Starwood Property Trust (STWD) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-34436
Entity Registrant Name	Starwood Property Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-0247747
Entity Address, Address Line One	591 West Putnam Avenue
Entity Address, City or Town	Greenwich
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06830
City Area Code	203
Local Phone Number	422-7700
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	STWD
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		306,915,739
Entity Central Index Key	0001465128
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents	$ 264,209	$ 217,362
Restricted cash	109,565	104,552
Loans held-for-investment, net of credit loss allowances of $68,260 and $67,270 ($55,621 and $59,225 held at fair value)	16,253,257	15,536,849
Loans held-for-sale, at fair value	2,684,512	2,876,800
Investment securities, net of credit loss allowances of $3,385 and $8,610 ($167,883 and $177,848 held at fair value)	869,189	860,984
Properties, net	1,122,357	1,166,387
Investments in unconsolidated entities	89,250	90,097
Goodwill	259,846	259,846
Intangible assets ($17,864 and $16,780 held at fair value)	62,148	63,564
Derivative assets	60,869	48,216
Accrued interest receivable	123,801	116,262
Other assets	261,192	188,626
Variable interest entity (“VIE”) assets, at fair value	57,763,543	61,280,543
Total Assets	81,187,898	83,850,397
Liabilities:
Accounts payable, accrued expenses and other liabilities	196,145	189,696
Related-party payable	56,615	76,371
Dividends payable	148,743	147,624
Derivative liabilities	38,709	13,421
Secured financing agreements, net	11,531,571	12,576,850
Collateralized loan obligations and single asset securitization, net	3,797,895	2,616,116
Unsecured senior notes, net	2,322,630	1,828,590
VIE liabilities, at fair value	56,185,937	59,752,922
Total Liabilities	74,278,245	77,201,590
Commitments and contingencies
Temporary Equity: Redeemable non-controlling interests	261,685	214,915
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, 314,360,996 issued and 306,912,305 outstanding as of March 31, 2022 and 312,268,944 issued and 304,820,253 outstanding as of December 31, 2021	3,144	3,123
Additional paid-in capital	5,709,027	5,673,376
Treasury stock (7,448,691 shares)	(138,022)	(138,022)
Accumulated other comprehensive income	35,669	40,953
Retained earnings	669,877	493,106
Total Starwood Property Trust, Inc. Stockholders’ Equity	6,279,695	6,072,536
Non-controlling interests in consolidated subsidiaries	368,273	361,356
Total Permanent Equity	6,647,968	6,433,892
Total Liabilities and Equity	81,187,898	83,850,397
Primary beneficiary
Assets:
Investments of consolidated affordable housing fund, at fair value	1,264,160	$ 1,040,309
Total Assets	75,400
Liabilities:
Total Liabilities	$ 30,800

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Allowance for credit losses	$ 68,260	$ 67,270
Loans held-for-investment, net, held at fair value	55,621	59,225
Credit loss allowance	3,385	8,610
Investment securities	167,883	177,848
Intangible assets held at fair value	$ 17,864	$ 16,780
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)	314,360,996	312,268,944
Common stock, shares outstanding (in shares)	306,912,305	304,820,253
Treasury stock, shares (in shares)	7,448,691	7,448,691
Assets	$ 81,187,898	$ 83,850,397
Liabilities	74,278,245	77,201,590
CLOs and SASB
Assets	4,600,000	3,100,000
Liabilities	$ 3,800,000	$ 2,600,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Interest income from loans	$ 233,619	$ 190,575
Interest income from investment securities	13,983	11,610
Servicing fees	9,992	8,402
Rental income	31,580	76,338
Other revenues	4,818	305
Total revenues	293,992	287,230
Costs and expenses:
Management fees	55,295	38,736
Interest expense	126,451	103,374
General and administrative	44,321	38,636
Acquisition and investment pursuit costs	422	185
Costs of rental operations	9,290	28,745
Depreciation and amortization	11,647	22,474
Credit loss (reversal) provision, net	(3,658)	44
Other expense	55	685
Total costs and expenses	243,823	232,879
Other income (loss):
Change in net assets related to consolidated VIEs	26,749	39,745
Change in fair value of servicing rights	1,084	(796)
Change in fair value of investment securities, net	(355)	(306)
Change in fair value of mortgage loans, net	(125,783)	(9,478)
(Loss) earnings from unconsolidated entities	(910)	1,734
Gain on sale of investments and other assets, net	98,468	17,693
Gain on derivative financial instruments, net	127,268	33,989
Foreign currency loss, net	(27,281)	(11,681)
Loss on extinguishment of debt	(823)	(516)
Other (loss) income, net	(763)	21
Total other income	331,695	70,405
Income before income taxes	381,864	124,756
Income tax benefit (provision)	2,450	(2,230)
Net income	384,314	122,526
Net income attributable to non-controlling interests	(59,715)	(11,148)
Net income attributable to Starwood Property Trust, Inc.	$ 324,599	$ 111,378
Earnings per share data attributable to Starwood Property Trust, Inc.:
Basic (in dollars per share)	$ 1.04	$ 0.39
Diluted (in dollars per share)	$ 1.02	$ 0.38
Primary beneficiary
Other income (loss):
Income from affordable housing fund investments	$ 234,041	$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 384,314	$ 122,526
Other comprehensive income (loss) (net change by component):
Available-for-sale securities	(5,284)	(2,403)
Foreign currency translation	0	64
Other comprehensive loss	(5,284)	(2,339)
Comprehensive income	379,030	120,187
Less: Comprehensive income attributable to non-controlling interests	(59,715)	(11,148)
Comprehensive income attributable to Starwood Property Trust, Inc.	$ 319,315	$ 109,039

Condensed Consolidated Statem_3

Condensed 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 ($)	Non- Controlling InterestsUSD ($)
Beginning balance (in shares) at Dec. 31, 2020 | shares					292,091,601			7,448,691
Beginning balance at Dec. 31, 2020	$ 4,862,576	$ (1,536)	$ 4,488,898	$ (1,536)	$ 2,921	$ 5,209,739	$ (3,755)	$ (138,022)	$ (629,733)	$ 2,219	$ 43,993	$ 373,678
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan (in shares) | shares					12,234
Proceeds from DRIP Plan	262		262		$ 0	262
Redemption of Class A Units (in shares)					50,000
Redemption of Class A Units	0		1,039		$ 1	1,038						(1,039)
Equity offering costs	(22)		(22)			(22)
Share-based compensation (in shares) | shares					1,814,414
Share-based compensation	10,310		10,310		$ 18	10,292
Manager fee paid in stock (in shares) | shares					332,002
Manager fees paid in stock	7,486		7,486		$ 3	7,483
Net income	122,526		111,378						111,378			11,148
Dividends declared	(138,614)		(138,614)						(138,614)
Other comprehensive loss, net	(2,339)		(2,339)								(2,339)
Contributions from non-controlling interests	2,969											2,969
Distributions to non-controlling interests	(8,833)											(8,833)
Ending balance (in shares) at Mar. 31, 2021 | shares					294,300,251			7,448,691
Ending balance at Mar. 31, 2021	4,854,785		4,476,862		$ 2,943	5,225,037		$ (138,022)	(654,750)		41,654	377,923
Beginning balance at Dec. 31, 2020	0
Ending balance at Mar. 31, 2021	$ 0
Beginning balance (in shares) at Dec. 31, 2021 | shares	312,268,944				312,268,944			7,448,691
Beginning 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 Stockholders' Equity
Proceeds from DRIP Plan (in shares) | shares					10,261
Proceeds from DRIP Plan	251		251			251
Redemption of Class A Units	0		0
Equity offering costs	(89)		(89)			(89)
Share-based compensation (in shares) | shares					1,012,963
Share-based compensation	10,093		10,093		$ 10	10,083
Manager fee paid in stock (in shares) | shares					1,068,828
Manager fees paid in stock	25,417		25,417		$ 11	25,406
Net income	336,594		324,599						324,599			11,995
Dividends declared	(147,828)		(147,828)						(147,828)
Other comprehensive loss, net	(5,284)		(5,284)								(5,284)
Contributions from non-controlling interests	4,690											4,690
Distributions to non-controlling interests	$ (9,768)											(9,768)
Ending balance (in shares) at Mar. 31, 2022 | shares	314,360,996				314,360,996			7,448,691
Ending balance at Mar. 31, 2022	$ 6,647,968		$ 6,279,695		$ 3,144	$ 5,709,027		$ (138,022)	$ 669,877		$ 35,669	$ 368,273
Beginning balance at Dec. 31, 2021	214,915
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income	47,720
Distributions to non-controlling interests	(950)
Ending balance at Mar. 31, 2022	$ 261,685

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	Mar. 14, 2022	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.48	$ 0.48	$ 0.48

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows from Operating Activities:
Net income	$ 384,314	$ 122,526
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred financing costs, premiums and discounts on secured borrowings	11,816	10,515
Amortization of discounts and deferred financing costs on unsecured senior notes	2,151	1,726
Accretion of net discount on investment securities	(3,475)	(3,476)
Accretion of net deferred loan fees and discounts	(16,600)	(16,745)
Share-based compensation	10,093	10,310
Manager fees paid in stock	25,417	7,486
Change in fair value of investment securities	355	306
Change in fair value of consolidated VIEs	11,928	(7,042)
Change in fair value of servicing rights	(1,084)	796
Change in fair value of loans	125,783	9,478
Change in fair value of affordable housing fund investments	(223,851)	0
Change in fair value of derivatives	(129,343)	(34,768)
Foreign currency loss, net	27,281	11,681
Gain on sale of investments and other assets	(98,468)	(17,693)
Impairment charges on properties and related intangibles	55	0
Credit loss (reversal) provision, net	(3,658)	44
Depreciation and amortization	12,757	22,528
Loss (earnings) from unconsolidated entities	910	(1,734)
Distributions of earnings from unconsolidated entities	280	17
Loss on extinguishment of debt	624	516
Origination and purchase of loans held-for-sale, net of principal collections	(2,206,360)	(327,352)
Proceeds from sale of loans held-for-sale	2,278,467	571,927
Changes in operating assets and liabilities:
Related-party payable, net	(19,756)	(3,035)
Accrued and capitalized interest receivable, less purchased interest	(35,342)	(41,833)
Other assets	(64,229)	(19,467)
Accounts payable, accrued expenses and other liabilities	64,309	(25,945)
Net cash provided by operating activities	154,374	270,766
Cash Flows from Investing Activities:
Origination, purchase and funding of loans held-for-investment	(1,557,821)	(2,296,124)
Proceeds from principal collections on loans	798,969	1,051,695
Purchase and funding of investment securities	(18,139)	0
Proceeds from principal collections on investment securities	7,784	59,514
Proceeds from sales of real estate	147,334	30,566
Purchases and additions to properties and other assets	(6,604)	(3,512)
Investments in unconsolidated entities	(461)	0
Distribution of capital from unconsolidated entities	121	15,980
Payments for purchase or termination of derivatives	(8,541)	(851)
Proceeds from termination of derivatives	82,596	23,527
Net cash used in investing activities	(554,762)	(1,119,205)
Cash Flows from Financing Activities:
Proceeds from borrowings	5,843,167	2,748,317
Principal repayments on and repurchases of borrowings	(5,153,638)	(2,001,336)
Payment of deferred financing costs	(21,998)	(5,052)
Proceeds from common stock issuances	251	262
Payment of equity offering costs	(89)	(22)
Payment of dividends	(146,709)	(137,667)
Contributions from non-controlling interests	4,690	2,969
Distributions to non-controlling interests	(10,718)	(8,833)
Issuance of debt of consolidated VIEs	0	11,604
Repayment of debt of consolidated VIEs	(84,460)	(27,490)
Distributions of cash from consolidated VIEs	22,014	14,481
Net cash provided by financing activities	452,510	597,233
Net increase (decrease) in cash, cash equivalents and restricted cash	52,122	(251,206)
Cash, cash equivalents and restricted cash, beginning of period	321,914	722,162
Effect of exchange rate changes on cash	(262)	(1,042)
Cash, cash equivalents and restricted cash, end of period	373,774	469,914
Supplemental disclosure of cash flow information:
Cash paid for interest	102,300	80,624
Income taxes paid	566	425
Supplemental disclosure of non-cash investing and financing activities:
Dividends declared, but not yet paid	148,998	139,113
Consolidation of VIEs (VIE asset/liability additions)	1,109,614	393,373
Deconsolidation of VIEs (VIE asset/liability reductions)	730,012	0
Reclassification of loans held-for-investment to loans held-for-sale	346	166,901
Reclassification of loans held-for-sale to loans held-for-investment	0	124,935
Loan principal collections temporarily held at master servicer	42,225	31,965
Net assets acquired through foreclosure, control or conversion to equity interest	0	7,320
Redemption of Class A Units for common stock	$ 0	$ 1,039

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 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	3 Months Ended
	Mar. 31, 2022
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 23 for a presentation of our business segments without consolidation of these VIEs. Basis of Accounting and Principles of Consolidation The accompanying condensed consolidated financial statements include our accounts and those of our consolidated subsidiaries and VIEs. Intercompany amounts have been eliminated in consolidation. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (our “Form 10-K”), as filed with the Securities and Exchange Commission (“SEC”). The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the operating results for the full year. Refer to our Form 10-K for a description of our recurring accounting policies. We have included disclosure in this Note 2 regarding principles of consolidation and other accounting policies that (i) are required to be disclosed quarterly, (ii) we view as critical, (iii) became significant since December 31, 2021 due to a corporate action or increase in the significance of the underlying business activity or (iv) changed upon adoption of an Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). Variable Interest Entities In addition to the securitization VIEs, we have financed pools of our loans through collateralized loan obligations (“CLOs”) 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 condensed consolidated statements of operations. The residual difference shown on our condensed consolidated statements of operations in the line item “Change in net assets related to consolidated VIEs” represents our beneficial interest in the VIEs. We separately present the assets and liabilities of our consolidated securitization VIEs as individual line items on our condensed consolidated balance sheets. The liabilities of our consolidated securitization VIEs consist solely of obligations to the bondholders of the related trusts, and are thus presented as a single line item entitled “VIE liabilities.” The assets of our consolidated securitization VIEs consist principally of loans, but at times, also include foreclosed loans which have been temporarily converted into real estate owned (“REO”). These assets in the aggregate are likewise presented as a single line item entitled “VIE assets.” Loans comprise the vast majority of our securitization VIE assets and are carried at fair value due to the election of the fair value option. When an asset becomes REO, it is due to non-performance of the loan. Because the loan is already at fair value, the carrying value of an REO asset is also initially at fair value. Furthermore, when we consolidate a trust, any existing REO would be consolidated at fair value. Once an asset becomes REO, its disposition time is relatively short. As a result, the carrying value of an REO generally approximates fair value under GAAP. In addition to sharing a similar measurement method as the loans in a trust, the securitization VIE assets as a whole can only be used to settle the obligations of the consolidated VIE. The assets of our securitization VIEs are not individually accessible by the bondholders, which creates inherent limitations from a valuation perspective. Also creating limitations from a valuation perspective is our role as special servicer, which provides us very limited visibility, if any, into the performing loans of a trust. REO assets generally represent a very small percentage of the overall asset pool of a trust. In new issue trusts there are no REO assets. We estimate that REO assets constitute approximately 1% of our consolidated securitization VIE assets, with the remaining 99% representing loans. However, it is important to note that the fair value of our securitization VIE assets is determined by reference to our securitization VIE liabilities as permitted under ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity . In other words, our VIE liabilities are more reliably measurable than the VIE assets, resulting in our current measurement methodology which utilizes this value to determine the fair value of our securitization VIE assets as a whole. As a result, these percentages are not necessarily indicative of the relative fair values of each of these asset categories if the assets were to be valued individually. Due to our accounting policy election under ASU 2014-13, separately presenting two different asset categories would result in an arbitrary assignment of value to each, with one asset category representing a residual amount, as opposed to its fair value. However, as a pool, the fair value of the assets in total is equal to the fair value of the liabilities. For these reasons, the assets of our securitization VIEs are presented in the aggregate. Fair Value Option The guidance in ASC 825, Financial Instruments , 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 20 for further discussion regarding our fair value measurements. Loans Held-for-Investment Loans that are held for investment (“HFI”) are carried at cost, net of unamortized acquisition premiums or discounts, loan fees and origination costs, as applicable, and net of credit loss allowances as discussed below, unless the loans are credit deteriorated or we have elected to apply the fair value option at purchase. Loans Held-For-Sale Our loans that we intend to sell or liquidate in the short-term are classified as held-for-sale and are carried at the lower of amortized cost or fair value, unless we have elected to apply the fair value option at origination or purchase. Investment Securities We designate our debt investment securities as held-to-maturity (“HTM”), available-for-sale (“AFS”), or trading depending on our investment strategy and ability to hold such securities to maturity. HTM debt securities where we have not elected to apply the fair value option are stated at cost plus any premiums or discounts, which are amortized or accreted through the condensed consolidated statements of operations using the effective interest method. Debt securities we (i) do not hold for the purpose of selling in the near-term, or (ii) may dispose of prior to maturity, are classified as AFS and are carried at fair value in the accompanying financial statements. Unrealized gains or losses on AFS debt securities where we have not elected the fair value option are reported as a component of accumulated other comprehensive income (“AOCI”) in stockholders’ equity. Our HTM and AFS debt securities are also subject to credit loss allowances as discussed below. Our only equity investment security is carried at fair value, with unrealized holding gains and losses recorded in earnings. Credit Losses Loans and Debt Securities Measured at Amortized Cost ASC 326, Financial Instruments – Credit Losses , became effective for the Company on January 1, 2020. ASC 326 mandates the use of a current expected credit loss model (“CECL”) for estimating future credit losses of certain financial instruments measured at amortized cost, instead of the “incurred loss” credit model previously required under GAAP. The CECL model requires the consideration of possible credit losses over the life of an instrument as opposed to only estimating credit losses upon the occurrence of a discrete loss event under the previous “incurred loss” methodology. The CECL model applies to our HFI loans and our HTM debt securities which are carried at amortized cost, including future funding commitments and accrued interest receivable related to those loans and securities. However, as permitted by ASC 326, we have elected not to measure an allowance for credit losses on accrued interest receivable (which is classified separately on our condensed consolidated balance sheets), but rather write off in a timely manner by reversing interest income and/or cease accruing interest that would likely be uncollectible. As we do not have a history of realized credit losses on our HFI loans and HTM securities, we have subscribed to third party database services to provide us with historical industry losses for both commercial real estate and infrastructure loans. Using these losses as a benchmark, we determine expected credit losses for our loans and securities on a collective basis within our commercial real estate and infrastructure portfolios. See Note 4 for further discussion of our methodologies. We also evaluate each loan and security measured at amortized cost for credit deterioration at least quarterly. Credit deterioration occurs when it is deemed probable that we will not be able to collect all amounts due according to the contractual terms of the loan or security. If a loan or security is considered to be credit deteriorated, we depart from the industry loss rate approach described above and determine the credit loss allowance as any excess of the amortized cost basis of the loan or security over (i) the present value of expected future cash flows discounted at the contractual effective interest rate or (ii) the fair value of the collateral, if repayment is expected solely from the collateral. Available-for-Sale Debt Securities Separate provisions of ASC 326 apply to our AFS debt securities, which are carried at fair value with unrealized gains and losses reported as a component of AOCI. We are required to establish an initial credit loss allowance for those securities that are purchased with credit deterioration (“PCD”) by grossing up the amortized cost basis of each security and providing an offsetting credit loss allowance for the difference between expected cash flows and contractual cash flows, both on a present value basis. 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. 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. Because we are the primary beneficiary of the Woodstar Fund, which is a VIE (as discussed in Note 15), 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 condensed consolidated statement of operations for the three months ended March 31, 2022. See Note 7 for further details regarding the Woodstar Fund’s investments and related income and Note 17 with respect to its contingently redeemable non-controlling interests which are classified as “Temporary Equity” in our condensed consolidated balance sheets. 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. 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 currency denominated monetary assets and liabilities are included in the determination of net income and are reported as foreign currency gain (loss) in our condensed consolidated statements of operations. Earnings Per Share We present both basic and diluted earnings per share (“EPS”) amounts in our financial statements. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the maximum potential dilution that could occur from (i) our share-based compensation, consisting of unvested restricted stock awards (“RSAs”) and restricted stock units (“RSUs”), (ii) shares contingently issuable to our Manager, (iii) the conversion options associated with our senior convertible notes (the “Convertible Notes”) (see Notes 11 and 18) and (iv) non-controlling interests that are redeemable with our common stock (see Note 17). 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 17). Due to the existence of these participating securities, the two-class method of computing EPS is required, unless another method is determined to be more dilutive. Under the two-class method, undistributed earnings are reallocated between shares of common stock and participating securities. For the three months ended March 31, 2022 and 2021, the two-class method resulted in the most dilutive EPS calculation. Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. The most significant and subjective estimate that we make is the projection of cash flows we expect to receive on our investments, which has a significant impact on the amount of income that we record and/or disclose. 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. In addition, the fair value of the Woodstar Fund's investments are dependent upon the real estate and capital markets, which are cyclical in nature. Property and investment values are affected by, among other things, capitalization rates, the availability of capital, occupancy, rental rates and interest and inflation rates. Amounts ultimately realized from our investments may vary significantly from the fair values presented. We believe the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of March 31, 2022. 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 March 31, 2022 inherently less certain than they would be absent the current and potential impacts of COVID-19 and geopolitical events. Actual results may ultimately differ from those estimates. Recent Accounting Developments On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting, and on January 11, 2021, issued ASU 2021-01, Reference Rate Reform (Topic 848) – Scope, both of which provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or other reference rates expected to be discontinued because of reference rate reform. These ASUs are effective through December 31, 2022. The Company has not adopted any of the optional expedients or exceptions through March 31, 2022, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve. On March 31, 2022, the FASB issued ASU 2022-2, Troubled Debt Restructurings and Vintage Disclosures (Topic 326)

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Investing and Servicing Segment Property Portfolio ("REIS Equity Portfolio") During the three months ended March 31, 2022, we sold an operating property for $34.5 million. In connection with this sale, we recognized a total gain of $11.7 million within gain on sale of investments and other assets in our condensed consolidated statement of operations. There were no properties sold within the REIS Equity Portfolio during the three months ended March 31, 2021. Commercial and Residential Lending Segment During the three months ended March 31, 2022, we sold a distribution facility located in Orlando, Florida that was previously acquired in April 2019 through foreclosure of a loan with a carrying value of $18.5 million. The property was sold for $114.8 million and we recognized a gain of $86.6 million within gain on sale of investments and other assets in our condensed consolidated statement of operations. During the three months ended March 31, 2021, we sold an operating property 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 condensed consolidated statement of operations.

Loans

Loans	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 (dollars in thousands): March 31, 2022 Carrying Face Weighted Weighted Loans held-for-investment: Commercial loans: First mortgages (3) $ 13,596,590 $ 13,684,558 4.6 % 1.9 Subordinated mortgages (4) 70,934 72,399 10.1 % 2.6 Mezzanine loans (3) 424,835 422,752 9.6 % 1.3 Other 17,138 18,599 8.2 % 2.0 Total commercial loans 14,109,497 14,198,308 Infrastructure first priority loans 2,156,399 2,181,264 4.8 % 4.3 Residential loans, fair value option (5) 55,621 57,792 6.0 % N/A (6) Total loans held-for-investment 16,321,517 16,437,364 Loans held-for-sale: Residential, fair value option (5) 2,299,153 2,331,997 4.3 % N/A (6) Commercial, fair value option 385,359 392,505 4.9 % 9.6 Total loans held-for-sale 2,684,512 2,724,502 Total gross loans 19,006,029 $ 19,161,866 Credit loss allowances: Commercial loans held-for-investment (47,979) Infrastructure loans held-for-investment (20,281) Total allowances (68,260) Total net loans $ 18,937,769 December 31, 2021 Loans held-for-investment: Commercial loans: First mortgages (3) $ 12,991,099 $ 13,067,524 4.5 % 1.9 Subordinated mortgages (4) 70,771 72,371 10.0 % 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 2,048,096 2,071,912 4.4 % 4.3 Residential loans, fair value option 59,225 60,133 6.0 % N/A (6) Total loans held-for-investment 15,604,119 15,706,124 Loans held-for-sale: Residential, fair value option 2,590,005 2,525,910 4.2 % N/A (6) 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 ______________________________________________________________________________________________________________________ (1) Calculated using applicable index rates as of March 31, 2022 and December 31, 2021 for variable rate loans and excludes loans for which interest income is not recognized. (2) Represents the WAL of each respective group of loans, excluding loans for which interest income is not recognized, 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 $1.3 billion and $1.4 billion being classified as first mortgages as of March 31, 2022 and December 31, 2021, respectively. (4) Subordinated mortgages include B-Notes and junior participation in first mortgages where we do not own the senior A-Note or senior participation. If we own both the A-Note and B-Note, we categorize the loan as a first mortgage loan. (5) During the three months ended March 31, 2022, $0.3 million of residential loans held-for-investment were reclassified into loans held-for-sale. (6) Residential loans have a weighted average remaining contractual life of 29.4 years as of both March 31, 2022 and December 31, 2021. As of March 31, 2022, our variable rate loans held-for-investment, excluding loans for which interest income is not recognized, were as follows (dollars in thousands): March 31, 2022 Carrying Weighted-average Commercial loans $ 13,419,816 4.0 % Infrastructure loans 2,123,111 3.9 % Total variable rate loans held-for-investment $ 15,542,927 4.0 % 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 March 31, 2022 (dollars in thousands): Term Loans Revolving Loans Total Credit As of March 31, 2022 2022 2021 2020 2019 2018 Prior Commercial loans: Credit quality indicator: LTV < 60% $ 234,534 $ 2,744,291 $ 505,166 $ 978,325 $ 558,782 $ 699,224 $ — $ 5,720,322 $ 3,349 LTV 60% - 70% 667,690 3,901,356 288,906 1,166,327 392,003 82,385 — 6,498,667 7,458 LTV > 70% 53,705 561,838 265,996 415,062 310,158 261,686 — 1,868,445 32,247 Credit deteriorated — — — — — 4,925 — 4,925 4,925 Defeased and other — — — — — 17,138 — 17,138 — Total commercial $ 955,929 $ 7,207,485 $ 1,060,068 $ 2,559,714 $ 1,260,943 $ 1,065,358 $ — $ 14,109,497 $ 47,979 Infrastructure loans: Credit quality indicator: Power $ 89,110 $ 206,412 $ 86,988 $ 275,264 $ 373,959 $ 350,008 $ 5,112 $ 1,386,853 $ 5,192 Oil and gas — 300,666 41,126 257,910 84,805 49,821 1,930 736,258 4,968 Credit deteriorated — — — — — 33,288 — 33,288 10,121 Total infrastructure $ 89,110 $ 507,078 $ 128,114 $ 533,174 $ 458,764 $ 433,117 $ 7,042 $ 2,156,399 $ 20,281 Residential loans held-for-investment, fair value option 55,621 — Loans held-for-sale 2,684,512 — Total gross loans $ 19,006,029 $ 68,260 Non-Credit Deteriorated Loans As of March 31, 2022, we had the following loans with a combined amortized cost basis of $505.2 million that were 90 days or greater past due at March 31, 2022: (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 8); (ii) a $219.8 million senior loan on an office building in California; (iii) a $46.8 million senior participating interest and mezzanine loan secured by an office building in Texas; (iv) $30.3 million of residential loans; and (v) a $9.2 million loan on a hospitality asset in New York that our Investing and Servicing Segment acquired as nonperforming in October 2021. Loans on nonaccrual as of March 31, 2022 include (i) - (iv) above. None of these loans are considered credit deteriorated as we presently expect to recover all amounts due. Credit Deteriorated Loans As of March 31, 2022, we had the following loans with a combined amortized cost basis of $38.2 million which were deemed credit deteriorated and are on nonaccrual status: (i) a $33.3 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 March 31, 2022; and (ii) a $4.9 million subordinated loan secured by a department store in Chicago which is fully reserved. The following tables present the activity in our credit loss allowance for funded loans and unfunded commitments (amounts in thousands): Funded Commitments Credit Loss Allowance Loans Held-for-Investment Total Three Months Ended March 31, 2022 Commercial Infrastructure Credit loss allowance at December 31, 2021 $ 46,600 $ 20,670 $ 67,270 Credit loss provision (reversal), net 1,379 (389) 990 Credit loss allowance at March 31, 2022 $ 47,979 $ 20,281 $ 68,260 Unfunded Commitments Credit Loss Allowance (1) Loans Held-for-Investment HTM Preferred Three Months Ended March 31, 2022 Commercial Infrastructure Interests (2) Total Credit loss allowance at December 31, 2021 $ 6,692 $ 145 $ — $ 6,837 Credit loss provision (reversal), net 271 (47) 353 577 Credit loss allowance at March 31, 2022 $ 6,963 $ 98 $ 353 $ 7,414 Memo: Unfunded commitments as of March 31, 2022 (3) $ 2,822,554 $ 12,110 $ 12,500 $ 2,847,164 ______________________________________________________________________________________________________________________ (1) Included in accounts payable, accrued expenses and other liabilities in our consolidated balance sheets. (2) See Note 5 for further details. (3) Represents amounts expected to be funded (see Note 22). Loan Portfolio Activity The activity in our loan portfolio was as follows (amounts in thousands): Held-for-Investment Loans Three Months Ended March 31, 2022 Commercial Infrastructure Residential Held-for-Sale Loans Total Loans Balance at December 31, 2021 $ 13,450,198 $ 2,027,426 $ 59,225 $ 2,876,800 $ 18,413,649 Acquisitions/originations/additional funding 1,359,483 198,338 — 2,266,699 3,824,520 Capitalized interest (1) 26,697 113 — 93 26,903 Basis of loans sold (2) — — — (2,278,467) (2,278,467) Loan maturities/principal repayments (715,665) (91,853) (1,995) (56,439) (865,952) Discount accretion/premium amortization 14,093 2,507 — — 16,600 Changes in fair value — — (1,263) (124,520) (125,783) Foreign currency translation gain/(loss), net (71,909) (802) — — (72,711) Credit loss (provision) reversal, net (1,379) 389 — — (990) Transfer to/from other asset classifications or between segments — — (346) 346 — Balance at March 31, 2022 $ 14,061,518 $ 2,136,118 $ 55,621 $ 2,684,512 $ 18,937,769 Held-for-Investment Loans Three Months Ended March 31, 2021 Commercial Infrastructure Residential Held-for-Sale Loans Total Loans Balance at December 31, 2020 $ 9,583,949 $ 1,412,440 $ 90,684 $ 1,052,835 $ 12,139,908 Acquisitions/originations/additional funding 2,196,813 99,311 — 375,270 2,671,394 Capitalized interest (1) 36,646 — — — 36,646 Basis of loans sold (2) — — — (571,927) (571,927) Loan maturities/principal repayments (1,021,393) (18,055) (9,210) (44,326) (1,092,984) Discount accretion/premium amortization 15,824 921 — — 16,745 Changes in fair value — — (290) (9,188) (9,478) Foreign currency translation loss, net (14,082) (181) — — (14,263) Credit loss provision, net (1,880) (717) — — (2,597) Transfer to/from other asset classifications or between segments (211,904) 93,089 69,528 41,967 (7,320) Balance at March 31, 2021 $ 10,583,973 $ 1,586,808 $ 150,712 $ 844,631 $ 13,166,124 ______________________________________________________________________________________________________________________ (1) Represents accrued interest income on loans whose terms do not require current payment of interest. (2) See Note 12 for additional disclosure on these transactions.

