610 and $5,675 ($177,848 and $198,053 held at fair value)	860,984	736,658
Properties, net	1,166,387	2,271,153
Investments in unconsolidated entities	90,097	108,054
Goodwill	259,846	259,846
Intangible assets ($16,780 and $13,202 held at fair value)	63,564	70,117
Derivative assets	48,216	40,555
Accrued interest receivable	116,262	95,980
Other assets	188,626	190,748
Variable interest entity (“VIE”) assets, at fair value	61,280,543	64,238,328
Total Assets	83,850,397	80,873,509
Liabilities:
Accounts payable, accrued expenses and other liabilities	189,696	206,845
Related-party payable	76,371	39,170
Dividends payable	147,624	137,959
Derivative liabilities	13,421	41,324
Secured financing agreements, net	12,576,850	10,146,190
Collateralized loan obligations and single asset securitization, net	2,616,116	930,554
Unsecured senior notes, net	1,828,590	1,732,520
VIE liabilities, at fair value	59,752,922	62,776,371
Total Liabilities	77,201,590	76,010,933
Commitments and contingencies (Note 23)
Temporary Equity: Redeemable non-controlling interests	214,915	0
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, 312,268,944 issued and 304,820,253 outstanding as of December 31, 2021 and 292,091,601 issued and 284,642,910 outstanding as of December 31, 2020	3,123	2,921
Additional paid-in capital	5,673,376	5,209,739
Treasury stock (7,448,691 shares)	(138,022)	(138,022)
Accumulated other comprehensive income	40,953	43,993
Retained earnings (accumulated deficit)	493,106	(629,733)
Total Starwood Property Trust, Inc. Stockholders’ Equity	6,072,536	4,488,898
Non-controlling interests in consolidated subsidiaries	361,356	373,678
Total Permanent Equity	6,433,892	4,862,576
Total Liabilities and Equity	83,850,397	80,873,509
Primary beneficiary
Assets:
Investments, fair value	1,040,309	$ 0
Total Assets	102,400
Liabilities:
Total Liabilities	$ 53,500

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Allowance for credit losses	$ 67,270	$ 77,444
Loans held-for-investment, net, held at fair value	59,225	90,684
Loans-held-for-sale, held at fair value	2,876,800	932,295
Credit loss allowance	8,610	5,675
Investment securities	177,848	198,053
Intangible assets held at fair value	$ 16,780	$ 13,202
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	312,268,944	292,091,601
Common stock, shares outstanding (in shares)	304,820,253	284,642,910
Treasury stock, shares (in shares)	7,448,691	7,448,691
Assets	$ 83,850,397	$ 80,873,509
Liabilities	77,201,590	76,010,933
CLOs and SASB
Assets	3,100,000	1,100,000
Liabilities	$ 2,600,000	$ 900,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Interest income from loans	$ 800,291	$ 751,943	$ 724,013
Interest income from investment securities	45,168	54,412	76,629
Servicing fees	38,739	29,634	54,296
Rental income	278,831	297,828	337,966
Other revenues	7,059	2,338	3,515
Total revenues	1,170,088	1,136,155	1,196,419
Costs and expenses:
Management fees	167,773	127,127	119,132
Interest expense	445,087	419,763	508,729
General and administrative	171,302	157,874	155,112
Acquisition and investment pursuit costs	1,184	3,572	1,056
Costs of rental operations	111,667	117,676	122,982
Depreciation and amortization	83,001	94,405	113,322
Credit loss provision, net	8,335	43,153	7,126
Other expense	708	838	2,365
Total costs and expenses	989,057	964,408	1,029,824
Other income (loss):
Change in net assets related to consolidated VIEs	162,333	78,258	236,309
Change in fair value of servicing rights	3,578	(3,715)	(3,640)
Change in fair value of investment securities, net	(387)	5,393	833
Change in fair value of mortgage loans, net	69,050	133,124	71,601
Earnings (loss) from unconsolidated entities	8,752	37,317	(101,354)
Gain on sale of investments and other assets, net	38,984	7,310	188,028
Gain (loss) on derivative financial instruments, net	82,363	(82,178)	(6,310)
Foreign currency (loss) gain, net	(36,292)	42,395	17,582
Total other-than-temporary impairment ("OTTI")	0	0	(267)
Noncredit portion of OTTI recognized in other comprehensive income	0	0	267
Net impairment losses recognized in earnings	0	0	0
Loss on extinguishment of debt	(7,428)	(3,654)	(19,270)
Other (loss) income, net	(7,314)	281	(207)
Total other income	320,064	214,531	383,572
Income before income taxes	501,095	386,278	550,167
Income tax provision	(8,669)	(20,197)	(13,232)
Net income	492,426	366,081	536,935
Net income attributable to non-controlling interests	(44,687)	(34,392)	(27,271)
Net income attributable to Starwood Property Trust, Inc.	$ 447,739	$ 331,689	$ 509,664
Earnings per share data attributable to Starwood Property Trust, Inc.:
Basic (in dollars per share)	$ 1.54	$ 1.16	$ 1.81
Diluted (in dollars per share)	$ 1.52	$ 1.16	$ 1.79
Primary beneficiary
Other income (loss):
Income from affordable housing fund investments	$ 6,425	$ 0	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 492,426	$ 366,081	$ 536,935
Other comprehensive income (loss) (net change by component):
Available-for-sale securities	(3,104)	(6,939)	(2,519)
Foreign currency translation	64	0	(5,209)
Other comprehensive loss	(3,040)	(6,939)	(7,728)
Comprehensive income	489,386	359,142	529,207
Less: Comprehensive income attributable to non-controlling interests	(44,687)	(34,392)	(27,271)
Comprehensive income attributable to Starwood Property Trust, Inc.	$ 444,699	$ 324,750	$ 501,936

Consolidated Statements of Equi

Consolidated Statements of Equity $ in Thousands	USD ($)shares	Cumulative Effect, Period of Adoption, AdjustmentUSD ($)	Total Starwood Property Trust, Inc. Stockholders’ EquityUSD ($)	Total Starwood Property Trust, Inc. Stockholders’ EquityCumulative Effect, Period of Adoption, AdjustmentUSD ($)	Common stockUSD ($)shares	Additional Paid-in CapitalUSD ($)	Additional Paid-in CapitalCumulative Effect, Period of Adoption, AdjustmentUSD ($)	Treasury Stock​USD ($)shares	Retained Earnings (Accumulated Deficit)USD ($)	Retained Earnings (Accumulated Deficit)Cumulative Effect, Period of Adoption, AdjustmentUSD ($)	Accumulated Other Comprehensive IncomeUSD ($)	Non- Controlling InterestsUSD ($)
Accounting Standards Update [Extensible List]	Accounting Standards Update 2016-13 [Member]
Beginning Balance (in shares) at Dec. 31, 2018 | shares					280,839,692			5,180,140
Beginning Balance at Dec. 31, 2018	$ 4,900,189		$ 4,603,432		$ 2,808	$ 4,995,156		$ (104,194)	$ (348,998)		$ 58,660	$ 296,757
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan (in shares) | shares					33,454
Proceeds from DRIP Plan	767		767			767
Redemption of Class A Units (in shares)					974,176
Redemption of Class A Units	0		21,070		$ 10	21,060						(21,070)
Equity offering costs	(27)		(27)			(27)
Conversion of 2019 Convertible Notes (in shares) | shares					3,611,918
Conversion of 2019 Convertible Notes	67,562		67,562		$ 36	67,526
Share-based compensation (in shares) | shares					1,387,346
Share-based compensation	36,155		36,155		$ 15	36,140
Manager fee paid in stock (in shares) | shares					534,305
Manager fees paid in stock	11,915		11,915		$ 5	11,910
Net income	536,935		509,664						509,664			27,271
Dividends declared	(542,385)		(542,385)						(542,385)
Other comprehensive loss, net	(7,728)		(7,728)								(7,728)
VIE non-controlling interests	(2,808)											(2,808)
Contributions from non-controlling interests	186,397											186,397
Distributions to non-controlling interests	(49,958)											(49,958)
Ending Balance (in shares) at Dec. 31, 2019 | shares					287,380,891			5,180,140
Ending 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
Beginning Balance at Dec. 31, 2018	0
Ending Balance at Dec. 31, 2019	$ 0
Accounting Standards Update [Extensible List]	Accounting Standards Updated 2020-06 [Member]
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan (in shares) | shares					71,776
Proceeds from DRIP Plan	$ 1,098		1,098		$ 1	1,097
Redemption of Class A Units (in shares)					409,712
Redemption of Class A Units	(1,309)		8,964		$ 4	8,960						(10,273)
Equity offering costs	$ (95)		(95)			(95)
Common stock repurchased (in shares) | shares	2,268,551							2,268,551
Common stock repurchased	$ (33,828)		(33,828)					$ (33,828)
Share-based compensation (in shares) | shares					1,807,990
Share-based compensation	31,241		31,241		$ 18	31,223
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	366,081		331,689						331,689			34,392
Dividends declared	(547,417)		(547,417)						(547,417)
Other comprehensive loss, net	(6,939)		(6,939)								(6,939)
VIE non-controlling interests	(2,178)											(2,178)
Contributions from non-controlling interests	13,351											13,351
Distributions to non-controlling interests	$ (98,203)											(98,203)
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
Ending Balance at Dec. 31, 2020	0
Increase (Decrease) in Stockholders' Equity
Cumulative effect of investment company fair value adjustment	1,236,476		1,236,476						1,236,476
Proceeds from public offering of common stock (in shares) | shares					16,000,000
Proceeds from public offering of common stock	393,120		393,120		$ 160	392,960
Proceeds from DRIP Plan (in shares) | shares					39,957
Proceeds from DRIP Plan	966		966			966
Redemption of Class A Units (in shares)					853,681
Redemption of Class A Units	0		17,738		$ 9	17,729						(17,738)
Equity offering costs	(720)		(720)			(720)
Share-based compensation (in shares) | shares					2,568,525
Share-based compensation	39,287		39,287		$ 26	39,261
Manager fee paid in stock (in shares) | shares					715,180
Manager fees paid in stock	17,040		17,040		$ 7	17,033
Net income	492,426
Net income	491,678		447,739						447,739			43,939
Dividends declared	(563,595)		(563,595)						(563,595)
Other comprehensive loss, net	(3,040)		(3,040)								(3,040)
Contributions from non-controlling interests	5,590											5,590
Distributions to non-controlling interests	$ (43,950)		163			163						(44,113)
Ending Balance (in shares) at Dec. 31, 2021 | shares	312,268,944				312,268,944			7,448,691
Ending Balance at Dec. 31, 2021	$ 6,433,892		$ 6,072,536		$ 3,123	$ 5,673,376		$ (138,022)	$ 493,106		$ 40,953	$ 361,356
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income	748
Contributions from non-controlling interests	214,167
Ending Balance at Dec. 31, 2021	$ 214,915

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	Dec. 15, 2021	Sep. 15, 2021	Jun. 14, 2021	Mar. 11, 2021	Dec. 09, 2020	Sep. 16, 2020	Jun. 16, 2020	Feb. 25, 2020	Nov. 18, 2019	Aug. 07, 2019	May 08, 2019	Feb. 28, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 1.92	$ 1.92	$ 1.92

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities:
Net income	$ 492,426	$ 366,081	$ 536,935
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of deferred financing costs, premiums and discounts on secured borrowings	43,199	40,131	36,088
Amortization of discounts and deferred financing costs on unsecured senior notes	7,076	7,939	7,760
Accretion of net discount on investment securities	(13,513)	(12,818)	(11,791)
Accretion of net deferred loan fees and discounts	(57,948)	(42,199)	(35,387)
Share-based compensation	39,287	31,241	36,155
Manager fees paid in stock	17,040	36,046	11,915
Change in fair value of investment securities	387	(5,393)	(833)
Change in fair value of consolidated VIEs	(20,070)	58,160	(67,798)
Change in fair value of servicing rights	(3,578)	3,715	3,640
Change in fair value of loans	(69,050)	(133,124)	(71,601)
Change in fair value of affordable housing fund investments	(402)	0	0
Change in fair value of derivatives	(90,126)	88,544	11,441
Foreign currency loss (gain), net	36,292	(42,395)	(17,582)
Gain on sale of investments and other assets	(38,984)	(7,310)	(188,028)
Impairment charges on properties and related intangibles	0	0	1,494
Credit loss provision, net	8,335	43,153	7,126
Depreciation and amortization	84,591	94,154	113,394
(Earnings) loss from unconsolidated entities	(8,752)	(37,317)	101,354
Distributions of earnings from unconsolidated entities	4,708	2,978	11,631
Loss on extinguishment of debt	7,428	3,654	19,270
Origination and purchase of loans held-for-sale, net of principal collections	(5,172,721)	(2,074,678)	(3,543,503)
Proceeds from sale of loans held-for-sale	3,831,712	2,802,118	3,177,640
Changes in operating assets and liabilities:
Related-party payable, net	37,201	(1,755)	(3,118)
Accrued and capitalized interest receivable, less purchased interest	(136,772)	(175,287)	(114,156)
Other assets	(28,437)	282	(29,787)
Accounts payable, accrued expenses and other liabilities	40,696	(372)	(5,458)
Net cash (used in) provided by operating activities	(989,975)	1,045,548	(13,199)
Cash Flows from Investing Activities:
Origination, purchase and funding of loans held-for-investment	(8,637,213)	(3,133,196)	(5,473,399)
Proceeds from principal collections on loans	4,024,958	1,696,244	3,132,368
Proceeds from loans sold	344,221	504,231	1,141,411
Purchase and funding of investment securities	(198,358)	(22,408)	(98,258)
Proceeds from sales of investment securities	0	7,940	7,326
Proceeds from principal collections on investment securities	87,450	83,533	205,660
Proceeds from sales of real estate and related businesses, net of cash transferred	98,210	24,541	343,896
Purchases and additions to properties and other assets	(26,272)	(25,164)	(30,865)
Investments in unconsolidated entities	(1,312)	(3,133)	(18,055)
Proceeds from sale of interest in unconsolidated entities	0	10,313	0
Distribution of capital from unconsolidated entities	30,448	3,422	18,127
Cash reclassified to investments of affordable housing fund	(28,094)	0	0
Payments for purchase or termination of derivatives	(33,902)	(74,801)	(42,835)
Proceeds from termination of derivatives	58,210	16,673	38,756
Net cash used in investing activities	(4,281,654)	(911,805)	(775,868)
Cash Flows from Financing Activities:
Proceeds from borrowings	17,436,866	7,100,563	10,167,339
Principal repayments on and repurchases of borrowings	(11,929,179)	(6,137,778)	(8,671,085)
Payment of deferred financing costs	(71,858)	(27,122)	(72,438)
Proceeds from common stock issuances	394,086	1,098	767
Payment of equity offering costs	(720)	(95)	(27)
Payment of dividends	(553,930)	(546,885)	(538,424)
Contributions from non-controlling interests	219,757	11,775	183,520
Distributions to non-controlling interests	(43,950)	(99,512)	(49,958)
Purchase of treasury stock	0	(33,828)	0
Issuance of debt of consolidated VIEs	69,398	187,494	184,540
Repayment of debt of consolidated VIEs	(767,427)	(522,348)	(373,155)
Distributions of cash from consolidated VIEs	120,060	79,921	45,642
Net cash provided by financing activities	4,873,103	13,283	876,721
Net decrease in cash, cash equivalents and restricted cash	(398,526)	147,026	87,654
Cash, cash equivalents and restricted cash, beginning of period	722,162	574,031	487,865
Effect of exchange rate changes on cash	(1,722)	1,105	(1,488)
Cash, cash equivalents and restricted cash, end of period	321,914	722,162	574,031
Supplemental disclosure of cash flow information:
Cash paid for interest	386,918	379,949	481,483
Income taxes paid	7,793	11,369	11,284
Supplemental disclosure of non-cash investing and financing activities:
Dividends declared, but not yet paid	148,527	138,075	136,715
Consolidation of VIEs (VIE asset/liability additions)	5,332,754	4,665,636	10,368,817
Deconsolidation of VIEs (VIE asset/liability reductions)	935,855	32,270	377,071
Reclassification of loans held-for-investment to loans held-for-sale	267,557	749,995	0
Reclassification of loans held-for-sale to loans held-for-investment	155,548	104,327	340,948
Transfer of loans from VIE assets to residential loans upon redemption of consolidated RMBS trusts	526,679	176,614	0
Loan principal collections temporarily held at master servicer	31,681	34,601	44,426
Net assets acquired through foreclosure, control or conversion to equity interest	36,308	71,488	53,278
Redemption of Class A Units for common stock	17,738	8,538	21,070
Lease liabilities arising from obtaining right-of-use assets	1,430	0	9,626
Contribution of Woodstar II Portfolio net assets from non-controlling interests	0	1,576	2,877
Assets of Ireland real estate subsidiary sold, net of cash	0	0	440,966
Liabilities of Ireland real estate subsidiary sold	0	0	360,049
Settlement of Convertible Notes in shares	0	0	75,525
Settlement of loans transferred as secured borrowings	0	0	74,692
Net assets acquired from consolidated VIEs	$ 0	$ 0	$ 8,613

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 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 the United States (“U.S.”), Europe and Australia. As market conditions change over time, we may adjust our strategy to take advantage of changes in interest rates and credit spreads as well as economic and credit conditions. We have four reportable business segments as of December 31, 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 the U.S., Europe and Australia (including distressed or non-performing loans). Our residential loans are secured by a first mortgage lien on residential property and primarily 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 Global L.P., a privately-held private equity firm founded by Mr. Sternlicht.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 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 24 for a presentation of our business segments without consolidation of these VIEs. Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements include our accounts and those of our consolidated subsidiaries and VIEs. Intercompany amounts have been eliminated in consolidation. Entities not deemed to be VIEs are consolidated if we own a majority of the voting securities or interests or hold the general partnership interest, except in those instances in which the minority voting interest owner or limited partner can remove us as general partner without cause, dissolve the partnership without cause or effectively participate through substantive participative rights. Substantive participative rights include the ability to select, terminate and set compensation of the investee’s management, if applicable, and the ability to participate in capital and operating decisions of the investee, including budgets, in the ordinary course of business. We invest in entities with varying structures, many of which do not have voting securities or interests, such as general partnerships, limited partnerships, and limited liability companies. In many of these structures, control of the entity rests with the general partners or managing members, while other members hold passive interests. The general partner or managing member may hold anywhere from a relatively small percentage of the total financial interests to a majority of the financial interests. For entities not deemed to be VIEs, where we serve as the sole general partner or managing member, we are considered to have the controlling financial interest and therefore the entity is consolidated, regardless of our financial interest percentage, unless there are other limited partners or investing members that can remove us as general partner without cause, dissolve the partnership without cause or effectively participate through substantive participative rights. In those circumstances where we, as majority controlling interest owner, can be removed without cause or cannot cause the entity to take actions that are significant in the ordinary course of business, because such actions could be vetoed by the minority controlling interest owner, we do not consolidate the entity. When we consolidate entities other than securitization VIEs, the third party ownership interests are reflected as non-controlling interests in consolidated subsidiaries, a separate component of equity, in our consolidated balance sheet. When we consolidate securitization VIEs, the third party ownership interests are reflected as VIE liabilities in our consolidated balance sheet because the beneficial interests payable to these third parties are legally issued in the form of debt. Our presentation of net income attributes earnings to controlling and non-controlling interests. Variable Interest Entities In addition to the securitization VIEs, we have financed pools of our loans through collateralized loan obligations (“CLOs”) and a single asset securitization ("SASB"), 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 consolidated statements of operations. The residual difference shown on our consolidated statements of operations in the line item “Change in net assets related to consolidated VIEs” represents our beneficial interest in the VIEs. We separately present the assets and liabilities of our consolidated securitization VIEs as individual line items on our consolidated balance sheets. The liabilities of our consolidated securitization VIEs consist solely of obligations to the bondholders of the related trusts, and are thus presented as a single line item entitled “VIE liabilities.” The assets of our consolidated securitization VIEs consist principally of loans, but at times, also include foreclosed loans which have been temporarily converted into real estate owned (“REO”). These assets in the aggregate are likewise presented as a single line item entitled “VIE assets.” Loans comprise the vast majority of our securitization VIE assets and are carried at fair value due to the election of the fair value option. When an asset becomes REO, it is due to non-performance of the loan. Because the loan is already at fair value, the carrying value of an REO asset is also initially at fair value. Furthermore, when we consolidate a trust, any existing REO would be consolidated at fair value. Once an asset becomes REO, its disposition time is relatively short. As a result, the carrying value of an REO generally approximates fair value under GAAP. In addition to sharing a similar measurement method as the loans in a trust, the securitization VIE assets as a whole can only be used to settle the obligations of the consolidated VIE. The assets of our securitization VIEs are not individually accessible by the bondholders, which creates inherent limitations from a valuation perspective. Also creating limitations from a valuation perspective is our role as special servicer, which provides us very limited visibility, if any, into the performing loans of a trust. REO assets generally represent a very small percentage of the overall asset pool of a trust. In new issue trusts there are no REO assets. We estimate that REO assets constitute approximately 1% of our consolidated securitization VIE assets, with the remaining 99% representing loans. However, it is important to note that the fair value of our securitization VIE assets is determined by reference to our securitization VIE liabilities as permitted under Accounting Standard Update ("ASU") 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity . In other words, our VIE liabilities are more reliably measurable than the VIE assets, resulting in our current measurement methodology which utilizes this value to determine the fair value of our securitization VIE assets as a whole. As a result, these percentages are not necessarily indicative of the relative fair values of each of these asset categories if the assets were to be valued individually. Due to our accounting policy election under ASU 2014-13, separately presenting two different asset categories would result in an arbitrary assignment of value to each, with one asset category representing a residual amount, as opposed to its fair value. However, as a pool, the fair value of the assets in total is equal to the fair value of the liabilities. For these reasons, the assets of our securitization VIEs are presented in the aggregate. Fair Value Option The guidance in ASC 825, Financial Instruments , 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, investments of consolidated affordable housing fund, 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 21 for further discussion regarding our fair value measurements. Business Combinations Under ASC 805, Business Combinations , the acquirer in a business combination must recognize, with certain exceptions, the fair values of assets acquired, liabilities assumed, and non-controlling interests when the acquisition constitutes a change in control of the acquired entity. As goodwill is calculated as a residual, all goodwill of the acquired business, not just the acquirer’s share, is recognized under this “full goodwill” approach. During the measurement period, a period which shall not exceed one year, we prospectively adjust the provisional amounts recognized to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized. We apply the asset acquisition provisions of ASC 805 in accounting for acquisitions of real estate with in-place leases where substantially all of the fair value of the assets acquired is concentrated in either a single identifiable asset or group of similar identifiable assets. This results in the acquired properties being recognized initially at their purchase price inclusive of acquisition costs, which are capitalized. All other acquisitions of real estate with in-place leases are accounted for in accordance with the business combination provisions of ASC 805. We also apply the asset acquisition provisions of ASC 805 for acquired real estate assets where a lease is entered into concurrently with the acquisition of the asset, such as in sale leaseback transactions. Cash and Cash Equivalents Cash and cash equivalents include cash in banks and short‑term investments. Short‑term investments are comprised of highly liquid instruments with original maturities of three months or less. The Company maintains its cash and cash equivalents in multiple financial institutions and at times these balances exceed federally insurable limits. Restricted Cash Restricted cash includes cash and cash equivalents that are legally or contractually restricted as to withdrawal or usage and primarily includes (i) cash collateral associated with derivative financial instruments, (ii) loan payments received by our Infrastructure Lending Segment which are restricted by our lender and periodically applied, in part, to the outstanding balance of the Infrastructure Lending debt facility and (iii) funds held on behalf of borrowers and tenants. 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 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. We periodically enter into derivative financial instruments to hedge unpredictable changes in fair value of loans held-for-sale, including changes resulting from both interest rates and credit quality. Because these derivatives are not designated, changes in their fair value are recorded in earnings. In order to best reflect the results of the hedged loan portfolio in earnings, we have elected the fair value option for these loans. As a result, changes in the fair value of the loans are also recorded in earnings. Investment Securities We designate our debt investment securities as held-to-maturity (“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 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 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 5 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. Properties Held-For-Investment Properties, net, as reported on our consolidated balance sheets, consist of commercial real estate properties held-for-investment and are recorded at cost, less accumulated depreciation and impairments, if any. Properties consist primarily of land, buildings and improvements. Land is not depreciated, and buildings and improvements are depreciated on a straight-line basis over their estimated useful lives. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments are capitalized and depreciated on a straight-line basis over their estimated useful lives. We review properties for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability is determined by comparing the carrying amount of the property to the undiscounted future net cash flows it is expected to generate. If such carrying amount exceeds the expected undiscounted future net cash flows, we adjust the carrying amount of the property to its estimated fair value. Properties Held-For-Sale Properties and any associated intangible assets are presented within properties held-for-sale on our consolidated balance sheet when the sale of the property is considered probable, at which time we cease depreciation and amortization of the property and the associated intangibles. Held-for-sale properties are reported at the lower of their carrying value or fair value less costs to sell. There were no properties held-for-sale at December 31, 2021 or 2020. Investments of Consolidated Affordable Housing Fund On November 5, 2021, we established Woodstar Portfolio Holdings, LLC (the “Woodstar Fund”), an investment fund which holds our Woodstar multifamily affordable housing portfolios consisting of 59 properties with 15,057 units located in Central and South Florida. As managing member of the Woodstar Fund, we manage interests purchased by third party investors seeking capital appreciation and an ongoing return, for which we earn (i) a management fee based on each investor’s share of total Woodstar Fund equity; and (ii) an incentive distribution if the Woodstar Fund’s returns exceed an established threshold. In connection with the establishment of the Woodstar Fund, we entered into subscription and other related agreements with certain third party institutional investors to sell, through a feeder fund structure, an aggregate 20.6% interest in the Woodstar Fund for an initial aggregate subscription price of $216.0 million, which was adjusted to $214.2 million post-closing. The Woodstar Fund has an initial term of eight years. Effective with the third party interest sale, the Woodstar Fund has the characteristics of an investment company under ASC 946, Financial Services – Investment Companies. Accordingly, the Woodstar Fund is required to carry the investments in its properties at fair value, with a cumulative effect adjustment between the fair value and previous carrying value of its investments recognized in stockholders’ equity as of November 5, 2021, the date of the Woodstar Fund’s change in status to an investment company. Such cumulative effect adjustment amounted to $1.2 billion, as reflected in our consolidated statement of equity for the year ended December 31, 2021. Because we are the primary beneficiary of the Woodstar Fund, which is a VIE (as discussed in Note 16), we consolidate the accounts of the Woodstar Fund into our consolidated financial statements, retaining the fair value basis of accounting for its investments. Realized and unrealized changes in the fair value of the Woodstar Fund’s property investments, and distributions thereon, are recognized in the “Income from affordable housing fund investments” caption within the other income (loss) section of our consolidated statement of operations. See Note 8 for further details regarding the Woodstar Fund’s investments and related income and Note 18 with respect to its contingently redeemable non-controlling interests which are classified as “Temporary Equity” in our consolidated balance sheet. Investments in Unconsolidated Entities We own non‑controlling equity interests in various privately‑held partnerships and limited liability companies. Unless we elect the fair value option under ASC 825, we use the fair value practicability election described below to account for investments in which our interest is so minor that we have virtually no influence over the underlying investees. We use the equity method to account for all other non‑controlling interests in partnerships and limited liability companies. Equity method investments are initially recorded at cost and subsequently adjusted for our share of income or loss, as well as contributions made or distributions received. Our other equity investments set forth in Note 9 do not have readily determinable fair values. Therefore, we have elected the fair value practicability exception under ASC 321, Equity Securities , whereby we measure those investments within its scope at cost, less any impairment, plus or minus observable price changes from orderly transactions of identical or similar investments of the same issuer. Our former investment in Federal Home Loan Bank (“FHLB”) stock, which is not within the scope of ASC 321, was carried at cost less any impairment. We review our equity method and other investments not subject to the fair value practicability election for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For our investments under the fair value practicability election, we perform a qualitative assessment to identify impairment at the end of each reporting period. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods, estimated fair values of underlying assets and available information at the time the analyses are prepared. Goodwill Goodwill is not amortized, but rather tested for impairment annually or more frequently if events or changes in circumstances indicate potential impairment. Goodwill at December 31, 2021 represents the excess of the consideration paid over the fair value of net assets acquired in connection with the acquisitions of LNR Property LLC (“LNR”) in April 2013 and the Infrastructure Lending Segment in September 2018 and October 2018. In testing goodwill for impairment, we follow ASC 350, Intangibles—Goodwill and Other , which permits a qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value including goodwill. If the qualitative assessment determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying value i

Acquisitions and Divestitures

Acquisitions and Divestitures	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Investing and Servicing Segment Property Portfolio During the year ended December 31, 2019, our Investing and Servicing Segment acquired $8.6 million in net assets of a commercial real estate property from a CMBS trust for a gross purchase price of $8.8 million. This property, aggregated with the controlling interests in 12 remaining commercial real estate properties acquired from CMBS trusts prior to December 31, 2018, comprise the Investing and Servicing Segment Property Portfolio (the “REIS Equity Portfolio”). There were no significant acquisitions of properties during the years ended December 31, 2021 and 2020. When the properties are acquired from CMBS trusts that are consolidated as VIEs on our balance sheet, the acquisitions are reflected as repayment of debt of consolidated VIEs in our consolidated statements of cash flows. During the year ended December 31, 2021, we sold two properties within the REIS Equity Portfolio for $68.7 million. In connection with these sales, we recognized a total gain of $22.2 million within gain on sale of investments and other assets in our consolidated statement of operations. During the year ended December 31, 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 consolidated statement of operations. During the year ended December 31, 2019, we sold four properties within the Investing and Servicing Segment for $145.9 million. In connection with these sales, we recognized a total gain of $59.7 million within gain on sale of investments and other assets in our consolidated statement of operations, of which $5.3 million was attributable to non-controlling interests. Commercial and Residential Lending Segment During the year ended December 31, 2021, we sold an operating property within the Commercial and Residential Lending Segment relating to a grocery distribution facility located in Montgomery, Alabama that was previously acquired in March 2019 through foreclosure of a loan with a carrying value of $9.0 million ($20.9 million unpaid principal balance net of an $8.3 million allowance and $3.6 million of unamortized discount) at the foreclosure date. The operating property was sold for $31.2 million and we recognized a gain of $17.7 million within gain on sale of investments and other assets in our consolidated statements of operations. There were no properties sold within the Commercial and Residential Lending Segment during the years ended December 31, 2020 and 2019. Ireland Portfolio Sale On December 23, 2019, we sold the U.S. entity which held the net assets related to our Ireland Portfolio, which was comprised of 11 office properties and one multifamily property all located in Dublin Ireland. The properties within the entity were sold for a gross purchase price of €530.0 million. After certain adjustments, including a €20.7 million tax withholding which was treated as a reduction of purchase price, the net purchase price was €507.6 million, plus estimated net working capital. In connection with the transaction, the buyer assumed our existing third party debt totaling €316.3 million. Our basis in these assets was €394.7 million, net of €67.5 million of accumulated depreciation. The resulting gain, after selling costs, was €108.0 (or $119.7) million. This amount was included within gain on sale of investments and other assets in our consolidated statement of operations for the year ended December 31, 2019. Upon receipt of the net proceeds from the sale, we unwound all of our foreign currency hedges related to this portfolio, which had a fair value of $16.6 million at the unwind date. Woodstar Fund On November 5, 2021, we established the Woodstar Fund and sold a 20.6% interest to third parties. See further discussion in Notes 2 and 8.

Restricted Cash

Restricted Cash	12 Months Ended
	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Restricted Cash	Restricted Cash A summary of our restricted cash as of December 31, 2021 and 2020 is as follows (amounts in thousands): As of December 31, 2021 2020 Cash collateral for derivative financial instruments $ 55,032 $ 89,323 Cash restricted by lender 46,059 42,992 Funds held on behalf of borrowers and tenants 3,420 19,517 Other restricted cash 41 7,113 $ 104,552 $ 158,945

Loans

Loans	12 Months Ended
	Dec. 31, 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 December 31, 2021 and 2020 (dollars in thousands): December 31, 2021 Carrying Face Weighted Weighted Loans held-for-investment: Commercial loans: First mortgages (3) $ 12,991,099 $ 13,067,524 4.6 % 1.9 Subordinated mortgages (4) 70,771 72,371 9.8 % 2.8 Mezzanine loans (3) 417,504 415,155 9.4 % 1.4 Other 17,424 19,029 8.2 % 2.1 Total commercial loans 13,496,798 13,574,079 Infrastructure first priority loans (5) 2,048,096 2,071,912 4.4 % 4.3 Residential loans, fair value option (6) 59,225 60,133 6.0 % N/A (7) Total loans held-for-investment 15,604,119 15,706,124 Loans held-for-sale: Residential, fair value option (6) 2,590,005 2,525,910 4.2 % N/A (7) Commercial, fair value option 286,795 289,761 4.0 % 9.0 Total loans held-for-sale 2,876,800 2,815,671 Total gross loans 18,480,919 $ 18,521,795 Credit loss allowances: Commercial loans held-for-investment (46,600) Infrastructure loans held-for-investment (20,670) Total allowances (67,270) Total net loans $ 18,413,649 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 (5) 1,420,273 1,439,940 4.4 % 4.3 Residential loans, fair value option (6) 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 (6) 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 (5) 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 December 31, 2021 and 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 $1.4 billion and $877.3 million being classified as first mortgages as of December 31, 2021 and 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 year ended December 31, 2021, $61.3 million of infrastructure loans held-for-sale were reclassified into loans held-for-investment. During the year ended December 31, 2020, $104.3 million of infrastructure loans held-for-sale were reclassified into loans held-for-investment and $174.6 million of infrastructure loans held-for-investment were reclassified into loans held-for-sale. (6) During the year ended December 31, 2021, $94.2 million of residential loans held-for-sale were reclassified into loans held-for-investment and $125.4 million of residential loans held-for-investment were reclassified into loans held-for-sale. During the year ended December 31, 2020, $575.3 million of residential loans held-for-investment were reclassified into loans held-for-sale. (7) Residential loans have a weighted average remaining contractual life of 29.4 years and 27.9 years as of December 31, 2021 and 2020, respectively. As of December 31, 2021, our variable rate loans held-for-investment were as follows (dollars in thousands): December 31, 2021 Carrying Weighted-average Commercial loans $ 13,190,863 4.1 % Infrastructure loans 2,048,096 3.8 % Total variable rate loans held-for-investment $ 15,238,959 4.1 % Credit Loss Allowances As discussed in Note 2, we do not have a history of realized credit losses on our HFI loans and HTM securities, so we have subscribed to third party database services to provide us with industry losses for both commercial real estate and infrastructure loans. Using these losses as a benchmark, we determine expected credit losses for our loans and securities on a collective basis within our commercial real estate and infrastructure portfolios. For our commercial loans, we utilize a loan loss model that is widely used among banks and commercial mortgage REITs and is marketed by a leading CMBS data analytics provider. It employs logistic regression to forecast expected losses at the loan level based on a commercial real estate loan securitization database that contains activity dating back to 1998. We provide specific loan-level inputs which include loan-to-stabilized-value (“LTV”) and debt service coverage ratio (DSCR) metrics, as well as principal balances, property type, location, coupon, origination year, term, subordination, expected repayment dates and future fundings. We also select from a group of independent five-year macroeconomic forecasts included in the model that are updated regularly based on current economic trends. We categorize the results by LTV range, which we consider the most significant indicator of credit quality for our commercial loans, as set forth in the credit quality indicator table below. A lower LTV ratio typically indicates a lower credit loss risk. 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 were initially impacted by lockdowns and partial reopenings and reduced consumer travel. The office sector has also been adversely affected due to the increase in 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 December 31, 2021 (dollars in thousands): Term Loans Revolving Loans Total Credit As of December 31, 2021 2021 2020 2019 2018 2017 Prior Commercial loans: Credit quality indicator: LTV < 60% $ 2,270,678 $ 778,838 $ 1,294,515 $ 534,351 $ 639,455 $ 313,089 $ — $ 5,830,926 $ 11,831 LTV 60% - 70% 3,766,294 248,021 1,127,493 571,726 — 82,329 — 5,795,863 21,502 LTV > 70% 737,069 273,417 379,452 395,793 — 61,929 — 1,847,660 8,342 Credit deteriorated — — — — — 4,925 — 4,925 4,925 Defeased and other — — — — — 17,424 — 17,424 — Total commercial $ 6,774,041 $ 1,300,276 $ 2,801,460 $ 1,501,870 $ 639,455 $ 479,696 $ — $ 13,496,798 $ 46,600 Infrastructure loans: Credit quality indicator: Power $ 211,788 $ 82,103 $ 228,634 $ 427,794 $ 120,348 $ 235,177 $ 8,529 $ 1,314,373 $ 4,705 Oil and gas 297,588 15,442 241,866 97,471 45,068 — 1,903 699,338 5,844 Credit deteriorated — — — — — 34,385 — 34,385 10,121 Total infrastructure $ 509,376 $ 97,545 $ 470,500 $ 525,265 $ 165,416 $ 269,562 $ 10,432 $ 2,048,096 $ 20,670 Residential loans held-for-investment, fair value option 59,225 — Loans held-for-sale 2,876,800 — Total gross loans $ 18,480,919 $ 67,270 Non-Credit Deteriorated Loans As of December 31, 2021, we had the following loans with a combined amortized cost basis of $456.5 million that were 90 days or greater past due at December 31, 2021: (i) a $199.1 million senior loan on a retail and entertainment project in New Jersey, of which $7.3 million was converted into equity interests (see Note 9); (ii) a $219.8 million senior loan on an office building in California; (iii) a $9.2 million loan on a hospitality asset in New York that our Investing and Servicing Segment acquired as nonperforming in October 2021; and (iv) $28.4 million of residential loans. Loans on nonaccrual as of December 31, 2021 include (i) above and a $32.7 million mezzanine loan secured by an office building in Texas. We also own a participating interest in the senior mortgage loan which was current as of December 31, 2021. None of these loans are considered credit deteriorated as we presently expect to recover all amounts due. Credit Deteriorated Loans As of December 31, 2021, we had the following loans with a combined amortized cost basis of $39.3 million which were deemed credit deteriorated and are on nonaccrual status: (i) a $34.4 million senior loan participation secured by a natural gas-fired power plant in Massachusetts, for which we recorded a credit loss allowance of $10.1 million in 2021 based on our share of the estimated fair value of the asset and for which interest collections were current as of December 31, 2021; and (ii) a $4.9 million subordinated loan secured by a department store in Chicago. Foreclosures 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 7 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 Year Ended December 31, 2021 Commercial Infrastructure Credit loss allowance at December 31, 2020 $ 69,611 $ 7,833 $ 77,444 Credit loss (reversal) provision, net (7,947) 12,580 4,633 Charge-offs (14,807) (1) — (14,807) Recoveries — — — Transfers (257) 257 — Credit loss allowance at December 31, 2021 $ 46,600 $ 20,670 $ 67,270 Unfunded Commitments Credit Loss Allowance (2) Loans Held-for-Investment Year Ended December 31, 2021 Commercial Infrastructure Total Credit loss allowance at December 31, 2020 $ 5,258 $ 812 $ 6,070 Credit loss provision (reversal), net 1,434 (667) 767 Credit loss allowance at December 31, 2021 $ 6,692 $ 145 $ 6,837 Memo: Unfunded commitments as of December 31, 2021 (3) $ 2,236,598 $ 15,430 $ 2,252,028 ______________________________________________________________________________________________________________________ (1) Relates to a $7.8 million unsecured promissory note deemed uncollectible in connection with a residential conversion project located in New York City and a $7.0 million subordinated mortgage note deemed uncollectible in connection with a vacant department store in the Chicago area. Both notes were previously considered credit deteriorated and were fully reserved at or prior to write-off. (2) Included in accounts payable, accrued expenses and other liabilities in our consolidated balance sheets. (3) Represents amounts expected to be funded (see Note 23). Loan Portfolio Activity The activity in our loan portfolio was as follows (amounts in thousands): Held-for-Investment Loans Year Ended December 31, 2021 Commercial Infrastructure Residential Held-for-Sale Loans Total Loans Balance at December 31, 2020 $ 9,583,949 $ 1,412,440 $ 90,684 $ 1,052,835 $ 12,139,908 Acquisitions/originations/additional funding 7,822,441 817,104 — 5,351,034 13,990,579 Capitalized interest (1) 112,178 — 4,308 2,650 119,136 Basis of loans sold (2) (307,454) (12,678) — (3,856,736) (4,176,868) Loan maturities/principal repayments (3,508,969) (304,878) (31,251) (352,711) (4,197,809) Discount accretion/premium amortization 52,416 5,028 — 504 57,948 Changes in fair value — — 1,186 67,864 69,050 Foreign currency translation gain/(loss), net (71,419) (711) — — (72,130) Credit loss reversal (provision), net 7,947 (12,580) — — (4,633) Loan foreclosure and conversion to equity interest (36,308) — — — (36,308) (3) Transfer to/from other asset classifications or between segments (204,583) 123,701 (5,702) 611,360 524,776 (4) Balance at December 31, 2021 $ 13,450,198 $ 2,027,426 $ 59,225 $ 2,876,800 $ 18,413,649 Held-for-Investment Loans Year Ended December 31, 2020 Commercial Infrastructure Residential Held-for-Sale Loans Total Loans Balance at December 31, 2019 $ 8,517,054 $ 1,397,448 $ 671,572 $ 884,150 $ 11,470,224 Cumulative effect of ASC 326 effective January 1, 2020 (10,112) (10,328) — — (20,440) Acquisitions/originations/additional funding 2,753,782 278,694 100,720 2,204,203 5,337,399 Capitalized interest (1) 143,818 195 — — 144,013 Basis of loans sold (2) (443,793) — (604) (2,862,606) (3,307,003) Loan maturities/principal repayments (1,398,991) (189,288) (90,273) (142,644) (1,821,196) Discount accretion/premium amortization 39,642 2,447 — 110 42,199 Changes in fair value — — (15,382) 148,506 133,124 Foreign currency translation gain/(loss), net 102,748 1,096 — (1,291) 102,553 Credit loss (provision) reversal, net (48,711) 2,495 — 125 (46,091) Transfer to/from other asset classifications (71,488) (5) (70,319) (575,349) 822,282 (6) 105,126 Balance at December 31, 2020 $ 9,583,949 $ 1,412,440 $ 90,684 $ 1,052,835 $ 12,139,908 Loans Transferred As Secured Borrowings Held-for-Investment Loans Year Ended December 31, 2019 Commercial Infrastructure Residential Held-for-Sale Loans Total Loans Balance at December 31, 2018 $ 7,075,577 $ 1,456,779 $ — $ 1,187,552 $ 74,346 $ 9,794,254 Acquisitions/originations/additional funding 4,161,584 902,053 394,697 3,636,380 — 9,094,714 Capitalized interest (1) 110,632 — — — — 110,632 Basis of loans sold (2) (743,425) — (106) (3,567,859) — (4,311,390) Loan maturities/principal repayments (2,172,068) (832,998) (62,704) (162,376) (74,692) (3,304,838) Discount accretion/premium amortization 30,128 2,072 — 2,841 346 35,387 Changes in fair value — — (1,314) 72,915 — 71,601 Foreign currency translation gain/(loss), net 38,050 — — 2,105 — 40,155 Credit loss provision, net (2,616) (3,314) — (1,196) — (7,126) Loan foreclosures (27,303) — — — — (27,303) Transfer to/from other asset classifications 46,495 (127,144) 340,999 (286,212) — (25,862) Balance at December 31, 2019 $ 8,517,054 $ 1,397,448 $ 671,572 $ 884,150 $ — $ 11,470,224 ______________________________________________________________________________________________________________________ (1) Represents accrued interest income on loans whose terms do not require current payment of interest. (2) See Note 13 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 9) 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 three consolidated RMBS trusts. (5) Represents the net carrying value of credit deteriorated first mortgage and contiguous mezzanine loans related to a residential conversion project located in New York City that was eliminated as a result of consolidating the net assets of the borrower entities upon exercising control over their pledged equity interests in October 2020. (6) Includes $176.6 million of residential loans transferred from VIE assets upon redemption of a consolidated RMBS trust.

Investment Securities

Investment Securities	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Investment Securities Investment securities were comprised of the following as of December 31, 2021 and 2020 (amounts in thousands): Carrying Value as of December 31, 2021 December 31, 2020 RMBS, available-for-sale $ 143,980 $ 167,349 RMBS, fair value option (1) 250,424 235,997 CMBS, fair value option (1), (2) 1,263,606 1,209,030 HTM debt securities, amortized cost net of credit loss allowance of $8,610 and $5,675 683,136 538,605 Equity security, fair value 11,624 11,247 Subtotal — Investment securities 2,352,770 2,162,228 VIE eliminations (1) (1,491,786) (1,425,570) Total investment securities $ 860,984 $ 736,658 ______________________________________________________________________________________________________________________ (1) Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. (2) Includes $182.6 million and $179.5 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of December 31, 2021 and 2020, respectively. Purchases, sales, principal collections and redemptions for all investment securities were as follows (amounts in thousands): RMBS, RMBS, fair CMBS, fair HTM Securitization Total Year Ended December 31, 2021 Purchases $ — $ 168,825 $ 71,476 $ 198,358 $ (240,301) $ 198,358 Sales — 30,684 38,714 — (69,398) — Principal collections 30,722 63,144 7,732 54,725 (68,873) 87,450 Redemptions — 51,187 — — (51,187) — Year Ended December 31, 2020 Purchases/fundings $ — $ 282,368 $ 49,416 $ 22,408 $ (331,784) $ 22,408 Sales — 135,567 37,867 — (165,494) 7,940 Principal collections 26,000 44,197 30,079 52,704 (69,447) 83,533 Redemptions — 10,474 — — (10,474) — Year Ended December 31, 2019 Purchases $ — $ 120,103 $ 238,213 $ 91,162 $ (351,220) $ 98,258 Sales — 41,501 150,365 — (184,540) 7,326 Principal collections 26,929 16,500 40,490 167,383 (45,642) 205,660 ______________________________________________________________________________________________________________________ (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 consolidated statements of cash flows. RMBS, Available-for-Sale The Company classified all of its RMBS not eliminated in consolidation as available-for-sale as of December 31, 2021 and 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 December 31, 2021 and 2020 (amounts in thousands): Unrealized Gains or (Losses) Amortized Credit Net Gross Gross Net Fair Value December 31, 2021 RMBS $ 103,027 $ — $ 103,027 $ 41,052 $ (99) $ 40,953 $ 143,980 December 31, 2020 RMBS $ 123,292 $ — $ 123,292 $ 44,123 $ (66) $ 44,057 $ 167,349 Weighted Average Coupon (1) WAL December 31, 2021 RMBS 1.3 % 5.3 ______________________________________________________________________________________________________________________ (1) Calculated using the December 31, 2021 one-month LIBOR rate of 0.101% 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 December 31, 2021, approximately $126.4 million, or 88%, 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 $0.9 million, $0.8 million and $1.5 million for the years ended December 31, 2021, 2020 and 2019, respectively, recorded as management fees in the accompanying 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 December 31, 2021 and 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 December 31, 2021 RMBS $ 2,478 $ — $ (99) $ — As of December 31, 2020 RMBS $ 438 $ 1,195 $ (25) $ (41) As of December 31, 2021 and 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 December 31, 2021, the fair value and unpaid principal balance of CMBS where we have elected the fair value option, excluding the notional value of interest-only securities and before consolidation of securitization VIEs, were $1.3 billion and $2.8 billion, respectively. As of December 31, 2021, the fair value and unpaid principal balance of RMBS where we have elected the fair value option, excluding the notional value of interest-only securities and before consolidation of securitization VIEs, were $250.4 million and $127.4 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 $22.2 million at December 31, 2021) is eliminated against VIE liabilities before arriving at our GAAP balance for fair value option investment securities. As of December 31, 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 December 31, 2021 and 2020 (amounts in thousands): Amortized Credit Loss Net Carrying Gross Unrealized Gross Unrealized Fair Value December 31, 2021 CMBS $ 538,506 $ (3,140) $ 535,366 $ 195 $ (25,029) $ 510,532 Preferred interests 118,409 (2,562) 115,847 450 (2,449) 113,848 Infrastructure bonds 34,831 (2,908) 31,923 561 — 32,484 Total $ 691,746 $ (8,610) $ 683,136 $ 1,206 $ (27,478) $ 656,864 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): CMBS Preferred Infrastructure Total HTM Year Ended December 31, 2021 Credit loss allowance at December 31, 2020 $ — $ 2,749 $ 2,926 $ 5,675 Credit loss provision (reversal), net 3,140 (187) (18) 2,935 Credit loss allowance at December 31, 2021 $ 3,140 $ 2,562 $ 2,908 $ 8,610 The table below summarizes the maturities of our HTM debt securities by type as of December 31, 2021 (amounts in thousands): CMBS Preferred Infrastructure Total Less than one year $ 313,960 $ 90,970 $ — $ 404,930 One to three years 23,000 24,877 — 47,877 Three to five years 198,406 — 807 199,213 Thereafter — — 31,116 31,116 Total $ 535,366 $ 115,847 $ 31,923 $ 683,136 Equity Security, Fair Value 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 $11.6 million and $11.2 million as of December 31, 2021 and 2020, respectively. As of December 31, 2021, our shares represent an approximate 2% interest in SEREF.

Properties

Properties	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Properties	Properties Our properties are held within the following portfolios: 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 $763.1 million and debt of $594.4 million as of December 31, 2021. Master Lease Portfolio The Master Lease Portfolio is comprised of 16 retail properties geographically dispersed throughout the U.S., with more than 50% of the portfolio, by carrying value, located in Florida, Texas and Minnesota. These properties, which we acquired in September 2017, collectively comprise 1.9 million square feet and were leased back to the seller under corporate guaranteed master net lease agreements with initial terms of 24.6 years and periodic rent escalations. The Master Lease Portfolio includes total gross properties of $343.8 million and debt of $193.0 million as of December 31, 2021. Investing and Servicing Segment Property Portfolio The REIS Equity Portfolio is comprised of 13 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 $226.7 million and debt of $160.8 million as of December 31, 2021. Woodstar Portfolios As of December 31, 2020, our properties also reflected the carrying values of our Woodstar I and Woodstar II Portfolios, which are now carried at fair value on an unconsolidated basis within “Investments of affordable housing fund” on our consolidated balance sheet as of December 31, 2021. Refer to Notes 2 and 8 for further details. The table below summarizes our properties held as of December 31, 2021 and December 31, 2020 (dollars in thousands): Depreciable Life December 31, 2021 December 31, 2020 Property Segment Land and land improvements 0 - 15 years $ 175,810 $ 484,846 Buildings and building improvements 0 - 45 years 851,274 1,690,701 Furniture & fixtures 3 - 5 years 260 59,632 Investing and Servicing Segment Land and land improvements 0 - 15 years 41,771 50,585 Buildings and building improvements 3 - 40 years 149,399 179,014 Furniture & fixtures 2 - 5 years 3,143 2,606 Commercial and Residential Lending Segment (1) Land and land improvements 0 - 7 years 9,691 11,416 Buildings and building improvements 10 - 20 years 12,408 19,251 Construction in progress N/A 104,088 75,245 Properties, cost 1,347,844 2,573,296 Less: accumulated depreciation (181,457) (302,143) Properties, net $ 1,166,387 $ 2,271,153 ______________________________________________________________________________________________________________________ (1) Represents properties acquired through loan foreclosure. Refer to Note 5 with respect to the construction in progress properties relating to a residential conversion project. During the year ended December 31, 2021, we sold two operating properties within the REIS Equity Portfolio for $68.7 million and recognized a total gain of $22.2 million within gain on sale of investments and other assets in our consolidated statement of operations. Also during the year ended December 31, 2021, we sold an operating property within the Commercial and Residential Lending Segment for $31.2 million and recognized a gain of $17.7 million within gain on sale of investments and other assets in our consolidated statement of operations. Refer to Note 3 for further discussion. During the year ended December 31, 2020, we sold an operating property and an outparcel within the REIS Equity Portfolio for $25.0 million and recognized a gain of $7.9 million within gain on sale of investments and other assets in our consolidated statement of operations, of which $0.1 million was attributable to non-controlling interests. During the year ended December 31, 2019, we sold $407.2 million of net property assets relating to the Ireland Portfolio. Refer to Note 3 for further discussion. Also during the year ended December 31, 2019, we sold four operating properties within the REIS Equity Portfolio for $145.9 million. In connection with these REIS Equity Portfolio sales, we recognized a total gain of $59.7 million within gain on sale of investments and other assets in our consolidated statement of operations, of which $5.3 million was attributable to non-controlling interests. Future rental payments due to us from tenants under existing non-cancellable operating leases for each of the next five years and thereafter are as follows (in thousands): 2022 $ 75,549 2023 64,886 2024 58,806 2025 53,890 2026 42,118 Thereafter 202,756 Total $ 498,005

Investments of Consolidated Aff

Investments of Consolidated Affordable Housing Fund	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments of Consolidated Affordable Housing Fund	Investments of Consolidated Affordable Housing Fund As discussed in Note 2, we established the Woodstar Fund effective November 5, 2021, an investment fund which holds our Woodstar multifamily affordable housing portfolios. In connection therewith, we sold interests of 20.6% in the Woodstar Fund to third party institutional investors for initial cash proceeds of $216.0 million, which was adjusted to $214.2 million post-closing. The Woodstar portfolios consist of the following: 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 properties at fair value of $1.2 billion and debt at fair value of $755.4 million as of December 31, 2021. Woodstar II Portfolio The Woodstar II Portfolio is comprised of 27 affordable housing communities with 6,109 units concentrated primarily in Central and South Florida. We acquired eight of the 27 affordable housing communities in December 2017, with the final 19 communities acquired during the year ended December 31, 2018. The Woodstar II Portfolio includes properties at fair value of $1.1 billion and debt at fair value of $545.7 million as of December 31, 2021. Income from the Woodstar Fund’s investments reflects the following components for the period from November 5, 2021 through December 31, 2021 (in thousands): November 5, 2021 - December 31, 2021 Distributions from affordable housing fund investments $ 6,023 Unrealized change in fair value of investments 402 Income from affordable housing fund investments $ 6,425

Investment in Unconsolidated En

Investment in Unconsolidated Entities	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entities	Investments in Unconsolidated Entities The table below summarizes our investments in unconsolidated entities as of December 31, 2021 and 2020 (dollars in thousands): Participation / Carrying value as of December 31, 2021 December 31, 2020 Equity method investments: Equity interest in a natural gas power plant 10% $ 26,255 $ 25,095 Investor entity which owns equity in an online real estate company (2) 50% 5,206 9,397 Equity interest in and advances to a residential mortgage originator (3) N/A 20,327 17,852 Various 25% - 50% 12,528 10,374 64,316 62,718 Other equity investments: Equity interest in a servicing and advisory business (2) 2% 12,955 17,584 Investment funds which own equity in a loan servicer and other real estate assets (2) 4% - 6% 4,194 7,267 Investor entities which own equity interests in two entertainment and retail centers (4) 15% 7,320 — Various, including FHLB stock at December 31, 2020 N/A 1,312 20,485 25,781 45,336 $ 90,097 $ 108,054 ______________________________________________________________________________________________________________________ (1) None of these investments are publicly traded and therefore quoted market prices are not available. (2) During the year ended December 31, 2021, we received capital distributions totaling $12.2 million, which reduced the carrying value of three of our investments. (3) Includes a $4.5 million subordinated loan as of both December 31, 2021 and 2020. (4) During the year ended December 31, 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 5. As of December 31, 2021, the carrying value of our equity investment in a residential mortgage originator exceeded the underlying equity in net assets of such investee by $1.6 million. This difference is the result of the Company recording its investment in the investee at its acquisition date fair value, which included certain non-amortizing intangible assets not recognized by the investee. Should the Company determine these intangible assets held by the investee are impaired, the Company will recognize such impairment loss through earnings from unconsolidated entities in our consolidated statement of operations, otherwise, such difference between the carrying value of our equity investment in the residential mortgage originator and the underlying equity in the net assets of the residential mortgage originator will continue to exist. Other than our equity interest in the residential mortgage originator, there were no differences between the carrying value of our equity method investments and the underlying equity in the net assets of the investees as of December 31, 2021. During the year ended December 31, 2021, we did not become aware of (i) any observable price changes in our other equity investments accounted for under the fair value practicability election or (ii) any indicators of impairment.

