Starwood Property Trust (STWD) 10-K 1 Mar 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 24, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-34436
Entity Registrant Name	Starwood Property Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-0247747
Entity Address, Address Line One	591 West Putnam Avenue
Entity Address, City or Town	Greenwich
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06830
City Area Code	203
Local Phone Number	422-7700
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	STWD
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 6,159,104,550
Entity Common Stock, Shares Outstanding		310,649,263
Documents Incorporated by Reference	Documents Incorporated By Reference: The information required by Part III of this Form 10-K, to the extent not set forth herein or by amendment, is incorporated by reference from the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A on or prior to May 1, 2023.
Entity Central Index Key	0001465128
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Miami, Florida

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents	$ 261,061	$ 217,362
Restricted cash	121,072	104,552
Loans held-for-investment, net of credit loss allowances of $99,413 and $67,270 (none and $59,225 held at fair value)	18,401,439	15,536,849
Loans held-for-sale, at fair value	2,784,594	2,876,800
Investment securities, net of credit loss allowances of $3,182 and $8,610 ($142,334 and $177,848 held at fair value)	815,804	860,984
Properties, net	1,449,986	1,166,387
Investments of consolidated affordable housing fund, at fair value		1,040,309
Investments in unconsolidated entities	91,892	90,097
Goodwill	259,846	259,846
Intangible assets ($17,790 and $16,780 held at fair value)	68,773	63,564
Derivative assets	108,621	48,216
Accrued interest receivable	168,521	116,262
Other assets	297,477	188,626
Variable interest entity (“VIE”) assets, at fair value	52,453,041	61,280,543
Total Assets	79,043,129	83,850,397
Liabilities:
Accounts payable, accrued expenses and other liabilities	298,999	189,696
Related-party payable	41,186	76,371
Dividends payable	151,511	147,624
Derivative liabilities	91,404	13,421
Secured financing agreements, net	14,501,532	12,576,850
Collateralized loan obligations and single asset securitization, net	3,676,224	2,616,116
Unsecured senior notes, net	2,329,211	1,828,590
VIE liabilities, at fair value	50,754,355	59,752,922
Total Liabilities	71,844,422	77,201,590
Commitments and contingencies (Note 23)
Temporary Equity: Redeemable non-controlling interests	362,790	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, 318,123,861 issued and 310,675,170 outstanding as of December 31, 2022 and 312,268,944 issued and 304,820,253 outstanding as of December 31, 2021	3,181	3,123
Additional paid-in capital	5,807,087	5,673,376
Treasury stock (7,448,691 shares)	(138,022)	(138,022)
Retained earnings	769,237	493,106
Accumulated other comprehensive income	20,955	40,953
Total Starwood Property Trust, Inc. Stockholders’ Equity	6,462,438	6,072,536
Non-controlling interests in consolidated subsidiaries	373,479	361,356
Total Permanent Equity	6,835,917	6,433,892
Total Liabilities and Equity	79,043,129	83,850,397
Primary beneficiary
Assets:
Investments of consolidated affordable housing fund, at fair value	1,761,002	$ 1,040,309
Total Assets	76,700
Liabilities:
Total Liabilities	$ 35,200

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Allowance for credit losses	$ 99,413,000	$ 67,270,000
Loans held-for-investment, net, held at fair value	0	59,225,000
Credit loss allowance	3,182,000	8,610,000
Investment securities	142,334,000	177,848,000
Intangible assets held at fair value	$ 17,790,000	$ 16,780,000
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)	318,123,861	312,268,944
Common stock, shares outstanding (in shares)	310,675,170	304,820,253
Treasury stock, shares (in shares)	7,448,691	7,448,691
VIE assets	$ 79,043,129,000	$ 83,850,397,000
VIE liabilities	71,844,422,000	77,201,590,000
CLOs and SASB
VIE assets	4,500,000,000	3,100,000,000
VIE liabilities	$ 3,700,000,000	$ 2,600,000,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Interest income from loans		$ 1,218,521	$ 800,291	$ 751,943
Interest income from investment securities		65,058	45,168	54,412
Servicing fees		40,359	38,739	29,634
Rental income		128,263	278,831	297,828
Other revenues		12,515	7,059	2,338
Total revenues		1,464,716	1,170,088	1,136,155
Costs and expenses:
Management fees		155,551	167,773	127,127
Interest expense		797,121	445,087	419,763
General and administrative		175,500	171,302	157,874
Acquisition and investment pursuit costs		3,400	1,184	3,572
Costs of rental operations		44,115	111,667	117,676
Depreciation and amortization		49,293	83,001	94,405
Credit loss provision, net		46,657	8,335	43,153
Other expense		1,314	708	838
Total costs and expenses		1,272,951	989,057	964,408
Other income (loss):
Change in net assets related to consolidated VIEs		124,001	162,333	78,258
Change in fair value of servicing rights		1,010	3,578	(3,715)
Change in fair value of investment securities, net		(2,204)	(387)	5,393
Change in fair value of mortgage loans, net		(346,222)	69,050	133,124
Income from affordable housing fund investments			6,425
(Loss) earnings from unconsolidated entities		(6,323)	8,752	37,317
Gain on sale of investments and other assets, net		137,611	38,984	7,310
Gain (loss) on derivative financial instruments, net		334,015	82,363	(82,178)
Foreign currency (loss) gain, net		(96,956)	(36,292)	42,395
Loss on extinguishment of debt		(1,185)	(7,428)	(3,654)
Other (loss) income, net		(93,710)	(7,314)	281
Total other income		805,773	320,064	214,531
Income before income taxes		997,538	501,095	386,278
Income tax benefit (provision)		61,523	(8,669)	(20,197)
Net income		1,059,061	492,426	366,081
Net income attributable to non-controlling interests		(187,586)	(44,687)	(34,392)
Net income attributable to Starwood Property Trust, Inc.		$ 871,475	$ 447,739	$ 331,689
Earnings per share data attributable to Starwood Property Trust, Inc.:
Basic (in dollars per share)		$ 2.80	$ 1.54	$ 1.16
Diluted (in dollars per share)		$ 2.74	$ 1.52	$ 1.16
Primary beneficiary
Other income (loss):
Income from affordable housing fund investments	$ 6,425	$ 755,736	$ 6,425	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 1,059,061	$ 492,426	$ 366,081
Other comprehensive income (loss) (net change by component):
Available-for-sale securities	(19,998)	(3,104)	(6,939)
Foreign currency translation	0	64	0
Other comprehensive loss	(19,998)	(3,040)	(6,939)
Comprehensive income	1,039,063	489,386	359,142
Less: Comprehensive income attributable to non-controlling interests	(187,586)	(44,687)	(34,392)
Comprehensive income attributable to Starwood Property Trust, Inc.	$ 851,477	$ 444,699	$ 324,750

Consolidated Statements of Equi

Consolidated Statements of Equity $ in Thousands	USD ($) shares	Cumulative Effect, Period of Adoption, Adjustment USD ($)	Total Starwood Property Trust, Inc. Stockholders’ Equity USD ($)	Total Starwood Property Trust, Inc. Stockholders’ Equity Cumulative Effect, Period of Adoption, Adjustment USD ($)	Common stock USD ($) shares	Additional Paid-in Capital USD ($)	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment USD ($)	Treasury Stock​ USD ($) shares	Retained Earnings (Accumulated Deficit) USD ($)	Retained Earnings (Accumulated Deficit) Cumulative Effect, Period of Adoption, Adjustment USD ($)	Accumulated Other Comprehensive Income USD ($)	Non- Controlling Interests USD ($)
Accounting Standards Update [Extensible List]	Accounting Standards Update 2020-06 [Member]
Beginning Balance at Dec. 31, 2019	$ 0
Ending Balance at Dec. 31, 2020	0
Beginning balance (in shares) at Dec. 31, 2019 | shares					287,380,891
Beginning balance at Dec. 31, 2019	5,137,014	$ (32,286)	$ 4,700,425	$ (32,286)	$ 2,874	$ 5,132,532		$ (104,194)	$ (381,719)	$ (32,286)	$ 50,932	$ 436,589
Beginning balance (in shares) at Dec. 31, 2019 | shares								5,180,140
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan (in shares) | shares					71,776
Proceeds from DRIP Plan	1,098		1,098		$ 1	1,097
Redemption of Class A Units (in shares)					409,712
Redemption of Class A Units	(1,309)		8,964		$ 4	8,960						(10,273)
Equity offering costs	$ (95)		(95)			(95)
Common stock repurchased (in shares) | shares	2,268,551							2,268,551
Common stock repurchased	$ (33,828)		(33,828)					$ (33,828)
Share-based compensation (in shares) | shares					1,807,990
Share-based compensation	31,241		31,241		$ 18	31,223
Manager fee paid in stock (in shares) | shares					2,421,232
Manager fees paid in stock	36,046		36,046		$ 24	36,022
Net income	366,081		331,689						331,689			34,392
Dividends declared	(547,417)		(547,417)						(547,417)
Other comprehensive loss, net	(6,939)		(6,939)								(6,939)
VIE non-controlling interests	(2,178)											(2,178)
Contributions from non-controlling interests	13,351											13,351
Distributions to non-controlling interests	(98,203)											(98,203)
Ending balance (in shares) at Dec. 31, 2020 | shares					292,091,601
Ending balance at Dec. 31, 2020	4,862,576	$ (1,536)	4,488,898	$ (1,536)	$ 2,921	5,209,739	$ (3,755)	$ (138,022)	(629,733)	$ 2,219	43,993	373,678
Ending balance (in shares) at Dec. 31, 2020 | shares								7,448,691
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income	748
Contributions from non-controlling interests	214,167
Ending Balance at Dec. 31, 2021	214,915
Increase (Decrease) in Stockholders' Equity
Cumulative effect of investment company fair value adjustment	1,236,476		1,236,476						1,236,476
Proceeds from public offering of common stock and ATM Agreement (in shares) | shares					16,000,000
Proceeds from public offering of common stock and ATM Agreement	393,120		393,120		$ 160	392,960
Proceeds from DRIP Plan (in shares) | shares					39,957
Proceeds from DRIP Plan	966		966			966
Redemption of Class A Units (in shares)					853,681
Redemption of Class A Units	0		17,738		$ 9	17,729						(17,738)
Equity offering costs	(720)		(720)			(720)
Share-based compensation (in shares) | shares					2,568,525
Share-based compensation	39,287		39,287		$ 26	39,261
Manager fee paid in stock (in shares) | shares					715,180
Manager fees paid in stock	17,040		17,040		$ 7	17,033
Net income	491,678		447,739						447,739			43,939
Dividends declared	(563,595)		(563,595)						(563,595)
Other comprehensive loss, net	(3,040)		(3,040)								(3,040)
Contributions from non-controlling interests	5,590											5,590
Distributions to non-controlling interests	$ (43,950)		163			163						(44,113)
Ending balance (in shares) at Dec. 31, 2021 | shares	304,820,253				312,268,944
Ending balance at Dec. 31, 2021	$ 6,433,892		6,072,536		$ 3,123	5,673,376		$ (138,022)	493,106		40,953	361,356
Ending balance (in shares) at Dec. 31, 2021 | shares	7,448,691							7,448,691
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income	$ 153,820
Distributions to non-controlling interests	(5,945)
Ending Balance at Dec. 31, 2022	362,790
Increase (Decrease) in Stockholders' Equity
Proceeds from public offering of common stock and ATM Agreement (in shares) | shares					2,168,710
Proceeds from public offering of common stock and ATM Agreement	49,263		49,263		$ 22	49,241
Proceeds from DRIP Plan (in shares) | shares					48,357
Proceeds from DRIP Plan	1,073		1,073			1,073
Proceeds from employee stock purchase plan (in shares) | shares					67,965
Proceeds from employee stock purchase plan	1,181		1,181		$ 1	1,180
Equity offering costs	(1,074)		(1,074)			(1,074)
Share-based compensation (in shares) | shares					1,724,165
Share-based compensation	40,185		40,185		$ 17	40,168
Manager fee paid in stock (in shares) | shares					1,845,720
Manager fees paid in stock	43,141		43,141		$ 18	43,123
Net income	905,241		871,475						871,475			33,766
Dividends declared	(595,344)		(595,344)						(595,344)
Other comprehensive loss, net	(19,998)		(19,998)								(19,998)
Contributions from non-controlling interests	21,925											21,925
Distributions to non-controlling interests	$ (43,568)											(43,568)
Ending balance (in shares) at Dec. 31, 2022 | shares	310,675,170				318,123,861
Ending balance at Dec. 31, 2022	$ 6,835,917		$ 6,462,438		$ 3,181	$ 5,807,087		$ (138,022)	$ 769,237		$ 20,955	$ 373,479
Ending balance (in shares) at Dec. 31, 2022 | shares	7,448,691							7,448,691

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares													12 Months Ended
	Dec. 09, 2022	Sep. 16, 2022	Jun. 15, 2022	Mar. 14, 2022	Dec. 15, 2021	Sep. 15, 2021	Jun. 14, 2021	Mar. 11, 2021	Dec. 09, 2020	Sep. 16, 2020	Jun. 16, 2020	Feb. 25, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 1.92	$ 1.92	$ 1.92

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities:
Net income	$ 1,059,061	$ 492,426	$ 366,081
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of deferred financing costs, premiums and discounts on secured borrowings	47,662	43,199	40,131
Amortization of discounts and deferred financing costs on unsecured senior notes	8,782	7,076	7,939
Accretion of net discount on investment securities	(12,227)	(13,513)	(12,818)
Accretion of net deferred loan fees and discounts	(62,557)	(57,948)	(42,199)
Share-based compensation	40,185	39,287	31,241
Manager fees paid in stock	43,141	17,040	36,046
Change in fair value of investment securities	2,204	387	(5,393)
Change in fair value of consolidated VIEs	25,159	(20,070)	58,160
Change in fair value of servicing rights	(1,010)	(3,578)	3,715
Change in fair value of loans	346,222	(69,050)	(133,124)
Change in fair value of affordable housing fund investments	(720,693)	(402)	0
Change in fair value of derivatives	(329,204)	(90,126)	88,544
Foreign currency loss (gain), net	96,956	36,292	(42,395)
Gain on sale of investments and other assets	(137,611)	(38,984)	(7,310)
Impairment charges on properties and related intangibles	55	0	0
Credit loss provision, net	46,657	8,335	43,153
Depreciation and amortization	53,941	84,591	94,154
Loss (earnings) from unconsolidated entities	6,323	(8,752)	(37,317)
Distributions of earnings from unconsolidated entities	5,354	4,708	2,978
Loss on extinguishment of debt	986	7,428	3,654
Origination and purchase of loans held-for-sale, net of principal collections	(4,437,448)	(5,172,721)	(2,074,678)
Proceeds from sale of loans held-for-sale	4,153,003	3,831,712	2,802,118
Changes in operating assets and liabilities:
Related-party payable, net	(35,185)	37,201	(1,755)
Accrued and capitalized interest receivable, less purchased interest	(201,500)	(136,772)	(175,287)
Other assets	44,118	(28,437)	282
Accounts payable, accrued expenses and other liabilities	171,367	40,696	(372)
Net cash provided by (used in) operating activities	213,741	(989,975)	1,045,548
Cash Flows from Investing Activities:
Origination, purchase and funding of loans held-for-investment	(5,544,012)	(8,637,213)	(3,133,196)
Proceeds from principal collections on loans	2,096,777	4,024,958	1,696,244
Proceeds from loans sold	101,683	344,221	504,231
Purchase and funding of investment securities	(86,512)	(198,358)	(22,408)
Proceeds from sales of investment securities	0	0	7,940
Proceeds from principal collections on investment securities	115,947	87,450	83,533
Proceeds from sales of real estate	203,702	98,210	24,541
Purchases and additions to properties and other assets	(25,225)	(26,272)	(25,164)
Investments in unconsolidated entities	(461)	(1,312)	(3,133)
Proceeds from sale of interest in unconsolidated entities	0	0	10,313
Distribution of capital from unconsolidated entities	3,375	30,448	3,422
Cash reclassified to investments of affordable housing fund	0	(28,094)	0
Cash resulting from initial consolidation of entities	617	0	0
Payments for purchase or termination of derivatives	(19,077)	(33,902)	(74,801)
Proceeds from termination of derivatives	202,880	58,210	16,673
Net cash used in investing activities	(2,950,306)	(4,281,654)	(911,805)
Cash Flows from Financing Activities:
Proceeds from borrowings	13,521,148	17,436,866	7,100,563
Principal repayments on and repurchases of borrowings	(9,888,088)	(11,929,179)	(6,137,778)
Payment of deferred financing costs	(69,820)	(71,858)	(27,122)
Proceeds from common stock issuances	51,517	394,086	1,098
Payment of equity offering costs	(1,074)	(720)	(95)
Payment of dividends	(591,457)	(553,930)	(546,885)
Contributions from non-controlling interests	21,925	219,757	11,775
Distributions to non-controlling interests	(49,452)	(43,950)	(99,512)
Purchase of treasury stock	0	0	(33,828)
Issuance of debt of consolidated VIEs	0	69,398	187,494
Repayment of debt of consolidated VIEs	(290,232)	(767,427)	(522,348)
Distributions of cash from consolidated VIEs	93,412	120,060	79,921
Net cash provided by financing activities	2,797,879	4,873,103	13,283
Net increase (decrease) in cash, cash equivalents and restricted cash	61,314	(398,526)	147,026
Cash, cash equivalents and restricted cash, beginning of period	321,914	722,162	574,031
Effect of exchange rate changes on cash	(1,095)	(1,722)	1,105
Cash, cash equivalents and restricted cash, end of period	382,133	321,914	722,162
Supplemental disclosure of cash flow information:
Cash paid for interest	671,186	386,918	379,949
Income taxes (refunded) paid, net	(7,862)	7,793	11,369
Supplemental disclosure of non-cash investing and financing activities:
Dividends declared, but not yet paid	152,443	148,527	138,075
Consolidation of VIEs (VIE asset/liability additions)	4,361,325	5,332,754	4,665,636
Deconsolidation of VIEs (VIE asset/liability reductions)	730,013	935,855	32,270
Net assets acquired through foreclosure, equity control or conversion to equity interest:
Assets acquired, less cash	406,705	36,308	75,246
Liabilities assumed	95,691	0	3,758
Lease liabilities arising from obtaining right-of-use assets	29,821	1,430	0
Loan principal collections temporarily held at master servicer	429	31,681	34,601
Unsettled derivative transactions	2,323	0	0
Reclassification of loans held-for-investment to loans held-for-sale	113,710	267,557	749,995
Reclassification of loans held-for-sale to loans held-for-investment	0	155,548	104,327
Transfer of loans from VIE assets to residential loans upon redemption of consolidated RMBS trusts	0	526,679	176,614
Redemption of Class A Units for common stock	0	17,738	8,538
Contribution of Woodstar II Portfolio net assets from non-controlling interests	$ 0	$ 0	$ 1,576