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Investment Securities Investment securities were comprised of the following as of March 31, 2022 and December 31, 2021 (amounts in thousands): Carrying Value as of March 31, 2022 December 31, 2021 RMBS, available-for-sale $ 134,406 $ 143,980 RMBS, fair value option (1) 311,292 250,424 CMBS, fair value option (1), (2) 1,253,711 1,263,606 HTM debt securities, amortized cost net of credit loss allowance of $3,385 and $8,610 701,306 683,136 Equity security, fair value 11,619 11,624 Subtotal — Investment securities 2,412,334 2,352,770 VIE eliminations (1) (1,543,145) (1,491,786) Total investment securities $ 869,189 $ 860,984 ______________________________________________________________________________________________________________________ (1) Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. (2) Includes $190.6 million and $182.6 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of March 31, 2022 and December 31, 2021, 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 Three Months Ended March 31, 2022 Purchases/fundings $ — $ 84,357 $ — $ 18,139 $ (84,357) $ 18,139 Sales — — — — — — Principal collections 6,895 21,604 635 664 (22,014) 7,784 Redemptions — — — — — — Three Months Ended March 31, 2021 Purchases $ — $ 27,333 $ — $ — $ (27,333) $ — Sales — — 11,604 (11,604) — Principal collections 7,251 13,344 1,710 51,690 (14,481) 59,514 ______________________________________________________________________________________________________________________ (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 March 31, 2022 and December 31, 2021. These RMBS are reported at fair value in the balance sheet with changes in fair value recorded in accumulated other comprehensive income (“AOCI”). The tables below summarize various attributes of our investments in available-for-sale RMBS as of March 31, 2022 and December 31, 2021 (amounts in thousands): Unrealized Gains or (Losses) Amortized Credit Net Gross Gross Net Fair Value March 31, 2022 RMBS $ 98,737 $ — $ 98,737 $ 35,708 $ (39) $ 35,669 $ 134,406 December 31, 2021 RMBS $ 103,027 $ — $ 103,027 $ 41,052 $ (99) $ 40,953 $ 143,980 Weighted Average Coupon (1) WAL March 31, 2022 RMBS 1.5 % 5.5 ______________________________________________________________________________________________________________________ (1) Calculated using the March 31, 2022 one-month LIBOR rate of 0.452% for floating rate securities. (2) Represents the remaining WAL of each respective group of securities as of the balance sheet date. The WAL of each individual security is calculated using projected amounts and projected timing of future principal payments. As of March 31, 2022, approximately $118.1 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 $0.3 million for both the three months ended March 31, 2022 and 2021, recorded as management fees in the accompanying condensed consolidated statements of operations. The following table presents the gross unrealized losses and estimated fair value of any available-for-sale securities that were in an unrealized loss position as of March 31, 2022 and December 31, 2021, 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 March 31, 2022 RMBS $ 3,769 $ — $ (39) $ — As of December 31, 2021 RMBS $ 2,478 $ — $ (99) $ — As of March 31, 2022 and December 31, 2021, there were four securities and one security, respectively, with unrealized losses reflected in the table above. After evaluating the securities and recording adjustments for credit losses, we concluded that the remaining unrealized losses reflected above were noncredit-related and would be recovered from the securities’ estimated future cash flows. We considered a number of factors in reaching this conclusion, including that we did not intend to sell the securities, it was not considered more likely than not that we would be forced to sell the securities prior to recovering our amortized cost, and there were no material credit events that would have caused us to otherwise conclude that we would not recover our cost. Credit losses are calculated by comparing (i) the estimated future cash flows of each security discounted at the yield determined as of the initial acquisition date or, if since revised, as of the last date previously revised, to (ii) our net amortized cost basis. Significant judgment is used in projecting cash flows for our non-agency RMBS. As a result, actual income and/or credit losses could be materially different from what is currently projected and/or reported. CMBS and RMBS, Fair Value Option As discussed in the “Fair Value Option” section of Note 2 herein, we elect the fair value option for certain CMBS and RMBS in an effort to eliminate accounting mismatches resulting from the current or potential consolidation of securitization VIEs. As of March 31, 2022, 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 March 31, 2022, 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 $311.3 million and $179.9 million, respectively. The $1.6 billion total fair value balance of CMBS and RMBS represents our economic interests in these assets. However, as a result of our consolidation of securitization VIEs, the vast majority of this fair value (all except $21.9 million at March 31, 2022) is eliminated against VIE liabilities before arriving at our GAAP balance for fair value option investment securities. As of March 31, 2022, $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 March 31, 2022 and December 31, 2021 (amounts in thousands): Amortized Credit Loss Net Carrying Gross Unrealized Gross Unrealized Fair Value March 31, 2022 CMBS $ 533,372 $ (228) $ 533,144 $ — $ (25,218) $ 507,926 Preferred interests 119,136 (172) 118,964 353 (2,921) 116,396 Infrastructure bonds 52,183 (2,985) 49,198 526 (47) 49,677 Total $ 704,691 $ (3,385) $ 701,306 $ 879 $ (28,186) $ 673,999 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 The following table presents the activity in our credit loss allowance for HTM debt securities (amounts in thousands): CMBS Preferred Infrastructure Total HTM Three Months Ended March 31, 2022 Credit loss allowance at December 31, 2021 $ 3,140 $ 2,562 $ 2,908 $ 8,610 Credit loss provision (reversal), net (2,912) (2,390) 77 (5,225) Credit loss allowance at March 31, 2022 $ 228 $ 172 $ 2,985 $ 3,385 The table below summarizes the maturities of our HTM debt securities by type as of March 31, 2022 (amounts in thousands): CMBS Preferred Infrastructure Total Less than one year $ 313,993 $ 91,394 $ — $ 405,387 One to three years 25,303 27,570 — 52,873 Three to five years 193,848 — 18,602 212,450 Thereafter — — 30,596 30,596 Total $ 533,144 $ 118,964 $ 49,198 $ 701,306 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 as of both March 31, 2022 and December 31, 2021. As of March 31, 2022, our shares represent an approximate 2% interest in SEREF.

Properties

Properties	3 Months Ended
	Mar. 31, 2022
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 $762.6 million and debt of $594.9 million as of March 31, 2022. 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 $193.1 million as of March 31, 2022. Investing and Servicing Segment Property Portfolio The REIS Equity Portfolio is comprised of 12 commercial real estate properties and one equity interest in an unconsolidated commercial real estate property which were acquired from CMBS trusts during the previous six years. The REIS Equity Portfolio includes total gross properties and lease intangibles of $198.6 million and debt of $138.6 million as of March 31, 2022. Woodstar Portfolios Refer to Note 7 for a discussion of our Woodstar I and Woodstar II Portfolios which are not included in the table below. The table below summarizes our properties held as of March 31, 2022 and December 31, 2021 (dollars in thousands): Depreciable Life March 31, 2022 December 31, 2021 Property Segment Land and land improvements 0 - 15 years $ 175,835 $ 175,810 Buildings and building improvements 0 - 45 years 851,129 851,274 Furniture & fixtures 3 - 5 years 260 260 Investing and Servicing Segment Land and land improvements 0 - 15 years 36,905 41,771 Buildings and building improvements 3 - 40 years 132,023 149,399 Furniture & fixtures 2 - 5 years 3,166 3,143 Commercial and Residential Lending Segment (1) Land and land improvements N/A 813 9,691 Buildings and building improvements N/A — 12,408 Construction in progress N/A 104,088 104,088 Properties, cost 1,304,219 1,347,844 Less: accumulated depreciation (181,862) (181,457) Properties, net $ 1,122,357 $ 1,166,387 ______________________________________________________________________________________________________________________ (1) Represents properties acquired through loan foreclosure.

Investments of Consolidated Aff

Investments of Consolidated Affordable Housing Fund	3 Months Ended
	Mar. 31, 2022
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. 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 $1.3 billion and debt at fair value of $735.6 million as of March 31, 2022. 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 $1.2 billion and debt at fair value of $500.4 million as of March 31, 2022. Income from the Woodstar Fund’s investments reflects the following components for the three months ended March 31, 2022 (in thousands): For the Three Months Ended March 31, 2022 Distributions from affordable housing fund investments $ 10,190 Unrealized change in fair value of investments 223,851 Income from affordable housing fund investments $ 234,041

Investment in Unconsolidated En

Investment in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 (dollars in thousands): Participation / Carrying value as of March 31, 2022 December 31, 2021 Equity method investments: Equity interest in a natural gas power plant 10% $ 26,600 $ 26,255 Investor entity which owns equity in an online real estate company 50% 5,249 5,206 Equity interest in and advances to a residential mortgage originator (2) N/A 18,351 20,327 Various 25% - 50% 12,806 12,528 63,006 64,316 Other equity investments: Equity interest in a servicing and advisory business 2% 12,955 12,955 Investment funds which own equity in a loan servicer and other real estate assets 4% - 6% 4,194 4,194 Investor entities which own equity interests in two entertainment and retail centers (3) 15% 7,320 7,320 Various 1% - 3% 1,775 1,312 26,244 25,781 $ 89,250 $ 90,097 ______________________________________________________________________________________________________________________ (1) None of these investments are publicly traded and therefore quoted market prices are not available. (2) Includes a $4.5 million subordinated loan as of both March 31, 2022 and December 31, 2021. (3) In March 2021, we obtained equity interests in two investor entities that own interests in two entertainment and retail centers in satisfaction of $7.3 million principal amount of a commercial loan. The interests were obtained in order to facilitate repayment of a portion of that loan for which these interests represented underlying collateral. The interests are entitled to preferred treatment in the distribution waterfall and are intended to repay us the $7.3 million principal amount of the loan plus interest. See further discussion in Note 4. As of March 31, 2022, the carrying value of our equity investment in a residential mortgage originator exceeded the underlying equity in net assets of such investee by $1.6 million. This difference is the result of the Company recording its investment in the investee at its acquisition date fair value, which included certain non-amortizing intangible assets not recognized by the investee. Should the Company determine these intangible assets held by the investee are impaired, the Company will recognize such impairment loss through earnings from unconsolidated entities in our consolidated statement of operations, otherwise, such difference between the carrying value of our equity investment in the residential mortgage originator and the underlying equity in the net assets of the residential mortgage originator will continue to exist. Other than our equity interest in the residential mortgage originator, there were no differences between the carrying value of our equity method investments and the underlying equity in the net assets of the investees as of March 31, 2022. During the three months ended March 31, 2022, we did not become aware of (i) any observable price changes in our other equity investments accounted for under the fair value practicability election or (ii) any indicators of impairment.

Goodwill and Intangibles

Goodwill and Intangibles	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangibles	Goodwill and Intangibles Goodwill Goodwill is tested for impairment annually in the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Infrastructure Lending Segment The Infrastructure Lending Segment’s goodwill of $119.4 million at both March 31, 2022 and December 31, 2021 represents the excess of consideration transferred over the fair value of net assets acquired on September 19, 2018 and October 15, 2018. The goodwill recognized is attributable to value embedded in the acquired Infrastructure Lending Segment’s lending platform. LNR Property LLC (“LNR”) The Investing and Servicing Segment’s goodwill of $140.4 million at both March 31, 2022 and December 31, 2021 represents the excess of consideration transferred over the fair value of net assets of LNR acquired on April 19, 2013. The goodwill recognized is attributable to value embedded in LNR’s existing platform, which includes a network of commercial real estate asset managers, work-out specialists, underwriters and administrative support professionals as well as proprietary historical performance data on commercial real estate assets. Intangible Assets Servicing Rights Intangibles In connection with the LNR acquisition, we identified domestic servicing rights that existed at the purchase date, based upon the expected future cash flows of the associated servicing contracts. As of March 31, 2022 and December 31, 2021, the balance of the domestic servicing intangible was net of $40.8 million and $42.1 million, respectively, which was eliminated in consolidation pursuant to ASC 810 against VIE assets in connection with our consolidation of securitization VIEs. Before VIE consolidation, as of March 31, 2022 and December 31, 2021, the domestic servicing intangible had a balance of $58.7 million and $58.9 million, respectively, which represents our economic interest in this asset. Lease Intangibles In connection with our acquisitions of commercial real estate, we recognized in-place lease intangible assets and favorable lease intangible assets associated with certain non-cancelable operating leases of the acquired properties. The following table summarizes our intangible assets, which are comprised of servicing rights intangibles and lease intangibles, as of March 31, 2022 and December 31, 2021 (amounts in thousands): As of March 31, 2022 As of December 31, 2021 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Domestic servicing rights, at fair value $ 17,864 $ — $ 17,864 $ 16,780 $ — $ 16,780 In-place lease intangible assets 88,886 (59,040) 29,846 94,712 (62,721) 31,991 Favorable lease intangible assets 23,241 (8,803) 14,438 23,746 (8,953) 14,793 Total net intangible assets $ 129,991 $ (67,843) $ 62,148 $ 135,238 $ (71,674) $ 63,564 The following table summarizes the activity within intangible assets for the three months ended March 31, 2022 (amounts in thousands): Domestic In-place Lease Favorable Lease Total Balance as of January 1, 2022 $ 16,780 $ 31,991 $ 14,793 $ 63,564 Amortization — (1,601) (313) (1,914) Impairment (1) — (43) (4) (47) Sales — (501) (38) (539) Changes in fair value due to changes in inputs and assumptions 1,084 — — 1,084 Balance as of March 31, 2022 $ 17,864 $ 29,846 $ 14,438 $ 62,148 _________________________________________________ (1) Impairment of intangible lease assets is recognized within other expense in our condensed consolidated statement of operations. 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 (remainder of) $ 5,190 2023 5,971 2024 4,650 2025 3,775 2026 2,754 Thereafter 21,944 Total $ 44,284

Secured Borrowings

Secured Borrowings	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 (dollars in thousands): Outstanding Balance at Current Extended Weighted Average Pledged Asset Maximum March 31, 2022 December 31, 2021 Repurchase Agreements: Commercial Loans Aug 2022 to Jul 2026 (b) Jun 2025 to Dec 2030 (b) Index + 1.98% (c) $ 9,013,669 $ 11,572,553 (d) $ 6,121,160 $ 6,556,438 Residential Loans Feb 2023 to Dec 2023 N/A Index + 1.93% 1,965,289 2,850,000 1,594,785 1,744,225 Infrastructure Loans Sep 2024 Sep 2026 LIBOR + 2.00% 310,044 650,000 256,044 379,095 Conduit Loans Feb 2023 to Jun 2024 Feb 2024 to Jun 2025 Index + 2.04% 333,827 650,000 260,177 174,130 CMBS/RMBS Dec 2022 to May 2031 (e) Mar 2023 to Nov 2031 (e) (f) 1,213,883 827,204 688,316 (g) 688,146 Total Repurchase Agreements 12,836,712 16,549,757 8,920,482 9,542,034 Other Secured Financing: Borrowing Base Facility Nov 2024 Oct 2026 SOFR + 2.11% 193,173 750,000 (h) 100,742 213,478 Commercial Financing Facilities Dec 2023 to Jan 2025 Jan 2027 to Dec 2030 Index + 1.66% 255,131 241,981 207,051 167,476 Residential Financing Facility Mar 2024 Mar 2027 2.45% 386,635 500,000 22,948 102,018 Infrastructure Financing Facilities Jul 2022 to Oct 2022 Oct 2024 to Jul 2027 Index + 2.03% 820,121 1,250,000 653,312 855,646 Property Mortgages - Fixed rate Nov 2024 to Sep 2029 (i) N/A 4.35% 387,022 272,321 272,321 272,522 Property Mortgages - Variable rate Nov 2022 to Dec 2025 N/A (j) 655,967 654,900 640,541 712,493 Term Loan and Revolver (k) N/A (k) N/A (k) 936,756 786,756 788,753 Total Other Secured Financing 2,698,049 4,605,958 2,683,671 3,112,386 $ 15,534,761 $ 21,155,715 11,604,153 12,654,420 Unamortized net discount (12,862) (13,350) Unamortized deferred financing costs (59,720) (64,220) $ 11,531,571 $ 12,576,850 ______________________________________________________________________________________________________________________ (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 March 31, 2022 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 $10.7 billion may be increased to $11.6 billion, subject to certain conditions. The $11.6 billion amount includes such upsizes. (e) Certain facilities with an outstanding balance of $284.1 million as of March 31, 2022 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 $240.5 million as of March 31, 2022 has a weighted average fixed annual interest rate of 3.20%. All other facilities are variable rate with a weighted average rate of Index + 1.89%. (g) Includes: (i) $240.5 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $38.8 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 15). (h) The maximum facility size as of March 31, 2022 of $650.0 million is scheduled to decline to $450.0 million as of December 31, 2022 and may be increased to $750.0 million, subject to certain conditions. (i) The weighted average maturity is 5.3 years as of March 31, 2022. (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 Index + 2.35%. (k) Consists of: (i) a $786.8 million term loan facility that matures in July 2026, of which $390.0 million has an annual interest rate of LIBOR + 2.50% and $396.8 million 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 $4.8 billion as of March 31, 2022. The above table no longer reflects property mortgages of the Woodstar Portfolios which, as discussed in Notes 2 and 7, are now reflected within “Investments of consolidated affordable housing fund” on our condensed consolidated balance sheets. In the normal course of business, the Company is in discussions with its lenders to extend, amend or replace any financing facilities which contain near term expirations. In March 2022, we amended a Residential Loans credit facility to increase the available borrowings to $500.0 million from $250.0 million and extend the initial maturity for 18 months to March 2024 with a three-year extension option. The margin call provisions under this facility do not permit valuation adjustments based on capital market events and are limited to collateral-specific credit marks. Our secured financing agreements contain certain financial tests and covenants. As of March 31, 2022, 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 12% of these pertain to our loans held-for-sale, for which we manage credit risk through the purchase of credit instruments. We further seek to manage risks associated with our repurchase agreements by matching the maturities and interest rate characteristics of our loans with the related repurchase agreement. For the three months ended March 31, 2022 and 2021, approximately $9.6 million and $9.5 million, respectively, of amortization of deferred financing costs from secured financing agreements was included in interest expense on our condensed consolidated statements of operations. As of March 31, 2022, 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 $666.8 million and $659.8 million, respectively. The weighted average extended maturities of those repurchase agreements were 3.5 and 3.6 years, respectively. Collateralized Loan Obligations and Single Asset Securitization Commercial and Residential Lending Segment In February 2022, we refinanced a pool of our commercial loans held-for-investment through a CLO, STWD 2022-FL3. On the closing date, the CLO issued $1.0 billion of notes and preferred shares, of which $842.5 million of notes were purchased by third party investors. We retained $82.5 million of notes along with preferred shares with a liquidation preference of $75.0 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 for a period of two years. The reinvestment feature was not utilized during the three months ended March 31, 2022. 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 three months ended March 31, 2022, we utilized the reinvestment feature, contributing $87.0 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 quarter, the reinvestment period expired, and we repaid CLO debt in the amount of $71.1 million. Infrastructure Lending Segment In January 2022, we refinanced a pool of our infrastructure loans held-for-investment through a CLO, STWD 2021-SIF2. On the closing date, the CLO issued $500.0 million of notes and preferred shares, of which $410.0 million of notes were 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 for a period of three years. During the three months ended March 31, 2022, we utilized the reinvestment feature, contributing $63.1 million of additional interests into the CLO. 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 were 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 three months ended March 31, 2022, we utilized the reinvestment feature, contributing $25.2 million of additional interests into the CLO. The following table is a summary of our CLOs and our SASB as of March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 Count Face Carrying Weighted Maturity STWD 2022-FL3 Collateral assets 24 $ 1,000,000 $ 1,011,426 LIBOR + 3.61% (a) January 2026 (b) Financing 1 842,500 844,461 SOFR + 1.91% (c) November 2038 (d) STWD 2021-HTS Collateral assets 1 230,000 230,609 LIBOR + 3.89% (a) April 2026 (b) Financing 1 210,091 208,283 LIBOR + 2.69% (c) April 2034 (d) STWD 2021-FL2 Collateral assets 25 1,276,181 1,280,262 LIBOR + 4.19% (a) April 2025 (b) Financing 1 1,077,375 1,070,369 LIBOR + 1.78% (c) April 2038 (d) STWD 2019-FL1 Collateral assets 19 999,432 1,031,438 LIBOR + 4.08% (a) January 2025 (b) Financing 1 865,225 862,524 SOFR + 1.64% (c) July 2038 (d) STWD 2021-SIF2 Collateral assets 34 482,796 504,479 LIBOR + 3.72% (a) December 2026 (b) Financing 1 410,000 406,581 SOFR + 2.11% (c) January 2033 (d) STWD 2021-SIF1 Collateral assets 32 483,243 506,443 Index + 3.91% (a) June 2026 (b) Financing 1 410,000 405,677 LIBOR + 2.16% (c) April 2032 (d) Total Collateral assets $ 4,471,652 $ 4,564,657 Financing $ 3,815,191 $ 3,797,895 December 31, 2021 Count Face Carrying Weighted Maturity 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) 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 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-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) Total Collateral assets $ 3,086,319 $ 3,120,444 Financing $ 2,633,841 $ 2,616,116 ______________________________________________________________________________________________________________________________ (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 March 31, 2022, 7% earned fixed-rate weighted average interest of 7.55%. Of the loans financed by the STWD 2021-SIF2 CLO as of March 31, 2022, 3% earned fixed-rate weighted average interest of 7.75%. Of the loans financed by the STWD 2021-SIF1 CLO as of March 31, 2022, 3% earned fixed-rate weighted average interest of 5.88%. (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 $37.8 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 three months ended March 31, 2022 and 2021, approximately $2.4 million and $0.6 million, respectively, of amortization of deferred financing costs was included in interest expense on our condensed consolidated statements of operations. As of March 31, 2022 and December 31, 2021, our unamortized issuance costs were $26.2 million and $17.7 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 15 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 (remainder of) $ 610,746 $ 55,197 $ 151,048 $ 816,991 2023 1,847,990 732,451 652,409 3,232,850 2024 1,279,084 238,653 444,452 1,962,189 2025 2,878,826 138,669 705,374 3,722,869 2026 1,591,498 1,035,301 1,731,283 4,358,082 Thereafter 712,338 483,400 130,625 1,326,363 Total $ 8,920,482 $ 2,683,671 $ 3,815,191 $ 15,419,344 ______________________________________________________________________________________________________________________ (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 March 31, 2022 and December 31, 2021 (dollars in thousands): Coupon Effective Maturity Remaining Carrying Value at March 31, 2022 December 31, 2021 2023 Senior Notes 5.50 % 5.71 % 11/1/2023 1.6 years 300,000 300,000 2023 Convertible Notes 4.38 % 4.57 % 4/1/2023 1.0 years 250,000 250,000 2024 Senior Notes 3.75 % 3.94 % 12/31/2024 2.8 years 400,000 400,000 2025 Senior Notes 4.75 % (2) 5.04 % 3/15/2025 3.0 years 500,000 500,000 2026 Senior Notes 3.63 % 3.77 % 7/15/2026 4.3 years 400,000 400,000 2027 Senior Notes 4.38 % (3) 4.49 % 1/15/2027 4.8 years 500,000 — Total principal amount 2,350,000 1,850,000 Unamortized discount—Convertible Notes (465) (578) Unamortized discount—Senior Notes (11,727) (10,067) Unamortized deferred financing costs (15,178) (10,765) Total carrying amount $ 2,322,630 $ 1,828,590 ______________________________________________________________________________________________________________________ (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%. (3) The coupon on the 2027 Senior Notes is 4.375%. At closing, we swapped the notes to a floating rate of SOFR + 2.95%. Our unsecured senior notes contain certain financial tests and covenants. As of March 31, 2022, we were in compliance with all such covenants. Senior Notes On January 25, 2022, we issued $500.0 million of 4.375% Senior Notes due 2027 (the “2027 Senior Notes”). The 2027 Senior Notes mature on January 15, 2027. Prior to July 15, 2026, we may redeem some or all of the 2027 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 July 15, 2026, we may redeem some or all of the 2027 Senior Notes at a price equal to 100% of the principal amount thereof. In addition, prior to July 15, 2025, we may redeem up to 40% of the 2027 Senior Notes at the applicable redemption price using the proceeds of certain equity offerings. Convertible Senior Notes On March 29, 2017, we issued $250.0 million of 4.375% Convertible Senior Notes due 2023 (the “2023 Convertible Notes”) which remain outstanding at March 31, 2022 and mature on April 1, 2023. For both the three months ended March 31, 2022 and 2021, we recognized interest expense of $2.9 million from our Convertible Notes. The following table details the conversion attributes of our Convertible Notes outstanding as of March 31, 2022 (amounts in thousands, except rates): March 31, 2022 Conversion Conversion Rate (1) Price (2) 2023 Convertible Notes 38.5959 $ 25.91 ______________________________________________________________________________________________________________________ (1) The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount of 2023 Convertible Notes converted, as adjusted in accordance with the indenture governing the 2023 Convertible Notes (including the applicable supplemental indenture). (2) As of March 31, 2022, the market price of the Company’s common stock was $24.17. The if-converted value of the 2023 Convertible Notes was less than their principal amount by $16.8 million at March 31, 2022 as the closing market price of the Company’s common stock of $24.17 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 $233.2 million as of March 31, 2022. As of March 31, 2022, the net carrying amount and fair value of the 2023 Convertible Notes was $249.3 million and $252.4 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 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	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 (dollars in thousands): Outstanding Balance at Current Extended Weighted Average Pledged Asset Maximum March 31, 2022 December 31, 2021 Repurchase Agreements: Commercial Loans Aug 2022 to Jul 2026 (b) Jun 2025 to Dec 2030 (b) Index + 1.98% (c) $ 9,013,669 $ 11,572,553 (d) $ 6,121,160 $ 6,556,438 Residential Loans Feb 2023 to Dec 2023 N/A Index + 1.93% 1,965,289 2,850,000 1,594,785 1,744,225 Infrastructure Loans Sep 2024 Sep 2026 LIBOR + 2.00% 310,044 650,000 256,044 379,095 Conduit Loans Feb 2023 to Jun 2024 Feb 2024 to Jun 2025 Index + 2.04% 333,827 650,000 260,177 174,130 CMBS/RMBS Dec 2022 to May 2031 (e) Mar 2023 to Nov 2031 (e) (f) 1,213,883 827,204 688,316 (g) 688,146 Total Repurchase Agreements 12,836,712 16,549,757 8,920,482 9,542,034 Other Secured Financing: Borrowing Base Facility Nov 2024 Oct 2026 SOFR + 2.11% 193,173 750,000 (h) 100,742 213,478 Commercial Financing Facilities Dec 2023 to Jan 2025 Jan 2027 to Dec 2030 Index + 1.66% 255,131 241,981 207,051 167,476 Residential Financing Facility Mar 2024 Mar 2027 2.45% 386,635 500,000 22,948 102,018 Infrastructure Financing Facilities Jul 2022 to Oct 2022 Oct 2024 to Jul 2027 Index + 2.03% 820,121 1,250,000 653,312 855,646 Property Mortgages - Fixed rate Nov 2024 to Sep 2029 (i) N/A 4.35% 387,022 272,321 272,321 272,522 Property Mortgages - Variable rate Nov 2022 to Dec 2025 N/A (j) 655,967 654,900 640,541 712,493 Term Loan and Revolver (k) N/A (k) N/A (k) 936,756 786,756 788,753 Total Other Secured Financing 2,698,049 4,605,958 2,683,671 3,112,386 $ 15,534,761 $ 21,155,715 11,604,153 12,654,420 Unamortized net discount (12,862) (13,350) Unamortized deferred financing costs (59,720) (64,220) $ 11,531,571 $ 12,576,850 ______________________________________________________________________________________________________________________ (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 March 31, 2022 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 $10.7 billion may be increased to $11.6 billion, subject to certain conditions. The $11.6 billion amount includes such upsizes. (e) Certain facilities with an outstanding balance of $284.1 million as of March 31, 2022 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 $240.5 million as of March 31, 2022 has a weighted average fixed annual interest rate of 3.20%. All other facilities are variable rate with a weighted average rate of Index + 1.89%. (g) Includes: (i) $240.5 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $38.8 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 15). (h) The maximum facility size as of March 31, 2022 of $650.0 million is scheduled to decline to $450.0 million as of December 31, 2022 and may be increased to $750.0 million, subject to certain conditions. (i) The weighted average maturity is 5.3 years as of March 31, 2022. (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 Index + 2.35%. (k) Consists of: (i) a $786.8 million term loan facility that matures in July 2026, of which $390.0 million has an annual interest rate of LIBOR + 2.50% and $396.8 million 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 $4.8 billion as of March 31, 2022. The above table no longer reflects property mortgages of the Woodstar Portfolios which, as discussed in Notes 2 and 7, are now reflected within “Investments of consolidated affordable housing fund” on our condensed consolidated balance sheets. In the normal course of business, the Company is in discussions with its lenders to extend, amend or replace any financing facilities which contain near term expirations. In March 2022, we amended a Residential Loans credit facility to increase the available borrowings to $500.0 million from $250.0 million and extend the initial maturity for 18 months to March 2024 with a three-year extension option. The margin call provisions under this facility do not permit valuation adjustments based on capital market events and are limited to collateral-specific credit marks. Our secured financing agreements contain certain financial tests and covenants. As of March 31, 2022, 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 12% of these pertain to our loans held-for-sale, for which we manage credit risk through the purchase of credit instruments. We further seek to manage risks associated with our repurchase agreements by matching the maturities and interest rate characteristics of our loans with the related repurchase agreement. For the three months ended March 31, 2022 and 2021, approximately $9.6 million and $9.5 million, respectively, of amortization of deferred financing costs from secured financing agreements was included in interest expense on our condensed consolidated statements of operations. As of March 31, 2022, 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 $666.8 million and $659.8 million, respectively. The weighted average extended maturities of those repurchase agreements were 3.5 and 3.6 years, respectively. Collateralized Loan Obligations and Single Asset Securitization Commercial and Residential Lending Segment In February 2022, we refinanced a pool of our commercial loans held-for-investment through a CLO, STWD 2022-FL3. On the closing date, the CLO issued $1.0 billion of notes and preferred shares, of which $842.5 million of notes were purchased by third party investors. We retained $82.5 million of notes along with preferred shares with a liquidation preference of $75.0 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 for a period of two years. The reinvestment feature was not utilized during the three months ended March 31, 2022. 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 three months ended March 31, 2022, we utilized the reinvestment feature, contributing $87.0 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 quarter, the reinvestment period expired, and we repaid CLO debt in the amount of $71.1 million. Infrastructure Lending Segment In January 2022, we refinanced a pool of our infrastructure loans held-for-investment through a CLO, STWD 2021-SIF2. On the closing date, the CLO issued $500.0 million of notes and preferred shares, of which $410.0 million of notes were 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 for a period of three years. During the three months ended March 31, 2022, we utilized the reinvestment feature, contributing $63.1 million of additional interests into the CLO. 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 were 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 three months ended March 31, 2022, we utilized the reinvestment feature, contributing $25.2 million of additional interests into the CLO. The following table is a summary of our CLOs and our SASB as of March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 Count Face Carrying Weighted Maturity STWD 2022-FL3 Collateral assets 24 $ 1,000,000 $ 1,011,426 LIBOR + 3.61% (a) January 2026 (b) Financing 1 842,500 844,461 SOFR + 1.91% (c) November 2038 (d) STWD 2021-HTS Collateral assets 1 230,000 230,609 LIBOR + 3.89% (a) April 2026 (b) Financing 1 210,091 208,283 LIBOR + 2.69% (c) April 2034 (d) STWD 2021-FL2 Collateral assets 25 1,276,181 1,280,262 LIBOR + 4.19% (a) April 2025 (b) Financing 1 1,077,375 1,070,369 LIBOR + 1.78% (c) April 2038 (d) STWD 2019-FL1 Collateral assets 19 999,432 1,031,438 LIBOR + 4.08% (a) January 2025 (b) Financing 1 865,225 862,524 SOFR + 1.64% (c) July 2038 (d) STWD 2021-SIF2 Collateral assets 34 482,796 504,479 LIBOR + 3.72% (a) December 2026 (b) Financing 1 410,000 406,581 SOFR + 2.11% (c) January 2033 (d) STWD 2021-SIF1 Collateral assets 32 483,243 506,443 Index + 3.91% (a) June 2026 (b) Financing 1 410,000 405,677 LIBOR + 2.16% (c) April 2032 (d) Total Collateral assets $ 4,471,652 $ 4,564,657 Financing $ 3,815,191 $ 3,797,895 December 31, 2021 Count Face Carrying Weighted Maturity 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) 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 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-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) Total Collateral assets $ 3,086,319 $ 3,120,444 Financing $ 2,633,841 $ 2,616,116 ______________________________________________________________________________________________________________________________ (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 March 31, 2022, 7% earned fixed-rate weighted average interest of 7.55%. Of the loans financed by the STWD 2021-SIF2 CLO as of March 31, 2022, 3% earned fixed-rate weighted average interest of 7.75%. Of the loans financed by the STWD 2021-SIF1 CLO as of March 31, 2022, 3% earned fixed-rate weighted average interest of 5.88%. (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 $37.8 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 three months ended March 31, 2022 and 2021, approximately $2.4 million and $0.6 million, respectively, of amortization of deferred financing costs was included in interest expense on our condensed consolidated statements of operations. As of March 31, 2022 and December 31, 2021, our unamortized issuance costs were $26.2 million and $17.7 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 15 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 (remainder of) $ 610,746 $ 55,197 $ 151,048 $ 816,991 2023 1,847,990 732,451 652,409 3,232,850 2024 1,279,084 238,653 444,452 1,962,189 2025 2,878,826 138,669 705,374 3,722,869 2026 1,591,498 1,035,301 1,731,283 4,358,082 Thereafter 712,338 483,400 130,625 1,326,363 Total $ 8,920,482 $ 2,683,671 $ 3,815,191 $ 15,419,344 ______________________________________________________________________________________________________________________ (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 March 31, 2022 and December 31, 2021 (dollars in thousands): Coupon Effective Maturity Remaining Carrying Value at March 31, 2022 December 31, 2021 2023 Senior Notes 5.50 % 5.71 % 11/1/2023 1.6 years 300,000 300,000 2023 Convertible Notes 4.38 % 4.57 % 4/1/2023 1.0 years 250,000 250,000 2024 Senior Notes 3.75 % 3.94 % 12/31/2024 2.8 years 400,000 400,000 2025 Senior Notes 4.75 % (2) 5.04 % 3/15/2025 3.0 years 500,000 500,000 2026 Senior Notes 3.63 % 3.77 % 7/15/2026 4.3 years 400,000 400,000 2027 Senior Notes 4.38 % (3) 4.49 % 1/15/2027 4.8 years 500,000 — Total principal amount 2,350,000 1,850,000 Unamortized discount—Convertible Notes (465) (578) Unamortized discount—Senior Notes (11,727) (10,067) Unamortized deferred financing costs (15,178) (10,765) Total carrying amount $ 2,322,630 $ 1,828,590 ______________________________________________________________________________________________________________________ (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%. (3) The coupon on the 2027 Senior Notes is 4.375%. At closing, we swapped the notes to a floating rate of SOFR + 2.95%. Our unsecured senior notes contain certain financial tests and covenants. As of March 31, 2022, we were in compliance with all such covenants. Senior Notes On January 25, 2022, we issued $500.0 million of 4.375% Senior Notes due 2027 (the “2027 Senior Notes”). The 2027 Senior Notes mature on January 15, 2027. Prior to July 15, 2026, we may redeem some or all of the 2027 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 July 15, 2026, we may redeem some or all of the 2027 Senior Notes at a price equal to 100% of the principal amount thereof. In addition, prior to July 15, 2025, we may redeem up to 40% of the 2027 Senior Notes at the applicable redemption price using the proceeds of certain equity offerings. Convertible Senior Notes On March 29, 2017, we issued $250.0 million of 4.375% Convertible Senior Notes due 2023 (the “2023 Convertible Notes”) which remain outstanding at March 31, 2022 and mature on April 1, 2023. For both the three months ended March 31, 2022 and 2021, we recognized interest expense of $2.9 million from our Convertible Notes. The following table details the conversion attributes of our Convertible Notes outstanding as of March 31, 2022 (amounts in thousands, except rates): March 31, 2022 Conversion Conversion Rate (1) Price (2) 2023 Convertible Notes 38.5959 $ 25.91 ______________________________________________________________________________________________________________________ (1) The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount of 2023 Convertible Notes converted, as adjusted in accordance with the indenture governing the 2023 Convertible Notes (including the applicable supplemental indenture). (2) As of March 31, 2022, the market price of the Company’s common stock was $24.17. The if-converted value of the 2023 Convertible Notes was less than their principal amount by $16.8 million at March 31, 2022 as the closing market price of the Company’s common stock of $24.17 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 $233.2 million as of March 31, 2022. As of March 31, 2022, the net carrying amount and fair value of the 2023 Convertible Notes was $249.3 million and $252.4 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 On or after October 1, 2022, holders of the 2023 Convertible Notes may convert each of their notes at the applicable conversion rate at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date.