Goodwill and Intangibles

Goodwill and Intangibles	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangibles	Goodwill and Intangibles Goodwill Infrastructure Lending Segment The Infrastructure Lending Segment’s goodwill of $119.4 million at both December 31, 2021 and 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 and is fully tax deductible over 15 years. As discussed in Note 2, goodwill is tested for impairment at least annually. Based on our quantitative assessment during the fourth quarter of 2021, we determined that the fair value of the Infrastructure Lending Segment reporting unit to which goodwill is attributed exceeded its carrying value including goodwill. Therefore, we concluded that the goodwill attributed to the Infrastructure Lending Segment was not impaired. LNR Property LLC (“LNR”) The Investing and Servicing Segment’s goodwill of $140.4 million at both December 31, 2021 and 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. The tax deductible component of this goodwill as of April 19, 2013 was $149.9 million and is deductible over 15 years. Based on our qualitative assessment during the fourth quarter of 2021, we determined that it is not more likely than not that the fair value of the Investing and Servicing Segment reporting unit to which goodwill is attributed is less than its carrying value including goodwill. Therefore, we concluded that the goodwill attributed to the Investing and Servicing Segment was not impaired. 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. Intangible Assets Servicing Rights Intangibles In connection with the LNR acquisition, we identified domestic servicing rights that existed at the purchase date, based upon the expected future cash flows of the associated servicing contracts. As of December 31, 2021 and 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 December 31, 2021 and 2020, the domestic servicing intangible had a balance of $58.9 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 December 31, 2021 and 2020 (amounts in thousands): As of December 31, 2021 As of December 31, 2020 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Domestic servicing rights, at fair value $ 16,780 $ — $ 16,780 $ 13,202 $ — $ 13,202 In-place lease intangible assets 94,712 (62,721) 31,991 133,203 (92,540) 40,663 Favorable lease intangible assets 23,746 (8,953) 14,793 24,181 (7,929) 16,252 Total net intangible assets $ 135,238 $ (71,674) $ 63,564 $ 170,586 $ (100,469) $ 70,117 The following table summarizes the activity within intangible assets for the years ended December 31, 2021 and 2020 (amounts in thousands): Domestic In-place Lease Favorable Lease Total Balance as of January 1, 2020 $ 16,917 $ 50,910 $ 17,873 $ 85,700 Amortization — (10,077) (1,621) (11,698) Sales — (170) — (170) Changes in fair value due to changes in inputs and assumptions (3,715) — — (3,715) Balance as of December 31, 2020 $ 13,202 $ 40,663 $ 16,252 $ 70,117 Amortization — (8,116) (1,387) (9,503) Sales — (556) (72) (628) Changes in fair value due to changes in inputs and assumptions 3,578 — — 3,578 Balance as of December 31, 2021 $ 16,780 $ 31,991 $ 14,793 $ 63,564 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): 2022 $ 7,618 2023 6,043 2024 4,650 2025 3,775 2026 2,754 Thereafter 21,944 Total $ 46,784

Secured Borrowings

Secured Borrowings	12 Months Ended
	Dec. 31, 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 December 31, 2021 and 2020 (dollars in thousands): Outstanding Balance at Current Extended Weighted Average Pledged Asset Maximum December 31, 2021 December 31, 2020 Repurchase Agreements: Commercial Loans Aug 2022 to Jul 2026 (b) Jun 2025 to Dec 2030 (b) Index + 2.00% (c) $ 9,141,387 $ 10,485,460 (d) $ 6,556,438 $ 4,878,939 Residential Loans Jul 2022 to Dec 2023 N/A Index + 2.02% 2,244,663 2,850,000 1,744,225 22,590 Infrastructure Loans Sep 2024 Sep 2026 LIBOR + 2.00% 455,391 650,000 379,095 232,961 Conduit Loans Feb 2022 to Jun 2024 Feb 2023 to Jun 2025 LIBOR + 1.99% 226,634 350,000 174,130 53,554 CMBS/RMBS Sep 2022 to May 2031 (e) Dec 2022 to Nov 2031 (e) (f) 1,166,352 819,979 688,146 (g) 620,763 Total Repurchase Agreements 13,234,427 15,155,439 9,542,034 5,808,807 Other Secured Financing: Borrowing Base Facility Nov 2024 Oct 2026 SOFR + 2.11% 600,525 750,000 (h) 213,478 43,014 Commercial Financing Facilities Dec 2023 to Jan 2024 Jan 2026 to Dec 2030 Index + 1.81% 208,022 243,476 167,476 81,218 Residential Financing Facility Sep 2022 Sep 2025 3.00% 396,201 250,000 102,018 215,024 Infrastructure Acquisition Facility N/A N/A N/A — — — 467,450 Infrastructure Financing Facilities Jul 2022 to Oct 2022 Oct 2024 to Jul 2027 Index + 2.01% 1,042,292 1,250,000 855,646 538,645 Property Mortgages - Fixed rate Nov 2024 to Sep 2029 (i) N/A 4.35% 389,586 272,522 272,522 1,077,528 Property Mortgages - Variable rate Nov 2022 to Dec 2025 N/A (j) 699,124 734,350 712,493 960,903 Term Loan and Revolver (k) N/A (k) N/A (k) 938,753 788,753 645,000 Federal Home Loan Bank N/A N/A N/A — — — 396,000 Total Other Secured Financing 3,335,750 4,439,101 3,112,386 4,424,782 $ 16,570,177 $ 19,594,540 12,654,420 10,233,589 Unamortized net discount (13,350) (13,569) Unamortized deferred financing costs (64,220) (73,830) $ 12,576,850 $ 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 $2.1 billion as of December 31, 2021 are indexed to GBP LIBOR, EURIBOR, BBSY and SONIA. The remainder are indexed to USD LIBOR or SOFR. (d) Certain facilities with an aggregate initial maximum facility size of $9.4 billion may be increased to $10.5 billion, subject to certain conditions. The $10.5 billion amount includes such upsizes. (e) Certain facilities with an outstanding balance of $276.9 million as of December 31, 2021 carry a rolling 11-month or 12-month term which may reset monthly or quarterly with the lender's consent. These facilities carry no maximum facility size. (f) A facility with an outstanding balance of $240.8 million as of December 31, 2021 has a weighted average fixed annual interest rate of 3.20%. All other facilities are variable rate with a weighted average rate of LIBOR + 1.71%. (g) Includes: (i) $240.8 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $35.8 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 16). (h) The maximum facility size as of December 31, 2021 of $650.0 million is scheduled to decline to $450.0 million as of March 31, 2022 and may be increased to $750.0 million, subject to certain conditions. (i) The weighted average maturity is 5.5 years as of December 31, 2021. (j) 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 + 2.39%. (k) Consists of: (i) a $788.8 million term loan facility that matures in July 2026, of which $391.0 million has an annual interest rate of LIBOR + 2.50% and $397.8 million (the “Incremental Borrowings”) has an annual interest rate of LIBOR + 3.25%, subject to a 0.75% LIBOR floor, and (ii) a $150.0 million revolving credit facility that matures in April 2026 with an annual interest rate of SOFR + 2.50%. These facilities are secured by the equity interests in certain of our subsidiaries which totaled $5.5 billion as of December 31, 2021. As of December 31, 2021, the above table no longer reflects property mortgages of the Woodstar Portfolios, which as discussed in Notes 2 and 8, are now reflected within “Investments of consolidated affordable housing fund” on our consolidated balance sheet. 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. During the year ended December 31, 2021, we entered into mortgage loans to upsize and reprice a portion of our Woodstar I and Woodstar II Portfolio debt. We borrowed a total of $462.9 million, of which $222.0 million was used to repay a portion of our existing mortgage loans. The mortgage loan related to Woodstar I for $380.0 million carries a two-year term, with three one-year extension options, and has an annual interest rate of LIBOR + 2.11%. In connection with this upsize, we acquired an interest rate cap with a strike of 1.00%. The mortgage loans related to Woodstar II for $82.9 million carry seven-year terms and a weighted average fixed annual interest rate of 4.36%. In September 2021, we amended the Term Loan facility to increase the Incremental Borrowings by $150.0 million and reduce the annual interest rate by 0.25% to LIBOR + 3.25% on all the Incremental Borrowings, subject to a 0.75% LIBOR floor. Additionally, we increased the maximum facility size of the revolver by $30.0 million to $150.0 million, reduced the annual rate by 0.50% to SOFR + 2.50% and extended the maturity from July 2024 to April 2026. Our secured financing agreements contain certain financial tests and covenants. As of December 31, 2021, we were in compliance with all such covenants. We seek to mitigate risks associated with our repurchase agreements by managing risk related to the credit quality of our assets, interest rates, liquidity, prepayment speeds and market value. The margin call provisions under the majority of our repurchase facilities, consisting of 66% of these agreements, do not permit valuation adjustments based on capital market events and are limited to collateral-specific credit marks generally determined on a commercially reasonable basis. 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 34% of repurchase agreements which do permit valuation adjustments based on capital market events, approximately 7% of these pertain to our loans held-for-sale, for which we manage credit risk through the purchase of credit index instruments. We further seek to manage risks associated with our repurchase agreements by matching the maturities and interest rate characteristics of our loans with the related repurchase agreement. For the years ended December 31, 2021, 2020 and 2019, approximately $35.6 million, $36.4 million and $34.3 million, respectively, of amortization of deferred financing costs from secured financing agreements was included in interest expense on our consolidated statements of operations. As of December 31, 2021, JPMorgan Chase Bank, N.A. and Morgan Stanley Bank, N.A. held collateral sold under certain of our repurchase agreements with carrying values that exceeded the respective repurchase obligations by $667.2 million and $660.4 million, respectively. The weighted average extended maturities of those repurchase agreements were 3.7 and 3.8 years, respectively. Collateralized Loan Obligations and Single Asset Securitization Commercial and Residential Lending Segment In July 2021, we contributed into a single asset securitization, STWD 2021-HTS, 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. 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. During the year ended December 31, 2021, we utilized the reinvestment feature, contributing $58.6 million of additional interests into the CLO. 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 years ended December 31, 2021, 2020 and 2019 we utilized the reinvestment feature, contributing $261.9 million, $134.7 million and $88.1 million, respectively, 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 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. During the year ended December 31, 2021, we utilized the reinvestment feature, contributing $45.9 million of additional interests into the CLO. The following table is a summary of our CLOs and our SASB as of December 31, 2021 and 2020 (amounts in thousands): December 31, 2021 Count Face Carrying Weighted Maturity STWD 2019-FL1 Collateral assets 24 $ 1,092,887 $ 1,103,513 LIBOR + 4.19% (a) November 2024 (b) Financing 1 936,375 933,049 SOFR + 1.63% (c) July 2038 (d) STWD 2021-FL2 Collateral assets 25 1,272,133 1,279,678 LIBOR + 4.22% (a) February 2025 (b) Financing 1 1,077,375 1,069,691 LIBOR + 1.78% (c) April 2038 (d) STWD 2021-SIF1 Collateral assets 31 491,299 506,666 LIBOR + 3.91% (a) March 2026 (b) Financing 1 410,000 405,319 LIBOR + 2.15% (c) April 2032 (d) STWD 2021-HTS Collateral assets 1 230,000 230,587 LIBOR + 4.12% (a) April 2026 (b) Financing 1 210,091 208,057 LIBOR + 2.48% (c) April 2034 (d) Total Collateral assets $ 3,086,319 $ 3,120,444 Financing $ 2,633,841 $ 2,616,116 December 31, 2020 STWD 2019-FL1 Collateral assets 23 $ 1,002,445 $ 1,099,439 LIBOR + 3.93% (a) April 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 December 31, 2021, 7% earned fixed-rate weighted average interest of 7.49%. Of the loans financed by the STWD 2021-SIF1 CLO as of December 31, 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 CLOs and SASB are tied to timing of the related collateral asset repayments. The term of the CLOs and SASB financing obligations represents the legal final maturity date. We incurred $26.9 million of issuance costs in connection with the CLOs and SASB, which are amortized on an effective yield basis over the estimated life of the CLOs and SASB. For the years ended December 31, 2021, 2020 and 2019, approximately $5.7 million, $2.5 million and $0.9 million, respectively, of amortization of deferred financing costs was included in interest expense on our consolidated statements of operations. As of December 31, 2021 and 2020, our unamortized issuance costs were $17.7 million and $5.8 million, respectively. The CLOs and SASB are considered VIEs, for which we are deemed the primary beneficiary. We therefore consolidate the CLOs and SASB. Refer to Note 16 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 and SASB (a) Total 2022 $ 2,068,288 $ 60,194 $ 123,448 $ 2,251,930 2023 1,090,287 826,666 643,689 2,560,642 2024 1,089,101 319,918 445,272 1,854,291 2025 3,263,185 256,299 497,976 4,017,460 2026 1,777,704 1,207,092 923,456 3,908,252 Thereafter 253,469 442,217 — 695,686 Total $ 9,542,034 $ 3,112,386 $ 2,633,841 $ 15,288,261 ______________________________________________________________________________________________________________________ (a) For the CLOs, the above does not assume utilization of their reinvestment features. The SASB does not have a reinvestment feature. The following table is a summary of our unsecured senior notes outstanding as of December 31, 2021 and 2020 (dollars in thousands): Coupon Effective Maturity Remaining Carrying Value at December 31, 2021 December 31, 2020 2021 Senior Notes N/A N/A N/A N/A $ — $ 700,000 2023 Senior Notes 5.50 % 5.71 % 11/1/2023 1.8 years 300,000 300,000 2023 Convertible Notes 4.38 % 4.57 % 4/1/2023 1.2 years 250,000 250,000 2024 Senior Notes 3.75 % 3.94 % 12/31/2024 3.0 years 400,000 — 2025 Senior Notes 4.75 % (2) 5.04 % 3/15/2025 3.2 years 500,000 500,000 2026 Senior Notes 3.63 % 3.77 % 7/15/2026 4.5 years 400,000 — Total principal amount 1,850,000 1,750,000 Unamortized discount—Convertible Notes (578) (2,559) Unamortized discount—Senior Notes (10,067) (9,332) Unamortized deferred financing costs (10,765) (5,589) Carrying amount of debt components $ 1,828,590 $ 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%. Senior Notes Due December 2021 On December 16, 2016, we issued $700.0 million of 5.00% Senior Notes due 2021 (the “2021 Senior Notes”). On September 15, 2021, we redeemed $400.0 million of our 2021 Senior Notes and the remaining $300.0 million was repaid upon maturity on December 15, 2021. Senior Notes Due November 2023 On November 2, 2020, we issued $300.0 million of 5.50% Senior Notes due 2023 (the “2023 Senior Notes”). The 2023 Senior Notes mature on November 1, 2023. Prior to August 1, 2023, we may redeem some or all of the 2023 Senior Notes at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable date of redemption. On and after August 1, 2023, we may redeem some or all of the 2023 Senior Notes at a price equal to 100% of the principal amount thereof. In addition, prior to November 1, 2022, we may redeem up to 40% of the 2023 Senior Notes at the applicable redemption price using the proceeds of certain equity offerings. Senior Notes Due 2024 On December 15, 2021, we issued $400.0 million of 3.75% Senior Notes due 2024 (the "2024 Senior Notes"). The 2024 Senior Notes mature on December 31, 2024. Prior to September 30, 2024, we may redeem some or all of the 2024 Senior Notes at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable date of redemption. On and after September 30, 2024, we may redeem some or all of the 2024 Senior Notes at a price equal to 100% of the principal amount thereof. In addition, prior to September 30, 2024, we may redeem up to 40% of the 2024 Senior Notes at the applicable redemption price using the proceeds of certain equity offerings. Senior Notes Due 2025 On December 4, 2017, we issued $500.0 million of 4.75% Senior Notes due 2025 (the “2025 Senior Notes”). The 2025 Notes mature on March 15, 2025. Prior to September 15, 2024, we may redeem some or all of the 2025 Senior Notes at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable date of redemption. On and after September 15, 2024, we may redeem some or all of the 2025 Senior Notes at a price equal to 100% of the principal amount thereof. In addition, prior to March 15, 2021, we may redeem up to 40% of the 2025 Senior Notes at the applicable redemption price using the proceeds of certain equity offerings. The 2025 Senior Notes were swapped to floating rate (see Note 14). Senior Notes Due 2026 On July 14, 2021, we issued $400.0 million of 3.625% Senior Notes due 2026 (the “2026 Senior Notes”). The 2026 Senior Notes mature on July 15, 2026. Prior to January 15, 2026, we may redeem some or all of the 2026 Senior Notes at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable date of redemption. On and after January 15, 2026, we may redeem some or all of the 2026 Senior Notes at a price equal to 100% of the principal amount thereof. In addition, prior to July 15, 2023, we may redeem up to 40% of the 2026 Senior Notes at the applicable redemption price using the proceeds of certain equity offerings. Our unsecured senior notes contain certain financial tests and covenants. As of December 31, 2021, we were in compliance with all such covenants. Convertible Senior Notes On March 29, 2017, we issued $250.0 million of 4.375% Convertible Senior Notes due 2023 (the “2023 Convertible Notes”) which remain outstanding at December 31, 2021 and mature on April 1, 2023. During the year ended December 31, 2019, we settled the remaining $78.0 million principal amount of our 4.00% Convertible Senior Notes due 2019 through the issuance of 3.6 million shares of common stock and cash payments of $12.0 million. We recognized interest expense of $11.6 million, $12.2 million and $12.3 million during the years ended December 31, 2021, 2020 and 2019, respectively, from our Convertible Notes. The following table details the conversion attributes of our Convertible Notes outstanding as of December 31, 2021 (amounts in thousands, except rates): December 31, 2021 Conversion Conversion Rate (1) Price (2) 2023 Convertible Notes 38.5959 $ 25.91 ______________________________________________________________________________________________________________________ (1) The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount of 2023 Convertible Notes converted, as adjusted in accordance with the indenture governing the 2023 Convertible Notes (including the applicable supplemental indenture). (2) As of December 31, 2021, 2020, and 2019, the market price of the Company’s common stock was $24.30, $19.30 and $24.86, respectively. The if-converted value of the 2023 Convertible Notes was less than their principal amount by $15.5 million at December 31, 2021 as the closing market price of the Company’s common stock of $24.30 was less than the implicit conversion price of $25.91 per share. The if-converted value of the principal amount of the 2023 Convertible Notes was $234.5 million as of December 31, 2021. As of December 31, 2021, the net carrying amount and fair value of the 2023 Convertible Notes was $249.1 million and $254.4 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 market price of the Company’s common stock by more than 10% or (4) certain other specified corporate events (significant consolidation, sale, merger, share exchange, fundamental change, etc.) occur. On or after October 1, 2022, holders of the 2023 Convertible Notes may convert each of their notes at the applicable conversion rate at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date.

Unsecured Senior Notes

Unsecured Senior Notes	12 Months Ended
	Dec. 31, 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 December 31, 2021 and 2020 (dollars in thousands): Outstanding Balance at Current Extended Weighted Average Pledged Asset Maximum December 31, 2021 December 31, 2020 Repurchase Agreements: Commercial Loans Aug 2022 to Jul 2026 (b) Jun 2025 to Dec 2030 (b) Index + 2.00% (c) $ 9,141,387 $ 10,485,460 (d) $ 6,556,438 $ 4,878,939 Residential Loans Jul 2022 to Dec 2023 N/A Index + 2.02% 2,244,663 2,850,000 1,744,225 22,590 Infrastructure Loans Sep 2024 Sep 2026 LIBOR + 2.00% 455,391 650,000 379,095 232,961 Conduit Loans Feb 2022 to Jun 2024 Feb 2023 to Jun 2025 LIBOR + 1.99% 226,634 350,000 174,130 53,554 CMBS/RMBS Sep 2022 to May 2031 (e) Dec 2022 to Nov 2031 (e) (f) 1,166,352 819,979 688,146 (g) 620,763 Total Repurchase Agreements 13,234,427 15,155,439 9,542,034 5,808,807 Other Secured Financing: Borrowing Base Facility Nov 2024 Oct 2026 SOFR + 2.11% 600,525 750,000 (h) 213,478 43,014 Commercial Financing Facilities Dec 2023 to Jan 2024 Jan 2026 to Dec 2030 Index + 1.81% 208,022 243,476 167,476 81,218 Residential Financing Facility Sep 2022 Sep 2025 3.00% 396,201 250,000 102,018 215,024 Infrastructure Acquisition Facility N/A N/A N/A — — — 467,450 Infrastructure Financing Facilities Jul 2022 to Oct 2022 Oct 2024 to Jul 2027 Index + 2.01% 1,042,292 1,250,000 855,646 538,645 Property Mortgages - Fixed rate Nov 2024 to Sep 2029 (i) N/A 4.35% 389,586 272,522 272,522 1,077,528 Property Mortgages - Variable rate Nov 2022 to Dec 2025 N/A (j) 699,124 734,350 712,493 960,903 Term Loan and Revolver (k) N/A (k) N/A (k) 938,753 788,753 645,000 Federal Home Loan Bank N/A N/A N/A — — — 396,000 Total Other Secured Financing 3,335,750 4,439,101 3,112,386 4,424,782 $ 16,570,177 $ 19,594,540 12,654,420 10,233,589 Unamortized net discount (13,350) (13,569) Unamortized deferred financing costs (64,220) (73,830) $ 12,576,850 $ 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 $2.1 billion as of December 31, 2021 are indexed to GBP LIBOR, EURIBOR, BBSY and SONIA. The remainder are indexed to USD LIBOR or SOFR. (d) Certain facilities with an aggregate initial maximum facility size of $9.4 billion may be increased to $10.5 billion, subject to certain conditions. The $10.5 billion amount includes such upsizes. (e) Certain facilities with an outstanding balance of $276.9 million as of December 31, 2021 carry a rolling 11-month or 12-month term which may reset monthly or quarterly with the lender's consent. These facilities carry no maximum facility size. (f) A facility with an outstanding balance of $240.8 million as of December 31, 2021 has a weighted average fixed annual interest rate of 3.20%. All other facilities are variable rate with a weighted average rate of LIBOR + 1.71%. (g) Includes: (i) $240.8 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $35.8 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 16). (h) The maximum facility size as of December 31, 2021 of $650.0 million is scheduled to decline to $450.0 million as of March 31, 2022 and may be increased to $750.0 million, subject to certain conditions. (i) The weighted average maturity is 5.5 years as of December 31, 2021. (j) 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 + 2.39%. (k) Consists of: (i) a $788.8 million term loan facility that matures in July 2026, of which $391.0 million has an annual interest rate of LIBOR + 2.50% and $397.8 million (the “Incremental Borrowings”) has an annual interest rate of LIBOR + 3.25%, subject to a 0.75% LIBOR floor, and (ii) a $150.0 million revolving credit facility that matures in April 2026 with an annual interest rate of SOFR + 2.50%. These facilities are secured by the equity interests in certain of our subsidiaries which totaled $5.5 billion as of December 31, 2021. As of December 31, 2021, the above table no longer reflects property mortgages of the Woodstar Portfolios, which as discussed in Notes 2 and 8, are now reflected within “Investments of consolidated affordable housing fund” on our consolidated balance sheet. 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. During the year ended December 31, 2021, we entered into mortgage loans to upsize and reprice a portion of our Woodstar I and Woodstar II Portfolio debt. We borrowed a total of $462.9 million, of which $222.0 million was used to repay a portion of our existing mortgage loans. The mortgage loan related to Woodstar I for $380.0 million carries a two-year term, with three one-year extension options, and has an annual interest rate of LIBOR + 2.11%. In connection with this upsize, we acquired an interest rate cap with a strike of 1.00%. The mortgage loans related to Woodstar II for $82.9 million carry seven-year terms and a weighted average fixed annual interest rate of 4.36%. In September 2021, we amended the Term Loan facility to increase the Incremental Borrowings by $150.0 million and reduce the annual interest rate by 0.25% to LIBOR + 3.25% on all the Incremental Borrowings, subject to a 0.75% LIBOR floor. Additionally, we increased the maximum facility size of the revolver by $30.0 million to $150.0 million, reduced the annual rate by 0.50% to SOFR + 2.50% and extended the maturity from July 2024 to April 2026. Our secured financing agreements contain certain financial tests and covenants. As of December 31, 2021, we were in compliance with all such covenants. We seek to mitigate risks associated with our repurchase agreements by managing risk related to the credit quality of our assets, interest rates, liquidity, prepayment speeds and market value. The margin call provisions under the majority of our repurchase facilities, consisting of 66% of these agreements, do not permit valuation adjustments based on capital market events and are limited to collateral-specific credit marks generally determined on a commercially reasonable basis. 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 34% of repurchase agreements which do permit valuation adjustments based on capital market events, approximately 7% of these pertain to our loans held-for-sale, for which we manage credit risk through the purchase of credit index instruments. We further seek to manage risks associated with our repurchase agreements by matching the maturities and interest rate characteristics of our loans with the related repurchase agreement. For the years ended December 31, 2021, 2020 and 2019, approximately $35.6 million, $36.4 million and $34.3 million, respectively, of amortization of deferred financing costs from secured financing agreements was included in interest expense on our consolidated statements of operations. As of December 31, 2021, JPMorgan Chase Bank, N.A. and Morgan Stanley Bank, N.A. held collateral sold under certain of our repurchase agreements with carrying values that exceeded the respective repurchase obligations by $667.2 million and $660.4 million, respectively. The weighted average extended maturities of those repurchase agreements were 3.7 and 3.8 years, respectively. Collateralized Loan Obligations and Single Asset Securitization Commercial and Residential Lending Segment In July 2021, we contributed into a single asset securitization, STWD 2021-HTS, 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. 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. During the year ended December 31, 2021, we utilized the reinvestment feature, contributing $58.6 million of additional interests into the CLO. 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 years ended December 31, 2021, 2020 and 2019 we utilized the reinvestment feature, contributing $261.9 million, $134.7 million and $88.1 million, respectively, 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 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. During the year ended December 31, 2021, we utilized the reinvestment feature, contributing $45.9 million of additional interests into the CLO. The following table is a summary of our CLOs and our SASB as of December 31, 2021 and 2020 (amounts in thousands): December 31, 2021 Count Face Carrying Weighted Maturity STWD 2019-FL1 Collateral assets 24 $ 1,092,887 $ 1,103,513 LIBOR + 4.19% (a) November 2024 (b) Financing 1 936,375 933,049 SOFR + 1.63% (c) July 2038 (d) STWD 2021-FL2 Collateral assets 25 1,272,133 1,279,678 LIBOR + 4.22% (a) February 2025 (b) Financing 1 1,077,375 1,069,691 LIBOR + 1.78% (c) April 2038 (d) STWD 2021-SIF1 Collateral assets 31 491,299 506,666 LIBOR + 3.91% (a) March 2026 (b) Financing 1 410,000 405,319 LIBOR + 2.15% (c) April 2032 (d) STWD 2021-HTS Collateral assets 1 230,000 230,587 LIBOR + 4.12% (a) April 2026 (b) Financing 1 210,091 208,057 LIBOR + 2.48% (c) April 2034 (d) Total Collateral assets $ 3,086,319 $ 3,120,444 Financing $ 2,633,841 $ 2,616,116 December 31, 2020 STWD 2019-FL1 Collateral assets 23 $ 1,002,445 $ 1,099,439 LIBOR + 3.93% (a) April 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 December 31, 2021, 7% earned fixed-rate weighted average interest of 7.49%. Of the loans financed by the STWD 2021-SIF1 CLO as of December 31, 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 CLOs and SASB are tied to timing of the related collateral asset repayments. The term of the CLOs and SASB financing obligations represents the legal final maturity date. We incurred $26.9 million of issuance costs in connection with the CLOs and SASB, which are amortized on an effective yield basis over the estimated life of the CLOs and SASB. For the years ended December 31, 2021, 2020 and 2019, approximately $5.7 million, $2.5 million and $0.9 million, respectively, of amortization of deferred financing costs was included in interest expense on our consolidated statements of operations. As of December 31, 2021 and 2020, our unamortized issuance costs were $17.7 million and $5.8 million, respectively. The CLOs and SASB are considered VIEs, for which we are deemed the primary beneficiary. We therefore consolidate the CLOs and SASB. Refer to Note 16 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 and SASB (a) Total 2022 $ 2,068,288 $ 60,194 $ 123,448 $ 2,251,930 2023 1,090,287 826,666 643,689 2,560,642 2024 1,089,101 319,918 445,272 1,854,291 2025 3,263,185 256,299 497,976 4,017,460 2026 1,777,704 1,207,092 923,456 3,908,252 Thereafter 253,469 442,217 — 695,686 Total $ 9,542,034 $ 3,112,386 $ 2,633,841 $ 15,288,261 ______________________________________________________________________________________________________________________ (a) For the CLOs, the above does not assume utilization of their reinvestment features. The SASB does not have a reinvestment feature. The following table is a summary of our unsecured senior notes outstanding as of December 31, 2021 and 2020 (dollars in thousands): Coupon Effective Maturity Remaining Carrying Value at December 31, 2021 December 31, 2020 2021 Senior Notes N/A N/A N/A N/A $ — $ 700,000 2023 Senior Notes 5.50 % 5.71 % 11/1/2023 1.8 years 300,000 300,000 2023 Convertible Notes 4.38 % 4.57 % 4/1/2023 1.2 years 250,000 250,000 2024 Senior Notes 3.75 % 3.94 % 12/31/2024 3.0 years 400,000 — 2025 Senior Notes 4.75 % (2) 5.04 % 3/15/2025 3.2 years 500,000 500,000 2026 Senior Notes 3.63 % 3.77 % 7/15/2026 4.5 years 400,000 — Total principal amount 1,850,000 1,750,000 Unamortized discount—Convertible Notes (578) (2,559) Unamortized discount—Senior Notes (10,067) (9,332) Unamortized deferred financing costs (10,765) (5,589) Carrying amount of debt components $ 1,828,590 $ 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%. Senior Notes Due December 2021 On December 16, 2016, we issued $700.0 million of 5.00% Senior Notes due 2021 (the “2021 Senior Notes”). On September 15, 2021, we redeemed $400.0 million of our 2021 Senior Notes and the remaining $300.0 million was repaid upon maturity on December 15, 2021. Senior Notes Due November 2023 On November 2, 2020, we issued $300.0 million of 5.50% Senior Notes due 2023 (the “2023 Senior Notes”). The 2023 Senior Notes mature on November 1, 2023. Prior to August 1, 2023, we may redeem some or all of the 2023 Senior Notes at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable date of redemption. On and after August 1, 2023, we may redeem some or all of the 2023 Senior Notes at a price equal to 100% of the principal amount thereof. In addition, prior to November 1, 2022, we may redeem up to 40% of the 2023 Senior Notes at the applicable redemption price using the proceeds of certain equity offerings. Senior Notes Due 2024 On December 15, 2021, we issued $400.0 million of 3.75% Senior Notes due 2024 (the "2024 Senior Notes"). The 2024 Senior Notes mature on December 31, 2024. Prior to September 30, 2024, we may redeem some or all of the 2024 Senior Notes at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable date of redemption. On and after September 30, 2024, we may redeem some or all of the 2024 Senior Notes at a price equal to 100% of the principal amount thereof. In addition, prior to September 30, 2024, we may redeem up to 40% of the 2024 Senior Notes at the applicable redemption price using the proceeds of certain equity offerings. Senior Notes Due 2025 On December 4, 2017, we issued $500.0 million of 4.75% Senior Notes due 2025 (the “2025 Senior Notes”). The 2025 Notes mature on March 15, 2025. Prior to September 15, 2024, we may redeem some or all of the 2025 Senior Notes at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable date of redemption. On and after September 15, 2024, we may redeem some or all of the 2025 Senior Notes at a price equal to 100% of the principal amount thereof. In addition, prior to March 15, 2021, we may redeem up to 40% of the 2025 Senior Notes at the applicable redemption price using the proceeds of certain equity offerings. The 2025 Senior Notes were swapped to floating rate (see Note 14). Senior Notes Due 2026 On July 14, 2021, we issued $400.0 million of 3.625% Senior Notes due 2026 (the “2026 Senior Notes”). The 2026 Senior Notes mature on July 15, 2026. Prior to January 15, 2026, we may redeem some or all of the 2026 Senior Notes at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable date of redemption. On and after January 15, 2026, we may redeem some or all of the 2026 Senior Notes at a price equal to 100% of the principal amount thereof. In addition, prior to July 15, 2023, we may redeem up to 40% of the 2026 Senior Notes at the applicable redemption price using the proceeds of certain equity offerings. Our unsecured senior notes contain certain financial tests and covenants. As of December 31, 2021, we were in compliance with all such covenants. Convertible Senior Notes On March 29, 2017, we issued $250.0 million of 4.375% Convertible Senior Notes due 2023 (the “2023 Convertible Notes”) which remain outstanding at December 31, 2021 and mature on April 1, 2023. During the year ended December 31, 2019, we settled the remaining $78.0 million principal amount of our 4.00% Convertible Senior Notes due 2019 through the issuance of 3.6 million shares of common stock and cash payments of $12.0 million. We recognized interest expense of $11.6 million, $12.2 million and $12.3 million during the years ended December 31, 2021, 2020 and 2019, respectively, from our Convertible Notes. The following table details the conversion attributes of our Convertible Notes outstanding as of December 31, 2021 (amounts in thousands, except rates): December 31, 2021 Conversion Conversion Rate (1) Price (2) 2023 Convertible Notes 38.5959 $ 25.91 ______________________________________________________________________________________________________________________ (1) The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount of 2023 Convertible Notes converted, as adjusted in accordance with the indenture governing the 2023 Convertible Notes (including the applicable supplemental indenture). (2) As of December 31, 2021, 2020, and 2019, the market price of the Company’s common stock was $24.30, $19.30 and $24.86, respectively. The if-converted value of the 2023 Convertible Notes was less than their principal amount by $15.5 million at December 31, 2021 as the closing market price of the Company’s common stock of $24.30 was less than the implicit conversion price of $25.91 per share. The if-converted value of the principal amount of the 2023 Convertible Notes was $234.5 million as of December 31, 2021. As of December 31, 2021, the net carrying amount and fair value of the 2023 Convertible Notes was $249.1 million and $254.4 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 market price of the Company’s common stock by more than 10% or (4) certain other specified corporate events (significant consolidation, sale, merger, share exchange, fundamental change, etc.) occur. On or after October 1, 2022, holders of the 2023 Convertible Notes may convert each of their notes at the applicable conversion rate at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date.

Loan Securitization_Sale Activi

Loan Securitization/Sale Activities	12 Months Ended
	Dec. 31, 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. During the years ended December 31, 2021 and 2020, we exercised the optional redemption on certain of our residential securitizations and acquired $524.5 million and $176.6 million of loans and redeemed $51.2 million and $10.5 million of our existing RMBS holdings, respectively. The net amount paid to a consolidated VIE to redeem the outstanding principal amount of its RMBS certificates and acquire the underlying loans pursuant to this provision are reflected as repayment of debt of consolidated VIEs in our consolidated statements of cash flows. The following summarizes the face amount and proceeds of commercial and residential loans securitized for the years ended December 31, 2021, 2020 and 2019 (amounts in thousands): Commercial Loans Residential Loans Face Amount Proceeds Face Amount Proceeds For the Year Ended December 31, 2021 $ 1,185,251 $ 1,242,974 $ 2,287,733 $ 2,362,798 2020 920,282 975,569 1,770,513 1,826,549 2019 1,781,981 1,845,890 1,256,481 1,305,059 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 Year Ended December 31, 2021 $ 335,552 $ 328,878 $ 216,827 $ 225,940 2020 446,132 442,833 550 604 2019 751,210 748,045 26,046 26,797 ______________________________________________________________________________________________________________________ (1) During the year ended December 31, 2021, we sold $313.0 million of senior interests in first mortgage loans and $22.6 million of whole loan interests for proceeds of $307.3 million and $21.5 million, respectively. During the year ended December 31, 2020, we sold $277.9 million of senior interests in first mortgage loans and $168.2 million of whole loan interests for proceeds of $270.8 million and $172.0 million, respectively. During the year ended December 31, 2019, all sales were of senior interests in first mortgage loans. During the years ended December 31, 2021, 2020 and 2019, (losses)/gains recognized by the Commercial and Residential Lending Segment on sales of commercial loans were $(1.1) million, $(1.0) million and $4.6 million, respectively. Infrastructure Loan Sales

Derivatives and Hedging Activit

Derivatives and Hedging Activity	12 Months Ended
	Dec. 31, 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. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, foreign exchange, liquidity and credit risk primarily by managing the amount, sources and duration of our debt funding and the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates, credit spreads, and foreign exchange rates. Our derivative financial instruments are used to manage differences in the amount, timing and duration of the known or expected cash receipts and known or expected cash payments principally related to our investments, anticipated level of loan sales, and borrowings. Designated Hedges The Company does not generally elect to apply the hedge accounting designation to its hedging instruments. As of December 31, 2021 and 2020, the Company did not have any designated hedges. Non-designated Hedges and Derivatives Derivatives not designated as hedges are derivatives that do not meet the criteria for hedge accounting under GAAP or which we have not elected to designate as hedges. We do not use these derivatives for speculative purposes but instead they are used to manage our exposure to various risks such as foreign exchange rates, interest rate changes and certain credit spreads. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in gain (loss) on derivative financial instruments in our consolidated statements of operations. We have entered into the following types of non-designated hedges and derivatives: • Foreign exchange (“Fx”) forwards whereby we agree to buy or sell a specified amount of foreign currency for a specified amount of USD at a future date, economically fixing the USD amounts of foreign denominated cash flows we expect to receive or pay related to certain foreign denominated loan investments and properties; • Interest rate contracts which hedge a portion of our exposure to changes in interest rates; • Credit index instruments which hedge a portion of our exposure to the credit risk of our commercial loans held-for-sale; and • Interest rate swap guarantees whereby we guarantee the interest rate swap obligations of certain Infrastructure Lending borrowers. Our interest rate swap guarantees were assumed in connection with the acquisition of the Infrastructure Lending Segment. The following table summarizes our non-designated derivatives as of December 31, 2021 (notional amounts in thousands): Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Buy Euros ("EUR") 14 51,583 EUR February 2022 - March 2023 Fx contracts – Buy Pounds Sterling ("GBP") 11 9,731 GBP February 2022 - October 2024 Fx contracts – Buy Australian dollar ("AUD") 3 17,500 AUD February 2022 - August 2023 Fx contracts – Sell EUR 144 474,098 EUR January 2022 - November 2025 Fx contracts – Sell GBP 155 530,879 GBP January 2022 - February 2025 Fx contracts – Sell AUD 52 265,401 AUD February 2022 - October 2024 Interest rate swaps – Paying fixed rates 68 2,932,451 USD April 2024 - January 2032 Interest rate swaps – Receiving fixed rates 2 484,500 USD March 2025 - December 2031 Interest rate caps 7 702,000 USD October 2022 - April 2025 Interest rate caps 1 61,000 GBP April 2024 Credit index instruments 3 49,000 USD September 2058 - August 2061 Interest rate swap guarantees 4 277,302 USD August 2022 - June 2025 Total 464 The table below presents the fair value of our derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2021 and 2020 (amounts in thousands): Fair Value of Derivatives in an Asset Position (1) as of December 31, Fair Value of Derivatives in a Liability Position (2) as of December 31, 2021 2020 2021 2020 Interest rate contracts $ 17,728 $ 33,841 $ 16 $ 4 Interest rate swap guarantees — — 260 849 Foreign exchange contracts 30,478 6,585 12,870 39,951 Credit index instruments 10 129 275 520 Total derivatives $ 48,216 $ 40,555 $ 13,421 $ 41,324 ___________________________________________________ (1) Classified as derivative assets in our consolidated balance sheets. (2) Classified as derivative liabilities in our consolidated balance sheets. The table below presents the effect of our derivative financial instruments on the consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019 (amounts in thousands): Derivatives Not Designated Location of Gain (Loss) Amount of Gain (Loss) Recognized in Income for the Year Ended December 31, 2021 2020 2019 Interest rate contracts Gain (loss) on derivative financial instruments $ 41,033 $ (48,692) $ (10,516) Interest rate swap guarantees Gain (loss) on derivative financial instruments 589 (235) (3,350) Foreign exchange contracts Gain (loss) on derivative financial instruments 41,228 (32,561) 8,801 Credit index instruments Gain (loss) on derivative financial instruments (487) (690) (1,245) $ 82,363 $ (82,178) $ (6,310)

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	12 Months Ended
	Dec. 31, 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 December 31, 2021 Derivative assets $ 48,216 $ — $ 48,216 $ 12,870 $ 21,290 $ 14,056 Derivative liabilities $ 13,421 $ — $ 13,421 $ 12,870 $ 291 $ 260 Repurchase agreements 9,542,034 — 9,542,034 9,542,034 — — $ 9,555,455 $ — $ 9,555,455 $ 9,554,904 $ 291 $ 260 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	12 Months Ended
	Dec. 31, 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 11, we have refinanced various pools of our commercial and infrastructure loans held-for-investment through three CLOs and one SASB, which are considered to be VIEs. We are the primary beneficiary of, and therefore consolidate, the CLOs and SASB in our financial statements as we have both (i) the power to direct the activities in our role as collateral manager, collateral advisor, or controlling class representative that most significantly impact the CLOs’ and SASB's economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the CLOs and SASB that could be potentially significant through the subordinate interests we own. The following table details the assets and liabilities of our consolidated CLOs and SASB as of December 31, 2021 and 2020 (amounts in thousands): December 31, 2021 December 31, 2020 Assets: Cash and cash equivalents $ 15,297 $ 96,998 Loans held-for-investment 3,073,572 1,002,441 Investment securities 11,426 — Accrued interest receivable 8,936 5,454 Other assets 11,213 557 Total Assets $ 3,120,444 $ 1,105,450 Liabilities Accounts payable, accrued expenses and other liabilities $ 3,335 $ 663 Collateralized loan obligations and single asset securitization, net 2,616,116 930,554 Total Liabilities $ 2,619,451 $ 931,217 Assets held by the CLOs and SASB are restricted and can be used only to settle obligations of the CLOs and SASB, including the subordinate interests owned by us. The liabilities of the CLOs and SASB are non-recourse to us and can only be satisfied from the assets of the CLOs and SASB. We also hold controlling interests in other non-securitization entities that are considered VIEs. The Woodstar Fund, Woodstar Feeder Fund, L.P. and one of the Woodstar Fund’s indirect investees, SPT Dolphin Intermediate LLC (“SPT Dolphin”), the entity which holds the Woodstar II Portfolio, are each VIEs 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 those VIEs because we possess both the power to direct the activities of the VIEs that most significantly impact their economic performance and a significant economic interest in each entity. The Woodstar Fund had total assets of $1.0 billion, including its indirect investment in SPT Dolphin, and no significant liabilities as of December 31, 2021. As of December 31, 2021, Woodstar Feeder Fund, L.P. and its consolidated subsidiary which is also considered a VIE, Woodstar Feeder REIT, LLC, had a $0.3 billion investment in the Woodstar Fund, had no significant liabilities and had temporary equity of $0.2 billion consisting of the contingently redeemable non-controlling interests of the third party investors (see Note 18). 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 $331.7 million and liabilities of $73.9 million as of December 31, 2021. Refer to Note 18 for further discussion. In addition to the above non-securitization entities, we have smaller VIEs with total assets of $102.4 million and liabilities of $53.5 million as of December 31, 2021. VIEs in which we are not the Primary Beneficiary In certain instances, we hold a variable interest in a VIE in the form of CMBS, but either (i) we are not appointed, or do not serve as, special servicer or servicing administrator or (ii) an unrelated third party has the rights to unilaterally remove us as special servicer without cause. In these instances, we do not have the power to direct activities that most significantly impact the VIE’s economic performance. In other cases, the variable interest we hold does not obligate us to absorb losses or provide us with the right to receive benefits from the VIE which could potentially be significant. For these structures, we are not deemed to be the primary beneficiary of the VIE, and we do not consolidate these VIEs. As noted above, we are not obligated to provide, nor have we provided, any financial support for any of our securitization VIEs, whether or not we are deemed to be the primary beneficiary. As such, the risk associated with our involvement in these VIEs is limited to the carrying value of our investment in the entity. As of December 31, 2021, our maximum risk of loss related to securitization VIEs in which we were not the primary beneficiary was $22.2 million on a fair value basis. As of December 31, 2021, the securitization VIEs which we do not consolidate had debt obligations to beneficial interest holders with unpaid principal balances, excluding the notional value of interest-only securities, of $4.9 billion. The corresponding assets are comprised primarily of commercial mortgage loans with unpaid principal balances corresponding to the amounts of the outstanding debt obligations.