Business and Organization

Business and Organization	12 Months Ended
	Dec. 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 December 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	12 Months Ended
	Dec. 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 24 for a presentation of our business segments without consolidation of these VIEs. Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements include our accounts and those of our consolidated subsidiaries and VIEs. Intercompany amounts have been eliminated in consolidation. Entities not deemed to be VIEs are consolidated if we own a majority of the voting securities or interests or hold the general partnership interest, except in those instances in which the minority voting interest owner or limited partner can remove us as general partner without cause, dissolve the partnership without cause or effectively participate through substantive participative rights. Substantive participative rights include the ability to select, terminate and set compensation of the investee’s management, if applicable, and the ability to participate in capital and operating decisions of the investee, including budgets, in the ordinary course of business. We invest in entities with varying structures, many of which do not have voting securities or interests, such as general partnerships, limited partnerships, and limited liability companies. In many of these structures, control of the entity rests with the general partners or managing members, while other members hold passive interests. The general partner or managing member may hold anywhere from a relatively small percentage of the total financial interests to a majority of the financial interests. For entities not deemed to be VIEs, where we serve as the sole general partner or managing member, we are considered to have the controlling financial interest and therefore the entity is consolidated, regardless of our financial interest percentage, unless there are other limited partners or investing members that can remove us as general partner without cause, dissolve the partnership without cause or effectively participate through substantive participative rights. In those circumstances where we, as majority controlling interest owner, can be removed without cause or cannot cause the entity to take actions that are significant in the ordinary course of business, because such actions could be vetoed by the minority controlling interest owner, we do not consolidate the entity. When we consolidate entities other than securitization VIEs, the third party ownership interests are reflected as non-controlling interests in consolidated subsidiaries, a separate component of equity, in our consolidated balance sheet. When we consolidate securitization VIEs, the third party ownership interests are reflected as VIE liabilities in our consolidated balance sheet because the beneficial interests payable to these third parties are legally issued in the form of debt. Our presentation of net income attributes earnings to controlling and non-controlling interests. Variable Interest Entities In addition to the securitization VIEs, we have financed pools of our loans through collateralized loan obligations (“CLOs”) and a single asset securitization (“SASB”), which are considered VIEs. We also hold interests in certain other entities which are considered VIEs as the limited partners of those entities with equity at risk do not collectively possess (i) the right to remove the general partner or dissolve the partnership without cause or (ii) the right to participate in significant decisions made by the partnership. We evaluate all of our interests in VIEs for consolidation. When our interests are determined to be variable interests, we assess whether we are deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. Accounting Standards Codification (“ASC”) 810, Consolidation , defines the primary beneficiary as the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the VIE which could be potentially significant. We consider our variable interests as well as any variable interests of our related parties in making this determination. Where both of these factors are present, we are deemed to be the primary beneficiary and we consolidate the VIE. Where either one of these factors is not present, we are not the primary beneficiary and do not consolidate the VIE. To assess whether we have the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, we consider all facts and circumstances, including our role in establishing the VIE and our ongoing rights and responsibilities. This assessment includes: (i) identifying the activities that most significantly impact the VIE’s economic performance; and (ii) identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE or have the right to unilaterally remove those decision makers are deemed to have the power to direct the activities of a VIE. The right to remove the decision maker in a VIE must be exercisable without cause for the decision maker to not be deemed the party that has the power to direct the activities of a VIE. To assess whether we have the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, we consider all of our economic interests, including debt and equity investments, servicing fees and other arrangements deemed to be variable interests in the VIE. This assessment requires that we apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by us. Our purchased investment securities include unrated and non-investment grade rated securities issued by securitization trusts. In certain cases, we may contract to provide special servicing activities for these trusts, or, as holder of the controlling class, we may have the right to name and remove the special servicer for these trusts. In our role as special servicer, we provide services on defaulted loans within the trusts, such as foreclosure or work-out procedures, as permitted by the underlying contractual agreements. In exchange for these services, we receive a fee. These rights give us the ability to direct activities that could significantly impact the trust’s economic performance. However, in those instances where an unrelated third party has the right to unilaterally remove us as special servicer without cause, we do not have the power to direct activities that most significantly impact the trust’s economic performance. We evaluated all of our positions in such investments for consolidation. For securitization VIEs in which we are determined to be the primary beneficiary, all of the underlying assets, liabilities and equity of the structures are recorded on our books, and the initial investment, along with any associated unrealized holding gains and losses, are eliminated in consolidation. Similarly, the interest income earned from these structures, as well as the fees paid by these trusts to us in our capacity as special servicer, are eliminated in consolidation. Further, a portion of the identified servicing intangible asset associated with the servicing fee streams, and the corresponding amortization or change in fair value of the servicing intangible asset, are also eliminated in consolidation. We perform ongoing reassessments of: (i) whether any entities previously evaluated under the majority voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework, and (ii) whether changes in the facts and circumstances regarding our involvement with a VIE causes our consolidation conclusion regarding the VIE to change. We elect the fair value option for initial and subsequent recognition of the assets and liabilities of our consolidated securitization VIEs. Interest income and interest expense associated with these VIEs are no longer relevant on a standalone basis because these amounts are already reflected in the fair value changes. We have elected to present these items in a single line on our consolidated statements of operations. The residual difference shown on our consolidated statements of operations in the line item “Change in net assets related to consolidated VIEs” represents our beneficial interest in the VIEs. We separately present the assets and liabilities of our consolidated securitization VIEs as individual line items on our consolidated balance sheets. The liabilities of our consolidated securitization VIEs consist solely of obligations to the bondholders of the related trusts, and are thus presented as a single line item entitled “VIE liabilities.” The assets of our consolidated securitization VIEs consist principally of loans, but at times, also include foreclosed loans which have been temporarily converted into real estate owned (“REO”). These assets in the aggregate are likewise presented as a single line item entitled “VIE assets.” Loans comprise the vast majority of our securitization VIE assets and are carried at fair value due to the election of the fair value option. When an asset becomes REO, it is due to non-performance of the loan. Because the loan is already at fair value, the carrying value of an REO asset is also initially at fair value. Furthermore, when we consolidate a trust, any existing REO would be consolidated at fair value. Once an asset becomes REO, its disposition time is relatively short. As a result, the carrying value of an REO generally approximates fair value under GAAP. In addition to sharing a similar measurement method as the loans in a trust, the securitization VIE assets as a whole can only be used to settle the obligations of the consolidated VIE. The assets of our securitization VIEs are not individually accessible by the bondholders, which creates inherent limitations from a valuation perspective. Also creating limitations from a valuation perspective is our role as special servicer, which provides us very limited visibility, if any, into the performing loans of a trust. REO assets generally represent a very small percentage of the overall asset pool of a trust. In new issue trusts there are no REO assets. We estimate that REO assets constitute approximately 1% of our consolidated securitization VIE assets, with the remaining 99% representing loans. However, it is important to note that the fair value of our securitization VIE assets is determined by reference to our securitization VIE liabilities as permitted under Accounting Standard Update (“ASU”) 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity . In other words, our VIE liabilities are more reliably measurable than the VIE assets, resulting in our current measurement methodology which utilizes this value to determine the fair value of our securitization VIE assets as a whole. As a result, these percentages are not necessarily indicative of the relative fair values of each of these asset categories if the assets were to be valued individually. Due to our accounting policy election under ASU 2014-13, separately presenting two different asset categories would result in an arbitrary assignment of value to each, with one asset category representing a residual amount, as opposed to its fair value. However, as a pool, the fair value of the assets in total is equal to the fair value of the liabilities. For these reasons, the assets of our securitization VIEs are presented in the aggregate. Fair Value Option The guidance in ASC 825, Financial Instruments , provides a fair value option election that allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. The decision to elect the fair value option is determined on an instrument by instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance are required to be reported separately in our consolidated balance sheets from those instruments using another accounting method. We have elected the fair value option for certain eligible financial assets and liabilities of our consolidated securitization VIEs, residential loans held-for-investment, loans held-for-sale originated or acquired for future securitization and purchased CMBS issued by VIEs we could consolidate in the future. The fair value elections for VIE and securitization related items were made in order to mitigate accounting mismatches between the carrying value of the instruments and the related assets and liabilities that we consolidate at fair value. The fair value elections for residential loans held-for-investment were made in order to maintain consistency across all our residential loans. The fair value elections for mortgage loans held-for-sale were made due to the expected short-term holding period of these instruments. Fair Value Measurements We measure our mortgage-backed securities, investments of consolidated affordable housing fund, derivative assets and liabilities, domestic servicing rights intangible asset and any assets or liabilities where we have elected the fair value option at fair value. When actively quoted observable prices are not available, we either use implied pricing from similar assets and liabilities or valuation models based on net present values of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors. As discussed above, we measure the assets and liabilities of consolidated securitization VIEs at fair value pursuant to our election of the fair value option. The securitization VIEs in which we invest are “static”; that is, no reinvestment is permitted, and there is no active management of the underlying assets. In determining the fair value of the assets and liabilities of the securitization VIEs, we maximize the use of observable inputs over unobservable inputs. Refer to Note 21 for further discussion regarding our fair value measurements. Business Combinations Under ASC 805, Business Combinations , the acquirer in a business combination must recognize, with certain exceptions, the fair values of assets acquired, liabilities assumed, and non-controlling interests when the acquisition constitutes a change in control of the acquired entity. As goodwill is calculated as a residual, all goodwill of the acquired business, not just the acquirer’s share, is recognized under this “full goodwill” approach. During the measurement period, a period which shall not exceed one year, we prospectively adjust the provisional amounts recognized to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized. We apply the asset acquisition provisions of ASC 805 in accounting for acquisitions of real estate with in-place leases where substantially all of the fair value of the assets acquired is concentrated in either a single identifiable asset or group of similar identifiable assets. This results in the acquired properties being recognized initially at their purchase price inclusive of acquisition costs, which are capitalized. All other acquisitions of real estate with in-place leases are accounted for in accordance with the business combination provisions of ASC 805. We also apply the asset acquisition provisions of ASC 805 for acquired real estate assets where a lease is entered into concurrently with the acquisition of the asset, such as in sale leaseback transactions. Cash and Cash Equivalents Cash and cash equivalents include cash in banks and short‑term investments. Short‑term investments are comprised of highly liquid instruments with original maturities of three months or less. The Company maintains its cash and cash equivalents in multiple financial institutions and at times these balances exceed federally insurable limits. Restricted Cash Restricted cash includes cash and cash equivalents that are legally or contractually restricted as to withdrawal or usage and primarily includes (i) cash collateral associated with derivative financial instruments, (ii) loan payments received by our Infrastructure Lending Segment which are restricted by our lender and periodically applied, in part, to the outstanding balance of the Infrastructure Lending debt facility and (iii) funds held on behalf of borrowers and tenants. Loans Held-for-Investment Loans that are held for investment (“HFI”) are carried at cost, net of unamortized acquisition premiums or discounts, loan fees and origination costs, as applicable, and net of credit loss allowances as discussed below, unless we have elected to apply the fair value option at purchase. Loans Held-For-Sale Our loans that we intend to sell or liquidate in the short-term are classified as held-for-sale and are carried at the lower of amortized cost or fair value, unless we have elected to apply the fair value option at origination or purchase. We periodically enter into derivative financial instruments to hedge unpredictable changes in fair value of loans held-for-sale, including changes resulting from both interest rates and credit quality. Because these derivatives are not designated, changes in their fair value are recorded in earnings. In order to best reflect the results of the hedged loan portfolio in earnings, we have elected the fair value option for these loans. As a result, changes in the fair value of the loans are also recorded in earnings. Investment Securities We designate our debt investment securities as held-to-maturity (“HTM”), available-for-sale (“AFS”), or trading depending on our investment strategy and ability to hold such securities to maturity. HTM debt securities where we have not elected to apply the fair value option are stated at cost plus any premiums or discounts, which are amortized or accreted through the consolidated statements of operations using the effective interest method. Debt securities we (i) do not hold for the purpose of selling in the near-term, or (ii) may dispose of prior to maturity, are classified as AFS and are carried at fair value in the accompanying financial statements. Unrealized gains or losses on AFS debt securities where we have not elected the fair value option are reported as a component of accumulated other comprehensive income (“AOCI”) in stockholders’ equity. Our HTM and AFS debt securities are also subject to credit loss allowances as discussed below. Our only equity investment security is carried at fair value, with unrealized holding gains and losses recorded in earnings. Credit Losses Loans and Debt Securities Measured at Amortized Cost ASC 326, Financial Instruments – Credit Losses , became effective for the Company on January 1, 2020. ASC 326 mandates the use of a current expected credit loss model (“CECL”) for estimating future credit losses of certain financial instruments measured at amortized cost, instead of the “incurred loss” credit model previously required under GAAP. The CECL model requires the consideration of possible credit losses over the life of an instrument as opposed to only estimating credit losses upon the occurrence of a discrete loss event under the previous “incurred loss” methodology. The CECL model applies to our HFI loans and our HTM debt securities which are carried at amortized cost, including future funding commitments and accrued interest receivable related to those loans and securities. However, as permitted by ASC 326, we have elected not to measure an allowance for credit losses on accrued interest receivable (which is classified separately on our consolidated balance sheet), but rather write off in a timely manner by reversing interest income and/or cease accruing interest that would likely be uncollectible. Our adoption of the CECL model resulted in a $32.3 million increase to our total allowance for credit losses, which was recognized as a cumulative-effect adjustment to accumulated deficit as of January 1, 2020. As we do not have a history of realized credit losses on our HFI loans and HTM securities, we have subscribed to third party database services to provide us with historical industry losses for both commercial real estate and infrastructure loans. Using these losses as a benchmark, we determine expected credit losses for our loans and securities on a collective basis within our commercial real estate and infrastructure portfolios. See Note 5 for further discussion of our methodologies. We also evaluate each loan and security measured at amortized cost for credit deterioration at least quarterly. Credit deterioration occurs when it is deemed probable that we will not be able to collect all amounts due according to the contractual terms of the loan or security. If a loan or security is considered to be credit deteriorated, we depart from the industry loss rate approach described above and determine the credit loss allowance as any excess of the amortized cost basis of the loan or security over (i) the present value of expected future cash flows discounted at the contractual effective interest rate or (ii) the fair value of the collateral, if repayment is expected solely from the collateral. Available-for-Sale Debt Securities Separate provisions of ASC 326 apply to our AFS debt securities, which are carried at fair value with unrealized gains and losses reported as a component of AOCI. We are required to establish an initial credit loss allowance for those securities that are purchased with credit deterioration (“PCD”) by grossing up the amortized cost basis of each security and providing an offsetting credit loss allowance for the difference between expected cash flows and contractual cash flows, both on a present value basis. As of the January 1, 2020 effective date, no such credit loss allowance gross-up was required on our AFS debt securities with PCD due to their individual unrealized gain positions as of that date. Subsequently, cumulative adverse changes in expected cash flows on our AFS debt securities are recognized currently as an increase to the allowance for credit losses. However, the allowance is limited to the amount by which the AFS debt security’s amortized cost exceeds its fair value. Favorable changes in expected cash flows are first recognized as a decrease to the allowance for credit losses (recognized currently in earnings). Such changes would be recognized as a prospective yield adjustment only when the allowance for credit losses is reduced to zero. A change in expected cash flows that is attributable solely to a change in a variable interest reference rate does not result in a credit loss and is accounted for as a prospective yield adjustment. Properties Held-For-Investment Properties, net, as reported on our consolidated balance sheets, consist of commercial real estate properties held-for-investment and are recorded at cost, less accumulated depreciation and impairments, if any. Properties consist primarily of land, buildings and improvements. Land is not depreciated, and buildings and improvements are depreciated on a straight-line basis over their estimated useful lives. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments are capitalized and depreciated on a straight-line basis over their estimated useful lives. We review properties for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability is determined by comparing the carrying amount of the property to the undiscounted future net cash flows it is expected to generate. If such carrying amount exceeds the expected undiscounted future net cash flows, we adjust the carrying amount of the property to its estimated fair value. Properties Held-For-Sale Properties and any associated intangible assets are presented within properties held-for-sale on our consolidated balance sheet when the sale of the property is considered probable, at which time we cease depreciation and amortization of the property and the associated intangibles. Held-for-sale properties are reported at the lower of their carrying value or fair value less costs to sell. There were no properties held-for-sale at December 31, 2022 or 2021. Investments of Consolidated Affordable Housing Fund On November 5, 2021, we established Woodstar Portfolio Holdings, LLC (the “Woodstar Fund”), an investment fund which holds our Woodstar multifamily affordable housing portfolios consisting of 59 properties with 15,057 units located in Central and South Florida. As managing member of the Woodstar Fund, we manage interests purchased by third party investors seeking capital appreciation and an ongoing return, for which we earn (i) a management fee based on each investor’s share of total Woodstar Fund equity; and (ii) an incentive distribution if the Woodstar Fund’s returns exceed an established threshold. In connection with the establishment of the Woodstar Fund, we entered into subscription and other related agreements with certain third party institutional investors to sell, through a feeder fund structure, an aggregate 20.6% interest in the Woodstar Fund for an initial aggregate subscription price of $216.0 million, which was adjusted to $214.2 million post-closing. The Woodstar Fund has an initial term of eight years. Effective with the third party interest sale, the Woodstar Fund has the characteristics of an investment company under ASC 946, Financial Services – Investment Companies. Accordingly, the Woodstar Fund is required to carry the investments in its properties at fair value, with a cumulative effect adjustment between the fair value and previous carrying value of its investments recognized in stockholders’ equity as of November 5, 2021, the date of the Woodstar Fund’s change in status to an investment company. Such cumulative effect adjustment amounted to $1.2 billion, as reflected in our consolidated statement of equity for the year ended December 31, 2021. Because we are the primary beneficiary of the Woodstar Fund, which is a VIE (as discussed in Note 16), we consolidate the accounts of the Woodstar Fund into our consolidated financial statements, retaining the fair value basis of accounting for its investments. Realized and unrealized changes in the fair value of the Woodstar Fund’s property investments, and distributions thereon, are recognized in the “Income from affordable housing fund investments” caption within the other income (loss) section of our consolidated statements of operations for the years ended December 31, 2022 and 2021. See Note 8 for further details regarding the Woodstar Fund’s investments and related income and Note 18 with respect to its contingently redeemable non-controlling interests which are classified as “Temporary Equity” in our consolidated balance sheet. Investments in Unconsolidated Entities We own non‑controlling equity interests in various privately‑held partnerships and limited liability companies. Unless we elect the fair value option under ASC 825, we use the fair value practicability election described below to account for investments in which our interest is so minor that we have virtually no influence over the underlying investees. We use the equity method to account for all other non‑controlling interests in partnerships and limited liability companies. Equity method investments are initially recorded at cost and subsequently adjusted for our share of income or loss, as well as contributions made or distributions received. Our other equity investments set forth in Note 9 do not have readily determinable fair values. Therefore, we have elected the fair value practicability exception under ASC 321, Equity Securities , whereby we measure those investments within its scope at cost, less any impairment, plus or minus observable price changes from orderly transactions of identical or similar investments of the same issuer. We review our equity method and other investments not subject to the fair value practicability election for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For our investments under the fair value practicability election, we perform a qualitative assessment to identify impairment at the end of each reporting period. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods, estimated fair values of underlying assets and available information at the time the analyses are prepared. Goodwill Goodwill is not amortized, but rather tested for impairment annually or more frequently if events or changes in circumstances indicate potential impairment. Goodwill at December 31, 2022 represents the excess of the consideration paid over the fair value of net assets acquired in connection with the acquisitions of LNR Property LLC (“LNR”) in April 2013 and the Infrastructure Lending Segment in September and October 2018. In testing goodwill for impairment, we follow ASC 350, Intangibles—Goodwill and Other , which permits a qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value including goodwill. If the qualitative assessment determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying value including goodwill, then no impairment is determined to exist for the reporting unit. However, if the qua

Acquisitions and Divestitures

Acquisitions and Divestitures	12 Months Ended
	Dec. 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 year ended December 31, 2022, we sold three operating properties within the REIS Equity Portfolio for $92.1 million and recognized a total gain of $50.9 million within gain on sale of investments and other assets in our consolidated statement of operations, of which $0.6 million was attributable to non-controlling interests. During the year ended December 31, 2021, we sold two operating properties within the REIS Equity Portfolio for $68.7 million and recognized a total gain of $22.2 million within gain on sale of investments and other assets in our consolidated statement of operations. During the year ended December 31, 2020, we sold an operating property within the REIS Equity Portfolio for $24.1 million and recognized a gain of $7.4 million within gain on sale of investments and other assets in our consolidated statement of operations. Commercial and Residential Lending Segment During the year ended December 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 consolidated statement of operations. During the year ended December 31, 2021, we sold 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 property was sold for $31.2 million and we recognized a gain of $17.7 million within gain on sale of investments and other assets in our consolidated statements of operations. There were no properties sold within the Commercial and Residential Lending Segment during the year ended December 31, 2020. Woodstar Fund On November 5, 2021, we established the Woodstar Fund and sold a 20.6% interest to third parties. See further discussion in Notes 2 and 8. Acquisitions

Restricted Cash

Restricted Cash	12 Months Ended
	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Restricted Cash	Restricted Cash A summary of our restricted cash as of December 31, 2022 and 2021 is as follows (amounts in thousands): As of December 31, 2022 2021 Cash collateral for derivative financial instruments $ 69,607 $ 55,032 Cash restricted by lender 49,727 46,059 Funds held on behalf of borrowers and tenants 1,255 3,420 Other restricted cash 483 41 $ 121,072 $ 104,552