Loan Securitization_Sale Activi

Loan Securitization/Sale Activities	3 Months Ended
	Mar. 31, 2022
Loan Securitization/Sale Activities
Loan Securitization/Sale Activities	Loan Securitization/Sale Activities As described below, we regularly sell loans and notes under various strategies. We evaluate such sales as to whether they meet the criteria for treatment as a sale—legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint and transfer of control. Loan Securitizations Within the Investing and Servicing Segment, we originate commercial mortgage loans with the intent to sell these mortgage loans to VIEs for the purposes of securitization. These VIEs then issue CMBS that are collateralized in part by these assets, as well as other assets transferred to the VIE by third parties. Within the Commercial and Residential Lending Segment, we acquire residential loans with the intent to sell these mortgage loans to VIEs for the purpose of securitization. These VIEs then issue RMBS that are collateralized by these assets. In certain instances, we retain an interest in the CMBS or RMBS VIE and serve as special servicer or servicing administrator for the VIE. In these circumstances, we generally consolidate the VIE into which the loans were sold. The securitizations are subject to optional redemption after a certain period of time or when the pool balance falls below a specified threshold. The following summarizes the face amount and proceeds of commercial and residential loans securitized for the three months ended March 31, 2022 and 2021 (amounts in thousands): Commercial Loans Residential Loans Face Amount Proceeds Face Amount Proceeds For the Three Months Ended March 31, 2022 $ 347,442 $ 342,067 $ 1,077,958 $ 1,100,284 2021 85,037 89,710 383,549 389,798 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 Residential Loans Face Amount (1) Proceeds (1) For the Three Months Ended March 31, 2022 $ 835,760 $ 836,116 2021 89,418 92,419 ______________________________________________________________________________________________________________________ (1) During the three months ended March 31, 2022, includes a sale of $745.0 million of agency-eligible residential loans at face amount which is subject to a post-closing contingent sales price adjustment based on the gain or loss to the purchaser/securitization underwriter, less underwriting costs, if those loans are sold into a future securitization. There were no sales of commercial loans within the Commercial and Residential Lending Segment during the three months ended March 31, 2022 and 2021. Infrastructure Loan Sales

Derivatives and Hedging Activit

Derivatives and Hedging Activity	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activity	Derivatives and Hedging Activity Risk Management Objective of Using Derivatives We are exposed to certain risks arising from both our business operations and economic conditions. Refer to Note 14 to the consolidated financial statements included in our Form 10-K for further discussion of our risk management objectives and policies. Designated Hedges The Company does not generally elect to apply the hedge accounting designation to its hedging instruments. As of March 31, 2022 and December 31, 2021, the Company did not have any designated hedges. Non-designated Hedges and Derivatives We have entered into the following types of non-designated hedges and derivatives: • Foreign exchange (“Fx”) forwards whereby we agree to buy or sell a specified amount of foreign currency for a specified amount of USD at a future date, economically fixing the USD amounts of foreign denominated cash flows we expect to receive or pay related to certain foreign denominated loan investments; • Interest rate contracts which hedge a portion of our exposure to changes in interest rates; • Credit instruments which hedge a portion of our exposure to the credit risk of our commercial loans held-for-sale; and • Interest rate swap guarantees whereby we guarantee the interest rate swap obligations of certain Infrastructure Lending borrowers. Our interest rate swap guarantees were assumed in connection with the acquisition of the Infrastructure Lending Segment. The following table summarizes our non-designated derivatives as of March 31, 2022 (notional amounts in thousands): Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Buy Euros ("EUR") 18 24,893 EUR May 2022 - June 2023 Fx contracts – Buy Pounds Sterling ("GBP") 11 9,980 GBP May 2022 - October 2024 Fx contracts – Buy Australian dollar ("AUD") 6 167,662 AUD April 2022 - August 2023 Fx contracts – Sell EUR 202 525,437 EUR April 2022 - November 2025 Fx contracts – Sell GBP 159 558,646 GBP April 2022 - April 2027 Fx contracts – Sell AUD 81 298,778 AUD April 2022 - January 2025 Interest rate swaps – Paying fixed rates 44 2,877,222 USD April 2024 - April 2032 Interest rate swaps – Receiving fixed rates 2 970,000 USD March 2025 - January 2027 Interest rate caps 7 702,000 USD October 2022 - April 2025 Interest rate caps 1 61,000 GBP April 2024 Credit instruments 4 84,000 USD December 2031 - August 2061 Interest rate swap guarantees 4 275,345 USD August 2022 - June 2025 Total 539 The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021 (amounts in thousands): Fair Value of Derivatives Fair Value of Derivatives March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Interest rate contracts $ 11,008 $ 17,728 $ 27,785 $ 16 Interest rate swap guarantees — — 100 260 Foreign exchange contracts 49,861 30,478 10,765 12,870 Credit instruments — 10 59 275 Total derivatives $ 60,869 $ 48,216 $ 38,709 $ 13,421 ___________________________________________________ (1) Classified as derivative assets in our condensed consolidated balance sheets. (2) Classified as derivative liabilities in our condensed consolidated balance sheets. The table below presents the effect of our derivative financial instruments on the condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021 (amounts in thousands): Derivatives Not Designated Location of Gain (Loss) Amount of Gain (Loss) Recognized in Income for the Three Months Ended March 31, 2022 2021 Interest rate contracts Gain (loss) on derivative financial instruments $ 102,933 $ 20,158 Interest rate swap guarantees Gain (loss) on derivative financial instruments 159 351 Foreign exchange contracts Gain (loss) on derivative financial instruments 24,142 13,602 Credit instruments Gain (loss) on derivative financial instruments 34 (122) $ 127,268 $ 33,989

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 Derivative assets $ 60,869 $ — $ 60,869 $ 28,657 $ — $ 32,212 Derivative liabilities $ 38,709 $ — $ 38,709 $ 28,657 $ 9,928 $ 124 Repurchase agreements 8,920,482 — 8,920,482 8,920,482 — — $ 8,959,191 $ — $ 8,959,191 $ 8,949,139 $ 9,928 $ 124 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

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2022
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 10, we have refinanced various pools of our commercial and infrastructure loans held-for-investment through five 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 March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Assets: Cash and cash equivalents $ 39,194 $ 15,297 Loans held-for-investment 4,449,994 3,073,572 Investment securities 29,132 11,426 Accrued interest receivable 12,187 8,936 Other assets 34,150 11,213 Total Assets $ 4,564,657 $ 3,120,444 Liabilities Accounts payable, accrued expenses and other liabilities $ 6,076 $ 3,335 Collateralized loan obligations and single asset securitization, net 3,797,895 2,616,116 Total Liabilities $ 3,803,971 $ 2,619,451 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 $1.3 billion, including its indirect investment in SPT Dolphin, and no significant liabilities as of March 31, 2022. As of March 31, 2022, Woodstar Feeder Fund, L.P. and its consolidated subsidiary which is also considered a VIE, Woodstar Feeder REIT, LLC, had a $0.4 billion investment in the Woodstar Fund, had no significant liabilities and had temporary equity of $0.3 billion consisting of the contingently redeemable non-controlling interests of the third party investors (see Note 17). 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 $341.4 million and liabilities of $79.6 million as of March 31, 2022. Refer to Note 17 for further discussion. In addition to the above non-securitization entities, we have smaller VIEs with total assets of $75.4 million and liabilities of $30.8 million as of March 31, 2022. 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 March 31, 2022, our maximum risk of loss related to securitization VIEs in which we were not the primary beneficiary was $21.9 million on a fair value basis. As of March 31, 2022, 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 $4.8 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	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions Management Agreement We are party to a management agreement (the “Management Agreement”) with our Manager. Under the Management Agreement, our Manager, subject to the oversight of our board of directors, is required to manage our day to day activities, for which our Manager receives a base management fee and is eligible for an incentive fee and stock awards. Our Manager’s personnel perform certain due diligence, legal, management and other services that outside professionals or consultants would otherwise perform. As such, in accordance with the terms of our Management Agreement, our Manager is paid or reimbursed for the documented costs of performing such tasks, provided that such costs and reimbursements are in amounts no greater than those which would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis. Refer to Note 17 to the consolidated financial statements included in our Form 10-K for further discussion of this agreement. Base Management Fee. For the three months ended March 31, 2022 and 2021, approximately $21.5 million and $19.2 million, respectively, was incurred for base management fees. As of March 31, 2022 and December 31, 2021, there were $21.5 million and $20.3 million, respectively, of unpaid base management fees included in related-party payable in our condensed consolidated balance sheets. Incentive Fee. For the three months ended March 31, 2022 and 2021, approximately $29.0 million and $13.1 million was incurred for incentive fees. As of March 31, 2022 and December 31, 2021, there were $29.3 million and $51.2 million of unpaid incentive fees included in related-party payable in our condensed consolidated balance sheets. Expense Reimbursement. For the three months ended March 31, 2022 and 2021, approximately $1.7 million and $1.5 million, respectively, was incurred for executive compensation and other reimbursable expenses and recognized within general and administrative expenses in our condensed consolidated statements of operations. As of March 31, 2022 and December 31, 2021, there were $5.8 million and $4.9 million, respectively, of unpaid reimbursable executive compensation and other expenses included in related-party payable in our condensed consolidated balance sheets. Equity Awards. In certain instances, we issue RSAs to certain employees of affiliates of our Manager who perform services for us. During the three months ended March 31, 2022 and 2021, we granted 200,972 and 981,951 RSAs, respectively, at grant date fair values of $4.8 million and $19.6 million, respectively. Expenses related to the vesting of awards to employees of affiliates of our Manager were $2.7 million and $2.4 million during the three months ended March 31, 2022 and 2021, respectively, and are reflected in general and administrative expenses in our condensed consolidated statements of operations. These shares generally vest over a three-year period. Manager Equity Plan In May 2017, the Company’s shareholders approved the Starwood Property Trust, Inc. 2017 Manager Equity Plan (the “2017 Manager Equity Plan”), which replaced the Starwood Property Trust, Inc. Manager Equity Plan (“Manager Equity Plan”). In 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 connection with these grants and prior similar grants, we recognized share-based compensation expense of $4.5 million and $5.9 million within management fees in our condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021, respectively. Refer to Note 17 for further discussion of these grants. Investments in Loans and Securities In March 2022, we originated a new loan on the development and recapitalization of luxury rental cabins with a total commitment of $200.0 million, of which $84.5 million was outstanding as of March 31, 2022. The loan bears interest at SOFR + 6.50% plus fees and contains a term of 24 months with three one-year extension options. The proceeds were partially used to repay an existing $99.0 million first mortgage loan that we originated in February 2020. Certain members of our executive team and board of directors own equity interests in the borrower. During the three months ended March 31, 2022, the Company acquired $623.9 million of loans from a residential mortgage originator in which it holds an equity interest. Additionally, as of March 31, 2022, the Company had outstanding residential mortgage loan purchase commitments of $306.7 million to this residential mortgage originator. Refer to Note 8 for further discussion. During the three months ended March 31, 2022, the Company received proceeds of $4.4 million from the sale of loans to the residential mortgage originator. 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 three months ended March 31, 2022, we made payments to the landlord of $1.8 million for reimbursements relating to tenant improvements under the terms of the lease. Other Related-Party Arrangements Highmark Residential (“Highmark”), an affiliate of our Manager, provides property management services for properties within our Woodstar I and Woodstar II Portfolios. Fees paid to Highmark are calculated as a percentage of gross receipts and are at market terms. During the three months ended March 31, 2022 and 2021, property management fees to Highmark of $1.4 million and $0.7 million, respectively, were recognized in our condensed consolidated statements of operations. Refer to Note 17 to the consolidated financial statements included in our Form 10-K for further discussion of related-party agreements.

Stockholders' Equity and Non-Co

Stockholders' Equity and Non-Controlling Interests	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity and Non-Controlling Interests	Stockholders’ Equity and Non-Controlling Interests During the three months ended March 31, 2022, our board of directors declared the following dividends: Declaration Date Record Date Ex-Dividend Date Payment Date Amount Frequency 3/14/22 3/31/22 3/30/22 4/15/22 $ 0.48 Quarterly During the three months ended March 31, 2022 and 2021, there were no shares issued under our At-The-Market Equity Offering Sales Agreement. During the three months ended March 31, 2022 and 2021, shares issued under the Starwood Property Trust, Inc. Dividend Reinvestment and Direct Stock Purchase Plan (the “DRIP Plan”) were not material. Equity Incentive Plans In May 2017, the Company’s shareholders approved the 2017 Manager Equity Plan and the Starwood Property Trust, Inc. 2017 Equity Plan (the “2017 Equity Plan”), which allow for the issuance of up to 11,000,000 stock options, stock appreciation rights, RSAs, RSUs or other equity-based awards or any combination thereof to the Manager, directors, employees, consultants or any other party providing services to the Company. The 2017 Manager Equity Plan succeeds and replaces the Manager Equity Plan and the 2017 Equity Plan succeeds and replaces the Starwood Property Trust, Inc. Equity Plan (the “Equity Plan”) and the Starwood Property Trust, Inc. Non-Executive Director Stock Plan (the “Non-Executive Director Stock Plan”). The table below summarizes our share awards granted or vested under the Manager Equity Plan and the 2017 Manager Equity Plan during the three months ended March 31, 2022 and 2021 (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 ______________________________________________________________________________________________________________________ (1) Of the amount granted, 218,898 vested immediately on the grant date and the remaining amount vests over a three-year period. Schedule of Non-Vested Shares and Share Equivalents 2017 2017 Total Weighted Average Balance as of January 1, 2022 2,406,730 1,295,277 3,702,007 $ 18.90 Granted 784,893 — 784,893 23.81 Vested (600,902) (231,759) (832,661) 17.73 Forfeited (3,689) — (3,689) 23.95 Balance as of March 31, 2022 2,587,032 1,063,518 3,650,550 20.21 As of March 31, 2022, there were 2.4 million shares of common stock available for future grants under the 2017 Manager Equity Plan and the 2017 Equity Plan. Non-Controlling Interests in Consolidated Subsidiaries 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 condensed consolidated balance sheets and represent the fair value of the Woodstar Fund’s net assets allocable to those interests. During the three months ended March 31, 2022, net income attributable to these non-controlling interests was $47.7 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. As of March 31, 2022, 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. There were 9.8 million Class A Units outstanding as of March 31, 2022. 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 as of March 31, 2022 and December 31, 2021. To the extent SPT Dolphin has sufficient cash available, the Class A Units earn a preferred return indexed to the dividend rate of the Company’s common stock. Any distributions made pursuant to this waterfall are recognized within net income attributable to non-controlling interests in our condensed consolidated statements of operations. During the three months ended March 31, 2022 and 2021, we recognized net income attributable to non-controlling interests of $4.7 million and $5.1 million, respectively, associated with these Class A Units.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2022
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 Three Months Ended 2022 2021 Basic Earnings Income attributable to STWD common stockholders $ 324,599 $ 111,378 Less: Income attributable to participating shares not already deducted as non-controlling interests (8,869) (1,925) Basic earnings $ 315,730 $ 109,453 Diluted Earnings Income attributable to STWD common stockholders $ 324,599 $ 111,378 Less: Income attributable to participating shares not already deducted as non-controlling interests (8,869) (1,925) Add: Interest expense on Convertible Notes 2,904 2,916 Add: Undistributed earnings to participating shares 7,342 — Less: Undistributed earnings reallocated to participating shares (7,109) — Diluted earnings $ 318,867 $ 112,369 Number of Shares: Basic — Average shares outstanding 302,944 283,319 Effect of dilutive securities — Convertible Notes 9,649 9,649 Effect of dilutive securities — Contingently issuable shares 605 263 Effect of dilutive securities — Unvested non-participating shares 131 — Diluted — Average shares outstanding 313,329 293,231 Earnings Per Share Attributable to STWD Common Stockholders: Basic $ 1.04 $ 0.39 Diluted $ 1.02 $ 0.38 As of March 31, 2022 and 2021, participating shares of 13.0 million and 14.6 million, respectively, were excluded from the computation of diluted shares as their effect was already considered under the more dilutive two-class method used above. Such participating shares at March 31, 2022 and 2021 included 9.8 million and 10.6 million potential shares, respectively, of our common stock issuable upon redemption of the Class A Units in SPT Dolphin, as discussed in Note 17.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income The changes in AOCI by component are as follows (amounts in thousands): Cumulative Foreign Total Three Months Ended March 31, 2022 Balance at January 1, 2022 $ 40,953 $ — $ 40,953 OCI before reclassifications — — — Amounts reclassified from AOCI (5,284) — (5,284) Net period OCI (5,284) — (5,284) Balance at March 31, 2022 $ 35,669 $ — $ 35,669 Three Months Ended March 31, 2021 Balance at January 1, 2021 $ 44,057 $ (64) $ 43,993 OCI before reclassifications (2,403) — (2,403) Amounts reclassified from AOCI — 64 64 Net period OCI (2,403) 64 (2,339) Balance at March 31, 2021 $ 41,654 $ — $ 41,654

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2022
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 was 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. Internal valuations at interim quarter ends are prepared by management. The valuation of properties is based on a direct income capitalization approach, whereby a direct capitalization market rate is applied to annualized in-place net operating income at the portfolio level. The direct capitalization rate is initially calibrated to the implied rate from the latest appraisal and adjusted for subsequent changes in current market capitalization rates for sales of comparable multifamily properties. The valuations of secured financing agreements, working capital and interest rate derivatives are consistent with the methodologies described in the paragraph above. 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 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 March 31, 2022 and December 31, 2021, 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 March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 Total Level I Level II Level III Financial Assets: Loans under fair value option $ 2,740,133 $ — $ 373,111 $ 2,367,022 RMBS 134,406 — — 134,406 CMBS 21,858 — — 21,858 Equity security 11,619 11,619 — — Woodstar Fund investments 1,264,160 — — 1,264,160 Domestic servicing rights 17,864 — — 17,864 Derivative assets 60,869 — 60,869 — VIE assets 57,763,543 — — 57,763,543 Total $ 62,014,452 $ 11,619 $ 433,980 $ 61,568,853 Financial Liabilities: Derivative liabilities $ 38,709 $ — $ 38,709 $ — VIE liabilities 56,185,937 — 50,706,649 5,479,288 Total $ 56,224,646 $ — $ 50,745,358 $ 5,479,288 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 The changes in financial assets and liabilities classified as Level III are as follows for the three months ended March 31, 2022 and 2021 (amounts in thousands): Three Months Ended March 31, 2022 Loans at RMBS CMBS Woodstar Fund Investments Domestic VIE Assets VIE Total January 1, 2022 balance $ 2,936,025 $ 143,980 $ 22,244 $ 1,040,309 $ 16,780 $ 61,280,543 $ (4,780,221) $ 60,659,660 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale (125,783) — (692) 223,851 1,084 (3,896,602) 474,911 (3,323,231) Net accretion — 2,605 — — — — — 2,605 Included in OCI — (5,284) — — — — — (5,284) Purchases / Originations 2,266,699 — — — — — — 2,266,699 Sales (2,278,467) — — — — — — (2,278,467) Cash repayments / receipts (58,434) (6,895) (224) — — — (410) (65,963) Transfers into Level III 93 — — — — — (203,880) (203,787) Transfers out of Level III (373,111) — — — — — 54,610 (318,501) Consolidation of VIEs — — — — — 1,109,614 (1,025,257) 84,357 Deconsolidation of VIEs balance — — 530 — — (730,012) 959 (728,523) March 31, 2022 balance $ 2,367,022 $ 134,406 $ 21,858 $ 1,264,160 $ 17,864 $ 57,763,543 $ (5,479,288) $ 56,089,565 Amount of unrealized gains (losses) attributable to assets still held at March 31, 2022: Included in earnings $ (82,883) $ 2,605 $ (162) $ 223,851 $ 1,084 $ (3,896,602) $ 474,911 $ (3,277,196) Included in OCI $ — $ (5,284) $ — $ — $ — $ — $ — $ (5,284) Three Months Ended March 31, 2021 Loans at RMBS CMBS Woodstar Fund Investments Domestic VIE Assets VIE Total January 1, 2021 balance $ 1,022,979 $ 167,349 $ 19,457 $ — $ 13,202 $ 64,238,328 $ (2,019,876) $ 63,441,439 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale (9,478) — 372 — (796) (2,264,591) 65,681 (2,208,812) Net accretion — 2,606 — — — — — 2,606 Included in OCI — (2,403) — — — — — (2,403) Purchases / Originations 375,270 — — — — — — 375,270 Sales (571,927) — — — — — — (571,927) Issuances — — — — — — (11,604) (11,604) Cash repayments / receipts (53,071) (7,251) (573) — — — (1,137) (62,032) Transfers into Level III — — — — — — (409,267) (409,267) Transfers out of Level III — — — — — — 148,775 148,775 Consolidation of VIEs — — — — — 393,373 — 393,373 March 31, 2021 balance $ 763,773 $ 160,301 $ 19,256 $ — $ 12,406 $ 62,367,110 $ (2,227,428) $ 61,095,418 Amount of unrealized gains (losses) attributable to assets still held at March 31, 2021: Included in earnings $ (7,708) $ 2,606 $ 372 $ — $ (796) $ (2,264,591) $ 65,681 $ (2,204,436) Included in OCI $ — $ (2,403) $ — $ — $ — $ — $ — $ (2,403) 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): March 31, 2022 December 31, 2021 Carrying Fair Carrying Fair Financial assets not carried at fair value: Loans held-for-investment $ 16,197,636 $ 16,204,044 $ 15,477,624 $ 15,526,235 HTM debt securities 701,306 673,999 683,136 656,864 Financial liabilities not carried at fair value: Secured financing agreements, CLOs and SASB $ 15,329,466 $ 15,356,458 $ 15,192,966 $ 15,266,440 Unsecured senior notes 2,322,630 2,320,231 1,828,590 1,893,065 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 March 31, 2022 Valuation Unobservable Range (Weighted Average) as of (1) March 31, 2022 December 31, 2021 Loans under fair value option $ 2,367,022 Discounted cash flow, market pricing Coupon (d) 2.8% - 9.2% (4.4%) 2.6% - 9.2% (4.2%) Remaining contractual term (d) 6.0 - 39.9 years (28.9 years) 6.3 - 39.9 years (27.4 years) FICO score (a) 584 - 829 (745) 582 - 829 (748) LTV (b) 4% - 94% (68%) 1% - 94% (66%) Purchase price (d) 80.0% - 108.6% (102.0%) 80.0% - 108.6% (102.3%) RMBS 134,406 Discounted cash flow Constant prepayment rate (a) 4.2% - 19.6% (9.3%) 4.8% - 19.2% (9.9%) Constant default rate (b) 0.8% - 6.3% (2.0%) 0.8% - 6.0% (2.1%) Loss severity (b) 0% - 81% (24%) (f) 0% - 86% (26%) (f) Delinquency rate (c) 11% - 36% (18%) 10.4% - 35% (19%) Servicer advances (a) 22% - 79% (52%) 19% - 83% (52%) Annual coupon deterioration (b) 0% - 2.5% (0.1%) 0% - 1.7% (0.1%) Putback amount per projected total collateral loss (e) 0% - 8% (0.5%) 0% - 8% (0.5%) CMBS 21,858 Discounted cash flow Yield (b) 0% - 297.8% (9.1%) 0% - 613.6% (9.3%) Duration (c) 0 - 6.7 years (3.7 years) 0 - 7.2 years (5.2 years) Woodstar Fund investments 1,264,160 Discounted cash flow Discount rate - properties (b) N/A 5.8% - 6.3% (6.0%) Discount rate - debt (a) 2.3% - 4.4% (3.8%) 2.6% - 3.3% (2.9%) Terminal capitalization rate (b) N/A 4.8% - 5.3% (4.9%) Direct capitalization rate (b) 4.1% - 4.2% (4.2%) 4.1% - 4.2% (4.2%) (Implied) Domestic servicing rights 17,864 Discounted cash flow Debt yield (a) 7.50% (7.50%) 7.30% (7.30%) Discount rate (b) 15% (15%) 15% (15%) VIE assets 57,763,543 Discounted cash flow Yield (b) 0% - 328.6% (15.0%) 0% - 615.3% (13.0%) Duration (c) 0 - 10.9 years (3.1 years) 0 - 11.0 years (3.2 years) VIE liabilities 5,479,288 Discounted cash flow Yield (b) 0% - 328.6% (7.6%) 0% - 615.3% (6.4%) Duration (c) 0 - 10.9 years (2.2 years) 0 - 11.0 years (2.3 years) ______________________________________________________________________________________________________________________ (1) Unobservable inputs were weighted by the relative carrying value of the instruments as of March 31, 2022 and December 31, 2021. 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) 11% and 18% of the portfolio falls within a range of 45% - 80% as of March 31, 2022 and December 31, 2021, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021, approximately $3.1 billion and $3.2 billion, respectively, of assets were owned by TRS entities. Our TRSs are not consolidated for U.S. federal income tax purposes, but are instead taxed as corporations. For financial reporting purposes, a provision for current and deferred taxes is established for the portion of earnings recognized by us with respect to our interest in TRSs. The following table is a reconciliation of our U.S. federal income tax provision determined using our statutory federal tax rate to our reported income tax (benefit) provision for the three months ended March 31, 2022 and 2021 (dollars in thousands): For the Three Months Ended March 31, 2022 2021 Federal statutory tax rate $ 80,191 21.0 % $ 26,199 21.0 % REIT and other non-taxable income (79,198) (20.7) % (24,501) (19.6) % State income taxes 326 0.1 % 558 0.4 % Federal benefit of state tax deduction (69) — % (117) (0.1) % Intra-entity transfers (3,868) (1.0) % — — % Other 168 — % 91 0.1 % Effective tax rate $ (2,450) (0.6) % $ 2,230 1.8 %

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of March 31, 2022, our Commercial and Residential Lending Segment had future commercial loan funding commitments totaling $3.1 billion, of which we expect to fund $2.8 billion. These future funding commitments primarily relate to construction projects, capital improvements, tenant improvements and leasing commissions. Additionally, as of March 31, 2022, our Commercial and Residential Lending Segment had outstanding residential loan purchase commitments of $1.2 billion. As discussed in Note 12, during the three months ended March 31, 2022, our Commercial and Residential Lending Segment sold $745.0 million of agency-eligible residential loans at face amount which is subject to a post-closing contingent sales price adjustment based on the gain or loss to the purchaser/securitization underwriter, less underwriting costs, if those loans are sold into a future securitization. As of March 31, 2022, our Infrastructure Lending Segment had future infrastructure loan funding commitments totaling $147.2 million, including $135.1 million under revolvers and letters of credit (“LCs”), and $12.1 million under delayed draw term loans. As of March 31, 2022, $8.1 million of revolvers and LCs were outstanding. Additionally, as of March 31, 2022, our Infrastructure Lending Segment had outstanding loan purchase commitments of $20.6 million. In connection with the Infrastructure Lending Segment acquisition, we assumed guarantees of certain borrowers’ performance under existing interest rate swaps. As of March 31, 2022, we had four outstanding guarantees on interest rate swaps maturing between August 2022 and June 2025. Refer to Note 13 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.

Segment Data

Segment Data	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Data	Segment DataIn its operation of the business, management, including our chief operating decision maker, who is our Chief Executive Officer, reviews certain financial information, including segmented internal profit and loss statements prepared on a basis prior to the impact of consolidating securitization VIEs under ASC 810. The segment information within this Note is reported on that basis. The table below presents our results of operations for the three months ended March 31, 2022 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 202,470 $ 26,983 $ — $ 4,166 $ — $ 233,619 $ — $ 233,619 Interest income from investment securities 20,836 747 — 27,389 — 48,972 (34,989) 13,983 Servicing fees 136 — — 14,071 — 14,207 (4,215) 9,992 Rental income 1,686 — 22,365 7,529 — 31,580 — 31,580 Other revenues 52 68 50 4,654 — 4,824 (6) 4,818 Total revenues 225,180 27,798 22,415 57,809 — 333,202 (39,210) 293,992 Costs and expenses: Management fees 277 — — — 55,018 55,295 — 55,295 Interest expense 68,602 11,930 6,081 6,210 33,842 126,665 (214) 126,451 General and administrative 11,602 3,511 1,056 23,443 4,628 44,240 81 44,321 Acquisition and investment pursuit costs 499 1 5 (83) — 422 — 422 Costs of rental operations 519 — 5,001 3,770 — 9,290 — 9,290 Depreciation and amortization 294 105 8,219 3,029 — 11,647 — 11,647 Credit loss reversal, net (3,299) (359) — — — (3,658) — (3,658) Other expense — — 55 — — 55 — 55 Total costs and expenses 78,494 15,188 20,417 36,369 93,488 243,956 (133) 243,823 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 26,749 26,749 Change in fair value of servicing rights — — — (217) — (217) 1,301 1,084 Change in fair value of investment securities, net (2,105) — — (9,291) — (11,396) 11,041 (355) Change in fair value of mortgage loans, net (116,228) — — (9,555) — (125,783) — (125,783) Income from affordable housing fund investments — — 234,041 — — 234,041 — 234,041 (Loss) earnings from unconsolidated entities (1,340) 345 — 151 — (844) (66) (910) Gain on sale of investments and other assets, net 86,610 — — 11,858 — 98,468 — 98,468 Gain (loss) on derivative financial instruments, net 118,395 632 17,546 27,863 (37,168) 127,268 — 127,268 Foreign currency (loss) gain, net (27,254) (28) 1 — — (27,281) — (27,281) Loss on extinguishment of debt (206) (469) — (148) — (823) — (823) Other (loss) income, net (788) — — — — (788) 25 (763) Total other income (loss) 57,084 480 251,588 20,661 (37,168) 292,645 39,050 331,695 Income (loss) before income taxes 203,770 13,090 253,586 42,101 (130,656) 381,891 (27) 381,864 Income tax benefit (provision) 5,140 4 — (2,694) — 2,450 — 2,450 Net income (loss) 208,910 13,094 253,586 39,407 (130,656) 384,341 (27) 384,314 Net income attributable to non-controlling interests (3) — (52,411) (7,328) — (59,742) 27 (59,715) Net income (loss) attributable to Starwood Property Trust, Inc . $ 208,907 $ 13,094 $ 201,175 $ 32,079 $ (130,656) $ 324,599 $ — $ 324,599 The table below presents our results of operations for the three months ended March 31, 2021 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 170,593 $ 18,808 $ — $ 1,174 $ — $ 190,575 $ — $ 190,575 Interest income from investment securities 18,385 564 — 20,940 — 39,889 (28,279) 11,610 Servicing fees 124 — — 12,456 — 12,580 (4,178) 8,402 Rental income 1,339 — 65,104 9,895 — 76,338 — 76,338 Other revenues 90 93 40 82 — 305 — 305 Total revenues 190,531 19,465 65,144 44,547 — 319,687 (32,457) 287,230 Costs and expenses: Management fees 315 — — 222 38,188 38,725 11 38,736 Interest expense 44,295 8,841 15,832 5,449 29,148 103,565 (191) 103,374 General and administrative 11,333 3,442 1,023 18,440 4,311 38,549 87 38,636 Acquisition and investment pursuit costs 185 — — — — 185 — 185 Costs of rental operations 477 — 23,960 4,308 — 28,745 — 28,745 Depreciation and amortization 307 100 18,100 3,967 — 22,474 — 22,474 Credit loss (reversal) provision, net (529) 573 — — — 44 — 44 Other expense 31 — 583 71 — 685 — 685 Total costs and expenses 56,414 12,956 59,498 32,457 71,647 232,972 (93) 232,879 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 39,745 39,745 Change in fair value of servicing rights — — — 745 — 745 (1,541) (796) Change in fair value of investment securities, net (2,050) — — 7,170 — 5,120 (5,426) (306) Change in fair value of mortgage loans, net (10,714) — — 1,236 — (9,478) — (9,478) Earnings (loss) from unconsolidated entities 1,753 (254) — 589 — 2,088 (354) 1,734 Gain on sale of investments and other assets, net 17,693 — — — — 17,693 — 17,693 Gain (loss) on derivative financial instruments, net 26,141 684 4,724 9,283 (6,843) 33,989 — 33,989 Foreign currency (loss) gain, net (11,594) (49) 25 (63) — (11,681) — (11,681) Loss on extinguishment of debt (68) (307) (141) — — (516) — (516) Other income, net — 21 — — — 21 — 21 Total other income (loss) 21,161 95 4,608 18,960 (6,843) 37,981 32,424 70,405 Income (loss) before income taxes 155,278 6,604 10,254 31,050 (78,490) 124,696 60 124,756 Income tax provision (1,505) (92) — (633) — (2,230) — (2,230) Net income (loss) 153,773 6,512 10,254 30,417 (78,490) 122,466 60 122,526 Net income attributable to non-controlling interests (3) — (5,077) (6,008) — (11,088) (60) (11,148) Net income (loss) attributable to Starwood Property Trust, Inc . $ 153,770 $ 6,512 $ 5,177 $ 24,409 $ (78,490) $ 111,378 $ — $ 111,378 The table below presents our consolidated balance sheet as of March 31, 2022 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Assets: Cash and cash equivalents $ 58,377 $ 38,762 $ 20,077 $ 27,836 $ 118,573 $ 263,625 $ 584 $ 264,209 Restricted cash 13,142 27,401 950 26,371 41,701 109,565 — 109,565 Loans held-for-investment, net 14,107,316 2,136,118 — 9,823 — 16,253,257 — 16,253,257 Loans held-for-sale 2,299,153 — — 385,359 — 2,684,512 — 2,684,512 Investment securities 1,207,667 49,198 — 1,155,469 — 2,412,334 (1,543,145) 869,189 Properties, net 104,901 — 880,392 137,064 — 1,122,357 — 1,122,357 Investments of consolidated affordable housing fund — — 1,264,160 — — 1,264,160 — 1,264,160 Investments in unconsolidated entities 43,349 27,061 — 33,878 — 104,288 (15,038) 89,250 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Intangible assets — — 33,292 69,674 — 102,966 (40,818) 62,148 Derivative assets 58,904 161 486 1,318 — 60,869 — 60,869 Accrued interest receivable 114,367 6,274 — 1,745 1,556 123,942 (141) 123,801 Other assets 135,095 10,229 59,100 33,857 23,146 261,427 (235) 261,192 VIE assets, at fair value — — — — — — 57,763,543 57,763,543 Total Assets $ 18,142,271 $ 2,414,613 $ 2,258,457 $ 2,022,831 $ 184,976 $ 25,023,148 $ 56,164,750 $ 81,187,898 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 102,124 $ 15,347 $ 11,503 $ 32,297 $ 34,834 $ 196,105 $ 40 $ 196,145 Related-party payable — — — — 56,615 56,615 — 56,615 Dividends payable — — — — 148,743 148,743 — 148,743 Derivative liabilities 10,990 225 — 145 27,349 38,709 — 38,709 Secured financing agreements, net 8,294,408 924,242 787,977 774,460 771,944 11,553,031 (21,460) 11,531,571 Collateralized loan obligations and single asset securitization, net 2,985,637 812,258 — — — 3,797,895 — 3,797,895 Unsecured senior notes, net — — — — 2,322,630 2,322,630 — 2,322,630 VIE liabilities, at fair value — — — — — — 56,185,937 56,185,937 Total Liabilities 11,393,159 1,752,072 799,480 806,902 3,362,115 18,113,728 56,164,517 74,278,245 Temporary Equity: Redeemable non-controlling interests — — 261,685 — — 261,685 — 261,685 Permanent Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 3,144 3,144 — 3,144 Additional paid-in capital 1,931,043 606,871 (373,851) (388,580) 3,933,544 5,709,027 — 5,709,027 Treasury stock — — — — (138,022) (138,022) — (138,022) Accumulated other comprehensive income 35,669 — — — — 35,669 — 35,669 Retained earnings (accumulated deficit) 4,782,282 55,670 1,362,509 1,445,221 (6,975,805) 669,877 — 669,877 Total Starwood Property Trust, Inc. Stockholders’ Equity 6,748,994 662,541 988,658 1,056,641 (3,177,139) 6,279,695 — 6,279,695 Non-controlling interests in consolidated subsidiaries 118 — 208,634 159,288 — 368,040 233 368,273 Total Permanent Equity 6,749,112 662,541 1,197,292 1,215,929 (3,177,139) 6,647,735 233 6,647,968 Total Liabilities and Equity $ 18,142,271 $ 2,414,613 $ 2,258,457 $ 2,022,831 $ 184,976 $ 25,023,148 $ 56,164,750 $ 81,187,898 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