Related-Party Transactions

Related-Party Transactions	12 Months Ended
	Dec. 31, 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. Base Management Fee. The base management fee is 1.5% of our stockholders’ equity per annum and calculated and payable quarterly in arrears in cash. For purposes of calculating the management fee, our stockholders’ equity means: (a) the sum of (1) the net proceeds from all issuances of our equity securities since inception and equity securities of subsidiaries issued in exchange for properties (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance), plus (2) our retained earnings and income to non-controlling interests with respect to equity securities of subsidiaries issued in exchange for properties at the end of the most recently completed calendar quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods), less (b) any amount that we pay to repurchase our common stock since inception. It also excludes (1) any unrealized gains and losses and other non-cash items that have impacted stockholders’ equity as reported in our financial statements prepared in accordance with GAAP, and (2) one-time events pursuant to changes in GAAP, and certain non-cash items not otherwise described above, in each case after discussions between our Manager and our independent directors and approval by a majority of our independent directors. As a result, our stockholders’ equity, for purposes of calculating the management fee, could be greater or less than the amount of stockholders’ equity shown in our consolidated financial statements. For the years ended December 31, 2021, 2020 and 2019, approximately $77.9 million, $76.6 million and $77.0 million, respectively, was incurred for base management fees. In April 2020, our board of directors authorized the payment of our first quarter base management fee of $19.1 million in 1,422,143 shares of our common stock. As of December 31, 2021 and 2020, there were $20.3 million and $19.2 million, respectively, of unpaid base management fees included in related-party payable in our consolidated balance sheets. Incentive Fee. Our Manager is entitled to be paid the incentive fee described below with respect to each calendar quarter if (1) our Core Earnings (as defined below) for the previous 12-month period exceeds an 8% threshold, and (2) our Core Earnings for the 12 most recently completed calendar quarters is greater than zero. The incentive fee is an amount, not less than zero, equal to the difference between (1) the product of (x) 20% and (y) the difference between (i) our Core Earnings for the previous 12-month period, and (ii) the product of (A) the weighted average of the issue price per share of our common stock of all of our public offerings and including issue price per equity security of subsidiaries issued in exchange for properties multiplied by the weighted average number of all shares of common stock outstanding (including any RSUs, any RSAs and other shares of common stock underlying awards granted under our equity incentive plans) and equity securities of subsidiaries issued in exchange for properties in such previous 12-month period, and (B) 8%, and (2) the sum of any incentive fee paid to our Manager with respect to the first three calendar quarters of such previous 12-month period. One half of each quarterly installment of the incentive fee is payable in shares of our common stock so long as the ownership of such additional number of shares by our Manager would not violate the 9.8% stock ownership limit set forth in our charter, after giving effect to any waiver from such limit that our board of directors may grant in the future. The remainder of the incentive fee is payable in cash. The number of shares to be issued to our Manager is equal to the dollar amount of the portion of the quarterly installment of the incentive fee payable in shares divided by the average of the closing prices of our common stock on the NYSE for the five trading days prior to the date on which such quarterly installment is paid. Core Earnings is defined as GAAP net income (loss) excluding non-cash equity compensation expense, the incentive fee, depreciation and amortization of real estate and associated intangibles, acquisition costs associated with successful acquisitions, any unrealized gains, losses or other non-cash items recorded in net income for the period, regardless of whether such items are included in OCI, or in net income and, to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties. The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by our Manager and approved by a majority of our independent directors. For the years ended December 31, 2021, 2020 and 2019, approximately $70.3 million, $30.8 million and $20.2 million, respectively, was incurred for incentive fees. As of December 31, 2021 and 2020, there were $51.2 million and $15.0 million of unpaid incentive fees included in related-party payable in our consolidated balance sheets. Expense Reimbursement. We are required to reimburse our Manager for operating expenses incurred by our Manager on our behalf. In addition, pursuant to the terms of the Management Agreement, we are required to reimburse our Manager for the cost of legal, tax, consulting, accounting and other similar services rendered for us by our Manager’s personnel provided that such costs are no greater than those that would be payable if the services were provided by an independent third party. The expense reimbursement is not subject to any dollar limitations but is subject to review by our independent directors. For the years ended December 31, 2021, 2020 and 2019, approximately $7.1 million, $8.5 million and $7.7 million, respectively, was incurred for executive compensation and other reimbursable expenses and recognized within general and administrative expenses in our consolidated statements of operations. As of December 31, 2021 and 2020, there were $4.9 million and $5.0 million, respectively, of unpaid reimbursable executive compensation and other expenses included in related-party payable in our consolidated balance sheets. Equity Awards. In certain instances, we issue RSAs to certain employees of affiliates of our Manager who perform services for us. During the years ended December 31, 2021, 2020 and 2019, we granted 1,013,232, 341,635 and 182,861 RSAs, respectively, at grant date fair values of $20.3 million, $3.9 million and $4.1 million, respectively. Expenses related to the vesting of awards to employees of affiliates of our Manager were $9.7 million, $3.4 million and $4.1 million during the years ended December 31, 2021, 2020 and 2019, respectively, and are reflected in general and administrative expenses in our consolidated statements of operations. These shares generally vest over a three-year period. Termination Fee. We can terminate the Management Agreement without cause, as defined in the Management Agreement, with an affirmative two-thirds vote by our independent directors and 180 days written notice to our Manager. Upon termination without cause, our Manager is due a termination fee equal to three times the sum of the average annual base management fee and incentive fee earned by our Manager over the preceding eight calendar quarters. No termination fee is payable if our Manager is terminated for cause, as defined in the Management Agreement, which can be done at any time with 30 days written notice from our board of directors. Manager Equity Plan In May 2017, the Company’s shareholders approved the Starwood Property Trust, Inc. 2017 Manager Equity Plan (the “2017 Manager Equity Plan”), which replaced the Starwood Property Trust, Inc. Manager Equity Plan (“Manager Equity Plan”). In 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 $19.4 million, $18.0 million and $20.2 million within management fees in our consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019, respectively. Refer to Note 18 for further discussion of these grants. Investments in Loans and Securities During the years ended December 31, 2021, 2020 and 2019, the Company acquired $1.2 billion, $244.4 million and $353.0 million, respectively, of loans from a residential mortgage originator in which it holds an equity interest. In September 2021, the Company amended a $4.5 million subordinated loan to this residential mortgage originator, which was entered into in June 2018, to extend the maturity from September 2021 to September 2022. Such loan had been amended in September and October 2019 to extend the maturity from September 2019 to September 2020 and increase the total commitment from $2.0 million to $4.5 million and again in September 2020 to further extend the maturity to September 2021. Additionally, as of December 31, 2021, the Company had outstanding residential mortgage loan purchase commitments of $429.3 million to this residential mortgage originator. Refer to Note 9 for further discussion. In December 2021, the Company sold $4.5 million of loans to the residential mortgage originator. In July 2021, a €55.0 million loan participation acquired in March 2018 from SEREF, which was secured by a luxury resort in Estepona, Spain, was paid in full. In August 2020, the Company received a $245.0 million partial repayment on a $339.2 million first mortgage and mezzanine loan that was originated in August 2017 related to an office campus located in Irvine, California. An affiliate of our Manager has a non-controlling equity interest in the borrower. As of December 31, 2021, the outstanding balance of this loan was $29.4 million. In January 2020, the Company originated a $3.5 million bridge loan to a third party borrower for the development and recapitalization of luxury cabin rentals. In February 2020, the bridge loan was repaid, and the Company originated a $99.0 million first mortgage loan to the same borrower. The loan bears interest at a fixed rate of 10.5% plus fees and contains a term of 36 months with two one-year extension options. Certain members of our executive team and board of directors own equity interests in the borrower. As of December 31, 2021, the outstanding balance of this loan was $67.4 million. In February 2019, the Company acquired a $60.0 million participation in a $925.0 million first priority infrastructure term loan. In April 2019 and July 2019, the Company acquired participations of $5.0 million and $16.0 million, respectively, in a $350.0 million upsize to the term loan. The loan is secured by four domestic natural gas power plants. An affiliate of our Manager, Starwood Energy Group, is the borrower under the term loan. As of December 31, 2021, the outstanding participation balance in this term loan was $65.0 million. In March 2019, the Company originated a $22.5 million loan to refinance the debt of a commercial real estate partnership in which we hold a 50% equity interest. In January 2018, the Company acquired a $130.0 million first mortgage participation from an unaffiliated third party. The loan is secured by three U.S. power plants that each have long-term power purchase agreements with investment grade counterparties. The borrower is an affiliate of our Manager. As of December 31, 2021, the Company's outstanding participation balance of this loan was $52.0 million. In December 2012, the Company acquired 9,140,000 ordinary shares in SEREF, a debt fund that is externally managed by an affiliate of our Manager and is listed on the London Stock Exchange, for approximately $14.7 million, which equated to approximately 4% ownership of SEREF. As of December 31, 2021, our shares represent an approximate 2% interest in SEREF. Refer to Note 6 for additional details. The Company co-originates, along with certain investment funds affiliated with our Manager, various foreign currency denominated loans to third party borrowers in which each lender holds a separate portion of the loan. The loans are independently underwritten and legally separate, and the transaction is directly between the Company and the third party borrower. As a result, we do not consider these to be related party transactions. Investments in Unconsolidated Entities In October 2014, we committed $150.0 million for a 33% equity interest in four regional shopping malls (the “Retail Fund”). In August 2017, we funded the remaining $15.5 million capital commitment associated with this investment. During the year ended December 31, 2019, we recognized a loss of $114.4 million. No earnings or losses were recognized during the years ended December 31, 2020 and 2021. During the period included in our year ended December 31, 2019, the Retail Fund reported unrealized decreases in the fair value of its real estate properties, which resulted in a $47.2 million decrease to our investment. In addition, we provided an impairment charge of $71.9 million against the remainder of the investment based on our estimate of the fair value of the underlying retail assets as of December 31, 2019. The Retail Fund was established for the purpose of acquiring and operating four leading regional shopping malls located in Florida, Michigan, North Carolina and Virginia. An affiliate of our Manager serves as general partner of the Retail Fund. In April 2013, in connection with our acquisition of LNR, we acquired 50% of a joint venture which owns equity in an online real estate company. An affiliate of our Manager, Starwood Distressed Opportunity Fund IX owns the remaining 50% of the venture. 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 serve as our new Miami Beach office following the expiration of our former lease in Miami Beach. The lease is for up to 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, which is pending final completion of the premises. 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 year ended December 31, 2021, we made payments to the landlord of $10.7 million for reimbursements relating to tenant improvements under the terms of the lease . In December 2021, we entered into a sublease with SH Group Hotels & Residences U.S., L.L.C., an affiliate of our Manager, for office space in Los Angeles, California. The sublease commenced December 20, 2021. The sublease is for approximately 5,500 square feet of office space, has an initial term of 4.5 years, and requires monthly lease payments based on an annual base rate of $59.16 per square foot that increases by 3% annually in April, which is equal to that specified in the original lease between the affiliate and the third party landlord. Acquisitions from Consolidated CMBS Trusts Our Investing and Servicing Segment acquires interests in properties for its REIS Equity Portfolio and also loans from CMBS trusts, some of which are consolidated as VIEs on our balance sheet. Acquisitions from consolidated VIEs are reflected as repayment of debt of consolidated VIEs in our consolidated statements of cash flows. During the year ended December 31, 2021, we acquired a $9.2 million nonperforming loan on a hospitality asset in New York from a consolidated CMBS trust for a total gross purchase price of $10.1 million, including accrued interest. During the year ended December 31, 2019, we acquired $8.6 million of net real estate assets from a consolidated CMBS trust for a total gross purchase price of $8.8 million, as discussed in Note 3. There were no assets acquired from consolidated CMBS trusts during the year ended December 31, 2020. Acquisitions from Consolidated RMBS Trusts When our Commercial and Residential Lending Segment exercises an optional redemption right in a securitization VIE, it unwinds the securitization structure and acquires the underlying loans from the VIE. Acquisitions of loans from consolidated VIEs are reflected as repayment of debt of consolidated VIEs in our consolidated statements of cash flows. During the years ended December 31, 2021 and 2020, we acquired $524.5 million and $176.6 million, respectively, of residential loans from consolidated RMBS trusts at their par amounts. Refer to Note 13 for further discussion of these acquisitions. Other Related-Party Arrangements During the year ended December 31, 2016, we established a co-investment fund which provides key personnel with the opportunity to invest in certain properties included in our REIS Equity Portfolio. These personnel include certain of our employees as well as employees of affiliates of our Manager (collectively, “Fund Participants”). The fund carries an aggregate commitment of $15.0 million and owns a 10% equity interest in certain REIS Equity Portfolio properties acquired subsequent to January 1, 2015. As of December 31, 2021, Fund Participants have funded $4.9 million of the capital commitment, and it is our current expectation that there will be no additional funding of the commitment. The capital contributed by Fund Participants is reflected on our consolidated balance sheets as non-controlling interests in consolidated subsidiaries. In an effort to retain key personnel, the fund provides for disproportionate distributions which allows Fund Participants to earn an incremental 60% on all operating cash flows attributable to their capital account, net of a 5% preferred return to us as general partner of the fund. Amounts earned by Fund Participants pursuant to this waterfall are reflected within net income attributable to non-controlling interests in our consolidated statements of operations. During the years ended December 31, 2021, 2020 and 2019, the non-controlling interests related to this fund received cash distributions of $0.2 million, $1.8 million and $1.3 million, respectively. 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

Stockholders' Equity and Non-Co

Stockholders' Equity and Non-Controlling Interests	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Stockholders' Equity and Non-Controlling Interests	Stockholders’ Equity and Non-Controlling Interests The Company’s authorized capital stock consists of 100,000,000 shares of preferred stock, $0.01 par value per share, and 500,000,000 shares of common stock, $0.01 par value per share. We issued common stock in a public offering as follows during the year ended December 31, 2021: Shares issued Price Proceeds Issuance date (in thousands) per share (in thousands) 12/10/2021 16,000 $ 24.57 $ 393,120 In May 2014, we established the Starwood Property Trust, Inc. Dividend Reinvestment and Direct Stock Purchase Plan (the “DRIP Plan”), which provides stockholders with a means of purchasing additional shares of our common stock by reinvesting the cash dividends paid on our common stock and by making additional optional cash purchases. Shares of our common stock purchased under the DRIP Plan will either be issued directly by the Company or purchased in the open market by the plan administrator. The Company may issue up to 11.0 million shares of common stock under the DRIP Plan. During the years ended December 31, 2021, 2020 and 2019, shares issued under the DRIP Plan were not material. In May 2014, we entered into an amended and restated At-The-Market Equity Offering Sales Agreement (the “ATM Agreement”) with Merrill Lynch, Pierce, Fenner & Smith Incorporated to sell shares of the Company’s common stock of up to $500.0 million from time to time, through an “at the market” equity offering program. Sales of shares under the ATM Agreement are made by means of ordinary brokers’ transactions on the NYSE or otherwise at market prices prevailing at the time of sale or at negotiated prices. During the years ended December 31, 2021, 2020 and 2019, there were no shares issued under the ATM Agreement. During the year ended December 31, 2019, we issued 3.6 million shares in connection with the settlement of $78.0 million of our 4.00% Convertible Senior Notes due 2019. Refer to Note 12 for further discussion. During the year ended December 31, 2020, we repurchased 2,268,551 shares of common stock for $33.8 million under a previous common stock and Convertible Note repurchase program authorized by our board of directors, which expired in February 2021. Our board of directors declared the following dividends during the years ended December 31, 2021, 2020 and 2019: Declaration Date Record Date Ex-Dividend Date Payment Date Amount Frequency 12/15/21 12/31/21 12/30/21 1/14/22 $ 0.48 Quarterly 9/15/21 9/30/21 9/29/21 10/15/21 0.48 Quarterly 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 12/9/20 12/31/20 12/30/20 1/15/21 0.48 Quarterly 9/16/20 9/30/20 9/29/20 10/15/20 0.48 Quarterly 6/16/20 6/30/20 6/29/20 7/15/20 0.48 Quarterly 2/25/20 3/31/20 3/30/20 4/15/20 0.48 Quarterly 11/18/19 12/31/19 12/30/19 1/15/20 0.48 Quarterly 8/7/19 9/30/19 9/27/19 10/15/19 0.48 Quarterly 5/8/19 6/28/19 6/27/19 7/15/19 0.48 Quarterly 2/28/19 3/29/19 3/28/19 4/15/19 0.48 Quarterly Equity Incentive Plans In May 2017, the Company’s shareholders approved the 2017 Manager Equity Plan and the Starwood Property Trust, Inc. 2017 Equity Plan (the “2017 Equity Plan”), which allow for the issuance of up to 11,000,000 stock options, stock appreciation rights, RSAs, RSUs or other equity-based awards or any combination thereof to the Manager, directors, employees, consultants or any other party providing services to the Company. The 2017 Manager Equity Plan succeeds and replaces the Manager Equity Plan and the 2017 Equity Plan succeeds and replaces the Starwood Property Trust, Inc. Equity Plan (the “Equity Plan”) and the Starwood Property Trust, Inc. Non-Executive Director Stock Plan (the “Non-Executive Director Stock Plan”). As of December 31, 2021, 3,132,625 share awards were available to be issued under either the 2017 Manager Equity Plan or the 2017 Equity Plan, determined on a combined basis. To date, we have only granted RSAs and RSUs under the equity incentive plans. The holders of awards of RSAs or RSUs are entitled to receive dividends or “distribution equivalents” beginning on either the award’s effective date or vest date, depending on the terms of the award. The table below summarizes our share awards granted or vested under the Manager Equity Plan and the 2017 Manager Equity Plan during the years ended December 31, 2021, 2020 and 2019 (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. During the years ended December 31, 2021, 2020 and 2019, we granted 1,708,935, 1,014,753, and 520,236 RSAs, respectively, under the 2017 Equity Plan to a select group of eligible participants which includes our employees, directors and employees of our Manager who perform services for us. The awards were granted based on the market price of the Company’s common stock on the respective grant date and generally vest over a three-year period. Expenses related to the vesting of these awards are reflected in general and administrative expenses in our consolidated statements of operations. No RSUs were granted under the 2017 Equity Plan during the years ended December 31, 2021, 2020 and 2019. The following shares of common stock were issued, without restriction, to our Manager as part of the incentive and base management compensation due under the Management Agreement during the years ended December 31, 2021, 2020 and 2019: Timing of Issuance Shares of Common Stock Issued Price per share November 2021 18,649 $ 26.08 August 2021 97,151 25.79 May 2021 267,378 24.54 February 2021 332,002 22.55 May 2020 2,065,322 (1) February 2020 355,910 25.51 November 2019 38,942 24.08 March 2019 495,363 22.16 __________________________________________ (1) 1,422,143 shares of common stock were issued with a share price of $13.42 relating to the first quarter base management fee. 643,179 shares of common stock were issued with a share price of $12.25 relating to the first quarter incentive fee. The following table summarizes our share-based compensation expenses during the years ended December 31, 2021, 2020 and 2019 (in thousands): For the Year Ended December 31, 2021 2020 2019 Management fees: Manager incentive fee $ 35,135 $ 15,405 $ 10,082 Base management fee — 19,088 — 2017 Manager Equity Plan (1) 19,448 17,987 20,255 54,583 52,480 30,337 General and administrative: 2017 Equity Plan (1) 19,838 13,254 15,900 19,838 13,254 15,900 Total share-based compensation expense (2) $ 74,421 $ 65,734 $ 46,237 __________________________________________ (1) Share-based compensation expense relating to the Manager Equity Plan is reflected within the 2017 Manager Equity Plan. Share-based compensation expense relating to the Non-Executive Director Stock Plan and the Equity Plan are reflected within the 2017 Equity Plan. (2) The income tax benefit associated with the share-based compensation expense for the years ended December 31, 2021, 2020 and 2019 was immaterial. Schedule of Non-Vested Shares and Share Equivalents (1) 2017 2017 Total Weighted Average Balance as of January 1, 2021 1,594,605 2,286,896 3,881,501 $ 17.26 Granted 1,708,935 — 1,708,935 22.14 Vested (764,781) (991,619) (1,756,400) 18.44 Forfeited (132,029) — (132,029) 18.99 Balance as of December 31, 2021 2,406,730 1,295,277 3,702,007 18.90 __________________________________________ (1) Equity-based award activity for awards granted under the Equity Plan and Non-Executive Director Stock Plan is reflected within the 2017 Equity Plan column, and for awards granted under the Manager Equity Plan, within the 2017 Manager Equity Plan column. The weighted average grant date fair value per share of grants during the years ended December 31, 2021, 2020 and 2019 was $22.14, $14.64 and $24.01, respectively. Vesting Schedule 2017 Equity 2017 Manager Plan Equity Plan Total 2022 646,771 845,277 1,492,048 2023 451,679 450,000 901,679 2024 1,308,280 — 1,308,280 Total 2,406,730 1,295,277 3,702,007 As of December 31, 2021, there was approximately $53.5 million of total unrecognized compensation costs related to unvested share-based compensation arrangements which are expected to be recognized over a weighted average period of 1.7 years. The total fair value of shares vested during the years ended December 31, 2021, 2020 and 2019 were $32.4 million, $35.7 million and $33.2 million, respectively, as of the respective vesting dates. Non-Controlling Interests in Consolidated Subsidiaries As discussed in Note 2, on November 5, 2021 we sold a 20.6% non-controlling interest in the Woodstar Fund to third party investors for net cash proceeds of $214.2 million. Under the Woodstar Fund operating agreement, such interests are contingently redeemable by us, at the option of the interest holder, for cash at liquidation fair value if any assets remain upon termination of the Woodstar Fund. The Woodstar Fund operating agreement specifies an eight-year term with two one-year extension options, the first at our option and the second subject to consent of an advisory committee representing the non-controlling interest holders. Accordingly, these contingently redeemable non-controlling interests have been classified as “Temporary Equity” in our consolidated balance sheet as of December 31, 2021 and represent the fair value of the Woodstar Fund’s net assets allocable to those interests. During the period from November 5, 2021 through December 31, 2021, net income attributable to these non-controlling interests was $0.7 million. In connection with our Woodstar II Portfolio acquisitions, we issued 10.2 million Class A Units in our subsidiary, SPT Dolphin, and rights to receive an additional 1.9 million Class A Units if certain contingent events occur. During the years ended December 31, 2020 and 2019, we issued 0.1 million and 0.1 million, respectively, of the total 1.9 million contingent Class A Units to the contributors. As of December 31, 2021, all of the 1.9 million contingent Class A Units were issued. The Class A Units are redeemable for consideration equal to the current share price of the Company’s common stock on a one-for-one basis, with the consideration paid in either cash or the Company’s common stock, at the determination of the Company. During the year ended December 31, 2021, redemptions of 0.9 million of the Class A Units were received and settled in common stock, leaving 9.8 million Class A Units outstanding as of December 31, 2021. During the year ended December 31, 2020, redemptions of 0.5 million of the Class A Units were received, of which 0.4 million were settled in common stock and 0.1 million were settled for $1.3 million in cash. During the year ended December 31, 2019, redemptions of 1.0 million of the Class A Units were received and settled in common stock. The outstanding Class A Units are reflected as non-controlling interests in consolidated subsidiaries on our consolidated balance sheets, the balance of which was $208.5 million and $226.7 million as of December 31, 2021 and 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 consolidated statements of operations. During the years ended December 31, 2021, 2020 and 2019, we recognized net income attributable to non-controlling interests of $19.4 million, $20.4 million and $21.6 million, respectively, associated with these Class A Units. As discussed in Note 16, we hold a 51% controlling interest in the CMBS JV within our Investing and Servicing Segment. In connection with the formation of this venture in December 2019, we sold assets totaling $333.0 million to the CMBS JV, including $318.3 million of CMBS, $13.3 million of interests in various existing CMBS joint ventures, and $1.4 million of related interest receivables. We obtained a 51% interest in the venture for cash consideration of $169.8 million, and our joint venture partner obtained a 49% interest for $163.2 million. The $13.3 million of joint venture interests that we contributed into the CMBS JV relate to joint ventures which we consolidate. The CMBS within these ventures carried a fair value of $24.5 million at the time of sale and related non-controlling interests of $11.2 million.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table provides a reconciliation of net income and the number of shares of common stock used in the computation of basic EPS and diluted EPS (amounts in thousands, except per share amounts): For the Year Ended December 31, 2021 2020 2019 Basic Earnings Income attributable to STWD common stockholders $ 447,739 $ 331,689 $ 509,664 Less: Income attributable to participating shares not already deducted as non-controlling interests (6,808) (5,216) (3,873) Basic earnings $ 440,931 $ 326,473 $ 505,791 Diluted Earnings Income attributable to STWD common stockholders $ 447,739 $ 331,689 $ 509,664 Less: Income attributable to participating shares not already deducted as non-controlling interests (6,808) (5,216) (3,873) Add: Interest expense on Convertible Notes 11,619 * 12,354 Diluted earnings $ 452,550 $ 326,473 $ 518,145 Number of Shares: Basic — Average shares outstanding 285,942 281,978 279,337 Effect of dilutive securities — Convertible Notes 9,649 * 9,805 Effect of dilutive securities — Contingently issuable shares 1,037 383 360 Effect of dilutive securities — Unvested non-participating shares 198 122 210 Diluted — Average shares outstanding 296,826 282,483 289,712 Earnings Per Share Attributable to STWD Common Stockholders: Basic $ 1.54 $ 1.16 $ 1.81 Diluted $ 1.52 $ 1.16 $ 1.79 ______________________________________________________________________________________________________________________ * Our Convertible Notes were not dilutive for the year ended December 31, 2020. As of December 31, 2021, 2020 and 2019, participating shares of 13.0 million, 14.4 million and 13.3 million, respectively, were excluded from the computation of diluted shares as their effect was already considered under the more dilutive two-class method used above. Such participating shares at December 31, 2021, 2020 and 2019 included 9.8 million, 10.6 million and 11.0 million potential shares, respectively, of our common stock issuable upon redemption of the Class A Units in SPT Dolphin, as discussed in Note 18.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 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 Balance at January 1, 2019 $ 53,515 $ 5,145 $ 58,660 OCI before reclassifications (2,460) (3,665) (6,125) Amounts reclassified from AOCI (59) (1,544) (1,603) Net period OCI (2,519) (5,209) (7,728) Balance at December 31, 2019 50,996 (64) 50,932 OCI before reclassifications (6,939) — (6,939) Amounts reclassified from AOCI — — — Net period OCI (6,939) — (6,939) Balance at December 31, 2020 44,057 (64) 43,993 OCI before reclassifications (3,101) — (3,101) Amounts reclassified from AOCI (3) 64 61 Net period OCI (3,104) 64 (3,040) Balance at December 31, 2021 $ 40,953 $ — $ 40,953 The reclassifications out of AOCI impacted the consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019 as follows (amounts in thousands): Amounts Reclassified from AOCI during the Year Affected Line Item Ended December 31, in the Statements Details about AOCI Components 2021 2020 2019 of Operations Unrealized gains on available-for-sale securities: Interest realized upon collection $ 3 $ — $ 59 Interest income from investment securities Foreign currency translation: Foreign currency (adjustment) gain from business dispositions (64) — 1,544 Gain on sale of investments and other assets, net Total reclassifications for the period $ (61) $ — $ 1,603

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 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. Woodstar Fund Investments The fair value of investments held by the Woodstar Fund is determined based on observable and unobservable market inputs. The initial fair value of the Woodstar Fund's investments at its November 5, 2021 establishment date was determined by reference to the purchase price paid by third party investors, which was consistent with both a recent external appraisal as well as our extensive marketing efforts to sell interests in the Woodstar Fund, plus working capital. For the properties, the third party appraisal applied the income capitalization approach with corroborative support from the sales comparison approach. The cost approach is not employed, as it is typically not emphasized by potential investors in the multifamily affordable housing sector. The income capitalization approach estimates an income stream for a property over a 10-year period and discounts this income plus a reversion (presumed sale) into a present value at a risk adjusted discount rate. Terminal capitalization rates and discount rates utilized in this approach are derived from market transactions as well as other financial and industry data. For secured financing, the third party appraisal discounted the contractual cash flows at the interest rate at which such arrangements would bear if executed in the current market. The fair value of investment level working capital is assumed to approximate carrying value due to its primarily short-term monetary nature. The fair value of interest rate derivatives is determined using the methodology described in the Derivatives discussion below. Given the significance of the unobservable inputs used in the respective valuations, the Woodstar Fund’s investments have been classified within Level III of the fair value hierarchy. 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 December 31, 2021 and 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, CLOs and SASB The fair value of the secured financing agreements, CLOs and SASB 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 consolidated balance sheets by their level in the fair value hierarchy as of December 31, 2021 and 2020 (amounts in thousands): December 31, 2021 Total Level I Level II Level III Financial Assets: Loans under fair value option $ 2,936,025 $ — $ — $ 2,936,025 RMBS 143,980 — — 143,980 CMBS 22,244 — — 22,244 Equity security 11,624 11,624 — — Woodstar Fund investments 1,040,309 — — 1,040,309 Domestic servicing rights 16,780 — — 16,780 Derivative assets 48,216 — 48,216 — VIE assets 61,280,543 — — 61,280,543 Total $ 65,499,721 $ 11,624 $ 48,216 $ 65,439,881 Financial Liabilities: Derivative liabilities $ 13,421 $ — $ 13,421 $ — VIE liabilities 59,752,922 — 54,972,701 4,780,221 Total $ 59,766,343 $ — $ 54,986,122 $ 4,780,221 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 years ended December 31, 2021 and 2020 (amounts in thousands): Loans at RMBS CMBS Woodstar Fund Investments 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 133,124 — 6,991 — (3,715) (2,405,599) 128,747 (2,140,452) Net accretion — 10,712 — — — — — 10,712 Included in OCI — (6,939) — — — — — (6,939) Purchases / Originations 2,304,924 — — — — — — 2,304,924 Sales (2,802,722) — (7,940) — — — — (2,810,662) Issuances — — — — — — (29,927) (29,927) Cash repayments / receipts (225,155) (26,000) (4,829) — — — (9,901) (265,885) Transfers into Level III — — — — — — (1,393,905) (1,393,905) Transfers out of Level III — — — — — — 1,902,944 1,902,944 Transfers within Level III 176,614 — (176,614) — Consolidation of VIEs — — — — — 4,665,636 (101,690) 4,563,946 Deconsolidation of VIEs — — 227 — — (32,270) 21,248 (10,795) December 31, 2020 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 69,050 — (894) 402 3,578 (6,830,193) 1,066,130 (5,691,927) Net accretion — 10,457 — — — — — 10,457 Included in OCI — (3,104) — — — — — (3,104) Purchases / Originations 5,351,019 — — — — — — 5,351,019 Sales (3,831,712) — — — — — — (3,831,712) Issuances — — — — — — (38,715) (38,715) Cash repayments / receipts (207,043) (30,722) (2,003) — — — (5,728) (245,496) Transfers into Level III 7,241 — — 1,039,907 — — (3,058,607) (2,011,459) Transfers out of Level III — — — — — — 1,152,827 1,152,827 Transfers within Level III 524,491 — — — — (524,491) — — Consolidation of VIEs — — — — — 5,332,754 (1,911,702) 3,421,052 Deconsolidation of VIEs — — 5,684 — — (935,855) 35,450 (894,721) December 31, 2021 balance $ 2,936,025 $ 143,980 $ 22,244 $ 1,040,309 $ 16,780 $ 61,280,543 $ (4,780,221) $ 60,659,660 Amount of unrealized gains (losses) attributable to assets still held at December 31, 2021: Included in earnings $ (8,036) $ 10,412 $ 306 $ 402 $ 3,578 $ (6,830,193) $ 1,066,130 $ (5,757,401) Included in OCI — (3,066) — — — — — $ (3,066) Amount of unrealized gains (losses) attributable to assets still held at December 31, 2020: Included in earnings 26,041 10,712 1,127 — (3,715) (2,327,393) 128,747 (2,164,481) Included in OCI — (6,939) — — — — — (6,939) 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 consolidated balance sheets (amounts in thousands): December 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Financial assets not carried at fair value: Loans held-for-investment and loans held-for-sale $ 15,477,624 $ 15,526,235 $ 11,116,929 $ 11,107,316 HTM debt securities 683,136 656,864 538,605 515,253 Financial liabilities not carried at fair value: Secured financing agreements, CLOs and SASB $ 15,192,966 $ 15,266,440 $ 11,076,744 $ 11,108,364 Unsecured senior notes 1,828,590 1,893,065 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 December 31, 2021 Valuation Unobservable Range (Weighted Average) as of (1) December 31, 2021 December 31, 2020 Loans under fair value option $ 2,936,025 Discounted cash flow, market pricing Coupon (d) 2.6% - 9.2% (4.2%) 3.3% - 9.7% (5.9%) Remaining contractual term (d) 6.3 - 39.9 years - (27.4 years) 7.3 - 39.3 years (26.3 years) FICO score (a) 582 - 829 (748) 519 - 823 (727) LTV (b) 1% - 94% (66%) 5% - 94% (68%) Purchase price (d) 80.0% - 108.6% (102.3%) 84.4% - 104.8% (99.8%) RMBS 143,980 Discounted cash flow Constant prepayment rate (a) 4.8% - 19.2% (9.9%) 3.6% - 19.4% (7.6%) Constant default rate (b) 0.8% - 6.0% (2.1%) 0.7% - 5.4% (2.4%) Loss severity (b) 0% - 86% (26%) (f) 0% - 85% (20%) (f) Delinquency rate (c) 10% - 35% (19%) 10% - 32% (19%) Servicer advances (a) 19% - 83% (52%) 23% - 82% (54%) Annual coupon deterioration (b) 0% - 1.7% (0.1%) 0% - 0.9% (0.1%) Putback amount per projected total collateral loss (e) 0% - 8% (0.5%) 0% - 17% (0.8%) CMBS 22,244 Discounted cash flow Yield (b) 0% - 613.6% (9.3%) 0% - 536.6% (7.1%) Duration (c) 0 - 7.2 years (5.2 years) 0 - 7.6 years (5.3 years) Woodstar Fund investments 1,040,309 Discounted cash flow Discount rate - properties (b) 5.8% - 6.3% (6.0%) N/A Discount rate - debt (a) 2.6% - 3.3% (2.9%) N/A Terminal capitalization rate (b) 4.8% - 5.3% (4.9%) N/A Domestic servicing rights 16,780 Discounted cash flow Debt yield (a) 7.30% (7.30%) 7.50% (7.50%) Discount rate (b) 15% (15%) 15% (15%) VIE assets 61,280,543 Discounted cash flow Yield (b) 0% - 615.3% (13.0%) 0% - 312.2% (14.3%) Duration (c) 0 - 11.0 years (3.2 years) 0 - 16.3 years (3.8 years) VIE liabilities 4,780,221 Discounted cash flow Yield (b) 0% - 615.3% (6.4%) 0% - 312.2% (14.4%) Duration (c) 0 - 11.0 years (2.3 years) 0 - 10.8 years (3.8 years) ______________________________________________________________________________________________________________________ (1) Unobservable inputs were weighted by the relative carrying value of the instruments as of December 31, 2021 and 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) 18% and 23% of the portfolio falls within a range of 45% - 80% as of December 31, 2021 and 2020, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 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 December 31, 2021 and 2020, approximately $3.2 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. Our income tax provision consisted of the following for the years ended December 31, 2021, 2020 and 2019 (in thousands): For the Year Ended December 31, 2021 2020 2019 Current Federal $ 142 $ 5,690 $ 4,917 State (80) 3,201 3,182 Foreign (392) 195 977 Total current (330) 9,086 9,076 Deferred Federal 6,893 8,213 3,869 State 2,106 2,898 287 Total deferred 8,999 11,111 4,156 Total income tax provision $ 8,669 $ 20,197 $ 13,232 Deferred income taxes in our U.S. tax jurisdiction reflect the net tax effects of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table presents the tax effects of temporary differences on net deferred tax (liabilities)/assets which are classified in our consolidated balance sheets within accounts payable, accrued expenses and other liabilities at December 31, 2021 and other assets at December 31, 2020 (in thousands): December 31, 2021 2020 Deferred tax (liabilities)/asset, net Reserves and accruals $ 3,155 $ 4,571 Domestic intangible assets (9,652) (1,672) Lease assets — (310) Lease liabilities — 579 Investments in unconsolidated entities (1,515) (1,236) Net operating and other carryforwards 1,908 974 Other U.S. temporary differences 14 2 Net deferred tax (liabilities)/assets $ (6,090) $ 2,908 Unrecognized tax benefits were not material as of and during the years ended December 31, 2021 and 2020. The Company’s tax returns are no longer subject to audit for years ended prior to January 1, 2018. The Company had pre-tax income from foreign operations of $0.9 million during the year ended December 31, 2019. There was no pre-tax income from foreign operations during the years ended December 31, 2021 and 2020. The following table is a reconciliation of our U.S. federal income tax provision determined using our statutory federal tax rate to our reported income tax provision for the years ended December 31, 2021, 2020 and 2019 (dollars in thousands): For the Year Ended December 31, 2021 2020 2019 Federal statutory tax rate $ 105,230 21.0 % $ 81,118 21.0 % $ 115,535 21.0 % REIT and other non-taxable income (92,121) (18.4) % (58,265) (15.1) % (106,301) (19.3) % State income taxes 4,307 0.9 % 7,509 1.9 % 3,034 0.5 % Federal benefit of state tax deduction (905) (0.2) % (1,577) (0.4) % (637) (0.1) % Net operating loss carryback rate differential — — % (3,387) (0.9) % — — % Intra-entity transfers (6,635) (1.3) % (5,385) (1.4) % — — % Other (1,207) (0.3) % 184 0.1 % 1,601 0.3 % Effective tax rate $ 8,669 1.7 % $ 20,197 5.2 % $ 13,232 2.4 % There were no valuation allowances during the years ended December 31, 2021, 2020 and 2019. 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 has carried 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.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of December 31, 2021, our Commercial and Residential Lending Segment had future commercial loan funding commitments totaling $2.8 billion, of which we expect to fund $2.2 billion. These future funding commitments primarily relate to construction projects, capital improvements, tenant improvements and leasing commissions. Additionally, as of December 31, 2021, our Commercial and Residential Lending Segment had outstanding residential loan purchase commitments of $1.3 billion. As of December 31, 2021, our Infrastructure Lending Segment had future infrastructure loan funding commitments totaling $147.0 million, including $131.6 million under revolvers and letters of credit (“LCs”), and $15.4 million under delayed draw term loans. As of December 31, 2021, $11.2 million of revolvers and LCs were outstanding. Additionally, as of December 31, 2021, our Infrastructure Lending Segment had outstanding loan purchase commitments of $56.4 million. In connection with the Infrastructure Lending Segment acquisition, we assumed guarantees of certain borrowers’ performance under existing interest rate swaps. As of December 31, 2021, we had four outstanding guarantees on interest rate swaps maturing between August 2022 and June 2025. Refer to Note 14 for further discussion. Generally, funding commitments are subject to certain conditions that must be met, such as customary construction draw certifications, minimum debt service coverage ratios or executions of new leases before advances are made to the borrower. Management is not aware of any other contractual obligations, legal proceedings, or any other contingent obligations incurred in the normal course of business that would have a material adverse effect on our consolidated financial statements. Lease Commitment Disclosures Our lease commitments consist of corporate office leases and ground leases for investment properties, all of which are classified as operating leases. We sublease some of the space within our corporate offices to third parties. The following lease commitment disclosures do not include leases which have not yet commenced as of December 31, 2021, such as the new Miami Beach office lease agreement discussed in Note 17. Our lease costs and sublease income were as follows (in thousands): For the Year Ended December 31, 2021 2020 2019 Operating lease costs $ 4,100 $ 5,571 $ 5,634 Short-term lease costs 2,227 42 $ 115 Sublease income (766) (1,509) $ (1,613) Total lease cost $ 5,560 $ 4,104 $ 4,136 Information concerning our operating lease liabilities, which are classified within accounts payable, accrued expenses and other liabilities in our consolidated balance sheets as of December 31, 2021 and 2020, is as follows (dollars in thousands): For the Year Ended December 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities —operating $ 1,274 $ 6,268 December 31, 2021 December 31, 2020 Weighted-average remaining lease term 7.0 years 7.0 years Weighted-average discount rate 4.0% 4.1% Future maturity of operating lease liabilities: 2022 $ 1,605 2023 1,624 2024 1,643 2025 1,713 2026 1,559 Thereafter 3,085 Total 11,227 Less interest component (1,466) Operating lease liability $ 9,761

Segment and Geographic Data

Segment and Geographic Data	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment and Geographic Data	Segment and Geographic 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 year ended December 31, 2021 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 705,499 $ 85,057 $ — $ 9,735 $ — $ 800,291 $ — $ 800,291 Interest income from investment securities 67,589 2,190 — 96,771 — 166,550 (121,382) 45,168 Servicing fees 453 — — 58,896 — 59,349 (20,610) 38,739 Rental income 5,486 — 234,840 38,505 — 278,831 — 278,831 Other revenues 294 293 198 6,278 — 7,063 (4) 7,059 Total revenues 779,321 87,540 235,038 210,185 — 1,312,084 (141,996) 1,170,088 Costs and expenses: Management fees 948 — — (793) 167,594 167,749 24 167,773 Interest expense 206,353 37,671 59,970 22,543 119,402 445,939 (852) 445,087 General and administrative 42,000 14,557 8,067 88,879 17,472 170,975 327 171,302 Acquisition and investment pursuit costs 893 250 (60) 101 — 1,184 — 1,184 Costs of rental operations 1,769 — 92,190 17,708 — 111,667 — 111,667 Depreciation and amortization 1,243 402 65,833 15,523 — 83,001 — 83,001 Credit loss (reversal) provision, net (3,560) 11,895 — — — 8,335 — 8,335 Other expense 31 — 583 94 — 708 — 708 Total costs and expenses 249,677 64,775 226,583 144,055 304,468 989,558 (501) 989,057 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 162,333 162,333 Change in fair value of servicing rights — — — 4,319 — 4,319 (741) 3,578 Change in fair value of investment securities, net (8,277) — — 28,221 — 19,944 (20,331) (387) Change in fair value of mortgage loans, net 13,836 — — 55,214 — 69,050 — 69,050 Income from affordable housing fund investments — — 6,425 — — 6,425 — 6,425 Earnings (loss) from unconsolidated entities 6,984 1,160 — 815 — 8,959 (207) 8,752 Gain on sale of investments and other assets, net 16,584 189 — 22,211 — 38,984 — 38,984 Gain (loss) on derivative financial instruments, net 73,209 1,253 10,155 8,288 (10,542) 82,363 — 82,363 Foreign currency loss, net (36,045) (183) — (64) — (36,292) — (36,292) Loss on extinguishment of debt (289) (1,264) (5,281) (113) (481) (7,428) — (7,428) Other (loss) income, net (7,407) 23 — 70 — (7,314) — (7,314) Total other income (loss) 58,595 1,178 11,299 118,961 (11,023) 179,010 141,054 320,064 Income (loss) before income taxes 588,239 23,943 19,754 185,091 (315,491) 501,536 (441) 501,095 Income tax (provision) benefit (1,201) 306 — (7,775) 1 (8,669) — (8,669) Net income (loss) 587,038 24,249 19,754 177,316 (315,490) 492,867 (441) 492,426 Net (income) loss attributable to non-controlling interests (14) — (20,121) (24,993) — (45,128) 441 (44,687) Net income (loss) attributable to Starwood Property Trust, Inc . $ 587,024 $ 24,249 $ (367) $ 152,323 $ (315,490) $ 447,739 $ — $ 447,739 The table below presents our results of operations for the year ended December 31, 2020 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 665,503 $ 77,851 $ — $ 8,589 $ — $ 751,943 $ — $ 751,943 Interest income from investment securities 78,490 2,637 — 93,823 — 174,950 (120,538) 54,412 Servicing fees 549 — — 41,806 — 42,355 (12,721) 29,634 Rental income 4,706 — 255,452 37,670 — 297,828 — 297,828 Other revenues 412 499 293 1,139 — 2,343 (5) 2,338 Total revenues 749,660 80,987 255,745 183,027 — 1,269,419 (133,264) 1,136,155 Costs and expenses: Management fees 796 — — 901 125,372 127,069 58 127,127 Interest expense 176,230 40,913 65,390 24,303 113,313 420,149 (386) 419,763 General and administrative 41,972 15,673 4,542 80,039 15,312 157,538 336 157,874 Acquisition and investment pursuit costs 2,406 1,183 12 (29) — 3,572 — 3,572 Costs of rental operations 3,186 — 97,136 17,354 — 117,676 — 117,676 Depreciation and amortization 1,708 342 76,246 16,109 — 94,405 — 94,405 Credit loss provision (reversal), net 47,256 (4,103) — — — 43,153 — 43,153 Other expense 307 — 531 — — 838 — 838 Total costs and expenses 273,861 54,008 243,857 138,677 253,997 964,400 8 964,408 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 78,258 78,258 Change in fair value of servicing rights — — — 11,415 — 11,415 (15,130) (3,715) Change in fair value of investment securities, net (15,108) — — (51,403) — (66,511) 71,904 5,393 Change in fair value of mortgage loans, net 76,897 — — 56,227 — 133,124 — 133,124 Earnings (loss) from unconsolidated entities 8,779 (767) — 30,845 — 38,857 (1,540) 37,317 (Loss) gain on sale of investments and other assets, net (961) 306 — 7,965 — 7,310 — 7,310 (Loss) gain on derivative financial instruments, net (58,664) (1,499) (34,392) (21,269) 33,646 (82,178) — (82,178) Foreign currency gain (loss), net 42,205 207 (14) (3) — 42,395 — 42,395 Loss on extinguishment of debt (22) (959) (2,185) — (488) (3,654) — (3,654) Other (loss) income, net — — (166) 447 — 281 — 281 Total other income (loss) 53,126 (2,712) (36,757) 34,224 33,158 81,039 133,492 214,531 Income (loss) before income taxes 528,925 24,267 (24,869) 78,574 (220,839) 386,058 220 386,278 Income tax (provision) benefit (21,091) (117) — 1,011 — (20,197) — (20,197) Net income (loss) 507,834 24,150 (24,869) 79,585 (220,839) 365,861 220 366,081 Net income attributable to non-controlling interests (14) — (20,394) (13,764) — (34,172) (220) (34,392) Net income (loss) attributable to Starwood Property Trust, Inc . $ 507,820 $ 24,150 $ (45,263) $ 65,821 $ (220,839) $ 331,689 $ — $ 331,689 The table below presents our results of operations for the year ended December 31, 2019 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 610,316 $ 99,580 $ — $ 14,117 $ — $ 724,013 $ — $ 724,013 Interest income from investment securities 81,255 6,318 — 117,663 — 205,236 (128,607) 76,629 Servicing fees 423 — — 69,962 — 70,385 (16,089) 54,296 Rental income — — 287,094 50,872 — 337,966 — 337,966 Other revenues 1,038 751 409 1,317 26 3,541 (26) 3,515 Total revenues 693,032 106,649 287,503 253,931 26 1,341,141 (144,722) 1,196,419 Costs and expenses: Management fees 1,495 — — 72 117,404 118,971 161 119,132 Interest expense 222,118 62,836 76,838 33,621 113,964 509,377 (648) 508,729 General and administrative 29,481 18,260 6,232 87,115 13,681 154,769 343 155,112 Acquisition and investment pursuit costs 1,351 75 217 (587) — 1,056 — 1,056 Costs of rental operations 2,691 — 95,370 24,921 — 122,982 — 122,982 Depreciation and amortization 1,091 83 92,561 19,587 — 113,322 — 113,322 Credit loss provision, net 2,616 4,510 — — — 7,126 — 7,126 Other expense 307 — 1,693 365 — 2,365 — 2,365 Total costs and expenses 261,150 85,764 272,911 165,094 245,049 1,029,968 (144) 1,029,824 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 236,309 236,309 Change in fair value of servicing rights — — — (1,468) — (1,468) (2,172) (3,640) Change in fair value of investment securities, net (1,084) — — 89,206 — 88,122 (87,289) 833 Change in fair value of mortgage loans, net 10,462 — — 61,139 — 71,601 — 71,601 Earnings (loss) from unconsolidated entities 10,649 — (114,362) 4,166 — (99,547) (1,807) (101,354) Gain on sale of investments and other assets, net 4,619 3,041 119,746 60,622 — 188,028 — 188,028 (Loss) gain on derivative financial instruments, net (20,325) (3,349) (1,284) (7,414) 26,062 (6,310) — (6,310) Foreign currency gain (loss), net 17,342 205 37 (2) — 17,582 — 17,582 Loss on extinguishment of debt (857) (11,357) (4,745) (845) (1,466) (19,270) — (19,270) Other (loss) income, net — (50) (100) 16 (73) (207) — (207) Total other income (loss) 20,806 (11,510) (708) 205,420 24,523 238,531 145,041 383,572 Income (loss) before income taxes 452,688 9,375 13,884 294,257 (220,500) 549,704 463 550,167 Income tax (provision) benefit (4,818) 89 (393) (8,110) — (13,232) — (13,232) Net income (loss) 447,870 9,464 13,491 286,147 (220,500) 536,472 463 536,935 Net income attributable to non-controlling interests (392) — (21,630) (4,786) — (26,808) (463) (27,271) Net income (loss) attributable to Starwood Property Trust, Inc . $ 447,478 $ 9,464 $ (8,139) $ 281,361 $ (220,500) $ 509,664 $ — $ 509,664 The table below presents our consolidated balance sheet as of December 31, 2021 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Assets: Cash and cash equivalents $ 65,064 $ 17,011 $ 14,136 $ 26,700 $ 93,861 $ 216,772 $ 590 $ 217,362 Restricted cash 39,853 43,408 954 20,337 — 104,552 — 104,552 Loans held-for-investment, net 13,499,520 2,027,426 — 9,903 — 15,536,849 — 15,536,849 Loans held-for-sale 2,590,005 — — 286,795 — 2,876,800 — 2,876,800 Investment securities 1,155,452 31,923 — 1,165,395 — 2,352,770 (1,491,786) 860,984 Properties, net 124,503 — 887,553 154,331 — 1,166,387 — 1,166,387 Investments of consolidated affordable housing fund — — 1,040,309 — — 1,040,309 — 1,040,309 Investments in unconsolidated entities 44,938 26,255 — 34,160 — 105,353 (15,256) 90,097 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Intangible assets — — 34,619 71,064 — 105,683 (42,119) 63,564 Derivative assets 34,265 128 8 391 13,424 48,216 — 48,216 Accrued interest receivable 106,251 3,207 — 947 5,988 116,393 (131) 116,262 Other assets 68,908 14,265 43,420 40,395 21,800 188,788 (162) 188,626 VIE assets, at fair value — — — — — — 61,280,543 61,280,543 Total Assets $ 17,728,759 $ 2,283,032 $ 2,020,999 $ 1,950,855 $ 135,073 $ 24,118,718 $ 59,731,679 $ 83,850,397 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 57,267 $ 8,917 $ 14,757 $ 58,920 $ 49,779 $ 189,640 $ 56 $ 189,696 Related-party payable — — — — 76,371 76,371 — 76,371 Dividends payable — — — — 147,624 147,624 — 147,624 Derivative liabilities 12,870 260 — 291 — 13,421 — 13,421 Secured financing agreements, net 9,097,985 1,225,548 787,396 714,237 773,244 12,598,410 (21,560) 12,576,850 Collateralized loan obligations and single asset securitization, net 2,210,798 405,318 — — — 2,616,116 — 2,616,116 Unsecured senior notes, net — — — — 1,828,590 1,828,590 — 1,828,590 VIE liabilities, at fair value — — — — — — 59,752,922 59,752,922 Total Liabilities 11,378,920 1,640,043 802,153 773,448 2,875,608 17,470,172 59,731,418 77,201,590 Temporary Equity: Redeemable non-controlling interests — — 214,915 — — 214,915 — 214,915 Permanent Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 3,123 3,123 — 3,123 Additional paid-in capital 1,735,397 600,412 (365,922) (388,196) 4,091,685 5,673,376 — 5,673,376 Treasury stock — — — — (138,022) (138,022) — (138,022) Accumulated other comprehensive income 40,953 — — — — 40,953 — 40,953 Retained earnings (accumulated deficit) 4,573,374 42,577 1,161,334 1,413,142 (6,697,321) 493,106 — 493,106 Total Starwood Property Trust, Inc. Stockholders’ Equity 6,349,724 642,989 795,412 1,024,946 (2,740,535) 6,072,536 — 6,072,536 Non-controlling interests in consolidated subsidiaries 115 — 208,519 152,461 — 361,095 261 361,356 Total Permanent Equity 6,349,839 642,989 1,003,931 1,177,407 (2,740,535) 6,433,631 261 6,433,892 Total Liabilities and Equity $ 17,728,759 $ 2,283,032 $ 2,020,999 $ 1,950,855 $ 135,073 $ 24,118,718 $ 59,731,679 $ 83,850,397 The table below presents our 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 Investments in unconsolidated entities 54,407 25,095 — 44,664 — 124,166 (16,112) 108,054 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Intangible assets — — 40,370 71,123 — 111,493 (41,376) 70,117 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 Permanent 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 Permanent 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 Revenues generated from foreign sources were $177.8 million, $115.2 million and $115.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. The majority of our revenues generated from foreign sources are derived from the United Kingdom. Refer to Schedules III and IV for a detailed listing of the properties and loans held by the Company, including their respective geographic locations.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Our significant events subsequent to December 31, 2021 were as follows: Unsecured Senior Notes In January 2022, we issued $500.0 million of 4.375% Senior Notes due 2027 which mature on January 15, 2027. At closing, we swapped the notes to a floating rate of SOFR + 2.95%. Collateralized Loan Obligations In January 2022, we refinanced a pool of our infrastructure loans held-for-investment through a $500.0 million CLO, STWD 2021-SIF2, with $410.0 million of third party financing at a weighted average coupon of SOFR + 1.89%. The CLO contains a reinvestment feature that, subject to certain eligibility criteria, allows us to contribute new loans or participation interests in loans to the CLO for a period of three years. In February 2022, we refinanced a pool of our commercial loans held-for-investment through a $1.0 billion CLO, STWD 2022-FL3, with $842.5 million of third party financing at a weighted average coupon of SOFR + 1.64%. The CLO contains a reinvestment feature that, subject to certain eligibility criteria, allows us to contribute new loans or participation interests in loans to the CLO for a period of two years.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Starwood Property Trust, Inc. and Subsidiaries Schedule III—Real Estate and Accumulated Depreciation December 31, 2021 (Dollars in thousands) Costs Initial Cost Capitalized Gross Amounts Carried at Property Type / to Company Subsequent to December 31, 2021 Accumulated Acquisition Geographic Location Encumbrances Land Property Acquisition(1) Land Property Total Depreciation(3) Date Aggregated Properties Hotel - U.S., Midwest (1 property) $ — $ — $ 5,565 $ 1,109 $ — $ 6,674 $ 6,674 $ (3,373) Feb-18 Medical office - U.S., Midwest (7 properties) 78,048 2,764 97,797 1,697 2,764 99,494 102,258 (15,882) Dec-16 Medical office - U.S., North East (7 properties) 191,661 11,283 176,996 147 11,283 177,143 188,426 (27,119) Dec-16 Medical office - U.S., South East (6 properties) 107,252 7,930 117,740 1,008 7,930 118,748 126,678 (19,050) Dec-16 Medical office - U.S., South West (8 properties) 125,345 15,921 126,842 1,289 15,921 128,131 144,052 (21,992) Dec-16 Medical office - U.S., West (6 properties) 97,694 13,415 107,845 878 13,415 108,723 122,138 (19,763) Dec-16 Mixed Use - U.S., West (1 property) 8,667 1,003 14,323 955 1,003 15,278 16,281 (2,592) Feb-16 Multifamily - U.S., South East (1 property) 7,522 1,284 7,189 629 1,284 7,818 9,102 (922) Aug-19 Office - U.S., North East (1 property) 18,958 7,250 10,614 8,296 7,250 18,910 26,160 (4,286) May-18 Office - U.S., South East (1 property) 24,433 4,879 16,862 2,808 4,879 19,672 24,551 (6,976) Oct-16 Office - U.S., West (1 property) — — 4,261 8,391 — 12,652 12,652 (4,170) Oct-17 Retail - U.S., Mid Atlantic (1 property) 18,000 6,432 6,315 13,308 6,432 19,623 26,055 (4,518) Mar-16 Retail - U.S., Midwest (7 properties) 79,124 24,384 109,445 1,403 24,384 110,848 135,232 (17,490) Nov-15 to Sep-17 Retail - U.S., North East (1 property) 11,397 472 12,260 632 472 12,891 13,363 (2,817) Nov-15 Retail - U.S., South East (5 properties) 43,302 21,353 60,618 602 21,353 61,220 82,573 (8,069) Sep-16 to Sep-17 Retail - U.S., South West (6 properties) 76,112 37,254 78,579 133 37,254 78,711 115,965 (13,289) Oct-14 to Sep-17 Retail - U.S., West (2 properties) 33,000 18,633 36,794 — 18,633 36,794 55,427 (5,414) Sep-17 Self-storage - U.S., North East (1 property) 14,500 2,202 11,498 370 2,202 11,868 14,070 (2,051) Dec-15 Industrial - U.S., South East (2 properties) 50,000 8,990 10,276 2,833 8,990 13,109 22,099 (1,684) Mar-19 to Apr-19 Residential - U.S., North East (1 property) — — 104,088 — — 104,088 104,088 — Oct-20 to Apr-21 $ 985,015 $ 185,449 $ 1,115,907 $ 46,488 $ 185,449 $ 1,162,395 $ 1,347,844 (2) $ (181,457) __________________________________________ Notes to Schedule III: (1) No material costs subsequent to acquisition were capitalized to land. (2) The aggregate cost for federal income tax purposes is $1.5 billion. (3) Depreciation is computed based upon estimated useful lives as described in Note 7 to the Consolidated Financial Statements. The following schedule presents our real estate activity during the years ended December 31, 2021, 2020 and 2019 (in thousands): 2021 2020 2019 Beginning balance, January 1 $ 2,573,296 $ 2,490,630 $ 2,972,803 Additions during the year: Acquisitions (1) — — 8,472 Acquisitions through foreclosure and other transfers 28,843 75,245 27,416 Improvements 24,390 25,164 30,865 Contingent consideration issued — 1,576 2,877 Total additions 53,233 101,985 69,630 Deductions during the year: Costs of real estate sold (55,945) (19,319) (535,417) Reclassification of multifamily properties (2) (1,222,740) — — Foreign currency translation — — (15,702) Other — — (684) Total deductions (1,278,685) (19,319) (551,803) Ending balance, December 31 $ 1,347,844 $ 2,573,296 $ 2,490,630 __________________________________________ (1) Refer to Note 17 to the Consolidated Financial Statements for a discussion of property acquisitions from related parties. (2) Refer to Notes 2, 7 and 8 to the Consolidated Financial Statements for a discussion of the reclassification of our multifamily properties upon establishment of the Woodstar Fund which, as an investment company under GAAP, is required to present its investments at fair value on an unconsolidated basis. The net investment in the multifamily properties is now reflected within “Investments of consolidated affordable housing fund, at fair value” in our consolidated balance sheet. The following schedule presents activity within accumulated depreciation during the years ended December 31, 2021, 2020 and 2019 (in thousands): 2021 2020 2019 Beginning balance, January 1 $ 302,143 $ 224,190 $ 187,913 Depreciation expense 72,299 81,610 92,024 Reclassification of multifamily properties (1) (186,716) — — Disposition/write-offs (6,269) (3,657) (54,260) Foreign currency translation — — (1,487) Ending balance, December 31 $ 181,457 $ 302,143 $ 224,190 __________________________________________ (1) Refer to Notes 2, 7 and 8 to the Consolidated Financial Statements for a discussion of the reclassification of our multifamily properties upon establishment of the Woodstar Fund which, as an investment company under GAAP, is required to present its investments at fair value on an unconsolidated basis. The net investment in the multifamily properties is now reflected within “Investments of consolidated affordable housing fund, at fair value” in our consolidated balance sheet.