Loans

Loans	12 Months Ended
	Dec. 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 December 31, 2022 and 2021 (dollars in thousands): December 31, 2022 Carrying Face Weighted Weighted Loans held-for-investment: Commercial loans: First mortgages (3) $ 15,562,452 $ 15,648,358 7.9 % 1.7 Subordinated mortgages (4) 71,100 72,118 13.6 % 1.8 Mezzanine loans (3) 445,363 442,339 12.9 % 1.0 Other 58,393 59,393 8.2 % 1.4 Total commercial loans 16,137,308 16,222,208 Infrastructure first priority loans 2,363,544 2,395,762 8.6 % 3.9 Total loans held-for-investment 18,500,852 18,617,970 Loans held-for-sale: Residential, fair value option (5) 2,763,458 3,092,915 4.5 % N/A (6) Commercial, fair value option 21,136 23,900 5.7 % 8.6 Total loans held-for-sale 2,784,594 3,116,815 Total gross loans 21,285,446 $ 21,734,785 Credit loss allowances: Commercial loans held-for-investment (88,801) Infrastructure loans held-for-investment (10,612) Total allowances (99,413) Total net loans $ 21,186,033 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 (5) 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 (5) 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 LIBOR or other applicable index rates as of December 31, 2022 and 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 December 31, 2022 and 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 year ended December 31, 2022, $50.1 million of residential loans held-for-investment were reclassified into loans held-for-sale. During the year ended December 31, 2021, $94.2 million of residential loans held-for-sale were reclassified into loans held-for-investment and $125.4 million of residential loans held-for-investment were reclassified into loans held-for-sale. (6) Residential loans have a weighted average remaining contractual life of 28.8 years and 29.4 years as of December 31, 2022 and 2021, respectively. As of December 31, 2022, our variable rate loans held-for-investment, excluding loans for which interest income is not recognized, were as follows (dollars in thousands): December 31, 2022 Carrying Weighted-average Commercial loans $ 15,631,979 4.0 % Infrastructure loans 2,363,544 4.0 % Total variable rate loans held-for-investment $ 17,995,523 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. For instance, although the office sector has been adversely affected by the increase in remote working arrangements and the retail sector has been adversely affected by electronic commerce, the broad macroeconomic forecasts do not account for such differentiation. Accordingly, we have selected a more adverse macroeconomic recovery forecast related to office and retail properties in determining our credit loss allowance. For our infrastructure loans, we utilize a database of historical infrastructure loan performance that is shared among a consortium of banks and other lenders and compiled by a major bond credit rating agency. The database is representative of industry-wide project finance activity dating back to 1983. We derive historical loss rates from the database filtered by industry, sub-industry, term and construction status for each of our infrastructure loans. Those historical loss rates reflect global economic cycles over a long period of time as well as average recovery rates. We categorize the results between the power and oil and gas industries, which we consider the most significant indicator of credit quality for our infrastructure loans, as set forth in the credit quality indicator table below. As discussed in Note 2, we use a discounted cash flow or collateral value approach, rather than the industry loan loss approach described above, to determine credit loss allowances for any credit deteriorated loans. We regularly evaluate the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral, as well as the financial and operating capability of the borrower. Specifically, the collateral’s operating results and any cash reserves are analyzed and used to assess (i) whether cash flow from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and/or (iii) the collateral’s liquidation value. We also evaluate the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the collateral. In addition, we consider the overall economic environment, real estate or industry sector, and geographic sub-market in which the borrower operates. Such analyses are completed and reviewed by asset management and finance personnel who utilize various data sources, including (i) periodic financial data such as property operating statements, occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections and (iii) current credit spreads and discussions with market participants. The significant credit quality indicators for our loans measured at amortized cost, which excludes loans held-for-sale, were as follows as of December 31, 2022 (dollars in thousands): Term Loans Revolving Loans Total Credit As of December 31, 2022 2022 2021 2020 2019 2018 Prior Commercial loans: Credit quality indicator: LTV < 60% $ 1,894,108 $ 2,606,796 $ 453,914 $ 1,038,506 $ 390,248 $ 634,470 $ — $ 7,018,042 $ 9,362 LTV 60% - 70% 1,876,566 3,866,518 148,866 1,024,962 282,980 68,528 — 7,268,420 30,929 LTV > 70% 101,664 468,305 240,295 441,198 265,673 270,393 — 1,787,528 43,585 Credit deteriorated — — — — — 4,925 — 4,925 4,925 Defeased and other 42,138 — — — — 16,255 — 58,393 — Total commercial $ 3,914,476 $ 6,941,619 $ 843,075 $ 2,504,666 $ 938,901 $ 994,571 $ — $ 16,137,308 $ 88,801 Infrastructure loans: Credit quality indicator: Power $ 89,342 $ 218,382 $ 83,410 $ 285,434 $ 405,453 $ 381,238 $ 7,036 $ 1,470,295 $ 5,267 Oil and gas 109,894 357,483 — 289,017 84,482 50,384 1,989 893,249 5,345 Total infrastructure $ 199,236 $ 575,865 $ 83,410 $ 574,451 $ 489,935 $ 431,622 $ 9,025 $ 2,363,544 $ 10,612 Loans held-for-sale 2,784,594 — Total gross loans $ 21,285,446 $ 99,413 Non-Credit Deteriorated Loans As of December 31, 2022, we had the following loans with a combined amortized cost basis of $78.9 million that were 90 days or greater past due at December 31, 2022: (i) a $37.8 million leasehold mortgage loan on a luxury resort in California destroyed by wildfire; (ii) $31.9 million of residential loans; and (iii) a $9.2 million loan on a hospitality asset in New York that our Investing and Servicing Segment acquired as nonperforming in October 2021. All of these loans were on nonaccrual as of December 31, 2022. We also had the following loans on nonaccrual as of December 31, 2022: (i) a $207.5 million senior loan on a retail and entertainment project in New Jersey, of which $7.3 million was converted into equity interests (see Note 9); and (ii) a $28.2 million mezzanine loan on an office property in Hawaii for which we were repaid at par subsequent to year end. None of these loans are considered credit deteriorated as we presently expect to recover all amounts due. Credit Deteriorated Loans As of December 31, 2022, we had a $4.9 million subordinated loan secured by a department store in Chicago which was deemed credit deteriorated and is fully reserved. Foreclosures, Equity Control and Conversion to Equity Interests In December 2022, we foreclosed on a senior loan secured by an office building in California, which resulted in our obtaining physical possession of the underlying collateral. The carrying value of the loan was $245.1 million, including $21.3 million of unpaid interest prior to the loan being placed on nonaccrual in January 2022. In connection with the foreclosure, we reclassified the $245.1 million carrying value of the loan (representing our acquisition cost of the underlying land and building) to properties in accordance with the asset acquisition provisions of ASC 805. In December 2022, a senior loan participation secured by a natural gas-fired power plant in Massachusetts was converted to a 12% equity interest in the borrower. The net carrying value of the loan converted was $16.4 million, net of a credit loss allowance of $16.9 million (of which $6.8 million and $10.1 million was provided during 2022 and 2021, respectively). In connection with the conversion, we reclassified the $16.4 million net carrying value of the loan to investments in unconsolidated entities. In May 2022, we obtained control over the pledged equity interests of a mezzanine borrower entity related to an office building located in Texas, which resulted in our consolidating the mezzanine borrower entity including the underlying property collateral and related debt. The net carrying value of our loans related to this property totaled $50.2 million and consisted of first mortgage and mezzanine loans which are now eliminated in consolidation. In connection with the consolidation of the mezzanine borrower entity, we recorded properties of $112.6 million, lease intangible assets of $13.6 million, net working capital of $11.8 million and third-party first mortgage debt of $87.8 million in accordance with the asset acquisition provisions of ASC 805. In April 2021, we foreclosed on certain credit deteriorated loans related to a residential conversion project located in New York City, which resulted in our obtaining physical possession of the underlying collateral. The net carrying value of the loans related to this project totaled $100.5 million and consisted of: (i) a first mortgage and mezzanine loan with a net carrying value of $71.5 million, for which we consolidated the underlying property collateral in October 2020 when we obtained control over certain pledged equity interests of the borrower; and (ii) a first mortgage loan with a net carrying value of $29.0 million that was not subject to the pledged equity interests and thus continued to be reflected as a loan on our consolidated balance sheet until the April 2021 foreclosure. 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 Loans Held-for-Sale Total Commercial Infrastructure Infrastructure Credit loss allowance at December 31, 2019 $ 33,415 $ — $ 196 $ 33,611 Cumulative effect of ASC 326 effective January 1, 2020 10,112 10,328 — 20,440 Credit loss provision (reversal), net 48,711 (2,495) (125) 46,091 Charge-offs (22,627) (1) — (71) (22,698) Credit loss allowance at December 31, 2020 69,611 7,833 — 77,444 Credit loss (reversal) provision, net (7,947) 12,580 — 4,633 Charge-offs (14,807) (2) — — (14,807) Transfers (257) 257 — — Credit loss allowance at December 31, 2021 46,600 20,670 — 67,270 Credit loss provision, net 42,201 6,848 — 49,049 Charge-offs — (16,906) (3) — (16,906) Credit loss allowance at December 31, 2022 $ 88,801 $ 10,612 $ — $ 99,413 Unfunded Commitments Credit Loss Allowance (4) Loans Held-for-Investment Commercial Infrastructure CMBS (5) Total Credit loss allowance at December 31, 2019 $ — $ — $ — $ — Cumulative effect of ASC 326 effective January 1, 2020 8,348 2,205 — 10,553 Credit loss (reversal) provision, net (3,090) (1,393) — (4,483) Credit loss allowance at December 31, 2020 5,258 812 — 6,070 Credit loss provision (reversal), net 1,434 (667) — 767 Credit loss allowance at December 31, 2021 6,692 145 — 6,837 Credit loss provision (reversal), net 3,057 (73) 52 3,036 Credit loss allowance at December 31, 2022 $ 9,749 $ 72 $ 52 $ 9,873 Memo: Unfunded commitments as of December 31, 2022 (6) $ 2,282,391 $ 15,500 $ 34,327 $ 2,332,218 ______________________________________________________________________________________________________________________ (1) Primarily relates to the charge-off of the credit loss allowance relating to credit deteriorated first mortgage and contiguous mezzanine loans that were eliminated as a result of consolidating the net assets of the borrower entities upon exercising control over their pledged equity interests in October 2020. (2) Relates to a $7.8 million unsecured promissory note deemed uncollectible in connection with a residential conversion project located in New York City and a $7.0 million subordinated mortgage note deemed uncollectible in connection with a vacant department store in the Chicago area. Both notes were previously considered credit deteriorated and were fully reserved at or prior to write-off. (3) Relates to the senior loan participation converted to an equity interest described above. (4) Included in accounts payable, accrued expenses and other liabilities in our consolidated balance sheets. (5) See Note 6 for further details. (6) Represents amounts expected to be funded (see Note 23). Loan Portfolio Activity The activity in our loan portfolio was as follows (amounts in thousands): Held-for-Investment Loans Year Ended December 31, 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 4,882,414 661,598 — 4,634,722 10,178,734 Capitalized interest (1) 121,500 503 1,639 508 124,150 Basis of loans sold (2) (10,109) (26,824) — (4,216,618) (4,253,551) Loan maturities/principal repayments (1,764,638) (293,264) (7,623) (193,105) (2,258,630) Discount accretion/premium amortization 52,939 9,618 — — 62,557 Changes in fair value — — (3,169) (343,053) (346,222) Foreign currency translation gain/(loss), net (304,051) (2,895) — — (306,946) Credit loss provision, net (42,201) (6,848) — — (49,049) Loan foreclosure, equity control and conversion to equity interest (273,929) (16,382) — — (290,311) (3) Transfer to/from other asset/liability classifications or between segments (63,616) — (50,072) 25,340 (88,348) (4) Balance at December 31, 2022 $ 16,048,507 $ 2,352,932 $ — $ 2,784,594 $ 21,186,033 Held-for-Investment Loans Year Ended December 31, 2021 Commercial Infrastructure Residential Held-for-Sale Loans Total Loans Balance at December 31, 2020 $ 9,583,949 $ 1,412,440 $ 90,684 $ 1,052,835 $ 12,139,908 Acquisitions/originations/additional funding 7,822,441 817,104 — 5,351,034 13,990,579 Capitalized interest (1) 112,178 — 4,308 2,650 119,136 Basis of loans sold (2) (307,454) (12,678) — (3,856,736) (4,176,868) Loan maturities/principal repayments (3,508,969) (304,878) (31,251) (352,711) (4,197,809) Discount accretion/premium amortization 52,416 5,028 — 504 57,948 Changes in fair value — — 1,186 67,864 69,050 Foreign currency translation gain/(loss), net (71,419) (711) — — (72,130) Credit loss reversal (provision), net 7,947 (12,580) — — (4,633) Loan foreclosure and conversion to equity interest (36,308) — — — (36,308) (5) Transfer to/from other asset classifications or between segments (204,583) 123,701 (5,702) 611,360 524,776 (6) Balance at December 31, 2021 $ 13,450,198 $ 2,027,426 $ 59,225 $ 2,876,800 $ 18,413,649 Held-for-Investment Loans Year Ended December 31, 2020 Commercial Infrastructure Residential Held-for-Sale Loans Total Loans Balance at December 31, 2019 $ 8,517,054 $ 1,397,448 $ 671,572 $ 884,150 $ 11,470,224 Cumulative effect of ASC 326 effective January 1, 2020 (10,112) (10,328) — — (20,440) Acquisitions/originations/additional funding 2,753,782 278,694 100,720 2,204,203 5,337,399 Capitalized interest (1) 143,818 195 — — 144,013 Basis of loans sold (2) (443,793) — (604) (2,862,606) (3,307,003) Loan maturities/principal repayments (1,398,991) (189,288) (90,273) (142,644) (1,821,196) Discount accretion/premium amortization 39,642 2,447 — 110 42,199 Changes in fair value — — (15,382) 148,506 133,124 Foreign currency translation gain/(loss), net 102,748 1,096 — (1,291) 102,553 Credit loss (provision) reversal, net (48,711) 2,495 — 125 (46,091) Consolidation of properties upon obtaining equity control (71,488) (7) — — — (71,488) Transfer to/from other asset classifications — (70,319) (575,349) 822,282 176,614 (6) Balance at December 31, 2020 $ 9,583,949 $ 1,412,440 $ 90,684 $ 1,052,835 $ 12,139,908 ______________________________________________________________________________________________________________________ (1) Represents accrued interest income on loans whose terms do not require current payment of interest. (2) See Note 13 for additional disclosure on these transactions. (3) Represents (i) the $50.2 million net carrying value of first mortgage and contiguous mezzanine loans related to an office building in Texas that is eliminated as a result of consolidating the net assets of the mezzanine borrower entity upon obtaining control over its pledged equity interests in May 2022, (ii) the $223.8 million principal amount of a senior loan secured by an office building in California foreclosed in December 2022 and (iii) the $16.4 million net carrying value of the senior loan participation in a natural gas-fired power plant in Massachusetts that was converted to an equity interest in December 2022 (see discussion above). (4) During the year ended December 31, 2022, we repurchased at par $745.0 million of agency-eligible residential loans that were previously sold. The repurchase was subject to a contingency for which we recorded a contingency loss of $88.4 million within other loss, net in the consolidated statement of operations. At the time the loans were repurchased, this loss was utilized to reduce the carrying value of the loans to their estimated fair value. (5) Includes (i) a $29.0 million credit deteriorated loan related to a residential conversion project which was foreclosed in April 2021 and (ii) $7.3 million of a commercial loan that was converted to equity interests in March 2021 (see Note 9) pursuant to a consensual transfer under pre-existing equity pledges of additional collateral, both as described above. (6) Net transfers represent residential loans transferred from VIE assets upon redemption of three consolidated RMBS trusts in 2021 and one in 2020. (7) Represents the net carrying value of credit deteriorated first mortgage and contiguous mezzanine loans related to a residential conversion project located in New York City that was eliminated as a result of consolidating the net assets of the borrower entities upon exercising control over their pledged equity interests in October 2020.

Investment Securities

Investment Securities	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Investment Securities Investment securities were comprised of the following as of December 31, 2022 and 2021 (amounts in thousands): Carrying Value as of December 31, 2022 December 31, 2021 RMBS, available-for-sale $ 113,386 $ 143,980 RMBS, fair value option (1) 423,183 250,424 CMBS, fair value option (1), (2) 1,262,846 1,263,606 HTM debt securities, amortized cost net of credit loss allowance of $3,182 and $8,610 673,470 683,136 Equity security, fair value 9,840 11,624 Subtotal — Investment securities 2,482,725 2,352,770 VIE eliminations (1) (1,666,921) (1,491,786) Total investment securities $ 815,804 $ 860,984 ______________________________________________________________________________________________________________________ (1) Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. (2) Includes $198.9 million and $182.6 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of December 31, 2022 and 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 Year Ended December 31, 2022 Purchases $ — $ 226,152 $ 63,681 $ 86,512 $ (289,833) $ 86,512 Sales — — — — — — Principal collections 19,087 74,542 20,862 94,868 (93,412) 115,947 Year Ended December 31, 2021 Purchases/fundings $ — $ 168,825 $ 71,476 $ 198,358 $ (240,301) $ 198,358 Sales — 30,684 38,714 — (69,398) — Principal collections 30,722 63,144 7,732 54,725 (68,873) 87,450 Redemptions — 51,187 — — (51,187) — Year Ended December 31, 2020 Purchases $ — $ 282,368 $ 49,416 $ 22,408 $ (331,784) $ 22,408 Sales — 135,567 37,867 — (165,494) 7,940 Principal collections 26,000 44,197 30,079 52,704 (69,447) 83,533 Redemptions — 10,474 — — (10,474) — ______________________________________________________________________________________________________________________ (1) Represents RMBS and CMBS, fair value option amounts eliminated due to our consolidation of securitization VIEs. These amounts are reflected as issuance or repayment of debt of, or distributions from, consolidated VIEs in our consolidated statements of cash flows. RMBS, Available-for-Sale The Company classified all of its RMBS not eliminated in consolidation as available-for-sale as of December 31, 2022 and 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 December 31, 2022 and 2021 (amounts in thousands): Unrealized Gains or (Losses) Amortized Credit Net Gross Gross Net Fair Value December 31, 2022 RMBS $ 92,431 $ — $ 92,431 $ 21,765 $ (810) $ 20,955 $ 113,386 December 31, 2021 RMBS $ 103,027 $ — $ 103,027 $ 41,052 $ (99) $ 40,953 $ 143,980 Weighted Average Coupon (1) WAL December 31, 2022 RMBS 4.8 % 7.4 ______________________________________________________________________________________________________________________ (1) Calculated using the December 31, 2022 one-month LIBOR rate of 4.392% for floating rate securities. (2) Represents the remaining WAL of each respective group of securities as of the balance sheet date. The WAL of each individual security is calculated using projected amounts and projected timing of future principal payments. As of December 31, 2022, approximately $99.8 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 $0.6 million, $0.9 million and $0.8 million for the years ended December 31, 2022, 2021 and 2020, respectively, recorded as management fees in the accompanying consolidated statements of operations. The following table presents the gross unrealized losses and estimated fair value of any available-for-sale securities that were in an unrealized loss position as of December 31, 2022 and 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 December 31, 2022 RMBS $ 6,961 $ 1,889 $ (502) $ (308) As of December 31, 2021 RMBS $ 2,478 $ — $ (99) $ — As of December 31, 2022 and 2021, there were ten securities and one security, respectively, with unrealized losses reflected in the table above. After evaluating the securities, we concluded that the 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, if any, are calculated by comparing (i) the estimated future cash flows of each security discounted at the yield determined as of the initial acquisition date or, if since revised, as of the last date previously revised, to (ii) our net amortized cost basis. Significant judgment is used in projecting cash flows for our non-agency RMBS. As a result, actual income and/or credit losses could be materially different from what is currently projected and/or reported. CMBS and RMBS, Fair Value Option As discussed in the “Fair Value Option” section of Note 2 herein, we elect the fair value option for certain CMBS and RMBS in an effort to eliminate accounting mismatches resulting from the current or potential consolidation of securitization VIEs. As of December 31, 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 $2.9 billion, respectively. As of December 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 $423.2 million and $326.3 million, respectively. The $1.7 billion total fair value balance of CMBS and RMBS represents our economic interests in these assets. However, as a result of our consolidation of securitization VIEs, the vast majority of this fair value (all except $19.1 million at December 31, 2022) is eliminated against VIE liabilities before arriving at our GAAP balance for fair value option investment securities. As of December 31, 2022, $97.2 million of our CMBS were variable rate and none of our RMBS were variable rate. HTM Debt Securities, Amortized Cost The table below summarizes our investments in HTM debt securities as of December 31, 2022 and 2021 (amounts in thousands): Amortized Credit Loss Net Carrying Gross Unrealized Gross Unrealized Fair Value December 31, 2022 CMBS $ 577,681 $ (172) $ 577,509 $ 30 $ (30,424) $ 547,115 Preferred interests 29,757 — 29,757 125 (4,863) 25,019 Infrastructure bonds 69,214 (3,010) 66,204 47 (1,110) 65,141 Total $ 676,652 $ (3,182) $ 673,470 $ 202 $ (36,397) $ 637,275 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 Credit loss allowance at December 31, 2019 $ — $ — $ — $ — Cumulative effect of ASC 326 effective January 1, 2020: Beginning accumulated deficit charge — 1,114 179 1,293 Gross-up of PCD bond amortized cost basis — — 2,837 2,837 Credit loss provision (reversal), net — 1,635 (90) 1,545 Credit loss allowance at December 31, 2020 — 2,749 2,926 5,675 Credit loss provision (reversal), net 3,140 (187) (18) 2,935 Credit loss allowance at December 31, 2021 3,140 2,562 2,908 8,610 Credit loss (reversal) provision, net (2,968) (2,562) 102 (5,428) Credit loss allowance at December 31, 2022 $ 172 $ — $ 3,010 $ 3,182 The table below summarizes the maturities of our HTM debt securities by type as of December 31, 2022 (amounts in thousands): CMBS Preferred Infrastructure Total Less than one year $ 339,430 $ 29,757 $ — $ 369,187 One to three years 187,956 — 37,385 225,341 Three to five years 50,123 — 12,494 62,617 Thereafter — — 16,325 16,325 Total $ 577,509 $ 29,757 $ 66,204 $ 673,470 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 $9.8 million and $11.6 million as of December 31, 2022 and 2021, respectively. As of December 31, 2022, our shares represent an approximate 2.3% interest in SEREF.

Properties

Properties	12 Months Ended
	Dec. 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 $768.2 million and debt of $596.4 million as of December 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 $193.4 million as of December 31, 2022. Investing and Servicing Segment Property Portfolio The REIS Equity Portfolio is comprised of 10 commercial real estate properties and one equity interest in an unconsolidated commercial real estate property which were acquired from CMBS trusts over time. The REIS Equity Portfolio includes total gross properties and lease intangibles of $186.8 million and debt of $130.1 million as of December 31, 2022. Commercial and Residential Lending Segment Property Portfolio The Commercial and Residential Lending Segment Portfolio represents properties acquired through loan foreclosure or exercise of control over a mezzanine loan borrower’s pledged equity interests. This portfolio includes total gross properties and lease intangibles of $479.5 million and debt of $204.4 million as of December 31, 2022. Woodstar Portfolios Refer to Note 8 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 December 31, 2022 and December 31, 2021 (dollars in thousands): Depreciable Life December 31, 2022 December 31, 2021 Property Segment Land and land improvements 0 - 15 years $ 176,029 $ 175,810 Buildings and building improvements 0 - 45 years 856,411 851,274 Furniture & fixtures 3 - 5 years 446 260 Investing and Servicing Segment Land and land improvements 0 - 15 years 34,613 41,771 Buildings and building improvements 3 - 40 years 122,384 149,399 Furniture & fixtures 2 - 5 years 3,207 3,143 Commercial and Residential Lending Segment Land and land improvements N/A 99,043 9,691 Buildings and building improvements 0 - 24 years 79,661 12,408 Construction in progress N/A 287,701 104,088 Properties, cost 1,659,495 1,347,844 Less: accumulated depreciation (209,509) (181,457) Properties, net $ 1,449,986 $ 1,166,387 During the year ended December 31, 2022, we sold three operating properties within the REIS Equity Portfolio for $92.1 million and recognized a total gain of $50.9 million within gain on sale of investments and other assets in our consolidated statement of operations, of which $0.6 million was attributable to non-controlling interests. During the year ended December 31, 2021, we sold two operating properties within the REIS Equity Portfolio for $68.7 million and recognized a total gain of $22.2 million within gain on sale of investments and other assets in our consolidated statement of operations. During the year ended December 31, 2020, we sold an operating property and an outparcel within the REIS Equity Portfolio for $25.0 million and recognized a gain of $7.9 million within gain on sale of investments and other assets in our consolidated statement of operations, of which $0.1 million was attributable to non-controlling interests. During the year ended December 31, 2022, we sold an operating property within the Commercial and Residential Lending Segment for $114.8 million and recognized a gain of $86.6 million within gain on sale of investments and other assets in our consolidated statement of operations. During the year ended December 31, 2021, we sold an operating property within the Commercial and Residential Lending Segment for $31.2 million and recognized a gain of $17.7 million within gain on sale of investments and other assets in our consolidated statement of operations. Future rental payments due to us from tenants under existing non-cancellable operating leases for each of the next five years and thereafter are as follows (in thousands): 2023 $ 64,136 2024 58,076 2025 53,056 2026 44,465 2027 38,871 Thereafter 154,225 Total $ 412,829

Investments of Consolidated Aff

Investments of Consolidated Affordable Housing Fund	12 Months Ended
	Dec. 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 $1.6 billion and debt at fair value of $721.8 million as of December 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 $1.3 billion and debt at fair value of $472.3 million as of December 31, 2022. Income from the Woodstar Fund’s investments reflects the following components for the year ended December 31, 2022 and for the period from November 5, 2021 through December 31, 2021 (in thousands): Year Ended December 31, 2022 November 5, 2021 - December 31, 2021 Distributions from affordable housing fund investments $ 35,043 $ 6,023 Unrealized change in fair value of investments (1) 720,693 402 Income from affordable housing fund investments $ 755,736 $ 6,425 ______________________________________________________________________________________________________________________ (1) 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.