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Our significant events subsequent to March 31, 2022 were as follows: Employee Stock Purchase Plan ( “ ESPP ” ) In April 2022, the Company’s shareholders approved the ESPP, which allows eligible employees to purchase common stock of the Company at a discounted purchase price. The maximum discounted purchase price of a share of the Company's common stock is 85% of the fair market value at the lower of the beginning or the end of the quarterly offering period. Participants may purchase shares not exceeding an aggregate fair market value of $25,000 in any calendar year. The maximum aggregate number of shares subject to issuance in accordance with the ESPP is 2,000,000 shares. 2022 Equity Plans In April 2022, the Company’s shareholders approved the 2022 Manager Equity Plan and 2022 Equity Plan (collectively, the “2022 Plans”), which allow for the issuance of up to 18,700,000 stock options, stock appreciation rights, RSAs, RSUs or other equity-based awards or any combination thereof to the Manager, directors, employees, advisors, consultants or any other third party providing services to the Company. The 2022 Plans replaced the 2017 Manager Equity Plan and 2017 Equity Plan.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Balance Sheet Presentation of Securitization Variable Interest Entities	Balance Sheet Presentation of Securitization Variable Interest Entities We operate investment businesses that acquire unrated, investment grade and non-investment grade rated CMBS and RMBS. These securities represent interests in securitization structures (commonly referred to as special purpose entities, or “SPEs”). These SPEs are structured as pass through entities that receive principal and interest on the underlying collateral and distribute those payments to the certificate holders. Under accounting principles generally accepted in the United States of America (“GAAP”), SPEs typically qualify as VIEs. These are entities that, by design, either (1) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. Because we often serve as the special servicer or servicing administrator of the trusts in which we invest, or we have the ability to remove and replace the special servicer without cause, consolidation of these structures is required pursuant to GAAP as outlined in detail below. This results in a consolidated balance sheet which presents the gross assets and liabilities of the VIEs. The assets and other instruments held by these VIEs are restricted and can only be used to fulfill the obligations of the entity. Additionally, the obligations of the VIEs do not have any recourse to the general credit of any other consolidated entities, nor to us as the consolidator of these VIEs. The VIE liabilities initially represent investment securities on our balance sheet (pre-consolidation). Upon consolidation of these VIEs, our associated investment securities are eliminated, as is the interest income related to those securities. Similarly, the fees we earn in our roles as special servicer of the bonds issued by the consolidated VIEs or as collateral administrator of the consolidated VIEs are also eliminated. Finally, a portion of the identified servicing intangible associated with the eliminated fee streams is eliminated in consolidation.
Basis of Accounting and Principles of Consolidation	Basis of Accounting and Principles of Consolidation The accompanying condensed consolidated financial statements include our accounts and those of our consolidated subsidiaries and VIEs. Intercompany amounts have been eliminated in consolidation. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (our “Form 10-K”), as filed with the Securities and Exchange Commission (“SEC”). The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the operating results for the full year. Refer to our Form 10-K for a description of our recurring accounting policies. We have included disclosure in this Note 2 regarding principles of consolidation and other accounting policies that (i) are required to be disclosed quarterly, (ii) we view as critical, (iii) became significant since December 31, 2021 due to a corporate action or increase in the significance of the underlying business activity or (iv) changed upon adoption of an Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”).
Variable Interest Entities	Variable Interest Entities In addition to the securitization VIEs, we have financed pools of our loans through collateralized loan obligations (“CLOs”) 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 condensed consolidated statements of operations. The residual difference shown on our condensed consolidated statements of operations in the line item “Change in net assets related to consolidated VIEs” represents our beneficial interest in the VIEs. We separately present the assets and liabilities of our consolidated securitization VIEs as individual line items on our condensed consolidated balance sheets. The liabilities of our consolidated securitization VIEs consist solely of obligations to the bondholders of the related trusts, and are thus presented as a single line item entitled “VIE liabilities.” The assets of our consolidated securitization VIEs consist principally of loans, but at times, also include foreclosed loans which have been temporarily converted into real estate owned (“REO”). These assets in the aggregate are likewise presented as a single line item entitled “VIE assets.” Loans comprise the vast majority of our securitization VIE assets and are carried at fair value due to the election of the fair value option. When an asset becomes REO, it is due to non-performance of the loan. Because the loan is already at fair value, the carrying value of an REO asset is also initially at fair value. Furthermore, when we consolidate a trust, any existing REO would be consolidated at fair value. Once an asset becomes REO, its disposition time is relatively short. As a result, the carrying value of an REO generally approximates fair value under GAAP. In addition to sharing a similar measurement method as the loans in a trust, the securitization VIE assets as a whole can only be used to settle the obligations of the consolidated VIE. The assets of our securitization VIEs are not individually accessible by the bondholders, which creates inherent limitations from a valuation perspective. Also creating limitations from a valuation perspective is our role as special servicer, which provides us very limited visibility, if any, into the performing loans of a trust. REO assets generally represent a very small percentage of the overall asset pool of a trust. In new issue trusts there are no REO assets. We estimate that REO assets constitute approximately 1% of our consolidated securitization VIE assets, with the remaining 99% representing loans. However, it is important to note that the fair value of our securitization VIE assets is determined by reference to our securitization VIE liabilities as permitted under ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity . In other words, our VIE liabilities are more reliably measurable than the VIE assets, resulting in our current measurement methodology which utilizes this value to determine the fair value of our securitization VIE assets as a whole. As a result, these percentages are not necessarily indicative of the relative fair values of each of these asset categories if the assets were to be valued individually. Due to our accounting policy election under ASU 2014-13, separately presenting two different asset categories would result in an arbitrary assignment of value to each, with one asset category representing a residual amount, as opposed to its fair value. However, as a pool, the fair value of the assets in total is equal to the fair value of the liabilities. For these reasons, the assets of our securitization VIEs are presented in the aggregate.
Fair Value Option	Fair Value Option The guidance in ASC 825, Financial Instruments , 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. 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 20 for further discussion regarding our fair value measurements. Valuation Process We have valuation control processes in place to validate the fair value of the Company’s financial assets and liabilities measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable. Pricing Verification —We use recently executed transactions, other observable market data such as exchange data, broker/dealer quotes, third party pricing vendors and aggregation services for validating the fair values generated using valuation models. Pricing data provided by approved external sources is evaluated using a number of approaches; for example, by corroborating the external sources’ prices to executed trades, analyzing the methodology and assumptions used by the external source to generate a price and/or by evaluating how active the third party pricing source (or originating sources used by the third party pricing source) is in the market. Unobservable Inputs —Where inputs are not observable, we review the appropriateness of the proposed valuation methodology to ensure it is consistent with how a market participant would arrive at the unobservable input. The valuation methodologies utilized in the absence of observable inputs may include extrapolation techniques and the use of comparable observable inputs. Any changes to the valuation methodology will be reviewed by our management to ensure the changes are appropriate. The methods used may produce a fair value calculation that is not indicative of net realizable value or reflective of future fair values. Furthermore, while we anticipate that our valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value could result in a different estimate of fair value at the reporting date. Fair Value on a Recurring Basis We determine the fair value of our financial assets and liabilities measured at fair value on a recurring basis as follows: Loans held-for-sale, commercial We measure the fair value of our commercial mortgage loans held-for-sale using a discounted cash flow analysis unless observable market data (i.e., securitized pricing) is available. A discounted cash flow analysis requires management to make estimates regarding future interest rates and credit spreads. The most significant of these inputs relates to credit spreads and is unobservable. Thus, we have determined that the fair values of mortgage loans valued using a discounted cash flow analysis should be classified in Level III of the fair value hierarchy, while mortgage loans valued using securitized pricing should be classified in Level II of the fair value hierarchy. Mortgage loans classified in Level III are transferred to Level II if securitized pricing becomes available. Loans held-for-sale and loans held-for-investment, residential We measure the fair value of our residential loans held-for-sale and held-for-investment based on the net present value of expected future cash flows using a combination of observable and unobservable inputs. Observable market participant assumptions include pricing related to trades of residential loans with similar characteristics. Unobservable inputs include the expectation of future cash flows, which involves judgments about the underlying collateral, the creditworthiness of the borrower, estimated prepayment speeds, estimated future credit losses, forward interest rates, investor yield requirements and certain other factors. At each measurement date, we consider both the observable and unobservable valuation inputs in the determination of fair value. However, given the significance of the unobservable inputs, these loans have been classified within Level III. RMBS RMBS are valued utilizing observable and unobservable market inputs. The observable market inputs include recent transactions, broker quotes and vendor prices (“market data”). However, given the implied price dispersion amongst the market data, the fair value determination for RMBS has also utilized significant unobservable inputs in discounted cash flow models including prepayments, default and severity estimates based on the recent performance of the collateral, the underlying collateral characteristics, industry trends, as well as expectations of macroeconomic events (e.g., housing price curves, interest rate curves, etc.). At each measurement date, we consider both the observable and unobservable valuation inputs in the determination of fair value. However, given the significance of the unobservable inputs these securities have been classified within Level III. CMBS CMBS are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, recent trades of similar securities and the spreads used in the prior valuation. We obtain current market spread information where available and use this information in evaluating and validating the market price of all CMBS. Depending upon the significance of the fair value inputs used in determining these fair values, these securities are classified in either Level II or Level III of the fair value hierarchy. CMBS may shift between Level II and Level III of the fair value hierarchy if the significant fair value inputs used to price the CMBS become or cease to be observable. Equity security The equity security is publicly registered and traded in the U.S. and its market price is listed on the London Stock Exchange. The security has been classified within Level I. 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 was 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. Internal valuations at interim quarter ends are prepared by management. The valuation of properties is based on a direct income capitalization approach, whereby a direct capitalization market rate is applied to annualized in-place net operating income at the portfolio level. The direct capitalization rate is initially calibrated to the implied rate from the latest appraisal and adjusted for subsequent changes in current market capitalization rates for sales of comparable multifamily properties. The valuations of secured financing agreements, working capital and interest rate derivatives are consistent with the methodologies described in the paragraph above. 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 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 March 31, 2022 and December 31, 2021, 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.
Loans Held-for-Investment	Loans Held-for-Investment Loans that are held for investment (“HFI”) are carried at cost, net of unamortized acquisition premiums or discounts, loan fees and origination costs, as applicable, and net of credit loss allowances as discussed below, unless the loans are credit deteriorated or we have elected to apply the fair value option at purchase.
Loans Held-For-Sale	Loans Held-For-Sale Our loans that we intend to sell or liquidate in the short-term are classified as held-for-sale and are carried at the lower of amortized cost or fair value, unless we have elected to apply the fair value option at origination or purchase.
Investment Securities	Investment Securities We designate our debt investment securities as held-to-maturity (“HTM”), available-for-sale (“AFS”), or trading depending on our investment strategy and ability to hold such securities to maturity. HTM debt securities where we have not elected to apply the fair value option are stated at cost plus any premiums or discounts, which are amortized or accreted through the condensed consolidated statements of operations using the effective interest method. Debt securities we (i) do not hold for the purpose of selling in the near-term, or (ii) may dispose of prior to maturity, are classified as AFS and are carried at fair value in the accompanying financial statements. Unrealized gains or losses on AFS debt securities where we have not elected the fair value option are reported as a component of accumulated other comprehensive income (“AOCI”) in stockholders’ equity. Our HTM and AFS debt securities are also subject to credit loss allowances as discussed below. Our only equity investment security is carried at fair value, with unrealized holding gains and losses recorded in earnings.
Credit Losses	Credit Losses Loans and Debt Securities Measured at Amortized Cost ASC 326, Financial Instruments – Credit Losses , became effective for the Company on January 1, 2020. ASC 326 mandates the use of a current expected credit loss model (“CECL”) for estimating future credit losses of certain financial instruments measured at amortized cost, instead of the “incurred loss” credit model previously required under GAAP. The CECL model requires the consideration of possible credit losses over the life of an instrument as opposed to only estimating credit losses upon the occurrence of a discrete loss event under the previous “incurred loss” methodology. The CECL model applies to our HFI loans and our HTM debt securities which are carried at amortized cost, including future funding commitments and accrued interest receivable related to those loans and securities. However, as permitted by ASC 326, we have elected not to measure an allowance for credit losses on accrued interest receivable (which is classified separately on our condensed consolidated balance sheets), but rather write off in a timely manner by reversing interest income and/or cease accruing interest that would likely be uncollectible. As we do not have a history of realized credit losses on our HFI loans and HTM securities, we have subscribed to third party database services to provide us with historical industry losses for both commercial real estate and infrastructure loans. Using these losses as a benchmark, we determine expected credit losses for our loans and securities on a collective basis within our commercial real estate and infrastructure portfolios. See Note 4 for further discussion of our methodologies. We also evaluate each loan and security measured at amortized cost for credit deterioration at least quarterly. Credit deterioration occurs when it is deemed probable that we will not be able to collect all amounts due according to the contractual terms of the loan or security. If a loan or security is considered to be credit deteriorated, we depart from the industry loss rate approach described above and determine the credit loss allowance as any excess of the amortized cost basis of the loan or security over (i) the present value of expected future cash flows discounted at the contractual effective interest rate or (ii) the fair value of the collateral, if repayment is expected solely from the collateral. Available-for-Sale Debt Securities Separate provisions of ASC 326 apply to our AFS debt securities, which are carried at fair value with unrealized gains and losses reported as a component of AOCI. We are required to establish an initial credit loss allowance for those securities that are purchased with credit deterioration (“PCD”) by grossing up the amortized cost basis of each security and providing an offsetting credit loss allowance for the difference between expected cash flows and contractual cash flows, both on a present value basis.
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.
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 currency denominated monetary assets and liabilities are included in the determination of net income and are reported as foreign currency gain (loss) in our condensed consolidated statements of operations.
Earnings Per Share	Earnings Per Share We present both basic and diluted earnings per share (“EPS”) amounts in our financial statements. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the maximum potential dilution that could occur from (i) our share-based compensation, consisting of unvested restricted stock awards (“RSAs”) and restricted stock units (“RSUs”), (ii) shares contingently issuable to our Manager, (iii) the conversion options associated with our senior convertible notes (the “Convertible Notes”) (see Notes 11 and 18) and (iv) non-controlling interests that are redeemable with our common stock (see Note 17). 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 17). Due to the existence of these participating securities, the two-class method of computing EPS is required, unless another method is determined to be more dilutive. Under the two-class method, undistributed earnings are reallocated between shares of common stock and participating securities. For the three months ended March 31, 2022 and 2021, the two-class method resulted in the most dilutive EPS calculation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. The most significant and subjective estimate that we make is the projection of cash flows we expect to receive on our investments, which has a significant impact on the amount of income that we record and/or disclose. 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. In addition, the fair value of the Woodstar Fund's investments are dependent upon the real estate and capital markets, which are cyclical in nature. Property and investment values are affected by, among other things, capitalization rates, the availability of capital, occupancy, rental rates and interest and inflation rates. Amounts ultimately realized from our investments may vary significantly from the fair values presented. We believe the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of March 31, 2022. 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 March 31, 2022 inherently less certain than they would be absent the current and potential impacts of COVID-19 and geopolitical events. 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 March 31, 2022, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve. On March 31, 2022, the FASB issued ASU 2022-2, Troubled Debt Restructurings and Vintage Disclosures (Topic 326)

Loans (Tables)

Loans (Tables)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Summary of Investments in Mortgages and Loans by Subordination Class	The following tables summarize our investments in mortgages and loans as of March 31, 2022 and December 31, 2021 (dollars in thousands): March 31, 2022 Carrying Face Weighted Weighted Loans held-for-investment: Commercial loans: First mortgages (3) $ 13,596,590 $ 13,684,558 4.6 % 1.9 Subordinated mortgages (4) 70,934 72,399 10.1 % 2.6 Mezzanine loans (3) 424,835 422,752 9.6 % 1.3 Other 17,138 18,599 8.2 % 2.0 Total commercial loans 14,109,497 14,198,308 Infrastructure first priority loans 2,156,399 2,181,264 4.8 % 4.3 Residential loans, fair value option (5) 55,621 57,792 6.0 % N/A (6) Total loans held-for-investment 16,321,517 16,437,364 Loans held-for-sale: Residential, fair value option (5) 2,299,153 2,331,997 4.3 % N/A (6) Commercial, fair value option 385,359 392,505 4.9 % 9.6 Total loans held-for-sale 2,684,512 2,724,502 Total gross loans 19,006,029 $ 19,161,866 Credit loss allowances: Commercial loans held-for-investment (47,979) Infrastructure loans held-for-investment (20,281) Total allowances (68,260) Total net loans $ 18,937,769 December 31, 2021 Loans held-for-investment: Commercial loans: First mortgages (3) $ 12,991,099 $ 13,067,524 4.5 % 1.9 Subordinated mortgages (4) 70,771 72,371 10.0 % 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 2,048,096 2,071,912 4.4 % 4.3 Residential loans, fair value option 59,225 60,133 6.0 % N/A (6) Total loans held-for-investment 15,604,119 15,706,124 Loans held-for-sale: Residential, fair value option 2,590,005 2,525,910 4.2 % N/A (6) 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 ______________________________________________________________________________________________________________________ (1) Calculated using applicable index rates as of March 31, 2022 and December 31, 2021 for variable rate loans and excludes loans for which interest income is not recognized. (2) Represents the WAL of each respective group of loans, excluding loans for which interest income is not recognized, 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 $1.3 billion and $1.4 billion being classified as first mortgages as of March 31, 2022 and December 31, 2021, respectively. (4) Subordinated mortgages include B-Notes and junior participation in first mortgages where we do not own the senior A-Note or senior participation. If we own both the A-Note and B-Note, we categorize the loan as a first mortgage loan. (5) During the three months ended March 31, 2022, $0.3 million of residential loans held-for-investment were reclassified into loans held-for-sale. (6) Residential loans have a weighted average remaining contractual life of 29.4 years as of both March 31, 2022 and December 31, 2021.
Summary of Variable Rate Loans Held-for-Investment	As of March 31, 2022, our variable rate loans held-for-investment, excluding loans for which interest income is not recognized, were as follows (dollars in thousands): March 31, 2022 Carrying Weighted-average Commercial loans $ 13,419,816 4.0 % Infrastructure loans 2,123,111 3.9 % Total variable rate loans held-for-investment $ 15,542,927 4.0 %
Schedule of Risk Ratings by Class of Loan	The significant credit quality indicators for our loans measured at amortized cost, which excludes loans held-for-sale, were as follows as of March 31, 2022 (dollars in thousands): Term Loans Revolving Loans Total Credit As of March 31, 2022 2022 2021 2020 2019 2018 Prior Commercial loans: Credit quality indicator: LTV < 60% $ 234,534 $ 2,744,291 $ 505,166 $ 978,325 $ 558,782 $ 699,224 $ — $ 5,720,322 $ 3,349 LTV 60% - 70% 667,690 3,901,356 288,906 1,166,327 392,003 82,385 — 6,498,667 7,458 LTV > 70% 53,705 561,838 265,996 415,062 310,158 261,686 — 1,868,445 32,247 Credit deteriorated — — — — — 4,925 — 4,925 4,925 Defeased and other — — — — — 17,138 — 17,138 — Total commercial $ 955,929 $ 7,207,485 $ 1,060,068 $ 2,559,714 $ 1,260,943 $ 1,065,358 $ — $ 14,109,497 $ 47,979 Infrastructure loans: Credit quality indicator: Power $ 89,110 $ 206,412 $ 86,988 $ 275,264 $ 373,959 $ 350,008 $ 5,112 $ 1,386,853 $ 5,192 Oil and gas — 300,666 41,126 257,910 84,805 49,821 1,930 736,258 4,968 Credit deteriorated — — — — — 33,288 — 33,288 10,121 Total infrastructure $ 89,110 $ 507,078 $ 128,114 $ 533,174 $ 458,764 $ 433,117 $ 7,042 $ 2,156,399 $ 20,281 Residential loans held-for-investment, fair value option 55,621 — Loans held-for-sale 2,684,512 — Total gross loans $ 19,006,029 $ 68,260
Schedule of Activity in Allowance for Loan Losses	The following tables present the activity in our credit loss allowance for funded loans and unfunded commitments (amounts in thousands): Funded Commitments Credit Loss Allowance Loans Held-for-Investment Total Three Months Ended March 31, 2022 Commercial Infrastructure Credit loss allowance at December 31, 2021 $ 46,600 $ 20,670 $ 67,270 Credit loss provision (reversal), net 1,379 (389) 990 Credit loss allowance at March 31, 2022 $ 47,979 $ 20,281 $ 68,260 Unfunded Commitments Credit Loss Allowance (1) Loans Held-for-Investment HTM Preferred Three Months Ended March 31, 2022 Commercial Infrastructure Interests (2) Total Credit loss allowance at December 31, 2021 $ 6,692 $ 145 $ — $ 6,837 Credit loss provision (reversal), net 271 (47) 353 577 Credit loss allowance at March 31, 2022 $ 6,963 $ 98 $ 353 $ 7,414 Memo: Unfunded commitments as of March 31, 2022 (3) $ 2,822,554 $ 12,110 $ 12,500 $ 2,847,164 ______________________________________________________________________________________________________________________ (1) Included in accounts payable, accrued expenses and other liabilities in our consolidated balance sheets. (2) See Note 5 for further details.
Schedule of Activity in Loan Portfolio	The activity in our loan portfolio was as follows (amounts in thousands): Held-for-Investment Loans Three Months Ended March 31, 2022 Commercial Infrastructure Residential Held-for-Sale Loans Total Loans Balance at December 31, 2021 $ 13,450,198 $ 2,027,426 $ 59,225 $ 2,876,800 $ 18,413,649 Acquisitions/originations/additional funding 1,359,483 198,338 — 2,266,699 3,824,520 Capitalized interest (1) 26,697 113 — 93 26,903 Basis of loans sold (2) — — — (2,278,467) (2,278,467) Loan maturities/principal repayments (715,665) (91,853) (1,995) (56,439) (865,952) Discount accretion/premium amortization 14,093 2,507 — — 16,600 Changes in fair value — — (1,263) (124,520) (125,783) Foreign currency translation gain/(loss), net (71,909) (802) — — (72,711) Credit loss (provision) reversal, net (1,379) 389 — — (990) Transfer to/from other asset classifications or between segments — — (346) 346 — Balance at March 31, 2022 $ 14,061,518 $ 2,136,118 $ 55,621 $ 2,684,512 $ 18,937,769 Held-for-Investment Loans Three Months Ended March 31, 2021 Commercial Infrastructure Residential Held-for-Sale Loans Total Loans Balance at December 31, 2020 $ 9,583,949 $ 1,412,440 $ 90,684 $ 1,052,835 $ 12,139,908 Acquisitions/originations/additional funding 2,196,813 99,311 — 375,270 2,671,394 Capitalized interest (1) 36,646 — — — 36,646 Basis of loans sold (2) — — — (571,927) (571,927) Loan maturities/principal repayments (1,021,393) (18,055) (9,210) (44,326) (1,092,984) Discount accretion/premium amortization 15,824 921 — — 16,745 Changes in fair value — — (290) (9,188) (9,478) Foreign currency translation loss, net (14,082) (181) — — (14,263) Credit loss provision, net (1,880) (717) — — (2,597) Transfer to/from other asset classifications or between segments (211,904) 93,089 69,528 41,967 (7,320) Balance at March 31, 2021 $ 10,583,973 $ 1,586,808 $ 150,712 $ 844,631 $ 13,166,124 ______________________________________________________________________________________________________________________ (1) Represents accrued interest income on loans whose terms do not require current payment of interest. (2) See Note 12 for additional disclosure on these transactions.

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Investment Securities	Investment securities were comprised of the following as of March 31, 2022 and December 31, 2021 (amounts in thousands): Carrying Value as of March 31, 2022 December 31, 2021 RMBS, available-for-sale $ 134,406 $ 143,980 RMBS, fair value option (1) 311,292 250,424 CMBS, fair value option (1), (2) 1,253,711 1,263,606 HTM debt securities, amortized cost net of credit loss allowance of $3,385 and $8,610 701,306 683,136 Equity security, fair value 11,619 11,624 Subtotal — Investment securities 2,412,334 2,352,770 VIE eliminations (1) (1,543,145) (1,491,786) Total investment securities $ 869,189 $ 860,984 ______________________________________________________________________________________________________________________ (1) Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. (2) Includes $190.6 million and $182.6 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of March 31, 2022 and December 31, 2021, 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 Three Months Ended March 31, 2022 Purchases/fundings $ — $ 84,357 $ — $ 18,139 $ (84,357) $ 18,139 Sales — — — — — — Principal collections 6,895 21,604 635 664 (22,014) 7,784 Redemptions — — — — — — Three Months Ended March 31, 2021 Purchases $ — $ 27,333 $ — $ — $ (27,333) $ — Sales — — 11,604 (11,604) — Principal collections 7,251 13,344 1,710 51,690 (14,481) 59,514 ______________________________________________________________________________________________________________________ (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 March 31, 2022 and December 31, 2021 (amounts in thousands): Unrealized Gains or (Losses) Amortized Credit Net Gross Gross Net Fair Value March 31, 2022 RMBS $ 98,737 $ — $ 98,737 $ 35,708 $ (39) $ 35,669 $ 134,406 December 31, 2021 RMBS $ 103,027 $ — $ 103,027 $ 41,052 $ (99) $ 40,953 $ 143,980 Weighted Average Coupon (1) WAL March 31, 2022 RMBS 1.5 % 5.5 ______________________________________________________________________________________________________________________ (1) Calculated using the March 31, 2022 one-month LIBOR rate of 0.452% 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 March 31, 2022 and December 31, 2021, 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 March 31, 2022 RMBS $ 3,769 $ — $ (39) $ — As of December 31, 2021 RMBS $ 2,478 $ — $ (99) $ —
Summary of Investments in HTM Securities	The table below summarizes our investments in HTM debt securities as of March 31, 2022 and December 31, 2021 (amounts in thousands): Amortized Credit Loss Net Carrying Gross Unrealized Gross Unrealized Fair Value March 31, 2022 CMBS $ 533,372 $ (228) $ 533,144 $ — $ (25,218) $ 507,926 Preferred interests 119,136 (172) 118,964 353 (2,921) 116,396 Infrastructure bonds 52,183 (2,985) 49,198 526 (47) 49,677 Total $ 704,691 $ (3,385) $ 701,306 $ 879 $ (28,186) $ 673,999 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
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 Three Months Ended March 31, 2022 Credit loss allowance at December 31, 2021 $ 3,140 $ 2,562 $ 2,908 $ 8,610 Credit loss provision (reversal), net (2,912) (2,390) 77 (5,225) Credit loss allowance at March 31, 2022 $ 228 $ 172 $ 2,985 $ 3,385
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 March 31, 2022 (amounts in thousands): CMBS Preferred Infrastructure Total Less than one year $ 313,993 $ 91,394 $ — $ 405,387 One to three years 25,303 27,570 — 52,873 Three to five years 193,848 — 18,602 212,450 Thereafter — — 30,596 30,596 Total $ 533,144 $ 118,964 $ 49,198 $ 701,306

Properties (Tables)

Properties (Tables)	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Summary of Properties	The table below summarizes our properties held as of March 31, 2022 and December 31, 2021 (dollars in thousands): Depreciable Life March 31, 2022 December 31, 2021 Property Segment Land and land improvements 0 - 15 years $ 175,835 $ 175,810 Buildings and building improvements 0 - 45 years 851,129 851,274 Furniture & fixtures 3 - 5 years 260 260 Investing and Servicing Segment Land and land improvements 0 - 15 years 36,905 41,771 Buildings and building improvements 3 - 40 years 132,023 149,399 Furniture & fixtures 2 - 5 years 3,166 3,143 Commercial and Residential Lending Segment (1) Land and land improvements N/A 813 9,691 Buildings and building improvements N/A — 12,408 Construction in progress N/A 104,088 104,088 Properties, cost 1,304,219 1,347,844 Less: accumulated depreciation (181,862) (181,457) Properties, net $ 1,122,357 $ 1,166,387 ______________________________________________________________________________________________________________________ (1) Represents properties acquired through loan foreclosure.

Investments of Consolidated A_2

Investments of Consolidated Affordable Housing Fund (Tables)	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Summary of Investment Income	Income from the Woodstar Fund’s investments reflects the following components for the three months ended March 31, 2022 (in thousands): For the Three Months Ended March 31, 2022 Distributions from affordable housing fund investments $ 10,190 Unrealized change in fair value of investments 223,851 Income from affordable housing fund investments $ 234,041

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Summary of Investments in Unconsolidated Entities	The table below summarizes our investments in unconsolidated entities as of March 31, 2022 and December 31, 2021 (dollars in thousands): Participation / Carrying value as of March 31, 2022 December 31, 2021 Equity method investments: Equity interest in a natural gas power plant 10% $ 26,600 $ 26,255 Investor entity which owns equity in an online real estate company 50% 5,249 5,206 Equity interest in and advances to a residential mortgage originator (2) N/A 18,351 20,327 Various 25% - 50% 12,806 12,528 63,006 64,316 Other equity investments: Equity interest in a servicing and advisory business 2% 12,955 12,955 Investment funds which own equity in a loan servicer and other real estate assets 4% - 6% 4,194 4,194 Investor entities which own equity interests in two entertainment and retail centers (3) 15% 7,320 7,320 Various 1% - 3% 1,775 1,312 26,244 25,781 $ 89,250 $ 90,097 ______________________________________________________________________________________________________________________ (1) None of these investments are publicly traded and therefore quoted market prices are not available. (2) Includes a $4.5 million subordinated loan as of both March 31, 2022 and December 31, 2021.