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Starwood Property Trust, Inc. and Subsidiaries Schedule IV—Mortgage Loans on Real Estate December 31, 2021 (Dollars in thousands) Principal Prior Face Carrying Payment Maturity Amount of Description/Location Liens (1) Amount (1) Amount Interest Rate (2) Terms (1) Date (3) Delinquent Loans Individually Significant Mortgage Loans None exceeding 3% of total carrying amount Aggregated First Mortgages: (4) Hotel, International, Floating (1 mortgage) N/A N/A 95,714 3EU+4.50% N/A 2025 — Hotel, International, Floating (4 mortgages) N/A N/A 56,377 L+3.00% to 9.00% N/A 2022 — Hotel, Mid Atlantic, Floating (5 mortgages) N/A N/A 111,785 L+2.00% to 6.80% N/A 2022 — Hotel, Midwest, Floating (4 mortgages) N/A N/A 53,482 L+2.25% to 8.63% N/A 2023 — Hotel, North East, Floating (4 mortgages) N/A N/A 313,059 L+2.25% to 7.92% N/A 2022-2024 — Hotel, South East, Floating (10 mortgages) N/A N/A 224,800 L+2.40% to 13.27% N/A 2022-2024 — Hotel, South West, Floating (10 mortgages) N/A N/A 178,590 L+2.00% to 7.67% N/A 2023 — Hotel, Various, Fixed (2 mortgages) N/A N/A 68,402 10.50% N/A 2023 — Hotel, Various, Floating (12 mortgages) N/A N/A 468,593 L+2.00% to 11.75% N/A 2023-2024 — Hotel, West, Floating (19 mortgages) N/A N/A 413,824 L+2.00% to 9.50% N/A 2022-2024 — Industrial, International, Floating (6 mortgages) N/A N/A 107,097 3BBSY+3.00% to 3.25% N/A 2025 — Industrial, International, Floating (5 mortgages) N/A N/A 102,199 3EU+2.25% to 10.25% N/A 2023-2024 — Industrial, International, Floating (2 mortgages) N/A N/A 88,310 3GBP SONIA+2.15% to 4.50% N/A 2023-2024 — Industrial, North East, Floating (4 mortgages) N/A N/A 123,057 L+2.40% to 7.25% N/A 2024 — Industrial, North East, Floating (1 mortgage) N/A N/A 16,736 SOFR+4.20% N/A 2025 — Industrial, South East, Fixed (4 mortgages) N/A N/A 34,644 8.18% N/A 2024 — Industrial, West, Floating (2 mortgages) N/A N/A 90,029 L+1.75% to 7.50% N/A 2024 — Mixed Use, International, Fixed (2 mortgages) N/A N/A 41,358 8.50% to 10.00% N/A 2022 — Mixed Use, International, Floating (2 mortgages) N/A N/A 104,056 3EU+4.65% N/A 2023 — Mixed Use, International, Floating (1 mortgage) N/A N/A 483,107 3GBP SONIA+5.35% N/A 2025 — Mixed Use, International, Floating (1 mortgage) N/A N/A 233,027 GBP SONIA+4.00% N/A 2022 — Mixed Use, Mid Atlantic, Floating (1 mortgage) N/A N/A 172,562 L+3.15% N/A 2024 — Mixed Use, South East, Floating (8 mortgages) N/A N/A 139,119 L+2.25% to 11.14% N/A 2024 — Mixed Use, South West, Floating (10 mortgages) N/A N/A 320,862 L+2.75% to 11.50% N/A 2023-2024 — Multi-family, International, Floating (1 mortgage) N/A N/A 151,578 3BBSY+3.95% N/A 2024 — Multi-family, International, Floating (1 mortgage) N/A N/A 307,852 3GBP+3.95% N/A 2024 — Multi-family, International, Floating (4 mortgages) N/A N/A 237,685 3GBP SONIA+2.66% N/A 2024 — Multi-family, Mid Atlantic, Floating (6 mortgages) N/A N/A 229,881 L+1.75% to 7.75% N/A 2024 — Multi-family, Mid Atlantic, Floating (2 mortgages) N/A N/A 143,670 SOFR+2.25% to 9.00% N/A 2025 — Multi-family, Midwest, Fixed (1 mortgage) N/A N/A 702 6.28% N/A 2024 — Multi-family, Midwest, Floating (4 mortgages) N/A N/A 76,252 L+2.75% to 9.75% N/A 2024 — Multi-family, North East, Floating (25 mortgages) N/A N/A 664,074 L+2.50% to 10.75% N/A 2022-2025 — Multi-family, North East, Floating (1 mortgage) N/A N/A 73,682 SOFR+3.00% N/A 2025 — Multi-family, South East, Floating (15 mortgages) N/A N/A 372,761 L+2.70% to 10.75% N/A 2023-2024 — Multi-family, South East, Floating (5 mortgages) N/A N/A 273,353 SOFR+2.75% to 3.30% N/A 2024-2025 — Multi-family, South West, Floating (21 mortgages) N/A N/A 531,238 L+2.50% to 4.25% N/A 2022-2025 — Multi-family, South West, Floating (2 mortgages) N/A N/A 88,261 SOFR+1.75% to 7.25% N/A 2025 — Multi-family, West, Floating (17 mortgages) N/A N/A 511,624 L+2.50% to 9.00% N/A 2023-2024 — Multi-family, West, Floating(1 mortgage) N/A N/A 57,384 SOFR+3.25% N/A 2025 — Office, International, Floating (2 mortgages) N/A N/A 55,679 3EU+7.50% N/A 2024 — Office, International, Floating (4 mortgages) N/A N/A 426,769 3GBP+3.50% to 4.25% N/A 2023 — Office, International, Floating (2 mortgages) N/A N/A 79,746 3GBP SONIA+3.25% N/A 2025 — Office, International, Floating (2 mortgages) N/A N/A 98,813 EU+6.00% to 7.80% N/A 2022 — Office, Mid Atlantic, Floating (46 mortgages) N/A N/A 797,022 L+1.75% to 7.50% N/A 2022-2023 — Office, Mid Atlantic, Floating (1 mortgage) N/A N/A 59,789 SOFR+3.75% N/A 2025 — Office, Midwest, Floating (14 mortgages) N/A N/A 139,529 L+1.75% to 9.75% N/A 2022-2024 — Office, North East, Floating (24 mortgages) N/A N/A 836,083 L+2.60% to 10.25% N/A 2022-2024 — Office, North East, Floating (2 mortgages) N/A N/A 52,774 SOFR+2.75% to 8.50% N/A 2025 — Office, South East, Fixed (2 mortgages) N/A N/A 50,713 5.00% to 12.00% N/A 2024 — Office, South East, Floating (8 mortgages ) N/A N/A 317,524 L+1.65% to 10.40% N/A 2024 — Office, South West, Floating (17 mortgages) N/A N/A 491,284 L+2.00% to 8.55% N/A 2023-2024 — Principal Prior Face Carrying Payment Maturity Amount of Description/Location Liens (1) Amount (1) Amount Interest Rate (2) Terms (1) Date (3) Delinquent Loans Office, West, Floating (40 mortgages) N/A N/A 604,282 L+1.75% to 6.85% N/A 2021-2023 219,754 Other, International, Floating (1 mortgage) N/A N/A 335,877 3GBP SONIA+4.35% N/A 2024 — Other, Midwest, Floating (4 mortgages) N/A N/A 59,900 L+4.50% to 11.17% N/A 2022 — Other, North East, Fixed (1 mortgage) N/A N/A 9,200 4.09% N/A 2026 9,200 Other, North East, Floating (11 mortgages) N/A N/A 258,810 L+3.40% to 11.00% N/A 2022-2025 — Other, Various, Fixed (1 mortgage) N/A N/A 39,665 10.00% N/A 2025 — Other, West, Floating (4 mortgages) N/A N/A 32,179 L+7.00% N/A 2022 — Residential, North East, Floating (7 mortgages) N/A N/A 122,024 L+4.25% to 8.60% N/A 2022 — Residential, Various, Fixed (116 mortgages) N/A N/A 59,225 3.38% to 8.25% N/A 2028-2060 9,661 Residential, South East, Floating (2 mortgages) N/A N/A 29,939 L+4.75% to 10.54% N/A 2023 — Residential, West, Floating (5 mortgages) N/A N/A 73,982 L+2.75% to 8.60% N/A 2022-2024 — Retail, Midwest, Floating (4 mortgages) N/A N/A 41,056 L+2.75% to 10.75% N/A 2022 — Retail, North East, Floating (1 mortgage) N/A N/A 199,090 L+7.25% to 13.50% N/A 2021 199,090 Retail, South West, Floating (4 mortgages) N/A N/A 23,498 L+2.25% to 15.25% N/A 2022 — Retail, West, Fixed (1 mortgage) N/A N/A 219 7.26% N/A 2023 — Loans Held-for-Sale, Various, Fixed N/A N/A 2,876,800 2.64% to 9.15% N/A 2029-2061 20,250 Aggregated Subordinated and Mezzanine Loans: (4) Hotel, South East, Floating (3 mortgages) N/A N/A 87,905 L+6.75% to 9.35% N/A 2022-2024 — Hotel, West, Floating (1 mortgage) N/A N/A 15,320 L+10.98% N/A 2025 — Industrial, South East, Fixed (1 mortgage) N/A N/A 3,046 8.18% N/A 2024 — Industrial, West, Floating (2 mortgages) N/A N/A 11,578 L+11.30% N/A 2024 — Mixed Use, International, Floating (1 mortgage) N/A N/A 29,136 3EU+7.25% N/A 2022 — Mixed Use, South West, Floating (1 mortgage) N/A N/A 108,970 L+11.85% N/A 2022 — Multi-family, North East, Floating (1 mortgage) N/A N/A 29,079 L+4.50% N/A 2023 — Multi-family, North East, Floating (1 mortgage) N/A N/A 13,433 SOFR+13.75% N/A 2025 — Office, International, Floating (5 mortgages) N/A N/A 48,486 3EU+7.00% to 8.95% N/A 2024-2025 — Office, North East, Fixed (2 mortgages) N/A N/A 35,637 8.72% N/A 2023 — Office, West, Floating (4 mortgages) N/A N/A 101,263 L+6.24% to 6.67% N/A 2022-2024 — Retail, Midwest, Fixed (1 mortgage) N/A N/A 4,925 7.16% N/A 2024 4,925 Loan Loss Allowance — — (46,600) — Prepaid Loan Costs, Net — — (5,636) — $ 16,368,799 (5) $ 462,880 __________________________________________ Notes to Schedule IV: (1) Disclosure of prior liens, face amount and payment terms are only required for individually significant mortgage loans. (2) L = one month LIBOR rate, 3GBP = three month GBP LIBOR rate, EU = one month EURO LIBOR rate, 3EU = three month EURO LIBOR rate, GBP SONIA = one month GBP SONIA rate, 3GBP SONIA = three month GBP SONIA rate, SOFR = one month SOFR rate, 3BBSY = three month BBSY rate. (3) Based on management’s judgment of extension options being exercised. (4) 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. (5) The aggregate cost for federal income tax purposes is $16.4 billion. The following schedule presents activity within our Commercial and Residential Lending Segment and Investing and Servicing Segment loan portfolios during the years ended December 31, 2021, 2020 and 2019 (amounts in thousands): For the year ended December 31, 2021 2020 2019 Balance at January 1 $ 10,584,400 $ 9,890,693 $ 7,806,699 Cumulative effect of ASC 326 effective January 1, 2020 — (10,112) — Acquisitions/originations/additional funding 13,173,459 5,058,705 8,174,321 Capitalized interest 118,273 143,023 109,978 Basis of loans sold (4,139,166) (3,246,515) (3,921,171) Loan maturities/principal repayments (3,709,444) (1,590,379) (2,387,843) Discount accretion/premium amortization 51,816 38,942 29,775 Changes in fair value 69,050 133,124 71,601 Foreign currency translation, net (71,419) 102,748 38,050 Credit loss reversal (provision), net 7,947 (40,955) (2,616) Loan foreclosures and other transfers (36,308) (71,488) (27,303) Transfer to/from other asset classifications or between segments 320,191 176,614 (798) Balance at December 31 $ 16,368,799 $ 10,584,400 $ 9,890,693

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 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 consolidated financial statements include our accounts and those of our consolidated subsidiaries and VIEs. Intercompany amounts have been eliminated in consolidation. Entities not deemed to be VIEs are consolidated if we own a majority of the voting securities or interests or hold the general partnership interest, except in those instances in which the minority voting interest owner or limited partner can remove us as general partner without cause, dissolve the partnership without cause or effectively participate through substantive participative rights. Substantive participative rights include the ability to select, terminate and set compensation of the investee’s management, if applicable, and the ability to participate in capital and operating decisions of the investee, including budgets, in the ordinary course of business. We invest in entities with varying structures, many of which do not have voting securities or interests, such as general partnerships, limited partnerships, and limited liability companies. In many of these structures, control of the entity rests with the general partners or managing members, while other members hold passive interests. The general partner or managing member may hold anywhere from a relatively small percentage of the total financial interests to a majority of the financial interests. For entities not deemed to be VIEs, where we serve as the sole general partner or managing member, we are considered to have the controlling financial interest and therefore the entity is consolidated, regardless of our financial interest percentage, unless there are other limited partners or investing members that can remove us as general partner without cause, dissolve the partnership without cause or effectively participate through substantive participative rights. In those circumstances where we, as majority controlling interest owner, can be removed without cause or cannot cause the entity to take actions that are significant in the ordinary course of business, because such actions could be vetoed by the minority controlling interest owner, we do not consolidate the entity. When we consolidate entities other than securitization VIEs, the third party ownership interests are reflected as non-controlling interests in consolidated subsidiaries, a separate component of equity, in our consolidated balance sheet. When we consolidate securitization VIEs, the third party ownership interests are reflected as VIE liabilities in our consolidated balance sheet because the beneficial interests payable to these third parties are legally issued in the form of debt. Our presentation of net income attributes earnings to controlling and non-controlling interests.
Variable Interest Entities	Variable Interest Entities In addition to the securitization VIEs, we have financed pools of our loans through collateralized loan obligations (“CLOs”) and a single asset securitization ("SASB"), 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 consolidated statements of operations. The residual difference shown on our consolidated statements of operations in the line item “Change in net assets related to consolidated VIEs” represents our beneficial interest in the VIEs. We separately present the assets and liabilities of our consolidated securitization VIEs as individual line items on our consolidated balance sheets. The liabilities of our consolidated securitization VIEs consist solely of obligations to the bondholders of the related trusts, and are thus presented as a single line item entitled “VIE liabilities.” The assets of our consolidated securitization VIEs consist principally of loans, but at times, also include foreclosed loans which have been temporarily converted into real estate owned (“REO”). These assets in the aggregate are likewise presented as a single line item entitled “VIE assets.” Loans comprise the vast majority of our securitization VIE assets and are carried at fair value due to the election of the fair value option. When an asset becomes REO, it is due to non-performance of the loan. Because the loan is already at fair value, the carrying value of an REO asset is also initially at fair value. Furthermore, when we consolidate a trust, any existing REO would be consolidated at fair value. Once an asset becomes REO, its disposition time is relatively short. As a result, the carrying value of an REO generally approximates fair value under GAAP. In addition to sharing a similar measurement method as the loans in a trust, the securitization VIE assets as a whole can only be used to settle the obligations of the consolidated VIE. The assets of our securitization VIEs are not individually accessible by the bondholders, which creates inherent limitations from a valuation perspective. Also creating limitations from a valuation perspective is our role as special servicer, which provides us very limited visibility, if any, into the performing loans of a trust. REO assets generally represent a very small percentage of the overall asset pool of a trust. In new issue trusts there are no REO assets. We estimate that REO assets constitute approximately 1% of our consolidated securitization VIE assets, with the remaining 99% representing loans. However, it is important to note that the fair value of our securitization VIE assets is determined by reference to our securitization VIE liabilities as permitted under Accounting Standard Update ("ASU") 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity . In other words, our VIE liabilities are more reliably measurable than the VIE assets, resulting in our current measurement methodology which utilizes this value to determine the fair value of our securitization VIE assets as a whole. As a result, these percentages are not necessarily indicative of the relative fair values of each of these asset categories if the assets were to be valued individually. Due to our accounting policy election under ASU 2014-13, separately presenting two different asset categories would result in an arbitrary assignment of value to each, with one asset category representing a residual amount, as opposed to its fair value. However, as a pool, the fair value of the assets in total is equal to the fair value of the liabilities. For these reasons, the assets of our securitization VIEs are presented in the aggregate.
Fair Value Option	Fair Value Option The guidance in ASC 825, Financial Instruments , 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, investments of consolidated affordable housing fund, 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. 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. Woodstar Fund Investments The fair value of investments held by the Woodstar Fund is determined based on observable and unobservable market inputs. The initial fair value of the Woodstar Fund's investments at its November 5, 2021 establishment date was determined by reference to the purchase price paid by third party investors, which was consistent with both a recent external appraisal as well as our extensive marketing efforts to sell interests in the Woodstar Fund, plus working capital. For the properties, the third party appraisal applied the income capitalization approach with corroborative support from the sales comparison approach. The cost approach is not employed, as it is typically not emphasized by potential investors in the multifamily affordable housing sector. The income capitalization approach estimates an income stream for a property over a 10-year period and discounts this income plus a reversion (presumed sale) into a present value at a risk adjusted discount rate. Terminal capitalization rates and discount rates utilized in this approach are derived from market transactions as well as other financial and industry data. For secured financing, the third party appraisal discounted the contractual cash flows at the interest rate at which such arrangements would bear if executed in the current market. The fair value of investment level working capital is assumed to approximate carrying value due to its primarily short-term monetary nature. The fair value of interest rate derivatives is determined using the methodology described in the Derivatives discussion below. Given the significance of the unobservable inputs used in the respective valuations, the Woodstar Fund’s investments have been classified within Level III of the fair value hierarchy. 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 December 31, 2021 and 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, CLOs and SASB The fair value of the secured financing agreements, CLOs and SASB 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.
Business Combinations	Business Combinations Under ASC 805, Business Combinations , the acquirer in a business combination must recognize, with certain exceptions, the fair values of assets acquired, liabilities assumed, and non-controlling interests when the acquisition constitutes a change in control of the acquired entity. As goodwill is calculated as a residual, all goodwill of the acquired business, not just the acquirer’s share, is recognized under this “full goodwill” approach. During the measurement period, a period which shall not exceed one year, we prospectively adjust the provisional amounts recognized to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash in banks and short‑term investments. Short‑term investments are comprised of highly liquid instruments with original maturities of three months or less. The Company maintains its cash and cash equivalents in multiple financial institutions and at times these balances exceed federally insurable limits.
Restricted Cash	Restricted CashRestricted cash includes cash and cash equivalents that are legally or contractually restricted as to withdrawal or usage and primarily includes (i) cash collateral associated with derivative financial instruments, (ii) loan payments received by our Infrastructure Lending Segment which are restricted by our lender and periodically applied, in part, to the outstanding balance of the Infrastructure Lending debt facility and (iii) funds held on behalf of borrowers and tenants.
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 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. We periodically enter into derivative financial instruments to hedge unpredictable changes in fair value of loans held-for-sale, including changes resulting from both interest rates and credit quality. Because these derivatives are not designated, changes in their fair value are recorded in earnings. In order to best reflect the results of the hedged loan portfolio in earnings, we have elected the fair value option for these loans. As a result, changes in the fair value of the loans are also recorded in earnings.
Investment Securities	Investment Securities We designate our debt investment securities as held-to-maturity (“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 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 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 5 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.
Properties Held-For-Investment	Properties Held-For-Investment Properties, net, as reported on our consolidated balance sheets, consist of commercial real estate properties held-for-investment and are recorded at cost, less accumulated depreciation and impairments, if any. Properties consist primarily of land, buildings and improvements. Land is not depreciated, and buildings and improvements are depreciated on a straight-line basis over their estimated useful lives. Ordinary repairs and maintenance are expensed as incurred; major replacements and
Properties Held-For-Sale	Properties Held-For-Sale
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities We own non‑controlling equity interests in various privately‑held partnerships and limited liability companies. Unless we elect the fair value option under ASC 825, we use the fair value practicability election described below to account for investments in which our interest is so minor that we have virtually no influence over the underlying investees. We use the equity method to account for all other non‑controlling interests in partnerships and limited liability companies. Equity method investments are initially recorded at cost and subsequently adjusted for our share of income or loss, as well as contributions made or distributions received. Our other equity investments set forth in Note 9 do not have readily determinable fair values. Therefore, we have elected the fair value practicability exception under ASC 321, Equity Securities , whereby we measure those investments within its scope at cost, less any impairment, plus or minus observable price changes from orderly transactions of identical or similar investments of the same issuer. Our former investment in Federal Home Loan Bank (“FHLB”) stock, which is not within the scope of ASC 321, was carried at cost less any impairment. We review our equity method and other investments not subject to the fair value practicability election for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For our investments under the fair value practicability election, we perform a qualitative assessment to identify impairment at the end of each reporting period. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods, estimated fair values of underlying assets and available information at the time the analyses are prepared.
Goodwill	Goodwill Goodwill is not amortized, but rather tested for impairment annually or more frequently if events or changes in circumstances indicate potential impairment. Goodwill at December 31, 2021 represents the excess of the consideration paid over the fair value of net assets acquired in connection with the acquisitions of LNR Property LLC (“LNR”) in April 2013 and the Infrastructure Lending Segment in September 2018 and October 2018. In testing goodwill for impairment, we follow ASC 350, Intangibles—Goodwill and Other , which permits a qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value including goodwill. If the qualitative assessment determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying value including goodwill, then no impairment is determined to exist for the reporting unit. However, if the qualitative assessment determines that it is more likely than not that the fair value of the reporting unit is less than its carrying value including goodwill, or we choose not to perform the qualitative assessment, then we compare the fair value of that reporting unit with its carrying value, including goodwill. ASU 2017-04, Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment , became effective for the Company on January 1, 2020. This ASU specifies that if the carrying value of a reporting unit exceeds its fair value, goodwill is considered impaired with the impairment loss measured as the excess of the reporting unit’s carrying value (inclusive of goodwill) over its fair value, eliminating the requirement that all assets and liabilities of the reporting unit be remeasured individually in connection with measurement of goodwill impairment.
Servicing Rights Intangibles	Servicing Rights IntangiblesOur identifiable intangible assets include domestic special servicing rights for which we have elected to apply the fair value measurement method, which is necessary to conform to our election of the fair value option for measuring the assets and liabilities of the securitization VIEs consolidated pursuant to ASC 810.
Lease Intangibles	Lease IntangiblesIn connection with our acquisition of properties, we recognize intangible lease assets and liabilities associated with certain noncancelable operating leases of the acquired properties. These intangible lease assets and liabilities include in-place lease intangible assets, favorable lease intangible assets and unfavorable lease liabilities. In-place lease intangible assets reflect the acquired benefit of purchasing properties with in-place leases and are measured based on estimates of direct costs associated with leasing the property and lost rental income during projected lease-up and free rent periods, both of which are avoided due to the presence of in-place leases at the acquisition date. Favorable and unfavorable lease intangible assets and liabilities reflect the terms of in-place tenant leases being either favorable or unfavorable relative to market terms at the acquisition date. The estimated fair values of our favorable and unfavorable lease assets and liabilities at the respective acquisition dates represent the discounted cash flow differential between the contractual cash flows of such leases and the estimated cash flows that comparable leases at market terms would generate. Our intangible lease assets and liabilities are recognized within intangible assets and other liabilities, respectively, in our consolidated balance sheets. Our in-place lease intangible assets are amortized to amortization expense while our favorable and unfavorable lease intangible assets and liabilities where we are the lessor are amortized to rental income. Both our favorable and unfavorable lease intangible assets and liabilities are amortized over the remaining noncancelable term of the respective leases on a straight-line basis.
Leases	Leases On January 1, 2019, ASC 842 , Leases , became effective for the Company. ASC 842 establishes a right-of-use model for lessee accounting which results in the recognition of most leased assets and lease liabilities on the balance sheet of the lessee. Lessor accounting was not significantly affected by this ASC. We elected to apply the provisions of ASC 842 as of January 1, 2019 and not to retrospectively adjust prior periods presented. Such application did not result in any cumulative-effect adjustment as of January 1, 2019. We elected the “package of practical expedients” for transition purposes, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs for leases that commenced prior to January 1, 2019. We also elected not to apply the recognition provisions of ASC 842 to short-term leases, which have original lease terms of 12 months or less. As a lessor, we elected not to separate nonlease components, such as reimbursements from tenants for common area maintenance (“CAM”), from lease components for all classes of underlying assets, and continue to recognize such nonlease components ratably in rental income. We also elected to continue to exclude from rental income all sales, use and other similar taxes collected from lessees. As required by ASC 842, we no longer record as revenues and expenses lessor costs (such as property taxes) paid directly by the lessees. The application of ASC 842 has had no material effect on our consolidated financial statements, as all of our leases, as both lessor and lessee, are currently classified as operating leases, which are subject to essentially the same straight-line revenue and expense recognition as in the past.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities We record all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on whether we have elected to designate a derivative in a hedging relationship and have satisfied the criteria necessary to apply hedge accounting under GAAP. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We regularly enter into derivative contracts that are intended to economically hedge certain of our risks, even though the transactions may not qualify for, or we may not elect to pursue, hedge accounting. In such cases, changes in the fair value of the derivatives are recorded in earnings. Generally, our derivatives are subject to master netting arrangements, though we elect to present all derivative assets and liabilities on a gross basis within our consolidated balance sheets.
Convertible Senior Notes	Convertible Senior Notes 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 retrospective 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 incurred as we are generally the primary obligor with respect to purchasing goods and services for property operations. In instances where the tenant is responsible for property maintenance and repairs and contracts and settles such costs directly with third party service providers, we do not reflect those expenses in our consolidated statement of operations as the tenant is the primary obligor.
Securitizations, Sales and Financing Arrangements	Securitizations, Sales and Financing Arrangements We periodically sell our financial assets, such as commercial mortgage loans, residential loans, CMBS, RMBS and other assets. In connection with these transactions, we may retain or acquire senior or subordinated interests in the related assets. Gains and losses on such transactions are recognized in accordance with ASC 860, Transfers and Servicing , which is based on a financial components approach that focuses on control. Under this approach, after a transfer of financial assets that meets the criteria for treatment as a sale—legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint, and transferred control—an entity recognizes the financial assets it retains and any liabilities it has incurred, derecognizes the financial assets it has sold, and derecognizes liabilities when extinguished. We determine the gain or loss on sale of the assets by allocating the carrying value of the sold asset between the sold asset and the interests retained based on their relative fair values, as applicable. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the sold asset. If the sold asset is being accounted for pursuant to the fair value option, there is no gain or loss.
Deferred Financing Costs	Deferred Financing Costs Costs incurred in connection with debt issuance are capitalized and amortized to interest expense over the terms of the respective debt agreements. Such costs are presented as a direct deduction from the carrying value of the related debt liability.
Acquisition and Investment Pursuit Costs	Acquisition and Investment Pursuit Costs Costs incurred in connection with acquisitions of investments, loans and businesses, as well as in pursuing unsuccessful acquisitions and investments, are recorded within acquisition and investment pursuit costs in our consolidated statements of operations when incurred. Costs incurred in connection with acquisitions of real estate not accounted for as business combinations are capitalized within the purchase price. These costs reflect services performed by third parties and principally include due diligence and legal services.
Share-Based Payments	Share‑Based PaymentsThe fair value of the restricted stock (“RSAs”) or restricted stock units (“RSUs”) granted is recorded as expense on a straight‑line basis over the vesting period for the award, with an offsetting increase in stockholders’ equity. The fair value is determined based upon the stock price on the grant date.
Foreign Currency Translation	Foreign Currency Translation Our assets and liabilities denominated in foreign currencies are translated into U.S. dollars using foreign currency exchange rates at the end of the reporting period. Income and expenses are translated at the average exchange rates for each reporting period. The effects of translating the assets, liabilities and income of our foreign investments held by entities with a U.S. dollar functional currency are included in foreign currency gain (loss) in the consolidated statements of operations or other comprehensive income (“OCI”) for debt securities available-for-sale for which the fair value option has not been elected. The effects of translating the assets, liabilities and income of our foreign investments held by entities with functional currencies other than the U.S. dollar are included in OCI. Realized foreign currency gains and losses and changes in the value of foreign
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Code. The Company is subject to federal income taxation at corporate rates on its REIT taxable income, however, the Company is allowed a deduction for the amount of dividends paid to its stockholders in arriving at its REIT taxable income. As a result, distributed net income of the Company is subjected to taxation at the stockholder level only. The Company intends to continue operating in a manner that will permit it to maintain its qualification as a REIT for tax purposes. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company evaluates the realizability of its deferred tax assets and recognizes a valuation allowance if, based on the available evidence, both positive and negative, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers, among other matters, estimates of expected future taxable income, nature of current and cumulative losses, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. We recognize tax positions in the financial statements only when it is more likely than not that, based on the technical merits of the tax position, the position will be sustained upon examination by the relevant taxing authority. A tax position is measured at the largest amount of benefit that will more likely than not be realized upon settlement. If, as a result of new events or information, a recognized tax position no longer is considered more likely than not to be sustained upon examination, a liability is established for the unrecognized benefit with a corresponding charge to income tax expense in our consolidated statement of operations. We report interest and penalties, if any, related to income tax matters as a component of income tax expense.
Earnings Per Share	Earnings Per Share We present both basic and diluted earnings per share (“EPS”) amounts in our financial statements. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the maximum potential dilution that could occur from (i) our share-based compensation, consisting of unvested RSAs and RSUs, (ii) shares contingently issuable to our Manager, (iii) the conversion options associated with our Convertible Notes (see Notes 12 and 19) and (iv) non-controlling interests that are redeemable with our common stock (see Note 18). 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 18). Due to the existence of these participating securities, the two-class method of computing EPS is required, unless another method is determined to be more dilutive. Under the two-class method, undistributed earnings are reallocated between shares of common stock and participating securities. For the years ended December 31, 2021, 2020 and 2019, the two-class method resulted in the most dilutive EPS calculation.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash investments, CMBS, RMBS, loan investments and interest receivable. We may place cash investments in excess of insured amounts with high quality financial institutions. We perform an ongoing analysis of credit risk concentrations in our investment portfolio by evaluating exposure to various counterparties, markets, underlying property types, contract terms, tenant mix and other credit metrics.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. 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 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 December 31, 2021. However, uncertainty over the ultimate impact the COVID-19 pandemic, including variants and resurgences, will have on the global economy generally, and our business in particular, makes any estimates and assumptions as of December 31, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results may ultimately differ from those estimates.
Recent Accounting Developments	Recent Accounting Developments 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 December 31, 2021, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve.

Restricted Cash (Tables)

Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Summary of Restricted Cash	A summary of our restricted cash as of December 31, 2021 and 2020 is as follows (amounts in thousands): As of December 31, 2021 2020 Cash collateral for derivative financial instruments $ 55,032 $ 89,323 Cash restricted by lender 46,059 42,992 Funds held on behalf of borrowers and tenants 3,420 19,517 Other restricted cash 41 7,113 $ 104,552 $ 158,945

Loans (Tables)

Loans (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2021 and 2020 (dollars in thousands): December 31, 2021 Carrying Face Weighted Weighted Loans held-for-investment: Commercial loans: First mortgages (3) $ 12,991,099 $ 13,067,524 4.6 % 1.9 Subordinated mortgages (4) 70,771 72,371 9.8 % 2.8 Mezzanine loans (3) 417,504 415,155 9.4 % 1.4 Other 17,424 19,029 8.2 % 2.1 Total commercial loans 13,496,798 13,574,079 Infrastructure first priority loans (5) 2,048,096 2,071,912 4.4 % 4.3 Residential loans, fair value option (6) 59,225 60,133 6.0 % N/A (7) Total loans held-for-investment 15,604,119 15,706,124 Loans held-for-sale: Residential, fair value option (6) 2,590,005 2,525,910 4.2 % N/A (7) Commercial, fair value option 286,795 289,761 4.0 % 9.0 Total loans held-for-sale 2,876,800 2,815,671 Total gross loans 18,480,919 $ 18,521,795 Credit loss allowances: Commercial loans held-for-investment (46,600) Infrastructure loans held-for-investment (20,670) Total allowances (67,270) Total net loans $ 18,413,649 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 (5) 1,420,273 1,439,940 4.4 % 4.3 Residential loans, fair value option (6) 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 (6) 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 (5) 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 December 31, 2021 and 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 $1.4 billion and $877.3 million being classified as first mortgages as of December 31, 2021 and 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 year ended December 31, 2021, $61.3 million of infrastructure loans held-for-sale were reclassified into loans held-for-investment. During the year ended December 31, 2020, $104.3 million of infrastructure loans held-for-sale were reclassified into loans held-for-investment and $174.6 million of infrastructure loans held-for-investment were reclassified into loans held-for-sale. (6) During the year ended December 31, 2021, $94.2 million of residential loans held-for-sale were reclassified into loans held-for-investment and $125.4 million of residential loans held-for-investment were reclassified into loans held-for-sale. During the year ended December 31, 2020, $575.3 million of residential loans held-for-investment were reclassified into loans held-for-sale. (7) Residential loans have a weighted average remaining contractual life of 29.4 years and 27.9 years as of December 31, 2021 and 2020, respectively.
Summary of Variable Rate Loans Held-for-Investment	As of December 31, 2021, our variable rate loans held-for-investment were as follows (dollars in thousands): December 31, 2021 Carrying Weighted-average Commercial loans $ 13,190,863 4.1 % Infrastructure loans 2,048,096 3.8 % Total variable rate loans held-for-investment $ 15,238,959 4.1 %
Schedule of Risk Ratings by Class of Loan	The significant credit quality indicators for our loans measured at amortized cost, which excludes loans held-for-sale, were as follows as of December 31, 2021 (dollars in thousands): Term Loans Revolving Loans Total Credit As of December 31, 2021 2021 2020 2019 2018 2017 Prior Commercial loans: Credit quality indicator: LTV < 60% $ 2,270,678 $ 778,838 $ 1,294,515 $ 534,351 $ 639,455 $ 313,089 $ — $ 5,830,926 $ 11,831 LTV 60% - 70% 3,766,294 248,021 1,127,493 571,726 — 82,329 — 5,795,863 21,502 LTV > 70% 737,069 273,417 379,452 395,793 — 61,929 — 1,847,660 8,342 Credit deteriorated — — — — — 4,925 — 4,925 4,925 Defeased and other — — — — — 17,424 — 17,424 — Total commercial $ 6,774,041 $ 1,300,276 $ 2,801,460 $ 1,501,870 $ 639,455 $ 479,696 $ — $ 13,496,798 $ 46,600 Infrastructure loans: Credit quality indicator: Power $ 211,788 $ 82,103 $ 228,634 $ 427,794 $ 120,348 $ 235,177 $ 8,529 $ 1,314,373 $ 4,705 Oil and gas 297,588 15,442 241,866 97,471 45,068 — 1,903 699,338 5,844 Credit deteriorated — — — — — 34,385 — 34,385 10,121 Total infrastructure $ 509,376 $ 97,545 $ 470,500 $ 525,265 $ 165,416 $ 269,562 $ 10,432 $ 2,048,096 $ 20,670 Residential loans held-for-investment, fair value option 59,225 — Loans held-for-sale 2,876,800 — Total gross loans $ 18,480,919 $ 67,270
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 Year Ended December 31, 2021 Commercial Infrastructure Credit loss allowance at December 31, 2020 $ 69,611 $ 7,833 $ 77,444 Credit loss (reversal) provision, net (7,947) 12,580 4,633 Charge-offs (14,807) (1) — (14,807) Recoveries — — — Transfers (257) 257 — Credit loss allowance at December 31, 2021 $ 46,600 $ 20,670 $ 67,270 Unfunded Commitments Credit Loss Allowance (2) Loans Held-for-Investment Year Ended December 31, 2021 Commercial Infrastructure Total Credit loss allowance at December 31, 2020 $ 5,258 $ 812 $ 6,070 Credit loss provision (reversal), net 1,434 (667) 767 Credit loss allowance at December 31, 2021 $ 6,692 $ 145 $ 6,837 Memo: Unfunded commitments as of December 31, 2021 (3) $ 2,236,598 $ 15,430 $ 2,252,028 ______________________________________________________________________________________________________________________ (1) Relates to a $7.8 million unsecured promissory note deemed uncollectible in connection with a residential conversion project located in New York City and a $7.0 million subordinated mortgage note deemed uncollectible in connection with a vacant department store in the Chicago area. Both notes were previously considered credit deteriorated and were fully reserved at or prior to write-off. (2) Included in accounts payable, accrued expenses and other liabilities in our consolidated balance sheets. (3) Represents amounts expected to be funded (see Note 23).
Schedule of Activity in Loan Portfolio	The activity in our loan portfolio was as follows (amounts in thousands): Held-for-Investment Loans Year Ended December 31, 2021 Commercial Infrastructure Residential Held-for-Sale Loans Total Loans Balance at December 31, 2020 $ 9,583,949 $ 1,412,440 $ 90,684 $ 1,052,835 $ 12,139,908 Acquisitions/originations/additional funding 7,822,441 817,104 — 5,351,034 13,990,579 Capitalized interest (1) 112,178 — 4,308 2,650 119,136 Basis of loans sold (2) (307,454) (12,678) — (3,856,736) (4,176,868) Loan maturities/principal repayments (3,508,969) (304,878) (31,251) (352,711) (4,197,809) Discount accretion/premium amortization 52,416 5,028 — 504 57,948 Changes in fair value — — 1,186 67,864 69,050 Foreign currency translation gain/(loss), net (71,419) (711) — — (72,130) Credit loss reversal (provision), net 7,947 (12,580) — — (4,633) Loan foreclosure and conversion to equity interest (36,308) — — — (36,308) (3) Transfer to/from other asset classifications or between segments (204,583) 123,701 (5,702) 611,360 524,776 (4) Balance at December 31, 2021 $ 13,450,198 $ 2,027,426 $ 59,225 $ 2,876,800 $ 18,413,649 Held-for-Investment Loans Year Ended December 31, 2020 Commercial Infrastructure Residential Held-for-Sale Loans Total Loans Balance at December 31, 2019 $ 8,517,054 $ 1,397,448 $ 671,572 $ 884,150 $ 11,470,224 Cumulative effect of ASC 326 effective January 1, 2020 (10,112) (10,328) — — (20,440) Acquisitions/originations/additional funding 2,753,782 278,694 100,720 2,204,203 5,337,399 Capitalized interest (1) 143,818 195 — — 144,013 Basis of loans sold (2) (443,793) — (604) (2,862,606) (3,307,003) Loan maturities/principal repayments (1,398,991) (189,288) (90,273) (142,644) (1,821,196) Discount accretion/premium amortization 39,642 2,447 — 110 42,199 Changes in fair value — — (15,382) 148,506 133,124 Foreign currency translation gain/(loss), net 102,748 1,096 — (1,291) 102,553 Credit loss (provision) reversal, net (48,711) 2,495 — 125 (46,091) Transfer to/from other asset classifications (71,488) (5) (70,319) (575,349) 822,282 (6) 105,126 Balance at December 31, 2020 $ 9,583,949 $ 1,412,440 $ 90,684 $ 1,052,835 $ 12,139,908 Loans Transferred As Secured Borrowings Held-for-Investment Loans Year Ended December 31, 2019 Commercial Infrastructure Residential Held-for-Sale Loans Total Loans Balance at December 31, 2018 $ 7,075,577 $ 1,456,779 $ — $ 1,187,552 $ 74,346 $ 9,794,254 Acquisitions/originations/additional funding 4,161,584 902,053 394,697 3,636,380 — 9,094,714 Capitalized interest (1) 110,632 — — — — 110,632 Basis of loans sold (2) (743,425) — (106) (3,567,859) — (4,311,390) Loan maturities/principal repayments (2,172,068) (832,998) (62,704) (162,376) (74,692) (3,304,838) Discount accretion/premium amortization 30,128 2,072 — 2,841 346 35,387 Changes in fair value — — (1,314) 72,915 — 71,601 Foreign currency translation gain/(loss), net 38,050 — — 2,105 — 40,155 Credit loss provision, net (2,616) (3,314) — (1,196) — (7,126) Loan foreclosures (27,303) — — — — (27,303) Transfer to/from other asset classifications 46,495 (127,144) 340,999 (286,212) — (25,862) Balance at December 31, 2019 $ 8,517,054 $ 1,397,448 $ 671,572 $ 884,150 $ — $ 11,470,224 ______________________________________________________________________________________________________________________ (1) Represents accrued interest income on loans whose terms do not require current payment of interest. (2) See Note 13 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 9) 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 three consolidated RMBS trusts. (5) Represents the net carrying value of credit deteriorated first mortgage and contiguous mezzanine loans related to a residential conversion project located in New York City that was eliminated as a result of consolidating the net assets of the borrower entities upon exercising control over their pledged equity interests in October 2020. (6) Includes $176.6 million of residential loans transferred from VIE assets upon redemption of a consolidated RMBS trust.

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Investment Securities	Investment securities were comprised of the following as of December 31, 2021 and 2020 (amounts in thousands): Carrying Value as of December 31, 2021 December 31, 2020 RMBS, available-for-sale $ 143,980 $ 167,349 RMBS, fair value option (1) 250,424 235,997 CMBS, fair value option (1), (2) 1,263,606 1,209,030 HTM debt securities, amortized cost net of credit loss allowance of $8,610 and $5,675 683,136 538,605 Equity security, fair value 11,624 11,247 Subtotal — Investment securities 2,352,770 2,162,228 VIE eliminations (1) (1,491,786) (1,425,570) Total investment securities $ 860,984 $ 736,658 ______________________________________________________________________________________________________________________ (1) Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. (2) Includes $182.6 million and $179.5 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of December 31, 2021 and 2020, respectively.
Schedule of Purchases, Sales and Principal Collections for all Investment Securities	Purchases, sales, principal collections and redemptions for all investment securities were as follows (amounts in thousands): RMBS, RMBS, fair CMBS, fair HTM Securitization Total Year Ended December 31, 2021 Purchases $ — $ 168,825 $ 71,476 $ 198,358 $ (240,301) $ 198,358 Sales — 30,684 38,714 — (69,398) — Principal collections 30,722 63,144 7,732 54,725 (68,873) 87,450 Redemptions — 51,187 — — (51,187) — Year Ended December 31, 2020 Purchases/fundings $ — $ 282,368 $ 49,416 $ 22,408 $ (331,784) $ 22,408 Sales — 135,567 37,867 — (165,494) 7,940 Principal collections 26,000 44,197 30,079 52,704 (69,447) 83,533 Redemptions — 10,474 — — (10,474) — Year Ended December 31, 2019 Purchases $ — $ 120,103 $ 238,213 $ 91,162 $ (351,220) $ 98,258 Sales — 41,501 150,365 — (184,540) 7,326 Principal collections 26,929 16,500 40,490 167,383 (45,642) 205,660 ______________________________________________________________________________________________________________________ (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 consolidated statements of cash flows.
Summary of Investments in Available-for-Sale RMBS	The tables below summarize various attributes of our investments in available-for-sale RMBS as of December 31, 2021 and 2020 (amounts in thousands): Unrealized Gains or (Losses) Amortized Credit Net Gross Gross Net Fair Value December 31, 2021 RMBS $ 103,027 $ — $ 103,027 $ 41,052 $ (99) $ 40,953 $ 143,980 December 31, 2020 RMBS $ 123,292 $ — $ 123,292 $ 44,123 $ (66) $ 44,057 $ 167,349 Weighted Average Coupon (1) WAL December 31, 2021 RMBS 1.3 % 5.3 ______________________________________________________________________________________________________________________ (1) Calculated using the December 31, 2021 one-month LIBOR rate of 0.101% 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 December 31, 2021 and 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 December 31, 2021 RMBS $ 2,478 $ — $ (99) $ — 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 December 31, 2021 and 2020 (amounts in thousands): Amortized Credit Loss Net Carrying Gross Unrealized Gross Unrealized Fair Value December 31, 2021 CMBS $ 538,506 $ (3,140) $ 535,366 $ 195 $ (25,029) $ 510,532 Preferred interests 118,409 (2,562) 115,847 450 (2,449) 113,848 Infrastructure bonds 34,831 (2,908) 31,923 561 — 32,484 Total $ 691,746 $ (8,610) $ 683,136 $ 1,206 $ (27,478) $ 656,864 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): CMBS Preferred Infrastructure Total HTM Year Ended December 31, 2021 Credit loss allowance at December 31, 2020 $ — $ 2,749 $ 2,926 $ 5,675 Credit loss provision (reversal), net 3,140 (187) (18) 2,935 Credit loss allowance at December 31, 2021 $ 3,140 $ 2,562 $ 2,908 $ 8,610
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 December 31, 2021 (amounts in thousands): CMBS Preferred Infrastructure Total Less than one year $ 313,960 $ 90,970 $ — $ 404,930 One to three years 23,000 24,877 — 47,877 Three to five years 198,406 — 807 199,213 Thereafter — — 31,116 31,116 Total $ 535,366 $ 115,847 $ 31,923 $ 683,136

Properties (Tables)

Properties (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Summary of Properties	The table below summarizes our properties held as of December 31, 2021 and December 31, 2020 (dollars in thousands): Depreciable Life December 31, 2021 December 31, 2020 Property Segment Land and land improvements 0 - 15 years $ 175,810 $ 484,846 Buildings and building improvements 0 - 45 years 851,274 1,690,701 Furniture & fixtures 3 - 5 years 260 59,632 Investing and Servicing Segment Land and land improvements 0 - 15 years 41,771 50,585 Buildings and building improvements 3 - 40 years 149,399 179,014 Furniture & fixtures 2 - 5 years 3,143 2,606 Commercial and Residential Lending Segment (1) Land and land improvements 0 - 7 years 9,691 11,416 Buildings and building improvements 10 - 20 years 12,408 19,251 Construction in progress N/A 104,088 75,245 Properties, cost 1,347,844 2,573,296 Less: accumulated depreciation (181,457) (302,143) Properties, net $ 1,166,387 $ 2,271,153 ______________________________________________________________________________________________________________________ (1) Represents properties acquired through loan foreclosure. Refer to Note 5 with respect to the construction in progress properties relating to a residential conversion project.
Summary of Operating Leases	Future rental payments due to us from tenants under existing non-cancellable operating leases for each of the next five years and thereafter are as follows (in thousands): 2022 $ 75,549 2023 64,886 2024 58,806 2025 53,890 2026 42,118 Thereafter 202,756 Total $ 498,005

Investments of Consolidated A_2

Investments of Consolidated Affordable Housing Fund (Tables)	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Summary of Investment Income	Income from the Woodstar Fund’s investments reflects the following components for the period from November 5, 2021 through December 31, 2021 (in thousands): November 5, 2021 - December 31, 2021 Distributions from affordable housing fund investments $ 6,023 Unrealized change in fair value of investments 402 Income from affordable housing fund investments $ 6,425

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2021 and 2020 (dollars in thousands): Participation / Carrying value as of December 31, 2021 December 31, 2020 Equity method investments: Equity interest in a natural gas power plant 10% $ 26,255 $ 25,095 Investor entity which owns equity in an online real estate company (2) 50% 5,206 9,397 Equity interest in and advances to a residential mortgage originator (3) N/A 20,327 17,852 Various 25% - 50% 12,528 10,374 64,316 62,718 Other equity investments: Equity interest in a servicing and advisory business (2) 2% 12,955 17,584 Investment funds which own equity in a loan servicer and other real estate assets (2) 4% - 6% 4,194 7,267 Investor entities which own equity interests in two entertainment and retail centers (4) 15% 7,320 — Various, including FHLB stock at December 31, 2020 N/A 1,312 20,485 25,781 45,336 $ 90,097 $ 108,054 ______________________________________________________________________________________________________________________ (1) None of these investments are publicly traded and therefore quoted market prices are not available. (2) During the year ended December 31, 2021, we received capital distributions totaling $12.2 million, which reduced the carrying value of three of our investments. (3) Includes a $4.5 million subordinated loan as of both December 31, 2021 and 2020.