Investment in Unconsolidated En

Investment in Unconsolidated Entities	12 Months Ended
	Dec. 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 December 31, 2022 and 2021 (dollars in thousands): Participation / Carrying value as of December 31, 2022 December 31, 2021 Equity method investments: Equity interests in two natural gas power plants (2) 10% - 12% $ 46,618 $ 26,255 Investor entity which owns equity in an online real estate company 50% 5,457 5,206 Equity interest in and advances to a residential mortgage originator (3) N/A 1,449 20,327 Various 25% - 50% 15,377 12,528 68,901 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) 4% - 6% 940 4,194 Investor entities which own equity interests in two entertainment and retail centers (5) 15% 7,322 7,320 Various 1% - 3% 1,774 1,312 22,991 25,781 $ 91,892 $ 90,097 ______________________________________________________________________________________________________________________ (1) None of these investments are publicly traded and therefore quoted market prices are not available. (2) In December 2022, we obtained a 12% equity interest in a natural gas power plant in Massachusetts upon conversion of a senior loan participation with a net carrying value of $16.4 million. See further discussion in Note 5. (3) Included a $4.5 million subordinated loan as of December 31, 2021, which was converted to an equity interest on July 1, 2022. Subsequent to year end, we sold our ownership interest to a third party. In anticipation of the sale, we reduced the carrying value of our investment to the estimated net proceeds to be received. (4) During the year ended December 31, 2022, we received distributions of $7.4 million, of which $3.3 million were considered returns of capital which reduced the carrying value of two of our investments. (5) 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 5. There were no differences between the carrying value of our equity method investments and the underlying equity in the net assets of the investees as of December 31, 2022. During the year ended December 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	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangibles	Goodwill and Intangibles Goodwill Infrastructure Lending Segment The Infrastructure Lending Segment’s goodwill of $119.4 million at both December 31, 2022 and 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 and is fully tax deductible over 15 years. As discussed in Note 2, goodwill is tested for impairment at least annually. Based on our quantitative assessment during the fourth quarter of 2022, we determined that the fair value of the Infrastructure Lending Segment reporting unit to which goodwill is attributed exceeded its carrying value including goodwill. Therefore, we concluded that the goodwill attributed to the Infrastructure Lending Segment was not impaired. LNR Property LLC (“LNR”) The Investing and Servicing Segment’s goodwill of $140.4 million at both December 31, 2022 and 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. The tax deductible component of this goodwill as of April 19, 2013 was $149.9 million and is deductible over 15 years. Based on our qualitative assessment during the fourth quarter of 2022, we determined that it is not more likely than not that the fair value of the Investing and Servicing Segment reporting unit to which goodwill is attributed is less than its carrying value including goodwill. Therefore, we concluded that the goodwill attributed to the Investing and Servicing Segment was not impaired. Intangible Assets Servicing Rights Intangibles In connection with the LNR acquisition, we identified domestic servicing rights that existed at the purchase date, based upon the expected future cash flows of the associated servicing contracts. As of December 31, 2022 and 2021, the balance of the domestic servicing intangible was net of $39.1 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 December 31, 2022 and 2021, the domestic servicing intangible had a balance of $56.8 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 December 31, 2022 and 2021 (amounts in thousands): As of December 31, 2022 As of December 31, 2021 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Domestic servicing rights, at fair value $ 17,790 $ — $ 17,790 $ 16,780 $ — $ 16,780 In-place lease intangible assets 98,622 (64,246) 34,376 94,712 (62,721) 31,991 Favorable lease intangible assets 26,649 (10,042) 16,607 23,746 (8,953) 14,793 Total net intangible assets $ 143,061 $ (74,288) $ 68,773 $ 135,238 $ (71,674) $ 63,564 The following table summarizes the activity within intangible assets for the years ended December 31, 2022 and 2021 (amounts in thousands): Domestic In-place Lease Favorable Lease Total Balance as of January 1, 2021 $ 13,202 $ 40,663 $ 16,252 $ 70,117 Amortization — (8,116) (1,387) (9,503) Sales — (556) (72) (628) Changes in fair value due to changes in inputs and assumptions 3,578 — — 3,578 Balance as of December 31, 2021 $ 16,780 $ 31,991 $ 14,793 $ 63,564 Acquisition (1) — 10,083 3,520 13,603 Amortization — (7,132) (1,664) (8,796) Impairment (2) — (43) (4) (47) Sales — (523) (38) (561) Changes in fair value due to changes in inputs and assumptions 1,010 — — 1,010 Balance as of December 31, 2022 $ 17,790 $ 34,376 $ 16,607 $ 68,773 _________________________________________________ (1) Represents lease intangibles related to an office building in Texas that are consolidated upon exercising control over a mezzanine loan borrower ’ s pledged equity interests in May 2022 (see Note 5). (2) Impairment of intangible lease assets is recognized within other expense in our 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): 2023 $ 8,451 2024 6,754 2025 5,649 2026 4,123 2027 3,630 Thereafter 22,376 Total $ 50,983

Secured Borrowings

Secured Borrowings	12 Months Ended
	Dec. 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 December 31, 2022 and 2021 (dollars in thousands): Outstanding Balance at Current Extended Maturity (a) Weighted Average Pledged Asset Maximum December 31, 2022 December 31, 2021 Repurchase Agreements: Commercial Loans Jun 2023 to Jun 2027 (b) Sep 2025 to Dec 2030 (b) Index + 2.04% (c) $ 11,166,171 $ 11,917,353 (d) $ 7,746,867 $ 6,556,438 Residential Loans Oct 2023 to Apr 2024 N/A Index + 2.20% 2,229,958 3,062,701 1,912,774 1,744,225 Infrastructure Loans Sep 2024 Sep 2026 SOFR + 2.07% 353,271 650,000 290,431 379,095 Conduit Loans Feb 2023 to Jun 2025 Feb 2024 to Jun 2026 SOFR + 2.29% 14,141 375,000 8,423 174,130 CMBS/RMBS Sep 2023 to Apr 2032 (e) Oct 2023 to Oct 2032 (e) (f) 1,495,141 1,086,804 840,625 (g) 688,146 Total Repurchase Agreements 15,258,682 17,091,858 10,799,120 9,542,034 Other Secured Financing: Borrowing Base Facility Nov 2024 Oct 2026 SOFR + 2.11% — 750,000 (h) — 213,478 Commercial Financing Facilities Dec 2023 to Aug 2025 Jul 2025 to Dec 2030 Index + 1.94% 410,533 520,709 (i) 311,825 167,476 Residential Financing Facility Mar 2024 Mar 2027 SOFR + 2.45% 533,502 500,000 244,418 102,018 Infrastructure Financing Facilities Jun 2025 to Oct 2025 Jun 2027 to Jul 2032 Index + 2.05% 1,040,798 1,550,000 765,265 855,646 Property Mortgages - Fixed rate Nov 2024 to Sep 2029 (j) N/A 4.46% 367,215 261,100 261,100 272,522 Property Mortgages - Variable rate Nov 2023 to Dec 2027 N/A (k) 1,007,375 850,387 847,633 712,493 Term Loans and Revolver (l) N/A (l) N/A (l) 1,530,766 1,380,766 788,753 Total Other Secured Financing 3,359,423 5,962,962 3,811,007 3,112,386 $ 18,618,105 $ 23,054,820 14,610,127 12,654,420 Unamortized net discount (30,320) (13,350) Unamortized deferred financing costs (78,275) (64,220) $ 14,501,532 $ 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 $3.0 billion as of December 31, 2022 are indexed to EURIBOR, BBSY, SARON and SONIA. The remainder are indexed to USD LIBOR or SOFR. (d) Certain facilities with an aggregate initial maximum facility size of $11.8 billion may be increased to $11.9 billion, subject to certain conditions. The $11.9 billion amount includes such upsizes. (e) Certain facilities with an outstanding balance of $358.3 million as of December 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 $262.2 million as of December 31, 2022 has a weighted average fixed annual interest rate of 3.25%. All other facilities are variable rate with a weighted average rate of Index + 2.11%. (g) Includes: (i) $262.2 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $42.8 million outstanding on one of our repurchase facilities that represents the 49% pro rata share owed by a non-controlling partner in a consolidated joint venture (see Note 16). (h) The maximum facility size as of December 31, 2022 of $450.0 million may be increased to $750.0 million, subject to certain conditions. (i) Certain facilities with an aggregate initial maximum facility size of $420.7 million may be increased to $520.7 million, subject to certain conditions. The $520.7 million amount includes such upsizes. (j) The weighted average maturity is 4.4 years as of December 31, 2022. (k) Includes a $600.0 million first mortgage and mezzanine loan secured by our Medical Office Portfolio. This debt has a weighted average interest rate of LIBOR + 2.07% that we swapped to a fixed rate of 3.34%. The remainder have a weighted average rate of Index + 2.60%. (l) Consists of: (i) a $780.8 million term loan facility that matures in July 2026, of which $387.0 million has an annual interest rate of LIBOR + 2.50% and $393.8 million has an annual interest rate of LIBOR + 3.25%, subject to a 0.75% LIBOR floor, (ii) a $150.0 million revolving credit facility that matures in April 2026 with an annual interest rate of SOFR + 2.50% and (iii) a $600.0 million term loan facility that matures in November 2027, with an annual interest rate of SOFR + 3.25%, subject to a 0.50% SOFR floor. These facilities are secured by the equity interests in certain of our subsidiaries which totaled $5.9 billion as of December 31, 2022. The above table no longer reflects property mortgages of the Woodstar Portfolios, which as discussed in Notes 2 and 8, are now reflected within “Investments of consolidated affordable housing fund” on our consolidated balance 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. In June 2022, we entered into a credit facility to finance loans within the Infrastructure Lending Segment. The maximum facility size is $500.0 million and carries a three-year revolving period with two one-year extension options. 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. In October 2022, we amended a Residential Loans repurchase facility to increase the available borrowings to $562.7 million from $2.6 million. The facility carries an 18-month term. In November 2022, we entered into a term loan facility totaling $600.0 million that carries a five-year term and an annual interest rate of SOFR + 3.25%, subject to a 0.50% SOFR floor, and an issue discount of 3.0%. During the year ended December 31, 2022, we entered into commercial credit facilities of $1.5 billion. In addition, we amended several commercial credit facilities resulting in an aggregate net upsize of $364.2 million. Our secured financing agreements contain certain financial tests and covenants. As of December 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 69% 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 31% of repurchase agreements which do permit valuation adjustments based on capital market events, approximately 6% of these pertain to our loans held-for-sale, for which we manage credit risk through the purchase of credit index instruments. We further seek to manage risks associated with our repurchase agreements by matching the maturities and interest rate characteristics of our loans with the related repurchase agreement. For the years ended December 31, 2022, 2021 and 2020, approximately $38.2 million, $35.6 million and $36.4 million, respectively, of amortization of deferred financing costs from secured financing agreements was included in interest expense on our consolidated statements of operations. As of December 31, 2022, Morgan Stanley Bank, N.A. and JPMorgan Chase Bank, N.A. held collateral sold under certain of our repurchase agreements with carrying values that exceeded the respective repurchase obligations by $910.1 million and $689.5 million, respectively. The weighted average extended maturities of those repurchase agreements were 3.6 and 5.0 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. During the year ended December 31, 2022, we utilized the reinvestment feature, contributing $80.0 million of additional interests into the CLO. 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 were 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 years ended December 31, 2022 and 2021, we utilized the reinvestment feature, contributing $257.2 million and $58.6 million, respectively, 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 were purchased by third party investors. We retained $86.6 million of notes, along with preferred shares with a liquidation preference of $77.0 million. The CLO contains a reinvestment feature that, subject to certain eligibility criteria, allows us to contribute new loans or participation interests in loans to the CLO in exchange for cash. During the years ended December 31, 2021 and 2020, we utilized the reinvestment feature, contributing $261.9 million and $134.7 million, respectively, of additional interests into the CLO. During the year ended December 31, 2022, the reinvestment period expired, and we repaid CLO debt in the amount of $197.2 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 year ended December 31, 2022, we utilized the reinvestment feature, contributing $112.9 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 for a period of three years. During the years ended December 31, 2022 and 2021, we utilized the reinvestment feature, contributing $93.8 million and $45.9 million, respectively, of additional interests into the CLO. The following table is a summary of our CLOs and our SASB as of December 31, 2022 and 2021 (amounts in thousands): December 31, 2022 Count Face Carrying Weighted Maturity STWD 2022-FL3 Collateral assets 51 $ 1,000,000 $ 1,010,051 Index + 3.52% (a) February 2026 (b) Financing 1 $ 842,500 $ 842,374 SOFR + 1.93% (c) November 2038 (d) STWD 2021-HTS Collateral assets 1 $ 230,000 $ 231,186 LIBOR + 3.85% (a) April 2026 (b) Financing 1 $ 210,091 $ 208,961 LIBOR + 2.71% (c) April 2034 (d) STWD 2021-FL2 Collateral assets 36 $ 1,277,474 $ 1,284,240 Index + 4.04% (a) June 2025 (b) Financing 1 $ 1,077,375 $ 1,072,403 LIBOR + 1.80% (c) April 2038 (d) STWD 2019-FL1 Collateral assets 16 $ 902,799 $ 906,409 Index + 3.67% (a) December 2024 (b) Financing 1 $ 739,174 $ 738,473 SOFR + 1.64% (c) July 2038 (d) STWD 2021-SIF2 Collateral assets 31 $ 495,587 $ 510,730 Index + 3.73% (a) February 2027 (b) Financing 1 $ 410,000 $ 407,260 SOFR + 2.11% (c) January 2033 (d) STWD 2021-SIF1 Collateral assets 31 $ 495,781 $ 511,471 Index + 3.76% (a) November 2026 (b) Financing 1 $ 410,000 $ 406,753 LIBOR + 2.15% (c) April 2032 (d) Total Collateral assets $ 4,401,641 $ 4,454,087 Financing $ 3,689,140 $ 3,676,224 December 31, 2021 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 December 31, 2022, 7% earned fixed-rate weighted average interest of 7.41%. Of the investments financed by the STWD 2021-SIF2 CLO as of December 31, 2022, 5% earned fixed-rate weighted average interest of 7.75%. Of the investments financed by the STWD 2021-SIF1 CLO as of December 31, 2022, 3% earned fixed-rate weighted average interest of 6.04%. (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 $37.9 million of issuance costs in connection with the CLOs and SASB, which are amortized on an effective yield basis over the estimated life of the CLOs and SASB. For the years ended December 31, 2022, 2021 and 2020, approximately $10.5 million, $5.7 million and $2.5 million, respectively, of amortization of deferred financing costs was included in interest expense on our consolidated statements of operations. As of December 31, 2022 and 2021, our unamortized issuance costs were $18.2 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 16 for further discussion. Maturities Our credit facilities generally require principal to be paid down prior to the facilities’ respective maturities if and when we receive principal payments on, or sell, the investment collateral that we have pledged. The following table sets forth our principal repayments schedule for secured financings based on the earlier of (i) the extended contractual maturity of each credit facility or (ii) the extended contractual maturity of each of the investments that have been pledged as collateral under the respective credit facility (amounts in thousands): Repurchase Other Secured CLOs and SASB (a) Total 2023 $ 1,874,298 $ 140,566 $ 771,977 $ 2,786,841 2024 1,836,846 743,624 407,380 2,987,850 2025 1,203,706 295,224 731,900 2,230,830 2026 2,971,412 955,516 1,590,753 5,517,681 2027 2,650,703 1,504,853 91,358 4,246,914 Thereafter 262,155 171,224 95,772 529,151 Total $ 10,799,120 $ 3,811,007 $ 3,689,140 $ 18,299,267 ______________________________________________________________________________________________________________________ (a) For the CLOs, the above does not assume utilization of their reinvestment features. The SASB does not have a reinvestment feature. The following table is a summary of our unsecured senior notes outstanding as of December 31, 2022 and 2021 (dollars in thousands): Coupon Effective Maturity Remaining Carrying Value at December 31, 2022 December 31, 2021 2023 Convertible Notes 4.38 % 4.57 % 4/1/2023 0.2 years 250,000 250,000 2023 Senior Notes 5.50 % 5.71 % 11/1/2023 0.8 years 300,000 300,000 2024 Senior Notes 3.75 % 3.94 % 12/31/2024 2.0 years 400,000 400,000 2025 Senior Notes 4.75 % (2) 5.04 % 3/15/2025 2.2 years 500,000 500,000 2026 Senior Notes 3.63 % 3.77 % 7/15/2026 3.5 years 400,000 400,000 2027 Senior Notes 4.38 % (3) 4.49 % 1/15/2027 4.0 years 500,000 — Total principal amount 2,350,000 1,850,000 Unamortized discount—Convertible Notes (118) (578) Unamortized discount—Senior Notes (9,051) (10,067) Unamortized deferred financing costs (11,620) (10,765) Total carrying amount $ 2,329,211 $ 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%. Senior Notes Due 2023 On November 2, 2020, we issued $300.0 million of 5.50% Senior Notes due 2023 (the “2023 Senior Notes”). The 2023 Senior Notes mature on November 1, 2023. Prior to August 1, 2023, we may redeem some or all of the 2023 Senior Notes at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable date of redemption. On and after August 1, 2023, we may redeem some or all of the 2023 Senior Notes at a price equal to 100% of the principal amount thereof. Senior Notes Due 2024 On December 15, 2021, we issued $400.0 million of 3.75% Senior Notes due 2024 (the “2024 Senior Notes”). The 2024 Senior Notes mature on December 31, 2024. Prior to September 30, 2024, we may redeem some or all of the 2024 Senior Notes at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable date of redemption. On and after September 30, 2024, we may redeem some or all of the 2024 Senior Notes at a price equal to 100% of the principal amount thereof. In addition, prior to September 30, 2024, we may redeem up to 40% of the 2024 Senior Notes at the applicable redemption price using the proceeds of certain equity offerings. Senior Notes Due 2025 On December 4, 2017, we issued $500.0 million of 4.75% Senior Notes due 2025 (the “2025 Senior Notes”). The 2025 Senior Notes mature on March 15, 2025. Prior to September 15, 2024, we may redeem some or all of the 2025 Senior Notes at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable date of redemption. On and after September 15, 2024, we may redeem some or all of the 2025 Senior Notes at a price equal to 100% of the principal amount thereof. In addition, prior to March 15, 2021, we may redeem up to 40% of the 2025 Senior Notes at the applicable redemption price using the proceeds of certain equity offerings. Senior Notes Due 2026 On July 14, 2021, we issued $400.0 million of 3.625% Senior Notes due 2026 (the “2026 Senior Notes”). The 2026 Senior Notes mature on July 15, 2026. Prior to January 15, 2026, we may redeem some or all of the 2026 Senior Notes at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable date of redemption. On and after January 15, 2026, we may redeem some or all of the 2026 Senior Notes at a price equal to 100% of the principal amount thereof. In addition, prior to July 15, 2023, we may redeem up to 40% of the 2026 Senior Notes at the applicable redemption price using the proceeds of certain equity offerings. Senior Notes Due 2027 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. Our unsecured senior notes contain certain financial tests and covenants. As of December 31, 2022, we were in compliance with all such covenants. Convertible Senior Notes On March 29, 2017, we issued $250.0 million of 4.375% Convertible Senior Notes due 2023 (the “2023 Convertible Notes”) which remain outstanding at December 31, 2022 and mature on April 1, 2023. We recognized interest expense from our Convertible Notes of $11.6 million during each of the years ended December 31, 2022 and 2021, and $12.2 million during the year ended December 31, 2020. The following table details the conversion attributes of our Convertible Notes outstanding as of December 31, 2022 (amounts in thousands, except rates): December 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 December 31, 2022, 2021, and 2020, the market price of the Company’s common stock was $18.33, $24.30 and $19.30, respectively. The if-converted value of the 2023 Convertible Notes was less than their principal amount by $73.1 million at December 31, 2022 as the closing market price of the Company’s common stock of $18.33 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 $176.9 million as of December 31, 2022. As of December 31, 2022, the net carrying amount and fair value of the 2023 Convertible Notes was $249.8 million and $246.7 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 As of October 1, 2022, holders of the 2023 Convertible Notes may convert each of their notes at the applicable conversion rate at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date.