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 (amounts in thousands): As of March 31, 2022 As of December 31, 2021 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Domestic servicing rights, at fair value $ 17,864 $ — $ 17,864 $ 16,780 $ — $ 16,780 In-place lease intangible assets 88,886 (59,040) 29,846 94,712 (62,721) 31,991 Favorable lease intangible assets 23,241 (8,803) 14,438 23,746 (8,953) 14,793 Total net intangible assets $ 129,991 $ (67,843) $ 62,148 $ 135,238 $ (71,674) $ 63,564
Summary of Activity Within Intangible Assets	The following table summarizes the activity within intangible assets for the three months ended March 31, 2022 (amounts in thousands): Domestic In-place Lease Favorable Lease Total Balance as of January 1, 2022 $ 16,780 $ 31,991 $ 14,793 $ 63,564 Amortization — (1,601) (313) (1,914) Impairment (1) — (43) (4) (47) Sales — (501) (38) (539) Changes in fair value due to changes in inputs and assumptions 1,084 — — 1,084 Balance as of March 31, 2022 $ 17,864 $ 29,846 $ 14,438 $ 62,148 _________________________________________________ (1) Impairment of intangible lease assets is recognized within other expense in our condensed consolidated statement of operations.
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 (remainder of) $ 5,190 2023 5,971 2024 4,650 2025 3,775 2026 2,754 Thereafter 21,944 Total $ 44,284

Secured Borrowings (Tables)

Secured Borrowings (Tables)	3 Months Ended
	Mar. 31, 2022
Secured Debt [Abstract]
Summary of Secured Financing Agreements	The following table is a summary of our secured financing agreements in place as of March 31, 2022 and December 31, 2021 (dollars in thousands): Outstanding Balance at Current Extended Weighted Average Pledged Asset Maximum March 31, 2022 December 31, 2021 Repurchase Agreements: Commercial Loans Aug 2022 to Jul 2026 (b) Jun 2025 to Dec 2030 (b) Index + 1.98% (c) $ 9,013,669 $ 11,572,553 (d) $ 6,121,160 $ 6,556,438 Residential Loans Feb 2023 to Dec 2023 N/A Index + 1.93% 1,965,289 2,850,000 1,594,785 1,744,225 Infrastructure Loans Sep 2024 Sep 2026 LIBOR + 2.00% 310,044 650,000 256,044 379,095 Conduit Loans Feb 2023 to Jun 2024 Feb 2024 to Jun 2025 Index + 2.04% 333,827 650,000 260,177 174,130 CMBS/RMBS Dec 2022 to May 2031 (e) Mar 2023 to Nov 2031 (e) (f) 1,213,883 827,204 688,316 (g) 688,146 Total Repurchase Agreements 12,836,712 16,549,757 8,920,482 9,542,034 Other Secured Financing: Borrowing Base Facility Nov 2024 Oct 2026 SOFR + 2.11% 193,173 750,000 (h) 100,742 213,478 Commercial Financing Facilities Dec 2023 to Jan 2025 Jan 2027 to Dec 2030 Index + 1.66% 255,131 241,981 207,051 167,476 Residential Financing Facility Mar 2024 Mar 2027 2.45% 386,635 500,000 22,948 102,018 Infrastructure Financing Facilities Jul 2022 to Oct 2022 Oct 2024 to Jul 2027 Index + 2.03% 820,121 1,250,000 653,312 855,646 Property Mortgages - Fixed rate Nov 2024 to Sep 2029 (i) N/A 4.35% 387,022 272,321 272,321 272,522 Property Mortgages - Variable rate Nov 2022 to Dec 2025 N/A (j) 655,967 654,900 640,541 712,493 Term Loan and Revolver (k) N/A (k) N/A (k) 936,756 786,756 788,753 Total Other Secured Financing 2,698,049 4,605,958 2,683,671 3,112,386 $ 15,534,761 $ 21,155,715 11,604,153 12,654,420 Unamortized net discount (12,862) (13,350) Unamortized deferred financing costs (59,720) (64,220) $ 11,531,571 $ 12,576,850 ______________________________________________________________________________________________________________________ (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 March 31, 2022 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 $10.7 billion may be increased to $11.6 billion, subject to certain conditions. The $11.6 billion amount includes such upsizes. (e) Certain facilities with an outstanding balance of $284.1 million as of March 31, 2022 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 $240.5 million as of March 31, 2022 has a weighted average fixed annual interest rate of 3.20%. All other facilities are variable rate with a weighted average rate of Index + 1.89%. (g) Includes: (i) $240.5 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $38.8 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 15). (h) The maximum facility size as of March 31, 2022 of $650.0 million is scheduled to decline to $450.0 million as of December 31, 2022 and may be increased to $750.0 million, subject to certain conditions. (i) The weighted average maturity is 5.3 years as of March 31, 2022. (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 Index + 2.35%. (k) Consists of: (i) a $786.8 million term loan facility that matures in July 2026, of which $390.0 million has an annual interest rate of LIBOR + 2.50% and $396.8 million 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
Schedule of Collateralized Loan Obligations	The following table is a summary of our CLOs and our SASB as of March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 Count Face Carrying Weighted Maturity STWD 2022-FL3 Collateral assets 24 $ 1,000,000 $ 1,011,426 LIBOR + 3.61% (a) January 2026 (b) Financing 1 842,500 844,461 SOFR + 1.91% (c) November 2038 (d) STWD 2021-HTS Collateral assets 1 230,000 230,609 LIBOR + 3.89% (a) April 2026 (b) Financing 1 210,091 208,283 LIBOR + 2.69% (c) April 2034 (d) STWD 2021-FL2 Collateral assets 25 1,276,181 1,280,262 LIBOR + 4.19% (a) April 2025 (b) Financing 1 1,077,375 1,070,369 LIBOR + 1.78% (c) April 2038 (d) STWD 2019-FL1 Collateral assets 19 999,432 1,031,438 LIBOR + 4.08% (a) January 2025 (b) Financing 1 865,225 862,524 SOFR + 1.64% (c) July 2038 (d) STWD 2021-SIF2 Collateral assets 34 482,796 504,479 LIBOR + 3.72% (a) December 2026 (b) Financing 1 410,000 406,581 SOFR + 2.11% (c) January 2033 (d) STWD 2021-SIF1 Collateral assets 32 483,243 506,443 Index + 3.91% (a) June 2026 (b) Financing 1 410,000 405,677 LIBOR + 2.16% (c) April 2032 (d) Total Collateral assets $ 4,471,652 $ 4,564,657 Financing $ 3,815,191 $ 3,797,895 December 31, 2021 Count Face Carrying Weighted Maturity 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) 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 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-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) Total Collateral assets $ 3,086,319 $ 3,120,444 Financing $ 2,633,841 $ 2,616,116 ______________________________________________________________________________________________________________________________ (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 March 31, 2022, 7% earned fixed-rate weighted average interest of 7.55%. Of the loans financed by the STWD 2021-SIF2 CLO as of March 31, 2022, 3% earned fixed-rate weighted average interest of 7.75%. Of the loans financed by the STWD 2021-SIF1 CLO as of March 31, 2022, 3% earned fixed-rate weighted average interest of 5.88%. (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 (remainder of) $ 610,746 $ 55,197 $ 151,048 $ 816,991 2023 1,847,990 732,451 652,409 3,232,850 2024 1,279,084 238,653 444,452 1,962,189 2025 2,878,826 138,669 705,374 3,722,869 2026 1,591,498 1,035,301 1,731,283 4,358,082 Thereafter 712,338 483,400 130,625 1,326,363 Total $ 8,920,482 $ 2,683,671 $ 3,815,191 $ 15,419,344 ______________________________________________________________________________________________________________________ (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)	3 Months Ended
	Mar. 31, 2022
Debt Instruments [Abstract]
Schedule of Unsecured Convertible Senior Notes Outstanding	The following table is a summary of our unsecured senior notes outstanding as of March 31, 2022 and December 31, 2021 (dollars in thousands): Coupon Effective Maturity Remaining Carrying Value at March 31, 2022 December 31, 2021 2023 Senior Notes 5.50 % 5.71 % 11/1/2023 1.6 years 300,000 300,000 2023 Convertible Notes 4.38 % 4.57 % 4/1/2023 1.0 years 250,000 250,000 2024 Senior Notes 3.75 % 3.94 % 12/31/2024 2.8 years 400,000 400,000 2025 Senior Notes 4.75 % (2) 5.04 % 3/15/2025 3.0 years 500,000 500,000 2026 Senior Notes 3.63 % 3.77 % 7/15/2026 4.3 years 400,000 400,000 2027 Senior Notes 4.38 % (3) 4.49 % 1/15/2027 4.8 years 500,000 — Total principal amount 2,350,000 1,850,000 Unamortized discount—Convertible Notes (465) (578) Unamortized discount—Senior Notes (11,727) (10,067) Unamortized deferred financing costs (15,178) (10,765) Total carrying amount $ 2,322,630 $ 1,828,590 ______________________________________________________________________________________________________________________ (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%. (3) The coupon on the 2027 Senior Notes is 4.375%. At closing, we swapped the notes to a floating rate of SOFR + 2.95%.
Schedule of Conversion Attributes on Convertible Notes Outstanding	The following table details the conversion attributes of our Convertible Notes outstanding as of March 31, 2022 (amounts in thousands, except rates): March 31, 2022 Conversion Conversion Rate (1) Price (2) 2023 Convertible Notes 38.5959 $ 25.91 ______________________________________________________________________________________________________________________ (1) The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount of 2023 Convertible Notes converted, as adjusted in accordance with the indenture governing the 2023 Convertible Notes (including the applicable supplemental indenture). (2) As of March 31, 2022, the market price of the Company’s common stock was $24.17.

Loan Securitization_Sale Acti_2

Loan Securitization/Sale Activities (Tables)	3 Months Ended
	Mar. 31, 2022
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 three months ended March 31, 2022 and 2021 (amounts in thousands): Commercial Loans Residential Loans Face Amount Proceeds Face Amount Proceeds For the Three Months Ended March 31, 2022 $ 347,442 $ 342,067 $ 1,077,958 $ 1,100,284 2021 85,037 89,710 383,549 389,798
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 Residential Loans Face Amount (1) Proceeds (1) For the Three Months Ended March 31, 2022 $ 835,760 $ 836,116 2021 89,418 92,419 ______________________________________________________________________________________________________________________ (1) During the three months ended March 31, 2022, includes a sale of $745.0 million of agency-eligible residential loans at face amount which is subject to a post-closing contingent sales price adjustment based on the gain or loss to the purchaser/securitization underwriter, less underwriting costs, if those loans are sold into a future securitization.

Derivatives and Hedging Activ_2

Derivatives and Hedging Activity (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Non-Designated Derivatives	The following table summarizes our non-designated derivatives as of March 31, 2022 (notional amounts in thousands): Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Buy Euros ("EUR") 18 24,893 EUR May 2022 - June 2023 Fx contracts – Buy Pounds Sterling ("GBP") 11 9,980 GBP May 2022 - October 2024 Fx contracts – Buy Australian dollar ("AUD") 6 167,662 AUD April 2022 - August 2023 Fx contracts – Sell EUR 202 525,437 EUR April 2022 - November 2025 Fx contracts – Sell GBP 159 558,646 GBP April 2022 - April 2027 Fx contracts – Sell AUD 81 298,778 AUD April 2022 - January 2025 Interest rate swaps – Paying fixed rates 44 2,877,222 USD April 2024 - April 2032 Interest rate swaps – Receiving fixed rates 2 970,000 USD March 2025 - January 2027 Interest rate caps 7 702,000 USD October 2022 - April 2025 Interest rate caps 1 61,000 GBP April 2024 Credit instruments 4 84,000 USD December 2031 - August 2061 Interest rate swap guarantees 4 275,345 USD August 2022 - June 2025 Total 539
Schedule of Fair Value of Derivatives	The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021 (amounts in thousands): Fair Value of Derivatives Fair Value of Derivatives March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Interest rate contracts $ 11,008 $ 17,728 $ 27,785 $ 16 Interest rate swap guarantees — — 100 260 Foreign exchange contracts 49,861 30,478 10,765 12,870 Credit instruments — 10 59 275 Total derivatives $ 60,869 $ 48,216 $ 38,709 $ 13,421 ___________________________________________________ (1) Classified as derivative assets in our condensed consolidated balance sheets. (2) Classified as derivative liabilities in our condensed consolidated balance sheets.
Schedule of Effect of Derivative Financial Instruments	The table below presents the effect of our derivative financial instruments on the condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021 (amounts in thousands): Derivatives Not Designated Location of Gain (Loss) Amount of Gain (Loss) Recognized in Income for the Three Months Ended March 31, 2022 2021 Interest rate contracts Gain (loss) on derivative financial instruments $ 102,933 $ 20,158 Interest rate swap guarantees Gain (loss) on derivative financial instruments 159 351 Foreign exchange contracts Gain (loss) on derivative financial instruments 24,142 13,602 Credit instruments Gain (loss) on derivative financial instruments 34 (122) $ 127,268 $ 33,989

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 Derivative assets $ 60,869 $ — $ 60,869 $ 28,657 $ — $ 32,212 Derivative liabilities $ 38,709 $ — $ 38,709 $ 28,657 $ 9,928 $ 124 Repurchase agreements 8,920,482 — 8,920,482 8,920,482 — — $ 8,959,191 $ — $ 8,959,191 $ 8,949,139 $ 9,928 $ 124 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

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Assets: Cash and cash equivalents $ 39,194 $ 15,297 Loans held-for-investment 4,449,994 3,073,572 Investment securities 29,132 11,426 Accrued interest receivable 12,187 8,936 Other assets 34,150 11,213 Total Assets $ 4,564,657 $ 3,120,444 Liabilities Accounts payable, accrued expenses and other liabilities $ 6,076 $ 3,335 Collateralized loan obligations and single asset securitization, net 3,797,895 2,616,116 Total Liabilities $ 3,803,971 $ 2,619,451

Stockholders' Equity and Non-_2

Stockholders' Equity and Non-Controlling Interests (Tables)	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Schedule of Dividends Declared by Board of Directors	During the three months ended March 31, 2022, our board of directors declared the following dividends: Declaration Date Record Date Ex-Dividend Date Payment Date Amount Frequency 3/14/22 3/31/22 3/30/22 4/15/22 $ 0.48 Quarterly
Summary of Share Awards Granted Under the Manager Equity Plan	The table below summarizes our share awards granted or vested under the Manager Equity Plan and the 2017 Manager Equity Plan during the three months ended March 31, 2022 and 2021 (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 ______________________________________________________________________________________________________________________ (1) Of the amount granted, 218,898 vested immediately on the grant date and the remaining amount vests over a three-year period.
Schedule of Non-Vested Shares and Share Equivalents	2017 2017 Total Weighted Average Balance as of January 1, 2022 2,406,730 1,295,277 3,702,007 $ 18.90 Granted 784,893 — 784,893 23.81 Vested (600,902) (231,759) (832,661) 17.73 Forfeited (3,689) — (3,689) 23.95 Balance as of March 31, 2022 2,587,032 1,063,518 3,650,550 20.21

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2022
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 Three Months Ended 2022 2021 Basic Earnings Income attributable to STWD common stockholders $ 324,599 $ 111,378 Less: Income attributable to participating shares not already deducted as non-controlling interests (8,869) (1,925) Basic earnings $ 315,730 $ 109,453 Diluted Earnings Income attributable to STWD common stockholders $ 324,599 $ 111,378 Less: Income attributable to participating shares not already deducted as non-controlling interests (8,869) (1,925) Add: Interest expense on Convertible Notes 2,904 2,916 Add: Undistributed earnings to participating shares 7,342 — Less: Undistributed earnings reallocated to participating shares (7,109) — Diluted earnings $ 318,867 $ 112,369 Number of Shares: Basic — Average shares outstanding 302,944 283,319 Effect of dilutive securities — Convertible Notes 9,649 9,649 Effect of dilutive securities — Contingently issuable shares 605 263 Effect of dilutive securities — Unvested non-participating shares 131 — Diluted — Average shares outstanding 313,329 293,231 Earnings Per Share Attributable to STWD Common Stockholders: Basic $ 1.04 $ 0.39 Diluted $ 1.02 $ 0.38

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Schedule of Changes in AOCI by Component	The changes in AOCI by component are as follows (amounts in thousands): Cumulative Foreign Total Three Months Ended March 31, 2022 Balance at January 1, 2022 $ 40,953 $ — $ 40,953 OCI before reclassifications — — — Amounts reclassified from AOCI (5,284) — (5,284) Net period OCI (5,284) — (5,284) Balance at March 31, 2022 $ 35,669 $ — $ 35,669 Three Months Ended March 31, 2021 Balance at January 1, 2021 $ 44,057 $ (64) $ 43,993 OCI before reclassifications (2,403) — (2,403) Amounts reclassified from AOCI — 64 64 Net period OCI (2,403) 64 (2,339) Balance at March 31, 2021 $ 41,654 $ — $ 41,654

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 Total Level I Level II Level III Financial Assets: Loans under fair value option $ 2,740,133 $ — $ 373,111 $ 2,367,022 RMBS 134,406 — — 134,406 CMBS 21,858 — — 21,858 Equity security 11,619 11,619 — — Woodstar Fund investments 1,264,160 — — 1,264,160 Domestic servicing rights 17,864 — — 17,864 Derivative assets 60,869 — 60,869 — VIE assets 57,763,543 — — 57,763,543 Total $ 62,014,452 $ 11,619 $ 433,980 $ 61,568,853 Financial Liabilities: Derivative liabilities $ 38,709 $ — $ 38,709 $ — VIE liabilities 56,185,937 — 50,706,649 5,479,288 Total $ 56,224,646 $ — $ 50,745,358 $ 5,479,288 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
Schedule of Changes in Financial Assets and Liabilities Classified as Level III	The changes in financial assets and liabilities classified as Level III are as follows for the three months ended March 31, 2022 and 2021 (amounts in thousands): Three Months Ended March 31, 2022 Loans at RMBS CMBS Woodstar Fund Investments Domestic VIE Assets VIE Total January 1, 2022 balance $ 2,936,025 $ 143,980 $ 22,244 $ 1,040,309 $ 16,780 $ 61,280,543 $ (4,780,221) $ 60,659,660 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale (125,783) — (692) 223,851 1,084 (3,896,602) 474,911 (3,323,231) Net accretion — 2,605 — — — — — 2,605 Included in OCI — (5,284) — — — — — (5,284) Purchases / Originations 2,266,699 — — — — — — 2,266,699 Sales (2,278,467) — — — — — — (2,278,467) Cash repayments / receipts (58,434) (6,895) (224) — — — (410) (65,963) Transfers into Level III 93 — — — — — (203,880) (203,787) Transfers out of Level III (373,111) — — — — — 54,610 (318,501) Consolidation of VIEs — — — — — 1,109,614 (1,025,257) 84,357 Deconsolidation of VIEs balance — — 530 — — (730,012) 959 (728,523) March 31, 2022 balance $ 2,367,022 $ 134,406 $ 21,858 $ 1,264,160 $ 17,864 $ 57,763,543 $ (5,479,288) $ 56,089,565 Amount of unrealized gains (losses) attributable to assets still held at March 31, 2022: Included in earnings $ (82,883) $ 2,605 $ (162) $ 223,851 $ 1,084 $ (3,896,602) $ 474,911 $ (3,277,196) Included in OCI $ — $ (5,284) $ — $ — $ — $ — $ — $ (5,284) Three Months Ended March 31, 2021 Loans at RMBS CMBS Woodstar Fund Investments Domestic VIE Assets VIE Total January 1, 2021 balance $ 1,022,979 $ 167,349 $ 19,457 $ — $ 13,202 $ 64,238,328 $ (2,019,876) $ 63,441,439 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale (9,478) — 372 — (796) (2,264,591) 65,681 (2,208,812) Net accretion — 2,606 — — — — — 2,606 Included in OCI — (2,403) — — — — — (2,403) Purchases / Originations 375,270 — — — — — — 375,270 Sales (571,927) — — — — — — (571,927) Issuances — — — — — — (11,604) (11,604) Cash repayments / receipts (53,071) (7,251) (573) — — — (1,137) (62,032) Transfers into Level III — — — — — — (409,267) (409,267) Transfers out of Level III — — — — — — 148,775 148,775 Consolidation of VIEs — — — — — 393,373 — 393,373 March 31, 2021 balance $ 763,773 $ 160,301 $ 19,256 $ — $ 12,406 $ 62,367,110 $ (2,227,428) $ 61,095,418 Amount of unrealized gains (losses) attributable to assets still held at March 31, 2021: Included in earnings $ (7,708) $ 2,606 $ 372 $ — $ (796) $ (2,264,591) $ 65,681 $ (2,204,436) Included in OCI $ — $ (2,403) $ — $ — $ — $ — $ — $ (2,403)
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): March 31, 2022 December 31, 2021 Carrying Fair Carrying Fair Financial assets not carried at fair value: Loans held-for-investment $ 16,197,636 $ 16,204,044 $ 15,477,624 $ 15,526,235 HTM debt securities 701,306 673,999 683,136 656,864 Financial liabilities not carried at fair value: Secured financing agreements, CLOs and SASB $ 15,329,466 $ 15,356,458 $ 15,192,966 $ 15,266,440 Unsecured senior notes 2,322,630 2,320,231 1,828,590 1,893,065
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 March 31, 2022 Valuation Unobservable Range (Weighted Average) as of (1) March 31, 2022 December 31, 2021 Loans under fair value option $ 2,367,022 Discounted cash flow, market pricing Coupon (d) 2.8% - 9.2% (4.4%) 2.6% - 9.2% (4.2%) Remaining contractual term (d) 6.0 - 39.9 years (28.9 years) 6.3 - 39.9 years (27.4 years) FICO score (a) 584 - 829 (745) 582 - 829 (748) LTV (b) 4% - 94% (68%) 1% - 94% (66%) Purchase price (d) 80.0% - 108.6% (102.0%) 80.0% - 108.6% (102.3%) RMBS 134,406 Discounted cash flow Constant prepayment rate (a) 4.2% - 19.6% (9.3%) 4.8% - 19.2% (9.9%) Constant default rate (b) 0.8% - 6.3% (2.0%) 0.8% - 6.0% (2.1%) Loss severity (b) 0% - 81% (24%) (f) 0% - 86% (26%) (f) Delinquency rate (c) 11% - 36% (18%) 10.4% - 35% (19%) Servicer advances (a) 22% - 79% (52%) 19% - 83% (52%) Annual coupon deterioration (b) 0% - 2.5% (0.1%) 0% - 1.7% (0.1%) Putback amount per projected total collateral loss (e) 0% - 8% (0.5%) 0% - 8% (0.5%) CMBS 21,858 Discounted cash flow Yield (b) 0% - 297.8% (9.1%) 0% - 613.6% (9.3%) Duration (c) 0 - 6.7 years (3.7 years) 0 - 7.2 years (5.2 years) Woodstar Fund investments 1,264,160 Discounted cash flow Discount rate - properties (b) N/A 5.8% - 6.3% (6.0%) Discount rate - debt (a) 2.3% - 4.4% (3.8%) 2.6% - 3.3% (2.9%) Terminal capitalization rate (b) N/A 4.8% - 5.3% (4.9%) Direct capitalization rate (b) 4.1% - 4.2% (4.2%) 4.1% - 4.2% (4.2%) (Implied) Domestic servicing rights 17,864 Discounted cash flow Debt yield (a) 7.50% (7.50%) 7.30% (7.30%) Discount rate (b) 15% (15%) 15% (15%) VIE assets 57,763,543 Discounted cash flow Yield (b) 0% - 328.6% (15.0%) 0% - 615.3% (13.0%) Duration (c) 0 - 10.9 years (3.1 years) 0 - 11.0 years (3.2 years) VIE liabilities 5,479,288 Discounted cash flow Yield (b) 0% - 328.6% (7.6%) 0% - 615.3% (6.4%) Duration (c) 0 - 10.9 years (2.2 years) 0 - 11.0 years (2.3 years) ______________________________________________________________________________________________________________________ (1) Unobservable inputs were weighted by the relative carrying value of the instruments as of March 31, 2022 and December 31, 2021. 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) 11% and 18% of the portfolio falls within a range of 45% - 80% as of March 31, 2022 and December 31, 2021, respectively.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
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 (benefit) provision for the three months ended March 31, 2022 and 2021 (dollars in thousands): For the Three Months Ended March 31, 2022 2021 Federal statutory tax rate $ 80,191 21.0 % $ 26,199 21.0 % REIT and other non-taxable income (79,198) (20.7) % (24,501) (19.6) % State income taxes 326 0.1 % 558 0.4 % Federal benefit of state tax deduction (69) — % (117) (0.1) % Intra-entity transfers (3,868) (1.0) % — — % Other 168 — % 91 0.1 % Effective tax rate $ (2,450) (0.6) % $ 2,230 1.8 %

Segment Data (Tables)

Segment Data (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Results of Operations by Business Segment	The table below presents our results of operations for the three months ended March 31, 2022 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 202,470 $ 26,983 $ — $ 4,166 $ — $ 233,619 $ — $ 233,619 Interest income from investment securities 20,836 747 — 27,389 — 48,972 (34,989) 13,983 Servicing fees 136 — — 14,071 — 14,207 (4,215) 9,992 Rental income 1,686 — 22,365 7,529 — 31,580 — 31,580 Other revenues 52 68 50 4,654 — 4,824 (6) 4,818 Total revenues 225,180 27,798 22,415 57,809 — 333,202 (39,210) 293,992 Costs and expenses: Management fees 277 — — — 55,018 55,295 — 55,295 Interest expense 68,602 11,930 6,081 6,210 33,842 126,665 (214) 126,451 General and administrative 11,602 3,511 1,056 23,443 4,628 44,240 81 44,321 Acquisition and investment pursuit costs 499 1 5 (83) — 422 — 422 Costs of rental operations 519 — 5,001 3,770 — 9,290 — 9,290 Depreciation and amortization 294 105 8,219 3,029 — 11,647 — 11,647 Credit loss reversal, net (3,299) (359) — — — (3,658) — (3,658) Other expense — — 55 — — 55 — 55 Total costs and expenses 78,494 15,188 20,417 36,369 93,488 243,956 (133) 243,823 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 26,749 26,749 Change in fair value of servicing rights — — — (217) — (217) 1,301 1,084 Change in fair value of investment securities, net (2,105) — — (9,291) — (11,396) 11,041 (355) Change in fair value of mortgage loans, net (116,228) — — (9,555) — (125,783) — (125,783) Income from affordable housing fund investments — — 234,041 — — 234,041 — 234,041 (Loss) earnings from unconsolidated entities (1,340) 345 — 151 — (844) (66) (910) Gain on sale of investments and other assets, net 86,610 — — 11,858 — 98,468 — 98,468 Gain (loss) on derivative financial instruments, net 118,395 632 17,546 27,863 (37,168) 127,268 — 127,268 Foreign currency (loss) gain, net (27,254) (28) 1 — — (27,281) — (27,281) Loss on extinguishment of debt (206) (469) — (148) — (823) — (823) Other (loss) income, net (788) — — — — (788) 25 (763) Total other income (loss) 57,084 480 251,588 20,661 (37,168) 292,645 39,050 331,695 Income (loss) before income taxes 203,770 13,090 253,586 42,101 (130,656) 381,891 (27) 381,864 Income tax benefit (provision) 5,140 4 — (2,694) — 2,450 — 2,450 Net income (loss) 208,910 13,094 253,586 39,407 (130,656) 384,341 (27) 384,314 Net income attributable to non-controlling interests (3) — (52,411) (7,328) — (59,742) 27 (59,715) Net income (loss) attributable to Starwood Property Trust, Inc . $ 208,907 $ 13,094 $ 201,175 $ 32,079 $ (130,656) $ 324,599 $ — $ 324,599 The table below presents our results of operations for the three months ended March 31, 2021 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 170,593 $ 18,808 $ — $ 1,174 $ — $ 190,575 $ — $ 190,575 Interest income from investment securities 18,385 564 — 20,940 — 39,889 (28,279) 11,610 Servicing fees 124 — — 12,456 — 12,580 (4,178) 8,402 Rental income 1,339 — 65,104 9,895 — 76,338 — 76,338 Other revenues 90 93 40 82 — 305 — 305 Total revenues 190,531 19,465 65,144 44,547 — 319,687 (32,457) 287,230 Costs and expenses: Management fees 315 — — 222 38,188 38,725 11 38,736 Interest expense 44,295 8,841 15,832 5,449 29,148 103,565 (191) 103,374 General and administrative 11,333 3,442 1,023 18,440 4,311 38,549 87 38,636 Acquisition and investment pursuit costs 185 — — — — 185 — 185 Costs of rental operations 477 — 23,960 4,308 — 28,745 — 28,745 Depreciation and amortization 307 100 18,100 3,967 — 22,474 — 22,474 Credit loss (reversal) provision, net (529) 573 — — — 44 — 44 Other expense 31 — 583 71 — 685 — 685 Total costs and expenses 56,414 12,956 59,498 32,457 71,647 232,972 (93) 232,879 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 39,745 39,745 Change in fair value of servicing rights — — — 745 — 745 (1,541) (796) Change in fair value of investment securities, net (2,050) — — 7,170 — 5,120 (5,426) (306) Change in fair value of mortgage loans, net (10,714) — — 1,236 — (9,478) — (9,478) Earnings (loss) from unconsolidated entities 1,753 (254) — 589 — 2,088 (354) 1,734 Gain on sale of investments and other assets, net 17,693 — — — — 17,693 — 17,693 Gain (loss) on derivative financial instruments, net 26,141 684 4,724 9,283 (6,843) 33,989 — 33,989 Foreign currency (loss) gain, net (11,594) (49) 25 (63) — (11,681) — (11,681) Loss on extinguishment of debt (68) (307) (141) — — (516) — (516) Other income, net — 21 — — — 21 — 21 Total other income (loss) 21,161 95 4,608 18,960 (6,843) 37,981 32,424 70,405 Income (loss) before income taxes 155,278 6,604 10,254 31,050 (78,490) 124,696 60 124,756 Income tax provision (1,505) (92) — (633) — (2,230) — (2,230) Net income (loss) 153,773 6,512 10,254 30,417 (78,490) 122,466 60 122,526 Net income attributable to non-controlling interests (3) — (5,077) (6,008) — (11,088) (60) (11,148) Net income (loss) attributable to Starwood Property Trust, Inc . $ 153,770 $ 6,512 $ 5,177 $ 24,409 $ (78,490) $ 111,378 $ — $ 111,378
Schedule of Consolidated Balance Sheet by Business Segment	The table below presents our consolidated balance sheet as of March 31, 2022 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Assets: Cash and cash equivalents $ 58,377 $ 38,762 $ 20,077 $ 27,836 $ 118,573 $ 263,625 $ 584 $ 264,209 Restricted cash 13,142 27,401 950 26,371 41,701 109,565 — 109,565 Loans held-for-investment, net 14,107,316 2,136,118 — 9,823 — 16,253,257 — 16,253,257 Loans held-for-sale 2,299,153 — — 385,359 — 2,684,512 — 2,684,512 Investment securities 1,207,667 49,198 — 1,155,469 — 2,412,334 (1,543,145) 869,189 Properties, net 104,901 — 880,392 137,064 — 1,122,357 — 1,122,357 Investments of consolidated affordable housing fund — — 1,264,160 — — 1,264,160 — 1,264,160 Investments in unconsolidated entities 43,349 27,061 — 33,878 — 104,288 (15,038) 89,250 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Intangible assets — — 33,292 69,674 — 102,966 (40,818) 62,148 Derivative assets 58,904 161 486 1,318 — 60,869 — 60,869 Accrued interest receivable 114,367 6,274 — 1,745 1,556 123,942 (141) 123,801 Other assets 135,095 10,229 59,100 33,857 23,146 261,427 (235) 261,192 VIE assets, at fair value — — — — — — 57,763,543 57,763,543 Total Assets $ 18,142,271 $ 2,414,613 $ 2,258,457 $ 2,022,831 $ 184,976 $ 25,023,148 $ 56,164,750 $ 81,187,898 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 102,124 $ 15,347 $ 11,503 $ 32,297 $ 34,834 $ 196,105 $ 40 $ 196,145 Related-party payable — — — — 56,615 56,615 — 56,615 Dividends payable — — — — 148,743 148,743 — 148,743 Derivative liabilities 10,990 225 — 145 27,349 38,709 — 38,709 Secured financing agreements, net 8,294,408 924,242 787,977 774,460 771,944 11,553,031 (21,460) 11,531,571 Collateralized loan obligations and single asset securitization, net 2,985,637 812,258 — — — 3,797,895 — 3,797,895 Unsecured senior notes, net — — — — 2,322,630 2,322,630 — 2,322,630 VIE liabilities, at fair value — — — — — — 56,185,937 56,185,937 Total Liabilities 11,393,159 1,752,072 799,480 806,902 3,362,115 18,113,728 56,164,517 74,278,245 Temporary Equity: Redeemable non-controlling interests — — 261,685 — — 261,685 — 261,685 Permanent Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 3,144 3,144 — 3,144 Additional paid-in capital 1,931,043 606,871 (373,851) (388,580) 3,933,544 5,709,027 — 5,709,027 Treasury stock — — — — (138,022) (138,022) — (138,022) Accumulated other comprehensive income 35,669 — — — — 35,669 — 35,669 Retained earnings (accumulated deficit) 4,782,282 55,670 1,362,509 1,445,221 (6,975,805) 669,877 — 669,877 Total Starwood Property Trust, Inc. Stockholders’ Equity 6,748,994 662,541 988,658 1,056,641 (3,177,139) 6,279,695 — 6,279,695 Non-controlling interests in consolidated subsidiaries 118 — 208,634 159,288 — 368,040 233 368,273 Total Permanent Equity 6,749,112 662,541 1,197,292 1,215,929 (3,177,139) 6,647,735 233 6,647,968 Total Liabilities and Equity $ 18,142,271 $ 2,414,613 $ 2,258,457 $ 2,022,831 $ 184,976 $ 25,023,148 $ 56,164,750 $ 81,187,898 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

Business and Organization (Deta

Business and Organization (Details)	3 Months Ended
	Mar. 31, 2022segment
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 ($)	Nov. 05, 2021USD ($)unitproperty	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
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
Number of properties in portfolio investment | property		59
Number of units in portfolio investment | unit		15,057
Contributions from non-controlling interests			$ 4,690,000	$ 2,969,000
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