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2021 and 2020 (amounts in thousands): As of December 31, 2021 As of December 31, 2020 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Domestic servicing rights, at fair value $ 16,780 $ — $ 16,780 $ 13,202 $ — $ 13,202 In-place lease intangible assets 94,712 (62,721) 31,991 133,203 (92,540) 40,663 Favorable lease intangible assets 23,746 (8,953) 14,793 24,181 (7,929) 16,252 Total net intangible assets $ 135,238 $ (71,674) $ 63,564 $ 170,586 $ (100,469) $ 70,117
Summary of Activity Within Intangible Assets	The following table summarizes the activity within intangible assets for the years ended December 31, 2021 and 2020 (amounts in thousands): Domestic In-place Lease Favorable Lease Total Balance as of January 1, 2020 $ 16,917 $ 50,910 $ 17,873 $ 85,700 Amortization — (10,077) (1,621) (11,698) Sales — (170) — (170) Changes in fair value due to changes in inputs and assumptions (3,715) — — (3,715) Balance as of December 31, 2020 $ 13,202 $ 40,663 $ 16,252 $ 70,117 Amortization — (8,116) (1,387) (9,503) Sales — (556) (72) (628) Changes in fair value due to changes in inputs and assumptions 3,578 — — 3,578 Balance as of December 31, 2021 $ 16,780 $ 31,991 $ 14,793 $ 63,564
Schedule of Future Amortization Expense	The following table sets forth the estimated aggregate amortization of our in-place lease intangible assets and favorable lease intangible assets for the next five years and thereafter (amounts in thousands): 2022 $ 7,618 2023 6,043 2024 4,650 2025 3,775 2026 2,754 Thereafter 21,944 Total $ 46,784

Secured Borrowings (Tables)

Secured Borrowings (Tables)	12 Months Ended
	Dec. 31, 2021
Secured Debt [Abstract]
Summary of Secured Financing Agreements	The following table is a summary of our secured financing agreements in place as of December 31, 2021 and 2020 (dollars in thousands): Outstanding Balance at Current Extended Weighted Average Pledged Asset Maximum December 31, 2021 December 31, 2020 Repurchase Agreements: Commercial Loans Aug 2022 to Jul 2026 (b) Jun 2025 to Dec 2030 (b) Index + 2.00% (c) $ 9,141,387 $ 10,485,460 (d) $ 6,556,438 $ 4,878,939 Residential Loans Jul 2022 to Dec 2023 N/A Index + 2.02% 2,244,663 2,850,000 1,744,225 22,590 Infrastructure Loans Sep 2024 Sep 2026 LIBOR + 2.00% 455,391 650,000 379,095 232,961 Conduit Loans Feb 2022 to Jun 2024 Feb 2023 to Jun 2025 LIBOR + 1.99% 226,634 350,000 174,130 53,554 CMBS/RMBS Sep 2022 to May 2031 (e) Dec 2022 to Nov 2031 (e) (f) 1,166,352 819,979 688,146 (g) 620,763 Total Repurchase Agreements 13,234,427 15,155,439 9,542,034 5,808,807 Other Secured Financing: Borrowing Base Facility Nov 2024 Oct 2026 SOFR + 2.11% 600,525 750,000 (h) 213,478 43,014 Commercial Financing Facilities Dec 2023 to Jan 2024 Jan 2026 to Dec 2030 Index + 1.81% 208,022 243,476 167,476 81,218 Residential Financing Facility Sep 2022 Sep 2025 3.00% 396,201 250,000 102,018 215,024 Infrastructure Acquisition Facility N/A N/A N/A — — — 467,450 Infrastructure Financing Facilities Jul 2022 to Oct 2022 Oct 2024 to Jul 2027 Index + 2.01% 1,042,292 1,250,000 855,646 538,645 Property Mortgages - Fixed rate Nov 2024 to Sep 2029 (i) N/A 4.35% 389,586 272,522 272,522 1,077,528 Property Mortgages - Variable rate Nov 2022 to Dec 2025 N/A (j) 699,124 734,350 712,493 960,903 Term Loan and Revolver (k) N/A (k) N/A (k) 938,753 788,753 645,000 Federal Home Loan Bank N/A N/A N/A — — — 396,000 Total Other Secured Financing 3,335,750 4,439,101 3,112,386 4,424,782 $ 16,570,177 $ 19,594,540 12,654,420 10,233,589 Unamortized net discount (13,350) (13,569) Unamortized deferred financing costs (64,220) (73,830) $ 12,576,850 $ 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 $2.1 billion as of December 31, 2021 are indexed to GBP LIBOR, EURIBOR, BBSY and SONIA. The remainder are indexed to USD LIBOR or SOFR. (d) Certain facilities with an aggregate initial maximum facility size of $9.4 billion may be increased to $10.5 billion, subject to certain conditions. The $10.5 billion amount includes such upsizes. (e) Certain facilities with an outstanding balance of $276.9 million as of December 31, 2021 carry a rolling 11-month or 12-month term which may reset monthly or quarterly with the lender's consent. These facilities carry no maximum facility size. (f) A facility with an outstanding balance of $240.8 million as of December 31, 2021 has a weighted average fixed annual interest rate of 3.20%. All other facilities are variable rate with a weighted average rate of LIBOR + 1.71%. (g) Includes: (i) $240.8 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $35.8 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 16). (h) The maximum facility size as of December 31, 2021 of $650.0 million is scheduled to decline to $450.0 million as of March 31, 2022 and may be increased to $750.0 million, subject to certain conditions. (i) The weighted average maturity is 5.5 years as of December 31, 2021. (j) 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 + 2.39%. (k) Consists of: (i) a $788.8 million term loan facility that matures in July 2026, of which $391.0 million has an annual interest rate of LIBOR + 2.50% and $397.8 million (the “Incremental Borrowings”) has an annual interest rate of LIBOR + 3.25%, subject to a 0.75% LIBOR floor, and (ii) a $150.0 million revolving credit facility that matures in April 2026 with an annual interest rate of SOFR + 2.50%. These facilities are secured by the equity interests in certain of our subsidiaries which totaled $5.5 billion as of December 31, 2021. As of December 31, 2021, the above table no longer reflects property mortgages of the Woodstar Portfolios, which as discussed in Notes 2 and 8, are now reflected within “Investments of consolidated affordable housing fund” on our consolidated balance sheet.
Schedule of Collateralized Loan Obligations	The following table is a summary of our CLOs and our SASB as of December 31, 2021 and 2020 (amounts in thousands): December 31, 2021 Count Face Carrying Weighted Maturity STWD 2019-FL1 Collateral assets 24 $ 1,092,887 $ 1,103,513 LIBOR + 4.19% (a) November 2024 (b) Financing 1 936,375 933,049 SOFR + 1.63% (c) July 2038 (d) STWD 2021-FL2 Collateral assets 25 1,272,133 1,279,678 LIBOR + 4.22% (a) February 2025 (b) Financing 1 1,077,375 1,069,691 LIBOR + 1.78% (c) April 2038 (d) STWD 2021-SIF1 Collateral assets 31 491,299 506,666 LIBOR + 3.91% (a) March 2026 (b) Financing 1 410,000 405,319 LIBOR + 2.15% (c) April 2032 (d) STWD 2021-HTS Collateral assets 1 230,000 230,587 LIBOR + 4.12% (a) April 2026 (b) Financing 1 210,091 208,057 LIBOR + 2.48% (c) April 2034 (d) Total Collateral assets $ 3,086,319 $ 3,120,444 Financing $ 2,633,841 $ 2,616,116 December 31, 2020 STWD 2019-FL1 Collateral assets 23 $ 1,002,445 $ 1,099,439 LIBOR + 3.93% (a) April 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 December 31, 2021, 7% earned fixed-rate weighted average interest of 7.49%. Of the loans financed by the STWD 2021-SIF1 CLO as of December 31, 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 CLOs and SASB are tied to timing of the related collateral asset repayments. The term of the CLOs and SASB financing obligations 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 and SASB (a) Total 2022 $ 2,068,288 $ 60,194 $ 123,448 $ 2,251,930 2023 1,090,287 826,666 643,689 2,560,642 2024 1,089,101 319,918 445,272 1,854,291 2025 3,263,185 256,299 497,976 4,017,460 2026 1,777,704 1,207,092 923,456 3,908,252 Thereafter 253,469 442,217 — 695,686 Total $ 9,542,034 $ 3,112,386 $ 2,633,841 $ 15,288,261 ______________________________________________________________________________________________________________________ (a) For the CLOs, the above does not assume utilization of their reinvestment features. The SASB does not have a reinvestment feature.

Unsecured Senior Notes (Tables)

Unsecured Senior Notes (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2021 and 2020 (dollars in thousands): Coupon Effective Maturity Remaining Carrying Value at December 31, 2021 December 31, 2020 2021 Senior Notes N/A N/A N/A N/A $ — $ 700,000 2023 Senior Notes 5.50 % 5.71 % 11/1/2023 1.8 years 300,000 300,000 2023 Convertible Notes 4.38 % 4.57 % 4/1/2023 1.2 years 250,000 250,000 2024 Senior Notes 3.75 % 3.94 % 12/31/2024 3.0 years 400,000 — 2025 Senior Notes 4.75 % (2) 5.04 % 3/15/2025 3.2 years 500,000 500,000 2026 Senior Notes 3.63 % 3.77 % 7/15/2026 4.5 years 400,000 — Total principal amount 1,850,000 1,750,000 Unamortized discount—Convertible Notes (578) (2,559) Unamortized discount—Senior Notes (10,067) (9,332) Unamortized deferred financing costs (10,765) (5,589) Carrying amount of debt components $ 1,828,590 $ 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.
Schedule of Conversion Attributes on Convertible Notes Outstanding	The following table details the conversion attributes of our Convertible Notes outstanding as of December 31, 2021 (amounts in thousands, except rates): December 31, 2021 Conversion Conversion Rate (1) Price (2) 2023 Convertible Notes 38.5959 $ 25.91 ______________________________________________________________________________________________________________________ (1) The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount of 2023 Convertible Notes converted, as adjusted in accordance with the indenture governing the 2023 Convertible Notes (including the applicable supplemental indenture). (2) As of December 31, 2021, 2020, and 2019, the market price of the Company’s common stock was $24.30, $19.30 and $24.86, respectively.

Loan Securitization_Sale Acti_2

Loan Securitization/Sale Activities (Tables)	12 Months Ended
	Dec. 31, 2021
Loan Securitization/Sale Activities
Summary of Face Amount and Proceeds of Loans	The following summarizes the face amount and proceeds of commercial and residential loans securitized for the years ended December 31, 2021, 2020 and 2019 (amounts in thousands): Commercial Loans Residential Loans Face Amount Proceeds Face Amount Proceeds For the Year Ended December 31, 2021 $ 1,185,251 $ 1,242,974 $ 2,287,733 $ 2,362,798 2020 920,282 975,569 1,770,513 1,826,549 2019 1,781,981 1,845,890 1,256,481 1,305,059
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 Year Ended December 31, 2021 $ 335,552 $ 328,878 $ 216,827 $ 225,940 2020 446,132 442,833 550 604 2019 751,210 748,045 26,046 26,797 ______________________________________________________________________________________________________________________

Derivatives and Hedging Activ_2

Derivatives and Hedging Activity (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Non-Designated Derivatives	The following table summarizes our non-designated derivatives as of December 31, 2021 (notional amounts in thousands): Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Buy Euros ("EUR") 14 51,583 EUR February 2022 - March 2023 Fx contracts – Buy Pounds Sterling ("GBP") 11 9,731 GBP February 2022 - October 2024 Fx contracts – Buy Australian dollar ("AUD") 3 17,500 AUD February 2022 - August 2023 Fx contracts – Sell EUR 144 474,098 EUR January 2022 - November 2025 Fx contracts – Sell GBP 155 530,879 GBP January 2022 - February 2025 Fx contracts – Sell AUD 52 265,401 AUD February 2022 - October 2024 Interest rate swaps – Paying fixed rates 68 2,932,451 USD April 2024 - January 2032 Interest rate swaps – Receiving fixed rates 2 484,500 USD March 2025 - December 2031 Interest rate caps 7 702,000 USD October 2022 - April 2025 Interest rate caps 1 61,000 GBP April 2024 Credit index instruments 3 49,000 USD September 2058 - August 2061 Interest rate swap guarantees 4 277,302 USD August 2022 - June 2025 Total 464
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 consolidated balance sheets as of December 31, 2021 and 2020 (amounts in thousands): Fair Value of Derivatives in an Asset Position (1) as of December 31, Fair Value of Derivatives in a Liability Position (2) as of December 31, 2021 2020 2021 2020 Interest rate contracts $ 17,728 $ 33,841 $ 16 $ 4 Interest rate swap guarantees — — 260 849 Foreign exchange contracts 30,478 6,585 12,870 39,951 Credit index instruments 10 129 275 520 Total derivatives $ 48,216 $ 40,555 $ 13,421 $ 41,324 ___________________________________________________ (1) Classified as derivative assets in our consolidated balance sheets. (2) Classified as derivative liabilities in our consolidated balance sheets.
Schedule of Effect of Derivative Financial Instruments	The table below presents the effect of our derivative financial instruments on the consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019 (amounts in thousands): Derivatives Not Designated Location of Gain (Loss) Amount of Gain (Loss) Recognized in Income for the Year Ended December 31, 2021 2020 2019 Interest rate contracts Gain (loss) on derivative financial instruments $ 41,033 $ (48,692) $ (10,516) Interest rate swap guarantees Gain (loss) on derivative financial instruments 589 (235) (3,350) Foreign exchange contracts Gain (loss) on derivative financial instruments 41,228 (32,561) 8,801 Credit index instruments Gain (loss) on derivative financial instruments (487) (690) (1,245) $ 82,363 $ (82,178) $ (6,310)

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2021 Derivative assets $ 48,216 $ — $ 48,216 $ 12,870 $ 21,290 $ 14,056 Derivative liabilities $ 13,421 $ — $ 13,421 $ 12,870 $ 291 $ 260 Repurchase agreements 9,542,034 — 9,542,034 9,542,034 — — $ 9,555,455 $ — $ 9,555,455 $ 9,554,904 $ 291 $ 260 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)	12 Months Ended
	Dec. 31, 2021
Variable Interest Entities
Summary of Assets and Liabilities of Our Consolidated CLO	The following table details the assets and liabilities of our consolidated CLOs and SASB as of December 31, 2021 and 2020 (amounts in thousands): December 31, 2021 December 31, 2020 Assets: Cash and cash equivalents $ 15,297 $ 96,998 Loans held-for-investment 3,073,572 1,002,441 Investment securities 11,426 — Accrued interest receivable 8,936 5,454 Other assets 11,213 557 Total Assets $ 3,120,444 $ 1,105,450 Liabilities Accounts payable, accrued expenses and other liabilities $ 3,335 $ 663 Collateralized loan obligations and single asset securitization, net 2,616,116 930,554 Total Liabilities $ 2,619,451 $ 931,217

Stockholders' Equity and Non-_2

Stockholders' Equity and Non-Controlling Interests (Tables)	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Summary of Common Stock	We issued common stock in a public offering as follows during the year ended December 31, 2021: Shares issued Price Proceeds Issuance date (in thousands) per share (in thousands) 12/10/2021 16,000 $ 24.57 $ 393,120
Schedule of Dividends Declared by Board of Directors	Our board of directors declared the following dividends during the years ended December 31, 2021, 2020 and 2019: Declaration Date Record Date Ex-Dividend Date Payment Date Amount Frequency 12/15/21 12/31/21 12/30/21 1/14/22 $ 0.48 Quarterly 9/15/21 9/30/21 9/29/21 10/15/21 0.48 Quarterly 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 12/9/20 12/31/20 12/30/20 1/15/21 0.48 Quarterly 9/16/20 9/30/20 9/29/20 10/15/20 0.48 Quarterly 6/16/20 6/30/20 6/29/20 7/15/20 0.48 Quarterly 2/25/20 3/31/20 3/30/20 4/15/20 0.48 Quarterly 11/18/19 12/31/19 12/30/19 1/15/20 0.48 Quarterly 8/7/19 9/30/19 9/27/19 10/15/19 0.48 Quarterly 5/8/19 6/28/19 6/27/19 7/15/19 0.48 Quarterly 2/28/19 3/29/19 3/28/19 4/15/19 0.48 Quarterly
Summary of Share Awards Granted Under the Manager Equity Plan	The table below summarizes our share awards granted or vested under the Manager Equity Plan and the 2017 Manager Equity Plan during the years ended December 31, 2021, 2020 and 2019 (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 Common Stock Issued to Manager as Incentive Compensation	The following shares of common stock were issued, without restriction, to our Manager as part of the incentive and base management compensation due under the Management Agreement during the years ended December 31, 2021, 2020 and 2019: Timing of Issuance Shares of Common Stock Issued Price per share November 2021 18,649 $ 26.08 August 2021 97,151 25.79 May 2021 267,378 24.54 February 2021 332,002 22.55 May 2020 2,065,322 (1) February 2020 355,910 25.51 November 2019 38,942 24.08 March 2019 495,363 22.16 __________________________________________
Summary of Share-Based Compensation Expenses	The following table summarizes our share-based compensation expenses during the years ended December 31, 2021, 2020 and 2019 (in thousands): For the Year Ended December 31, 2021 2020 2019 Management fees: Manager incentive fee $ 35,135 $ 15,405 $ 10,082 Base management fee — 19,088 — 2017 Manager Equity Plan (1) 19,448 17,987 20,255 54,583 52,480 30,337 General and administrative: 2017 Equity Plan (1) 19,838 13,254 15,900 19,838 13,254 15,900 Total share-based compensation expense (2) $ 74,421 $ 65,734 $ 46,237 __________________________________________ (1) Share-based compensation expense relating to the Manager Equity Plan is reflected within the 2017 Manager Equity Plan. Share-based compensation expense relating to the Non-Executive Director Stock Plan and the Equity Plan are reflected within the 2017 Equity Plan. (2) The income tax benefit associated with the share-based compensation expense for the years ended December 31, 2021, 2020 and 2019 was immaterial.
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 1,708,935 — 1,708,935 22.14 Vested (764,781) (991,619) (1,756,400) 18.44 Forfeited (132,029) — (132,029) 18.99 Balance as of December 31, 2021 2,406,730 1,295,277 3,702,007 18.90 __________________________________________ (1) Equity-based award activity for awards granted under the Equity Plan and Non-Executive Director Stock Plan is reflected within the 2017 Equity Plan column, and for awards granted under the Manager Equity Plan, within the 2017 Manager Equity Plan column.
Summary of Vesting Schedule	2017 Equity 2017 Manager Plan Equity Plan Total 2022 646,771 845,277 1,492,048 2023 451,679 450,000 901,679 2024 1,308,280 — 1,308,280 Total 2,406,730 1,295,277 3,702,007

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 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 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 Year Ended December 31, 2021 2020 2019 Basic Earnings Income attributable to STWD common stockholders $ 447,739 $ 331,689 $ 509,664 Less: Income attributable to participating shares not already deducted as non-controlling interests (6,808) (5,216) (3,873) Basic earnings $ 440,931 $ 326,473 $ 505,791 Diluted Earnings Income attributable to STWD common stockholders $ 447,739 $ 331,689 $ 509,664 Less: Income attributable to participating shares not already deducted as non-controlling interests (6,808) (5,216) (3,873) Add: Interest expense on Convertible Notes 11,619 * 12,354 Diluted earnings $ 452,550 $ 326,473 $ 518,145 Number of Shares: Basic — Average shares outstanding 285,942 281,978 279,337 Effect of dilutive securities — Convertible Notes 9,649 * 9,805 Effect of dilutive securities — Contingently issuable shares 1,037 383 360 Effect of dilutive securities — Unvested non-participating shares 198 122 210 Diluted — Average shares outstanding 296,826 282,483 289,712 Earnings Per Share Attributable to STWD Common Stockholders: Basic $ 1.54 $ 1.16 $ 1.81 Diluted $ 1.52 $ 1.16 $ 1.79 ______________________________________________________________________________________________________________________

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 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 Balance at January 1, 2019 $ 53,515 $ 5,145 $ 58,660 OCI before reclassifications (2,460) (3,665) (6,125) Amounts reclassified from AOCI (59) (1,544) (1,603) Net period OCI (2,519) (5,209) (7,728) Balance at December 31, 2019 50,996 (64) 50,932 OCI before reclassifications (6,939) — (6,939) Amounts reclassified from AOCI — — — Net period OCI (6,939) — (6,939) Balance at December 31, 2020 44,057 (64) 43,993 OCI before reclassifications (3,101) — (3,101) Amounts reclassified from AOCI (3) 64 61 Net period OCI (3,104) 64 (3,040) Balance at December 31, 2021 $ 40,953 $ — $ 40,953
Summary of Reclassifications out of AOCI	The reclassifications out of AOCI impacted the consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019 as follows (amounts in thousands): Amounts Reclassified from AOCI during the Year Affected Line Item Ended December 31, in the Statements Details about AOCI Components 2021 2020 2019 of Operations Unrealized gains on available-for-sale securities: Interest realized upon collection $ 3 $ — $ 59 Interest income from investment securities Foreign currency translation: Foreign currency (adjustment) gain from business dispositions (64) — 1,544 Gain on sale of investments and other assets, net Total reclassifications for the period $ (61) $ — $ 1,603

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 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 consolidated balance sheets by their level in the fair value hierarchy as of December 31, 2021 and 2020 (amounts in thousands): December 31, 2021 Total Level I Level II Level III Financial Assets: Loans under fair value option $ 2,936,025 $ — $ — $ 2,936,025 RMBS 143,980 — — 143,980 CMBS 22,244 — — 22,244 Equity security 11,624 11,624 — — Woodstar Fund investments 1,040,309 — — 1,040,309 Domestic servicing rights 16,780 — — 16,780 Derivative assets 48,216 — 48,216 — VIE assets 61,280,543 — — 61,280,543 Total $ 65,499,721 $ 11,624 $ 48,216 $ 65,439,881 Financial Liabilities: Derivative liabilities $ 13,421 $ — $ 13,421 $ — VIE liabilities 59,752,922 — 54,972,701 4,780,221 Total $ 59,766,343 $ — $ 54,986,122 $ 4,780,221 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 years ended December 31, 2021 and 2020 (amounts in thousands): Loans at RMBS CMBS Woodstar Fund Investments 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 133,124 — 6,991 — (3,715) (2,405,599) 128,747 (2,140,452) Net accretion — 10,712 — — — — — 10,712 Included in OCI — (6,939) — — — — — (6,939) Purchases / Originations 2,304,924 — — — — — — 2,304,924 Sales (2,802,722) — (7,940) — — — — (2,810,662) Issuances — — — — — — (29,927) (29,927) Cash repayments / receipts (225,155) (26,000) (4,829) — — — (9,901) (265,885) Transfers into Level III — — — — — — (1,393,905) (1,393,905) Transfers out of Level III — — — — — — 1,902,944 1,902,944 Transfers within Level III 176,614 — (176,614) — Consolidation of VIEs — — — — — 4,665,636 (101,690) 4,563,946 Deconsolidation of VIEs — — 227 — — (32,270) 21,248 (10,795) December 31, 2020 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 69,050 — (894) 402 3,578 (6,830,193) 1,066,130 (5,691,927) Net accretion — 10,457 — — — — — 10,457 Included in OCI — (3,104) — — — — — (3,104) Purchases / Originations 5,351,019 — — — — — — 5,351,019 Sales (3,831,712) — — — — — — (3,831,712) Issuances — — — — — — (38,715) (38,715) Cash repayments / receipts (207,043) (30,722) (2,003) — — — (5,728) (245,496) Transfers into Level III 7,241 — — 1,039,907 — — (3,058,607) (2,011,459) Transfers out of Level III — — — — — — 1,152,827 1,152,827 Transfers within Level III 524,491 — — — — (524,491) — — Consolidation of VIEs — — — — — 5,332,754 (1,911,702) 3,421,052 Deconsolidation of VIEs — — 5,684 — — (935,855) 35,450 (894,721) December 31, 2021 balance $ 2,936,025 $ 143,980 $ 22,244 $ 1,040,309 $ 16,780 $ 61,280,543 $ (4,780,221) $ 60,659,660 Amount of unrealized gains (losses) attributable to assets still held at December 31, 2021: Included in earnings $ (8,036) $ 10,412 $ 306 $ 402 $ 3,578 $ (6,830,193) $ 1,066,130 $ (5,757,401) Included in OCI — (3,066) — — — — — $ (3,066) Amount of unrealized gains (losses) attributable to assets still held at December 31, 2020: Included in earnings 26,041 10,712 1,127 — (3,715) (2,327,393) 128,747 (2,164,481) Included in OCI — (6,939) — — — — — (6,939)
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 consolidated balance sheets (amounts in thousands): December 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Financial assets not carried at fair value: Loans held-for-investment and loans held-for-sale $ 15,477,624 $ 15,526,235 $ 11,116,929 $ 11,107,316 HTM debt securities 683,136 656,864 538,605 515,253 Financial liabilities not carried at fair value: Secured financing agreements, CLOs and SASB $ 15,192,966 $ 15,266,440 $ 11,076,744 $ 11,108,364 Unsecured senior notes 1,828,590 1,893,065 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 December 31, 2021 Valuation Unobservable Range (Weighted Average) as of (1) December 31, 2021 December 31, 2020 Loans under fair value option $ 2,936,025 Discounted cash flow, market pricing Coupon (d) 2.6% - 9.2% (4.2%) 3.3% - 9.7% (5.9%) Remaining contractual term (d) 6.3 - 39.9 years - (27.4 years) 7.3 - 39.3 years (26.3 years) FICO score (a) 582 - 829 (748) 519 - 823 (727) LTV (b) 1% - 94% (66%) 5% - 94% (68%) Purchase price (d) 80.0% - 108.6% (102.3%) 84.4% - 104.8% (99.8%) RMBS 143,980 Discounted cash flow Constant prepayment rate (a) 4.8% - 19.2% (9.9%) 3.6% - 19.4% (7.6%) Constant default rate (b) 0.8% - 6.0% (2.1%) 0.7% - 5.4% (2.4%) Loss severity (b) 0% - 86% (26%) (f) 0% - 85% (20%) (f) Delinquency rate (c) 10% - 35% (19%) 10% - 32% (19%) Servicer advances (a) 19% - 83% (52%) 23% - 82% (54%) Annual coupon deterioration (b) 0% - 1.7% (0.1%) 0% - 0.9% (0.1%) Putback amount per projected total collateral loss (e) 0% - 8% (0.5%) 0% - 17% (0.8%) CMBS 22,244 Discounted cash flow Yield (b) 0% - 613.6% (9.3%) 0% - 536.6% (7.1%) Duration (c) 0 - 7.2 years (5.2 years) 0 - 7.6 years (5.3 years) Woodstar Fund investments 1,040,309 Discounted cash flow Discount rate - properties (b) 5.8% - 6.3% (6.0%) N/A Discount rate - debt (a) 2.6% - 3.3% (2.9%) N/A Terminal capitalization rate (b) 4.8% - 5.3% (4.9%) N/A Domestic servicing rights 16,780 Discounted cash flow Debt yield (a) 7.30% (7.30%) 7.50% (7.50%) Discount rate (b) 15% (15%) 15% (15%) VIE assets 61,280,543 Discounted cash flow Yield (b) 0% - 615.3% (13.0%) 0% - 312.2% (14.3%) Duration (c) 0 - 11.0 years (3.2 years) 0 - 16.3 years (3.8 years) VIE liabilities 4,780,221 Discounted cash flow Yield (b) 0% - 615.3% (6.4%) 0% - 312.2% (14.4%) Duration (c) 0 - 11.0 years (2.3 years) 0 - 10.8 years (3.8 years) ______________________________________________________________________________________________________________________ (1) Unobservable inputs were weighted by the relative carrying value of the instruments as of December 31, 2021 and 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) 18% and 23% of the portfolio falls within a range of 45% - 80% as of December 31, 2021 and 2020, respectively.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Summary of Income Tax Provisions	Our income tax provision consisted of the following for the years ended December 31, 2021, 2020 and 2019 (in thousands): For the Year Ended December 31, 2021 2020 2019 Current Federal $ 142 $ 5,690 $ 4,917 State (80) 3,201 3,182 Foreign (392) 195 977 Total current (330) 9,086 9,076 Deferred Federal 6,893 8,213 3,869 State 2,106 2,898 287 Total deferred 8,999 11,111 4,156 Total income tax provision $ 8,669 $ 20,197 $ 13,232
Summary of Temporary Differences on Deferred Tax Assets	The following table presents the tax effects of temporary differences on net deferred tax (liabilities)/assets which are classified in our consolidated balance sheets within accounts payable, accrued expenses and other liabilities at December 31, 2021 and other assets at December 31, 2020 (in thousands): December 31, 2021 2020 Deferred tax (liabilities)/asset, net Reserves and accruals $ 3,155 $ 4,571 Domestic intangible assets (9,652) (1,672) Lease assets — (310) Lease liabilities — 579 Investments in unconsolidated entities (1,515) (1,236) Net operating and other carryforwards 1,908 974 Other U.S. temporary differences 14 2 Net deferred tax (liabilities)/assets $ (6,090) $ 2,908
Schedule of Income Tax Rate Reconciliation	The following table is a reconciliation of our U.S. federal income tax provision determined using our statutory federal tax rate to our reported income tax provision for the years ended December 31, 2021, 2020 and 2019 (dollars in thousands): For the Year Ended December 31, 2021 2020 2019 Federal statutory tax rate $ 105,230 21.0 % $ 81,118 21.0 % $ 115,535 21.0 % REIT and other non-taxable income (92,121) (18.4) % (58,265) (15.1) % (106,301) (19.3) % State income taxes 4,307 0.9 % 7,509 1.9 % 3,034 0.5 % Federal benefit of state tax deduction (905) (0.2) % (1,577) (0.4) % (637) (0.1) % Net operating loss carryback rate differential — — % (3,387) (0.9) % — — % Intra-entity transfers (6,635) (1.3) % (5,385) (1.4) % — — % Other (1,207) (0.3) % 184 0.1 % 1,601 0.3 % Effective tax rate $ 8,669 1.7 % $ 20,197 5.2 % $ 13,232 2.4 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Summary of Lease Cost	Our lease costs and sublease income were as follows (in thousands): For the Year Ended December 31, 2021 2020 2019 Operating lease costs $ 4,100 $ 5,571 $ 5,634 Short-term lease costs 2,227 42 $ 115 Sublease income (766) (1,509) $ (1,613) Total lease cost $ 5,560 $ 4,104 $ 4,136 Information concerning our operating lease liabilities, which are classified within accounts payable, accrued expenses and other liabilities in our consolidated balance sheets as of December 31, 2021 and 2020, is as follows (dollars in thousands): For the Year Ended December 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities —operating $ 1,274 $ 6,268 December 31, 2021 December 31, 2020 Weighted-average remaining lease term 7.0 years 7.0 years Weighted-average discount rate 4.0% 4.1%
Summary of Future Maturity of Operating Leases	Future maturity of operating lease liabilities: 2022 $ 1,605 2023 1,624 2024 1,643 2025 1,713 2026 1,559 Thereafter 3,085 Total 11,227 Less interest component (1,466) Operating lease liability $ 9,761

Segment and Geographic Data (Ta

Segment and Geographic Data (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Schedule of Results of Operations by Business Segment	The table below presents our results of operations for the year ended December 31, 2021 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 705,499 $ 85,057 $ — $ 9,735 $ — $ 800,291 $ — $ 800,291 Interest income from investment securities 67,589 2,190 — 96,771 — 166,550 (121,382) 45,168 Servicing fees 453 — — 58,896 — 59,349 (20,610) 38,739 Rental income 5,486 — 234,840 38,505 — 278,831 — 278,831 Other revenues 294 293 198 6,278 — 7,063 (4) 7,059 Total revenues 779,321 87,540 235,038 210,185 — 1,312,084 (141,996) 1,170,088 Costs and expenses: Management fees 948 — — (793) 167,594 167,749 24 167,773 Interest expense 206,353 37,671 59,970 22,543 119,402 445,939 (852) 445,087 General and administrative 42,000 14,557 8,067 88,879 17,472 170,975 327 171,302 Acquisition and investment pursuit costs 893 250 (60) 101 — 1,184 — 1,184 Costs of rental operations 1,769 — 92,190 17,708 — 111,667 — 111,667 Depreciation and amortization 1,243 402 65,833 15,523 — 83,001 — 83,001 Credit loss (reversal) provision, net (3,560) 11,895 — — — 8,335 — 8,335 Other expense 31 — 583 94 — 708 — 708 Total costs and expenses 249,677 64,775 226,583 144,055 304,468 989,558 (501) 989,057 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 162,333 162,333 Change in fair value of servicing rights — — — 4,319 — 4,319 (741) 3,578 Change in fair value of investment securities, net (8,277) — — 28,221 — 19,944 (20,331) (387) Change in fair value of mortgage loans, net 13,836 — — 55,214 — 69,050 — 69,050 Income from affordable housing fund investments — — 6,425 — — 6,425 — 6,425 Earnings (loss) from unconsolidated entities 6,984 1,160 — 815 — 8,959 (207) 8,752 Gain on sale of investments and other assets, net 16,584 189 — 22,211 — 38,984 — 38,984 Gain (loss) on derivative financial instruments, net 73,209 1,253 10,155 8,288 (10,542) 82,363 — 82,363 Foreign currency loss, net (36,045) (183) — (64) — (36,292) — (36,292) Loss on extinguishment of debt (289) (1,264) (5,281) (113) (481) (7,428) — (7,428) Other (loss) income, net (7,407) 23 — 70 — (7,314) — (7,314) Total other income (loss) 58,595 1,178 11,299 118,961 (11,023) 179,010 141,054 320,064 Income (loss) before income taxes 588,239 23,943 19,754 185,091 (315,491) 501,536 (441) 501,095 Income tax (provision) benefit (1,201) 306 — (7,775) 1 (8,669) — (8,669) Net income (loss) 587,038 24,249 19,754 177,316 (315,490) 492,867 (441) 492,426 Net (income) loss attributable to non-controlling interests (14) — (20,121) (24,993) — (45,128) 441 (44,687) Net income (loss) attributable to Starwood Property Trust, Inc . $ 587,024 $ 24,249 $ (367) $ 152,323 $ (315,490) $ 447,739 $ — $ 447,739 The table below presents our results of operations for the year ended December 31, 2020 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 665,503 $ 77,851 $ — $ 8,589 $ — $ 751,943 $ — $ 751,943 Interest income from investment securities 78,490 2,637 — 93,823 — 174,950 (120,538) 54,412 Servicing fees 549 — — 41,806 — 42,355 (12,721) 29,634 Rental income 4,706 — 255,452 37,670 — 297,828 — 297,828 Other revenues 412 499 293 1,139 — 2,343 (5) 2,338 Total revenues 749,660 80,987 255,745 183,027 — 1,269,419 (133,264) 1,136,155 Costs and expenses: Management fees 796 — — 901 125,372 127,069 58 127,127 Interest expense 176,230 40,913 65,390 24,303 113,313 420,149 (386) 419,763 General and administrative 41,972 15,673 4,542 80,039 15,312 157,538 336 157,874 Acquisition and investment pursuit costs 2,406 1,183 12 (29) — 3,572 — 3,572 Costs of rental operations 3,186 — 97,136 17,354 — 117,676 — 117,676 Depreciation and amortization 1,708 342 76,246 16,109 — 94,405 — 94,405 Credit loss provision (reversal), net 47,256 (4,103) — — — 43,153 — 43,153 Other expense 307 — 531 — — 838 — 838 Total costs and expenses 273,861 54,008 243,857 138,677 253,997 964,400 8 964,408 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 78,258 78,258 Change in fair value of servicing rights — — — 11,415 — 11,415 (15,130) (3,715) Change in fair value of investment securities, net (15,108) — — (51,403) — (66,511) 71,904 5,393 Change in fair value of mortgage loans, net 76,897 — — 56,227 — 133,124 — 133,124 Earnings (loss) from unconsolidated entities 8,779 (767) — 30,845 — 38,857 (1,540) 37,317 (Loss) gain on sale of investments and other assets, net (961) 306 — 7,965 — 7,310 — 7,310 (Loss) gain on derivative financial instruments, net (58,664) (1,499) (34,392) (21,269) 33,646 (82,178) — (82,178) Foreign currency gain (loss), net 42,205 207 (14) (3) — 42,395 — 42,395 Loss on extinguishment of debt (22) (959) (2,185) — (488) (3,654) — (3,654) Other (loss) income, net — — (166) 447 — 281 — 281 Total other income (loss) 53,126 (2,712) (36,757) 34,224 33,158 81,039 133,492 214,531 Income (loss) before income taxes 528,925 24,267 (24,869) 78,574 (220,839) 386,058 220 386,278 Income tax (provision) benefit (21,091) (117) — 1,011 — (20,197) — (20,197) Net income (loss) 507,834 24,150 (24,869) 79,585 (220,839) 365,861 220 366,081 Net income attributable to non-controlling interests (14) — (20,394) (13,764) — (34,172) (220) (34,392) Net income (loss) attributable to Starwood Property Trust, Inc . $ 507,820 $ 24,150 $ (45,263) $ 65,821 $ (220,839) $ 331,689 $ — $ 331,689 The table below presents our results of operations for the year ended December 31, 2019 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 610,316 $ 99,580 $ — $ 14,117 $ — $ 724,013 $ — $ 724,013 Interest income from investment securities 81,255 6,318 — 117,663 — 205,236 (128,607) 76,629 Servicing fees 423 — — 69,962 — 70,385 (16,089) 54,296 Rental income — — 287,094 50,872 — 337,966 — 337,966 Other revenues 1,038 751 409 1,317 26 3,541 (26) 3,515 Total revenues 693,032 106,649 287,503 253,931 26 1,341,141 (144,722) 1,196,419 Costs and expenses: Management fees 1,495 — — 72 117,404 118,971 161 119,132 Interest expense 222,118 62,836 76,838 33,621 113,964 509,377 (648) 508,729 General and administrative 29,481 18,260 6,232 87,115 13,681 154,769 343 155,112 Acquisition and investment pursuit costs 1,351 75 217 (587) — 1,056 — 1,056 Costs of rental operations 2,691 — 95,370 24,921 — 122,982 — 122,982 Depreciation and amortization 1,091 83 92,561 19,587 — 113,322 — 113,322 Credit loss provision, net 2,616 4,510 — — — 7,126 — 7,126 Other expense 307 — 1,693 365 — 2,365 — 2,365 Total costs and expenses 261,150 85,764 272,911 165,094 245,049 1,029,968 (144) 1,029,824 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 236,309 236,309 Change in fair value of servicing rights — — — (1,468) — (1,468) (2,172) (3,640) Change in fair value of investment securities, net (1,084) — — 89,206 — 88,122 (87,289) 833 Change in fair value of mortgage loans, net 10,462 — — 61,139 — 71,601 — 71,601 Earnings (loss) from unconsolidated entities 10,649 — (114,362) 4,166 — (99,547) (1,807) (101,354) Gain on sale of investments and other assets, net 4,619 3,041 119,746 60,622 — 188,028 — 188,028 (Loss) gain on derivative financial instruments, net (20,325) (3,349) (1,284) (7,414) 26,062 (6,310) — (6,310) Foreign currency gain (loss), net 17,342 205 37 (2) — 17,582 — 17,582 Loss on extinguishment of debt (857) (11,357) (4,745) (845) (1,466) (19,270) — (19,270) Other (loss) income, net — (50) (100) 16 (73) (207) — (207) Total other income (loss) 20,806 (11,510) (708) 205,420 24,523 238,531 145,041 383,572 Income (loss) before income taxes 452,688 9,375 13,884 294,257 (220,500) 549,704 463 550,167 Income tax (provision) benefit (4,818) 89 (393) (8,110) — (13,232) — (13,232) Net income (loss) 447,870 9,464 13,491 286,147 (220,500) 536,472 463 536,935 Net income attributable to non-controlling interests (392) — (21,630) (4,786) — (26,808) (463) (27,271) Net income (loss) attributable to Starwood Property Trust, Inc . $ 447,478 $ 9,464 $ (8,139) $ 281,361 $ (220,500) $ 509,664 $ — $ 509,664
Schedule of Consolidated Balance Sheet by Business Segment	The table below presents our consolidated balance sheet as of December 31, 2021 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Assets: Cash and cash equivalents $ 65,064 $ 17,011 $ 14,136 $ 26,700 $ 93,861 $ 216,772 $ 590 $ 217,362 Restricted cash 39,853 43,408 954 20,337 — 104,552 — 104,552 Loans held-for-investment, net 13,499,520 2,027,426 — 9,903 — 15,536,849 — 15,536,849 Loans held-for-sale 2,590,005 — — 286,795 — 2,876,800 — 2,876,800 Investment securities 1,155,452 31,923 — 1,165,395 — 2,352,770 (1,491,786) 860,984 Properties, net 124,503 — 887,553 154,331 — 1,166,387 — 1,166,387 Investments of consolidated affordable housing fund — — 1,040,309 — — 1,040,309 — 1,040,309 Investments in unconsolidated entities 44,938 26,255 — 34,160 — 105,353 (15,256) 90,097 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Intangible assets — — 34,619 71,064 — 105,683 (42,119) 63,564 Derivative assets 34,265 128 8 391 13,424 48,216 — 48,216 Accrued interest receivable 106,251 3,207 — 947 5,988 116,393 (131) 116,262 Other assets 68,908 14,265 43,420 40,395 21,800 188,788 (162) 188,626 VIE assets, at fair value — — — — — — 61,280,543 61,280,543 Total Assets $ 17,728,759 $ 2,283,032 $ 2,020,999 $ 1,950,855 $ 135,073 $ 24,118,718 $ 59,731,679 $ 83,850,397 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 57,267 $ 8,917 $ 14,757 $ 58,920 $ 49,779 $ 189,640 $ 56 $ 189,696 Related-party payable — — — — 76,371 76,371 — 76,371 Dividends payable — — — — 147,624 147,624 — 147,624 Derivative liabilities 12,870 260 — 291 — 13,421 — 13,421 Secured financing agreements, net 9,097,985 1,225,548 787,396 714,237 773,244 12,598,410 (21,560) 12,576,850 Collateralized loan obligations and single asset securitization, net 2,210,798 405,318 — — — 2,616,116 — 2,616,116 Unsecured senior notes, net — — — — 1,828,590 1,828,590 — 1,828,590 VIE liabilities, at fair value — — — — — — 59,752,922 59,752,922 Total Liabilities 11,378,920 1,640,043 802,153 773,448 2,875,608 17,470,172 59,731,418 77,201,590 Temporary Equity: Redeemable non-controlling interests — — 214,915 — — 214,915 — 214,915 Permanent Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 3,123 3,123 — 3,123 Additional paid-in capital 1,735,397 600,412 (365,922) (388,196) 4,091,685 5,673,376 — 5,673,376 Treasury stock — — — — (138,022) (138,022) — (138,022) Accumulated other comprehensive income 40,953 — — — — 40,953 — 40,953 Retained earnings (accumulated deficit) 4,573,374 42,577 1,161,334 1,413,142 (6,697,321) 493,106 — 493,106 Total Starwood Property Trust, Inc. Stockholders’ Equity 6,349,724 642,989 795,412 1,024,946 (2,740,535) 6,072,536 — 6,072,536 Non-controlling interests in consolidated subsidiaries 115 — 208,519 152,461 — 361,095 261 361,356 Total Permanent Equity 6,349,839 642,989 1,003,931 1,177,407 (2,740,535) 6,433,631 261 6,433,892 Total Liabilities and Equity $ 17,728,759 $ 2,283,032 $ 2,020,999 $ 1,950,855 $ 135,073 $ 24,118,718 $ 59,731,679 $ 83,850,397 The table below presents our 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 Investments in unconsolidated entities 54,407 25,095 — 44,664 — 124,166 (16,112) 108,054 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Intangible assets — — 40,370 71,123 — 111,493 (41,376) 70,117 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 Permanent 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 Permanent 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)	12 Months Ended
	Dec. 31, 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)	Nov. 06, 2021USD ($)	Nov. 05, 2021USD ($)propertyunit	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jan. 01, 2020USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
REO assets as a percent of consolidated VIE assets			1.00%
Loans as a percent of consolidated VIE assets			99.00%
Permitted reinvestment under static investment in VIEs			$ 0
Allowance for credit losses			67,270,000	$ 77,444,000
Number of properties in portfolio investment | property		59
Number of units in portfolio investment | unit		15,057
Contributions from non-controlling interests			219,757,000	$ 11,775,000	$ 183,520,000
Cumulative effect of investment company fair value adjustment			1,236,476,000
Accounting Standards Update [Extensible List]				Accounting Standards Updated 2020-06 [Member]	Accounting Standards Update 2016-13 [Member]
Retained earnings (accumulated deficit)			$ 493,106,000	$ (629,733,000)
Woodstar Fund
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of interest sold		20.60%
Contributions from non-controlling interests	$ 214,200,000	$ 216,000,000
Fund term		8 years
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) $ in Thousands, € in Millions	Dec. 23, 2019USD ($)Item	Dec. 23, 2019EUR (€)Item	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018property	Nov. 05, 2021	Dec. 23, 2019EUR (€)	Mar. 31, 2019USD ($)
Business Acquisition [Line Items]
Allowance			$ 67,270
Woodstar Fund
Business Acquisition [Line Items]
Percentage of interest sold							20.60%
Investing and Servicing Segment
Business Acquisition [Line Items]
Assets acquired					$ 8,600
Purchase price					$ 8,800
Number of properties | property						12
Number of properties sold | property			2		4
Proceeds from sale of operating properties				$ 24,100
Commercial and Residential Lending Segment
Business Acquisition [Line Items]
Number of properties sold | property				0	0
Unpaid principal balance									$ 20,900
Commercial and Residential Lending Segment | Montgomery Alabama
Business Acquisition [Line Items]
Carrying value									9,000
Allowance									8,300
Unamortized discount									$ 3,600
Operating properties | Investing and Servicing Segment
Business Acquisition [Line Items]
Proceeds from sale of operating properties			$ 68,700		$ 145,900
Gain on sale of property			22,200	$ 7,400	59,700
Operating properties | Investing and Servicing Segment | Non- Controlling Interests
Business Acquisition [Line Items]
Gain on sale of property					$ 5,300
Operating properties | Commercial and Residential Lending Segment | Montgomery Alabama
Business Acquisition [Line Items]
Proceeds from sale of operating properties			31,200
Gain on sale of property			$ 17,700
Ireland Portfolio
Business Acquisition [Line Items]
Purchase price | €		€ 530
Tax withholding | €		20.7
Net purchase price | €		507.6
Debt | €								€ 316.3
Property basis | €								394.7
Property accumulated depreciation | €								€ 67.5
Gain (loss) on disposition	$ 119,700	€ 108
Fair value hedge assets	$ 16,600
Ireland Portfolio | Net Leased Office Property
Business Acquisition [Line Items]
Number of industrial properties sold | Item	11	11
Ireland Portfolio | Multifamily Property
Business Acquisition [Line Items]
Number of industrial properties sold | Item	1	1

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
Cash collateral for derivative financial instruments	$ 55,032	$ 89,323
Cash restricted by lender	46,059	42,992
Funds held on behalf of borrowers and tenants	3,420	19,517
Other restricted cash	41	7,113
Restricted cash	$ 104,552	$ 158,945

Loans - Held for Investment (De

Loans - Held for Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments in loans
Carrying Value	$ 18,480,919	$ 12,217,352
Face Amount	18,521,795	12,262,840
Credit loss allowances	(67,270)	(77,444)
Total net loans	18,413,649	12,139,908	$ 11,470,224	$ 9,794,254
Loans held for investment
Investments in loans
Carrying Value	15,604,119	11,164,517
Face Amount	15,706,124	11,230,344
Credit loss allowances	(67,270)	(77,444)
Loans held-for-sale
Investments in loans
Carrying Value	2,876,800	1,052,835
Face Amount	2,815,671	1,032,496
Total net loans	2,876,800	1,052,835	884,150	1,187,552
Commercial Portfolio Segment
Investments in loans
Carrying Value	13,496,798
Commercial Portfolio Segment | Loans held for investment
Investments in loans
Carrying Value	13,496,798	9,653,560
Face Amount	13,574,079	9,703,608
Credit loss allowances	(46,600)	(69,611)
Total net loans	13,450,198	9,583,949	8,517,054	7,075,577
Infrastructure Portfolio Segment
Investments in loans
Carrying Value	2,048,096
Reclassification to held for investment	61,300	104,300
Reclassification to held-for-sale		174,600
Infrastructure Portfolio Segment | Loans held for investment
Investments in loans
Carrying Value	2,048,096	1,420,273
Face Amount	$ 2,071,912	$ 1,439,940
Weighted Average Life	4 years 3 months 18 days	4 years 3 months 18 days
Credit loss allowances	$ (20,670)	$ (7,833)
Total net loans	$ 2,027,426	$ 1,412,440	1,397,448	1,456,779
Infrastructure Portfolio Segment | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon	4.40%	4.40%
Infrastructure Portfolio Segment | Loans held-for-sale
Investments in loans
Carrying Value		$ 120,540
Face Amount		$ 120,900
Weighted Average Life		3 years 2 months 12 days
Infrastructure Portfolio Segment | Loans held-for-sale | Weighted-average
Investments in loans
Weighted Average Coupon		3.10%
Residential Portfolio Segment
Investments in loans
Weighted Average Life	29 years 4 months 24 days	27 years 10 months 24 days
Reclassification to held for investment	$ 94,200
Reclassification to held-for-sale	125,400	$ 575,300
Residential Portfolio Segment | Loans held for investment
Investments in loans
Total net loans	59,225	90,684	$ 671,572	$ 0
RMBS, fair value option | Loans held-for-sale
Investments in loans
Carrying Value	2,590,005	841,963
Face Amount	$ 2,525,910	$ 820,807
RMBS, fair value option | Loans held-for-sale | Weighted-average
Investments in loans
Weighted Average Coupon	4.20%	6.00%
CMBS, fair value option | Loans held-for-sale
Investments in loans
Carrying Value	$ 286,795	$ 90,332
Face Amount	$ 289,761	$ 90,789
Weighted Average Life	9 years	10 years
CMBS, fair value option | Loans held-for-sale | Weighted-average
Investments in loans
Weighted Average Coupon	4.00%	3.90%
First mortgage loan participation | Loans held for investment
Investments in loans
Carrying Value	$ 12,991,099	$ 8,931,772
Face Amount	$ 13,067,524	$ 8,978,373
Weighted Average Life	1 year 10 months 24 days	1 year 6 months
First mortgage loan participation | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon	4.60%	5.30%
Subordinated mortgages | Loans held for investment
Investments in loans
Carrying Value	$ 70,771	$ 71,185
Face Amount	$ 72,371	$ 72,257
Weighted Average Life	2 years 9 months 18 days	2 years 9 months 18 days
Subordinated mortgages | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon	9.80%	8.80%
Mezzanine Loans
Investments in loans
Total net loans	$ 1,400,000	$ 877,300
Mezzanine Loans | Loans held for investment
Investments in loans
Carrying Value	417,504	620,319
Face Amount	$ 415,155	$ 619,352
Weighted Average Life	1 year 4 months 24 days	1 year 7 months 6 days
Mezzanine Loans | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon	9.40%	10.10%
Other | Loans held for investment
Investments in loans
Carrying Value	$ 17,424	$ 30,284
Face Amount	$ 19,029	$ 33,626
Weighted Average Life	2 years 1 month 6 days	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	$ 59,225	$ 90,684
Face Amount	$ 60,133	$ 86,796
Residential loans, fair value option | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon	6.00%	6.00%
Residential loans, fair value option | Residential Portfolio Segment | Loans held for investment
Investments in loans
Carrying Value	$ 59,225

Loans - Variable Rate Loans Hel

Loans - Variable Rate Loans Held for Investment (Details) $ in Thousands	Dec. 31, 2021USD ($)
Variable rate loans held-for-investment
Carrying Value	$ 15,238,959
Weighted-average Spread Above Index	4.10%
Commercial loans
Variable rate loans held-for-investment
Carrying Value	$ 13,190,863
Weighted-average Spread Above Index	4.10%
Infrastructure loans
Variable rate loans held-for-investment
Carrying Value	$ 2,048,096
Weighted-average Spread Above Index	3.80%

Loans - Ratings (Details)

Loans - Ratings (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investments in loans
Total Amortized Cost Basis	$ 18,480,919	$ 12,217,352
Credit Loss Allowance	67,270
Credit deteriorated
Investments in loans
Total Amortized Cost Basis	39,300
Total loans held-for-investment
Investments in loans
Total Amortized Cost Basis	15,604,119	11,164,517
Total loans held-for-investment | Residential loans, fair value option
Investments in loans
Total Amortized Cost Basis	59,225	90,684
Loans held-for-sale
Investments in loans
Total Amortized Cost Basis	2,876,800	1,052,835
Credit Loss Allowance	0
Commercial Portfolio Segment
Investments in loans
2021	6,774,041
2020	1,300,276
2019	2,801,460
2018	1,501,870
2017	639,455
Prior	479,696
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	13,496,798
Credit Loss Allowance	46,600
Commercial Portfolio Segment | LTV less than 60%
Investments in loans
2021	2,270,678
2020	778,838
2019	1,294,515
2018	534,351
2017	639,455
Prior	313,089
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	5,830,926
Credit Loss Allowance	11,831
Commercial Portfolio Segment | LTV 60% - 70%
Investments in loans
2021	3,766,294
2020	248,021
2019	1,127,493
2018	571,726
2017	0
Prior	82,329
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	5,795,863
Credit Loss Allowance	21,502
Commercial Portfolio Segment | LTV > 70%
Investments in loans
2021	737,069
2020	273,417
2019	379,452
2018	395,793
2017	0
Prior	61,929
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	1,847,660
Credit Loss Allowance	8,342
Commercial Portfolio Segment | Credit deteriorated
Investments in loans
2021	0
2020	0
2019	0
2018	0
2017	0
Prior	4,925
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	4,925
Credit Loss Allowance	4,925
Commercial Portfolio Segment | Defeased and other
Investments in loans
2021	0
2020	0
2019	0
2018	0
2017	0
Prior	17,424
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	17,424
Credit Loss Allowance	0
Commercial Portfolio Segment | Total loans held-for-investment
Investments in loans
Total Amortized Cost Basis	13,496,798	9,653,560
Infrastructure Portfolio Segment
Investments in loans
2021	509,376
2020	97,545
2019	470,500
2018	525,265
2017	165,416
Prior	269,562
Revolving Loans Amortized Cost Total	10,432
Total Amortized Cost Basis	2,048,096
Credit Loss Allowance	20,670
Infrastructure Portfolio Segment | Credit deteriorated
Investments in loans
2021	0
2020	0
2019	0
2018	0
2017	0
Prior	34,385
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	34,385
Credit Loss Allowance	10,121
Infrastructure Portfolio Segment | Power
Investments in loans
2021	211,788
2020	82,103
2019	228,634
2018	427,794
2017	120,348
Prior	235,177
Revolving Loans Amortized Cost Total	8,529
Total Amortized Cost Basis	1,314,373
Credit Loss Allowance	4,705
Infrastructure Portfolio Segment | Oil and gas
Investments in loans
2021	297,588
2020	15,442
2019	241,866
2018	97,471
2017	45,068
Prior	0
Revolving Loans Amortized Cost Total	1,903
Total Amortized Cost Basis	699,338
Credit Loss Allowance	5,844
Infrastructure Portfolio Segment | Total loans held-for-investment
Investments in loans
Total Amortized Cost Basis	2,048,096	1,420,273
Infrastructure Portfolio Segment | Loans held-for-sale
Investments in loans
Total Amortized Cost Basis		$ 120,540
Residential Portfolio Segment
Investments in loans
Credit Loss Allowance	0
Residential Portfolio Segment | Total loans held-for-investment | Residential loans, fair value option
Investments in loans
Total Amortized Cost Basis	$ 59,225

Loans - Narrative (Details)