Unsecured Senior Notes

Unsecured Senior Notes	12 Months Ended
	Dec. 31, 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 December 31, 2022 and 2021 (dollars in thousands): Outstanding Balance at Current Extended Maturity (a) Weighted Average Pledged Asset Maximum December 31, 2022 December 31, 2021 Repurchase Agreements: Commercial Loans Jun 2023 to Jun 2027 (b) Sep 2025 to Dec 2030 (b) Index + 2.04% (c) $ 11,166,171 $ 11,917,353 (d) $ 7,746,867 $ 6,556,438 Residential Loans Oct 2023 to Apr 2024 N/A Index + 2.20% 2,229,958 3,062,701 1,912,774 1,744,225 Infrastructure Loans Sep 2024 Sep 2026 SOFR + 2.07% 353,271 650,000 290,431 379,095 Conduit Loans Feb 2023 to Jun 2025 Feb 2024 to Jun 2026 SOFR + 2.29% 14,141 375,000 8,423 174,130 CMBS/RMBS Sep 2023 to Apr 2032 (e) Oct 2023 to Oct 2032 (e) (f) 1,495,141 1,086,804 840,625 (g) 688,146 Total Repurchase Agreements 15,258,682 17,091,858 10,799,120 9,542,034 Other Secured Financing: Borrowing Base Facility Nov 2024 Oct 2026 SOFR + 2.11% — 750,000 (h) — 213,478 Commercial Financing Facilities Dec 2023 to Aug 2025 Jul 2025 to Dec 2030 Index + 1.94% 410,533 520,709 (i) 311,825 167,476 Residential Financing Facility Mar 2024 Mar 2027 SOFR + 2.45% 533,502 500,000 244,418 102,018 Infrastructure Financing Facilities Jun 2025 to Oct 2025 Jun 2027 to Jul 2032 Index + 2.05% 1,040,798 1,550,000 765,265 855,646 Property Mortgages - Fixed rate Nov 2024 to Sep 2029 (j) N/A 4.46% 367,215 261,100 261,100 272,522 Property Mortgages - Variable rate Nov 2023 to Dec 2027 N/A (k) 1,007,375 850,387 847,633 712,493 Term Loans and Revolver (l) N/A (l) N/A (l) 1,530,766 1,380,766 788,753 Total Other Secured Financing 3,359,423 5,962,962 3,811,007 3,112,386 $ 18,618,105 $ 23,054,820 14,610,127 12,654,420 Unamortized net discount (30,320) (13,350) Unamortized deferred financing costs (78,275) (64,220) $ 14,501,532 $ 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 $3.0 billion as of December 31, 2022 are indexed to EURIBOR, BBSY, SARON and SONIA. The remainder are indexed to USD LIBOR or SOFR. (d) Certain facilities with an aggregate initial maximum facility size of $11.8 billion may be increased to $11.9 billion, subject to certain conditions. The $11.9 billion amount includes such upsizes. (e) Certain facilities with an outstanding balance of $358.3 million as of December 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 $262.2 million as of December 31, 2022 has a weighted average fixed annual interest rate of 3.25%. All other facilities are variable rate with a weighted average rate of Index + 2.11%. (g) Includes: (i) $262.2 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $42.8 million outstanding on one of our repurchase facilities that represents the 49% pro rata share owed by a non-controlling partner in a consolidated joint venture (see Note 16). (h) The maximum facility size as of December 31, 2022 of $450.0 million may be increased to $750.0 million, subject to certain conditions. (i) Certain facilities with an aggregate initial maximum facility size of $420.7 million may be increased to $520.7 million, subject to certain conditions. The $520.7 million amount includes such upsizes. (j) The weighted average maturity is 4.4 years as of December 31, 2022. (k) Includes a $600.0 million first mortgage and mezzanine loan secured by our Medical Office Portfolio. This debt has a weighted average interest rate of LIBOR + 2.07% that we swapped to a fixed rate of 3.34%. The remainder have a weighted average rate of Index + 2.60%. (l) Consists of: (i) a $780.8 million term loan facility that matures in July 2026, of which $387.0 million has an annual interest rate of LIBOR + 2.50% and $393.8 million has an annual interest rate of LIBOR + 3.25%, subject to a 0.75% LIBOR floor, (ii) a $150.0 million revolving credit facility that matures in April 2026 with an annual interest rate of SOFR + 2.50% and (iii) a $600.0 million term loan facility that matures in November 2027, with an annual interest rate of SOFR + 3.25%, subject to a 0.50% SOFR floor. These facilities are secured by the equity interests in certain of our subsidiaries which totaled $5.9 billion as of December 31, 2022. The above table no longer reflects property mortgages of the Woodstar Portfolios, which as discussed in Notes 2 and 8, are now reflected within “Investments of consolidated affordable housing fund” on our consolidated balance 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. In June 2022, we entered into a credit facility to finance loans within the Infrastructure Lending Segment. The maximum facility size is $500.0 million and carries a three-year revolving period with two one-year extension options. 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. In October 2022, we amended a Residential Loans repurchase facility to increase the available borrowings to $562.7 million from $2.6 million. The facility carries an 18-month term. In November 2022, we entered into a term loan facility totaling $600.0 million that carries a five-year term and an annual interest rate of SOFR + 3.25%, subject to a 0.50% SOFR floor, and an issue discount of 3.0%. During the year ended December 31, 2022, we entered into commercial credit facilities of $1.5 billion. In addition, we amended several commercial credit facilities resulting in an aggregate net upsize of $364.2 million. Our secured financing agreements contain certain financial tests and covenants. As of December 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 69% 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 31% of repurchase agreements which do permit valuation adjustments based on capital market events, approximately 6% of these pertain to our loans held-for-sale, for which we manage credit risk through the purchase of credit index instruments. We further seek to manage risks associated with our repurchase agreements by matching the maturities and interest rate characteristics of our loans with the related repurchase agreement. For the years ended December 31, 2022, 2021 and 2020, approximately $38.2 million, $35.6 million and $36.4 million, respectively, of amortization of deferred financing costs from secured financing agreements was included in interest expense on our consolidated statements of operations. As of December 31, 2022, Morgan Stanley Bank, N.A. and JPMorgan Chase Bank, N.A. held collateral sold under certain of our repurchase agreements with carrying values that exceeded the respective repurchase obligations by $910.1 million and $689.5 million, respectively. The weighted average extended maturities of those repurchase agreements were 3.6 and 5.0 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. During the year ended December 31, 2022, we utilized the reinvestment feature, contributing $80.0 million of additional interests into the CLO. 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 were 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 years ended December 31, 2022 and 2021, we utilized the reinvestment feature, contributing $257.2 million and $58.6 million, respectively, 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 were purchased by third party investors. We retained $86.6 million of notes, along with preferred shares with a liquidation preference of $77.0 million. The CLO contains a reinvestment feature that, subject to certain eligibility criteria, allows us to contribute new loans or participation interests in loans to the CLO in exchange for cash. During the years ended December 31, 2021 and 2020, we utilized the reinvestment feature, contributing $261.9 million and $134.7 million, respectively, of additional interests into the CLO. During the year ended December 31, 2022, the reinvestment period expired, and we repaid CLO debt in the amount of $197.2 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 year ended December 31, 2022, we utilized the reinvestment feature, contributing $112.9 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 for a period of three years. During the years ended December 31, 2022 and 2021, we utilized the reinvestment feature, contributing $93.8 million and $45.9 million, respectively, of additional interests into the CLO. The following table is a summary of our CLOs and our SASB as of December 31, 2022 and 2021 (amounts in thousands): December 31, 2022 Count Face Carrying Weighted Maturity STWD 2022-FL3 Collateral assets 51 $ 1,000,000 $ 1,010,051 Index + 3.52% (a) February 2026 (b) Financing 1 $ 842,500 $ 842,374 SOFR + 1.93% (c) November 2038 (d) STWD 2021-HTS Collateral assets 1 $ 230,000 $ 231,186 LIBOR + 3.85% (a) April 2026 (b) Financing 1 $ 210,091 $ 208,961 LIBOR + 2.71% (c) April 2034 (d) STWD 2021-FL2 Collateral assets 36 $ 1,277,474 $ 1,284,240 Index + 4.04% (a) June 2025 (b) Financing 1 $ 1,077,375 $ 1,072,403 LIBOR + 1.80% (c) April 2038 (d) STWD 2019-FL1 Collateral assets 16 $ 902,799 $ 906,409 Index + 3.67% (a) December 2024 (b) Financing 1 $ 739,174 $ 738,473 SOFR + 1.64% (c) July 2038 (d) STWD 2021-SIF2 Collateral assets 31 $ 495,587 $ 510,730 Index + 3.73% (a) February 2027 (b) Financing 1 $ 410,000 $ 407,260 SOFR + 2.11% (c) January 2033 (d) STWD 2021-SIF1 Collateral assets 31 $ 495,781 $ 511,471 Index + 3.76% (a) November 2026 (b) Financing 1 $ 410,000 $ 406,753 LIBOR + 2.15% (c) April 2032 (d) Total Collateral assets $ 4,401,641 $ 4,454,087 Financing $ 3,689,140 $ 3,676,224 December 31, 2021 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 December 31, 2022, 7% earned fixed-rate weighted average interest of 7.41%. Of the investments financed by the STWD 2021-SIF2 CLO as of December 31, 2022, 5% earned fixed-rate weighted average interest of 7.75%. Of the investments financed by the STWD 2021-SIF1 CLO as of December 31, 2022, 3% earned fixed-rate weighted average interest of 6.04%. (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 $37.9 million of issuance costs in connection with the CLOs and SASB, which are amortized on an effective yield basis over the estimated life of the CLOs and SASB. For the years ended December 31, 2022, 2021 and 2020, approximately $10.5 million, $5.7 million and $2.5 million, respectively, of amortization of deferred financing costs was included in interest expense on our consolidated statements of operations. As of December 31, 2022 and 2021, our unamortized issuance costs were $18.2 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 16 for further discussion. Maturities Our credit facilities generally require principal to be paid down prior to the facilities’ respective maturities if and when we receive principal payments on, or sell, the investment collateral that we have pledged. The following table sets forth our principal repayments schedule for secured financings based on the earlier of (i) the extended contractual maturity of each credit facility or (ii) the extended contractual maturity of each of the investments that have been pledged as collateral under the respective credit facility (amounts in thousands): Repurchase Other Secured CLOs and SASB (a) Total 2023 $ 1,874,298 $ 140,566 $ 771,977 $ 2,786,841 2024 1,836,846 743,624 407,380 2,987,850 2025 1,203,706 295,224 731,900 2,230,830 2026 2,971,412 955,516 1,590,753 5,517,681 2027 2,650,703 1,504,853 91,358 4,246,914 Thereafter 262,155 171,224 95,772 529,151 Total $ 10,799,120 $ 3,811,007 $ 3,689,140 $ 18,299,267 ______________________________________________________________________________________________________________________ (a) For the CLOs, the above does not assume utilization of their reinvestment features. The SASB does not have a reinvestment feature. The following table is a summary of our unsecured senior notes outstanding as of December 31, 2022 and 2021 (dollars in thousands): Coupon Effective Maturity Remaining Carrying Value at December 31, 2022 December 31, 2021 2023 Convertible Notes 4.38 % 4.57 % 4/1/2023 0.2 years 250,000 250,000 2023 Senior Notes 5.50 % 5.71 % 11/1/2023 0.8 years 300,000 300,000 2024 Senior Notes 3.75 % 3.94 % 12/31/2024 2.0 years 400,000 400,000 2025 Senior Notes 4.75 % (2) 5.04 % 3/15/2025 2.2 years 500,000 500,000 2026 Senior Notes 3.63 % 3.77 % 7/15/2026 3.5 years 400,000 400,000 2027 Senior Notes 4.38 % (3) 4.49 % 1/15/2027 4.0 years 500,000 — Total principal amount 2,350,000 1,850,000 Unamortized discount—Convertible Notes (118) (578) Unamortized discount—Senior Notes (9,051) (10,067) Unamortized deferred financing costs (11,620) (10,765) Total carrying amount $ 2,329,211 $ 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%. Senior Notes Due 2023 On November 2, 2020, we issued $300.0 million of 5.50% Senior Notes due 2023 (the “2023 Senior Notes”). The 2023 Senior Notes mature on November 1, 2023. Prior to August 1, 2023, we may redeem some or all of the 2023 Senior Notes at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable date of redemption. On and after August 1, 2023, we may redeem some or all of the 2023 Senior Notes at a price equal to 100% of the principal amount thereof. Senior Notes Due 2024 On December 15, 2021, we issued $400.0 million of 3.75% Senior Notes due 2024 (the “2024 Senior Notes”). The 2024 Senior Notes mature on December 31, 2024. Prior to September 30, 2024, we may redeem some or all of the 2024 Senior Notes at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable date of redemption. On and after September 30, 2024, we may redeem some or all of the 2024 Senior Notes at a price equal to 100% of the principal amount thereof. In addition, prior to September 30, 2024, we may redeem up to 40% of the 2024 Senior Notes at the applicable redemption price using the proceeds of certain equity offerings. Senior Notes Due 2025 On December 4, 2017, we issued $500.0 million of 4.75% Senior Notes due 2025 (the “2025 Senior Notes”). The 2025 Senior Notes mature on March 15, 2025. Prior to September 15, 2024, we may redeem some or all of the 2025 Senior Notes at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable date of redemption. On and after September 15, 2024, we may redeem some or all of the 2025 Senior Notes at a price equal to 100% of the principal amount thereof. In addition, prior to March 15, 2021, we may redeem up to 40% of the 2025 Senior Notes at the applicable redemption price using the proceeds of certain equity offerings. Senior Notes Due 2026 On July 14, 2021, we issued $400.0 million of 3.625% Senior Notes due 2026 (the “2026 Senior Notes”). The 2026 Senior Notes mature on July 15, 2026. Prior to January 15, 2026, we may redeem some or all of the 2026 Senior Notes at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable date of redemption. On and after January 15, 2026, we may redeem some or all of the 2026 Senior Notes at a price equal to 100% of the principal amount thereof. In addition, prior to July 15, 2023, we may redeem up to 40% of the 2026 Senior Notes at the applicable redemption price using the proceeds of certain equity offerings. Senior Notes Due 2027 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. Our unsecured senior notes contain certain financial tests and covenants. As of December 31, 2022, we were in compliance with all such covenants. Convertible Senior Notes On March 29, 2017, we issued $250.0 million of 4.375% Convertible Senior Notes due 2023 (the “2023 Convertible Notes”) which remain outstanding at December 31, 2022 and mature on April 1, 2023. We recognized interest expense from our Convertible Notes of $11.6 million during each of the years ended December 31, 2022 and 2021, and $12.2 million during the year ended December 31, 2020. The following table details the conversion attributes of our Convertible Notes outstanding as of December 31, 2022 (amounts in thousands, except rates): December 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 December 31, 2022, 2021, and 2020, the market price of the Company’s common stock was $18.33, $24.30 and $19.30, respectively. The if-converted value of the 2023 Convertible Notes was less than their principal amount by $73.1 million at December 31, 2022 as the closing market price of the Company’s common stock of $18.33 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 $176.9 million as of December 31, 2022. As of December 31, 2022, the net carrying amount and fair value of the 2023 Convertible Notes was $249.8 million and $246.7 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 As of October 1, 2022, holders of the 2023 Convertible Notes may convert each of their notes at the applicable conversion rate at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date.

Loan Securitization_Sale Activi

Loan Securitization/Sale Activities	12 Months Ended
	Dec. 31, 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. During the years ended December 31, 2021 and 2020, we exercised the optional redemption on certain of our residential securitizations and acquired $524.5 million and $176.6 million of loans and redeemed $51.2 million and $10.5 million of our existing RMBS holdings, respectively. The net amount paid to a consolidated VIE to redeem the outstanding principal amount of its RMBS certificates and acquire the underlying loans pursuant to this provision are reflected as repayment of debt of consolidated VIEs in our consolidated statements of cash flows. There were no such redemptions during the year ended December 31, 2022. The following summarizes the face amount and proceeds of commercial and residential loans securitized for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands): Commercial Loans Residential Loans Face Amount Proceeds Face Amount Proceeds For the Year Ended December 31, 2022 $ 1,202,274 $ 1,182,861 $ 1,905,829 $ 1,913,459 2021 1,185,251 1,242,974 2,287,733 2,362,798 2020 920,282 975,569 1,770,513 1,826,549 The securitization of these commercial and residential loans does not result in a discrete gain or loss since they are carried under the fair value option. Our securitizations have each been structured as bankruptcy-remote entities whose assets are not intended to be available to the creditors of any other party. Commercial and Residential Loan Sales Within the Commercial and Residential Lending Segment, we originate or acquire commercial mortgage loans, subsequently selling all or a portion thereof. Typically, our motivation for entering into these transactions is to effectively create leverage on the subordinated position that we will retain and hold for investment. We also may sell certain of our previously-acquired residential loans to third parties outside a securitization. The following table summarizes our loans sold by the Commercial and Residential Lending Segment, net of expenses (amounts in thousands): Loan Transfers Accounted for as Sales Commercial Loans Residential Loans Face amount (1) Proceeds (1) Face Amount (2) Proceeds (2) For the Year Ended December 31, 2022 $ 75,235 $ 74,859 $ 1,057,013 $ 1,056,683 2021 335,552 328,878 216,827 225,940 2020 446,132 442,833 550 604 ______________________________________________________________________________________________________________________ (1) During the year ended December 31, 2022, we sold $11.5 million of senior interests in first mortgage loans and $63.7 million of whole loan interests for proceeds of $10.2 million and $64.6 million, respectively. During the year ended December 31, 2021, we sold $313.0 million of senior interests in first mortgage loans and $22.6 million of whole loan interests for proceeds of $307.3 million and $21.5 million, respectively. During the year ended December 31, 2020, we sold $277.9 million of senior interests in first mortgage loans and $168.2 million of whole loan interests for proceeds of $270.8 million and $172.0 million, respectively. (2) Amounts in 2022 include the sale of $745.0 million of agency-eligible residential loans in February 2022, which were later repurchased in October 2022. See related discussion in Note 5. During the years ended December 31, 2022, 2021 and 2020, losses recognized by the Commercial and Residential Lending Segment on sales of commercial loans were $0.1 million, $1.1 million and $1.0 million, respectively. Infrastructure Loan Sales

Derivatives and Hedging Activit

Derivatives and Hedging Activity	12 Months Ended
	Dec. 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. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, foreign exchange, liquidity and credit risk primarily by managing the amount, sources and duration of our debt funding and the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates, credit spreads, and foreign exchange rates. Our derivative financial instruments are used to manage differences in the amount, timing and duration of the known or expected cash receipts and known or expected cash payments principally related to our investments, anticipated level of loan sales, and borrowings. Designated Hedges The Company does not generally elect to apply the hedge accounting designation to its hedging instruments. As of December 31, 2022 and 2021, the Company did not have any designated hedges. Non-designated Hedges and Derivatives Derivatives not designated as hedges are derivatives that do not meet the criteria for hedge accounting under GAAP or which we have not elected to designate as hedges. We do not use these derivatives for speculative purposes but instead they are used to manage our exposure to various risks such as foreign exchange rates, interest rate changes and certain credit spreads. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in gain (loss) on derivative financial instruments in our consolidated statements of operations. We have entered into the following types of non-designated hedges and derivatives: • Foreign exchange (“Fx”) forwards whereby we agree to buy or sell a specified amount of foreign currency for a specified amount of USD at a future date, economically fixing the USD amounts of foreign denominated cash flows we expect to receive or pay related to certain foreign denominated loan investments; • 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 December 31, 2022 (notional amounts in thousands): Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Buy Euros (“EUR”) 8 17,400 EUR February 2023 - June 2023 Fx contracts – Buy Pounds Sterling (“GBP”) 5 176 GBP October 2023 - October 2024 Fx contracts – Buy Australian dollar (“AUD”) 3 26,183 AUD January 2023 - January 2025 Fx contracts – Sell EUR 216 678,868 EUR January 2023 - June 2026 Fx contracts – Sell GBP 208 580,146 GBP January 2023 - April 2027 Fx contracts – Sell AUD 94 662,350 AUD January 2023 - January 2026 Fx contracts – Sell Swiss Franc (“CHF”) 61 24,455 CHF January 2023 - November 2025 Interest rate swaps – Paying fixed rates 43 3,514,360 USD April 2024 - January 2033 Interest rate swaps – Receiving fixed rates 2 970,000 USD March 2025 - January 2027 Interest rate caps 6 758,000 USD February 2023 - April 2025 Interest rate caps 1 61,000 GBP April 2024 Credit instruments 3 49,000 USD September 2058 - August 2061 Interest rate swap guarantees 2 149,126 USD June 2023 - June 2025 Total 652 The table below presents the fair value of our derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2022 and 2021 (amounts in thousands): Fair Value of Derivatives in an Asset Position (1) as of December 31, Fair Value of Derivatives in a Liability Position (2) as of December 31, 2022 2021 2022 2021 Interest rate contracts $ 10,756 $ 17,728 $ 69,776 $ 16 Interest rate swap guarantees — — — 260 Foreign exchange contracts 97,289 30,478 21,628 12,870 Credit instruments 576 10 — 275 Total derivatives $ 108,621 $ 48,216 $ 91,404 $ 13,421 ___________________________________________________ (1) Classified as derivative assets in our consolidated balance sheets. (2) Classified as derivative liabilities in our consolidated balance sheets. The table below presents the effect of our derivative financial instruments on the consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands): Derivatives Not Designated Location of Gain (Loss) Amount of Gain (Loss) Recognized in Income for the Year Ended December 31, 2022 2021 2020 Interest rate contracts Gain (loss) on derivative financial instruments $ 216,778 $ 41,033 $ (48,692) Interest rate swap guarantees Gain (loss) on derivative financial instruments 260 589 (235) Foreign exchange contracts Gain (loss) on derivative financial instruments 116,443 41,228 (32,561) Credit instruments Gain (loss) on derivative financial instruments 534 (487) (690) $ 334,015 $ 82,363 $ (82,178)

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	12 Months Ended
	Dec. 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 December 31, 2022 Derivative assets $ 108,621 $ — $ 108,621 $ 69,221 $ — $ 39,400 Derivative liabilities $ 91,404 $ — $ 91,404 $ 69,221 $ 22,183 $ — Repurchase agreements 10,799,120 — 10,799,120 10,799,120 — — $ 10,890,524 $ — $ 10,890,524 $ 10,868,341 $ 22,183 $ — 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	12 Months Ended
	Dec. 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 11, 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 December 31, 2022 and 2021 (amounts in thousands): December 31, 2022 December 31, 2021 Assets: Cash and cash equivalents $ 31,611 $ 15,297 Loans held-for-investment 4,365,791 3,073,572 Investment securities 36,466 11,426 Accrued interest receivable 20,088 8,936 Other assets 131 11,213 Total Assets $ 4,454,087 $ 3,120,444 Liabilities Accounts payable, accrued expenses and other liabilities $ 17,737 $ 3,335 Collateralized loan obligations and single asset securitization, net 3,676,224 2,616,116 Total Liabilities $ 3,693,961 $ 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 $1.8 billion, including its indirect investment in SPT Dolphin, and no significant liabilities as of December 31, 2022. As of December 31, 2022, Woodstar Feeder Fund, L.P. and its consolidated subsidiary which is also considered a VIE, Woodstar Feeder REIT, LLC, had a $0.5 billion investment in the Woodstar Fund, had no significant liabilities and had temporary equity of $0.4 billion consisting of the contingently redeemable non-controlling interests of the third party investors (see Note 18). We also hold a 51% controlling interest in a joint venture (the “CMBS JV”) within our Investing and Servicing Segment, which is considered a VIE because the third party interest holder does not carry kick-out rights or substantive participating rights. We are deemed the primary beneficiary of the CMBS JV. This VIE had total assets of $364.2 million and liabilities of $88.4 million as of December 31, 2022. Refer to Note 18 for further discussion. In addition to the above non-securitization entities, we have smaller VIEs with total assets of $76.7 million and liabilities of $35.2 million as of December 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 December 31, 2022, our maximum risk of loss related to securitization VIEs in which we were not the primary beneficiary was $19.1 million on a fair value basis. As of December 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 $4.6 billion. The corresponding assets are comprised primarily of commercial mortgage loans with unpaid principal balances corresponding to the amounts of the outstanding debt obligations. We also hold passive non-controlling interests in certain unconsolidated entities that are considered VIEs. We are not the primary beneficiaries of these VIEs as we do not possess the power to direct the activities of the VIEs that most significantly impact their economic performance and therefore report our interests, which totaled $2.4 million as of December 31, 2022, within investments in unconsolidated entities on our consolidated balance sheet. Our maximum risk of loss is limited to our carrying value of the investments.