Acquisitions and Divestitures -

Acquisitions and Divestitures - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Apr. 30, 2019	Mar. 31, 2019
Business Acquisition [Line Items]
Allowance	$ 68,260
Commercial and Residential Lending Segment
Business Acquisition [Line Items]
Unpaid principal balance				$ 20,900
Commercial and Residential Lending Segment | Orlando, Florida
Business Acquisition [Line Items]
Carrying value			$ 18,500
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	34,500
Gain on sale of property	11,700
Operating properties | Commercial and Residential Lending Segment | Orlando, Florida
Business Acquisition [Line Items]
Proceeds from sale of operating properties	114,800
Gain on sale of property	86,600
Operating properties | Commercial and Residential Lending Segment | Montgomery Alabama
Business Acquisition [Line Items]
Proceeds from sale of operating properties	114,800	$ 31,200
Gain on sale of property	$ 86,600	$ 17,700

Loans - Held for Investment (De

Loans - Held for Investment (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Investments in loans
Carrying Value	$ 19,006,029	$ 18,480,919
Face Amount	19,161,866	18,521,795
Credit loss allowances	(68,260)	(67,270)
Total net loans	18,937,769	18,413,649	$ 13,166,124	$ 12,139,908
Loans held for investment
Investments in loans
Carrying Value	16,321,517	15,604,119
Face Amount	16,437,364	15,706,124
Credit loss allowances	(68,260)	(67,270)
Loans held-for-sale
Investments in loans
Carrying Value	2,684,512	2,876,800
Face Amount	2,724,502	2,815,671
Total net loans	2,684,512	2,876,800	844,631	1,052,835
Commercial Portfolio Segment
Investments in loans
Carrying Value	14,109,497
Commercial Portfolio Segment | Loans held for investment
Investments in loans
Carrying Value	14,109,497	13,496,798
Face Amount	14,198,308	13,574,079
Credit loss allowances	(47,979)	(46,600)
Total net loans	14,061,518	13,450,198	10,583,973	9,583,949
Infrastructure Portfolio Segment
Investments in loans
Carrying Value	2,156,399
Infrastructure Portfolio Segment | Loans held for investment
Investments in loans
Carrying Value	2,156,399	2,048,096
Face Amount	$ 2,181,264	$ 2,071,912
Weighted Average Life	4 years 3 months 18 days	4 years 3 months 18 days
Credit loss allowances	$ (20,281)	$ (20,670)
Total net loans	$ 2,136,118	$ 2,027,426	1,586,808	1,412,440
Infrastructure Portfolio Segment | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon	4.80%	4.40%
Residential Portfolio Segment
Investments in loans
Weighted Average Life	29 years 4 months 24 days	29 years 4 months 24 days
Reclassification to held-for-sale	$ 300
Residential Portfolio Segment | Loans held for investment
Investments in loans
Total net loans	55,621	$ 59,225	$ 150,712	$ 90,684
RMBS, fair value option | Loans held-for-sale
Investments in loans
Carrying Value	2,299,153	2,590,005
Face Amount	$ 2,331,997	$ 2,525,910
RMBS, fair value option | Loans held-for-sale | Weighted-average
Investments in loans
Weighted Average Coupon	4.30%	4.20%
CMBS, fair value option | Loans held-for-sale
Investments in loans
Carrying Value	$ 385,359	$ 286,795
Face Amount	$ 392,505	$ 289,761
Weighted Average Life	9 years 7 months 6 days	9 years
CMBS, fair value option | Loans held-for-sale | Weighted-average
Investments in loans
Weighted Average Coupon	4.90%	4.00%
First mortgage loan participation | Loans held for investment
Investments in loans
Carrying Value	$ 13,596,590	$ 12,991,099
Face Amount	$ 13,684,558	$ 13,067,524
Weighted Average Life	1 year 10 months 24 days	1 year 10 months 24 days
First mortgage loan participation | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon	4.60%	4.50%
Subordinated mortgages | Loans held for investment
Investments in loans
Carrying Value	$ 70,934	$ 70,771
Face Amount	$ 72,399	$ 72,371
Weighted Average Life	2 years 7 months 6 days	2 years 9 months 18 days
Subordinated mortgages | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon	10.10%	10.00%
Mezzanine Loans
Investments in loans
Total net loans	$ 1,300,000	$ 1,400,000
Mezzanine Loans | Loans held for investment
Investments in loans
Carrying Value	424,835	417,504
Face Amount	$ 422,752	$ 415,155
Weighted Average Life	1 year 3 months 18 days	1 year 4 months 24 days
Mezzanine Loans | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon	9.60%	9.40%
Other | Loans held for investment
Investments in loans
Carrying Value	$ 17,138	$ 17,424
Face Amount	$ 18,599	$ 19,029
Weighted Average Life	2 years	2 years 1 month 6 days
Other | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon	8.20%	8.20%
Residential loans, fair value option | Loans held for investment
Investments in loans
Carrying Value	$ 55,621	$ 59,225
Face Amount	$ 57,792	$ 60,133
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	$ 55,621

Loans - Variable Rate Loans Hel

Loans - Variable Rate Loans Held for Investment (Details) $ in Thousands	Mar. 31, 2022USD ($)
Variable rate loans held-for-investment
Carrying Value	$ 15,542,927
Weighted-average Spread Above Index	4.00%
Commercial loans
Variable rate loans held-for-investment
Carrying Value	$ 13,419,816
Weighted-average Spread Above Index	4.00%
Infrastructure loans
Variable rate loans held-for-investment
Carrying Value	$ 2,123,111
Weighted-average Spread Above Index	3.90%

Loans - Ratings (Details)

Loans - Ratings (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investments in loans
Total Amortized Cost Basis	$ 19,006,029	$ 18,480,919
Credit Loss Allowance	68,260
Credit deteriorated
Investments in loans
Total Amortized Cost Basis	38,200
Total loans held-for-investment
Investments in loans
Total Amortized Cost Basis	16,321,517	15,604,119
Total loans held-for-investment | Residential loans, fair value option
Investments in loans
Total Amortized Cost Basis	55,621	59,225
Loans held-for-sale
Investments in loans
Total Amortized Cost Basis	2,684,512	2,876,800
Credit Loss Allowance	0
Commercial Portfolio Segment
Investments in loans
2021	955,929
2020	7,207,485
2019	1,060,068
2018	2,559,714
2017	1,260,943
Prior	1,065,358
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	14,109,497
Credit Loss Allowance	47,979
Commercial Portfolio Segment | LTV less than 60%
Investments in loans
2021	234,534
2020	2,744,291
2019	505,166
2018	978,325
2017	558,782
Prior	699,224
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	5,720,322
Credit Loss Allowance	3,349
Commercial Portfolio Segment | LTV 60% - 70%
Investments in loans
2021	667,690
2020	3,901,356
2019	288,906
2018	1,166,327
2017	392,003
Prior	82,385
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	6,498,667
Credit Loss Allowance	7,458
Commercial Portfolio Segment | LTV > 70%
Investments in loans
2021	53,705
2020	561,838
2019	265,996
2018	415,062
2017	310,158
Prior	261,686
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	1,868,445
Credit Loss Allowance	32,247
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	17,138
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	17,138
Credit Loss Allowance	0
Commercial Portfolio Segment | Total loans held-for-investment
Investments in loans
Total Amortized Cost Basis	14,109,497	13,496,798
Infrastructure Portfolio Segment
Investments in loans
2021	89,110
2020	507,078
2019	128,114
2018	533,174
2017	458,764
Prior	433,117
Revolving Loans Amortized Cost Total	7,042
Total Amortized Cost Basis	2,156,399
Credit Loss Allowance	20,281
Infrastructure Portfolio Segment | Credit deteriorated
Investments in loans
2021	0
2020	0
2019	0
2018	0
2017	0
Prior	33,288
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	33,288
Credit Loss Allowance	10,121
Infrastructure Portfolio Segment | Power
Investments in loans
2021	89,110
2020	206,412
2019	86,988
2018	275,264
2017	373,959
Prior	350,008
Revolving Loans Amortized Cost Total	5,112
Total Amortized Cost Basis	1,386,853
Credit Loss Allowance	5,192
Infrastructure Portfolio Segment | Oil and gas
Investments in loans
2021	0
2020	300,666
2019	41,126
2018	257,910
2017	84,805
Prior	49,821
Revolving Loans Amortized Cost Total	1,930
Total Amortized Cost Basis	736,258
Credit Loss Allowance	4,968
Infrastructure Portfolio Segment | Total loans held-for-investment
Investments in loans
Total Amortized Cost Basis	2,156,399	$ 2,048,096
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	$ 55,621

Loans - Narrative (Details)

Loans - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	$ 19,006,029	$ 18,480,919
Allowance	68,260
Credit deteriorated
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	38,200
90 days or greater past due | Non-Credit Deterioration
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	505,200
Past due loan converted to equity interests	7,300
Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	14,109,497
Allowance	47,979
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	33,300
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	46,800
Residential Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance	0
Residential Portfolio Segment | 90 days or greater past due | Non-Credit Deterioration
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	30,300
Infrastructure Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	2,156,399
Allowance	20,281
Infrastructure Portfolio Segment | Credit deteriorated
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	33,288
Allowance	10,121
Infrastructure Portfolio Segment | Senior Loans | Credit deteriorated
Financing Receivable, Allowance for Credit Loss [Line Items]
Nonaccrual status	$ 4,900

Loans - Activity in Portfolio (

Loans - Activity in Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Activity in allowance for loan losses
Credit loss allowance at beginning of the period	$ 67,270
Credit loss allowance at the end of the period	68,260
Activity in loan portfolio
Balance at the beginning of the period	18,413,649	$ 12,139,908
Acquisitions/originations/additional funding	3,824,520	2,671,394
Capitalized Interest	26,903	36,646
Basis of loans sold	(2,278,467)	(571,927)
Loan maturities/principal repayments	(865,952)	(1,092,984)
Discount accretion/premium amortization	16,600	16,745
Changes in fair value	(125,783)	(9,478)
Foreign currency translation gain/(loss), net	(72,711)	(14,263)
Credit loss (provision) reversal, net	(990)	(2,597)
Transfer to/from other asset classifications or between segments	0	(7,320)
Balance at the end of the period	18,937,769	13,166,124
Funded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period	67,270
Credit loss provision (reversal), net	990
Credit loss allowance at the end of the period	68,260
Unfunded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period	6,837
Credit loss provision (reversal), net	577
Credit loss allowance at the end of the period	7,414
Unfunded commitments	2,847,164
Held-to-Maturity Preferred Interests
Activity in allowance for loan losses
Credit loss allowance at beginning of the period	0
Credit loss provision (reversal), net	353
Credit loss allowance at the end of the period	353
Unfunded commitments	12,500
Total loans held-for-investment
Activity in allowance for loan losses
Credit loss allowance at beginning of the period	67,270
Credit loss allowance at the end of the period	68,260
Loans held-for-sale
Activity in loan portfolio
Balance at the beginning of the period	2,876,800	1,052,835
Acquisitions/originations/additional funding	2,266,699	375,270
Capitalized Interest	93	0
Basis of loans sold	(2,278,467)	(571,927)
Loan maturities/principal repayments	(56,439)	(44,326)
Discount accretion/premium amortization	0	0
Changes in fair value	(124,520)	(9,188)
Foreign currency translation gain/(loss), net	0	0
Credit loss (provision) reversal, net	0	0
Transfer to/from other asset classifications or between segments	346	41,967
Balance at the end of the period	2,684,512	844,631
Commercial Portfolio Segment | Funded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period	46,600
Credit loss provision (reversal), net	1,379
Credit loss allowance at the end of the period	47,979
Commercial Portfolio Segment | Loans Held-For-Investment
Activity in allowance for loan losses
Credit loss allowance at beginning of the period	6,692
Credit loss provision (reversal), net	271
Credit loss allowance at the end of the period	6,963
Unfunded commitments	2,822,554
Commercial Portfolio Segment | Total loans held-for-investment
Activity in allowance for loan losses
Credit loss allowance at beginning of the period	46,600
Credit loss allowance at the end of the period	47,979
Activity in loan portfolio
Balance at the beginning of the period	13,450,198	9,583,949
Acquisitions/originations/additional funding	1,359,483	2,196,813
Capitalized Interest	26,697	36,646
Basis of loans sold	0	0
Loan maturities/principal repayments	(715,665)	(1,021,393)
Discount accretion/premium amortization	14,093	15,824
Changes in fair value	0	0
Foreign currency translation gain/(loss), net	(71,909)	(14,082)
Credit loss (provision) reversal, net	(1,379)	(1,880)
Transfer to/from other asset classifications or between segments	0	(211,904)
Balance at the end of the period	14,061,518	10,583,973
Infrastructure Portfolio Segment | Funded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period	20,670
Credit loss provision (reversal), net	(389)
Credit loss allowance at the end of the period	20,281
Infrastructure Portfolio Segment | Loans Held-For-Investment
Activity in allowance for loan losses
Credit loss allowance at beginning of the period	145
Credit loss provision (reversal), net	(47)
Credit loss allowance at the end of the period	98
Unfunded commitments	12,110
Infrastructure Portfolio Segment | Total loans held-for-investment
Activity in allowance for loan losses
Credit loss allowance at beginning of the period	20,670
Credit loss allowance at the end of the period	20,281
Activity in loan portfolio
Balance at the beginning of the period	2,027,426	1,412,440
Acquisitions/originations/additional funding	198,338	99,311
Capitalized Interest	113	0
Basis of loans sold	0	0
Loan maturities/principal repayments	(91,853)	(18,055)
Discount accretion/premium amortization	2,507	921
Changes in fair value	0	0
Foreign currency translation gain/(loss), net	(802)	(181)
Credit loss (provision) reversal, net	389	(717)
Transfer to/from other asset classifications or between segments	0	93,089
Balance at the end of the period	2,136,118	1,586,808
Residential Portfolio Segment | Total loans held-for-investment
Activity in loan portfolio
Balance at the beginning of the period	59,225	90,684
Acquisitions/originations/additional funding	0	0
Capitalized Interest	0	0
Basis of loans sold	0	0
Loan maturities/principal repayments	(1,995)	(9,210)
Discount accretion/premium amortization	0	0
Changes in fair value	(1,263)	(290)
Foreign currency translation gain/(loss), net	0	0
Credit loss (provision) reversal, net	0	0
Transfer to/from other asset classifications or between segments	(346)	69,528
Balance at the end of the period	$ 55,621	$ 150,712

Investment Securities - Summary

Investment Securities - Summary of Investment Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	$ 134,406	$ 143,980
HTM debt securities	704,691	691,746
Total investment securities	869,189	860,984
Credit loss allowance	3,385	8,610
VIE eliminations
Debt Securities, Available-for-sale [Line Items]
Equity security	(1,543,145)	(1,491,786)
CMBS
Debt Securities, Available-for-sale [Line Items]
HTM debt securities	533,372	538,506
Credit loss allowance	228	3,140
CMBS | Non- Controlling Interests
Debt Securities, Available-for-sale [Line Items]
Equity security	190,600	182,600
Before consolidation of securitization VIEs
Debt Securities, Available-for-sale [Line Items]
HTM debt securities	701,306	683,136
Equity security, fair value	11,619	11,624
Total investment securities	2,412,334	2,352,770
Before consolidation of securitization VIEs | RMBS
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	134,406	143,980
Equity security	311,292	250,424
Before consolidation of securitization VIEs | CMBS
Debt Securities, Available-for-sale [Line Items]
Equity security	$ 1,253,711	$ 1,263,606

Investment Securities - Summa_2

Investment Securities - Summary of Purchases and Sales (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	$ 18,139	$ 0
Sales	0	0
Principal collections	7,784	59,514
Redemptions	0
VIE eliminations
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	(84,357)	(27,333)
Sales	0	(11,604)
Principal collections	(22,014)	(14,481)
Redemptions	0
Held-to-maturity
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	18,139	0
Sales	0
Principal collections	664	51,690
Redemptions	0
RMBS | Available-for-sale
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	0	0
Sales	0	0
Principal collections	6,895	7,251
Redemptions	0
RMBS | Fair value option
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	84,357	27,333
Sales	0	0
Principal collections	21,604	13,344
Redemptions	0
CMBS | Fair value option
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	0	0
Sales	0	11,604
Principal collections	635	$ 1,710
Redemptions	$ 0

Investment Securities - Availab

Investment Securities - Available-for-Sale RMBS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 98,737	$ 103,027
Credit Loss Allowance	0	0
Net Basis	98,737	103,027
Gross Unrealized Gains	35,708	41,052
Gross Unrealized Losses	(39)	(99)
Net Fair Value Adjustment	35,669	40,953
Fair Value	$ 134,406	$ 143,980
Available-for-sale | One-month LIBOR
Debt Securities, Available-for-sale [Line Items]
Effective variable rate basis	0.452%
RMBS | Available-for-sale | B-
Debt Securities, Available-for-sale [Line Items]
Weighted Average Coupon	1.50%
WAL (Years)	5 years 6 months

Investment Securities - Narrati

Investment Securities - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)security	Mar. 31, 2021USD ($)	Dec. 31, 2012shares	Dec. 31, 2021USD ($)security
Debt Securities, Available-for-sale [Line Items]
Cost of third party management	$ 300,000	$ 300,000
Number of securities with unrealized losses | security	4			1
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			$ 11,600,000
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	$ 21,900,000
Fair value option
Debt Securities, Available-for-sale [Line Items]
Fair value of mortgage backed securities	1,600,000,000
RMBS
Debt Securities, Available-for-sale [Line Items]
Portion of securities with variable rate	$ 118,100,000
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	311,300,000
Unpaid principal balance of investment securities before consolidation of VIEs	179,900,000
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	Mar. 31, 2022	Dec. 31, 2021
Estimated Fair Value
Securities with a loss less than 12 months	$ 3,769	$ 2,478
Securities with a loss greater than 12 months	0	0
Unrealized Losses
Securities with a loss less than 12 months	(39)	(99)
Securities with a loss greater than 12 months	$ 0	$ 0

Investment Securities - HTM (De

Investment Securities - HTM (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
HTM Securities
Amortized Cost Basis	$ 704,691	$ 691,746
Credit Loss Allowance	(3,385)	(8,610)
Net Carrying Amount	701,306	683,136
Gross Unrealized Holding Gains	879	1,206
Gross Unrealized Holding Losses	(28,186)	(27,478)
Fair Value	673,999	656,864
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at December 31, 2021	8,610
Credit loss provision (reversal), net	(5,225)
Credit loss allowance at March 31, 2022	3,385
HTM preferred equity interests
Less than one year	405,387
One to three years	52,873
Three to five years	212,450
Thereafter	30,596
Total	701,306
CMBS
HTM Securities
Amortized Cost Basis	533,372	538,506
Credit Loss Allowance	(228)	(3,140)
Net Carrying Amount	533,144	535,366
Gross Unrealized Holding Gains	0	195
Gross Unrealized Holding Losses	(25,218)	(25,029)
Fair Value	507,926	510,532
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at December 31, 2021	3,140
Credit loss provision (reversal), net	(2,912)
Credit loss allowance at March 31, 2022	228
HTM preferred equity interests
Less than one year	313,993
One to three years	25,303
Three to five years	193,848
Thereafter	0
Total	533,144
Preferred interests
HTM Securities
Amortized Cost Basis	119,136	118,409
Credit Loss Allowance	(172)	(2,562)
Net Carrying Amount	118,964	115,847
Gross Unrealized Holding Gains	353	450
Gross Unrealized Holding Losses	(2,921)	(2,449)
Fair Value	116,396	113,848
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at December 31, 2021	2,562
Credit loss provision (reversal), net	(2,390)
Credit loss allowance at March 31, 2022	172
HTM preferred equity interests
Less than one year	91,394
One to three years	27,570
Three to five years	0
Thereafter	0
Total	118,964
Infrastructure bonds
HTM Securities
Amortized Cost Basis	52,183	34,831
Credit Loss Allowance	(2,985)	(2,908)
Net Carrying Amount	49,198	31,923
Gross Unrealized Holding Gains	526	561
Gross Unrealized Holding Losses	(47)	0
Fair Value	49,677	$ 32,484
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at December 31, 2021	2,908
Credit loss provision (reversal), net	77
Credit loss allowance at March 31, 2022	2,985
HTM preferred equity interests
Less than one year	0
One to three years	0
Three to five years	18,602
Thereafter	30,596
Total	$ 49,198

Properties - Narrative (Details

Properties - Narrative (Details) ft² in Millions, $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Sep. 30, 2017ft²property	Mar. 31, 2022USD ($)property	Mar. 31, 2021USD ($)	Dec. 31, 2016ft²Item
Operating properties | Montgomery Alabama | Commercial and Residential Lending Segment
Real Estate Properties [Line Items]
Proceeds from sale of operating properties		$ 114.8	$ 31.2
Gain on sale of property		86.6	$ 17.7
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		762.6
Debt		594.9
Master Lease Portfolio
Real Estate Properties [Line Items]
Total gross properties and lease intangibles		343.8
Debt		193.1
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		198.6
Debt		$ 138.6
Number of retail properties acquired | property		12
Number of equity interests in unconsolidated commercial real estate properties | property		1
REIS Equity Portfolio | Operating properties
Real Estate Properties [Line Items]
Proceeds from sale of operating properties		$ 34.5
Gain on sale of property		$ 11.7

Properties - Summary of Propert

Properties - Summary of Properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Real Estate Properties [Line Items]
Properties, cost	$ 1,304,219	$ 1,347,844
Less: accumulated depreciation	(181,862)	(181,457)
Properties, net	1,122,357	1,166,387
Property Segment
Real Estate Properties [Line Items]
Land and land improvements	175,835	175,810
Buildings and building improvements	851,129	851,274
Furniture & fixtures	$ 260	260
Property Segment | Minimum
Real Estate Properties [Line Items]
Land and land improvements, useful life	0 days
Building and building improvements, useful life	0 days
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	$ 36,905	41,771
Buildings and building improvements	132,023	149,399
Furniture & fixtures	$ 3,166	3,143
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	$ 813	9,691
Buildings and building improvements	0	12,408
Construction in progress	$ 104,088	$ 104,088

Investments of Consolidated A_3

Investments of Consolidated Affordable Housing Fund (Details) - Primary beneficiary $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)affordableHousingCommunityaffordableHousingUnit	Dec. 31, 2018affordableHousingCommunity	Dec. 31, 2017affordableHousingCommunity	Dec. 31, 2016affordableHousingCommunity	Dec. 31, 2015affordableHousingCommunity	Dec. 31, 2021USD ($)
Investments in and Advances to Affiliates [Line Items]
Investments of consolidated affordable housing fund, at fair value	$ 1,264,160					$ 1,040,309
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 of consolidated affordable housing fund, at fair value	$ 1,300,000
Debt fair value	$ 735,600
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 of consolidated affordable housing fund, at fair value	$ 1,200,000
Debt fair value	$ 500,400

Investments of Consolidated A_4

Investments of Consolidated Affordable Housing Fund - Summary of Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments in and Advances to Affiliates [Line Items]
Unrealized change in fair value of investments	$ 223,851
Primary beneficiary
Investments in and Advances to Affiliates [Line Items]
Distributions from affordable housing fund investments	10,190
Income from affordable housing fund investments	$ 234,041	$ 0

Investment in Unconsolidated _3

Investment in Unconsolidated Entities (Details)	3 Months Ended
	Mar. 31, 2021USD ($)Itementity	Mar. 31, 2022USD ($)Item	Dec. 31, 2021USD ($)
Equity method investments:
Equity method, Carrying value		$ 63,006,000	$ 64,316,000
Other equity investments:
Other equity investments, carrying value		26,244,000	25,781,000
Investment in unconsolidated entities		$ 89,250,000	90,097,000
Number of publicly traded investments | Item		0
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		$ 26,600,000	26,255,000
Investor entity which owns equity in an online real estate company
Equity method investments:
Equity method, Participation / Ownership %		50.00%
Equity method, Carrying value		$ 5,249,000	5,206,000
Equity interest in a residential mortgage originator
Equity method investments:
Equity method, Carrying value		18,351,000	20,327,000
Other equity investments:
Carrying value over (under) equity in net assets		1,600,000
Various
Equity method investments:
Equity method, Carrying value		$ 12,806,000	12,528,000
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	12,955,000
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	4,194,000
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	7,320,000
Various
Other equity investments:
Other equity investments, carrying value		$ 1,775,000	1,312,000
Minimum | Various
Equity method investments:
Equity method, Participation / Ownership %		25.00%
Minimum | Investment funds which own equity in a loan servicer and other real estate assets
Other equity investments:
Cost method, Participation / Ownership %		4.00%
Minimum | Various
Other equity investments:
Cost method, Participation / Ownership %		1.00%
Maximum | Various
Equity method investments:
Equity method, Participation / Ownership %		50.00%
Maximum | Investment funds which own equity in a loan servicer and other real estate assets
Other equity investments:
Cost method, Participation / Ownership %		6.00%
Maximum | Various
Other equity investments:
Cost method, Participation / Ownership %		3.00%
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	Mar. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill	$ 259,846	$ 259,846
Domestic servicing rights, at fair value | Before consolidation of securitization VIEs
Goodwill [Line Items]
Servicing rights intangibles	58,700	58,900
VIE eliminations | Domestic servicing rights, at fair value
Goodwill [Line Items]
Servicing rights intangibles	40,800	42,100
Infrastructure Lending Segment
Goodwill [Line Items]
Goodwill	119,400	119,400
Investing and Servicing Segment
Goodwill [Line Items]
Goodwill	$ 140,400	$ 140,400

Goodwill and Intangibles - Summ

Goodwill and Intangibles - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Gross Carrying Value	$ 129,991	$ 135,238
Accumulated Amortization	(67,843)	(71,674)
Net Carrying Value	62,148	63,564
In-place Lease Intangible Assets
Goodwill [Line Items]
Gross Carrying Value	88,886	94,712
Accumulated Amortization	(59,040)	(62,721)
Net Carrying Value	29,846	31,991
Favorable Lease Intangible Assets
Goodwill [Line Items]
Gross Carrying Value	23,241	23,746
Accumulated Amortization	(8,803)	(8,953)
Net Carrying Value	14,438	14,793
Domestic servicing rights, at fair value
Goodwill [Line Items]
Gross Carrying Value	17,864	16,780
Net Carrying Value	$ 17,864	$ 16,780

Goodwill and Intangibles - Acti

Goodwill and Intangibles - Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Summary of activity within intangible assets
Balance as of January 1, 2022	$ 63,564
Amortization	(1,914)
Impairment	(47)
Sales	(539)
Changes in fair value due to changes in inputs and assumptions	1,084
Balance as of March 31, 2022	62,148
In-place Lease Intangible Assets
Summary of activity within intangible assets
Balance as of January 1, 2022	31,991
Amortization	(1,601)
Impairment	(43)
Sales	(501)
Changes in fair value due to changes in inputs and assumptions	0
Balance as of March 31, 2022	29,846
Favorable Lease Intangible Assets
Summary of activity within intangible assets
Balance as of January 1, 2022	14,793
Amortization	(313)
Impairment	(4)
Sales	(38)
Changes in fair value due to changes in inputs and assumptions	0
Balance as of March 31, 2022	14,438
Domestic servicing rights, at fair value
Summary of activity within intangible assets
Balance as of January 1, 2022	16,780
Amortization	0
Impairment	0
Sales	0
Changes in fair value due to changes in inputs and assumptions	1,084
Balance as of March 31, 2022	$ 17,864

Goodwill and Intangibles - Futu

Goodwill and Intangibles - Future Expected Amortization (Details) $ in Thousands	Mar. 31, 2022USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (remainder of)	$ 5,190
2023	5,971
2024	4,650
2025	3,775
2026	2,754
Thereafter	21,944
Total	$ 44,284

Secured Borrowings - Secured Fi

Secured Borrowings - Secured Financing Agreements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Secured Borrowings
Secured financing agreements, net	$ 11,531,571		$ 12,576,850
Revolving credit facility
Secured Borrowings
Maximum borrowing capacity	150,000
Equity interests in certain subsidiaries used to secure facilities	4,800,000
Borrowing Base Facility
Secured Borrowings
Maximum Facility Size	650,000
Maximum facility size subject to certain conditions	$ 750,000
Borrowing Base Facility | Forecast
Secured Borrowings
Maximum Facility Size		$ 450,000
Property Mortgages - Fixed rate
Secured Borrowings
Maturity period	5 years 3 months 18 days
Term Loan Facility
Secured Borrowings
Maximum borrowing capacity	$ 786,800
Floor interest rate (as a percent)	0.75%
SOFR | Revolving credit facility
Secured Borrowings
Coupon Rate	2.50%
LIBOR + 2.50% | Term Loan Facility
Secured Borrowings
Pricing margin	2.50%
Maximum borrowing capacity	$ 390,000
LIBOR + 3.25% | Term Loan Facility
Secured Borrowings
Pricing margin	3.25%
Maximum borrowing capacity	$ 396,800
Secured Borrowings
Secured Borrowings
Pledged Asset Carrying Value	15,534,761
Maximum Facility Size	21,155,715
Long term debt, gross	11,604,153		12,654,420
Unamortized net discount	(12,862)		(13,350)
Unamortized deferred financing costs	(59,720)		(64,220)
Secured financing agreements, net	11,531,571		12,576,850
Secured Borrowings | Borrowing Base Facility
Secured Borrowings
Pledged Asset Carrying Value	193,173
Maximum Facility Size	750,000
Long term debt, gross	100,742		213,478
Secured Borrowings | Commercial Financing Facilities
Secured Borrowings
Pledged Asset Carrying Value	255,131
Maximum Facility Size	241,981
Long term debt, gross	$ 207,051		167,476
Secured Borrowings | Residential Financing Facility
Secured Borrowings
Coupon Rate	2.45%
Pledged Asset Carrying Value	$ 386,635
Maximum Facility Size	500,000
Long term debt, gross	22,948		102,018
Secured Borrowings | Infrastructure Financing Facilities
Secured Borrowings
Pledged Asset Carrying Value	820,121
Maximum Facility Size	1,250,000
Long term debt, gross	$ 653,312		855,646
Secured Borrowings | Property Mortgages - Fixed rate
Secured Borrowings
Coupon Rate	4.35%
Pledged Asset Carrying Value	$ 387,022
Maximum Facility Size	272,321
Long term debt, gross	272,321		272,522
Secured Borrowings | Property Mortgages - Variable rate
Secured Borrowings
Pledged Asset Carrying Value	655,967
Maximum Facility Size	654,900
Long term debt, gross	640,541		712,493
Secured Borrowings | Term Loan and Revolver
Secured Borrowings
Maximum Facility Size	936,756
Long term debt, gross	786,756		788,753
Secured Borrowings | Other Secured Financing
Secured Borrowings
Pledged Asset Carrying Value	2,698,049
Maximum Facility Size	4,605,958
Long term debt, gross	2,683,671		3,112,386
Secured Borrowings | First Mortgage and Mezzanine
Secured Borrowings
Long term debt, gross	$ 600,000
Secured Borrowings | Index | Commercial Financing Facilities
Secured Borrowings
Pricing margin	1.66%
Secured Borrowings | Index | Infrastructure Financing Facilities
Secured Borrowings
Pricing margin	2.03%
Secured Borrowings | LIBOR | First Mortgage and Mezzanine
Secured Borrowings
Coupon Rate	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	$ 10,700,000
Secured financing agreements, net	2,100,000
Line of credit capacity if conditions are met	$ 11,600,000
Commercial Loan | Index | Weighted-average
Secured Borrowings
Pricing margin	2.35%
Commercial Loan | Secured Borrowings
Secured Borrowings
Pledged Asset Carrying Value	$ 9,013,669
Maximum Facility Size	11,572,553
Long term debt, gross	$ 6,121,160		6,556,438
Commercial Loan | Secured Borrowings | Index
Secured Borrowings
Pricing margin	1.98%
Residential Loans | Secured Borrowings
Secured Borrowings
Pledged Asset Carrying Value	$ 1,965,289
Maximum Facility Size	2,850,000
Long term debt, gross	$ 1,594,785		1,744,225
Residential Loans | Secured Borrowings | Index
Secured Borrowings
Pricing margin	1.93%
Infrastructure Loans | Secured Borrowings
Secured Borrowings
Pledged Asset Carrying Value	$ 310,044
Maximum Facility Size	650,000
Long term debt, gross	$ 256,044		379,095
Infrastructure Loans | Secured Borrowings | LIBOR
Secured Borrowings
Pricing margin	2.00%
Conduit Loans | Secured Borrowings
Secured Borrowings
Pledged Asset Carrying Value	$ 333,827
Maximum Facility Size	650,000
Long term debt, gross	$ 260,177		174,130
Conduit Loans | Secured Borrowings | Index
Secured Borrowings
Pricing margin	2.04%
CMBS/RMBS
Secured Borrowings
Coupon Rate	3.20%
Secured financing agreements, net	$ 240,500
Amount outstanding on a repurchase facility not subject to margin calls	240,500
Amount outstanding on repurchase facility	$ 38,800
Pro rata share owned by a non-controlling partner in a consolidated joint venture	49.00%
CMBS/RMBS | Certain Facilities
Secured Borrowings
Secured financing agreements, net	$ 284,100
Rolling maturity period	11 months
Maturity period	12 months
CMBS/RMBS | Index | Weighted-average
Secured Borrowings
Coupon Rate	1.89%
CMBS/RMBS | Secured Borrowings
Secured Borrowings
Pledged Asset Carrying Value	$ 1,213,883
Maximum Facility Size	827,204
Long term debt, gross	688,316		688,146
Repurchase Agreements | Secured Borrowings
Secured Borrowings
Pledged Asset Carrying Value	12,836,712
Maximum Facility Size	16,549,757
Long term debt, gross	$ 8,920,482		$ 9,542,034