Loans - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Apr. 30, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	$ 18,480,919		$ 12,217,352
Allowance	67,270
Credit deteriorated
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	39,300
90 days or greater past due | Non-Credit Deterioration
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	456,500
Past due loan converted to equity interests	7,300
Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	13,496,798
Allowance	46,600
Commercial Portfolio Segment | Credit deteriorated
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	4,925
Allowance	4,925
Commercial Portfolio Segment | 90 days or greater past due | Credit deteriorated
Financing Receivable, Allowance for Credit Loss [Line Items]
Nonaccrual status	4,900
Commercial Portfolio Segment | 90 days or greater past due | Senior Loans | New Jersey | Non-Credit Deterioration
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	199,100
Commercial Portfolio Segment | 90 days or greater past due | Senior Loans | California | Non-Credit Deterioration
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	219,800
Commercial Portfolio Segment | 90 days or greater past due | Senior Loans | New York | Non-Credit Deterioration
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	9,200
Commercial Portfolio Segment | 90 days or greater past due | Mezzanine Loans | Texas | Non-Credit Deterioration
Financing Receivable, Allowance for Credit Loss [Line Items]
Nonaccrual status	32,700
Residential Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance	0
Residential Portfolio Segment | New York
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value		$ 100,500
Residential Portfolio Segment | First Mortgage and Mezzanine | New York
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value		71,500
Residential Portfolio Segment | First mortgage | New York
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value		$ 29,000
Residential Portfolio Segment | 90 days or greater past due | Non-Credit Deterioration
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	28,400
Infrastructure Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	2,048,096
Allowance	20,670
Infrastructure Portfolio Segment | Credit deteriorated
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	34,385
Allowance	10,121
Infrastructure Portfolio Segment | Senior Loans | Credit deteriorated
Financing Receivable, Allowance for Credit Loss [Line Items]
Nonaccrual status	$ 34,400

Loans - Activity in Portfolio (

Loans - Activity in Portfolio (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)trust	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Apr. 30, 2021USD ($)
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	67,270	$ 77,444
Activity in loan portfolio
Balance at the beginning of the period	12,139,908	11,470,224	$ 9,794,254
Acquisitions/originations/additional funding	13,990,579	5,337,399	9,094,714
Capitalized Interest	119,136	144,013	110,632
Basis of loans sold	(4,176,868)	(3,307,003)	(4,311,390)
Loan maturities/principal repayments	(4,197,809)	(1,821,196)	(3,304,838)
Discount accretion/premium amortization	57,948	42,199	35,387
Changes in fair value	69,050	133,124	71,601
Foreign currency translation gain/(loss), net	(72,130)	102,553	40,155
Credit loss reversal (provision), net	(4,633)	(46,091)	(7,126)
Loan foreclosures			(27,303)
Loan foreclosure and conversion to equity interest	(36,308)
Transfer to/from other asset classifications or between segments	524,776	105,126	(25,862)
Balance at the end of the period	18,413,649	12,139,908	11,470,224
Carrying Value	$ 18,480,919	12,217,352
Number of trusts redeemed | trust	3
90 days or greater past due | Non-Credit Deterioration
Activity in loan portfolio
Carrying Value	$ 456,500
Past due loan converted to equity interests	7,300
Cumulative Effect, Period of Adoption, Adjustment
Activity in loan portfolio
Balance at the beginning of the period		(20,440)
Balance at the end 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	67,270	77,444
Activity in loan portfolio
Carrying Value	15,604,119	11,164,517
Total loans held-for-investment | First mortgage loan participation
Activity in loan portfolio
Carrying Value	12,991,099	8,931,772
Loans held-for-sale
Activity in loan portfolio
Balance at the beginning of the period	1,052,835	884,150	1,187,552
Acquisitions/originations/additional funding	5,351,034	2,204,203	3,636,380
Capitalized Interest	2,650	0	0
Basis of loans sold	(3,856,736)	(2,862,606)	(3,567,859)
Loan maturities/principal repayments	(352,711)	(142,644)	(162,376)
Discount accretion/premium amortization	504	110	2,841
Changes in fair value	67,864	148,506	72,915
Foreign currency translation gain/(loss), net	0	(1,291)	2,105
Credit loss reversal (provision), net	0	125	(1,196)
Loan foreclosures			0
Loan foreclosure and conversion to equity interest	0
Transfer to/from other asset classifications or between segments	611,360	822,282	(286,212)
Balance at the end of the period	2,876,800	1,052,835	884,150
Carrying Value	2,876,800	1,052,835
Loans held-for-sale | RMBS
Activity in loan portfolio
Transfer to/from other asset classifications or between segments		176,600
Loan held as secured borrowings
Activity in loan portfolio
Balance at the beginning of the period		0	74,346
Acquisitions/originations/additional funding			0
Capitalized Interest			0
Basis of loans sold			0
Loan maturities/principal repayments			(74,692)
Discount accretion/premium amortization			346
Changes in fair value			0
Foreign currency translation gain/(loss), net			0
Credit loss reversal (provision), net			0
Loan foreclosures			0
Transfer to/from other asset classifications or between segments			0
Balance at the end of the period			0
Funded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period	77,444
Credit loss (reversal) provision, net	4,633
Charge-offs	(14,807)
Recoveries	0
Transfers	0
Credit loss allowance at the end of the period	67,270	77,444
Unfunded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period	6,070
Credit loss (reversal) provision, net	767
Credit loss allowance at the end of the period	6,837	6,070
Unfunded commitments	2,252,028
Commercial Portfolio Segment
Activity in loan portfolio
Carrying Value	13,496,798
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	46,600	69,611
Activity in loan portfolio
Balance at the beginning of the period	9,583,949	8,517,054	7,075,577
Acquisitions/originations/additional funding	7,822,441	2,753,782	4,161,584
Capitalized Interest	112,178	143,818	110,632
Basis of loans sold	(307,454)	(443,793)	(743,425)
Loan maturities/principal repayments	(3,508,969)	(1,398,991)	(2,172,068)
Discount accretion/premium amortization	52,416	39,642	30,128
Changes in fair value	0	0	0
Foreign currency translation gain/(loss), net	(71,419)	102,748	38,050
Credit loss reversal (provision), net	7,947	(48,711)	(2,616)
Loan foreclosures			(27,303)
Loan foreclosure and conversion to equity interest	(36,308)
Transfer to/from other asset classifications or between segments	(204,583)	(71,488)	46,495
Balance at the end of the period	13,450,198	9,583,949	8,517,054
Carrying Value	13,496,798	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)
Balance at the end 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	(7,947)
Charge-offs	(14,807)
Recoveries	0
Transfers	257
Credit loss allowance at the end of the period	46,600	69,611
Commercial Portfolio Segment | Funded commitments | New York
Activity in allowance for loan losses
Charge-offs	(7,800)
Commercial Portfolio Segment | Funded commitments | Chicago
Activity in allowance for loan losses
Charge-offs	(7,000)
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	1,434
Credit loss allowance at the end of the period	6,692	5,258
Unfunded commitments	2,236,598
Infrastructure Portfolio Segment
Activity in loan portfolio
Carrying Value	2,048,096
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	20,670	7,833
Activity in loan portfolio
Balance at the beginning of the period	1,412,440	1,397,448	1,456,779
Acquisitions/originations/additional funding	817,104	278,694	902,053
Capitalized Interest	0	195	0
Basis of loans sold	(12,678)	0	0
Loan maturities/principal repayments	(304,878)	(189,288)	(832,998)
Discount accretion/premium amortization	5,028	2,447	2,072
Changes in fair value	0	0	0
Foreign currency translation gain/(loss), net	(711)	1,096	0
Credit loss reversal (provision), net	(12,580)	2,495	(3,314)
Loan foreclosures			0
Loan foreclosure and conversion to equity interest	0
Transfer to/from other asset classifications or between segments	123,701	(70,319)	(127,144)
Balance at the end of the period	2,027,426	1,412,440	1,397,448
Carrying Value	2,048,096	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)
Balance at the end of the period			(10,328)
Infrastructure Portfolio Segment | Loans held-for-sale
Activity in loan portfolio
Carrying Value		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	12,580
Charge-offs	0
Recoveries	0
Transfers	(257)
Credit loss allowance at the end of the period	20,670	7,833
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	(667)
Credit loss allowance at the end of the period	145	812
Unfunded commitments	15,430
Residential Portfolio Segment | 90 days or greater past due | Non-Credit Deterioration
Activity in loan portfolio
Carrying Value	28,400
Residential Portfolio Segment | New York
Activity in loan portfolio
Carrying Value				$ 100,500
Residential Portfolio Segment | First mortgage loan participation | New York
Activity in loan portfolio
Carrying Value				$ 29,000
Residential Portfolio Segment | Total loans held-for-investment
Activity in loan portfolio
Balance at the beginning of the period	90,684	671,572	0
Acquisitions/originations/additional funding	0	100,720	394,697
Capitalized Interest	4,308	0	0
Basis of loans sold	0	(604)	(106)
Loan maturities/principal repayments	(31,251)	(90,273)	(62,704)
Discount accretion/premium amortization	0	0	0
Changes in fair value	1,186	(15,382)	(1,314)
Foreign currency translation gain/(loss), net	0	0	0
Credit loss reversal (provision), net	0	0	0
Loan foreclosures			0
Loan foreclosure and conversion to equity interest	0
Transfer to/from other asset classifications or between segments	(5,702)	(575,349)	340,999
Balance at the end of the period	$ 59,225	$ 90,684	$ 671,572

Investment Securities - Summary

Investment Securities - Summary of Investment Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	$ 143,980	$ 167,349
HTM debt securities	691,746	544,280
Total investment securities	860,984	736,658
Credit loss allowance	8,610	5,675
VIE eliminations
Debt Securities, Available-for-sale [Line Items]
Equity security	(1,491,786)	(1,425,570)
CMBS
Debt Securities, Available-for-sale [Line Items]
HTM debt securities	538,506	339,059
Credit loss allowance	3,140	0
CMBS | Non- Controlling Interests
Debt Securities, Available-for-sale [Line Items]
Equity security	182,600	179,500
Before consolidation of securitization VIEs
Debt Securities, Available-for-sale [Line Items]
HTM debt securities	683,136	538,605
Equity security, fair value	11,624	11,247
Total investment securities	2,352,770	2,162,228
Before consolidation of securitization VIEs | RMBS
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	143,980	167,349
Equity security	250,424	235,997
Before consolidation of securitization VIEs | CMBS
Debt Securities, Available-for-sale [Line Items]
Equity security	$ 1,263,606	$ 1,209,030

Investment Securities - Summa_2

Investment Securities - Summary of Purchases and Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	$ 198,358	$ 22,408	$ 98,258
Sales	0	7,940	7,326
Principal collections	87,450	83,533	205,660
Redemptions	0	0
VIE eliminations
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	(240,301)	(331,784)	(351,220)
Sales	(69,398)	(165,494)	(184,540)
Principal collections	(68,873)	(69,447)	(45,642)
Redemptions	(51,187)	(10,474)
Held-to-maturity
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	198,358	22,408	91,162
Sales	0	0	0
Principal collections	54,725	52,704	167,383
Redemptions	0	0
RMBS | Available-for-sale
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	0	0	0
Sales	0	0	0
Principal collections	30,722	26,000	26,929
Redemptions	0	0
RMBS | Fair value option
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	168,825	282,368	120,103
Sales	30,684	135,567	41,501
Principal collections	63,144	44,197	16,500
Redemptions	51,187	10,474
CMBS | Fair value option
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	71,476	49,416	238,213
Sales	38,714	37,867	150,365
Principal collections	7,732	30,079	$ 40,490
Redemptions	$ 0	$ 0

Investment Securities - Availab

Investment Securities - Available-for-Sale RMBS (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 103,027	$ 123,292
Credit Loss Allowance	0	0
Net Basis	103,027	123,292
Gross Unrealized Gains	41,052	44,123
Gross Unrealized Losses	(99)	(66)
Net Fair Value Adjustment	40,953	44,057
Fair Value	$ 143,980	$ 167,349
Available-for-sale | One-month LIBOR
Debt Securities, Available-for-sale [Line Items]
Effective variable rate basis	0.101%
RMBS | Available-for-sale | B-
Debt Securities, Available-for-sale [Line Items]
Weighted Average Coupon	1.30%
WAL (Years)	5 years 3 months 18 days

Investment Securities - Narrati

Investment Securities - Narrative (Details)	12 Months Ended
	Dec. 31, 2021USD ($)security	Dec. 31, 2020USD ($)security	Dec. 31, 2019USD ($)	Dec. 31, 2012shares
Debt Securities, Available-for-sale [Line Items]
Cost of third party management	$ 900,000	$ 800,000	$ 1,500,000
Number of securities with unrealized losses | security	1	2
SEREF
Debt Securities, Available-for-sale [Line Items]
Number of shares acquired (in shares) | shares				9,140,000
Equity security, fair value	$ 11,600,000	$ 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	$ 22,200,000
Fair value option
Debt Securities, Available-for-sale [Line Items]
Fair value of mortgage backed securities	1,500,000,000
RMBS
Debt Securities, Available-for-sale [Line Items]
Portion of securities with variable rate	$ 126,400,000
RMBS | Available-for-sale
Debt Securities, Available-for-sale [Line Items]
Portion of securities with variable rate (as a percent)	88.00%
RMBS | Fair value option
Debt Securities, Available-for-sale [Line Items]
Portion of securities with variable rate	$ 0
Fair value of investment securities before consolidation of VIEs	250,400,000
Unpaid principal balance of investment securities before consolidation of VIEs	127,400,000
CMBS | Fair value option
Debt Securities, Available-for-sale [Line Items]
Portion of securities with variable rate	98,200,000
Fair value of investment securities before consolidation of VIEs	1,300,000,000
Unpaid principal balance of investment securities before consolidation of VIEs	$ 2,800,000,000

Investment Securities - AFS and

Investment Securities - AFS and Fair Value Option (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Estimated Fair Value
Securities with a loss less than 12 months	$ 2,478	$ 438
Securities with a loss greater than 12 months	0	1,195
Unrealized Losses
Securities with a loss less than 12 months	(99)	(25)
Securities with a loss greater than 12 months	$ 0	$ (41)

Investment Securities - HTM (De

Investment Securities - HTM (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
HTM Securities
Amortized Cost Basis	$ 691,746	$ 544,280
Credit Loss Allowance	(8,610)	(5,675)
Net Carrying Amount	683,136	538,605
Gross Unrealized Holding Gains	1,206	847
Gross Unrealized Holding Losses	(27,478)	(24,199)
Fair Value	656,864	515,253
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at December 31, 2020	5,675
Credit loss provision (reversal), net	2,935
Credit loss allowance at September 30, 2021	8,610
HTM preferred equity interests
Less than one year	404,930
One to three years	47,877
Three to five years	199,213
Thereafter	31,116
Total	683,136
CMBS
HTM Securities
Amortized Cost Basis	538,506	339,059
Credit Loss Allowance	(3,140)	0
Net Carrying Amount	535,366	339,059
Gross Unrealized Holding Gains	195	0
Gross Unrealized Holding Losses	(25,029)	(23,286)
Fair Value	510,532	315,773
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at December 31, 2020	0
Credit loss provision (reversal), net	3,140
Credit loss allowance at September 30, 2021	3,140
HTM preferred equity interests
Less than one year	313,960
One to three years	23,000
Three to five years	198,406
Thereafter	0
Total	535,366
Preferred interests
HTM Securities
Amortized Cost Basis	118,409	166,614
Credit Loss Allowance	(2,562)	(2,749)
Net Carrying Amount	115,847	163,865
Gross Unrealized Holding Gains	450	432
Gross Unrealized Holding Losses	(2,449)	(913)
Fair Value	113,848	163,384
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at December 31, 2020	2,749
Credit loss provision (reversal), net	(187)
Credit loss allowance at September 30, 2021	2,562
HTM preferred equity interests
Less than one year	90,970
One to three years	24,877
Three to five years	0
Thereafter	0
Total	115,847
Infrastructure bonds
HTM Securities
Amortized Cost Basis	34,831	38,607
Credit Loss Allowance	(2,908)	(2,926)
Net Carrying Amount	31,923	35,681
Gross Unrealized Holding Gains	561	415
Gross Unrealized Holding Losses	0	0
Fair Value	32,484	$ 36,096
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at December 31, 2020	2,926
Credit loss provision (reversal), net	(18)
Credit loss allowance at September 30, 2021	2,908
HTM preferred equity interests
Less than one year	0
One to three years	0
Three to five years	807
Thereafter	31,116
Total	$ 31,923

Properties - Narrative (Details

Properties - Narrative (Details) ft² in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2017ft²property	Dec. 31, 2021USD ($)propertyItem	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2016ft²Item
Commercial and Residential Lending Segment
Real Estate Properties [Line Items]
Number of properties sold | property			0	0
Investing and Servicing Segment
Real Estate Properties [Line Items]
Number of properties sold | property		2		4
Proceeds from sale of operating properties			$ 24.1
Operating properties | Commercial and Residential Lending Segment | Montgomery Alabama
Real Estate Properties [Line Items]
Proceeds from sale of operating properties		$ 31.2
Gain on sale of property		17.7
Operating properties | Investing and Servicing Segment
Real Estate Properties [Line Items]
Proceeds from sale of operating properties		68.7		$ 145.9
Gain on sale of property		22.2	7.4	59.7
Operating properties | Investing and Servicing Segment | Non- Controlling Interests
Real Estate Properties [Line Items]
Gain on sale of property				5.3
Medical Office Portfolio
Real Estate Properties [Line Items]
Number of acquired properties closed | Item					34
Area of property | ft²					1.9
Total gross properties and lease intangibles		763.1
Debt		594.4
Master Lease Portfolio
Real Estate Properties [Line Items]
Total gross properties and lease intangibles		343.8
Debt		193
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		226.7
Debt		$ 160.8
Number of retail properties acquired | property		13
Number of equity interests in unconsolidated commercial real estate properties | property		1
REIS Equity Portfolio | Non- Controlling Interests
Real Estate Properties [Line Items]
Gain on sale of property			0.1
REIS Equity Portfolio | Operating properties
Real Estate Properties [Line Items]
Number of properties sold | Item		2
Proceeds from sale of operating properties		$ 68.7	25
Gain on sale of property		$ 22.2	$ 7.9
Ireland Portfolio
Real Estate Properties [Line Items]
Proceeds from sale of operating properties				$ 407.2

Properties - Summary of Propert

Properties - Summary of Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Properties, cost	$ 1,347,844	$ 2,573,296
Less: accumulated depreciation	(181,457)	(302,143)
Properties, net	1,166,387	2,271,153
Property Segment
Real Estate Properties [Line Items]
Land and land improvements	175,810	484,846
Buildings and building improvements	851,274	1,690,701
Furniture & fixtures	$ 260	59,632
Property Segment | Minimum
Real Estate Properties [Line Items]
Land and land improvements, useful life	0 years
Building and building improvements, useful life	0 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	5 years
Investing and Servicing Segment
Real Estate Properties [Line Items]
Land and land improvements	$ 41,771	50,585
Buildings and building improvements	149,399	179,014
Furniture & fixtures	$ 3,143	2,606
Investing and Servicing Segment | Minimum
Real Estate Properties [Line Items]
Land and land improvements, useful life	0 years
Building and building improvements, useful life	3 years
Furniture & fixtures, useful life	2 years
Investing and Servicing Segment | Maximum
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	12,408	19,251
Construction in progress	$ 104,088	$ 75,245
Commercial and Residential Lending Segment | Minimum
Real Estate Properties [Line Items]
Land and land improvements, useful life	0 years
Building and building improvements, useful life	10 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

Properties - Summary of Operati

Properties - Summary of Operating Leases (Details) $ in Thousands	Dec. 31, 2021USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
2022	$ 75,549
2023	64,886
2024	58,806
2025	53,890
2026	42,118
Thereafter	202,756
Total	$ 498,005

Investments of Consolidated A_3

Investments of Consolidated Affordable Housing Fund (Details) $ in Thousands	Nov. 06, 2021USD ($)	Nov. 05, 2021USD ($)	Dec. 31, 2021USD ($)affordableHousingUnitaffordableHousingCommunity	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018affordableHousingCommunity	Dec. 31, 2017affordableHousingCommunity	Dec. 31, 2016affordableHousingCommunity	Dec. 31, 2015affordableHousingCommunity
Investments in and Advances to Affiliates [Line Items]
Contributions from non-controlling interests			$ 219,757	$ 11,775	$ 183,520
Woodstar Fund
Investments in and Advances to Affiliates [Line Items]
Percentage of interest sold		20.60%
Contributions from non-controlling interests	$ 214,200	$ 216,000
Primary beneficiary
Investments in and Advances to Affiliates [Line Items]
Investments, fair value			$ 1,040,309	$ 0
Primary beneficiary | Woodstar I Portfolio
Investments in and Advances to Affiliates [Line Items]
Number of affordable housing communities in portfolio | affordableHousingCommunity			32
Number of affordable housing units in portfolio | affordableHousingUnit			8,948
Number of affordable housing communities acquired in portfolio | affordableHousingCommunity								14	18
Investments, fair value			$ 1,200,000
Debt fair value			$ 755,400
Primary beneficiary | Woodstar II Portfolio
Investments in and Advances to Affiliates [Line Items]
Number of affordable housing communities in portfolio | affordableHousingCommunity			27
Number of affordable housing units in portfolio | affordableHousingUnit			6,109
Number of affordable housing communities acquired in portfolio | affordableHousingCommunity						19	8
Investments, fair value			$ 1,100,000
Debt fair value			$ 545,700

Investments of Consolidated A_4

Investments of Consolidated Affordable Housing Fund - Summary of Investment Income (Details) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments in and Advances to Affiliates [Line Items]
Unrealized change in fair value of investments	$ 402
Primary beneficiary
Investments in and Advances to Affiliates [Line Items]
Distributions from affordable housing fund investments	6,023
Income from affordable housing fund investments	$ 6,425	$ 6,425	$ 0	$ 0

Investment in Unconsolidated _3

Investment in Unconsolidated Entities (Details)	12 Months Ended
	Dec. 31, 2021USD ($)ItementityInvestment	Dec. 31, 2020USD ($)
Equity method investments:
Equity method, Carrying value	$ 64,316,000	$ 62,718,000
Other equity investments:
Other equity investments, carrying value	25,781,000	45,336,000
Investment in unconsolidated entities	$ 90,097,000	108,054,000
Number of publicly traded investments | Item	0
Number of investments impacted | Investment	3
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	$ 26,255,000	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	$ 5,206,000	9,397,000
Other equity investments:
Proceeds from capital distributions	12,200,000
Equity interest in a residential mortgage originator
Equity method investments:
Equity method, Carrying value	20,327,000	17,852,000
Other equity investments:
Carrying value over (under) equity in net assets	1,600,000
Various
Equity method investments:
Equity method, Carrying value	12,528,000	10,374,000
Other equity investments:
Investment in unconsolidated entities	$ 7,300,000
Number of investor entities | entity	2
Number of shopping malls | Item	2
Equity interest in a servicing and advisory business
Other equity investments:
Cost method, Participation / Ownership %	2.00%
Other equity investments, carrying value	$ 12,955,000	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	$ 4,194,000	7,267,000
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
Various, including FHLB stock at December 31, 2020
Other equity investments:
Other equity investments, carrying value	$ 1,312,000	20,485,000
Minimum
Other equity investments:
Cost method, Participation / Ownership %	4.00%
Minimum | Various
Equity method investments:
Equity method, Participation / Ownership %	25.00%
Maximum
Other equity investments:
Cost method, Participation / Ownership %	6.00%
Maximum | Various
Equity method investments:
Equity method, Participation / Ownership %	50.00%
Subordinated Loans | Equity interest in a residential mortgage originator
Equity method investments:
Equity method, Carrying value	$ 4,500,000	$ 4,500,000

Goodwill and Intangibles - Narr

Goodwill and Intangibles - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Apr. 19, 2013
Goodwill [Line Items]
Goodwill	$ 259,846	$ 259,846
Unfavorable lease liabilities	1,500	1,900
Medical Office Portfolio
Goodwill [Line Items]
Unfavorable lease liabilities	$ 4,800
Unfavorable lease liability amortization period	9 years 8 months 12 days
Domestic servicing rights, at fair value | Before consolidation of securitization VIEs
Goodwill [Line Items]
Servicing rights intangibles	$ 58,900	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
Useful life	15 years
Investing and Servicing Segment
Goodwill [Line Items]
Goodwill	$ 140,400	$ 140,400
Useful life	15 years
Tax deductible component			$ 149,900

Goodwill and Intangibles - Summ

Goodwill and Intangibles - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Gross Carrying Value	$ 135,238	$ 170,586
Accumulated Amortization	(71,674)	(100,469)
Net Carrying Value	63,564	70,117	$ 85,700
In-place Lease Intangible Assets
Goodwill [Line Items]
Gross Carrying Value	94,712	133,203
Accumulated Amortization	(62,721)	(92,540)
Net Carrying Value	31,991	40,663	50,910
Favorable Lease Intangible Assets
Goodwill [Line Items]
Gross Carrying Value	23,746	24,181
Accumulated Amortization	(8,953)	(7,929)
Net Carrying Value	14,793	16,252	17,873
Domestic servicing rights, at fair value
Goodwill [Line Items]
Gross Carrying Value	16,780	13,202
Net Carrying Value	$ 16,780	$ 13,202	$ 16,917

Goodwill and Intangibles - Acti

Goodwill and Intangibles - Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Summary of activity within intangible assets
Balance as of January 1, 2021	$ 70,117	$ 85,700
Amortization	(9,503)	(11,698)
Sales	(628)	(170)
Changes in fair value due to changes in inputs and assumptions	3,578	(3,715)
Balance as of June 30, 2021	63,564	70,117
In-place Lease Intangible Assets
Summary of activity within intangible assets
Balance as of January 1, 2021	40,663	50,910
Amortization	(8,116)	(10,077)
Sales	(556)	(170)
Changes in fair value due to changes in inputs and assumptions	0	0
Balance as of June 30, 2021	31,991	40,663
Favorable Lease Intangible Assets
Summary of activity within intangible assets
Balance as of January 1, 2021	16,252	17,873
Amortization	(1,387)	(1,621)
Sales	(72)	0
Changes in fair value due to changes in inputs and assumptions	0	0
Balance as of June 30, 2021	14,793	16,252
Domestic servicing rights, at fair value
Summary of activity within intangible assets
Balance as of January 1, 2021	13,202	16,917
Amortization	0	0
Sales	0	0
Changes in fair value due to changes in inputs and assumptions	3,578	(3,715)
Balance as of June 30, 2021	$ 16,780	$ 13,202

Goodwill and Intangibles - Futu

Goodwill and Intangibles - Future Expected Amortization (Details) $ in Thousands	Dec. 31, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 7,618
2023	6,043
2024	4,650
2025	3,775
2026	2,754
Thereafter	21,944
Total	$ 46,784

Secured Borrowings - Secured Fi

Secured Borrowings - Secured Financing Agreements (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2021	Mar. 31, 2022	Dec. 31, 2020
Secured Borrowings
Secured financing agreements, net		$ 12,576,850	$ 12,576,850		$ 10,146,190
Revolving credit facility
Secured Borrowings
Maximum borrowing capacity	$ 150,000	150,000	150,000
Equity interests in certain subsidiaries used to secure facilities			5,500,000
Borrowing Base Facility
Secured Borrowings
Maximum Facility Size		650,000	650,000
Maximum facility size subject to certain conditions		750,000	$ 750,000
Borrowing Base Facility | Forecast
Secured Borrowings
Maximum Facility Size				$ 450,000
Property Mortgages - Fixed rate
Secured Borrowings
Maturity period			5 years 6 months
Term Loan Facility
Secured Borrowings
Maximum borrowing capacity		$ 788,800	$ 788,800
Floor interest rate (as a percent)	0.75%		0.75%
LIBOR | Term Loan Facility
Secured Borrowings
Pricing margin	3.25%
SOFR | Revolving credit facility
Secured Borrowings
Pricing margin	2.50%
Coupon Rate		2.50%	2.50%
LIBOR + 2.50% | Term Loan Facility
Secured Borrowings
Pricing margin			2.50%
Maximum borrowing capacity		$ 391,000	$ 391,000
LIBOR + 3.50% | Term Loan Facility
Secured Borrowings
Pricing margin			3.25%
Maximum borrowing capacity		397,800	$ 397,800
Secured Borrowings
Secured Borrowings
Pledged Asset Carrying Value		16,570,177	16,570,177
Maximum Facility Size		19,594,540	19,594,540
Long term debt, gross		12,654,420	12,654,420		10,233,589
Unamortized net discount		(13,350)	(13,350)		(13,569)
Unamortized deferred financing costs		(64,220)	(64,220)		(73,830)
Secured financing agreements, net		12,576,850	12,576,850		10,146,190
Secured Borrowings | Borrowing Base Facility
Secured Borrowings
Pledged Asset Carrying Value		600,525	600,525
Maximum Facility Size		750,000	750,000
Long term debt, gross		213,478	213,478		43,014
Secured Borrowings | Commercial Financing Facilities
Secured Borrowings
Pledged Asset Carrying Value		208,022	208,022
Maximum Facility Size		243,476	243,476
Long term debt, gross		$ 167,476	$ 167,476		81,218
Secured Borrowings | Residential Financing Facility
Secured Borrowings
Coupon Rate		3.00%	3.00%
Pledged Asset Carrying Value		$ 396,201	$ 396,201
Maximum Facility Size		250,000	250,000
Long term debt, gross		102,018	102,018		215,024
Secured Borrowings | Infrastructure Acquisition Facility
Secured Borrowings
Pledged Asset Carrying Value		0	0
Maximum Facility Size		0	0
Long term debt, gross		0	0		467,450
Secured Borrowings | Infrastructure Financing Facilities
Secured Borrowings
Pledged Asset Carrying Value		1,042,292	1,042,292
Maximum Facility Size		1,250,000	1,250,000
Long term debt, gross		$ 855,646	$ 855,646		538,645
Secured Borrowings | Property Mortgages - Fixed rate
Secured Borrowings
Coupon Rate		4.35%	4.35%
Pledged Asset Carrying Value		$ 389,586	$ 389,586
Maximum Facility Size		272,522	272,522
Long term debt, gross		272,522	272,522		1,077,528
Secured Borrowings | Property Mortgages - Variable rate
Secured Borrowings
Pledged Asset Carrying Value		699,124	699,124
Maximum Facility Size		734,350	734,350
Long term debt, gross		712,493	712,493		960,903
Secured Borrowings | Term Loan and Revolver
Secured Borrowings
Maximum Facility Size		938,753	938,753
Long term debt, gross		788,753	788,753		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		3,335,750	3,335,750
Maximum Facility Size		4,439,101	4,439,101
Long term debt, gross		3,112,386	3,112,386		4,424,782
Secured Borrowings | First Mortgage and Mezzanine
Secured Borrowings
Long term debt, gross		$ 600,000	$ 600,000
Secured Borrowings | Index | Commercial Financing Facilities
Secured Borrowings
Pricing margin		1.81%
Secured Borrowings | Index | Infrastructure Financing Facilities
Secured Borrowings
Pricing margin		2.01%
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%
Secured Borrowings | SOFR | Borrowing Base Facility
Secured Borrowings
Pricing margin		2.11%
Commercial Loan
Secured Borrowings
Maximum Facility Size		$ 9,400,000	$ 9,400,000
Secured financing agreements, net		2,100,000	2,100,000
Line of credit capacity if conditions are met		10,500,000	$ 10,500,000
Commercial Loan | LIBOR | Weighted-average
Secured Borrowings
Pricing margin			2.39%
Commercial Loan | Secured Borrowings
Secured Borrowings
Pledged Asset Carrying Value		9,141,387	$ 9,141,387
Maximum Facility Size		10,485,460	10,485,460
Long term debt, gross		$ 6,556,438	6,556,438		4,878,939
Commercial Loan | Secured Borrowings | Index
Secured Borrowings
Pricing margin		2.00%
Residential Loans | Secured Borrowings
Secured Borrowings
Pledged Asset Carrying Value		$ 2,244,663	2,244,663
Maximum Facility Size		2,850,000	2,850,000
Long term debt, gross		$ 1,744,225	1,744,225		22,590
Residential Loans | Secured Borrowings | Index
Secured Borrowings
Pricing margin		2.02%
Infrastructure Loans | Secured Borrowings
Secured Borrowings
Pledged Asset Carrying Value		$ 455,391	455,391
Maximum Facility Size		650,000	650,000
Long term debt, gross		$ 379,095	379,095		232,961
Infrastructure Loans | Secured Borrowings | LIBOR
Secured Borrowings
Pricing margin		2.00%
Conduit Loans | Secured Borrowings
Secured Borrowings
Pledged Asset Carrying Value		$ 226,634	226,634
Maximum Facility Size		350,000	350,000
Long term debt, gross		$ 174,130	$ 174,130		53,554
Conduit Loans | Secured Borrowings | LIBOR
Secured Borrowings
Pricing margin		1.99%
CMBS/RMBS
Secured Borrowings
Coupon Rate		3.20%	3.20%
Secured financing agreements, net		$ 240,800	$ 240,800
Amount outstanding on a repurchase facility not subject to margin calls		240,800	240,800
Amount outstanding on repurchase facility		$ 35,800	$ 35,800
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		$ 276,900	$ 276,900
Rolling maturity period			11 months
Maturity period			12 months
CMBS/RMBS | LIBOR | Weighted-average
Secured Borrowings
Coupon Rate		1.71%	1.71%
CMBS/RMBS | Secured Borrowings
Secured Borrowings
Pledged Asset Carrying Value		$ 1,166,352	$ 1,166,352
Maximum Facility Size		819,979	819,979
Long term debt, gross		688,146	688,146		620,763
Repurchase Agreements | Secured Borrowings
Secured Borrowings
Pledged Asset Carrying Value		13,234,427	13,234,427
Maximum Facility Size		15,155,439	15,155,439
Long term debt, gross		$ 9,542,034	$ 9,542,034		$ 5,808,807

Secured Borrowings - Narrative

Secured Borrowings - Narrative (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Sep. 30, 2021USD ($)	Jul. 31, 2021USD ($)hotel	Dec. 31, 2021USD ($)extension	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	May 31, 2021USD ($)	Apr. 30, 2021USD ($)	Aug. 31, 2019USD ($)
Secured Borrowings
Payment of debt			$ 11,929,179	$ 6,137,778	$ 8,671,085
Principal amount of notes purchased by third-party investors		$ 210,100
JPMorgan Chase Bank N.A.
Secured Borrowings
Amount at risk			$ 667,200
Weighted average extended maturities			3 years 8 months 12 days
Morgan Stanley Bank, N.A.
Secured Borrowings
Amount at risk			$ 660,400
Weighted average extended maturities			3 years 9 months 18 days
Revolving credit facility
Secured Borrowings
Maximum borrowing capacity	$ 150,000		$ 150,000
Increase in borrowing capacity	$ 30,000
RMBS
Secured Borrowings
Securitizations of loans		$ 230,000
Number of hotels | hotel		41
LIBOR | Revolving credit facility
Secured Borrowings
Decrease in basis spread	0.50%
SOFR | Revolving credit facility
Secured Borrowings
Pricing margin	2.50%
Secured Borrowings
Secured Borrowings
Amortization of deferred financing costs			35,600	36,400	34,300
Long term debt, gross			$ 12,654,420	10,233,589
Repurchase Agreements
Secured Borrowings
Percentage of repurchase agreements for which margin calls are limited to collateral specific credit marks			66.00%
Percentage of repurchase agreements containing margin call provisions for general capital market activity			34.00%
Percentage of repurchase agreements containing margin call provisions that pertain to loans held-for-sale			7.00%
Woodstar Portfolio
Secured Borrowings
Proceeds from debt			$ 462,900
Woodstar I Portfolio
Secured Borrowings
Payment of debt			222,000
Maximum borrowing capacity			$ 380,000
Maturity period			2 years
Number of extension options | extension			3
Extension term			1 year
Interest rate cap strike percentage			1.00%
Woodstar I Portfolio | LIBOR
Secured Borrowings
Pricing margin			2.11%
Woodstar II Portfolio
Secured Borrowings
Maximum borrowing capacity			$ 82,900
Maturity period			7 years
Woodstar II Portfolio | LIBOR
Secured Borrowings
Pricing margin			4.36%
Term Loan Facility
Secured Borrowings
Maximum borrowing capacity			$ 788,800
Floor interest rate (as a percent)	0.75%		0.75%
Increase in borrowing capacity	$ 150,000
Term Loan Facility | LIBOR
Secured Borrowings
Pricing margin	3.25%
Decrease in basis spread	0.25%
CLOs and SASB
Secured Borrowings
Amortization of deferred financing costs			$ 5,700	2,500	900
Incurred debt issuance costs			26,900
Deferred financing costs, net of amortization			17,700	5,800
STWD 2021-FL2
Secured Borrowings
Principal amount of notes purchased by third-party investors						$ 1,100,000
Amount issued						1,300,000
Long term debt, gross						70,100
Liquidation preference						$ 127,500
Additional contribution to CLO			58,600
STWD 2019-FL1
Secured Borrowings
Principal amount of notes purchased by third-party investors								$ 936,400
Amount issued								1,100,000
Long term debt, gross								86,600
Liquidation preference								$ 77,000
Additional contribution to CLO			261,900	$ 134,700	$ 88,100
STWD 2021-SIF1
Secured Borrowings
Principal amount of notes purchased by third-party investors							$ 410,000
Amount issued							500,000
Liquidation preference							$ 90,000
Additional contribution to CLO			$ 45,900

Secured Borrowings - Collateral

Secured Borrowings - Collateralized Loan Obligations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Item	Dec. 31, 2020USD ($)Item	May 31, 2021USD ($)	Apr. 30, 2021USD ($)	Aug. 31, 2019USD ($)
Summary of CLO
Carrying value	$ 2,616,116	$ 930,554
Collateral assets
Summary of CLO
Amount issued	3,086,319
Carrying value	3,120,444
Financing
Summary of CLO
Amount issued	2,633,841
Carrying value	$ 2,616,116
STWD 2019-FL1
Summary of CLO
Amount issued					$ 1,100,000
STWD 2019-FL1 | Collateral assets
Summary of CLO
Count | Item	24	23
Amount issued	$ 1,092,887	$ 1,002,445
Carrying value	$ 1,103,513	$ 1,099,439
STWD 2019-FL1 | Financing
Summary of CLO
Count | Item	1	1
Amount issued	$ 936,375	$ 936,375
Carrying value	$ 933,049	$ 930,554
STWD 2019-FL1 | LIBOR | Collateral assets
Summary of CLO
Spread	4.19%	3.93%
STWD 2019-FL1 | LIBOR | Financing
Summary of CLO
Spread		1.64%
STWD 2019-FL1 | SOFR | Financing
Summary of CLO
Spread	1.63%
STWD 2021-FL2
Summary of CLO
Amount issued			$ 1,300,000
Percent of outstanding loan	7.00%
Debt, weighted average interest rate	7.49%
STWD 2021-FL2 | Collateral assets
Summary of CLO
Count | Item	25
Amount issued	$ 1,272,133
Carrying value	$ 1,279,678
STWD 2021-FL2 | Financing
Summary of CLO
Count | Item	1
Amount issued	$ 1,077,375
Carrying value	$ 1,069,691
STWD 2021-FL2 | LIBOR | Collateral assets
Summary of CLO
Spread	4.22%
STWD 2021-FL2 | LIBOR | Financing
Summary of CLO
Spread	1.78%
STWD 2021-SIF1
Summary of CLO
Amount issued				$ 500,000
Percent of outstanding loan	2.00%
Debt, weighted average interest rate	5.62%
STWD 2021-SIF1 | Collateral assets
Summary of CLO
Count | Item	31
Amount issued	$ 491,299
Carrying value	$ 506,666
STWD 2021-SIF1 | Financing
Summary of CLO
Count | Item	1
Amount issued	$ 410,000
Carrying value	$ 405,319
STWD 2021-SIF1 | LIBOR | Collateral assets
Summary of CLO
Spread	3.91%
STWD 2021-SIF1 | LIBOR | Financing
Summary of CLO
Spread	2.15%
STWD 2021-HTS | Collateral assets
Summary of CLO
Count | Item	1
Amount issued	$ 230,000
Carrying value	$ 230,587
STWD 2021-HTS | Financing
Summary of CLO
Count | Item	1
Amount issued	$ 210,091
Carrying value	$ 208,057
STWD 2021-HTS | LIBOR | Collateral assets
Summary of CLO
Spread	4.12%
STWD 2021-HTS | LIBOR | Financing
Summary of CLO
Spread	2.48%

Secured Borrowings - Principal

Secured Borrowings - Principal Repayments (Details) $ in Thousands	Dec. 31, 2021USD ($)
CLOs and SASB
Repayment of secured financings
2022	$ 123,448
2023	643,689
2024	445,272
2025	497,976
2026	923,456
Thereafter	0
Total	2,633,841
Secured Borrowings
Repayment of secured financings
2022	2,251,930
2023	2,560,642
2024	1,854,291
2025	4,017,460
2026	3,908,252
Thereafter	695,686
Total	15,288,261
Repurchase Agreements
Repayment of secured financings
2022	2,068,288
2023	1,090,287
2024	1,089,101
2025	3,263,185
2026	1,777,704
Thereafter	253,469
Total	9,542,034
Other Secured Financing
Repayment of secured financings
2022	60,194
2023	826,666
2024	319,918
2025	256,299
2026	1,207,092
Thereafter	442,217
Total	$ 3,112,386

Unsecured Senior Notes - Summar

Unsecured Senior Notes - Summary of Unsecured Financing Agreements (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 15, 2021	Jul. 14, 2021	Dec. 31, 2020	Nov. 02, 2020	Dec. 04, 2017	Mar. 29, 2017	Dec. 16, 2016
Unsecured Senior Notes
Unsecured Senior Notes
Long term debt, gross	$ 1,850,000	$ 1,850,000			$ 1,750,000
Unamortized deferred financing costs	(10,765)	(10,765)			(5,589)
Unsecured senior notes	1,828,590	1,828,590			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	(578)	(578)			(2,559)
Senior Notes
Unsecured Senior Notes
Unamortized discount	(10,067)	(10,067)			(9,332)
2021 Senior Notes
Unsecured Senior Notes
Coupon Rate									5.00%
Long term debt, gross	$ 0	$ 0	$ 300,000		700,000
2023 Senior Notes
Unsecured Senior Notes
Coupon Rate	5.50%	5.50%				5.50%
Effective Rate	5.71%	5.71%
Remaining Period of Amortization		1 year 9 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 2 months 12 days
Long term debt, gross	$ 250,000	$ 250,000			250,000
2024 Senior Notes
Unsecured Senior Notes
Coupon Rate	3.75%	3.75%	3.75%
Effective Rate	3.94%	3.94%
Remaining Period of Amortization		3 years
Long term debt, gross	$ 400,000	$ 400,000			0
2025 Senior Notes
Unsecured Senior Notes
Coupon Rate	4.75%	4.75%					4.75%
Effective Rate	5.04%	5.04%
Remaining Period of Amortization		3 years 2 months 12 days
Long term debt, gross	$ 500,000	$ 500,000			500,000
2026 Senior Notes
Unsecured Senior Notes
Coupon Rate	3.63%	3.63%		3.625%
Effective Rate	3.77%	3.77%
Remaining Period of Amortization		4 years 6 months
Long term debt, gross	$ 400,000	$ 400,000			$ 0
LIBOR | 2025 Senior Notes
Unsecured Senior Notes
Long term debt, gross	$ 470,000	$ 470,000
Pricing margin	2.53%

Unsecured Senior Notes - Narrat

Unsecured Senior Notes - Narrative (Details) $ / shares in Units, $ in Thousands, shares in Millions	Sep. 15, 2021USD ($)	Dec. 31, 2021USD ($)Item$ / shares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 15, 2021USD ($)	Jul. 14, 2021USD ($)	Nov. 02, 2020USD ($)	Dec. 04, 2017USD ($)	Mar. 29, 2017USD ($)	Dec. 16, 2016USD ($)
Unsecured Senior Notes
Interest expense		$ 445,087	$ 419,763	$ 508,729
Closing share price (in dollars per share) | $ / shares		$ 24.30	$ 19.30	$ 24.86
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		$ 11,600	$ 12,200	$ 12,300
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%
2021 Senior Notes
Unsecured Senior Notes
Amount issued										$ 700,000
Coupon Rate										5.00%
Redemption of notes	$ 400,000
Long term debt, gross		$ 0	700,000		$ 300,000
2023 Senior Notes
Unsecured Senior Notes
Amount issued							$ 300,000
Coupon Rate		5.50%					5.50%
Long term debt, gross		$ 300,000	300,000
2023 Senior Notes | Redemption period one
Unsecured Senior Notes
Redemption percentage		100.00%
2023 Senior Notes | Redemption period two
Unsecured Senior Notes
Redemption percentage		100.00%
2023 Senior Notes | Redemption period three
Unsecured Senior Notes
Redemption percentage		40.00%
2024 Senior Notes
Unsecured Senior Notes
Amount issued					$ 400,000
Coupon Rate		3.75%			3.75%
Long term debt, gross		$ 400,000	0
2024 Senior Notes | Redemption period one
Unsecured Senior Notes
Redemption percentage		100.00%
2024 Senior Notes | Redemption period two
Unsecured Senior Notes
Redemption percentage		100.00%
2024 Senior Notes | Redemption period three
Unsecured Senior Notes
Redemption percentage		40.00%
2025 Senior Notes
Unsecured Senior Notes
Amount issued								$ 500,000
Coupon Rate		4.75%						4.75%
Long term debt, gross		$ 500,000	500,000
2025 Senior Notes | Redemption period one
Unsecured Senior Notes
Redemption percentage		100.00%
2025 Senior Notes | Redemption period two
Unsecured Senior Notes
Redemption percentage		100.00%
2025 Senior Notes | Redemption period three
Unsecured Senior Notes
Redemption percentage		40.00%
2026 Senior Notes
Unsecured Senior Notes
Amount issued						$ 400,000
Coupon Rate		3.63%				3.625%
Long term debt, gross		$ 400,000	0
2026 Senior Notes | Redemption period one
Unsecured Senior Notes
Redemption percentage		100.00%
2026 Senior Notes | Redemption period two
Unsecured Senior Notes
Redemption percentage		100.00%
2026 Senior Notes | Redemption period three
Unsecured Senior Notes
Redemption percentage		40.00%
2023 Convertible Notes
Unsecured Senior Notes
Amount issued									$ 250,000
Coupon Rate		4.38%							4.375%
Long term debt, gross		$ 250,000	$ 250,000
Amount by which if-converted value of the Notes are less than principal amount		$ 15,500
Conversion price (in dollars per share) | $ / shares		$ 25.91
If-converted value		$ 234,500
Convertible notes carrying value		249,100
Convertible notes fair value		$ 254,400
2023 Convertible 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%
2019 Convertible Notes
Unsecured Senior Notes
Coupon Rate		4.00%		4.00%
Long term debt, gross				$ 78,000
Shares issued (in shares) | shares				3.6
Cash payments				$ 12,000

Unsecured Senior Notes - Conver

Unsecured Senior Notes - Convertible Notes (Details)	12 Months Ended
	Dec. 31, 2021USD ($)$ / shares	Dec. 31, 2020$ / shares	Dec. 31, 2019$ / shares
Unsecured Senior Notes
Principal amount of notes, basis for conversion | $	$ 1,000
Closing share price (in dollars per share)	$ 24.30	$ 19.30	$ 24.86
2023 Convertible Notes
Unsecured Senior Notes
Conversion Rate	38.5959
Conversion price (in dollars per share)	$ 25.91

Loan Securitization_Sale Acti_3

Loan Securitization/Sale Activities - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loan Transfer Activities
Redemptions	$ 0	$ 0
RMBS
Loan Transfer Activities
Payments to acquire marketable securities	524,500	176,600
RMBS | Fair value option
Loan Transfer Activities
Redemptions	51,187	10,474
Commercial and Residential Lending Segment
Loan Transfer Activities
Net gains (losses) on the sale of loan qualifying for sales treatment	(1,100)	(1,000)	$ 4,600
Infrastructure Lending Segment
Loan Transfer Activities
Net gains (losses) on the sale of loan qualifying for sales treatment	200	300	3,100
Loans held-for-sale face amount	16,300	61,100	404,100
Proceeds	$ 15,300	$ 60,800	393,300
Infrastructure Lending Segment | Interest rate contracts
Loan Transfer Activities
Net gains (losses) on the sale of loan qualifying for sales treatment			3,100
Gain (loss) on sale of derivative			$ (2,700)

Loan Securitization_Sale Acti_4

Loan Securitization/Sale Activities - Summary of Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investing and Servicing Segment | Commercial Loans
Loan Transfer Activities
Face Amount	$ 1,185,251	$ 920,282	$ 1,781,981
Proceeds	1,242,974	975,569	1,845,890
Investing and Servicing Segment | Residential Loans
Loan Transfer Activities
Face Amount	2,287,733	1,770,513	1,256,481
Proceeds	2,362,798	1,826,549	1,305,059
Commercial and Residential Lending Segment | Commercial Loans
Loan Transfers Accounted for as Sales
Face Amount	335,552	446,132	751,210
Proceeds	328,878	442,833	748,045
Commercial and Residential Lending Segment | Residential Loans
Loan Transfers Accounted for as Sales
Face Amount	216,827	550	26,046
Proceeds	225,940	604	$ 26,797
First Mortgage Loans
Loan Transfers Accounted for as Sales
Face Amount	313,000	277,900
Proceeds from sale of mortgage loans	307,300	270,800
Whole Loan Interest
Loan Transfers Accounted for as Sales
Face Amount	22,600	168,200
Proceeds from sale of mortgage loans	$ 21,500	$ 172,000

Derivatives and Hedging Activ_3

Derivatives and Hedging Activity - Designated and Non-Designated Hedges (Details) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands	Dec. 31, 2021EUR (€)contract	Dec. 31, 2021GBP (£)contract	Dec. 31, 2021AUD ($)contract	Dec. 31, 2021USD ($)contract
Derivatives
Number of Contracts	464	464	464	464
Foreign exchange contracts | EUR | Long
Derivatives
Number of Contracts	14	14	14	14
Aggregate Notional Amount | €	€ 51,583
Foreign exchange contracts | EUR | Short
Derivatives
Number of Contracts	144	144	144	144
Aggregate Notional Amount | €	€ 474,098
Foreign exchange contracts | GBP | Long
Derivatives
Number of Contracts	11	11	11	11
Aggregate Notional Amount | £		£ 9,731
Foreign exchange contracts | GBP | Short
Derivatives
Number of Contracts	155	155	155	155
Aggregate Notional Amount | £		£ 530,879
Foreign exchange contracts | AUD | Long
Derivatives
Number of Contracts	3	3	3	3
Aggregate Notional Amount | £		£ 17,500
Foreign exchange contracts | AUD | Short
Derivatives
Number of Contracts	52	52	52	52
Aggregate Notional Amount | $			$ 265,401
Interest rate swaps – Paying fixed rates | USD
Derivatives
Number of Contracts	68	68	68	68
Aggregate Notional Amount | $				$ 2,932,451
Interest rate swaps – Receiving fixed rates | USD
Derivatives
Number of Contracts	2	2	2	2
Aggregate Notional Amount | $				$ 484,500
Interest rate caps | GBP
Derivatives
Number of Contracts	1	1	1	1
Aggregate Notional Amount | £		£ 61,000
Interest rate caps | USD
Derivatives
Number of Contracts	7	7	7	7
Aggregate Notional Amount | $				$ 702,000
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	4	4	4	4
Aggregate Notional Amount | $				$ 277,302

Derivatives and Hedging Activ_4

Derivatives and Hedging Activity - Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	$ 48,216	$ 40,555
Fair Value of Derivatives in a Liability Position	13,421	41,324
Interest rate contracts
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	17,728	33,841
Fair Value of Derivatives in a Liability Position	16	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	260	849
Foreign exchange contracts
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	30,478	6,585
Fair Value of Derivatives in a Liability Position	12,870	39,951
Credit index instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	10	129
Fair Value of Derivatives in a Liability Position	$ 275	$ 520

Derivatives and Hedging Activ_5

Derivatives and Hedging Activity - Effect on Financial Statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivatives
Gain (loss) on derivative financial instruments, net	$ 82,363	$ (82,178)	$ (6,310)
Interest rate contracts
Derivatives
Gain (loss) on derivative financial instruments, net	41,033	(48,692)	(10,516)
Interest rate swap guarantees
Derivatives
Gain (loss) on derivative financial instruments, net	589	(235)	(3,350)
Foreign exchange contracts
Derivatives
Gain (loss) on derivative financial instruments, net	41,228	(32,561)	8,801
Credit index instruments
Derivatives
Gain (loss) on derivative financial instruments, net	$ (487)	$ (690)	$ (1,245)