Related-Party Transactions

Related-Party Transactions	12 Months Ended
	Dec. 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. Base Management Fee. The base management fee is 1.5% of our stockholders’ equity per annum and calculated and payable quarterly in arrears in cash. For purposes of calculating the management fee, our stockholders’ equity means: (a) the sum of (1) the net proceeds from all issuances of our equity securities since inception and equity securities of subsidiaries issued in exchange for properties (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance), plus (2) our retained earnings and income to non-controlling interests with respect to equity securities of subsidiaries issued in exchange for properties at the end of the most recently completed calendar quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods), less (b) any amount that we pay to repurchase our common stock since inception. It also excludes (1) any unrealized gains and losses and other non-cash items that have impacted stockholders’ equity as reported in our financial statements prepared in accordance with GAAP, and (2) one-time events pursuant to changes in GAAP, and certain non-cash items not otherwise described above, in each case after discussions between our Manager and our independent directors and approval by a majority of our independent directors. As a result, our stockholders’ equity, for purposes of calculating the management fee, could be greater or less than the amount of stockholders’ equity shown in our consolidated financial statements. For the years ended December 31, 2022, 2021 and 2020, approximately $86.7 million, $77.9 million and $76.6 million, respectively, was incurred for base management fees. In April 2020, our board of directors authorized the payment of our first quarter base management fee of $19.1 million in 1,422,143 shares of our common stock. As of December 31, 2022 and 2021, there were $21.8 million and $20.3 million, respectively, of unpaid base management fees included in related-party payable in our consolidated balance sheets. Incentive Fee. Our Manager is entitled to be paid the incentive fee described below with respect to each calendar quarter if (1) our Core Earnings (as defined below) for the previous 12-month period exceeds an 8% threshold, and (2) our Core Earnings for the 12 most recently completed calendar quarters is greater than zero. The incentive fee is an amount, not less than zero, equal to the difference between (1) the product of (x) 20% and (y) the difference between (i) our Core Earnings for the previous 12-month period, and (ii) the product of (A) the weighted average of the issue price per share of our common stock of all of our public offerings and including issue price per equity security of subsidiaries issued in exchange for properties multiplied by the weighted average number of all shares of common stock outstanding (including any RSUs, any RSAs and other shares of common stock underlying awards granted under our equity incentive plans) and equity securities of subsidiaries issued in exchange for properties in such previous 12-month period, and (B) 8%, and (2) the sum of any incentive fee paid to our Manager with respect to the first three calendar quarters of such previous 12-month period. One half of each quarterly installment of the incentive fee is payable in shares of our common stock so long as the ownership of such additional number of shares by our Manager would not violate the 9.8% stock ownership limit set forth in our charter, after giving effect to any waiver from such limit that our board of directors may grant in the future. The remainder of the incentive fee is payable in cash. The number of shares to be issued to our Manager is equal to the dollar amount of the portion of the quarterly installment of the incentive fee payable in shares divided by the average of the closing prices of our common stock on the New York Stock Exchange (“NYSE”) for the five trading days prior to the date on which such quarterly installment is paid. Core Earnings is defined as GAAP net income (loss) excluding non-cash equity compensation expense, the incentive fee, depreciation and amortization of real estate and associated intangibles, acquisition costs associated with successful acquisitions, any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period and, to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties. The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by our Manager and approved by a majority of our independent directors. For the years ended December 31, 2022, 2021 and 2020, approximately $49.6 million, $70.3 million and $30.8 million, respectively, was incurred for incentive fees. As of December 31, 2022 and 2021, there were $14.5 million and $51.2 million of unpaid incentive fees included in related-party payable in our consolidated balance sheets. Expense Reimbursement. We are required to reimburse our Manager for operating expenses incurred by our Manager on our behalf. In addition, pursuant to the terms of the Management Agreement, we are required to reimburse our Manager for the cost of legal, tax, consulting, accounting and other similar services rendered for us by our Manager’s personnel provided that such costs are no greater than those that would be payable if the services were provided by an independent third party. The expense reimbursement is not subject to any dollar limitations but is subject to review by our independent directors. For the years ended December 31, 2022, 2021 and 2020, approximately $8.6 million, $7.1 million and $8.5 million, respectively, was incurred for executive compensation and other reimbursable expenses and recognized within general and administrative expenses in our consolidated statements of operations. As of both December 31, 2022 and 2021, there was $4.9 million of unpaid reimbursable executive compensation and other expenses included in related-party payable in our consolidated balance sheets. Equity Awards. In certain instances, we issue RSAs to certain employees of affiliates of our Manager who perform services for us. During the years ended December 31, 2022, 2021 and 2020, we granted 200,972, 1,013,232 and 341,635 RSAs, respectively, at grant date fair values of $4.8 million, $20.3 million and $3.9 million, respectively. Expenses related to the vesting of awards to employees of affiliates of our Manager were $8.9 million, $9.7 million and $3.4 million during the years ended December 31, 2022, 2021 and 2020, respectively, and are reflected in general and administrative expenses in our consolidated statements of operations. These shares generally vest over a three-year period. Compensation expense related to the ESPP (refer to Note 18) for employees of affiliates of our Manager was not material during the year ended December 31, 2022, and is reflected in general and administrative expenses in our consolidated statement of operations. Termination Fee. We can terminate the Management Agreement without cause, as defined in the Management Agreement, with an affirmative two-thirds vote by our independent directors and 180 days written notice to our Manager. Upon termination without cause, our Manager is due a termination fee equal to three times the sum of the average annual base management fee and incentive fee earned by our Manager over the preceding eight calendar quarters. No termination fee is payable if our Manager is terminated for cause, as defined in the Management Agreement, which can be done at any time with 30 days written notice from our board of directors. Manager Equity Plan In April 2022, the Company’s shareholders approved the Starwood Property Trust, Inc. 2022 Manager Equity Plan (the “2022 Manager Equity Plan”) which replaces the Starwood Property Trust, Inc. 2017 Manager Equity Plan (the “2017 Manager Equity Plan”). In November 2022, we granted 1,500,000 RSUs to our Manager under the 2022 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 $18.7 million, $19.4 million and $18.0 million within management fees in our consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020, respectively. Refer to Note 18 for further discussion. Investments in Loans and Securities During the years ended December 31, 2022, 2021 and 2020, the Company acquired $1.1 billion, $1.2 billion and $244.4 million, respectively, of loans from a residential mortgage originator in which it holds an equity interest. Subsequent to year end, we entered into a stock transfer, termination and release agreement in which we sold the entirety of our equity interest to a third party. Refer to Note 9 for further discussion. During the years ended December 31, 2022 and 2021, the Company received proceeds of $4.4 million and $3.5 million, respectively, from the sale of loans to the residential mortgage originator (none during the year ended December 31, 2020). 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 $135.0 million was outstanding as of December 31, 2022. The loan bears interest at SOFR + 6.50% plus fees and has 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. That loan bore interest at a fixed rate of 10.5% plus fees and had a term of 36 months with two one-year extension options. It was preceded by a $3.5 million bridge loan we originated in January 2020 that was repaid in February 2020. Certain members of our executive team and board of directors own equity interests in the borrower. In July 2021, a €55.0 million loan participation acquired in March 2018 from SEREF, which was secured by a luxury resort in Estepona, Spain, was paid in full. In August 2020, the Company received a $245.0 million partial repayment on a $339.2 million first mortgage and mezzanine loan that was originated in August 2017 related to an office campus located in Irvine, California. An affiliate of our Manager has a non-controlling equity interest in the borrower. During the year ended December 31, 2022, we amended the loan agreement to extend the loan beyond the final extended maturity of September 2022 to September 2023. As of December 31, 2022, the outstanding balance of this loan was $29.4 million. In February 2019, the Company acquired a $60.0 million participation in a $925.0 million first priority infrastructure term loan. In April 2019 and July 2019, the Company acquired participations of $5.0 million and $16.0 million, respectively, in a $350.0 million upsize to the term loan. The loan is secured by four domestic natural gas power plants. An affiliate of our Manager, Starwood Energy Group (which became Lotus Infrastructure Partners effective January 1, 2023), is the borrower under the term loan. As of December 31, 2022, the outstanding participation balance in this term loan was $62.0 million. In March 2019, the Company originated a $22.5 million loan to refinance the debt of a commercial real estate partnership in which we hold a 50% equity interest. As of December 31, 2022, the outstanding balance of this loan was $22.3 million and was held by one of our consolidated securitization VIEs. In January 2018, the Company acquired a $130.0 million first mortgage participation from an unaffiliated third party. The loan is secured by three U.S. power plants that each have long-term power purchase agreements with investment grade counterparties. The borrower is an affiliate of our Manager. In March 2022, the loan was paid off in full. In December 2012, the Company acquired 9,140,000 ordinary shares in SEREF, a debt fund that is externally managed by an affiliate of our Manager and is listed on the London Stock Exchange, for approximately $14.7 million, which equated to approximately 4% ownership of SEREF. As of December 31, 2022, our shares represent an approximate 2% interest in SEREF. Refer to Note 6 for additional details. The Company co-originates, along with certain investment funds affiliated with our Manager, various foreign currency denominated loans to third party borrowers in which each lender holds a separate portion of the loan. The loans are independently underwritten and legally separate, and the transaction is directly between the Company and the third party borrower. As a result, we do not consider these to be related party transactions. Investments in Unconsolidated Entities In April 2013, in connection with our acquisition of LNR, we acquired 50% of a joint venture which owns equity in an online real estate company. An affiliate of our Manager, Starwood Distressed Opportunity Fund IX owns the remaining 50% of the venture. Lease Arrangements In March 2020, we entered into an office lease agreement with an entity which is controlled by our Chairman and CEO through majority equity ownership of the entity. The leased premises serve as our new Miami Beach office following the expiration of our former lease in Miami Beach. The lease, as amended in September 2022, is for 64,424 square feet of office space, commenced July 1, 2022 and has an initial term of 15 years from the monthly lease payment commencement date of November 1, 2022. 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 and subsequent amendment were approved by our independent directors. In April 2020 we provided a $1.9 million cash security deposit to the landlord. During the year ended December 31, 2022, we made payments to the landlord under the terms of the lease of $4.4 million for reimbursements relating to tenant improvements and $1.1 million for rent, parking and our pro rata share of building operating expenses. During the year ended December 31, 2022, we recognized $2.7 million of expenses with respect to this lease within general and administrative expenses in our consolidated statement of operations. Upon the July 1, 2022 commencement of the lease, we recorded a $29.8 million right-of-use asset and corresponding lease liability within “Other assets” and “Accounts payable, accrued expenses and other liabilities,” respectively, on our consolidated balance sheet representing the present value of the minimum required lease payments over the term of the lease. In December 2021, we entered into a sublease with SH Group Hotels & Residences U.S., L.L.C. (“SH Group”), an affiliate of our Manager, for office space in Los Angeles, California. The sublease commenced December 20, 2021. The sublease was for approximately 5,500 square feet of office space, had an initial term of 4.5 years, and required monthly lease payments based on an annual base rate of $59.16 per square foot that increased by 3% annually in April, which is equal to that specified in the original lease between the affiliate and the third party landlord. In November 2022, the sublease was terminated and the original lease was assigned to us by SH Group with the landlord's consent. Acquisitions from Consolidated CMBS Trusts Our Investing and Servicing Segment acquires interests in properties for its REIS Equity Portfolio and also loans from CMBS trusts, some of which are consolidated as VIEs on our balance sheet. Acquisitions from consolidated VIEs are reflected as repayment of debt of consolidated VIEs in our consolidated statements of cash flows. During the year ended December 31, 2021, we acquired a $9.2 million nonperforming loan on a hospitality asset in New York from a consolidated CMBS trust for a total gross purchase price of $10.1 million, including accrued interest. There were no assets acquired from consolidated CMBS trusts during the years ended December 31, 2022 and 2020. Acquisitions from Consolidated RMBS Trusts When our Commercial and Residential Lending Segment exercises an optional redemption right in a securitization VIE, it unwinds the securitization structure and acquires the underlying loans from the VIE. Acquisitions of loans from consolidated VIEs are reflected as repayment of debt of consolidated VIEs in our consolidated statements of cash flows. During the years ended December 31, 2021 and 2020, we acquired $524.5 million and $176.6 million, respectively, of residential loans from consolidated RMBS trusts at their par amounts. No loans were acquired from consolidated RMBS trusts during the year ended December 31, 2022. Refer to Note 13 for further discussion of these acquisitions. Other Related-Party Arrangements During the year ended December 31, 2016, we established a co-investment fund which provides key personnel with the opportunity to invest in certain properties included in our REIS Equity Portfolio. These personnel include certain of our employees as well as employees of affiliates of our Manager (collectively, “Fund Participants”). The fund carries an aggregate commitment of $15.0 million and owns a 10% equity interest in certain REIS Equity Portfolio properties acquired subsequent to January 1, 2015. As of December 31, 2022, Fund Participants have funded $4.9 million of the capital commitment, and it is our current expectation that there will be no additional funding of the commitment. The capital contributed by Fund Participants is reflected on our consolidated balance sheets as non-controlling interests in consolidated subsidiaries. In an effort to retain key personnel, the fund provides for disproportionate distributions which allows Fund Participants to earn an incremental 60% on all operating cash flows attributable to their capital account, net of a 5% preferred return to us as general partner of the fund. Amounts earned by Fund Participants pursuant to this waterfall are reflected within net income attributable to non-controlling interests in our consolidated statements of operations. During the years ended December 31, 2022, 2021 and 2020, the non-controlling interests related to this fund received cash distributions of $1.9 million, $0.2 million and $1.8 million, respectively. Highmark Residential (“Highmark”), an affiliate of our Manager, provides property management services for properties within our Woodstar I and Woodstar II Portfolios. Fees paid to Highmark are calculated as a percentage of gross receipts and are at market terms. During the years ended December 31, 2022, 2021 and 2020, property management fees to Highmark of $5.6 million, $4.2 million and $2.1 million, respectively, were recognized within our Woodstar Portfolios.

Stockholders' Equity and Non-Co

Stockholders' Equity and Non-Controlling Interests	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity and Non-Controlling Interests	Stockholders’ Equity and Non-Controlling Interests The Company’s authorized capital stock consists of 100,000,000 shares of preferred stock, $0.01 par value per share, and 500,000,000 shares of common stock, $0.01 par value per share. ATM Agreement In May 2022, we entered into a Starwood Property Trust, Inc. Common Stock Sales Agreement (the “ATM Agreement”) with a syndicate of financial institutions to sell shares of the Company’s common stock of up to $500.0 million from time to time, through an “at the market” equity offering program. Sales of shares under the ATM Agreement are made by means of ordinary brokers’ transactions on the NYSE or otherwise at market prices prevailing at the time of sale or at negotiated prices. The ATM Agreement replaces a similar agreement previously entered into in May 2014 with Merrill Lynch, Pierce, Fenner and Smith Incorporated. During the year ended December 31, 2022, we issued 2,168,710 shares of common stock under our ATM Agreement for gross proceeds of $49.3 million at an average share price of $22.72 and paid related commission costs of $1.0 million. During the years ended December 31, 2021 and 2020, there were no shares issued under our previous ATM agreement. Dividend Reinvestment and Direct Stock Purchase Plan In May 2014, we established the Starwood Property Trust, Inc. Dividend Reinvestment and Direct Stock Purchase Plan (the “DRIP Plan”), which provides stockholders with a means of purchasing additional shares of our common stock by reinvesting the cash dividends paid on our common stock and by making additional optional cash purchases. Shares of our common stock purchased under the DRIP Plan will either be issued directly by the Company or purchased in the open market by the plan administrator. The Company may issue up to 11.0 million shares of common stock under the DRIP Plan. During the years ended December 31, 2022, 2021 and 2020, shares issued under the DRIP Plan were not material. Employee Stock Purchase Plan 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 discounted purchase price of a share of the Company's common stock is 85% of the fair market value (closing market price) 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. During the year ended December 31, 2022, 67,965 shares of common stock were purchased by participants at a weighted average discounted purchase price of $17.36 per share. As of December 31, 2022, there were 1.9 million shares of common stock available for future issuance through the ESPP. Other Share Issuances and Repurchases In December 2021, we issued 16.0 million shares of common stock in a public offering at a price of $24.57 per share, receiving proceeds of $393.1 million. During the year ended December 31, 2020, we repurchased 2,268,551 shares of common stock for $33.8 million under a previous common stock and Convertible Note repurchase program authorized by our board of directors, which expired in February 2021. Dividends Our board of directors declared the following dividends during the years ended December 31, 2022, 2021 and 2020: Declaration Date Record Date Ex-Dividend Date Payment Date Amount Frequency 12/9/22 12/30/22 12/29/22 1/13/23 $ 0.48 Quarterly 9/16/22 9/30/22 9/29/22 10/14/22 0.48 Quarterly 6/15/22 6/30/22 6/29/22 7/15/22 0.48 Quarterly 3/14/22 3/31/22 3/30/22 4/15/22 0.48 Quarterly 12/15/21 12/31/21 12/30/21 1/14/22 0.48 Quarterly 9/15/21 9/30/21 9/29/21 10/15/21 0.48 Quarterly 6/14/21 6/30/21 6/29/21 7/15/21 0.48 Quarterly 3/11/21 3/31/21 3/30/21 4/15/21 0.48 Quarterly 12/9/20 12/31/20 12/30/20 1/15/21 0.48 Quarterly 9/16/20 9/30/20 9/29/20 10/15/20 0.48 Quarterly 6/16/20 6/30/20 6/29/20 7/15/20 0.48 Quarterly 2/25/20 3/31/20 3/30/20 4/15/20 0.48 Quarterly Equity Incentive Plans In April 2022, the Company’s shareholders approved the 2022 Manager Equity Plan and the Starwood Property Trust, Inc. 2022 Equity Plan (the “2022 Equity Plan”), 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, consultants or any other party providing services to the Company. The 2022 Manager Equity Plan succeeds and replaces the 2017 Manager Equity Plan and the 2022 Equity Plan succeeds and replaces the Starwood Property Trust, Inc. 2017 Equity Plan (the “2017 Equity Plan”). As of December 31, 2022, 17,227,316 share awards were available to be issued under either the 2022 Manager Equity Plan or the 2022 Equity Plan, determined on a combined basis. To date, we have only granted RSAs and RSUs under the equity incentive plans. The holders of awards of RSAs or RSUs are entitled to receive dividends or “distribution equivalents” beginning on either the award’s effective date or vest date, depending on the terms of the award. The table below summarizes our share awards granted or vested under the 2017 and 2022 Manager Equity Plans during the years ended December 31, 2022, 2021 and 2020 (dollar amounts in thousands): Grant Date Type Amount Granted Grant Date Fair Value Vesting Period November 2022 RSU 1,500,000 $ 31,605 3 years November 2020 RSU 1,800,000 30,078 3 years September 2019 RSU 1,200,000 29,484 (1) April 2018 RSU 775,000 16,329 3 years March 2017 RSU 1,000,000 22,240 3 years ______________________________________________________________________________________________________________________ (1) Of the amount granted, 218,898 vested immediately on the grant date and the remaining amount vests over a three-year period. During the years ended December 31, 2022, 2021 and 2020, we granted 829,805, 1,708,935, and 1,014,753 RSAs, respectively, under the 2017 and 2022 Equity Plans to a select group of eligible participants which includes our employees, directors and employees of our Manager who perform services for us. The awards were granted based on the market price of the Company’s common stock on the respective grant date and generally vest over a three-year period. Expenses related to the vesting of these awards are reflected in general and administrative expenses in our consolidated statements of operations. The following shares of common stock were issued, without restriction, to our Manager as part of the incentive and base management compensation due under the Management Agreement during the years ended December 31, 2022, 2021 and 2020: Timing of Issuance Shares of Common Stock Issued Price per share November 2022 21,390 $ 20.92 August 2022 108,374 23.94 May 2022 647,128 22.69 February 2022 1,068,828 23.78 November 2021 18,649 26.08 August 2021 97,151 25.79 May 2021 267,378 24.54 February 2021 332,002 22.55 May 2020 2,065,322 (1) February 2020 355,910 25.51 __________________________________________ (1) 1,422,143 shares of common stock were issued with a share price of $13.42 relating to the first quarter base management fee. 643,179 shares of common stock were issued with a share price of $12.25 relating to the first quarter incentive fee. The following table summarizes our share-based compensation expenses during the years ended December 31, 2022, 2021 and 2020 (in thousands): For the Year Ended December 31, 2022 2021 2020 Management fees: Manager incentive fee $ 24,903 $ 35,135 $ 15,405 Base management fee — — 19,088 Manager Equity Plans (1) 18,693 19,448 17,987 43,596 54,583 52,480 General and administrative: Equity Plans (1) 21,219 19,838 13,254 ESPP 273 — — 21,492 19,838 13,254 Total share-based compensation expense (2) $ 65,089 $ 74,421 $ 65,734 __________________________________________ (1) Share-based compensation expense relating to the 2017 and 2022 Manager Equity Plans is reflected within the Manager Equity Plans line. Share-based compensation expense relating to the 2017 and 2022 Equity Plans is reflected within the Equity Plans line. (2) The income tax benefit associated with the share-based compensation expense for the years ended December 31, 2022, 2021 and 2020 was immaterial. Schedule of Non-Vested Shares and Share Equivalents (1) Equity Plan Manager Total Weighted Average Balance as of January 1, 2022 2,406,730 1,295,277 3,702,007 $ 18.90 Granted 829,805 1,500,000 2,329,805 21.95 Vested (646,771) (970,277) (1,617,048) 18.57 Forfeited (75,917) — (75,917) 19.42 Balance as of December 31, 2022 2,513,847 1,825,000 4,338,847 20.65 __________________________________________ (1) Equity-based award activity for awards granted under the 2017 and 2022 Equity Plans is reflected within the Equity Plan column, and for awards granted under the 2017 and 2022 Manager Equity Plans, within the Manager Equity Plan column. The weighted average grant date fair value per share of grants during the years ended December 31, 2022, 2021 and 2020 was $21.95, $22.14 and $14.64, respectively. Vesting Schedule Equity Manager Plan Equity Plan Total 2023 665,290 950,000 1,615,290 2024 1,481,187 500,000 1,981,187 2025 367,370 375,000 742,370 Total 2,513,847 1,825,000 4,338,847 As of December 31, 2022, there was approximately $63.3 million of total unrecognized compensation costs related to unvested share-based compensation arrangements which are expected to be recognized over a weighted average period of 2.0 years. The total fair value of shares vested during the years ended December 31, 2022, 2021 and 2020 were $30.0 million, $32.4 million and $35.7 million, respectively, as of the respective vesting dates. Non-Controlling Interests in Consolidated Subsidiaries As discussed in Note 2, on November 5, 2021 we sold a 20.6% non-controlling interest in the Woodstar Fund to third party investors for net cash proceeds of $214.2 million. Under the Woodstar Fund operating agreement, such interests are contingently redeemable by us, at the option of the interest holder, for cash at liquidation fair value if any assets remain upon termination of the Woodstar Fund. The Woodstar Fund operating agreement specifies an eight-year term with two one-year extension options, the first at our option and the second subject to consent of an advisory committee representing the non-controlling interest holders. Accordingly, these contingently redeemable non-controlling interests have been classified as “Temporary Equity” in our consolidated balance sheets and represent the fair value of the Woodstar Fund’s net assets allocable to those interests. During the year ended December 31, 2022, net income attributable to these non-controlling interests was $153.8 million. During the period from November 5, 2021 through December 31, 2021, net income attributable to these non-controlling interests was $0.7 million. In connection with our Woodstar II Portfolio acquisitions, we issued 10.2 million Class A Units in our subsidiary, SPT Dolphin, and rights to receive an additional 1.9 million Class A Units if certain contingent events occur. As of December 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. During the year ended December 31, 2020, redemptions of 0.5 million of the Class A Units were received, of which 0.4 million were settled in common stock and 0.1 million were settled for $1.3 million in cash. During the year ended December 31, 2021, redemptions of 0.9 million of the Class A Units were received and settled in common stock. During the year ended December 31, 2022, no redemptions of the Class A Units were received, leaving 9.8 million Class A Units outstanding as of December 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 December 31, 2022 and 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 consolidated statements of operations. During the years ended December 31, 2022, 2021 and 2020, we recognized net income attributable to non-controlling interests of $18.8 million, $19.4 million and $20.4 million, respectively, associated with these Class A Units.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 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 Year Ended December 31, 2022 2021 2020 Basic Earnings Income attributable to STWD common stockholders $ 871,475 $ 447,739 $ 331,689 Less: Income attributable to participating shares not already deducted as non-controlling interests (17,113) (6,808) (5,216) Basic earnings $ 854,362 $ 440,931 $ 326,473 Diluted Earnings Income attributable to STWD common stockholders $ 871,475 $ 447,739 $ 331,689 Less: Income attributable to participating shares not already deducted as non-controlling interests (17,113) (6,808) (5,216) Add: Interest expense on Convertible Notes 11,632 11,619 * Add: Undistributed earnings to participating shares 11,229 — — Less: Undistributed earnings reallocated to participating shares (10,880) — — Diluted earnings $ 866,343 $ 452,550 $ 326,473 Number of Shares: Basic — Average shares outstanding 305,524 285,942 281,978 Effect of dilutive securities — Convertible Notes 9,649 9,649 * Effect of dilutive securities — Contingently issuable shares 386 1,037 383 Effect of dilutive securities — Unvested non-participating shares 169 198 122 Diluted — Average shares outstanding 315,728 296,826 282,483 Earnings Per Share Attributable to STWD Common Stockholders: Basic $ 2.80 $ 1.54 $ 1.16 Diluted $ 2.74 $ 1.52 $ 1.16 ______________________________________________________________________________________________________________________ * Our Convertible Notes were not dilutive for the year ended December 31, 2020. As of December 31, 2022, 2021 and 2020, participating shares of 13.7 million, 13.0 million and 14.4 million, respectively, were excluded from the computation of diluted shares as their effect was already considered under the more dilutive two-class method used above. Such participating shares at December 31, 2022, 2021 and 2020 included 9.8 million, 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 18.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 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 Balance at January 1, 2020 $ 50,996 $ (64) $ 50,932 OCI before reclassifications (6,939) — (6,939) Amounts reclassified from AOCI — — — Net period OCI (6,939) — (6,939) Balance at December 31, 2020 44,057 (64) 43,993 OCI before reclassifications (3,101) — (3,101) Amounts reclassified from AOCI (3) 64 61 Net period OCI (3,104) 64 (3,040) Balance at December 31, 2021 40,953 — 40,953 OCI before reclassifications (19,998) — (19,998) Amounts reclassified from AOCI — — — Net period OCI (19,998) — (19,998) Balance at December 31, 2022 $ 20,955 $ — $ 20,955 The reclassifications out of AOCI impacted the consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020 as follows (amounts in thousands): Amounts Reclassified from AOCI during the Year Affected Line Item Ended December 31, in the Statements Details about AOCI Components 2022 2021 2020 of Operations Unrealized gains on available-for-sale securities: Interest realized upon collection $ — $ 3 $ — Interest income from investment securities Foreign currency translation: Foreign currency adjustment — (64) — Gain on sale of investments and other assets, net Total reclassifications for the period $ — $ (61) $ —