Secured Borrowings - Narrative

Secured Borrowings - Narrative (Details)	1 Months Ended				3 Months Ended
	Mar. 31, 2022USD ($)	Feb. 28, 2022USD ($)	Jan. 31, 2022USD ($)	Jul. 31, 2021USD ($)hotel	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	May 31, 2021USD ($)	Apr. 30, 2021USD ($)	Aug. 31, 2019USD ($)
Secured Borrowings
Principal amount of notes purchased by third-party investors				$ 210,100,000
RMBS
Secured Borrowings
Securitizations of loans				$ 230,000,000
Number of hotels | hotel				41
Residential Loan Credit Facility
Secured Borrowings
Maximum borrowing capacity	$ 500,000,000	$ 250,000,000			$ 500,000,000
Initial maturity extension	18 months
Extension term	3 years
STWD 2022-FL3
Secured Borrowings
Amount issued		1,000,000,000
Principal amount of notes purchased by third-party investors		842,500,000
Long term debt, gross		82,500,000
Liquidation preference		$ 75,000,000
CLO contribution period		2 years
STWD 2021-FL2
Secured Borrowings
Amount issued								$ 1,300,000,000
Principal amount of notes purchased by third-party investors								1,100,000,000
Long term debt, gross								70,100,000
Liquidation preference								$ 127,500,000
Additional contribution to CLO					87,000,000
STWD 2019-FL1
Secured Borrowings
Amount issued										$ 1,100,000,000
Principal amount of notes purchased by third-party investors										936,400,000
Long term debt, gross										86,600,000
Liquidation preference										$ 77,000,000
Repayments of debt					71,100,000
STWD 2021-SIF2
Secured Borrowings
Amount issued			$ 500,000,000
Principal amount of notes purchased by third-party investors			410,000,000
Liquidation preference			$ 90,000,000
CLO contribution period			3 years
Additional contribution to CLO					63,100,000
STWD 2021-SIF1
Secured Borrowings
Amount issued									$ 500,000,000
Principal amount of notes purchased by third-party investors									410,000,000
Liquidation preference									$ 90,000,000
Additional contribution to CLO					25,200,000
CLOs and SASB
Secured Borrowings
Amortization of deferred financing costs					2,400,000	$ 600,000
Incurred debt issuance costs					37,800,000
Deferred financing costs, net of amortization	$ 26,200,000				26,200,000		$ 17,700,000
JPMorgan Chase Bank N.A.
Secured Borrowings
Amount at risk	666,800,000				$ 666,800,000
Weighted average extended maturities					3 years 6 months
Morgan Stanley Bank, N.A.
Secured Borrowings
Amount at risk	$ 659,800,000				$ 659,800,000
Weighted average extended maturities					3 years 7 months 6 days
Repurchase Agreements
Secured Borrowings
Percentage of repurchase agreements for which margin calls are limited to collateral specific credit marks	66.00%				66.00%
Percentage of repurchase agreements containing margin call provisions for general capital market activity	34.00%				34.00%
Percentage of repurchase agreements containing margin call provisions that pertain to loans held-for-sale	12.00%				12.00%
Secured Borrowings
Secured Borrowings
Amortization of deferred financing costs					$ 9,600,000	$ 9,500,000
Long term debt, gross	$ 11,604,153,000				$ 11,604,153,000		$ 12,654,420,000

Secured Borrowings - Collateral

Secured Borrowings - Collateralized Loan Obligations (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)Item	Dec. 31, 2021USD ($)Item	Feb. 28, 2022USD ($)	Jan. 31, 2022USD ($)	May 31, 2021USD ($)	Apr. 30, 2021USD ($)	Aug. 31, 2019USD ($)
Summary of CLO
Carrying value	$ 3,797,895	$ 2,616,116
Collateral assets
Summary of CLO
Amount issued	4,471,652	3,086,319
Carrying value	4,564,657	3,120,444
Financing
Summary of CLO
Amount issued	3,815,191	2,633,841
Carrying value	$ 3,797,895	$ 2,616,116
STWD 2022-FL3
Summary of CLO
Amount issued			$ 1,000,000
STWD 2022-FL3 | Collateral assets
Summary of CLO
Count | Item	24
Amount issued	$ 1,000,000
Carrying value	$ 1,011,426
STWD 2022-FL3 | Financing
Summary of CLO
Count | Item	1
Amount issued	$ 842,500
Carrying value	$ 844,461
STWD 2022-FL3 | SOFR | Collateral assets
Summary of CLO
Spread	3.61%
STWD 2022-FL3 | SOFR | Financing
Summary of CLO
Spread	1.91%
STWD 2021-HTS | Collateral assets
Summary of CLO
Count | Item	1	1
Amount issued	$ 230,000	$ 230,000
Carrying value	$ 230,609	$ 230,587
STWD 2021-HTS | Financing
Summary of CLO
Count | Item	1	1
Amount issued	$ 210,091	$ 210,091
Carrying value	$ 208,283	$ 208,057
STWD 2021-HTS | LIBOR | Collateral assets
Summary of CLO
Spread	3.89%	4.12%
STWD 2021-HTS | LIBOR | Financing
Summary of CLO
Spread	2.69%	2.48%
STWD 2021-FL2
Summary of CLO
Amount issued					$ 1,300,000
Percent of outstanding loan	7.00%
Debt, weighted average interest rate	7.55%
STWD 2021-FL2 | Collateral assets
Summary of CLO
Count | Item	25	25
Amount issued	$ 1,276,181	$ 1,272,133
Carrying value	$ 1,280,262	$ 1,279,678
STWD 2021-FL2 | Financing
Summary of CLO
Count | Item	1	1
Amount issued	$ 1,077,375	$ 1,077,375
Carrying value	$ 1,070,369	$ 1,069,691
STWD 2021-FL2 | LIBOR | Collateral assets
Summary of CLO
Spread	4.19%	4.22%
STWD 2021-FL2 | LIBOR | Financing
Summary of CLO
Spread	1.78%	1.78%
STWD 2019-FL1
Summary of CLO
Amount issued							$ 1,100,000
STWD 2019-FL1 | Collateral assets
Summary of CLO
Count | Item	19	24
Amount issued	$ 999,432	$ 1,092,887
Carrying value	$ 1,031,438	$ 1,103,513
STWD 2019-FL1 | Financing
Summary of CLO
Count | Item	1	1
Amount issued	$ 865,225	$ 936,375
Carrying value	$ 862,524	$ 933,049
STWD 2019-FL1 | LIBOR | Collateral assets
Summary of CLO
Spread	4.08%	4.19%
STWD 2019-FL1 | SOFR | Financing
Summary of CLO
Spread	1.64%	1.63%
STWD 2021-SIF2
Summary of CLO
Amount issued				$ 500,000
Percent of outstanding loan	3.00%
Debt, weighted average interest rate	7.75%
STWD 2021-SIF2 | Collateral assets
Summary of CLO
Count | Item	34
Amount issued	$ 482,796
Carrying value	$ 504,479
STWD 2021-SIF2 | Financing
Summary of CLO
Count | Item	1
Amount issued	$ 410,000
Carrying value	$ 406,581
STWD 2021-SIF2 | SOFR | Collateral assets
Summary of CLO
Spread	3.72%
STWD 2021-SIF2 | SOFR | Financing
Summary of CLO
Spread	2.11%
STWD 2021-SIF1
Summary of CLO
Amount issued						$ 500,000
Percent of outstanding loan	3.00%
Debt, weighted average interest rate	5.88%
STWD 2021-SIF1 | Collateral assets
Summary of CLO
Count | Item	32	31
Amount issued	$ 483,243	$ 491,299
Carrying value	$ 506,443	$ 506,666
STWD 2021-SIF1 | Financing
Summary of CLO
Count | Item	1	1
Amount issued	$ 410,000	$ 410,000
Carrying value	$ 405,677	$ 405,319
STWD 2021-SIF1 | LIBOR | Collateral assets
Summary of CLO
Spread	3.91%	3.91%
STWD 2021-SIF1 | LIBOR | Financing
Summary of CLO
Spread	2.16%	2.15%

Secured Borrowings - Principal

Secured Borrowings - Principal Repayments (Details) $ in Thousands	Mar. 31, 2022USD ($)
CLOs and SASB
Repayment of secured financings
2022 (remainder of)	$ 151,048
2023	652,409
2024	444,452
2025	705,374
2026	1,731,283
Thereafter	130,625
Total	3,815,191
Secured Borrowings
Repayment of secured financings
2022 (remainder of)	816,991
2023	3,232,850
2024	1,962,189
2025	3,722,869
2026	4,358,082
Thereafter	1,326,363
Total	15,419,344
Repurchase Agreements
Repayment of secured financings
2022 (remainder of)	610,746
2023	1,847,990
2024	1,279,084
2025	2,878,826
2026	1,591,498
Thereafter	712,338
Total	8,920,482
Other Secured Financing
Repayment of secured financings
2022 (remainder of)	55,197
2023	732,451
2024	238,653
2025	138,669
2026	1,035,301
Thereafter	483,400
Total	$ 2,683,671

Unsecured Senior Notes - Summar

Unsecured Senior Notes - Summary of Unsecured Financing Agreements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Jan. 25, 2022	Dec. 31, 2021	Mar. 29, 2017
Unsecured Senior Notes
Total carrying amount	$ 2,322,630		$ 1,828,590
Unsecured Senior Notes
Unsecured Senior Notes
Long term debt, gross	2,350,000		1,850,000
Unamortized deferred financing costs	(15,178)		(10,765)
Convertible Senior Notes
Unsecured Senior Notes
Unamortized discount	(465)		(578)
Senior Notes
Unsecured Senior Notes
Unamortized discount	$ (11,727)		(10,067)
2023 Senior Notes
Unsecured Senior Notes
Coupon Rate	5.50%
Effective Rate	5.71%
Remaining Period of Amortization	1 year 7 months 6 days
Long term debt, gross	$ 300,000		300,000
2023 Convertible Notes
Unsecured Senior Notes
Coupon Rate	4.38%			4.375%
Effective Rate	4.57%
Remaining Period of Amortization	1 year
Long term debt, gross	$ 250,000		250,000
2024 Senior Notes
Unsecured Senior Notes
Coupon Rate	3.75%
Effective Rate	3.94%
Remaining Period of Amortization	2 years 9 months 18 days
Long term debt, gross	$ 400,000		400,000
2025 Senior Notes
Unsecured Senior Notes
Coupon Rate	4.75%
Effective Rate	5.04%
Remaining Period of Amortization	3 years
Long term debt, gross	$ 500,000		500,000
2026 Senior Notes
Unsecured Senior Notes
Coupon Rate	3.63%
Effective Rate	3.77%
Remaining Period of Amortization	4 years 3 months 18 days
Long term debt, gross	$ 400,000		400,000
2027 Senior Notes
Unsecured Senior Notes
Coupon Rate	4.375%	4.375%
Effective Rate	4.49%
Remaining Period of Amortization	4 years 9 months 18 days
Long term debt, gross	$ 500,000		$ 0
LIBOR | 2025 Senior Notes
Unsecured Senior Notes
Long term debt, gross	$ 470,000
Pricing margin	2.53%
SOFR | 2027 Senior Notes
Unsecured Senior Notes
Pricing margin	2.95%

Unsecured Senior Notes - Narrat

Unsecured Senior Notes - Narrative (Details)	3 Months Ended
	Mar. 31, 2022USD ($)Item$ / shares	Mar. 31, 2021USD ($)	Jan. 25, 2022USD ($)	Mar. 29, 2017USD ($)
Unsecured Senior Notes
Interest expense	$ 126,451,000	$ 103,374,000
Closing share price (in dollars per share) | $ / shares	$ 24.17
Minimum | Conversion upon satisfaction of closing market price condition
Unsecured Senior Notes
Period of average closing market price of common stock as a basis for debt conversion	10 days
Convertible Senior Notes
Unsecured Senior Notes
Interest expense	$ 2,900,000	$ 2,900,000
Minimum number of conditions to be satisfied for conversion of debt | Item	1
Convertible Senior Notes | Conversion upon satisfaction of closing market price condition
Unsecured Senior Notes
Minimum trading period as a basis for debt conversion	20 days
Consecutive trading period as a basis for debt conversion	30 days
Convertible Senior Notes | Conversion upon satisfaction of 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%
2027 Senior Notes
Unsecured Senior Notes
Amount issued			$ 500,000,000
Coupon Rate	4.375%		4.375%
2027 Senior Notes | Redemption period one
Unsecured Senior Notes
Redemption percentage	100.00%
2027 Senior Notes | Redemption period two
Unsecured Senior Notes
Redemption percentage	100.00%
2027 Senior Notes | Redemption period three
Unsecured Senior Notes
Redemption percentage	40.00%
2023 Convertible Notes
Unsecured Senior Notes
Amount issued				$ 250,000,000
Coupon Rate	4.38%			4.375%
Amount by which if-converted value of the Notes are less than principal amount	$ 16,800,000
Conversion price (in dollars per share) | $ / shares	$ 25.91
If-converted value	$ 233,200,000
Convertible notes carrying value	249,300,000
Convertible notes fair value	$ 252,400,000
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%

Unsecured Senior Notes - Conver

Unsecured Senior Notes - Convertible Notes (Details)	3 Months Ended
	Mar. 31, 2022USD ($)$ / shares
Unsecured Senior Notes
Principal amount of notes, basis for conversion | $	$ 1,000
Closing share price (in dollars per share)	$ 24.17
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 ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Commercial and Residential Lending Segment
Loan Transfer Activities
Net gains (losses) on the sale of loan qualifying for sales treatment	$ 0	$ 0
Infrastructure Lending Segment
Loan Transfer Activities
Loans held-for-sale face amount	$ 0	$ 0

Loan Securitization_Sale Acti_4

Loan Securitization/Sale Activities - Summary of Loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investing and Servicing Segment | Commercial Loans
Loan Transfer Activities
Face Amount	$ 347,442	$ 85,037
Proceeds	342,067	89,710
Investing and Servicing Segment | Residential Loans
Loan Transfer Activities
Face Amount	1,077,958	383,549
Proceeds	1,100,284	389,798
Commercial and Residential Lending Segment | Residential Loans
Loan Transfers Accounted for as Sales
Face amount	835,760	89,418
Proceeds	836,116	$ 92,419
Commercial and Residential Lending Segment | Residential Loans | Agency-Eligible Residential Loan
Loan Transfers Accounted for as Sales
Face amount	$ 745,000

Derivatives and Hedging Activ_3

Derivatives and Hedging Activity - Designated and Non-Designated Hedges (Details) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands	Mar. 31, 2022EUR (€)contract	Mar. 31, 2022GBP (£)contract	Mar. 31, 2022AUD ($)contract	Mar. 31, 2022USD ($)contract
Derivatives
Number of Contracts	539	539	539	539
Foreign exchange contracts | EUR | Long
Derivatives
Number of Contracts	18	18	18	18
Aggregate Notional Amount | €	€ 24,893
Foreign exchange contracts | EUR | Short
Derivatives
Number of Contracts	202	202	202	202
Aggregate Notional Amount | €	€ 525,437
Foreign exchange contracts | GBP | Long
Derivatives
Number of Contracts	11	11	11	11
Aggregate Notional Amount | £		£ 9,980
Foreign exchange contracts | GBP | Short
Derivatives
Number of Contracts	159	159	159	159
Aggregate Notional Amount | £		£ 558,646
Foreign exchange contracts | AUD | Long
Derivatives
Number of Contracts	6	6	6	6
Aggregate Notional Amount | £		£ 167,662
Foreign exchange contracts | AUD | Short
Derivatives
Number of Contracts	81	81	81	81
Aggregate Notional Amount | $			$ 298,778
Interest rate swaps – Paying fixed rates | USD
Derivatives
Number of Contracts	44	44	44	44
Aggregate Notional Amount | $				$ 2,877,222
Interest rate swaps – Receiving fixed rates | USD
Derivatives
Number of Contracts	2	2	2	2
Aggregate Notional Amount | $				$ 970,000
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 instruments | USD
Derivatives
Number of Contracts	4	4	4	4
Aggregate Notional Amount | $				$ 84,000
Interest rate swap guarantees | USD
Derivatives
Number of Contracts	4	4	4	4
Aggregate Notional Amount | $				$ 275,345

Derivatives and Hedging Activ_4

Derivatives and Hedging Activity - Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	$ 60,869	$ 48,216
Fair Value of Derivatives in a Liability Position	38,709	13,421
Interest rate contracts
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	11,008	17,728
Fair Value of Derivatives in a Liability Position	27,785	16
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	100	260
Foreign exchange contracts
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	49,861	30,478
Fair Value of Derivatives in a Liability Position	10,765	12,870
Credit instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	0	10
Fair Value of Derivatives in a Liability Position	$ 59	$ 275

Derivatives and Hedging Activ_5

Derivatives and Hedging Activity - Effect on Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivatives
Gain on derivative financial instruments, net	$ 127,268	$ 33,989
Interest rate contracts
Derivatives
Gain on derivative financial instruments, net	102,933	20,158
Interest rate swap guarantees
Derivatives
Gain on derivative financial instruments, net	159	351
Foreign exchange contracts
Derivatives
Gain on derivative financial instruments, net	24,142	13,602
Credit instruments
Derivatives
Gain on derivative financial instruments, net	$ 34	$ (122)

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivative assets
Gross Amounts Recognized	$ 60,869	$ 48,216
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	60,869	48,216
Derivative Assets, Gross Amounts Not Offset in the Statements of Condition, Financial Instruments	28,657	12,870
Derivative Assets, Gross Amounts Not Offset in the Statements of Condition, Cash Collateral Received/Pledged	0	21,290
Total net derivative assets	32,212	14,056
Derivative liabilities
Gross Amounts Recognized	38,709	13,421
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	38,709	13,421
Derivative Liabilities, Gross Amounts Not Offset in the Statements of Condition, Financial Instruments	28,657	12,870
Derivative Liabilities, Gross Amounts Not Offset in the Statements of Condition, Cash Collateral Received/Pledged	9,928	291
Total net derivative liabilities	124	260
Repurchase agreements
Gross Amounts Recognized	8,920,482	9,542,034
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	8,920,482	9,542,034
Repurchase Agreements, Gross Amounts Not Offset in the Statements of Condition, Financial Instruments	8,920,482	9,542,034
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	8,959,191	9,555,455
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	8,959,191	9,555,455
Liabilities, Gross Amounts Not Offset in the Statements of Condition, Financial Instruments	8,949,139	9,554,904
Liabilities, Gross Amounts Not Offset in the Statements of Condition, Cash Collateral Received/Pledged	9,928	291
Total net liabilities	$ 124	$ 260

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details)	3 Months Ended
	Mar. 31, 2022USD ($)collateralizedLoanObligationloans	Dec. 31, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Variable interest entities
Number of CLOs | collateralizedLoanObligation	5
Number of SASBs | loans	1
Assets	$ 81,187,898,000	$ 83,850,397,000
Liabilities	74,278,245,000	77,201,590,000
Temporary equity	261,685,000	214,915,000	$ 0	$ 0
Investments in unconsolidated entities	$ 89,250,000	$ 90,097,000
CMBS JV
Variable interest entities
Ownership percentage	51.00%
Primary beneficiary
Variable interest entities
Assets	$ 75,400,000
Liabilities	30,800,000
Primary beneficiary | CMBS Venture Holdings
Variable interest entities
Assets	341,400,000
Liabilities	79,600,000
Primary beneficiary | SPT Dolphin
Variable interest entities
Assets	1,300,000,000
Liabilities	0
Primary beneficiary | Woodstar Feeder Fund, L.P.
Variable interest entities
Assets	400,000,000
Liabilities	0
Temporary equity	300,000,000
Not primary beneficiary
Variable interest entities
Maximum risk of loss related to VIEs, on fair value basis	21,900,000
Not primary beneficiary | Measurement Period Adjustments
Variable interest entities
Investments in unconsolidated entities	22,500,000
Not primary beneficiary | Securitization SPEs
Variable interest entities
Long term debt, gross	$ 4,800,000,000

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Consolidated CLO (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents	$ 264,209	$ 217,362
Carrying Value	19,006,029	18,480,919
Investment securities	869,189	860,984
Accrued interest receivable	123,801	116,262
Other assets	261,192	188,626
Total Assets	81,187,898	83,850,397
Liabilities
Accounts payable, accrued expenses and other liabilities	196,145	189,696
Collateralized loan obligations and single asset securitization, net	3,797,895	2,616,116
Total Liabilities	74,278,245	77,201,590
Loans held for investment
Assets:
Carrying Value	16,321,517	15,604,119
Primary beneficiary
Assets:
Total Assets	75,400
Liabilities
Total Liabilities	30,800
CLOs and SASB | Primary beneficiary
Assets:
Cash and cash equivalents	39,194	15,297
Investment securities	29,132	11,426
Accrued interest receivable	12,187	8,936
Other assets	34,150	11,213
Total Assets	4,564,657	3,120,444
Liabilities
Accounts payable, accrued expenses and other liabilities	6,076	3,335
Collateralized loan obligations and single asset securitization, net	3,797,895	2,616,116
Total Liabilities	3,803,971	2,619,451
CLOs and SASB | Primary beneficiary | Loans held for investment
Assets:
Carrying Value	$ 4,449,994	$ 3,073,572

Related-Party Transactions - Ma

Related-Party Transactions - Management Agreement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related-Party Transactions
Granted (in shares)	784,893
2017 Manager Equity Plan
Related-Party Transactions
Granted (in shares)	0
S P T Management L L C
Related-Party Transactions
Management fee expense	$ 21.5	$ 19.2
Base management fee payable	21.5		$ 20.3
Accrued incentive fee	29	13.1
Unpaid incentive fee	29.3		51.2
Executive compensation expense	1.7	$ 1.5
Unpaid reimbursable compensation	$ 5.8		$ 4.9
S P T Management L L C | Restricted Stock Awards
Related-Party Transactions
Granted (in shares)	200,972	981,951
Grant date values	$ 4.8	$ 19.6
Share-based expense	$ 2.7	$ 2.4
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 Millions	1 Months Ended			3 Months Ended
	Nov. 30, 2020	Sep. 30, 2019	Apr. 30, 2018	Mar. 31, 2022	Mar. 31, 2021
Related-Party Transactions
Granted (in shares)				784,893
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
Share-based expense				$ 4.5	$ 5.9

Related-Party Transactions - In

Related-Party Transactions - Investments in Loans and Securities (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2022USD ($)Item	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
Related-Party Transactions
Acquisitions/originations/additional funding		$ 3,824,520	$ 2,671,394
First mortgage loan participation
Related-Party Transactions
Repayments of mortgage loans on real estate	$ 99,000
Affiliated Entity | Development and Recapitalization of Luxury Rental Cabins
Related-Party Transactions
Loans payable	$ 84,500	84,500
Loan number of extension options | Item	3
Loan extension term	1 year
Affiliated Entity | Development and Recapitalization of Luxury Rental Cabins | Loans Payable
Related-Party Transactions
Amount issued	$ 200,000	$ 200,000
Maturity period	24 months
Affiliated Entity | Development and Recapitalization of Luxury Rental Cabins | SOFR
Related-Party Transactions
Loans payable, basis spread	6.50%	6.50%
Residential Mortgage Originator | Affiliated Entity
Related-Party Transactions
Proceeds from sale of receivables		$ 4,400
Residential Mortgage Originator | Affiliated Entity | Residential Loans
Related-Party Transactions
Acquisitions/originations/additional funding		623,900
Loan purchase commitment	$ 306,700	$ 306,700

Related-Party Transactions - Le

Related-Party Transactions - Lease Arrangements (Details) - Office Lease Agreement with Affiliate of Chairman and CEO - Affiliates of Chairman and CEO $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2020ft²$ / sqft	Mar. 31, 2022USD ($)	Apr. 30, 2020USD ($)
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		$ 1.8

Related-Party Transactions - Ot

Related-Party Transactions - Other Related-Party Arrangements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Highmark Residential
Related-Party Transactions
Payments to related party	$ 1.4	$ 0.7

Stockholders' Equity and Non-_3

Stockholders' Equity and Non-Controlling Interests - Declared Dividends (Details) - $ / shares	Mar. 14, 2022	Mar. 31, 2022	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.48	$ 0.48	$ 0.48

Stockholders' Equity and Non-_4

Stockholders' Equity and Non-Controlling Interests - Narrative (Details) $ in Thousands	Nov. 06, 2021USD ($)	Nov. 05, 2021USD ($)	Mar. 31, 2022USD ($)extensionshares	Mar. 31, 2021USD ($)shares	Dec. 31, 2021USD ($)	Dec. 31, 2018shares	May 31, 2017shares
Equity Incentive Plans
Shares issued ATM (in shares) | shares			0	0
Contributions from non-controlling interests			$ 4,690	$ 2,969
Net income			47,720
Net income attributable to non-controlling interests			$ 59,715	11,148
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
Non-controlling interest			$ 140,100		$ 131,900
CMBS JV | Joint Venture Partner
Equity Incentive Plans
Ownership percentage			49.00%
CMBS JV
Equity Incentive Plans
Ownership percentage			51.00%
Class A Units
Equity Incentive Plans
Number of units outstanding (in shares) | shares			9,800,000
Woodstar II Portfolio | Class A Units
Equity Incentive Plans
Net income attributable to non-controlling interests			$ 4,700	5,100
Woodstar II Portfolio | Class A Units | CMBS JV
Equity Incentive Plans
Net income attributable to non-controlling interests			$ 3,600	$ 5,400
Subsidiaries | Woodstar II Portfolio | Class A Units
Equity Incentive Plans
Shares issued (in shares) | shares						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		$ 208,500
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			2,400,000

Stockholders' Equity and Non-_5

Stockholders' Equity and Non-Controlling Interests - Equity Incentive Plans (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended
	Nov. 30, 2020	Sep. 30, 2019	Apr. 30, 2018	Mar. 31, 2022
Equity Incentive Plans
Granted (in shares)				784,893
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
Awards granted, fair value	$ 30,078	$ 29,484	$ 16,329
Award vesting period	3 years		3 years
Restricted stock units | 2017 Manager Equity Plan | Vested immediately on the grant date
Equity Incentive Plans
Granted (in shares)		218,898
Restricted stock units | 2017 Manager Equity Plan | Remaining vesting
Equity Incentive Plans
Award vesting period		3 years

Stockholders' Equity and Non-_6

Stockholders' Equity and Non-Controlling Interests - Non-Vested Shares (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	3,702,007
Granted (in shares)	784,893
Vested (in shares)	(832,661)
Forfeited (in shares)	(3,689)
Balance at the end of the period (in shares)	3,650,550
Weighted Average Grant Date Fair Value (per share)
Balance at the beginning of period (in dollars per share) | $ / shares	$ 18.90
Granted (in dollars per share) | $ / shares	23.81
Vested (in dollars per share) | $ / shares	17.73
Forfeited (in dollars per share) | $ / shares	23.95
Balance at the end of period (in dollars per share) | $ / shares	$ 20.21
2017 Equity Plan
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	2,406,730
Granted (in shares)	784,893
Vested (in shares)	(600,902)
Forfeited (in shares)	(3,689)
Balance at the end of the period (in shares)	2,587,032
2017 Manager Equity Plan
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	1,295,277
Granted (in shares)	0
Vested (in shares)	(231,759)
Forfeited (in shares)	0
Balance at the end of the period (in shares)	1,063,518

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Basic Earnings
Income attributable to STWD common stockholders	$ 324,599	$ 111,378
Less: Income attributable to participating shares not already deducted as non-controlling interests	(8,869)	(1,925)
Basic earnings	315,730	109,453
Diluted Earnings
Income attributable to STWD common stockholders	324,599	111,378
Less: Income attributable to participating shares not already deducted as non-controlling interests	(8,869)	(1,925)
Add: Undistributed earnings to participating shares	7,342	0
Less: Undistributed earnings reallocated to participating shares	(7,109)	0
Diluted earnings	$ 318,867	$ 112,369
Number of Shares:
Basic - Average shares outstanding (in shares)	302,944	283,319
Effect of dilutive securities - Contingently issuable shares (in shares)	605	263
Effect of dilutive securities - Unvested non-participating shares (in shares)	131	0
Diluted - Average shares outstanding (in shares)	313,329	293,231
Earnings per share data attributable to Starwood Property Trust, Inc.:
Basic (in dollars per share)	$ 1.04	$ 0.39
Diluted (in dollars per share)	$ 1.02	$ 0.38
Convertible Senior Notes
Diluted Earnings
Add: Interest expense on Convertible Notes	$ 2,904	$ 2,916
Number of Shares:
Effect of dilutive securities - Convertible Notes (in shares)	9,649	9,649

Earnings per Share - Dilutive a

Earnings per Share - Dilutive and Antidilutive securities (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
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
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	14.6

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Changes in AOCI by component
Beginning balance	$ 6,433,892	$ 4,862,576
Ending balance	6,647,968	4,854,785
Cumulative Unrealized Gain (Loss) on Available-for- Sale Securities
Changes in AOCI by component
Beginning balance	40,953	44,057
OCI before reclassifications	0	(2,403)
Amounts reclassified from AOCI	(5,284)	0
Net period OCI	(5,284)	(2,403)
Ending balance	35,669	41,654
Foreign Currency Translation
Changes in AOCI by component
Beginning balance	0	(64)
OCI before reclassifications	0	0
Amounts reclassified from AOCI	0	64
Net period OCI	0	64
Ending balance	0	0
Accumulated Other Comprehensive Income
Changes in AOCI by component
Beginning balance	40,953	43,993
OCI before reclassifications	0	(2,403)
Amounts reclassified from AOCI	(5,284)	64
Net period OCI	(5,284)	(2,339)
Ending balance	$ 35,669	$ 41,654

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	Mar. 31, 2022	Dec. 31, 2021
Financial Assets:
Available-for-sale securities	$ 134,406	$ 143,980
Domestic servicing rights	17,864	16,780
Derivative assets	60,869	48,216
Assets	81,187,898	83,850,397
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	38,709	13,421
Liabilities	74,278,245	77,201,590
Fair value measurements on recurring basis
Financial Assets:
Equity security, fair value	11,619	11,624
Derivative assets	60,869	48,216
Total Assets	62,014,452	65,499,721
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	38,709	13,421
Total Liabilities	56,224,646	59,766,343
Fair value measurements on recurring basis | Loans held-for-sale
Financial Assets:
Loans under fair value option	2,740,133	2,936,025
Fair value measurements on recurring basis | RMBS
Financial Assets:
Available-for-sale securities	134,406	143,980
Fair value measurements on recurring basis | CMBS
Financial Assets:
Available-for-sale securities	21,858	22,244
Fair value measurements on recurring basis | Woodstar Fund investments
Financial Assets:
Investments	1,264,160	1,040,309
Fair value measurements on recurring basis | Domestic servicing rights, at fair value
Financial Assets:
Domestic servicing rights	17,864	16,780
Fair value measurements on recurring basis | Level I
Financial Assets:
Equity security, fair value	11,619	11,624
Derivative assets	0	0
Total Assets	11,619	11,624
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	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	60,869	48,216
Total Assets	433,980	48,216
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	38,709	13,421
Total Liabilities	50,745,358	54,986,122
Fair value measurements on recurring basis | Level II | Loans held-for-sale
Financial Assets:
Loans under fair value option	373,111	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	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	61,568,853	65,439,881
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	0	0
Total Liabilities	5,479,288	4,780,221
Fair value measurements on recurring basis | Level III | Loans held-for-sale
Financial Assets:
Loans under fair value option	2,367,022	2,936,025
Fair value measurements on recurring basis | Level III | RMBS
Financial Assets:
Available-for-sale securities	134,406	143,980
Fair value measurements on recurring basis | Level III | CMBS
Financial Assets:
Available-for-sale securities	21,858	22,244
Fair value measurements on recurring basis | Level III | Woodstar Fund investments
Financial Assets:
Investments	1,264,160	1,040,309
Fair value measurements on recurring basis | Level III | Domestic servicing rights, at fair value
Financial Assets:
Domestic servicing rights	17,864	16,780
Primary beneficiary
Financial Assets:
Investments	1,264,160	1,040,309
Assets	75,400
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	30,800
Primary beneficiary | Fair value measurements on recurring basis | VIE assets
Financial Assets:
Assets	57,763,543	61,280,543
Primary beneficiary | Fair value measurements on recurring basis | VIE liabilities
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	56,185,937	59,752,922
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	50,706,649	54,972,701
Primary beneficiary | Fair value measurements on recurring basis | Level III | VIE assets
Financial Assets:
Assets	57,763,543	61,280,543
Primary beneficiary | Fair value measurements on recurring basis | Level III | VIE liabilities
Liabilities, Fair Value Disclosure [Abstract]
Liabilities	$ 5,479,288	$ 4,780,221