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative assets
Gross Amounts Recognized	$ 48,216	$ 40,555
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	48,216	40,555
Derivative Assets, Gross Amounts Not Offset in the Statements of Condition, Financial Instruments	12,870	6,716
Derivative Assets, Gross Amounts Not Offset in the Statements of Condition, Cash Collateral Received/Pledged	21,290	33,772
Total net derivative assets	14,056	67
Derivative liabilities
Gross Amounts Recognized	13,421	41,324
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	13,421	41,324
Derivative Liabilities, Gross Amounts Not Offset in the Statements of Condition, Financial Instruments	12,870	6,716
Cash collateral for derivative financial instruments	291	27,416
Total net derivative liabilities	260	7,192
Repurchase agreements
Gross Amounts Recognized	9,542,034	5,808,807
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	9,542,034	5,808,807
Repurchase Agreements, Gross Amounts Not Offset in the Statements of Condition, Financial Instruments	9,542,034	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	9,555,455	5,850,131
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	9,555,455	5,850,131
Liabilities, Gross Amounts Not Offset in the Statements of Condition, Financial Instruments	9,554,904	5,815,523
Liabilities, Gross Amounts Not Offset in the Statements of Condition, Cash Collateral Received/Pledged	291	27,416
Total net liabilities	$ 260	$ 7,192

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details)	12 Months Ended
	Dec. 31, 2021USD ($)loanscollateralizedLoanObligation	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Variable interest entities
Number of CLOs | collateralizedLoanObligation	3
Number of SASBs | loans	1
Assets	$ 83,850,397,000	$ 80,873,509,000
Liabilities	77,201,590,000	76,010,933,000
Temporary equity	214,915,000	0	$ 0	$ 0
Investments in unconsolidated entities	$ 90,097,000	$ 108,054,000
CMBS JV
Variable interest entities
Ownership percentage	51.00%
Primary beneficiary
Variable interest entities
Assets	$ 102,400,000
Liabilities	53,500,000
Primary beneficiary | CMBS Venture Holdings
Variable interest entities
Assets	331,700,000
Liabilities	73,900,000
Primary beneficiary | SPT Dolphin
Variable interest entities
Assets	1,000,000,000
Liabilities	0
Primary beneficiary | Woodstar Feeder Fund, L.P.
Variable interest entities
Assets	300,000,000
Liabilities	0
Temporary equity	200,000,000
Not primary beneficiary
Variable interest entities
Maximum risk of loss related to VIEs, on fair value basis	22,200,000
Not primary beneficiary | Measurement Period Adjustments
Variable interest entities
Investments in unconsolidated entities	24,500,000
Not primary beneficiary | Securitization SPEs
Variable interest entities
Long term debt, gross	$ 4,900,000,000

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Consolidated CLO (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 217,362	$ 563,217
Carrying Value	18,480,919	12,217,352
Investment securities	860,984	736,658
Accrued interest receivable	116,262	95,980
Other assets	188,626	190,748
Total Assets	83,850,397	80,873,509
Liabilities
Accounts payable, accrued expenses and other liabilities	189,696	206,845
Collateralized loan obligations and single asset securitization, net	2,616,116	930,554
Total Liabilities	77,201,590	76,010,933
Total loans held-for-investment
Assets:
Carrying Value	15,604,119	11,164,517
Primary beneficiary
Assets:
Total Assets	102,400
Liabilities
Total Liabilities	53,500
CLOs and SASB | Primary beneficiary
Assets:
Cash and cash equivalents	15,297	96,998
Investment securities	11,426	0
Accrued interest receivable	8,936	5,454
Other assets	11,213	557
Total Assets	3,120,444	1,105,450
Liabilities
Accounts payable, accrued expenses and other liabilities	3,335	663
Collateralized loan obligations and single asset securitization, net	2,616,116	930,554
Total Liabilities	2,619,451	931,217
CLOs and SASB | Primary beneficiary | Total loans held-for-investment
Assets:
Carrying Value	$ 3,073,572	$ 1,002,441

Related-Party Transactions - Ma

Related-Party Transactions - Management Agreement (Details)	1 Months Ended	12 Months Ended
	Apr. 30, 2020USD ($)shares	Dec. 31, 2021USD ($)qtrdshares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares
Related-Party Transactions
Incentive fee quarters period | qtr		3
Trading days period | d		5
Granted (in shares) | shares		1,708,935
Share-based expense		$ 74,421,000	$ 65,734,000	$ 46,237,000
2017 Manager Equity Plan
Related-Party Transactions
Granted (in shares) | shares		0
S P T Management L L C
Related-Party Transactions
Base management fee		1.50%
Management fee expense	$ 19,100,000	$ 77,900,000	76,600,000	77,000,000
Management fee, shares issuable (in shares) | shares	1,422,143
Base management fee payable		$ 20,300,000	19,200,000
Core earnings period threshold		12 months
Core earnings threshold percentage		8.00%
Core earnings threshold, number of quarters | qtr		12
Core earnings threshold amount		$ 0
Incentive fee calculation amount		$ 0
Incentive Fee, Calculation, Multiplication Factor		20.00%
Rolling period		12 months
Stock value factor		8.00%
Stock ownership limit		9.80%
Accrued incentive fee		$ 70,300,000	30,800,000	20,200,000
Unpaid incentive fee		51,200,000	15,000,000
Executive compensation expense		7,100,000	8,500,000	$ 7,700,000
Unpaid reimbursable compensation		$ 4,900,000	$ 5,000,000
Affirmative vote percentage threshold		66.67%
Termination period notice		180 days
Temination fee period quarters | qtr		8
Termination fee payable		$ 0
Termination period without notice		30 days
S P T Management L L C | Restricted Stock Awards
Related-Party Transactions
Granted (in shares) | shares		1,013,232	341,635	182,861
Grant date values		$ 20,300,000	$ 3,900,000	$ 4,100,000
Share-based expense		$ 9,700,000	$ 3,400,000	$ 4,100,000
S P T Management L L C | Restricted Stock Awards | 2017 Manager Equity Plan
Related-Party Transactions
Award vesting period		3 years

Related-Party Transactions - _2

Related-Party Transactions - Manager Equity Plan (Details) - USD ($) $ in Thousands	1 Months Ended				12 Months Ended
	Nov. 30, 2020	Sep. 30, 2019	Apr. 30, 2018	Mar. 31, 2017	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related-Party Transactions
Granted (in shares)					1,708,935
Share-based expense					$ 74,421	$ 65,734	$ 46,237
2017 Manager Equity Plan
Related-Party Transactions
Granted (in shares)					0
Restricted stock units | 2017 Manager Equity Plan
Related-Party Transactions
Granted (in shares)	1,800,000	1,200,000	775,000	1,000,000
Share-based expense					$ 19,400	$ 18,000	$ 20,200

Related-Party Transactions - In

Related-Party Transactions - Investments in Loans and Securities (Details) $ in Thousands, € in Millions

1 Months Ended

12 Months Ended

Dec. 31, 2021USD ($)

Aug. 31, 2020USD ($)

Feb. 29, 2020USD ($)extension

Jan. 31, 2020USD ($)

Jul. 31, 2019USD ($)

Apr. 30, 2019USD ($)

Mar. 31, 2019USD ($)

Feb. 28, 2019USD ($)powerPlant

Mar. 31, 2018EUR (€)

Jan. 31, 2018USD ($)powerPlant

Dec. 31, 2012USD ($)shares

Dec. 31, 2021USD ($)

Dec. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Sep. 30, 2021USD ($)

Oct. 31, 2019USD ($)

Aug. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Related-Party Transactions

Acquisitions/originations/additional funding

$ 13,990,579

$ 5,337,399

$ 9,094,714

Loan balance

$ 18,413,649

18,413,649

12,139,908

11,470,224

$ 9,794,254

Origination of First Mortgage Loan | Affiliated Entity

Related-Party Transactions

Proceeds from repayments on loans

$ 245,000

First priority term loan

$ 339,200

Loan balance

29,400

29,400

Origination of Loan for Development and Recapitalization of Luxury Cabin Rentals | Affiliated Entity

Related-Party Transactions

Loan balance

67,400

67,400

Payments to fund related party loans

$ 99,000

$ 3,500

Investment interest rate

10.50%

Investment term

36 months

Number of renewal options | extension

2

Renewal term

1 year

Origination of Loan to Refinance Debt of Commercial Real Estate Partnership | Affiliated Entity

Related-Party Transactions

Acquisitions/originations/additional funding

$ 22,500

Purchase of First Mortgage Loan Participation

Related-Party Transactions

Loan balance

52,000

52,000

Number of properties securing investment | powerPlant

3

Purchase of First Mortgage Loan Participation | First mortgage loan participation

Related-Party Transactions

Acquisitions/originations/additional funding

$ 130,000

Residential Mortgage Originator | Affiliated Entity

Related-Party Transactions

Notes receivable related party

$ 4,500

Proceeds from sale of receivables

4,500

Residential Mortgage Originator | Affiliated Entity | Residential Loans

Related-Party Transactions

Acquisitions/originations/additional funding

1,200,000

$ 244,400

$ 353,000

Loan purchase commitment

429,300

$ 429,300

Residential Mortgage Originator | Affiliated Entity | Notes Receivable

Related-Party Transactions

Loan purchase commitment

$ 4,500

$ 2,000

SEREF | Affiliated Entity

Related-Party Transactions

Ownership percentage

2.00%

Number of shares acquired (in shares) | shares

9,140,000

Investment securities value

$ 14,700

Ownership acquired in investment

4.00%

SEREF | Office portfolio located in Spain | Affiliated Entity

Related-Party Transactions

Acquisitions/originations/additional funding | €

€ 55

Starwood Energy Group | Purchase of First Priority Infrastructure Term Loan Participation | Affiliated Entity

Related-Party Transactions

Acquisitions/originations/additional funding

$ 16,000

$ 5,000

$ 60,000

First priority term loan

$ 925,000

Loan balance

$ 65,000

$ 65,000

Upsize to term loan

$ 350,000

Number of domestic natural gas power plants | powerPlant

4

Ownership percentage

50.00%

Related-Party Transactions - _3

Related-Party Transactions - Investments in Unconsolidated Entities (Details)	1 Months Ended		12 Months Ended
	Oct. 31, 2014USD ($)shoppingMall	Apr. 30, 2013	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Aug. 31, 2017USD ($)
Related-Party Transactions
Equity method			$ 64,316,000	$ 62,718,000
Investments in unconsolidated entities			90,097,000	108,054,000
Earnings (loss) from unconsolidated entities			8,752,000	37,317,000	$ (101,354,000)
Total other-than-temporary impairment ("OTTI")			0	0	267,000
S C G Core Plus Retail Fund L P
Related-Party Transactions
Equity method	$ 150,000,000
Ownership percentage acquired	33.00%
Number of properties | shoppingMall	4
Investments in unconsolidated entities						$ 15,500,000
Earnings (loss) from unconsolidated entities			$ 0	$ 0	114,400,000
Reduction in investment					47,200,000
Total other-than-temporary impairment ("OTTI")					$ 71,900,000
Joint Venture One
Related-Party Transactions
Ownership percentage acquired		50.00%
Starwood Distressed Opportunity Fund I X | Joint Venture One
Related-Party Transactions
Ownership percentage acquired		50.00%

Related-Party Transactions - Le

Related-Party Transactions - Leasing Arrangements (Details) $ in Millions	1 Months Ended		12 Months Ended
	Dec. 31, 2021ft²$ / sqft	Mar. 31, 2020ft²$ / sqft	Dec. 31, 2021USD ($)	Apr. 30, 2020USD ($)
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
Annual base rent (in usd per sq ft) | $ / sqft		52
Percent increase in base rent		3.00%
Security deposit | $				$ 1.9
Rent payments | $			$ 10.7
Office Lease Agreement with Affiliate of Manager | Affiliated Entity
Related-Party Transactions
Area of office space | ft²	5,500
Term of master lease agreements	4 years 6 months		4 years 6 months
Annual base rent (in usd per sq ft) | $ / sqft	59.16
Percent increase in base rent	3.00%

Related-Party Transactions - Ac

Related-Party Transactions - Acquisitions from Consolidated CMBS Trusts (Details) - Reo Portfolio - CMBS - Investing and Servicing Segment - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2020
Related-Party Transactions
Assets acquired	$ 9,200,000	$ 8,600,000	$ 0
Consideration transferred	$ 10,100,000	$ 8,800,000

Related-Party Transactions - _4

Related-Party Transactions - Acquisitions from Consolidated RMBS Trusts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
RMBS
Related-Party Transactions
Payments to acquire marketable securities	$ 524.5	$ 176.6

Related-Party Transactions - Ot

Related-Party Transactions - Other Related-Party Arrangements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fund Participants | Reo Portfolio
Related-Party Transactions
Aggregate commitment	$ 15
Capital commitments funded	$ 4.9
Additional earning increments of operating cash flows	60.00%
Preferred return rate	5.00%
Non-controlling interest income	$ 0.2	$ 1.8	$ 1.3
Fund Participants | Reo Portfolio | Fund Participants
Related-Party Transactions
Ownership percentage	10.00%
Highmark Residential
Related-Party Transactions
Payments to related party	$ 4.2	$ 2.1	$ 1.6

Stockholders' Equity and Non-_3

Stockholders' Equity and Non-Controlling Interests - Narrative (Details) $ / shares in Units, $ in Thousands	Nov. 06, 2021USD ($)	Nov. 05, 2021USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2021USD ($)extension$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018shares	Nov. 30, 2019USD ($)	May 31, 2017shares	May 31, 2014USD ($)shares
Equity Incentive Plans
Preferred stock, shares authorized (in shares) | shares				100,000,000	100,000,000	100,000,000
Preferred stock, par value (in dollars per share) | $ / shares				$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares) | shares				500,000,000	500,000,000	500,000,000
Common stock, par value (in dollars per share) | $ / shares				$ 0.01	$ 0.01	$ 0.01
Shares authorized under DRIP plan (in shares) | shares											11,000,000
Authorized value of stock under ATM agreement											$ 500,000
Shares issued ATM (in shares) | shares					0	0	0
Value of shares issued to settle redemption							$ 78,000
Common stock repurchased (in shares) | shares						2,268,551
Payments for repurchase of common stock					$ 0	$ 33,828	$ 0
Granted (in shares) | shares					1,708,935
Granted (in dollars per share) | $ / shares					$ 22.14	$ 14.64	$ 24.01
Unrecognized compensation expense				$ 53,500	$ 53,500
Compensation recognition period					1 year 8 months 12 days
Fair value of shares vested in period					$ 32,400	$ 35,700	$ 33,200
Contributions from non-controlling interests					219,757	11,775	183,520
Net income				700	748
Net income attributable to non-controlling interests					44,687	34,392	$ 27,271
Accrued interest receivable				$ 116,262	$ 116,262	95,980
2019 Convertible Notes
Equity Incentive Plans
Shares issued (in shares) | shares							3,600,000
Coupon Rate			4.00%	4.00%	4.00%		4.00%
Woodstar Fund
Equity Incentive Plans
Percentage of interest sold		20.60%
Contributions from non-controlling interests	$ 214,200	$ 216,000
Initial term					8 years
Number of extension options | extension					2
Extension term					1 year
CMBS JV
Equity Incentive Plans
Assets sold			$ 333,000				$ 333,000
Equity security			318,300				318,300		$ 24,500
Investments existing			13,300				13,300
Accrued interest receivable			1,400				1,400
Payments to acquire investments			169,800
Non-controlling interest				$ 131,900	$ 131,900	$ 126,700			$ 11,200
CMBS JV | Joint Venture Partner
Equity Incentive Plans
Payments to acquire investments			$ 163,200
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					$ 900		1,000
Number of units outstanding (in shares) | shares				9,800,000	9,800,000
Number of shares redeemed (in shares) | shares						500,000
Shares settled for common stock (in shares) | shares						400,000
Shares settled for cash shares (in shares) | shares						100,000
Cash amount settled						$ 1,300
Woodstar II Portfolio | Class A Units
Equity Incentive Plans
Net income attributable to non-controlling interests					$ 19,400	20,400	$ 21,600
Woodstar II Portfolio | Class A Units | CMBS JV
Equity Incentive Plans
Net income attributable to non-controlling interests					$ 22,700	$ 11,100
Subsidiaries | Woodstar II Portfolio | Class A Units
Equity Incentive Plans
Shares issued (in shares) | shares						100,000	100,000	10,200,000
Right to receive additional shares (in shares) | shares					1,900,000			1,900,000
Subsidiaries | Woodstar II Portfolio | Class A Units | Non- Controlling Interests
Equity Incentive Plans
Redemption of units					$ 208,500	$ 226,700
Starwood Property Trust, Inc. Equity Plan and Manager Equity Plan
Equity Incentive Plans
Number of shares of authorized for issuance (in shares) | shares										11,000,000
Number of shares available for future grants (in shares) | shares				3,132,625	3,132,625
Award vesting period					3 years
Starwood Property Trust, Inc. Equity Plan and Manager Equity Plan | Restricted stock
Equity Incentive Plans
Granted (in shares) | shares					1,708,935	1,014,753	520,236
Starwood Property Trust, Inc. Equity Plan and Manager Equity Plan | Restricted stock units
Equity Incentive Plans
Granted (in shares) | shares					0	0	0

Stockholders' Equity and Non-_4

Stockholders' Equity and Non-Controlling Interests - Common Stock Offering (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Dec. 10, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Shares issued (in shares)	16,000
Price per share (in dollars per share)	$ 24.57
Proceeds from common stock issuances	$ 393,120	$ 394,086	$ 1,098	$ 767

Stockholders' Equity and Non-_5

Stockholders' Equity and Non-Controlling Interests - Declared Dividends (Details) - $ / shares	Dec. 15, 2021	Sep. 15, 2021	Jun. 14, 2021	Mar. 11, 2021	Dec. 09, 2020	Sep. 16, 2020	Jun. 16, 2020	Feb. 25, 2020	Nov. 18, 2019	Aug. 07, 2019	May 08, 2019	Feb. 28, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 1.92	$ 1.92	$ 1.92

Stockholders' Equity and Non-_6

Stockholders' Equity and Non-Controlling Interests - Equity Incentive Plans (Details) - USD ($) $ in Thousands	1 Months Ended				12 Months Ended
	Nov. 30, 2020	Sep. 30, 2019	Apr. 30, 2018	Mar. 31, 2017	Dec. 31, 2021
Equity Incentive Plans
Granted (in shares)					1,708,935
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-_7

Stockholders' Equity and Non-Controlling Interests - Common Stock Issued to Manager (Details) - 2017 Manager Equity Plan - $ / shares	1 Months Ended
	Nov. 30, 2021	Aug. 31, 2021	May 31, 2021	Feb. 28, 2021	May 31, 2020	Feb. 29, 2020	Nov. 30, 2019	Mar. 31, 2019
Equity Incentive Plans
Shares of common stock issued (in shares)	18,649	97,151	267,378	332,002	2,065,322	355,910	38,942	495,363
Price per share (in dollars per share)	$ 26.08	$ 25.79	$ 24.54	$ 22.55		$ 25.51	$ 24.08	$ 22.16
Base Management Fee
Equity Incentive Plans
Shares of common stock issued (in shares)					1,422,143
Price per share (in dollars per share)					$ 13.42
Management Fees
Equity Incentive Plans
Shares of common stock issued (in shares)					643,179
Price per share (in dollars per share)					$ 12.25

Stockholders' Equity and Non-_8

Stockholders' Equity and Non-Controlling Interests - Share Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity Incentive Plans
Share-based expense	$ 74,421	$ 65,734	$ 46,237
Management Fees
Equity Incentive Plans
Share-based expense	54,583	52,480	30,337
Management Fees | 2017 Manager Equity Plan
Equity Incentive Plans
Share-based expense	19,448	17,987	20,255
Management Fees | Management Agreement
Equity Incentive Plans
Share-based expense	35,135	15,405	10,082
Management Fees | Base Management Fee
Equity Incentive Plans
Share-based expense	0	19,088	0
General and Administrative Expense
Equity Incentive Plans
Share-based expense	19,838	13,254	15,900
General and Administrative Expense | 2017 Equity Plan
Equity Incentive Plans
Share-based expense	$ 19,838	$ 13,254	$ 15,900

Stockholders' Equity and Non-_9

Stockholders' Equity and Non-Controlling Interests - Non-Vested Shares (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	3,881,501
Granted (in shares)	1,708,935
Vested (in shares)	(1,756,400)
Forfeited (in shares)	(132,029)
Balance at the end of the period (in shares)	3,702,007	3,881,501
Weighted Average Grant Date Fair Value (per share)
Balance at the beginning of period (in dollars per share)	$ 17.26
Granted (in dollars per share)	22.14	$ 14.64	$ 24.01
Vested (in dollars per share)	18.44
Forfeited (in dollars per share)	18.99
Balance at the end of period (in dollars per share)	$ 18.90	$ 17.26
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)	1,708,935
Vested (in shares)	(764,781)
Forfeited (in shares)	(132,029)
Balance at the end of the period (in shares)	2,406,730	1,594,605
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)	(991,619)
Forfeited (in shares)	0
Balance at the end of the period (in shares)	1,295,277	2,286,896

Stockholders' Equity and Non_10

Stockholders' Equity and Non-Controlling Interests - Vesting Schedule (Details) - shares	Dec. 31, 2021	Dec. 31, 2020
Equity Incentive Plans
2022 (in shares)	1,492,048
2023 (in shares)	901,679
2024 (in shares)	1,308,280
Total (in shares)	3,702,007	3,881,501
2017 Equity Plan
Equity Incentive Plans
2022 (in shares)	646,771
2023 (in shares)	451,679
2024 (in shares)	1,308,280
Total (in shares)	2,406,730	1,594,605
2017 Manager Equity Plan
Equity Incentive Plans
2022 (in shares)	845,277
2023 (in shares)	450,000
2024 (in shares)	0
Total (in shares)	1,295,277	2,286,896

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Basic Earnings
Income attributable to STWD common stockholders	$ 447,739	$ 331,689	$ 509,664
Less: Income attributable to participating shares not already deducted as non-controlling interests	(6,808)	(5,216)	(3,873)
Basic earnings	440,931	326,473	505,791
Diluted Earnings
Income attributable to STWD common stockholders	447,739	331,689	509,664
Less: Income attributable to participating shares not already deducted as non-controlling interests	(6,808)	(5,216)	(3,873)
Diluted earnings	$ 452,550	$ 326,473	$ 518,145
Number of Shares:
Basic - Average shares outstanding (in shares)	285,942	281,978	279,337
Effect of dilutive securities - Contingently issuable shares (in shares)	1,037	383	360
Effect of dilutive securities - Unvested non-participating shares (in shares)	198	122	210
Diluted - Average shares outstanding (in shares)	296,826	282,483	289,712
Earnings per share data attributable to Starwood Property Trust, Inc.:
Basic (in dollars per share)	$ 1.54	$ 1.16	$ 1.81
Diluted (in dollars per share)	$ 1.52	$ 1.16	$ 1.79
Convertible Senior Notes
Diluted Earnings
Add: Interest expense on Convertible Notes	$ 11,619		$ 12,354
Number of Shares:
Effect of dilutive securities - Convertible Notes (in shares)	9,649		9,805

Earnings per Share - Dilutive a

Earnings per Share - Dilutive and Antidilutive securities (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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)	9.8	10.6	11
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)	13	14.4	13.3

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Changes in AOCI by component
Beginning Balance	$ 4,862,576	$ 5,137,014	$ 4,900,189
OCI before reclassifications	(3,101)	(6,939)	(6,125)
Amounts reclassified from AOCI	61	0	(1,603)
Net period OCI	(3,040)	(6,939)	(7,728)
Ending Balance	6,433,892	4,862,576	5,137,014
Cumulative Unrealized Gain (Loss) on Available-for- Sale Securities
Changes in AOCI by component
Beginning Balance	44,057	50,996	53,515
OCI before reclassifications	(3,101)	(6,939)	(2,460)
Amounts reclassified from AOCI	(3)	0	(59)
Net period OCI	(3,104)	(6,939)	(2,519)
Ending Balance	40,953	44,057	50,996
Foreign Currency Translation
Changes in AOCI by component
Beginning Balance	(64)	(64)	5,145
OCI before reclassifications	0	0	(3,665)
Amounts reclassified from AOCI	64	0	(1,544)
Net period OCI	64	0	(5,209)
Ending Balance	0	(64)	(64)
Accumulated Other Comprehensive Income
Changes in AOCI by component
Beginning Balance	43,993	50,932	58,660
Ending Balance	$ 40,953	$ 43,993	$ 50,932

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Reclassifications (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income
Interest realized upon collection	$ 45,168	$ 54,412	$ 76,629
Foreign currency (adjustment) gain from business dispositions	(36,292)	42,395	17,582
Total reclassifications for the period	492,426	366,081	536,935
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income
Total reclassifications for the period	(61)	0	1,603
Cumulative Unrealized Gain (Loss) on Available-for- Sale Securities | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income
Interest realized upon collection	3	0	59
Foreign Currency Translation | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income
Foreign currency (adjustment) gain from business dispositions	$ (64)	$ 0	$ 1,544

Fair Value - Narrative (Details

Fair Value - Narrative (Details)	Nov. 05, 2021
Woodstar Fund
Assets and liabilities measured at fair value
Term including extensions	10 years

Fair Value - Financial Assets a

Fair Value - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial Assets:
Available-for-sale securities	$ 143,980	$ 167,349
Domestic servicing rights	16,780	13,202
Derivative assets	48,216	40,555
Assets	83,850,397	80,873,509
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	13,421	41,324
Liabilities	77,201,590	76,010,933
Fair value measurements on recurring basis
Financial Assets:
Equity security, fair value	11,624	11,247
Derivative assets	48,216	40,555
Total Assets	65,499,721	65,513,117
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	13,421	41,324
Total Liabilities	59,766,343	62,817,695
Fair value measurements on recurring basis | Loans held-for-sale
Financial Assets:
Loans under fair value option	2,936,025	1,022,979
Fair value measurements on recurring basis | RMBS
Financial Assets:
Available-for-sale securities	143,980	167,349
Fair value measurements on recurring basis | CMBS
Financial Assets:
Available-for-sale securities	22,244	19,457
Fair value measurements on recurring basis | Woodstar Fund investments
Financial Assets:
Investments	1,040,309
Fair value measurements on recurring basis | Domestic servicing rights, at fair value
Financial Assets:
Domestic servicing rights	16,780	13,202
Fair value measurements on recurring basis | Level I
Financial Assets:
Equity security, fair value	11,624	11,247
Derivative assets	0	0
Total Assets	11,624	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 | Woodstar Fund investments
Financial Assets:
Investments	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	48,216	40,555
Total Assets	48,216	40,555
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	13,421	41,324
Total Liabilities	54,986,122	60,797,819
Fair value measurements on recurring basis | Level II | Loans held-for-sale
Financial Assets:
Loans under fair value option	0	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 | Woodstar Fund investments
Financial Assets:
Investments	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	65,439,881	65,461,315
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	0	0
Total Liabilities	4,780,221	2,019,876
Fair value measurements on recurring basis | Level III | Loans held-for-sale
Financial Assets:
Loans under fair value option	2,936,025	1,022,979
Fair value measurements on recurring basis | Level III | RMBS
Financial Assets:
Available-for-sale securities	143,980	167,349
Fair value measurements on recurring basis | Level III | CMBS
Financial Assets:
Available-for-sale securities	22,244	19,457
Fair value measurements on recurring basis | Level III | Woodstar Fund investments
Financial Assets:
Investments	1,040,309
Fair value measurements on recurring basis | Level III | Domestic servicing rights, at fair value
Financial Assets:
Domestic servicing rights	16,780	13,202
Primary beneficiary
Financial Assets:
Investments	1,040,309	0
Assets	102,400
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	53,500
Primary beneficiary | Fair value measurements on recurring basis | VIE assets
Financial Assets:
Assets	61,280,543	64,238,328
Primary beneficiary | Fair value measurements on recurring basis | VIE liabilities
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	59,752,922	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	54,972,701	60,756,495
Primary beneficiary | Fair value measurements on recurring basis | Level III | VIE assets
Financial Assets:
Assets	61,280,543	64,238,328
Primary beneficiary | Fair value measurements on recurring basis | Level III | VIE liabilities
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	$ 4,780,221	$ 2,019,876

Fair Value - Level III (Details

Fair Value - Level III (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Total realized and unrealized gains (losses):
Net accretion	$ 13,513	$ 12,818	$ 11,791
Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	63,441,439	61,317,478
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	(5,691,927)	(2,140,452)
Net accretion	10,457	10,712
Included in OCI	(3,104)	(6,939)
Purchases / Originations	5,351,019	2,304,924
Sales	(3,831,712)	(2,810,662)
Issuances	(38,715)	(29,927)
Cash repayments / receipts	(245,496)	(265,885)
Transfers into Level III	(2,011,459)	(1,393,905)
Transfers out of Level III	1,152,827	1,902,944
Transfers within Level III	0	0
Consolidation of VIEs	3,421,052	4,563,946
Deconsolidation of VIEs	(894,721)	(10,795)
Balance at the end of the period	60,659,660	63,441,439	61,317,478
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	(5,757,401)	(2,164,481)
Included in OCI	(3,066)	(6,939)
Level III | Loans held-for-sale
Changes in financial assets classified as Level III
Balance at the beginning of the period	1,022,979	1,436,194
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	69,050	133,124
Net accretion	0	0
Included in OCI	0	0
Purchases / Originations	5,351,019	2,304,924
Sales	(3,831,712)	(2,802,722)
Issuances	0	0
Cash repayments / receipts	(207,043)	(225,155)
Transfers into Level III	7,241	0
Transfers out of Level III	0	0
Transfers within Level III	524,491	176,614
Consolidation of VIEs	0	0
Deconsolidation of VIEs	0	0
Balance at the end of the period	2,936,025	1,022,979	1,436,194
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	(8,036)	26,041
Included in OCI	0	0
Level III | RMBS
Changes in financial assets classified as Level III
Balance at the beginning of the period	167,349	189,576
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	0	0
Net accretion	10,457	10,712
Included in OCI	(3,104)	(6,939)
Purchases / Originations	0	0
Sales	0	0
Issuances	0	0
Cash repayments / receipts	(30,722)	(26,000)
Transfers into Level III	0	0
Transfers out of Level III	0	0
Transfers within Level III	0
Consolidation of VIEs	0	0
Deconsolidation of VIEs	0	0
Balance at the end of the period	143,980	167,349	189,576
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	10,412	10,712
Included in OCI	(3,066)	(6,939)
Level III | CMBS
Changes in financial assets classified as Level III
Balance at the beginning of the period	19,457	25,008
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	(894)	6,991
Net accretion	0	0
Included in OCI	0	0
Purchases / Originations	0	0
Sales	0	(7,940)
Issuances	0	0
Cash repayments / receipts	(2,003)	(4,829)
Transfers into Level III	0	0
Transfers out of Level III	0	0
Transfers within Level III	0
Consolidation of VIEs	0	0
Deconsolidation of VIEs	5,684	227
Balance at the end of the period	22,244	19,457	25,008
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	306	1,127
Included in OCI	0	0
Level III | Woodstar Fund investments
Changes in financial assets classified as Level III
Balance at the beginning of the period	0	0
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	402	0
Net accretion	0	0
Included in OCI	0	0
Purchases / Originations	0	0
Sales	0	0
Issuances	0	0
Cash repayments / receipts	0	0
Transfers into Level III	1,039,907	0
Transfers out of Level III	0	0
Transfers within Level III	0	0
Consolidation of VIEs	0	0
Deconsolidation of VIEs	0	0
Balance at the end of the period	1,040,309	0	0
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	402	0
Included in OCI	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	13,202	16,917
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	3,578	(3,715)
Net accretion	0	0
Included in OCI	0	0
Purchases / Originations	0	0
Sales	0	0
Issuances	0	0
Cash repayments / receipts	0	0
Transfers into Level III	0	0
Transfers out of Level III	0	0
Transfers within Level III	0
Consolidation of VIEs	0	0
Deconsolidation of VIEs	0	0
Balance at the end of the period	16,780	13,202	16,917
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	3,578	(3,715)
Included in OCI	0	0
Level III | VIE assets
Changes in financial assets classified as Level III
Balance at the beginning of the period	64,238,328	62,187,175
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	(6,830,193)	(2,405,599)
Net accretion	0	0
Included in OCI	0	0
Purchases / Originations	0	0
Sales	0	0
Issuances	0	0
Cash repayments / receipts	0	0
Transfers into Level III	0	0
Transfers out of Level III	0	0
Transfers within Level III	(524,491)	(176,614)
Consolidation of VIEs	5,332,754	4,665,636
Deconsolidation of VIEs	(935,855)	(32,270)
Balance at the end of the period	61,280,543	64,238,328	62,187,175
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	(6,830,193)	(2,327,393)
Included in OCI	0	0
Level III | VIE liabilities
Changes in financial assets classified as Level III
Balance at the beginning of the period	(2,019,876)	(2,537,392)
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	1,066,130	128,747
Net accretion	0	0
Included in OCI	0	0
Purchases / Originations	0	0
Sales	0	0
Issuances	(38,715)	(29,927)
Cash repayments / receipts	(5,728)	(9,901)
Transfers into Level III	(3,058,607)	(1,393,905)
Transfers out of Level III	1,152,827	1,902,944
Transfers within Level III	0
Consolidation of VIEs	(1,911,702)	(101,690)
Deconsolidation of VIEs	35,450	21,248
Balance at the end of the period	(4,780,221)	(2,019,876)	$ (2,537,392)
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	1,066,130	128,747
Included in OCI	$ 0	$ 0

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial assets not carried at fair value:
HTM debt securities	$ 691,746	$ 544,280
Carrying Value
Financial assets not carried at fair value:
Loans held-for-investment and loans held-for-sale	15,477,624	11,116,929
HTM debt securities	683,136	538,605
Financial liabilities not carried at fair value:
Secured financing agreements, CLOs and SASB	15,192,966	11,076,744
Unsecured senior notes	1,828,590	1,732,520
Fair Value
Financial assets not carried at fair value:
Loans held-for-investment and loans held-for-sale	15,526,235	11,107,316
HTM debt securities	656,864	515,253
Financial liabilities not carried at fair value:
Secured financing agreements, CLOs and SASB	15,266,440	11,108,364
Unsecured senior notes	$ 1,893,065	$ 1,786,667

Fair Value - Significant Unobse

Fair Value - Significant Unobservable Inputs (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 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		$ 143,980	$ 167,349
Domestic servicing rights		16,780	13,202
Assets		83,850,397	80,873,509
Liabilities		77,201,590	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		2,936,025	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		143,980	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		22,244	19,457
Fair value measurements on recurring basis | Woodstar Fund investments
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Investments		1,040,309
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		16,780	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		$ 2,936,025	$ 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		6 years 3 months 18 days	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		582	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		0.01	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		0.800	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		39 years 10 months 24 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		0.092	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		829	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		0.94	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		1.086	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		27 years 4 months 24 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		0.042	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		748	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		0.66	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		1.023	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		$ 143,980	$ 167,349
Loss severity for specified percentage of portfolio (as a percent)		18.00%	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		0.048	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		0.008	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		0.19	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		0.192	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		0.060	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		0.86	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		0.35	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		0.83	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		0.017	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		0.099	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		0.021	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		0.26	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		0.52	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		0.005	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		$ 22,244	$ 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		7 years 2 months 12 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		6.136	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 2 months 12 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		0.093	0.071
Fair value measurements on recurring basis | Level III | Woodstar Fund investments
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Investments		$ 1,040,309
Fair value measurements on recurring basis | Level III | Woodstar Fund investments | Minimum | Discount rate - properties
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		0.058
Fair value measurements on recurring basis | Level III | Woodstar Fund investments | Minimum | Discount rate - debt
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		0.026
Fair value measurements on recurring basis | Level III | Woodstar Fund investments | Minimum | Terminal capitalization 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		0.048
Fair value measurements on recurring basis | Level III | Woodstar Fund investments | Maximum | Discount rate - properties
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		0.063
Fair value measurements on recurring basis | Level III | Woodstar Fund investments | Maximum | Discount rate - debt
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		0.033
Fair value measurements on recurring basis | Level III | Woodstar Fund investments | Maximum | Terminal capitalization 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		0.053
Fair value measurements on recurring basis | Level III | Woodstar Fund investments | Weighted-average | Discount rate - properties
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		0.060
Fair value measurements on recurring basis | Level III | Woodstar Fund investments | Weighted-average | Discount rate - debt
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		0.029
Fair value measurements on recurring basis | Level III | Woodstar Fund investments | Weighted-average | Terminal capitalization 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		0.049
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		$ 16,780	$ 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		0.0730	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		0.0730	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 years	0 days
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)	16 years 3 months 18 days	11 years
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		6.153	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 9 months 18 days	3 years 2 months 12 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		0.130	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 years	0 days
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)	10 years 9 months 18 days	11 years
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		6.153	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	2 years 3 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		0.064	0.144
Primary beneficiary
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Investments		$ 1,040,309	$ 0
Assets		102,400
Liabilities		53,500
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		61,280,543	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		59,752,922	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		61,280,543	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		$ 4,780,221	$ 2,019,876

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
Income Taxes
Assets	$ 83,850,397,000	$ 80,873,509,000
Pre-tax income from foreign operations	0	0	$ 900,000
Valuation allowance changes	$ 0	$ 0	$ 0
Federal statutory tax rate	21.00%	21.00%	21.00%	35.00%
Investing and Servicing Segment | TRS entities
Income Taxes
Assets	$ 3,200,000,000	$ 1,400,000,000

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Tax Provisions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current
Federal	$ 142	$ 5,690	$ 4,917
State	(80)	3,201	3,182
Foreign	(392)	195	977
Current Income Tax Expense (Benefit)	(330)	9,086	9,076
Deferred
Federal	6,893	8,213	3,869
State	2,106	2,898	287
Total deferred	8,999	11,111	4,156
Effective tax rate	$ 8,669	$ 20,197	$ 13,232

Income Taxes - Temporary Differ

Income Taxes - Temporary Differences on Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Reserves and accruals	$ 3,155	$ 4,571
Domestic intangible assets	(9,652)	(1,672)
Lease assets	0	(310)
Lease liabilities	0	579
Investments in unconsolidated entities	(1,515)	(1,236)
Net operating and other carryforwards	1,908	974
Other U.S. temporary differences	14	2
Net deferred tax (liabilities)/assets	$ (6,090)
Net deferred tax (liabilities)/assets		$ 2,908

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
Reconciliation of statutory tax to effective tax
Federal statutory tax rate	$ 105,230	$ 81,118	$ 115,535
REIT and other non-taxable income	(92,121)	(58,265)	(106,301)
State income taxes	4,307	7,509	3,034
Federal benefit of state tax deduction	(905)	(1,577)	(637)
Net operating loss carryback rate differential	0	(3,387)	0
Intra-entity transfers	(6,635)	(5,385)	0
Other	(1,207)	184	1,601
Effective tax rate	$ 8,669	$ 20,197	$ 13,232
Reconciliation of statutory tax rate to effective tax rate
Federal statutory tax rate	21.00%	21.00%	21.00%	35.00%
REIT and other non-taxable income	(18.40%)	(15.10%)	(19.30%)
State income taxes	0.90%	1.90%	0.50%
Federal benefit of state tax deduction	(0.20%)	(0.40%)	(0.10%)
Net operating loss carryback rate differential	0.00%	(0.90%)	0.00%
Intra-entity transfers	(1.30%)	(1.40%)	0.00%
Other	(0.30%)	0.10%	0.30%
Effective tax rate	1.70%	5.20%	2.40%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	Dec. 31, 2021USD ($)contract
Commitments and Contingencies
Number of Contracts | contract	464
Interest rate swap guarantees | USD
Commitments and Contingencies
Number of Contracts | contract	4
Commitments | Commercial and Residential Lending Segment
Commitments and Contingencies
Value of loans with future funding commitments	$ 2,800
Value of loans with future funding commitments expected to fund	2,200
Outstanding	1,300
Commitments | Infrastructure Lending Segment
Commitments and Contingencies
Value of loans with future funding commitments	147
Outstanding	56.4
Revolvers and letters of credit | Infrastructure Lending Segment
Commitments and Contingencies
Value of loans with future funding commitments	131.6
Outstanding	11.2
Delayed draw term loans | Infrastructure Lending Segment
Commitments and Contingencies
Value of loans with future funding commitments	$ 15.4

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Operating lease costs	$ 4,100	$ 5,571	$ 5,634
Short-term lease costs	2,227	42	115
Sublease income	(766)	(1,509)	(1,613)
Lease, Cost	5,560	4,104	$ 4,136
Cash paid for amounts included in the measurement of lease liabilities —operating	$ 1,274	$ 6,268
Weighted-average remaining lease term	7 years	7 years
Weighted-average discount rate	4.00%	4.10%

Commitments and Contingencies_3

Commitments and Contingencies - Summary of Future Maturity of Operating Leases (Details) $ in Thousands	Dec. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 1,605
2023	1,624
2024	1,643
2025	1,713
2026	1,559
Thereafter	3,085
Total	11,227
Less interest component	$ (1,466)
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable, accrued expenses and other liabilities
Operating lease liability	$ 9,761

Segment and Geographic Data - R

Segment and Geographic Data - Results of Operations (Details) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Interest income from loans		$ 800,291	$ 751,943	$ 724,013
Interest income from investment securities		45,168	54,412	76,629
Servicing fees		38,739	29,634	54,296
Rental income		278,831	297,828	337,966
Other revenues		7,059	2,338	3,515
Total revenues		1,170,088	1,136,155	1,196,419
Costs and expenses:
Management fees		167,773	127,127	119,132
Interest expense		445,087	419,763	508,729
General and administrative		171,302	157,874	155,112
Acquisition and investment pursuit costs		1,184	3,572	1,056
Costs of rental operations		111,667	117,676	122,982
Depreciation and amortization		83,001	94,405	113,322
Credit loss provision, net		8,335	43,153	7,126
Other expense		708	838	2,365
Total costs and expenses		989,057	964,408	1,029,824
Other income (loss):
Change in net assets related to consolidated VIEs		162,333	78,258	236,309
Change in fair value of servicing rights		3,578	(3,715)	(3,640)
Change in fair value of investment securities, net		(387)	5,393	833
Change in fair value of mortgage loans, net		69,050	133,124	71,601
Earnings (loss) from unconsolidated entities		8,752	37,317	(101,354)
Gain on sale of investments and other assets, net		38,984	7,310	188,028
Gain (loss) on derivative financial instruments, net		82,363	(82,178)	(6,310)
Foreign currency (loss) gain, net		(36,292)	42,395	17,582
Loss on extinguishment of debt		(7,428)	(3,654)	(19,270)
Other (loss) income, net		(7,314)	281	(207)
Total other income		320,064	214,531	383,572
Income before income taxes		501,095	386,278	550,167
Income tax (provision) benefit		(8,669)	(20,197)	(13,232)
Net income		492,426	366,081	536,935
Net (income) loss attributable to non-controlling interests		(44,687)	(34,392)	(27,271)
Net income attributable to Starwood Property Trust, Inc.		447,739	331,689	509,664
Primary beneficiary
Other income (loss):
Income from affordable housing fund investments	$ 6,425	6,425	0	0
Operating Segments and Corporate
Revenues:
Interest income from loans		800,291	751,943	724,013
Interest income from investment securities		166,550	174,950	205,236
Servicing fees		59,349	42,355	70,385
Rental income		278,831	297,828	337,966
Other revenues		7,063	2,343	3,541
Total revenues		1,312,084	1,269,419	1,341,141
Costs and expenses:
Management fees		167,749	127,069	118,971
Interest expense		445,939	420,149	509,377
General and administrative		170,975	157,538	154,769
Acquisition and investment pursuit costs		1,184	3,572	1,056
Costs of rental operations		111,667	117,676	122,982
Depreciation and amortization		83,001	94,405	113,322
Credit loss provision, net		8,335	43,153	7,126
Other expense		708	838	2,365
Total costs and expenses		989,558	964,400	1,029,968
Other income (loss):
Change in net assets related to consolidated VIEs		0	0	0
Change in fair value of servicing rights		4,319	11,415	(1,468)
Change in fair value of investment securities, net		19,944	(66,511)	88,122
Change in fair value of mortgage loans, net		69,050	133,124	71,601
Earnings (loss) from unconsolidated entities		8,959	38,857	(99,547)
Gain on sale of investments and other assets, net		38,984	7,310	188,028
Gain (loss) on derivative financial instruments, net		82,363	(82,178)	(6,310)
Foreign currency (loss) gain, net		(36,292)	42,395	17,582
Loss on extinguishment of debt		(7,428)	(3,654)	(19,270)
Other (loss) income, net		(7,314)	281	(207)
Total other income		179,010	81,039	238,531
Income before income taxes		501,536	386,058	549,704
Income tax (provision) benefit		(8,669)	(20,197)	(13,232)
Net income		492,867	365,861	536,472
Net (income) loss attributable to non-controlling interests		(45,128)	(34,172)	(26,808)
Net income attributable to Starwood Property Trust, Inc.		447,739	331,689	509,664
Operating Segments and Corporate | Primary beneficiary
Other income (loss):
Income from affordable housing fund investments		6,425
Operating segment | Commercial and Residential Lending Segment
Revenues:
Interest income from loans		705,499	665,503	610,316
Interest income from investment securities		67,589	78,490	81,255
Servicing fees		453	549	423
Rental income		5,486	4,706	0
Other revenues		294	412	1,038
Total revenues		779,321	749,660	693,032
Costs and expenses:
Management fees		948	796	1,495
Interest expense		206,353	176,230	222,118
General and administrative		42,000	41,972	29,481
Acquisition and investment pursuit costs		893	2,406	1,351
Costs of rental operations		1,769	3,186	2,691
Depreciation and amortization		1,243	1,708	1,091
Credit loss provision, net		(3,560)	47,256	2,616
Other expense		31	307	307
Total costs and expenses		249,677	273,861	261,150
Other income (loss):
Change in net assets related to consolidated VIEs		0	0	0
Change in fair value of servicing rights		0	0	0
Change in fair value of investment securities, net		(8,277)	(15,108)	(1,084)
Change in fair value of mortgage loans, net		13,836	76,897	10,462
Earnings (loss) from unconsolidated entities		6,984	8,779	10,649
Gain on sale of investments and other assets, net		16,584	(961)	4,619
Gain (loss) on derivative financial instruments, net		73,209	(58,664)	(20,325)
Foreign currency (loss) gain, net		(36,045)	42,205	17,342
Loss on extinguishment of debt		(289)	(22)	(857)
Other (loss) income, net		(7,407)	0	0
Total other income		58,595	53,126	20,806
Income before income taxes		588,239	528,925	452,688
Income tax (provision) benefit		(1,201)	(21,091)	(4,818)
Net income		587,038	507,834	447,870
Net (income) loss attributable to non-controlling interests		(14)	(14)	(392)
Net income attributable to Starwood Property Trust, Inc.		587,024	507,820	447,478
Operating segment | Commercial and Residential Lending Segment | Primary beneficiary
Other income (loss):
Income from affordable housing fund investments		0
Operating segment | Infrastructure Lending Segment
Revenues:
Interest income from loans		85,057	77,851	99,580
Interest income from investment securities		2,190	2,637	6,318
Servicing fees		0	0	0
Rental income		0	0	0
Other revenues		293	499	751
Total revenues		87,540	80,987	106,649
Costs and expenses:
Management fees		0	0	0
Interest expense		37,671	40,913	62,836
General and administrative		14,557	15,673	18,260
Acquisition and investment pursuit costs		250	1,183	75
Costs of rental operations		0	0	0
Depreciation and amortization		402	342	83
Credit loss provision, net		11,895	(4,103)	4,510
Other expense		0	0	0
Total costs and expenses		64,775	54,008	85,764
Other income (loss):
Change in net assets related to consolidated VIEs		0	0	0
Change in fair value of servicing rights		0	0	0
Change in fair value of investment securities, net		0	0	0
Change in fair value of mortgage loans, net		0	0	0
Earnings (loss) from unconsolidated entities		1,160	(767)	0
Gain on sale of investments and other assets, net		189	306	3,041
Gain (loss) on derivative financial instruments, net		1,253	(1,499)	(3,349)
Foreign currency (loss) gain, net		(183)	207	205
Loss on extinguishment of debt		(1,264)	(959)	(11,357)
Other (loss) income, net		23	0	(50)
Total other income		1,178	(2,712)	(11,510)
Income before income taxes		23,943	24,267	9,375
Income tax (provision) benefit		306	(117)	89
Net income		24,249	24,150	9,464
Net (income) loss attributable to non-controlling interests		0	0	0
Net income attributable to Starwood Property Trust, Inc.		24,249	24,150	9,464
Operating segment | Infrastructure Lending Segment | Primary beneficiary
Other income (loss):
Income from affordable housing fund investments		0
Operating segment | Property Segment
Revenues:
Interest income from loans		0	0	0
Interest income from investment securities		0	0	0
Servicing fees		0	0	0
Rental income		234,840	255,452	287,094
Other revenues		198	293	409
Total revenues		235,038	255,745	287,503
Costs and expenses:
Management fees		0	0	0
Interest expense		59,970	65,390	76,838
General and administrative		8,067	4,542	6,232
Acquisition and investment pursuit costs		(60)	12	217
Costs of rental operations		92,190	97,136	95,370
Depreciation and amortization		65,833	76,246	92,561
Credit loss provision, net		0	0	0
Other expense		583	531	1,693
Total costs and expenses		226,583	243,857	272,911
Other income (loss):
Change in net assets related to consolidated VIEs		0	0	0
Change in fair value of servicing rights		0	0	0
Change in fair value of investment securities, net		0	0	0
Change in fair value of mortgage loans, net		0	0	0
Earnings (loss) from unconsolidated entities		0	0	(114,362)
Gain on sale of investments and other assets, net		0	0	119,746
Gain (loss) on derivative financial instruments, net		10,155	(34,392)	(1,284)
Foreign currency (loss) gain, net		0	(14)	37
Loss on extinguishment of debt		(5,281)	(2,185)	(4,745)
Other (loss) income, net		0	(166)	(100)
Total other income		11,299	(36,757)	(708)
Income before income taxes		19,754	(24,869)	13,884
Income tax (provision) benefit		0	0	(393)
Net income		19,754	(24,869)	13,491
Net (income) loss attributable to non-controlling interests		(20,121)	(20,394)	(21,630)
Net income attributable to Starwood Property Trust, Inc.		(367)	(45,263)	(8,139)
Operating segment | Property Segment | Primary beneficiary
Other income (loss):
Income from affordable housing fund investments		6,425
Operating segment | Investing and Servicing Segment
Revenues:
Interest income from loans		9,735	8,589	14,117
Interest income from investment securities		96,771	93,823	117,663
Servicing fees		58,896	41,806	69,962
Rental income		38,505	37,670	50,872
Other revenues		6,278	1,139	1,317
Total revenues		210,185	183,027	253,931
Costs and expenses:
Management fees		(793)	901	72
Interest expense		22,543	24,303	33,621
General and administrative		88,879	80,039	87,115
Acquisition and investment pursuit costs		101	(29)	(587)
Costs of rental operations		17,708	17,354	24,921
Depreciation and amortization		15,523	16,109	19,587
Credit loss provision, net		0	0	0
Other expense		94	0	365
Total costs and expenses		144,055	138,677	165,094
Other income (loss):
Change in net assets related to consolidated VIEs		0	0	0
Change in fair value of servicing rights		4,319	11,415	(1,468)
Change in fair value of investment securities, net		28,221	(51,403)	89,206
Change in fair value of mortgage loans, net		55,214	56,227	61,139
Earnings (loss) from unconsolidated entities		815	30,845	4,166
Gain on sale of investments and other assets, net		22,211	7,965	60,622
Gain (loss) on derivative financial instruments, net		8,288	(21,269)	(7,414)
Foreign currency (loss) gain, net		(64)	(3)	(2)
Loss on extinguishment of debt		(113)	0	(845)
Other (loss) income, net		70	447	16
Total other income		118,961	34,224	205,420
Income before income taxes		185,091	78,574	294,257
Income tax (provision) benefit		(7,775)	1,011	(8,110)
Net income		177,316	79,585	286,147
Net (income) loss attributable to non-controlling interests		(24,993)	(13,764)	(4,786)
Net income attributable to Starwood Property Trust, Inc.		152,323	65,821	281,361
Operating segment | Investing and Servicing Segment | Primary beneficiary
Other income (loss):
Income from affordable housing fund investments		0
Corporate
Revenues:
Interest income from loans		0	0	0
Interest income from investment securities		0	0	0
Servicing fees		0	0	0
Rental income		0	0	0
Other revenues		0	0	26
Total revenues		0	0	26
Costs and expenses:
Management fees		167,594	125,372	117,404
Interest expense		119,402	113,313	113,964
General and administrative		17,472	15,312	13,681
Acquisition and investment pursuit costs		0	0	0
Costs of rental operations		0	0	0
Depreciation and amortization		0	0	0
Credit loss provision, net		0	0	0
Other expense		0	0	0
Total costs and expenses		304,468	253,997	245,049
Other income (loss):
Change in net assets related to consolidated VIEs		0	0	0
Change in fair value of servicing rights		0	0	0
Change in fair value of investment securities, net		0	0	0
Change in fair value of mortgage loans, net		0	0	0
Earnings (loss) from unconsolidated entities		0	0	0
Gain on sale of investments and other assets, net		0	0	0
Gain (loss) on derivative financial instruments, net		(10,542)	33,646	26,062
Foreign currency (loss) gain, net		0	0	0
Loss on extinguishment of debt		(481)	(488)	(1,466)
Other (loss) income, net		0	0	(73)
Total other income		(11,023)	33,158	24,523
Income before income taxes		(315,491)	(220,839)	(220,500)
Income tax (provision) benefit		1	0	0
Net income		(315,490)	(220,839)	(220,500)
Net (income) loss attributable to non-controlling interests		0	0	0
Net income attributable to Starwood Property Trust, Inc.		(315,490)	(220,839)	(220,500)
Corporate | Primary beneficiary
Other income (loss):
Income from affordable housing fund investments		0
Securitization VIEs
Revenues:
Interest income from loans		0	0	0
Interest income from investment securities		(121,382)	(120,538)	(128,607)
Servicing fees		(20,610)	(12,721)	(16,089)
Rental income		0	0	0
Other revenues		(4)	(5)	(26)
Total revenues		(141,996)	(133,264)	(144,722)
Costs and expenses:
Management fees		24	58	161
Interest expense		(852)	(386)	(648)
General and administrative		327	336	343
Acquisition and investment pursuit costs		0	0	0
Costs of rental operations		0	0	0
Depreciation and amortization		0	0	0
Credit loss provision, net		0	0	0
Other expense		0	0	0
Total costs and expenses		(501)	8	(144)
Other income (loss):
Change in net assets related to consolidated VIEs		162,333	78,258	236,309
Change in fair value of servicing rights		(741)	(15,130)	(2,172)
Change in fair value of investment securities, net		(20,331)	71,904	(87,289)
Change in fair value of mortgage loans, net		0	0	0
Earnings (loss) from unconsolidated entities		(207)	(1,540)	(1,807)
Gain on sale of investments and other assets, net		0	0	0
Gain (loss) on derivative financial instruments, net		0	0	0
Foreign currency (loss) gain, net		0	0	0
Loss on extinguishment of debt		0	0	0
Other (loss) income, net		0	0	0
Total other income		141,054	133,492	145,041
Income before income taxes		(441)	220	463
Income tax (provision) benefit		0	0	0
Net income		(441)	220	463
Net (income) loss attributable to non-controlling interests		441	(220)	(463)
Net income attributable to Starwood Property Trust, Inc.		0	$ 0	$ 0
Securitization VIEs | Primary beneficiary
Other income (loss):
Income from affordable housing fund investments		$ 0