Fair Value

Fair Value	12 Months Ended
	Dec. 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. The fair value of the Woodstar Fund’s investments as of December 31, 2022 was determined by reference to an external appraisal as of that date. For the properties, the third party appraisals applied the income capitalization approach with corroborative support from the sales comparison approach. The cost approach is not employed, as it is typically not emphasized by potential investors in the multifamily affordable housing sector. The income capitalization approach estimates an income stream for a property over a 10-year period and discounts this income plus a reversion (presumed sale) into a present value at a risk adjusted discount rate. Terminal capitalization rates and discount rates utilized in this approach are derived from market transactions as well as other financial and industry data. For secured financing, the third party appraisals discounted the contractual cash flows at the interest rate at which such arrangements would bear if executed in the current market. The fair value of investment level working capital is assumed to approximate carrying value due to its primarily short-term monetary nature. The fair value of interest rate derivatives is determined using the methodology described in the Derivatives discussion below. Given the significance of the unobservable inputs used in the respective valuations, the Woodstar Fund’s investments have been classified within Level III of the fair value hierarchy. Domestic servicing rights The fair value of this intangible is determined using discounted cash flow modeling techniques which require management to make estimates regarding future net servicing cash flows, including forecasted loan defeasance, control migration, delinquency and anticipated maturity defaults which are calculated assuming a debt yield at which default occurs. Since the most significant of these inputs are unobservable, we have determined that the fair values of this intangible in its entirety should be classified in Level III of the fair value hierarchy. Derivatives The valuation of derivative contracts are determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market based inputs, including interest rate curves, spot and market forward points and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. We incorporate credit valuation adjustments to appropriately reflect both our own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of non-performance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. The valuation of over the counter derivatives are determined using discounted cash flows based on Overnight Index Swap (“OIS”) rates. Fully collateralized trades are discounted using OIS with no additional economic adjustments to arrive at fair value. Uncollateralized or partially collateralized trades are also discounted at OIS, but include appropriate economic adjustments for funding costs (i.e., a LIBOR OIS basis adjustment to approximate uncollateralized cost of funds) and credit risk. For credit instruments, fair value is determined based on changes in the relevant indices from the date of initiation of the instrument to the reporting date, as these changes determine the amount of any future cash settlement between us and the counterparty. These indices are considered Level II inputs as they are directly observable. Although we have determined that the majority of the inputs used to value our derivatives fall within Level II of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level III inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of December 31, 2022 and 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 We estimate the fair values of our loans not carried at fair value on a recurring basis by discounting their expected cash flows at a rate we estimate would be demanded by the market participants that are most likely to buy our loans. The expected cash flows used are generally the same as those used to calculate our level yield income in the financial statements. Since these inputs are unobservable, we have determined that the fair value of these loans in their entirety would be classified in Level III of the fair value hierarchy. HTM debt securities We estimate the fair value of our mandatorily redeemable preferred equity interests in commercial real estate companies and infrastructure bonds using the same methodology described for our loans held-for-investment. We estimate the fair value of our HTM CMBS using the same methodology described for our CMBS carried at fair value on a recurring basis. Secured financing agreements, CLOs and SASB The fair value of the secured financing agreements, CLOs and SASB are determined by discounting the contractual cash flows at the interest rate we estimate such arrangements would bear if executed in the current market. We have determined that our valuation of these instruments should be classified in Level III of the fair value hierarchy. Unsecured senior notes The fair value of our unsecured senior notes is determined based on the last available bid price for the respective notes in the current market. As these prices represent observable market data, we have determined that the fair value of these instruments would be classified in Level II of the fair value hierarchy. Fair Value Disclosures The following tables present our financial assets and liabilities carried at fair value on a recurring basis in the consolidated balance sheets by their level in the fair value hierarchy as of December 31, 2022 and 2021 (amounts in thousands): December 31, 2022 Total Level I Level II Level III Financial Assets: Loans under fair value option $ 2,784,594 $ — $ — $ 2,784,594 RMBS 113,386 — — 113,386 CMBS 19,108 — — 19,108 Equity security 9,840 9,840 — — Woodstar Fund investments 1,761,002 — — 1,761,002 Domestic servicing rights 17,790 — — 17,790 Derivative assets 108,621 — 108,621 — VIE assets 52,453,041 — — 52,453,041 Total $ 57,267,382 $ 9,840 $ 108,621 $ 57,148,921 Financial Liabilities: Derivative liabilities $ 91,404 $ — $ 91,404 $ — VIE liabilities 50,754,355 — 45,248,412 5,505,943 Total $ 50,845,759 $ — $ 45,339,816 $ 5,505,943 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 years ended December 31, 2022 and 2021 (amounts in thousands): 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 69,050 — (894) 402 3,578 (6,830,193) 1,066,130 (5,691,927) Net accretion — 10,457 — — — — — 10,457 Included in OCI — (3,104) — — — — — (3,104) Purchases / Originations 5,351,019 — — — — — — 5,351,019 Sales (3,831,712) — — — — — — (3,831,712) Issuances — — — — — — (38,715) (38,715) Cash repayments / receipts (207,043) (30,722) (2,003) — — — (5,728) (245,496) Transfers into Level III 7,241 — — 1,039,907 — — (3,058,607) (2,011,459) Transfers out of Level III — — — — — — 1,152,827 1,152,827 Transfers within Level III 524,491 — (524,491) — Consolidation of VIEs — — — — — 5,332,754 (1,911,702) 3,421,052 Deconsolidation of VIEs — — 5,684 — — (935,855) 35,450 (894,721) December 31, 2021 balance 2,936,025 143,980 22,244 1,040,309 16,780 61,280,543 (4,780,221) 60,659,660 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale (346,222) — (1,674) 720,693 1,010 (12,458,814) 1,940,362 (10,144,645) Net accretion — 8,491 — — — — — 8,491 Included in OCI — (19,998) — — — — — (19,998) Purchases / Originations 4,634,722 — — — — — — 4,634,722 Sales (3,678,671) — — — — — — (3,678,671) Issuances — — — — — — — — Cash repayments / receipts (200,728) (19,087) (1,992) — — — (18,870) (240,677) Transfers into Level III (86,201) — — — — — (1,506,438) (1,592,639) Transfers out of Level III (474,331) — — — — — 668,365 194,034 Transfers within Level III — — — — — — — — Consolidation of VIEs — — — — — 4,361,325 (1,810,101) 2,551,224 Deconsolidation of VIEs — — 530 — — (730,013) 960 (728,523) December 31, 2022 balance $ 2,784,594 $ 113,386 $ 19,108 $ 1,761,002 $ 17,790 $ 52,453,041 $ (5,505,943) $ 51,642,978 Amount of unrealized gains (losses) attributable to assets still held at December 31, 2022: Included in earnings $ (368,368) $ 8,157 $ (1,148) $ 720,693 $ 1,010 $ (12,458,814) $ 1,940,362 $ (10,158,108) Included in OCI — (19,592) — — — — — (19,592) Amount of unrealized gains (losses) attributable to assets still held at December 31, 2021: Included in earnings $ (8,036) $ 10,412 $ 306 $ 402 $ 3,578 $ (6,830,193) $ 1,066,130 $ (5,757,401) Included in OCI — (3,066) — — — — — (3,066) Amounts were transferred from Level II to Level III due to a decrease in the observable relevant market activity and amounts were transferred from Level III to Level II due to an increase in the observable relevant market activity. The following table presents the fair values of our financial instruments not carried at fair value on the consolidated balance sheets (amounts in thousands): December 31, 2022 December 31, 2021 Carrying Fair Carrying Fair Financial assets not carried at fair value: Loans $ 18,401,439 $ 18,215,072 $ 15,477,624 $ 15,526,235 HTM debt securities 673,470 637,275 683,136 656,864 Financial liabilities not carried at fair value: Secured financing agreements, CLOs and SASB $ 18,177,756 $ 18,017,651 $ 15,192,966 $ 15,266,440 Unsecured senior notes 2,329,211 2,199,135 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 December 31, 2022 Valuation Unobservable Range (Weighted Average) as of (1) December 31, 2022 December 31, 2021 Loans under fair value option $ 2,784,594 Discounted cash flow, market pricing Coupon (d) 2.8% - 9.3% (4.5%) 2.6% - 9.2% (4.2%) Remaining contractual term (d) 5.3 - 39.5 years (28.6 years) 6.3 - 39.9 years (27.4 years) FICO score (a) 585 - 900 (749) 582 - 829 (748) LTV (b) 4% - 92% (67%) 1% - 94% (66%) Purchase price (d) 80.0% - 108.6% (101.4%) 80.0% - 108.6% (102.3%) RMBS 113,386 Discounted cash flow Constant prepayment rate (a) 2.8% - 12.0% (5.5%) 4.8% - 19.2% (9.9%) Constant default rate (b) 1.1% - 4.4% (2.0%) 0.8% - 6.0% (2.1%) Loss severity (b) 0% - 109% (24%) (f) 0% - 86% (26%) (f) Delinquency rate (c) 6% - 29% (16%) 10.4% - 35% (19%) Servicer advances (a) 31% - 77.7% (53%) 19% - 83% (52%) Annual coupon deterioration (b) 0% - 2.6% (0.1%) 0% - 1.7% (0.1%) Putback amount per projected total collateral loss (e) 0% - 8% (0.5%) 0% - 8% (0.5%) CMBS 19,108 Discounted cash flow Yield (b) 0% - 117.5% (10.1%) 0% - 613.6% (9.3%) Duration (c) 0 - 7.7 years (3.0 years) 0 - 7.2 years (5.2 years) Woodstar Fund investments 1,761,002 Discounted cash flow Discount rate - properties (b) 6.3% - 6.8% (6.5%) 5.8% - 6.3% (6.0%) Discount rate - debt (a) 5.6% - 6.7% (6.1%) 2.6% - 3.3% (2.9%) Terminal capitalization rate (b) 5.0% - 5.5% (5.1%) 4.8% - 5.3% (4.9%) Implied capitalization rate (b) 4.2% (4.2%) 4.1% - 4.2% (4.2%) Domestic servicing rights 17,790 Discounted cash flow Debt yield (a) 8.25% (8.25%) 7.30% (7.30%) Discount rate (b) 15% (15%) 15% (15%) VIE assets 52,453,041 Discounted cash flow Yield (b) 0% - 453.6% (15.3%) 0% - 615.3% (13.0%) Duration (c) 0 - 11.0 years (2.4 years) 0 - 11.0 years (3.2 years) VIE liabilities 5,505,943 Discounted cash flow Yield (b) 0% - 453.6% (10.4%) 0% - 615.3% (6.4%) Duration (c) 0 - 11.0 years (1.8 years) 0 - 11.0 years (2.3 years) ______________________________________________________________________________________________________________________ (1) Unobservable inputs were weighted by the relative carrying value of the instruments as of December 31, 2022 and 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) 10% and 18% of the portfolio falls within a range of 45% - 80% as of December 31, 2022 and 2021, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 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 December 31, 2022 and 2021, approximately $3.2 billion of assets were owned by TRS entities. Our TRSs are not consolidated for U.S. federal income tax purposes, but are instead taxed as corporations. For financial reporting purposes, a provision for current and deferred taxes is established for the portion of earnings recognized by us with respect to our interest in TRSs. Our income tax (benefit) provision consisted of the following for the years ended December 31, 2022, 2021 and 2020 (in thousands): For the Year Ended December 31, 2022 2021 2020 Current Federal $ 1,446 $ 142 $ 5,690 State 705 (80) 3,201 Foreign — (392) 195 Total current 2,151 (330) 9,086 Deferred Federal (47,128) 6,893 8,213 State (16,546) 2,106 2,898 Total deferred (63,674) 8,999 11,111 Total income tax (benefit) provision $ (61,523) $ 8,669 $ 20,197 Deferred income taxes in our U.S. tax jurisdiction reflect the net tax effects of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table presents the tax effects of temporary differences on net deferred tax assets/(liabilities) which are classified in our consolidated balance sheets within other assets or accounts payable, accrued expenses and other liabilities, respectively, at December 31, 2022 and December 31, 2021 (in thousands): December 31, 2022 2021 Deferred tax assets/(liabilities), net Reserves and accruals $ 3,314 $ 3,155 Domestic intangible assets (15,946) (9,652) Investments in unconsolidated entities 782 (1,515) Net operating loss and other carryforwards 69,294 1,908 Other U.S. temporary differences 140 14 Net deferred tax assets/(liabilities) $ 57,584 $ (6,090) Unrecognized tax benefits were not material as of and during the years ended December 31, 2022 and 2021. The Company’s tax returns are no longer subject to audit for years ended prior to January 1, 2019. There was no pre-tax income from foreign operations during the years ended December 31, 2022, 2021 and 2020. The following table is a reconciliation of our U.S. federal income tax provision determined using our statutory federal tax rate to our reported income tax (benefit) provision for the years ended December 31, 2022, 2021 and 2020 (dollars in thousands): For the Year Ended December 31, 2022 2021 2020 Federal statutory tax rate $ 209,483 21.0 % $ 105,230 21.0 % $ 81,118 21.0 % REIT and other non-taxable income (256,105) (25.7) % (92,121) (18.4) % (58,265) (15.1) % State income taxes (15,319) (1.5) % 4,307 0.9 % 7,509 1.9 % Federal benefit of state tax deduction 3,217 0.3 % (905) (0.2) % (1,577) (0.4) % Net operating loss carryback rate differential — — % — — % (3,387) (0.9) % Intra-entity transfers (4,327) (0.4) % (6,635) (1.3) % (5,385) (1.4) % Other 1,528 0.1 % (1,207) (0.3) % 184 0.1 % Effective tax rate $ (61,523) (6.2) % $ 8,669 1.7 % $ 20,197 5.2 % There were no valuation allowances for deferred tax assets during the years ended December 31, 2022, 2021 and 2020. As of December 31, 2022, our federal net operating loss (“NOL”) carryforwards for income tax purposes were $261.1 million, of which $207.6 million can also be carried forward for state tax purposes. The federal net operating loss carryforwards do not expire. If not utilized, the state net operating loss carryforwards will not begin to expire significantly until 2042. Such NOL primarily relates to unrealized fair value losses during the year ended December 31, 2022 on residential loans held in a TRS. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was enacted on March 27, 2020 in the U.S., included measures to assist companies, including temporary changes to income and non-income-based tax laws, and allowed companies to carry back NOLs generated in 2018 to 2020 to the five preceding tax years. The Company carried back its NOL generated in 2020 to a year in which the federal tax rate was 35%.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of December 31, 2022, our Commercial and Residential Lending Segment had future commercial loan funding commitments totaling $2.5 billion, of which we expect to fund $2.3 billion. These future funding commitments primarily relate to construction projects, capital improvements, tenant improvements and leasing commissions. As of December 31, 2022, our Infrastructure Lending Segment had future infrastructure loan funding commitments totaling $148.3 million, including $132.8 million under revolvers and letters of credit (“LCs”), and $15.5 million under delayed draw term loans. As of December 31, 2022, $10.2 million of revolvers and LCs were outstanding. In connection with the Infrastructure Lending Segment acquisition, we assumed guarantees of certain borrowers’ performance under existing interest rate swaps. As of December 31, 2022, we had two outstanding guarantees on interest rate swaps maturing in June 2023 and June 2025. Refer to Note 14 for further discussion. Generally, funding commitments are subject to certain conditions that must be met, such as customary construction draw certifications, minimum debt service coverage ratios or executions of new leases before advances are made to the borrower. Management is not aware of any other contractual obligations, legal proceedings, or any other contingent obligations incurred in the normal course of business that would have a material adverse effect on our consolidated financial statements. Lease Commitment Disclosures Our lease commitments consist of corporate office leases and ground leases for investment properties, all of which are classified as operating leases. We subleased some of the space within our corporate offices to third parties. Our lease costs and sublease income were as follows (in thousands): For the Year Ended December 31, 2022 2021 2020 Operating lease costs $ 4,646 $ 4,100 $ 5,571 Short-term lease costs 44 2,227 $ 42 Sublease income — (766) $ (1,509) Total lease cost $ 4,690 $ 5,560 $ 4,104 Information concerning our operating lease liabilities, which are classified within accounts payable, accrued expenses and other liabilities in our consolidated balance sheets as of December 31, 2022 and 2021, is as follows (dollars in thousands): For the Year Ended December 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities —operating $ 2,129 $ 1,274 December 31, 2022 December 31, 2021 Weighted-average remaining lease term 13.0 years 7.0 years Weighted-average discount rate 8.7% 4.0% Future maturity of operating lease liabilities: 2023 $ 5,024 2024 5,145 2025 5,320 2026 5,275 2027 4,829 Thereafter 46,411 Total 72,004 Less interest component (32,702) Operating lease liability $ 39,302