Fair Value - Level III (Details

Fair Value - Level III (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Total realized and unrealized gains (losses):
Net accretion	$ 3,475	$ 3,476
Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	60,659,660	63,441,439
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	(3,323,231)	(2,208,812)
Net accretion	2,605	2,606
Included in OCI	(5,284)	(2,403)
Purchases / Originations	2,266,699	375,270
Sales	(2,278,467)	(571,927)
Issuances		(11,604)
Cash repayments / receipts	(65,963)	(62,032)
Transfers into Level III	(203,787)	(409,267)
Transfers out of Level III	(318,501)	148,775
Consolidation of VIEs	84,357	393,373
Deconsolidation of VIEs	(728,523)
Balance at the end of the period	56,089,565	61,095,418
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	(3,277,196)	(2,204,436)
Included in OCI	(5,284)	(2,403)
Level III | Loans held-for-sale
Changes in financial assets classified as Level III
Balance at the beginning of the period	2,936,025	1,022,979
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	(125,783)	(9,478)
Net accretion	0	0
Included in OCI	0	0
Purchases / Originations	2,266,699	375,270
Sales	(2,278,467)	(571,927)
Issuances		0
Cash repayments / receipts	(58,434)	(53,071)
Transfers into Level III	93	0
Transfers out of Level III	(373,111)	0
Consolidation of VIEs	0	0
Deconsolidation of VIEs	0
Balance at the end of the period	2,367,022	763,773
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	(82,883)	(7,708)
Included in OCI	0	0
Level III | RMBS
Changes in financial assets classified as Level III
Balance at the beginning of the period	143,980	167,349
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	0	0
Net accretion	2,605	2,606
Included in OCI	(5,284)	(2,403)
Purchases / Originations	0	0
Sales	0	0
Issuances		0
Cash repayments / receipts	(6,895)	(7,251)
Transfers into Level III	0	0
Transfers out of Level III	0	0
Consolidation of VIEs	0	0
Deconsolidation of VIEs	0
Balance at the end of the period	134,406	160,301
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	2,605	2,606
Included in OCI	(5,284)	(2,403)
Level III | CMBS
Changes in financial assets classified as Level III
Balance at the beginning of the period	22,244	19,457
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	(692)	372
Net accretion	0	0
Included in OCI	0	0
Purchases / Originations	0	0
Sales	0	0
Issuances		0
Cash repayments / receipts	(224)	(573)
Transfers into Level III	0	0
Transfers out of Level III	0	0
Consolidation of VIEs	0	0
Deconsolidation of VIEs	530
Balance at the end of the period	21,858	19,256
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	(162)	372
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	1,040,309	0
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	223,851	0
Net accretion	0	0
Included in OCI	0	0
Purchases / Originations	0	0
Sales	0	0
Issuances		0
Cash repayments / receipts	0	0
Transfers into Level III	0	0
Transfers out of Level III	0	0
Consolidation of VIEs	0	0
Deconsolidation of VIEs	0
Balance at the end of the period	1,264,160	0
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	223,851	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	16,780	13,202
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	1,084	(796)
Net accretion	0	0
Included in OCI	0	0
Purchases / Originations	0	0
Sales	0	0
Issuances		0
Cash repayments / receipts	0	0
Transfers into Level III	0	0
Transfers out of Level III	0	0
Consolidation of VIEs	0	0
Deconsolidation of VIEs	0
Balance at the end of the period	17,864	12,406
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	1,084	(796)
Included in OCI	0	0
Level III | VIE assets
Changes in financial assets classified as Level III
Balance at the beginning of the period	61,280,543	64,238,328
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	(3,896,602)	(2,264,591)
Net accretion	0	0
Included in OCI	0	0
Purchases / Originations	0	0
Sales	0	0
Issuances		0
Cash repayments / receipts	0	0
Transfers into Level III	0	0
Transfers out of Level III	0	0
Consolidation of VIEs	1,109,614	393,373
Deconsolidation of VIEs	(730,012)
Balance at the end of the period	57,763,543	62,367,110
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	(3,896,602)	(2,264,591)
Included in OCI	0	0
Level III | VIE liabilities
Changes in financial assets classified as Level III
Balance at the beginning of the period	(4,780,221)	(2,019,876)
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	474,911	65,681
Net accretion	0	0
Included in OCI	0	0
Purchases / Originations	0	0
Sales	0	0
Issuances		(11,604)
Cash repayments / receipts	(410)	(1,137)
Transfers into Level III	(203,880)	(409,267)
Transfers out of Level III	54,610	148,775
Consolidation of VIEs	(1,025,257)	0
Deconsolidation of VIEs	959
Balance at the end of the period	(5,479,288)	(2,227,428)
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	474,911	65,681
Included in OCI	$ 0	$ 0

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financial assets not carried at fair value:
HTM debt securities	$ 704,691	$ 691,746
Financial liabilities not carried at fair value:
Unsecured senior notes	2,322,630	1,828,590
Carrying Value
Financial assets not carried at fair value:
Loans held-for-investment	16,197,636	15,477,624
HTM debt securities	701,306	683,136
Financial liabilities not carried at fair value:
Secured financing agreements, CLOs and SASB	15,329,466	15,192,966
Unsecured senior notes	2,322,630	1,828,590
Fair Value
Financial assets not carried at fair value:
Loans held-for-investment	16,204,044	15,526,235
HTM debt securities	673,999	656,864
Financial liabilities not carried at fair value:
Secured financing agreements, CLOs and SASB	15,356,458	15,266,440
Unsecured senior notes	$ 2,320,231	$ 1,893,065

Fair Value - Significant Unobse

Fair Value - Significant Unobservable Inputs (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)score	Dec. 31, 2021USD ($)score
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities	$ 134,406	$ 143,980
Domestic servicing rights	17,864	16,780
Assets	81,187,898	83,850,397
Liabilities	74,278,245	77,201,590
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	2,740,133	2,936,025
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	134,406	143,980
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	21,858	22,244
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	1,264,160	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	17,864	16,780
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	$ 2,367,022	$ 2,936,025
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	6 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	0.028	0.026
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 | score	584	582
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	0.04	0.01
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	0.800
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 10 months 24 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	0.092
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 | score	829	829
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	1.086
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	28 years 10 months 24 days	27 years 4 months 24 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	0.044	0.042
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 | score	745	748
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	0.68	0.66
Fair value measurements on recurring basis | Level III | Loans held-for-sale | Weighted-average | Purchase price
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans held-for-sale, measurement input	1.020	1.023
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	$ 134,406	$ 143,980
Loss severity for specified percentage of portfolio (as a percent)	11.00%	18.00%
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	0.042	0.048
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	0.008
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	0.11	0.104
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	0.22	0.19
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	0.196	0.192
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	0.063	0.060
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	0.81	0.86
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	0.36	0.35
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	0.79	0.83
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	0.025	0.017
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	0.08
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	0.093	0.099
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	0.020	0.021
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	0.24	0.26
Fair value measurements on recurring basis | Level III | RMBS | Weighted-average | Delinquency rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.18	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	0.52
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	0.005
Fair value measurements on recurring basis | Level III | CMBS
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities	$ 21,858	$ 22,244
Fair value measurements on recurring basis | Level III | CMBS | Minimum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale debt securities, term	0 years	0 days
Fair value measurements on recurring basis | Level III | CMBS | Minimum | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0	0
Fair value measurements on recurring basis | Level III | CMBS | Maximum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale debt securities, term	6 years 8 months 12 days	7 years 2 months 12 days
Fair value measurements on recurring basis | Level III | CMBS | Maximum | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	2.978	6.136
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	3 years 8 months 12 days	5 years 2 months 12 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	0.091	0.093
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	$ 1,264,160	$ 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	0.023	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 | Minimum | Direct 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	0.041	0.041
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	0.044	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 | Maximum | Direct 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	0.042	0.042
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	0.038	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 | Woodstar Fund investments | Weighted-average | Direct 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	0.042	0.042
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	$ 17,864	$ 16,780
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	0.0750	0.0730
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	0.0750	0.0730
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)	10 years 10 months 24 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	3.286	6.153
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 1 month 6 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	0.150	0.130
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 10 months 24 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	3.286	6.153
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)	2 years 2 months 12 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	0.076	0.064
Primary beneficiary
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Investments	$ 1,264,160	$ 1,040,309
Assets	75,400
Liabilities	30,800
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	57,763,543	61,280,543
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	56,185,937	59,752,922
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	57,763,543	61,280,543
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	$ 5,479,288	$ 4,780,221

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Income Taxes
Assets	$ 81,187,898	$ 83,850,397
Investing and Servicing Segment | TRS entities
Income Taxes
Assets	$ 3,100,000	$ 3,200,000

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reconciliation of statutory tax to effective tax
Federal statutory tax rate	$ 80,191	$ 26,199
REIT and other non-taxable income	(79,198)	(24,501)
State income taxes	326	558
Federal benefit of state tax deduction	(69)	(117)
Intra-entity transfers	(3,868)	0
Other	168	91
Effective tax rate	$ (2,450)	$ 2,230
Reconciliation of statutory tax rate to effective tax rate
Federal statutory tax rate	21.00%	21.00%
REIT and other non-taxable income	(20.70%)	(19.60%)
State income taxes	0.10%	0.40%
Federal benefit of state tax deduction	0.00%	(0.10%)
Intra-entity transfers	(1.00%)	0.00%
Other	0.00%	0.10%
Effective tax rate	(0.60%)	1.80%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)contract	Mar. 31, 2021USD ($)
Commitments and Contingencies
Number of Contracts | contract	539
Interest rate swap guarantees | USD
Commitments and Contingencies
Number of Contracts | contract	4
Commercial and Residential Lending Segment | Residential Loans
Commitments and Contingencies
Face amount	$ 835,760	$ 89,418
Commercial and Residential Lending Segment | Agency-Eligible Residential Loan | Residential Loans
Commitments and Contingencies
Face amount	745,000
Commitments | Commercial and Residential Lending Segment
Commitments and Contingencies
Value of loans with future funding commitments	3,100,000
Value of loans with future funding commitments expected to fund	2,800,000
Outstanding	1,200,000
Commitments | Infrastructure Lending Segment
Commitments and Contingencies
Value of loans with future funding commitments	147,200
Outstanding	20,600
Revolvers and letters of credit | Infrastructure Lending Segment
Commitments and Contingencies
Value of loans with future funding commitments	135,100
Outstanding	8,100
Delayed draw term loans | Infrastructure Lending Segment
Commitments and Contingencies
Value of loans with future funding commitments	$ 12,100

Segment Data - Results of Opera

Segment Data - Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Interest income from loans	$ 233,619	$ 190,575
Interest income from investment securities	13,983	11,610
Servicing fees	9,992	8,402
Rental income	31,580	76,338
Other revenues	4,818	305
Total revenues	293,992	287,230
Costs and expenses:
Management fees	55,295	38,736
Interest expense	126,451	103,374
General and administrative	44,321	38,636
Acquisition and investment pursuit costs	422	185
Costs of rental operations	9,290	28,745
Depreciation and amortization	11,647	22,474
Credit loss (reversal) provision, net	(3,658)	44
Other expense	55	685
Total costs and expenses	243,823	232,879
Other income (loss):
Change in net assets related to consolidated VIEs	26,749	39,745
Change in fair value of servicing rights	1,084	(796)
Change in fair value of investment securities, net	(355)	(306)
Change in fair value of mortgage loans, net	(125,783)	(9,478)
(Loss) earnings from unconsolidated entities	(910)	1,734
Gain on sale of investments and other assets, net	98,468	17,693
Gain (loss) on derivative financial instruments, net	127,268	33,989
Foreign currency loss, net	(27,281)	(11,681)
Loss on extinguishment of debt	(823)	(516)
Other (loss) income, net	(763)	21
Total other income	331,695	70,405
Income before income taxes	381,864	124,756
Income tax (provision) benefit	2,450	(2,230)
Net income	384,314	122,526
Net income attributable to non-controlling interests	(59,715)	(11,148)
Net income attributable to Starwood Property Trust, Inc.	324,599	111,378
Primary beneficiary
Other income (loss):
Income from affordable housing fund investments	234,041	0
Operating Segments and Corporate
Revenues:
Interest income from loans	233,619	190,575
Interest income from investment securities	48,972	39,889
Servicing fees	14,207	12,580
Rental income	31,580	76,338
Other revenues	4,824	305
Total revenues	333,202	319,687
Costs and expenses:
Management fees	55,295	38,725
Interest expense	126,665	103,565
General and administrative	44,240	38,549
Acquisition and investment pursuit costs	422	185
Costs of rental operations	9,290	28,745
Depreciation and amortization	11,647	22,474
Credit loss (reversal) provision, net	(3,658)	44
Other expense	55	685
Total costs and expenses	243,956	232,972
Other income (loss):
Change in net assets related to consolidated VIEs	0	0
Change in fair value of servicing rights	(217)	745
Change in fair value of investment securities, net	(11,396)	5,120
Change in fair value of mortgage loans, net	(125,783)	(9,478)
(Loss) earnings from unconsolidated entities	(844)	2,088
Gain on sale of investments and other assets, net	98,468	17,693
Gain (loss) on derivative financial instruments, net	127,268	33,989
Foreign currency loss, net	(27,281)	(11,681)
Loss on extinguishment of debt	(823)	(516)
Other (loss) income, net	(788)	21
Total other income	292,645	37,981
Income before income taxes	381,891	124,696
Income tax (provision) benefit	2,450	(2,230)
Net income	384,341	122,466
Net income attributable to non-controlling interests	(59,742)	(11,088)
Net income attributable to Starwood Property Trust, Inc.	324,599	111,378
Operating Segments and Corporate | Primary beneficiary
Other income (loss):
Income from affordable housing fund investments	234,041
Operating segment | Commercial and Residential Lending Segment
Revenues:
Interest income from loans	202,470	170,593
Interest income from investment securities	20,836	18,385
Servicing fees	136	124
Rental income	1,686	1,339
Other revenues	52	90
Total revenues	225,180	190,531
Costs and expenses:
Management fees	277	315
Interest expense	68,602	44,295
General and administrative	11,602	11,333
Acquisition and investment pursuit costs	499	185
Costs of rental operations	519	477
Depreciation and amortization	294	307
Credit loss (reversal) provision, net	(3,299)	(529)
Other expense	0	31
Total costs and expenses	78,494	56,414
Other income (loss):
Change in net assets related to consolidated VIEs	0	0
Change in fair value of servicing rights	0	0
Change in fair value of investment securities, net	(2,105)	(2,050)
Change in fair value of mortgage loans, net	(116,228)	(10,714)
(Loss) earnings from unconsolidated entities	(1,340)	1,753
Gain on sale of investments and other assets, net	86,610	17,693
Gain (loss) on derivative financial instruments, net	118,395	26,141
Foreign currency loss, net	(27,254)	(11,594)
Loss on extinguishment of debt	(206)	(68)
Other (loss) income, net	(788)	0
Total other income	57,084	21,161
Income before income taxes	203,770	155,278
Income tax (provision) benefit	5,140	(1,505)
Net income	208,910	153,773
Net income attributable to non-controlling interests	(3)	(3)
Net income attributable to Starwood Property Trust, Inc.	208,907	153,770
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	26,983	18,808
Interest income from investment securities	747	564
Servicing fees	0	0
Rental income	0	0
Other revenues	68	93
Total revenues	27,798	19,465
Costs and expenses:
Management fees	0	0
Interest expense	11,930	8,841
General and administrative	3,511	3,442
Acquisition and investment pursuit costs	1	0
Costs of rental operations	0	0
Depreciation and amortization	105	100
Credit loss (reversal) provision, net	(359)	573
Other expense	0	0
Total costs and expenses	15,188	12,956
Other income (loss):
Change in net assets related to consolidated VIEs	0	0
Change in fair value of servicing rights	0	0
Change in fair value of investment securities, net	0	0
Change in fair value of mortgage loans, net	0	0
(Loss) earnings from unconsolidated entities	345	(254)
Gain on sale of investments and other assets, net	0	0
Gain (loss) on derivative financial instruments, net	632	684
Foreign currency loss, net	(28)	(49)
Loss on extinguishment of debt	(469)	(307)
Other (loss) income, net	0	21
Total other income	480	95
Income before income taxes	13,090	6,604
Income tax (provision) benefit	4	(92)
Net income	13,094	6,512
Net income attributable to non-controlling interests	0	0
Net income attributable to Starwood Property Trust, Inc.	13,094	6,512
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
Interest income from investment securities	0	0
Servicing fees	0	0
Rental income	22,365	65,104
Other revenues	50	40
Total revenues	22,415	65,144
Costs and expenses:
Management fees	0	0
Interest expense	6,081	15,832
General and administrative	1,056	1,023
Acquisition and investment pursuit costs	5	0
Costs of rental operations	5,001	23,960
Depreciation and amortization	8,219	18,100
Credit loss (reversal) provision, net	0	0
Other expense	55	583
Total costs and expenses	20,417	59,498
Other income (loss):
Change in net assets related to consolidated VIEs	0	0
Change in fair value of servicing rights	0	0
Change in fair value of investment securities, net	0	0
Change in fair value of mortgage loans, net	0	0
(Loss) earnings from unconsolidated entities	0	0
Gain on sale of investments and other assets, net	0	0
Gain (loss) on derivative financial instruments, net	17,546	4,724
Foreign currency loss, net	1	25
Loss on extinguishment of debt	0	(141)
Other (loss) income, net	0	0
Total other income	251,588	4,608
Income before income taxes	253,586	10,254
Income tax (provision) benefit	0	0
Net income	253,586	10,254
Net income attributable to non-controlling interests	(52,411)	(5,077)
Net income attributable to Starwood Property Trust, Inc.	201,175	5,177
Operating segment | Property Segment | Primary beneficiary
Other income (loss):
Income from affordable housing fund investments	234,041
Operating segment | Investing and Servicing Segment
Revenues:
Interest income from loans	4,166	1,174
Interest income from investment securities	27,389	20,940
Servicing fees	14,071	12,456
Rental income	7,529	9,895
Other revenues	4,654	82
Total revenues	57,809	44,547
Costs and expenses:
Management fees	0	222
Interest expense	6,210	5,449
General and administrative	23,443	18,440
Acquisition and investment pursuit costs	(83)	0
Costs of rental operations	3,770	4,308
Depreciation and amortization	3,029	3,967
Credit loss (reversal) provision, net	0	0
Other expense	0	71
Total costs and expenses	36,369	32,457
Other income (loss):
Change in net assets related to consolidated VIEs	0	0
Change in fair value of servicing rights	(217)	745
Change in fair value of investment securities, net	(9,291)	7,170
Change in fair value of mortgage loans, net	(9,555)	1,236
(Loss) earnings from unconsolidated entities	151	589
Gain on sale of investments and other assets, net	11,858	0
Gain (loss) on derivative financial instruments, net	27,863	9,283
Foreign currency loss, net	0	(63)
Loss on extinguishment of debt	(148)	0
Other (loss) income, net	0	0
Total other income	20,661	18,960
Income before income taxes	42,101	31,050
Income tax (provision) benefit	(2,694)	(633)
Net income	39,407	30,417
Net income attributable to non-controlling interests	(7,328)	(6,008)
Net income attributable to Starwood Property Trust, Inc.	32,079	24,409
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
Interest income from investment securities	0	0
Servicing fees	0	0
Rental income	0	0
Other revenues	0	0
Total revenues	0	0
Costs and expenses:
Management fees	55,018	38,188
Interest expense	33,842	29,148
General and administrative	4,628	4,311
Acquisition and investment pursuit costs	0	0
Costs of rental operations	0	0
Depreciation and amortization	0	0
Credit loss (reversal) provision, net	0	0
Other expense	0	0
Total costs and expenses	93,488	71,647
Other income (loss):
Change in net assets related to consolidated VIEs	0	0
Change in fair value of servicing rights	0	0
Change in fair value of investment securities, net	0	0
Change in fair value of mortgage loans, net	0	0
(Loss) earnings from unconsolidated entities	0	0
Gain on sale of investments and other assets, net	0	0
Gain (loss) on derivative financial instruments, net	(37,168)	(6,843)
Foreign currency loss, net	0	0
Loss on extinguishment of debt	0	0
Other (loss) income, net	0	0
Total other income	(37,168)	(6,843)
Income before income taxes	(130,656)	(78,490)
Income tax (provision) benefit	0	0
Net income	(130,656)	(78,490)
Net income attributable to non-controlling interests	0	0
Net income attributable to Starwood Property Trust, Inc.	(130,656)	(78,490)
Corporate | Primary beneficiary
Other income (loss):
Income from affordable housing fund investments	0
Securitization VIEs
Revenues:
Interest income from loans	0	0
Interest income from investment securities	(34,989)	(28,279)
Servicing fees	(4,215)	(4,178)
Rental income	0	0
Other revenues	(6)	0
Total revenues	(39,210)	(32,457)
Costs and expenses:
Management fees	0	11
Interest expense	(214)	(191)
General and administrative	81	87
Acquisition and investment pursuit costs	0	0
Costs of rental operations	0	0
Depreciation and amortization	0	0
Credit loss (reversal) provision, net	0	0
Other expense	0	0
Total costs and expenses	(133)	(93)
Other income (loss):
Change in net assets related to consolidated VIEs	26,749	39,745
Change in fair value of servicing rights	1,301	(1,541)
Change in fair value of investment securities, net	11,041	(5,426)
Change in fair value of mortgage loans, net	0	0
(Loss) earnings from unconsolidated entities	(66)	(354)
Gain on sale of investments and other assets, net	0	0
Gain (loss) on derivative financial instruments, net	0	0
Foreign currency loss, net	0	0
Loss on extinguishment of debt	0	0
Other (loss) income, net	25	0
Total other income	39,050	32,424
Income before income taxes	(27)	60
Income tax (provision) benefit	0	0
Net income	(27)	60
Net income attributable to non-controlling interests	27	(60)
Net income attributable to Starwood Property Trust, Inc.	0	$ 0
Securitization VIEs | Primary beneficiary
Other income (loss):
Income from affordable housing fund investments	$ 0

Segment Data - Balance Sheet (D

Segment Data - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 264,209	$ 217,362
Restricted cash	109,565	104,552
Loans held-for-investment, net	16,253,257	15,536,849
Loans held-for-sale	2,684,512	2,876,800
Investment securities	869,189	860,984
Properties, net	1,122,357	1,166,387
Investments in unconsolidated entities	89,250	90,097
Goodwill	259,846	259,846
Intangible assets	62,148	63,564
Derivative assets	60,869	48,216
Accrued interest receivable	123,801	116,262
Other assets	261,192	188,626
VIE assets, at fair value	57,763,543	61,280,543
Total Assets	81,187,898	83,850,397
Liabilities:
Accounts payable, accrued expenses and other liabilities	196,145	189,696
Related-party payable	56,615	76,371
Dividends payable	148,743	147,624
Derivative liabilities	38,709	13,421
Secured financing agreements, net	11,531,571	12,576,850
Collateralized loan obligations and single asset securitization, net	3,797,895	2,616,116
Unsecured senior notes, net	2,322,630	1,828,590
VIE liabilities, at fair value	56,185,937	59,752,922
Total Liabilities	74,278,245	77,201,590
Temporary Equity: Redeemable non-controlling interests	261,685	214,915
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	3,144	3,123
Additional paid-in capital	5,709,027	5,673,376
Treasury stock	(138,022)	(138,022)
Accumulated other comprehensive income	35,669	40,953
Retained earnings (accumulated deficit)	669,877	493,106
Total Starwood Property Trust, Inc. Stockholders’ Equity	6,279,695	6,072,536
Non-controlling interests in consolidated subsidiaries	368,273	361,356
Total Permanent Equity	6,647,968	6,433,892	$ 4,854,785	$ 4,862,576
Total Liabilities and Equity	81,187,898	83,850,397
Primary beneficiary
Assets:
Investments of consolidated affordable housing fund, at fair value	1,264,160	1,040,309
Total Assets	75,400
Liabilities:
Total Liabilities	30,800
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	263,625	216,772
Restricted cash	109,565	104,552
Loans held-for-investment, net	16,253,257	15,536,849
Loans held-for-sale	2,684,512	2,876,800
Investment securities	2,412,334	2,352,770
Properties, net	1,122,357	1,166,387
Investments in unconsolidated entities	104,288	105,353
Goodwill	259,846	259,846
Intangible assets	102,966	105,683
Derivative assets	60,869	48,216
Accrued interest receivable	123,942	116,393
Other assets	261,427	188,788
VIE assets, at fair value	0	0
Total Assets	25,023,148	24,118,718
Liabilities:
Accounts payable, accrued expenses and other liabilities	196,105	189,640
Related-party payable	56,615	76,371
Dividends payable	148,743	147,624
Derivative liabilities	38,709	13,421
Secured financing agreements, net	11,553,031	12,598,410
Collateralized loan obligations and single asset securitization, net	3,797,895	2,616,116
Unsecured senior notes, net	2,322,630	1,828,590
VIE liabilities, at fair value	0	0
Total Liabilities	18,113,728	17,470,172
Temporary Equity: Redeemable non-controlling interests	261,685	214,915
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	3,144	3,123
Additional paid-in capital	5,709,027	5,673,376
Treasury stock	(138,022)	(138,022)
Accumulated other comprehensive income	35,669	40,953
Retained earnings (accumulated deficit)	669,877	493,106
Total Starwood Property Trust, Inc. Stockholders’ Equity	6,279,695	6,072,536
Non-controlling interests in consolidated subsidiaries	368,040	361,095
Total Permanent Equity	6,647,735	6,433,631
Total Liabilities and Equity	25,023,148	24,118,718
Operating Segments and Corporate | Primary beneficiary
Assets:
Investments of consolidated affordable housing fund, at fair value	1,264,160	1,040,309
Operating segment | Commercial and Residential Lending Segment
Assets:
Cash and cash equivalents	58,377	65,064
Restricted cash	13,142	39,853
Loans held-for-investment, net	14,107,316	13,499,520
Loans held-for-sale	2,299,153	2,590,005
Investment securities	1,207,667	1,155,452
Properties, net	104,901	124,503
Investments in unconsolidated entities	43,349	44,938
Goodwill	0	0
Intangible assets	0	0
Derivative assets	58,904	34,265
Accrued interest receivable	114,367	106,251
Other assets	135,095	68,908
VIE assets, at fair value	0	0
Total Assets	18,142,271	17,728,759
Liabilities:
Accounts payable, accrued expenses and other liabilities	102,124	57,267
Related-party payable	0	0
Dividends payable	0	0
Derivative liabilities	10,990	12,870
Secured financing agreements, net	8,294,408	9,097,985
Collateralized loan obligations and single asset securitization, net	2,985,637	2,210,798
Unsecured senior notes, net	0	0
VIE liabilities, at fair value	0	0
Total Liabilities	11,393,159	11,378,920
Temporary Equity: Redeemable non-controlling interests	0	0
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	0	0
Additional paid-in capital	1,931,043	1,735,397
Treasury stock	0	0
Accumulated other comprehensive income	35,669	40,953
Retained earnings (accumulated deficit)	4,782,282	4,573,374
Total Starwood Property Trust, Inc. Stockholders’ Equity	6,748,994	6,349,724
Non-controlling interests in consolidated subsidiaries	118	115
Total Permanent Equity	6,749,112	6,349,839
Total Liabilities and Equity	18,142,271	17,728,759
Operating segment | Commercial and Residential Lending Segment | Primary beneficiary
Assets:
Investments of consolidated affordable housing fund, at fair value	0	0
Operating segment | Infrastructure Lending Segment
Assets:
Cash and cash equivalents	38,762	17,011
Restricted cash	27,401	43,408
Loans held-for-investment, net	2,136,118	2,027,426
Loans held-for-sale	0	0
Investment securities	49,198	31,923
Properties, net	0	0
Investments in unconsolidated entities	27,061	26,255
Goodwill	119,409	119,409
Intangible assets	0	0
Derivative assets	161	128
Accrued interest receivable	6,274	3,207
Other assets	10,229	14,265
VIE assets, at fair value	0	0
Total Assets	2,414,613	2,283,032
Liabilities:
Accounts payable, accrued expenses and other liabilities	15,347	8,917
Related-party payable	0	0
Dividends payable	0	0
Derivative liabilities	225	260
Secured financing agreements, net	924,242	1,225,548
Collateralized loan obligations and single asset securitization, net	812,258	405,318
Unsecured senior notes, net	0	0
VIE liabilities, at fair value	0	0
Total Liabilities	1,752,072	1,640,043
Temporary Equity: Redeemable non-controlling interests	0	0
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	0	0
Additional paid-in capital	606,871	600,412
Treasury stock	0	0
Accumulated other comprehensive income	0	0
Retained earnings (accumulated deficit)	55,670	42,577
Total Starwood Property Trust, Inc. Stockholders’ Equity	662,541	642,989
Non-controlling interests in consolidated subsidiaries	0	0
Total Permanent Equity	662,541	642,989
Total Liabilities and Equity	2,414,613	2,283,032
Operating segment | Infrastructure Lending Segment | Primary beneficiary
Assets:
Investments of consolidated affordable housing fund, at fair value	0	0
Operating segment | Property Segment
Assets:
Cash and cash equivalents	20,077	14,136
Restricted cash	950	954
Loans held-for-investment, net	0	0
Loans held-for-sale	0	0
Investment securities	0	0
Properties, net	880,392	887,553
Investments in unconsolidated entities	0	0
Goodwill	0	0
Intangible assets	33,292	34,619
Derivative assets	486	8
Accrued interest receivable	0	0
Other assets	59,100	43,420
VIE assets, at fair value	0	0
Total Assets	2,258,457	2,020,999
Liabilities:
Accounts payable, accrued expenses and other liabilities	11,503	14,757
Related-party payable	0	0
Dividends payable	0	0
Derivative liabilities	0	0
Secured financing agreements, net	787,977	787,396
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	799,480	802,153
Temporary Equity: Redeemable non-controlling interests	261,685	214,915
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	0	0
Additional paid-in capital	(373,851)	(365,922)
Treasury stock	0	0
Accumulated other comprehensive income	0	0
Retained earnings (accumulated deficit)	1,362,509	1,161,334
Total Starwood Property Trust, Inc. Stockholders’ Equity	988,658	795,412
Non-controlling interests in consolidated subsidiaries	208,634	208,519
Total Permanent Equity	1,197,292	1,003,931
Total Liabilities and Equity	2,258,457	2,020,999
Operating segment | Property Segment | Primary beneficiary
Assets:
Investments of consolidated affordable housing fund, at fair value	1,264,160	1,040,309
Operating segment | Investing and Servicing Segment
Assets:
Cash and cash equivalents	27,836	26,700
Restricted cash	26,371	20,337
Loans held-for-investment, net	9,823	9,903
Loans held-for-sale	385,359	286,795
Investment securities	1,155,469	1,165,395
Properties, net	137,064	154,331
Investments in unconsolidated entities	33,878	34,160
Goodwill	140,437	140,437
Intangible assets	69,674	71,064
Derivative assets	1,318	391
Accrued interest receivable	1,745	947
Other assets	33,857	40,395
VIE assets, at fair value	0	0
Total Assets	2,022,831	1,950,855
Liabilities:
Accounts payable, accrued expenses and other liabilities	32,297	58,920
Related-party payable	0	0
Dividends payable	0	0
Derivative liabilities	145	291
Secured financing agreements, net	774,460	714,237
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	806,902	773,448
Temporary Equity: Redeemable non-controlling interests	0	0
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	0	0
Additional paid-in capital	(388,580)	(388,196)
Treasury stock	0	0
Accumulated other comprehensive income	0	0
Retained earnings (accumulated deficit)	1,445,221	1,413,142
Total Starwood Property Trust, Inc. Stockholders’ Equity	1,056,641	1,024,946
Non-controlling interests in consolidated subsidiaries	159,288	152,461
Total Permanent Equity	1,215,929	1,177,407
Total Liabilities and Equity	2,022,831	1,950,855
Operating segment | Investing and Servicing Segment | Primary beneficiary
Assets:
Investments of consolidated affordable housing fund, at fair value	0	0
Corporate
Assets:
Cash and cash equivalents	118,573	93,861
Restricted cash	41,701	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	0	13,424
Accrued interest receivable	1,556	5,988
Other assets	23,146	21,800
VIE assets, at fair value	0	0
Total Assets	184,976	135,073
Liabilities:
Accounts payable, accrued expenses and other liabilities	34,834	49,779
Related-party payable	56,615	76,371
Dividends payable	148,743	147,624
Derivative liabilities	27,349	0
Secured financing agreements, net	771,944	773,244
Collateralized loan obligations and single asset securitization, net	0	0
Unsecured senior notes, net	2,322,630	1,828,590
VIE liabilities, at fair value	0	0
Total Liabilities	3,362,115	2,875,608
Temporary Equity: Redeemable non-controlling interests	0	0
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	3,144	3,123
Additional paid-in capital	3,933,544	4,091,685
Treasury stock	(138,022)	(138,022)
Accumulated other comprehensive income	0	0
Retained earnings (accumulated deficit)	(6,975,805)	(6,697,321)
Total Starwood Property Trust, Inc. Stockholders’ Equity	(3,177,139)	(2,740,535)
Non-controlling interests in consolidated subsidiaries	0	0
Total Permanent Equity	(3,177,139)	(2,740,535)
Total Liabilities and Equity	184,976	135,073
Corporate | Primary beneficiary
Assets:
Investments of consolidated affordable housing fund, at fair value	0	0
Securitization VIEs
Assets:
Cash and cash equivalents	584	590
Restricted cash	0	0
Loans held-for-investment, net	0	0
Loans held-for-sale	0	0
Investment securities	(1,543,145)	(1,491,786)
Properties, net	0	0
Investments in unconsolidated entities	(15,038)	(15,256)
Goodwill	0	0
Intangible assets	(40,818)	(42,119)
Derivative assets	0	0
Accrued interest receivable	(141)	(131)
Other assets	(235)	(162)
VIE assets, at fair value	57,763,543	61,280,543
Total Assets	56,164,750	59,731,679
Liabilities:
Accounts payable, accrued expenses and other liabilities	40	56
Related-party payable	0	0
Dividends payable	0	0
Derivative liabilities	0	0
Secured financing agreements, net	(21,460)	(21,560)
Collateralized loan obligations and single asset securitization, net	0	0
Unsecured senior notes, net	0	0
VIE liabilities, at fair value	56,185,937	59,752,922
Total Liabilities	56,164,517	59,731,418
Temporary Equity: Redeemable non-controlling interests	0	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	0	0
Retained earnings (accumulated deficit)	0	0
Total Starwood Property Trust, Inc. Stockholders’ Equity	0	0
Non-controlling interests in consolidated subsidiaries	233	261
Total Permanent Equity	233	261
Total Liabilities and Equity	56,164,750	59,731,679
Securitization VIEs | Primary beneficiary
Assets:
Investments of consolidated affordable housing fund, at fair value	$ 0	$ 0

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - Subsequent Event	1 Months Ended
	Apr. 30, 2022USD ($)shares
2022 Equity Plans
Subsequent Events
Number of shares of authorized for issuance (in shares)	18,700,000
Employee Stock
Subsequent Events
Purchase price of fair market value	85.00%
Maximum purchase value per calendar year | $	$ 25,000
Number of shares of authorized for issuance (in shares)	2,000,000

Uncategorized Items - stwd-2022

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]