Segment and Geographic Data - B

Segment and Geographic Data - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 217,362	$ 563,217
Restricted cash	104,552	158,945
Loans held-for-investment, net	15,536,849	11,087,073
Loans held-for-sale	2,876,800	1,052,835
Investment securities	860,984	736,658
Properties, net	1,166,387	2,271,153
Investments in unconsolidated entities	90,097	108,054
Goodwill	259,846	259,846
Intangible assets	63,564	70,117	$ 85,700
Derivative assets	48,216	40,555
Accrued interest receivable	116,262	95,980
Other assets	188,626	190,748
VIE assets, at fair value	61,280,543	64,238,328
Total Assets	83,850,397	80,873,509
Liabilities:
Accounts payable, accrued expenses and other liabilities	189,696	206,845
Related-party payable	76,371	39,170
Dividends payable	147,624	137,959
Derivative liabilities	13,421	41,324
Secured financing agreements, net	12,576,850	10,146,190
Collateralized loan obligations and single asset securitization, net	2,616,116	930,554
Unsecured senior notes, net	1,828,590	1,732,520
VIE liabilities, at fair value	59,752,922	62,776,371
Total Liabilities	77,201,590	76,010,933
Temporary Equity: Redeemable non-controlling interests	214,915	0
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	3,123	2,921
Additional paid-in capital	5,673,376	5,209,739
Treasury stock	(138,022)	(138,022)
Accumulated other comprehensive income (loss)	40,953	43,993
Retained earnings (accumulated deficit)	493,106	(629,733)
Total Starwood Property Trust, Inc. Stockholders’ Equity	6,072,536	4,488,898
Non-controlling interests in consolidated subsidiaries	361,356	373,678
Total Permanent Equity	6,433,892	4,862,576	$ 5,137,014	$ 4,900,189
Total Liabilities and Equity	83,850,397	80,873,509
Primary beneficiary
Assets:
Investments, fair value	1,040,309	0
Total Assets	102,400
Liabilities:
Total Liabilities	53,500
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	216,772	562,445
Restricted cash	104,552	158,945
Loans held-for-investment, net	15,536,849	11,087,073
Loans held-for-sale	2,876,800	1,052,835
Investment securities	2,352,770	2,162,228
Properties, net	1,166,387	2,271,153
Investments in unconsolidated entities	105,353	124,166
Goodwill	259,846	259,846
Intangible assets	105,683	111,493
Derivative assets	48,216	40,555
Accrued interest receivable	116,393	96,114
Other assets	188,788	190,755
VIE assets, at fair value	0	0
Total Assets	24,118,718	18,117,608
Liabilities:
Accounts payable, accrued expenses and other liabilities	189,640	206,770
Related-party payable	76,371	39,170
Dividends payable	147,624	137,959
Derivative liabilities	13,421	41,324
Secured financing agreements, net	12,598,410	10,168,190
Collateralized loan obligations and single asset securitization, net	2,616,116	930,554
Unsecured senior notes, net	1,828,590	1,732,520
VIE liabilities, at fair value	0	0
Total Liabilities	17,470,172	13,256,487
Temporary Equity: Redeemable non-controlling interests	214,915
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	3,123	2,921
Additional paid-in capital	5,673,376	5,209,739
Treasury stock	(138,022)	(138,022)
Accumulated other comprehensive income (loss)	40,953	43,993
Retained earnings (accumulated deficit)	493,106	(629,733)
Total Starwood Property Trust, Inc. Stockholders’ Equity	6,072,536	4,488,898
Non-controlling interests in consolidated subsidiaries	361,095	372,223
Total Permanent Equity	6,433,631	4,861,121
Total Liabilities and Equity	24,118,718	18,117,608
Operating Segments and Corporate | Primary beneficiary
Assets:
Investments, fair value	1,040,309
Operating segment | Commercial and Residential Lending Segment
Assets:
Cash and cash equivalents	65,064	160,007
Restricted cash	39,853	93,445
Loans held-for-investment, net	13,499,520	9,673,625
Loans held-for-sale	2,590,005	841,963
Investment securities	1,155,452	1,014,402
Properties, net	124,503	103,896
Investments in unconsolidated entities	44,938	54,407
Goodwill	0	0
Intangible assets	0	0
Derivative assets	34,265	6,595
Accrued interest receivable	106,251	87,922
Other assets	68,908	61,638
VIE assets, at fair value	0	0
Total Assets	17,728,759	12,097,900
Liabilities:
Accounts payable, accrued expenses and other liabilities	57,267	41,104
Related-party payable	0	0
Dividends payable	0	0
Derivative liabilities	12,870	39,082
Secured financing agreements, net	9,097,985	5,893,999
Collateralized loan obligations and single asset securitization, net	2,210,798	930,554
Unsecured senior notes, net	0	0
VIE liabilities, at fair value	0	0
Total Liabilities	11,378,920	6,904,739
Temporary Equity: Redeemable non-controlling interests	0
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	0	0
Additional paid-in capital	1,735,397	1,192,584
Treasury stock	0	0
Accumulated other comprehensive income (loss)	40,953	44,057
Retained earnings (accumulated deficit)	4,573,374	3,956,405
Total Starwood Property Trust, Inc. Stockholders’ Equity	6,349,724	5,193,046
Non-controlling interests in consolidated subsidiaries	115	115
Total Permanent Equity	6,349,839	5,193,161
Total Liabilities and Equity	17,728,759	12,097,900
Operating segment | Commercial and Residential Lending Segment | Primary beneficiary
Assets:
Investments, fair value	0
Operating segment | Infrastructure Lending Segment
Assets:
Cash and cash equivalents	17,011	4,440
Restricted cash	43,408	45,113
Loans held-for-investment, net	2,027,426	1,412,440
Loans held-for-sale	0	120,540
Investment securities	31,923	35,681
Properties, net	0	0
Investments in unconsolidated entities	26,255	25,095
Goodwill	119,409	119,409
Intangible assets	0	0
Derivative assets	128	0
Accrued interest receivable	3,207	2,091
Other assets	14,265	4,531
VIE assets, at fair value	0	0
Total Assets	2,283,032	1,769,340
Liabilities:
Accounts payable, accrued expenses and other liabilities	8,917	12,144
Related-party payable	0	0
Dividends payable	0	0
Derivative liabilities	260	1,718
Secured financing agreements, net	1,225,548	1,240,763
Collateralized loan obligations and single asset securitization, net	405,318	0
Unsecured senior notes, net	0	0
VIE liabilities, at fair value	0	0
Total Liabilities	1,640,043	1,254,625
Temporary Equity: Redeemable non-controlling interests	0
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	0	0
Additional paid-in capital	600,412	496,387
Treasury stock	0	0
Accumulated other comprehensive income (loss)	0	0
Retained earnings (accumulated deficit)	42,577	18,328
Total Starwood Property Trust, Inc. Stockholders’ Equity	642,989	514,715
Non-controlling interests in consolidated subsidiaries	0	0
Total Permanent Equity	642,989	514,715
Total Liabilities and Equity	2,283,032	1,769,340
Operating segment | Infrastructure Lending Segment | Primary beneficiary
Assets:
Investments, fair value	0
Operating segment | Property Segment
Assets:
Cash and cash equivalents	14,136	32,080
Restricted cash	954	7,192
Loans held-for-investment, net	0	0
Loans held-for-sale	0	0
Investment securities	0	0
Properties, net	887,553	1,969,414
Investments in unconsolidated entities	0	0
Goodwill	0	0
Intangible assets	34,619	40,370
Derivative assets	8	41
Accrued interest receivable	0	0
Other assets	43,420	69,859
VIE assets, at fair value	0	0
Total Assets	2,020,999	2,118,956
Liabilities:
Accounts payable, accrued expenses and other liabilities	14,757	43,630
Related-party payable	0	0
Dividends payable	0	0
Derivative liabilities	0	0
Secured financing agreements, net	787,396	1,794,609
Collateralized loan obligations and single asset securitization, net	0	0
Unsecured senior notes, net	0	0
VIE liabilities, at fair value	0	0
Total Liabilities	802,153	1,838,239
Temporary Equity: Redeemable non-controlling interests	214,915
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	0	0
Additional paid-in capital	(365,922)	98,882
Treasury stock	0	0
Accumulated other comprehensive income (loss)	0	0
Retained earnings (accumulated deficit)	1,161,334	(44,832)
Total Starwood Property Trust, Inc. Stockholders’ Equity	795,412	54,050
Non-controlling interests in consolidated subsidiaries	208,519	226,667
Total Permanent Equity	1,003,931	280,717
Total Liabilities and Equity	2,020,999	2,118,956
Operating segment | Property Segment | Primary beneficiary
Assets:
Investments, fair value	1,040,309
Operating segment | Investing and Servicing Segment
Assets:
Cash and cash equivalents	26,700	19,546
Restricted cash	20,337	13,195
Loans held-for-investment, net	9,903	1,008
Loans held-for-sale	286,795	90,332
Investment securities	1,165,395	1,112,145
Properties, net	154,331	197,843
Investments in unconsolidated entities	34,160	44,664
Goodwill	140,437	140,437
Intangible assets	71,064	71,123
Derivative assets	391	147
Accrued interest receivable	947	123
Other assets	40,395	44,579
VIE assets, at fair value	0	0
Total Assets	1,950,855	1,735,142
Liabilities:
Accounts payable, accrued expenses and other liabilities	58,920	45,309
Related-party payable	0	5
Dividends payable	0	0
Derivative liabilities	291	524
Secured financing agreements, net	714,237	606,100
Collateralized loan obligations and single asset securitization, net	0	0
Unsecured senior notes, net	0	0
VIE liabilities, at fair value	0	0
Total Liabilities	773,448	651,938
Temporary Equity: Redeemable non-controlling interests	0
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	0	0
Additional paid-in capital	(388,196)	(322,992)
Treasury stock	0	0
Accumulated other comprehensive income (loss)	0	(64)
Retained earnings (accumulated deficit)	1,413,142	1,260,819
Total Starwood Property Trust, Inc. Stockholders’ Equity	1,024,946	937,763
Non-controlling interests in consolidated subsidiaries	152,461	145,441
Total Permanent Equity	1,177,407	1,083,204
Total Liabilities and Equity	1,950,855	1,735,142
Operating segment | Investing and Servicing Segment | Primary beneficiary
Assets:
Investments, fair value	0
Corporate
Assets:
Cash and cash equivalents	93,861	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
Investments in unconsolidated entities	0	0
Goodwill	0	0
Intangible assets	0	0
Derivative assets	13,424	33,772
Accrued interest receivable	5,988	5,978
Other assets	21,800	10,148
VIE assets, at fair value	0	0
Total Assets	135,073	396,270
Liabilities:
Accounts payable, accrued expenses and other liabilities	49,779	64,583
Related-party payable	76,371	39,165
Dividends payable	147,624	137,959
Derivative liabilities	0	0
Secured financing agreements, net	773,244	632,719
Collateralized loan obligations and single asset securitization, net	0	0
Unsecured senior notes, net	1,828,590	1,732,520
VIE liabilities, at fair value	0	0
Total Liabilities	2,875,608	2,606,946
Temporary Equity: Redeemable non-controlling interests	0
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	3,123	2,921
Additional paid-in capital	4,091,685	3,744,878
Treasury stock	(138,022)	(138,022)
Accumulated other comprehensive income (loss)	0	0
Retained earnings (accumulated deficit)	(6,697,321)	(5,820,453)
Total Starwood Property Trust, Inc. Stockholders’ Equity	(2,740,535)	(2,210,676)
Non-controlling interests in consolidated subsidiaries	0	0
Total Permanent Equity	(2,740,535)	(2,210,676)
Total Liabilities and Equity	135,073	396,270
Corporate | Primary beneficiary
Assets:
Investments, fair value	0
Securitization VIEs
Assets:
Cash and cash equivalents	590	772
Restricted cash	0	0
Loans held-for-investment, net	0	0
Loans held-for-sale	0	0
Investment securities	(1,491,786)	(1,425,570)
Properties, net	0	0
Investments in unconsolidated entities	(15,256)	(16,112)
Goodwill	0	0
Intangible assets	(42,119)	(41,376)
Derivative assets	0	0
Accrued interest receivable	(131)	(134)
Other assets	(162)	(7)
VIE assets, at fair value	61,280,543	64,238,328
Total Assets	59,731,679	62,755,901
Liabilities:
Accounts payable, accrued expenses and other liabilities	56	75
Related-party payable	0	0
Dividends payable	0	0
Derivative liabilities	0	0
Secured financing agreements, net	(21,560)	(22,000)
Collateralized loan obligations and single asset securitization, net	0	0
Unsecured senior notes, net	0	0
VIE liabilities, at fair value	59,752,922	62,776,371
Total Liabilities	59,731,418	62,754,446
Temporary Equity: Redeemable non-controlling interests	0
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	261	1,455
Total Permanent Equity	261	1,455
Total Liabilities and Equity	59,731,679	$ 62,755,901
Securitization VIEs | Primary beneficiary
Assets:
Investments, fair value	$ 0

Segment and Geographic Data - A

Segment and Geographic Data - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment data
Revenues	$ 1,170,088	$ 1,136,155	$ 1,196,419
Non-US
Segment data
Revenues	$ 177,800	$ 115,200	$ 115,600

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - USD ($)	1 Months Ended
	Feb. 25, 2022	Jan. 31, 2022	Jul. 31, 2021
Subsequent Events
Principal amount of notes purchased by third-party investors			$ 210,100,000
Senior Notes Due 2027 | Subsequent Event
Subsequent Events
Amount issued		$ 500,000,000
Coupon Rate		4.375%
Senior Notes Due 2027 | SOFR | Subsequent Event
Subsequent Events
Pricing margin		2.95%
CLO, STWD 2021-SIF2 | Subsequent Event
Subsequent Events
Amount issued		$ 500,000,000
Principal amount of notes purchased by third-party investors		$ 410,000,000
Reinvestment feature period		3 years
CLO, STWD 2021-SIF2 | SOFR | Subsequent Event
Subsequent Events
Pricing margin		1.89%
CLO, STWD 2022-FL3 | Subsequent Event
Subsequent Events
Amount issued	$ 1,000,000,000
Principal amount of notes purchased by third-party investors	$ 842,500,000
Reinvestment feature period	2 years
CLO, STWD 2022-FL3 | SOFR | Subsequent Event
Subsequent Events
Pricing margin	1.64%

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Summary of Properties (Details)	12 Months Ended
	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 985,015,000
Initial Cost to Company, Land	185,449,000
Initial Cost to Company, Property	1,115,907,000
Costs Capitalized Subsequent to Acquisition	46,488,000
Gross Amounts Carried at December 31, 2021, Land	185,449,000
Gross Amounts Carried at December 31, 2021, Property	1,162,395,000
Gross Amounts Carried at December 31, 2021, Total	1,347,844,000	$ 2,573,296,000	$ 2,490,630,000	$ 2,972,803,000
Accumulated Depreciation	(181,457,000)	$ (302,143,000)	$ (224,190,000)	$ (187,913,000)
Material costs subsequent to acquisition	0
Income tax basis	$ 1,500,000,000
Hotel - U.S., Midwest
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1
Encumbrances	$ 0
Initial Cost to Company, Land	0
Initial Cost to Company, Property	5,565,000
Costs Capitalized Subsequent to Acquisition	1,109,000
Gross Amounts Carried at December 31, 2021, Land	0
Gross Amounts Carried at December 31, 2021, Property	6,674,000
Gross Amounts Carried at December 31, 2021, Total	6,674,000
Accumulated Depreciation	$ (3,373,000)
Medical office - U.S., Midwest
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	7
Encumbrances	$ 78,048,000
Initial Cost to Company, Land	2,764,000
Initial Cost to Company, Property	97,797,000
Costs Capitalized Subsequent to Acquisition	1,697,000
Gross Amounts Carried at December 31, 2021, Land	2,764,000
Gross Amounts Carried at December 31, 2021, Property	99,494,000
Gross Amounts Carried at December 31, 2021, Total	102,258,000
Accumulated Depreciation	$ (15,882,000)
Medical Office - U.S., North East
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	7
Encumbrances	$ 191,661,000
Initial Cost to Company, Land	11,283,000
Initial Cost to Company, Property	176,996,000
Costs Capitalized Subsequent to Acquisition	147,000
Gross Amounts Carried at December 31, 2021, Land	11,283,000
Gross Amounts Carried at December 31, 2021, Property	177,143,000
Gross Amounts Carried at December 31, 2021, Total	188,426,000
Accumulated Depreciation	$ (27,119,000)
Medical Office - U.S., South East
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	6
Encumbrances	$ 107,252,000
Initial Cost to Company, Land	7,930,000
Initial Cost to Company, Property	117,740,000
Costs Capitalized Subsequent to Acquisition	1,008,000
Gross Amounts Carried at December 31, 2021, Land	7,930,000
Gross Amounts Carried at December 31, 2021, Property	118,748,000
Gross Amounts Carried at December 31, 2021, Total	126,678,000
Accumulated Depreciation	$ (19,050,000)
Medical Office - U.S., South West
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	8
Encumbrances	$ 125,345,000
Initial Cost to Company, Land	15,921,000
Initial Cost to Company, Property	126,842,000
Costs Capitalized Subsequent to Acquisition	1,289,000
Gross Amounts Carried at December 31, 2021, Land	15,921,000
Gross Amounts Carried at December 31, 2021, Property	128,131,000
Gross Amounts Carried at December 31, 2021, Total	144,052,000
Accumulated Depreciation	$ (21,992,000)
Medical Office - U.S., West
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	6
Encumbrances	$ 97,694,000
Initial Cost to Company, Land	13,415,000
Initial Cost to Company, Property	107,845,000
Costs Capitalized Subsequent to Acquisition	878,000
Gross Amounts Carried at December 31, 2021, Land	13,415,000
Gross Amounts Carried at December 31, 2021, Property	108,723,000
Gross Amounts Carried at December 31, 2021, Total	122,138,000
Accumulated Depreciation	$ (19,763,000)
Mixed Use - U.S., West
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1
Encumbrances	$ 8,667,000
Initial Cost to Company, Land	1,003,000
Initial Cost to Company, Property	14,323,000
Costs Capitalized Subsequent to Acquisition	955,000
Gross Amounts Carried at December 31, 2021, Land	1,003,000
Gross Amounts Carried at December 31, 2021, Property	15,278,000
Gross Amounts Carried at December 31, 2021, Total	16,281,000
Accumulated Depreciation	$ (2,592,000)
Multifamily - U.S., South East
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1
Encumbrances	$ 7,522,000
Initial Cost to Company, Land	1,284,000
Initial Cost to Company, Property	7,189,000
Costs Capitalized Subsequent to Acquisition	629,000
Gross Amounts Carried at December 31, 2021, Land	1,284,000
Gross Amounts Carried at December 31, 2021, Property	7,818,000
Gross Amounts Carried at December 31, 2021, Total	9,102,000
Accumulated Depreciation	$ (922,000)
Office - U.S., North East
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1
Encumbrances	$ 18,958,000
Initial Cost to Company, Land	7,250,000
Initial Cost to Company, Property	10,614,000
Costs Capitalized Subsequent to Acquisition	8,296,000
Gross Amounts Carried at December 31, 2021, Land	7,250,000
Gross Amounts Carried at December 31, 2021, Property	18,910,000
Gross Amounts Carried at December 31, 2021, Total	26,160,000
Accumulated Depreciation	$ (4,286,000)
Office - U.S., South East
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1
Encumbrances	$ 24,433,000
Initial Cost to Company, Land	4,879,000
Initial Cost to Company, Property	16,862,000
Costs Capitalized Subsequent to Acquisition	2,808,000
Gross Amounts Carried at December 31, 2021, Land	4,879,000
Gross Amounts Carried at December 31, 2021, Property	19,672,000
Gross Amounts Carried at December 31, 2021, Total	24,551,000
Accumulated Depreciation	$ (6,976,000)
Office - U.S., West
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1
Encumbrances	$ 0
Initial Cost to Company, Land	0
Initial Cost to Company, Property	4,261,000
Costs Capitalized Subsequent to Acquisition	8,391,000
Gross Amounts Carried at December 31, 2021, Land	0
Gross Amounts Carried at December 31, 2021, Property	12,652,000
Gross Amounts Carried at December 31, 2021, Total	12,652,000
Accumulated Depreciation	$ (4,170,000)
Retail - U.S., Mid Atlantic
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1
Encumbrances	$ 18,000,000
Initial Cost to Company, Land	6,432,000
Initial Cost to Company, Property	6,315,000
Costs Capitalized Subsequent to Acquisition	13,308,000
Gross Amounts Carried at December 31, 2021, Land	6,432,000
Gross Amounts Carried at December 31, 2021, Property	19,623,000
Gross Amounts Carried at December 31, 2021, Total	26,055,000
Accumulated Depreciation	$ (4,518,000)
Retail - U.S., Midwest
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	7
Encumbrances	$ 79,124,000
Initial Cost to Company, Land	24,384,000
Initial Cost to Company, Property	109,445,000
Costs Capitalized Subsequent to Acquisition	1,403,000
Gross Amounts Carried at December 31, 2021, Land	24,384,000
Gross Amounts Carried at December 31, 2021, Property	110,848,000
Gross Amounts Carried at December 31, 2021, Total	135,232,000
Accumulated Depreciation	$ (17,490,000)
Retail - U.S., North East
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1
Encumbrances	$ 11,397,000
Initial Cost to Company, Land	472,000
Initial Cost to Company, Property	12,260,000
Costs Capitalized Subsequent to Acquisition	632,000
Gross Amounts Carried at December 31, 2021, Land	472,000
Gross Amounts Carried at December 31, 2021, Property	12,891,000
Gross Amounts Carried at December 31, 2021, Total	13,363,000
Accumulated Depreciation	$ (2,817,000)
Retail - U.S., South East
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	5
Encumbrances	$ 43,302,000
Initial Cost to Company, Land	21,353,000
Initial Cost to Company, Property	60,618,000
Costs Capitalized Subsequent to Acquisition	602,000
Gross Amounts Carried at December 31, 2021, Land	21,353,000
Gross Amounts Carried at December 31, 2021, Property	61,220,000
Gross Amounts Carried at December 31, 2021, Total	82,573,000
Accumulated Depreciation	$ (8,069,000)
Retail - U.S., South West
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	6
Encumbrances	$ 76,112,000
Initial Cost to Company, Land	37,254,000
Initial Cost to Company, Property	78,579,000
Costs Capitalized Subsequent to Acquisition	133,000
Gross Amounts Carried at December 31, 2021, Land	37,254,000
Gross Amounts Carried at December 31, 2021, Property	78,711,000
Gross Amounts Carried at December 31, 2021, Total	115,965,000
Accumulated Depreciation	$ (13,289,000)
Retail - U.S., West
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	2
Encumbrances	$ 33,000,000
Initial Cost to Company, Land	18,633,000
Initial Cost to Company, Property	36,794,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried at December 31, 2021, Land	18,633,000
Gross Amounts Carried at December 31, 2021, Property	36,794,000
Gross Amounts Carried at December 31, 2021, Total	55,427,000
Accumulated Depreciation	$ (5,414,000)
Self-Storage - U.S., North East
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1
Encumbrances	$ 14,500,000
Initial Cost to Company, Land	2,202,000
Initial Cost to Company, Property	11,498,000
Costs Capitalized Subsequent to Acquisition	370,000
Gross Amounts Carried at December 31, 2021, Land	2,202,000
Gross Amounts Carried at December 31, 2021, Property	11,868,000
Gross Amounts Carried at December 31, 2021, Total	14,070,000
Accumulated Depreciation	$ (2,051,000)
Industrial - U.S., South East
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	2
Encumbrances	$ 50,000,000
Initial Cost to Company, Land	8,990,000
Initial Cost to Company, Property	10,276,000
Costs Capitalized Subsequent to Acquisition	2,833,000
Gross Amounts Carried at December 31, 2021, Land	8,990,000
Gross Amounts Carried at December 31, 2021, Property	13,109,000
Gross Amounts Carried at December 31, 2021, Total	22,099,000
Accumulated Depreciation	$ (1,684,000)
Residential - U.S., North East
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1
Encumbrances	$ 0
Initial Cost to Company, Land	0
Initial Cost to Company, Property	104,088,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried at December 31, 2021, Land	0
Gross Amounts Carried at December 31, 2021, Property	104,088,000
Gross Amounts Carried at December 31, 2021, Total	104,088,000
Accumulated Depreciation	$ 0

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Real Estate Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Beginning balance, January 1	$ 2,573,296	$ 2,490,630	$ 2,972,803
Additions during the year:
Acquisitions	0	0	8,472
Acquisitions through foreclosure and other transfers	28,843	75,245	27,416
Improvements	24,390	25,164	30,865
Contingent consideration issued	0	1,576	2,877
Total additions	53,233	101,985	69,630
Deductions during the year:
Costs of real estate sold	(55,945)	(19,319)	(535,417)
Deconsolidation of multifamily properties	(1,222,740)	0	0
Foreign currency translation	0	0	(15,702)
Other	0	0	(684)
Total deductions	(1,278,685)	(19,319)	(551,803)
Ending balance, December 31	$ 1,347,844	$ 2,573,296	$ 2,490,630

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Beginning balance, January 1	$ 302,143	$ 224,190	$ 187,913
Depreciation expense	72,299	81,610	92,024
Deconsolidation of multifamily properties	(186,716)	0	0
Disposition/write-offs	(6,269)	(3,657)	(54,260)
Foreign currency translation	0	0	(1,487)
Ending balance, December 31	$ 181,457	$ 302,143	$ 224,190

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate - Summary of Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Investments in loans
Carrying amount	$ 18,413,649	$ 12,139,908	$ 11,470,224	$ 9,794,254
Basis spread on variable rate	4.10%
Principal Amount of Delinquent Loans	$ 462,880
Federal income tax basis	16,400,000
Commercial and Residential Lending Segment and Investing and Servicing Segment
Investments in loans
Carrying amount	$ 16,368,799	$ 10,584,400	$ 9,890,693	$ 7,806,699
Aggregated First Mortgages | Hotel, International, Floating, 1 Mortgage
Investments in loans
Number of loans | Item	1
Carrying amount	$ 95,714
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, International, Floating, 1 Mortgage | Three Month EURIBOR
Investments in loans
Basis spread on variable rate	4.50%
Aggregated First Mortgages | Hotel, International, Floating, 4 Mortgages
Investments in loans
Number of loans | Item	4
Carrying amount	$ 56,377
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, International, Floating, 4 Mortgages | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	3.00%
Aggregated First Mortgages | Hotel, International, Floating, 4 Mortgages | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	9.00%
Aggregated First Mortgages | Hotel, Mid Atlantic, Floating
Investments in loans
Number of loans | Item	5
Carrying amount	$ 111,785
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, Mid Atlantic, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.00%
Aggregated First Mortgages | Hotel, Mid Atlantic, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	6.80%
Aggregated First Mortgages | Hotel, Midwest, Floating
Investments in loans
Number of loans | Item	4
Carrying amount	$ 53,482
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, Midwest, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.25%
Aggregated First Mortgages | Hotel, Midwest, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	8.63%
Aggregated First Mortgages | Hotel, North East, Floating
Investments in loans
Number of loans | Item	4
Carrying amount	$ 313,059
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, North East, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.25%
Aggregated First Mortgages | Hotel, North East, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	7.92%
Aggregated First Mortgages | Hotel, South East, Floating
Investments in loans
Number of loans | Item	10
Carrying amount	$ 224,800
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, South East, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.40%
Aggregated First Mortgages | Hotel, South East, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	13.27%
Aggregated First Mortgages | Hotel, South West, Floating
Investments in loans
Number of loans | Item	10
Carrying amount	$ 178,590
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, South West, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.00%
Aggregated First Mortgages | Hotel, South West, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	7.67%
Aggregated First Mortgages | Hotel, Various, Fixed
Investments in loans
Number of loans | Item	2
Carrying amount	$ 68,402
Interest rate	10.50%
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, Various, Floating
Investments in loans
Number of loans | Item	12
Carrying amount	$ 468,593
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, Various, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.00%
Aggregated First Mortgages | Hotel, Various, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	11.75%
Aggregated First Mortgages | Hotel, West, Floating
Investments in loans
Number of loans | Item	19
Carrying amount	$ 413,824
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, West, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.00%
Aggregated First Mortgages | Hotel, West, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	9.50%
Aggregated First Mortgages | Industrial, International, Floating, 6 Mortgages
Investments in loans
Number of loans | Item	6
Carrying amount	$ 107,097
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Industrial, International, Floating, 6 Mortgages | Three Month BBSY | Minimum
Investments in loans
Basis spread on variable rate	3.00%
Aggregated First Mortgages | Industrial, International, Floating, 6 Mortgages | Three Month BBSY | Maximum
Investments in loans
Basis spread on variable rate	3.25%
Aggregated First Mortgages | Industrial, International, Floating, 5 Mortgages
Investments in loans
Number of loans | Item	5
Carrying amount	$ 102,199
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Industrial, International, Floating, 5 Mortgages | Three Month EURIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.25%
Aggregated First Mortgages | Industrial, International, Floating, 5 Mortgages | Three Month EURIBOR | Maximum
Investments in loans
Basis spread on variable rate	10.25%
Aggregated First Mortgages | Industrial, International, Floating, 2 Mortgages
Investments in loans
Number of loans | Item	2
Carrying amount	$ 88,310
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Industrial, International, Floating, 2 Mortgages | Three Month GBP SONIA | Minimum
Investments in loans
Basis spread on variable rate	2.15%
Aggregated First Mortgages | Industrial, International, Floating, 2 Mortgages | Three Month GBP SONIA | Maximum
Investments in loans
Basis spread on variable rate	4.50%
Aggregated First Mortgages | Industrial, North East, Floating, 4 Mortgages
Investments in loans
Number of loans | Item	4
Carrying amount	$ 123,057
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Industrial, North East, Floating, 4 Mortgages | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.40%
Aggregated First Mortgages | Industrial, North East, Floating, 4 Mortgages | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	7.25%
Aggregated First Mortgages | Industrial, North East, Floating, 1 Mortgage
Investments in loans
Number of loans | Item	1
Carrying amount	$ 16,736
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Industrial, North East, Floating, 1 Mortgage | SOFR
Investments in loans
Basis spread on variable rate	4.20%
Aggregated First Mortgages | Industrial, South East, Fixed
Investments in loans
Number of loans | Item	4
Carrying amount	$ 34,644
Interest rate	8.18%
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Industrial, West, Floating
Investments in loans
Number of loans | Item	2
Carrying amount	$ 90,029
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Industrial, West, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	1.75%
Aggregated First Mortgages | Industrial, West, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	7.50%
Aggregated First Mortgages | Mixed Use, International, Fixed
Investments in loans
Number of loans | Item	2
Carrying amount	$ 41,358
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Mixed Use, International, Fixed | Minimum
Investments in loans
Interest rate	8.50%
Aggregated First Mortgages | Mixed Use, International, Fixed | Maximum
Investments in loans
Interest rate	10.00%
Aggregated First Mortgages | Mixed Use, International, Floating, 2 Mortgages
Investments in loans
Number of loans | Item	2
Carrying amount	$ 104,056
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Mixed Use, International, Floating, 2 Mortgages | Three Month EURIBOR
Investments in loans
Basis spread on variable rate	4.65%
Aggregated First Mortgages | Mixed Use, International, Floating, 1 Mortgage, 2025 Maturity
Investments in loans
Number of loans | Item	1
Carrying amount	$ 483,107
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Mixed Use, International, Floating, 1 Mortgage, 2025 Maturity | Three Month GBP SONIA
Investments in loans
Basis spread on variable rate	5.35%
Aggregated First Mortgages | Mixed Use, International, Floating, 1 Mortgage, 2022 Maturity
Investments in loans
Number of loans | Item	1
Carrying amount	$ 233,027
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Mixed Use, International, Floating, 1 Mortgage, 2022 Maturity | GBP SONIA
Investments in loans
Basis spread on variable rate	4.00%
Aggregated First Mortgages | Mixed Use, Mid Atlantic, Floating
Investments in loans
Number of loans | Item	1
Carrying amount	$ 172,562
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Mixed Use, Mid Atlantic, Floating | LIBOR
Investments in loans
Basis spread on variable rate	3.15%
Aggregated First Mortgages | Mixed Use, South East, Floating
Investments in loans
Number of loans | Item	8
Carrying amount	$ 139,119
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Mixed Use, South East, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.25%
Aggregated First Mortgages | Mixed Use, South East, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	11.14%
Aggregated First Mortgages | Mixed Use, South West, Floating
Investments in loans
Number of loans | Item	10
Carrying amount	$ 320,862
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Mixed Use, South West, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.75%
Aggregated First Mortgages | Mixed Use, South West, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	11.50%
Aggregated First Mortgages | Multi-family, International, Floating, 1 Mortgage, 2024 Maturity, BBSY
Investments in loans
Number of loans | Item	1
Carrying amount	$ 151,578
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, International, Floating, 1 Mortgage, 2024 Maturity, BBSY | Three Month BBSY
Investments in loans
Basis spread on variable rate	3.95%
Aggregated First Mortgages | Multi-family, International, Floating, 1 Mortgage, 2024 Maturity, GBP
Investments in loans
Number of loans | Item	1
Carrying amount	$ 307,852
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, International, Floating, 1 Mortgage, 2024 Maturity, GBP | Three Month GBP
Investments in loans
Basis spread on variable rate	3.95%
Aggregated First Mortgages | Multi-family, International, Floating, 4 Mortgages
Investments in loans
Number of loans | Item	4
Carrying amount	$ 237,685
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, International, Floating, 4 Mortgages | Three Month GBP SONIA
Investments in loans
Basis spread on variable rate	2.66%
Aggregated First Mortgages | Multi-family, Mid Atlantic, Floating 6 Mortgages
Investments in loans
Number of loans | Item	6
Carrying amount	$ 229,881
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, Mid Atlantic, Floating 6 Mortgages | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	1.75%
Aggregated First Mortgages | Multi-family, Mid Atlantic, Floating 6 Mortgages | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	7.75%
Aggregated First Mortgages | Multi-family, Mid Atlantic, Floating, 2 Mortgages
Investments in loans
Number of loans | Item	2
Carrying amount	$ 143,670
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, Mid Atlantic, Floating, 2 Mortgages | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.25%
Aggregated First Mortgages | Multi-family, Mid Atlantic, Floating, 2 Mortgages | SOFR | Maximum
Investments in loans
Basis spread on variable rate	9.00%
Aggregated First Mortgages | Multi-family, Midwest, Fixed
Investments in loans
Number of loans | Item	1
Carrying amount	$ 702
Interest rate	6.28%
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, Midwest, Floating
Investments in loans
Number of loans | Item	4
Carrying amount	$ 76,252
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, Midwest, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.75%
Aggregated First Mortgages | Multi-family, Midwest, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	9.75%
Aggregated First Mortgages | Multi-family, North East, Floating, 25 Mortgages
Investments in loans
Number of loans | Item	25
Carrying amount	$ 664,074
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, North East, Floating, 25 Mortgages | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.50%
Aggregated First Mortgages | Multi-family, North East, Floating, 25 Mortgages | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	10.75%
Aggregated First Mortgages | Multi-family, North East, Floating, 1 Mortgage
Investments in loans
Number of loans | Item	1
Carrying amount	$ 73,682
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, North East, Floating, 1 Mortgage | SOFR
Investments in loans
Basis spread on variable rate	3.00%
Aggregated First Mortgages | Multi-family, South East, Floating, 15 Mortgages
Investments in loans
Number of loans | Item	15
Carrying amount	$ 372,761
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, South East, Floating, 15 Mortgages | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.70%
Aggregated First Mortgages | Multi-family, South East, Floating, 15 Mortgages | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	10.75%
Aggregated First Mortgages | Multi-family, South East, Floating, 5 Mortgages
Investments in loans
Number of loans | Item	5
Carrying amount	$ 273,353
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, South East, Floating, 5 Mortgages | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.75%
Aggregated First Mortgages | Multi-family, South East, Floating, 5 Mortgages | SOFR | Maximum
Investments in loans
Basis spread on variable rate	3.30%
Aggregated First Mortgages | Multi-family, South West, Floating, 21 Mortgages
Investments in loans
Number of loans | Item	21
Carrying amount	$ 531,238
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, South West, Floating, 21 Mortgages | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.50%
Aggregated First Mortgages | Multi-family, South West, Floating, 21 Mortgages | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	4.25%
Aggregated First Mortgages | Multi-family, South West, Floating, 2 Mortgages
Investments in loans
Number of loans | Item	2
Carrying amount	$ 88,261
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, South West, Floating, 2 Mortgages | SOFR | Minimum
Investments in loans
Basis spread on variable rate	1.75%
Aggregated First Mortgages | Multi-family, South West, Floating, 2 Mortgages | SOFR | Maximum
Investments in loans
Basis spread on variable rate	7.25%
Aggregated First Mortgages | Multi-family, West, Floating, 17 Mortgages
Investments in loans
Number of loans | Item	17
Carrying amount	$ 511,624
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, West, Floating, 17 Mortgages | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.50%
Aggregated First Mortgages | Multi-family, West, Floating, 17 Mortgages | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	9.00%
Aggregated First Mortgages | Multi-family, West, Floating, 1 Mortgage
Investments in loans
Number of loans | Item	1
Carrying amount	$ 57,384
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, West, Floating, 1 Mortgage | SOFR
Investments in loans
Basis spread on variable rate	3.25%
Aggregated First Mortgages | Office, International, Floating, 2 Mortgages, 2024 Maturity
Investments in loans
Number of loans | Item	2
Carrying amount	$ 55,679
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, International, Floating, 2 Mortgages, 2024 Maturity | Three Month EURIBOR
Investments in loans
Basis spread on variable rate	7.50%
Aggregated First Mortgages | Office, International, Floating, 4 Mortgages
Investments in loans
Number of loans | Item	4
Carrying amount	$ 426,769
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, International, Floating, 4 Mortgages | Three Month GBP | Minimum
Investments in loans
Basis spread on variable rate	3.50%
Aggregated First Mortgages | Office, International, Floating, 4 Mortgages | Three Month GBP | Maximum
Investments in loans
Basis spread on variable rate	4.25%
Aggregated First Mortgages | Office, International, Floating, 2 Mortgages, 2025 Maturity
Investments in loans
Number of loans | Item	2
Carrying amount	$ 79,746
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, International, Floating, 2 Mortgages, 2025 Maturity | Three Month GBP SONIA
Investments in loans
Basis spread on variable rate	3.25%
Aggregated First Mortgages | Office, International, Floating, 2022 Maturity
Investments in loans
Number of loans | Item	2
Carrying amount	$ 98,813
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, International, Floating, 2022 Maturity | EURIBOR | Minimum
Investments in loans
Basis spread on variable rate	6.00%
Aggregated First Mortgages | Office, International, Floating, 2022 Maturity | EURIBOR | Maximum
Investments in loans
Basis spread on variable rate	7.80%
Aggregated First Mortgages | Office, Mid Atlantic, Floating, 46 Mortgages
Investments in loans
Number of loans | Item	46
Carrying amount	$ 797,022
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, Mid Atlantic, Floating, 46 Mortgages | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	1.75%
Aggregated First Mortgages | Office, Mid Atlantic, Floating, 46 Mortgages | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	7.50%
Aggregated First Mortgages | Office, Mid Atlantic, Floating, 1 Mortgage
Investments in loans
Number of loans | Item	1
Carrying amount	$ 59,789
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, Mid Atlantic, Floating, 1 Mortgage | SOFR
Investments in loans
Basis spread on variable rate	3.75%
Aggregated First Mortgages | Office, Midwest, Floating
Investments in loans
Number of loans | Item	14
Carrying amount	$ 139,529
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, Midwest, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	1.75%
Aggregated First Mortgages | Office, Midwest, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	9.75%
Aggregated First Mortgages | Office, North East, Floating, 24 Mortgages
Investments in loans
Number of loans | Item	24
Carrying amount	$ 836,083
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, North East, Floating, 24 Mortgages | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.60%
Aggregated First Mortgages | Office, North East, Floating, 24 Mortgages | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	10.25%
Aggregated First Mortgages | Office, North East, Floating, 2 Mortgages
Investments in loans
Number of loans | Item	2
Carrying amount	$ 52,774
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, North East, Floating, 2 Mortgages | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.75%
Aggregated First Mortgages | Office, North East, Floating, 2 Mortgages | SOFR | Maximum
Investments in loans
Basis spread on variable rate	8.50%
Aggregated First Mortgages | Office, South East, Fixed
Investments in loans
Number of loans | Item	2
Carrying amount	$ 50,713
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, South East, Fixed | Minimum
Investments in loans
Interest rate	5.00%
Aggregated First Mortgages | Office, South East, Fixed | Maximum
Investments in loans
Interest rate	12.00%
Aggregated First Mortgages | Office, South East, Floating
Investments in loans
Number of loans | Item	8
Carrying amount	$ 317,524
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, South East, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	1.65%
Aggregated First Mortgages | Office, South East, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	10.40%
Aggregated First Mortgages | Office, South West, Floating
Investments in loans
Number of loans | Item	17
Carrying amount	$ 491,284
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, South West, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.00%
Aggregated First Mortgages | Office, South West, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	8.55%
Aggregated First Mortgages | Office, West, Floating
Investments in loans
Number of loans | Item	40
Carrying amount	$ 604,282
Principal Amount of Delinquent Loans	$ 219,754
Aggregated First Mortgages | Office, West, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	1.75%
Aggregated First Mortgages | Office, West, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	6.85%
Aggregated First Mortgages | Other, International, Floating
Investments in loans
Number of loans | Item	1
Carrying amount	$ 335,877
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Other, International, Floating | Three Month GBP SONIA
Investments in loans
Basis spread on variable rate	4.35%
Aggregated First Mortgages | Other, Midwest, Floating
Investments in loans
Number of loans | Item	4
Carrying amount	$ 59,900
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Other, Midwest, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	4.50%
Aggregated First Mortgages | Other, Midwest, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	11.17%
Aggregated First Mortgages | Other, North East, Fixed
Investments in loans
Number of loans | Item	1
Carrying amount	$ 9,200
Interest rate	4.09%
Principal Amount of Delinquent Loans	$ 9,200
Aggregated First Mortgages | Other, North East, Floating
Investments in loans
Number of loans | Item	11
Carrying amount	$ 258,810
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Other, North East, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	3.40%
Aggregated First Mortgages | Other, North East, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	11.00%
Aggregated First Mortgages | Other, Various, Fixed
Investments in loans
Number of loans | Item	1
Carrying amount	$ 39,665
Interest rate	10.00%
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Other, West, Floating
Investments in loans
Number of loans | Item	4
Carrying amount	$ 32,179
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Other, West, Floating | LIBOR
Investments in loans
Basis spread on variable rate	7.00%
Aggregated First Mortgages | Residential, North East, Floating
Investments in loans
Number of loans | Item	7
Carrying amount	$ 122,024
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Residential, North East, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	4.25%
Aggregated First Mortgages | Residential, North East, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	8.60%
Aggregated First Mortgages | Residential, Various, Fixed
Investments in loans
Number of loans | Item	116
Carrying amount	$ 59,225
Principal Amount of Delinquent Loans	$ 9,661
Aggregated First Mortgages | Residential, Various, Fixed | Minimum
Investments in loans
Interest rate	3.38%
Aggregated First Mortgages | Residential, Various, Fixed | Maximum
Investments in loans
Interest rate	8.25%
Aggregated First Mortgages | Residential, South East, Floating
Investments in loans
Number of loans | Item	2
Carrying amount	$ 29,939
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Residential, South East, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	4.75%
Aggregated First Mortgages | Residential, South East, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	10.54%
Aggregated First Mortgages | Residential, West, Floating
Investments in loans
Number of loans | Item	5
Carrying amount	$ 73,982
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Residential, West, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.75%
Aggregated First Mortgages | Residential, West, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	8.60%
Aggregated First Mortgages | Retail, Midwest, Floating
Investments in loans
Number of loans | Item	4
Carrying amount	$ 41,056
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Retail, Midwest, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.75%
Aggregated First Mortgages | Retail, Midwest, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	10.75%
Aggregated First Mortgages | Retail, North East, Floating
Investments in loans
Number of loans | Item	1
Carrying amount	$ 199,090
Principal Amount of Delinquent Loans	$ 199,090
Aggregated First Mortgages | Retail, North East, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	7.25%
Aggregated First Mortgages | Retail, North East, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	13.50%
Aggregated First Mortgages | Retail, South West, Floating
Investments in loans
Number of loans | Item	4
Carrying amount	$ 23,498
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Retail, South West, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.25%
Aggregated First Mortgages | Retail, South West, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	15.25%
Aggregated First Mortgages | Retail, West, Fixed
Investments in loans
Number of loans | Item	1
Carrying amount	$ 219
Interest rate	7.26%
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Loans Held-for-Sale, Various, Fixed
Investments in loans
Carrying amount	2,876,800
Principal Amount of Delinquent Loans	$ 20,250
Aggregated First Mortgages | Loans Held-for-Sale, Various, Fixed | Minimum
Investments in loans
Interest rate	2.64%
Aggregated First Mortgages | Loans Held-for-Sale, Various, Fixed | Maximum
Investments in loans
Interest rate	9.15%
Aggregated Subordinated and Mezzanine Loans
Investments in loans
Loan Loss Allowance	$ (46,600)
Prepaid Loan Costs, Net	$ (5,636)
Aggregated Subordinated and Mezzanine Loans | Hotel, South East, Floating
Investments in loans
Number of loans | Item	3
Carrying amount	$ 87,905
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Hotel, South East, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	6.75%
Aggregated Subordinated and Mezzanine Loans | Hotel, South East, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	9.35%
Aggregated Subordinated and Mezzanine Loans | Hotel, West, Floating
Investments in loans
Number of loans | Item	1
Carrying amount	$ 15,320
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Hotel, West, Floating | LIBOR
Investments in loans
Basis spread on variable rate	10.98%
Aggregated Subordinated and Mezzanine Loans | Industrial, South East, Fixed
Investments in loans
Number of loans | Item	1
Carrying amount	$ 3,046
Interest rate	8.18%
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Industrial, West, Floating
Investments in loans
Number of loans | Item	2
Carrying amount	$ 11,578
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Industrial, West, Floating | LIBOR
Investments in loans
Basis spread on variable rate	11.30%
Aggregated Subordinated and Mezzanine Loans | Mixed Use, International, Floating, 1 Mortgage, 2022 Maturity
Investments in loans
Number of loans | Item	1
Carrying amount	$ 29,136
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Mixed Use, International, Floating, 1 Mortgage, 2022 Maturity | Three Month EURIBOR
Investments in loans
Basis spread on variable rate	7.25%
Aggregated Subordinated and Mezzanine Loans | Mixed Use, South West, Floating
Investments in loans
Number of loans | Item	1
Carrying amount	$ 108,970
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Mixed Use, South West, Floating | LIBOR
Investments in loans
Basis spread on variable rate	11.85%
Aggregated Subordinated and Mezzanine Loans | Other, International, Floating
Investments in loans
Number of loans | Item	5
Carrying amount	$ 48,486
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Other, International, Floating | Three Month EURIBOR | Minimum
Investments in loans
Basis spread on variable rate	7.00%
Aggregated Subordinated and Mezzanine Loans | Other, International, Floating | Three Month EURIBOR | Maximum
Investments in loans
Basis spread on variable rate	8.95%
Aggregated Subordinated and Mezzanine Loans | Other, North East, Fixed
Investments in loans
Number of loans | Item	2
Carrying amount	$ 35,637
Interest rate	8.72%
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Other, West, Floating
Investments in loans
Number of loans | Item	4
Carrying amount	$ 101,263
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Other, West, Floating | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	6.24%
Aggregated Subordinated and Mezzanine Loans | Other, West, Floating | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	6.67%
Aggregated Subordinated and Mezzanine Loans | Multi-family, North East, Floating, 2023 Maturity
Investments in loans
Number of loans | Item	1
Carrying amount	$ 29,079
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Multi-family, North East, Floating, 2023 Maturity | LIBOR
Investments in loans
Basis spread on variable rate	4.50%
Aggregated Subordinated and Mezzanine Loans | Multi-family, North East, Floating, 2025 Maturity
Investments in loans
Number of loans | Item	1
Carrying amount	$ 13,433
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Multi-family, North East, Floating, 2025 Maturity | SOFR
Investments in loans
Basis spread on variable rate	13.75%
Aggregated Subordinated and Mezzanine Loans | Retail, Midwest, Fixed
Investments in loans
Number of loans | Item	1
Carrying amount	$ 4,925
Interest rate	7.16%
Principal Amount of Delinquent Loans	$ 4,925

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate - Loan Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Activity in loan portfolio
Balance at the beginning of the period	$ 12,139,908	$ 11,470,224	$ 9,794,254
Acquisitions/originations/additional funding	13,990,579	5,337,399	9,094,714
Capitalized Interest	119,136	144,013	110,632
Basis of loans sold	(4,176,868)	(3,307,003)	(4,311,390)
Loan maturities/principal repayments	(4,197,809)	(1,821,196)	(3,304,838)
Discount accretion/premium amortization	57,948	42,199	35,387
Change in fair value of mortgage loans, net	69,050	133,124	71,601
Foreign currency translation, net	(72,130)	102,553	40,155
Credit loss reversal (provision), net	(4,633)	(46,091)	(7,126)
Transfer to/from other asset classifications or between segments	524,776	105,126	(25,862)
Balance at the end of the period	18,413,649	12,139,908	11,470,224
Commercial and Residential Lending Segment and Investing and Servicing Segment
Activity in loan portfolio
Balance at the beginning of the period	10,584,400	9,890,693	7,806,699
Acquisitions/originations/additional funding	13,173,459	5,058,705	8,174,321
Capitalized Interest	118,273	143,023	109,978
Basis of loans sold	(4,139,166)	(3,246,515)	(3,921,171)
Loan maturities/principal repayments	(3,709,444)	(1,590,379)	(2,387,843)
Discount accretion/premium amortization	51,816	38,942	29,775
Change in fair value of mortgage loans, net	69,050	133,124	71,601
Foreign currency translation, net	(71,419)	102,748	38,050
Credit loss reversal (provision), net	7,947	(40,955)	(2,616)
Loan foreclosures and other transfers	(36,308)	(71,488)	(27,303)
Transfer to/from other asset classifications or between segments	320,191	176,614	(798)
Balance at the end of the period	$ 16,368,799	10,584,400	9,890,693
Cumulative Effect, Period of Adoption, Adjustment
Activity in loan portfolio
Balance at the beginning of the period		(20,440)
Balance at the end of the period			(20,440)
Cumulative Effect, Period of Adoption, Adjustment | Commercial and Residential Lending Segment and Investing and Servicing Segment
Activity in loan portfolio
Balance at the beginning of the period		$ (10,112)
Balance at the end of the period			$ (10,112)