Segment and Geographic Data

Segment and Geographic Data	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment and Geographic Data	Segment and Geographic Data In its operation of the business, management, including our chief operating decision maker, who is our Chief Executive Officer, reviews certain financial information, including segmented internal profit and loss statements prepared on a basis prior to the impact of consolidating securitization VIEs under ASC 810. The segment information within this Note is reported on that basis. The table below presents our results of operations for the year ended December 31, 2022 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 1,058,326 $ 150,230 $ — $ 9,965 $ — $ 1,218,521 $ — $ 1,218,521 Interest income from investment securities 102,125 3,681 — 99,043 — 204,849 (139,791) 65,058 Servicing fees 558 — — 54,836 — 55,394 (15,035) 40,359 Rental income 6,467 — 91,587 30,209 — 128,263 — 128,263 Other revenues 504 451 245 11,258 69 12,527 (12) 12,515 Total revenues 1,167,980 154,362 91,832 205,311 69 1,619,554 (154,838) 1,464,716 Costs and expenses: Management fees 592 — — — 154,959 155,551 — 155,551 Interest expense 501,126 79,137 33,938 26,686 157,097 797,984 (863) 797,121 General and administrative 52,701 14,187 4,069 85,478 18,777 175,212 288 175,500 Acquisition and investment pursuit costs 3,634 3 7 (244) — 3,400 — 3,400 Costs of rental operations 7,833 — 21,868 14,414 — 44,115 — 44,115 Depreciation and amortization 4,720 387 32,714 11,472 — 49,293 — 49,293 Credit loss provision, net 39,780 6,877 — — — 46,657 — 46,657 Other expense 1,251 — 55 8 — 1,314 — 1,314 Total costs and expenses 611,637 100,591 92,651 137,814 330,833 1,273,526 (575) 1,272,951 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 124,001 124,001 Change in fair value of servicing rights — — — (2,051) — (2,051) 3,061 1,010 Change in fair value of investment securities, net 11,818 — — (43,179) — (31,361) 29,157 (2,204) Change in fair value of mortgage loans, net (352,412) — — 6,190 — (346,222) — (346,222) Income from affordable housing fund investments — — 755,736 — — 755,736 — 755,736 (Loss) earnings from unconsolidated entities (11,242) 3,982 — 2,871 — (4,389) (1,934) (6,323) Gain on sale of investments and other assets, net 86,532 — — 51,079 — 137,611 — 137,611 Gain (loss) on derivative financial instruments, net 338,994 1,235 35,081 41,692 (82,987) 334,015 — 334,015 Foreign currency (loss) gain, net (96,651) (317) 12 — — (96,956) — (96,956) Loss on extinguishment of debt (209) (469) — (507) — (1,185) — (1,185) Other (loss) income, net (92,632) — (1,103) — — (93,735) 25 (93,710) Total other income (loss) (115,802) 4,431 789,726 56,095 (82,987) 651,463 154,310 805,773 Income (loss) before income taxes 440,541 58,202 788,907 123,592 (413,751) 997,491 47 997,538 Income tax benefit (provision) 69,199 12 — (7,688) — 61,523 — 61,523 Net income (loss) 509,740 58,214 788,907 115,904 (413,751) 1,059,014 47 1,059,061 Net income attributable to non-controlling interests (14) — (172,598) (14,927) — (187,539) (47) (187,586) Net income (loss) attributable to Starwood Property Trust, Inc . $ 509,726 $ 58,214 $ 616,309 $ 100,977 $ (413,751) $ 871,475 $ — $ 871,475 The table below presents our results of operations for the year ended December 31, 2021 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 705,499 $ 85,057 $ — $ 9,735 $ — $ 800,291 $ — $ 800,291 Interest income from investment securities 67,589 2,190 — 96,771 — 166,550 (121,382) 45,168 Servicing fees 453 — — 58,896 — 59,349 (20,610) 38,739 Rental income 5,486 — 234,840 38,505 — 278,831 — 278,831 Other revenues 294 293 198 6,278 — 7,063 (4) 7,059 Total revenues 779,321 87,540 235,038 210,185 — 1,312,084 (141,996) 1,170,088 Costs and expenses: Management fees 948 — — (793) 167,594 167,749 24 167,773 Interest expense 206,353 37,671 59,970 22,543 119,402 445,939 (852) 445,087 General and administrative 42,000 14,557 8,067 88,879 17,472 170,975 327 171,302 Acquisition and investment pursuit costs 893 250 (60) 101 — 1,184 — 1,184 Costs of rental operations 1,769 — 92,190 17,708 — 111,667 — 111,667 Depreciation and amortization 1,243 402 65,833 15,523 — 83,001 — 83,001 Credit loss (reversal) provision, net (3,560) 11,895 — — — 8,335 — 8,335 Other expense 31 — 583 94 — 708 — 708 Total costs and expenses 249,677 64,775 226,583 144,055 304,468 989,558 (501) 989,057 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 162,333 162,333 Change in fair value of servicing rights — — — 4,319 — 4,319 (741) 3,578 Change in fair value of investment securities, net (8,277) — — 28,221 — 19,944 (20,331) (387) Change in fair value of mortgage loans, net 13,836 — — 55,214 — 69,050 — 69,050 Income from affordable housing fund investments — — 6,425 — — 6,425 — 6,425 Earnings (loss) from unconsolidated entities 6,984 1,160 — 815 — 8,959 (207) 8,752 Gain on sale of investments and other assets, net 16,584 189 — 22,211 — 38,984 — 38,984 Gain (loss) on derivative financial instruments, net 73,209 1,253 10,155 8,288 (10,542) 82,363 — 82,363 Foreign currency loss, net (36,045) (183) — (64) — (36,292) — (36,292) Loss on extinguishment of debt (289) (1,264) (5,281) (113) (481) (7,428) — (7,428) Other (loss) income, net (7,407) 23 — 70 — (7,314) — (7,314) Total other income (loss) 58,595 1,178 11,299 118,961 (11,023) 179,010 141,054 320,064 Income (loss) before income taxes 588,239 23,943 19,754 185,091 (315,491) 501,536 (441) 501,095 Income tax (provision) benefit (1,201) 306 — (7,775) 1 (8,669) — (8,669) Net income (loss) 587,038 24,249 19,754 177,316 (315,490) 492,867 (441) 492,426 Net (income) loss attributable to non-controlling interests (14) — (20,121) (24,993) — (45,128) 441 (44,687) Net income (loss) attributable to Starwood Property Trust, Inc . $ 587,024 $ 24,249 $ (367) $ 152,323 $ (315,490) $ 447,739 $ — $ 447,739 The table below presents our results of operations for the year ended December 31, 2020 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 665,503 $ 77,851 $ — $ 8,589 $ — $ 751,943 $ — $ 751,943 Interest income from investment securities 78,490 2,637 — 93,823 — 174,950 (120,538) 54,412 Servicing fees 549 — — 41,806 — 42,355 (12,721) 29,634 Rental income 4,706 — 255,452 37,670 — 297,828 — 297,828 Other revenues 412 499 293 1,139 — 2,343 (5) 2,338 Total revenues 749,660 80,987 255,745 183,027 — 1,269,419 (133,264) 1,136,155 Costs and expenses: Management fees 796 — — 901 125,372 127,069 58 127,127 Interest expense 176,230 40,913 65,390 24,303 113,313 420,149 (386) 419,763 General and administrative 41,972 15,673 4,542 80,039 15,312 157,538 336 157,874 Acquisition and investment pursuit costs 2,406 1,183 12 (29) — 3,572 — 3,572 Costs of rental operations 3,186 — 97,136 17,354 — 117,676 — 117,676 Depreciation and amortization 1,708 342 76,246 16,109 — 94,405 — 94,405 Credit loss provision (reversal), net 47,256 (4,103) — — — 43,153 — 43,153 Other expense 307 — 531 — — 838 — 838 Total costs and expenses 273,861 54,008 243,857 138,677 253,997 964,400 8 964,408 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 78,258 78,258 Change in fair value of servicing rights — — — 11,415 — 11,415 (15,130) (3,715) Change in fair value of investment securities, net (15,108) — — (51,403) — (66,511) 71,904 5,393 Change in fair value of mortgage loans, net 76,897 — — 56,227 — 133,124 — 133,124 Earnings (loss) from unconsolidated entities 8,779 (767) — 30,845 — 38,857 (1,540) 37,317 (Loss) gain on sale of investments and other assets, net (961) 306 — 7,965 — 7,310 — 7,310 (Loss) gain on derivative financial instruments, net (58,664) (1,499) (34,392) (21,269) 33,646 (82,178) — (82,178) Foreign currency gain (loss), net 42,205 207 (14) (3) — 42,395 — 42,395 Loss on extinguishment of debt (22) (959) (2,185) — (488) (3,654) — (3,654) Other (loss) income, net — — (166) 447 — 281 — 281 Total other income (loss) 53,126 (2,712) (36,757) 34,224 33,158 81,039 133,492 214,531 Income (loss) before income taxes 528,925 24,267 (24,869) 78,574 (220,839) 386,058 220 386,278 Income tax (provision) benefit (21,091) (117) — 1,011 — (20,197) — (20,197) Net income (loss) 507,834 24,150 (24,869) 79,585 (220,839) 365,861 220 366,081 Net income attributable to non-controlling interests (14) — (20,394) (13,764) — (34,172) (220) (34,392) Net income (loss) attributable to Starwood Property Trust, Inc . $ 507,820 $ 24,150 $ (45,263) $ 65,821 $ (220,839) $ 331,689 $ — $ 331,689 The table below presents our consolidated balance sheet as of December 31, 2022 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Assets: Cash and cash equivalents $ 68,593 $ 31,153 $ 31,194 $ 39,023 $ 91,098 $ 261,061 $ — $ 261,061 Restricted cash 18,556 31,133 981 5,259 65,143 121,072 — 121,072 Loans held-for-investment, net 16,038,930 2,352,932 — 9,577 — 18,401,439 — 18,401,439 Loans held-for-sale 2,763,458 — — 21,136 — 2,784,594 — 2,784,594 Investment securities 1,250,893 66,204 — 1,165,628 — 2,482,725 (1,666,921) 815,804 Properties, net 463,492 — 864,778 121,716 — 1,449,986 — 1,449,986 Investments of consolidated affordable housing fund — — 1,761,002 — — 1,761,002 — 1,761,002 Investments in unconsolidated entities 25,326 47,078 — 33,030 — 105,434 (13,542) 91,892 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Intangible assets 11,908 — 29,613 66,310 — 107,831 (39,058) 68,773 Derivative assets 101,082 122 1,803 5,614 — 108,621 — 108,621 Accrued interest receivable 151,852 9,856 863 1,105 5,120 168,796 (275) 168,521 Other assets 170,177 3,614 54,313 12,929 56,444 297,477 — 297,477 VIE assets, at fair value — — — — — — 52,453,041 52,453,041 Total Assets $ 21,064,267 $ 2,661,501 $ 2,744,547 $ 1,621,764 $ 217,805 $ 28,309,884 $ 50,733,245 $ 79,043,129 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 146,897 $ 20,656 $ 11,716 $ 46,377 $ 73,353 $ 298,999 $ — $ 298,999 Related-party payable — — — — 41,186 41,186 — 41,186 Dividends payable — — — — 151,511 151,511 — 151,511 Derivative liabilities 21,523 105 — — 69,776 91,404 — 91,404 Secured financing agreements, net 10,804,970 1,042,679 789,719 543,256 1,342,074 14,522,698 (21,166) 14,501,532 Collateralized loan obligations and single asset securitization, net 2,862,211 814,013 — — — 3,676,224 — 3,676,224 Unsecured senior notes, net — — — — 2,329,211 2,329,211 — 2,329,211 VIE liabilities, at fair value — — — — — — 50,754,355 50,754,355 Total Liabilities 13,835,601 1,877,453 801,435 589,633 4,007,111 21,111,233 50,733,189 71,844,422 Temporary Equity: Redeemable non-controlling interests — — 362,790 — — 362,790 — 362,790 Permanent Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 3,181 3,181 — 3,181 Additional paid-in capital 2,124,496 683,258 (405,955) (646,662) 4,051,950 5,807,087 — 5,807,087 Treasury stock — — — — (138,022) (138,022) — (138,022) Retained earnings (accumulated deficit) 5,083,100 100,790 1,777,643 1,514,119 (7,706,415) 769,237 — 769,237 Accumulated other comprehensive income 20,955 — — — — 20,955 — 20,955 Total Starwood Property Trust, Inc. Stockholders’ Equity 7,228,551 784,048 1,371,688 867,457 (3,789,306) 6,462,438 — 6,462,438 Non-controlling interests in consolidated subsidiaries 115 — 208,634 164,674 — 373,423 56 373,479 Total Permanent Equity 7,228,666 784,048 1,580,322 1,032,131 (3,789,306) 6,835,861 56 6,835,917 Total Liabilities and Equity $ 21,064,267 $ 2,661,501 $ 2,744,547 $ 1,621,764 $ 217,805 $ 28,309,884 $ 50,733,245 $ 79,043,129 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) Retained earnings (accumulated deficit) 4,573,374 42,577 1,161,334 1,413,142 (6,697,321) 493,106 — 493,106 Accumulated other comprehensive income (loss) 40,953 — — — — 40,953 — 40,953 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

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Starwood Property Trust, Inc. and Subsidiaries Schedule III—Real Estate and Accumulated Depreciation December 31, 2022 (Dollars in thousands) Costs Initial Cost Capitalized Gross Amounts Carried at Property Type / to Company Subsequent to December 31, 2022 Accumulated Acquisition Geographic Location Encumbrances Land Property Acquisition(1) Land Property Total Depreciation(3) Date Aggregated Properties Hotel - U.S., Midwest (1 property) $ — $ — $ 5,565 $ 1,434 $ — $ 6,999 $ 6,999 $ (4,062) Feb-18 Medical office - U.S., Midwest (7 properties) 78,048 2,764 97,797 4,911 2,764 102,708 105,472 (18,904) Dec-16 Medical office - U.S., North East (7 properties) 191,661 11,283 176,996 178 11,283 177,174 188,457 (32,425) Dec-16 Medical office - U.S., South East (6 properties) 107,252 7,930 117,678 948 7,930 118,626 126,556 (22,712) Dec-16 Medical office - U.S., South West (8 properties) 125,345 15,921 126,842 2,860 15,921 129,702 145,623 (26,129) Dec-16 Medical office - U.S., West (6 properties) 97,694 13,415 107,845 1,727 13,415 109,572 122,987 (23,518) Dec-16 Mixed Use - U.S., West (1 property) 8,667 1,003 14,323 1,341 1,002 15,664 16,666 (3,086) Feb-16 Multifamily - U.S., South East (1 property) 11,385 1,284 7,189 727 1,284 7,916 9,200 (1,381) Aug-19 Office - U.S., North East (1 property) 18,611 7,250 10,614 8,618 7,250 19,232 26,482 (5,975) May-18 Office - U.S., South West (1 property) 87,750 32,867 79,661 — 32,867 79,661 112,528 (2,915) May-22 Office - U.S., West (2 properties) 116,637 65,363 183,731 8,507 65,363 192,238 257,601 (5,647) Oct-17 to Dec-22 Retail - U.S., Mid Atlantic (1 property) 24,634 6,432 6,315 18,468 6,432 24,783 31,215 (6,084) Mar-16 Retail - U.S., Midwest (7 properties) 78,939 24,384 109,445 1,423 24,384 110,868 135,252 (21,455) Nov-15 to Sep-17 Retail - U.S., North East (1 property) 11,218 472 12,260 657 472 12,917 13,389 (3,292) Nov-15 Retail - U.S., South East (4 properties) 42,200 19,995 59,949 — 19,995 59,949 79,944 (9,309) Sep-17 Retail - U.S., South West (6 properties) 75,692 37,254 78,579 816 37,254 79,397 116,651 (15,932) Oct-14 to Sep-17 Retail - U.S., West (2 properties) 33,000 18,633 36,794 — 18,633 36,794 55,427 (6,683) Sep-17 Industrial - U.S., South East (1 property) — 813 — — 813 — 813 — Mar-19 Residential - U.S., North East (1 property) — — 104,088 4,145 — 108,233 108,233 — Oct-20 to Apr-21 $ 1,108,733 $ 267,063 $ 1,335,671 $ 56,760 $ 267,062 $ 1,392,433 $ 1,659,495 (2) $ (209,509) __________________________________________ Notes to Schedule III: (1) No material costs subsequent to acquisition were capitalized to land. (2) The aggregate cost for federal income tax purposes is $1.8 billion. (3) Depreciation is computed based upon estimated useful lives as described in Note 7 to the Consolidated Financial Statements. The following schedule presents our real estate activity during the years ended December 31, 2022, 2021 and 2020 (in thousands): 2022 2021 2020 Beginning balance, January 1 $ 1,347,844 $ 2,573,296 $ 2,490,630 Additions during the year: Acquisitions through foreclosure and other transfers 357,360 28,843 75,245 Improvements 20,931 24,390 25,164 Contingent consideration issued — — 1,576 Total additions 378,291 53,233 101,985 Deductions during the year: Costs of real estate sold (66,578) (55,945) (19,319) Reclassification of multifamily properties (1) — (1,222,740) — Other (62) — — Total deductions (66,640) (1,278,685) (19,319) Ending balance, December 31 $ 1,659,495 $ 1,347,844 $ 2,573,296 The following schedule presents activity within accumulated depreciation during the years ended December 31, 2022, 2021 and 2020 (in thousands): 2022 2021 2020 Beginning balance, January 1 $ 181,457 $ 302,143 $ 224,190 Depreciation expense 40,006 72,299 81,610 Reclassification of multifamily properties (1) — (186,716) — Disposition/write-offs (11,954) (6,269) (3,657) Ending balance, December 31 $ 209,509 $ 181,457 $ 302,143 __________________________________________ (1) Refer to Notes 2 and 8 to the Consolidated Financial Statements for a discussion of the reclassification of our multifamily properties upon establishment of the Woodstar Fund which, as an investment company under GAAP, is required to present its investments at fair value on an unconsolidated basis. The net investment in the multifamily properties is now reflected within “Investments of consolidated affordable housing fund, at fair value” in our consolidated balance sheets.

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Starwood Property Trust, Inc. and Subsidiaries Schedule IV—Mortgage Loans on Real Estate December 31, 2022 (Dollars in thousands) Principal Amount of Prior Face Carrying Payment Maturity Delinquent Description/Location Liens (1) Amount (1) Amount Interest Rate (2) Terms (1) Date (3) Loans Individually Significant Mortgage Loans Other, Various, Australia (1 mortgage) None 938,150 926,595 3BBSY+4.75% I/O 6/30/2027 — Aggregated First Mortgages: (4) Hotel, International, Floating (2 mortgages) N/A N/A 93,205 3EUR+4.50% N/A 2025 — Hotel, International, Floating (4 mortgages) N/A N/A 57,400 L+3.00% to 9.00% N/A 2023 — Hotel, International, Floating (3 mortgages) N/A N/A 61,195 SARON+4.75% N/A 2026 — Hotel, Mid Atlantic, Floating (5 mortgages) N/A N/A 111,835 SOFR+2.10% to 6.90% N/A 2023 — Hotel, Midwest, Floating (4 mortgages) N/A N/A 53,482 L+2.25% to 8.63% N/A 2023 — Hotel, North East, Floating (4 mortgages) N/A N/A 234,928 L+3.00% to 10.00% N/A 2023-2024 — Hotel, North East, Floating (2 mortgages) N/A N/A 77,036 SOFR+2.50% to 8.50% N/A 2025 — Hotel, South East, Floating (10 mortgages) N/A N/A 169,243 L+2.50% to 13.27% N/A 2024 — Hotel, South East, Floating (12 mortgages) N/A N/A 62,718 SOFR+2.50% to 7.50% N/A 2023 — Hotel, South West, Floating (12 mortgages) N/A N/A 80,993 L+2.00% to 7.67% N/A 2023 — Hotel, South West, Floating (8 mortgages) N/A N/A 98,317 SOFR+2.10% to 5.85% N/A 2023 — Hotel, Various, Floating (4 mortgages) N/A N/A 229,233 L+3.75% N/A 2024 — Hotel, Various, Floating (10 mortgages) N/A N/A 328,676 SOFR+4.00% to 10.25% N/A 2024-2025 — Hotel, West, Floating (19 mortgages) N/A N/A 350,875 L+2.00% to 9.50% N/A 2022-2024 37,763 Industrial, International, Floating (12 mortgages) N/A N/A 135,307 3BBSY+3.00% to 3.55% N/A 2025 — Industrial, International, Floating (10 mortgages) N/A N/A 190,187 3EUR+2.25% to 11.00% N/A 2023-2024 — Industrial, International, Floating (2 mortgages) N/A N/A 79,366 SONIA ON+2.27% to 4.50% N/A 2023-2024 — Industrial, North East, Floating (5 mortgages) N/A N/A 275,352 L+2.40% to 7.25% N/A 2024-2025 — Industrial, North East, Floating (8 mortgages) N/A N/A 158,280 SOFR+4.20% to 8.00% N/A 2025 — Industrial, South East, Fixed (4 mortgages) N/A N/A 32,996 8.18% N/A 2024 — Industrial, West, Floating (4 mortgages) N/A N/A 91,009 L+1.75% to 7.50% N/A 2024 — Industrial, West, Floating (2 mortgages) N/A N/A 25,625 SOFR+6.00% N/A 2025 — Mixed Use, International, Fixed (2 mortgages) N/A N/A 36,851 8.50% to 10.00% N/A 2023 — Mixed Use, International, Floating (2 mortgages) N/A N/A 98,358 3EUR+4.65% N/A 2023 — Mixed Use, International, Floating (2 mortgages) N/A N/A 672,802 SONIA ON+4.03% to 5.40% N/A 2023-2025 — Mixed Use, Mid Atlantic, Floating (1 mortgage) N/A N/A 242,622 L+3.15% N/A 2024 — Mixed Use, South East, Floating (12 mortgages) N/A N/A 143,860 SOFR+2.35% to 11.24% N/A 2024 — Mixed Use, South West, Floating (18 mortgages) N/A N/A 324,273 L+2.75% to 11.50% N/A 2023-2024 — Multi-family, International, Floating (1 mortgage) N/A N/A 20,997 1BBSY+3.75% N/A 2024 — Multi-family, International, Floating (1 mortgage) N/A N/A 151,307 3BBSY+3.95% N/A 2024 — Multi-family, International, Floating (8 mortgages) N/A N/A 666,385 SONIA ON+2.76% to 4.07% N/A 2024-2027 — Multi-family, Mid Atlantic, Floating (10 mortgages) N/A N/A 232,714 L+1.75% to 7.75% N/A 2024 — Multi-family, Mid Atlantic, Floating (6 mortgages) N/A N/A 144,097 SOFR+2.25% to 9.00% N/A 2025 — Multi-family, Midwest, Fixed (1 mortgage) N/A N/A 377 6.28% N/A 2024 — Multi-family, Midwest, Floating (4 mortgages) N/A N/A 76,428 L+2.75% to 9.75% N/A 2024 — Multi-family, North East, Floating (14 mortgages) N/A N/A 516,067 L+2.50% to 10.25% N/A 2023-2024 — Multi-family, North East, Floating (10 mortgages) N/A N/A 81,917 SOFR+2.95% to 10.85% N/A 2025 — Multi-family, South East, Floating (52 mortgages) N/A N/A 1,326,606 SOFR+1.75% to 16.50% N/A 2023-2025 — Multi-family, South West, Floating(24 mortgages) N/A N/A 395,500 L+2.75% to 4.25% N/A 2024-2025 — Multi-family, South West, Floating (77 mortgages) N/A N/A 1,229,553 SOFR+1.75% to 16.50% N/A 2023-2026 — Multi-family, West, Floating (8 mortgages) N/A N/A 278,714 L+2.50% to 8.75% N/A 2024 — Multi-family, West, Floating (20 mortgages) N/A N/A 344,774 SOFR+2.60% to 9.10% N/A 2024-2025 — Office, International, Floating (3 mortgages) N/A N/A 220,423 3EUR+2.75% to 7.50% N/A 2024-2027 — Office, International, Floating (2 mortgages) N/A N/A 127,636 EUR+6.00% to 7.80% N/A 2023 — Office, International, Floating (8 mortgages) N/A N/A 541,787 SONIA ON+3.55% to 4.37% N/A 2023-2025 — Office, Mid Atlantic, Floating (26 mortgages) N/A N/A 414,708 L+2.00% to 7.00% N/A 2023-2024 — Office, Mid Atlantic, Floating (21 mortgages) N/A N/A 372,807 SOFR+2.60% to 7.60% N/A 2023-2025 — Office, Midwest, Floating (8 mortgages) N/A N/A 52,968 L+1.75% to 9.75% N/A 2023 — Office, Midwest, Floating (9 mortgages) N/A N/A 88,116 SOFR+2.90% N/A 2023 — Office, North East, Floating (15 mortgages) N/A N/A 320,620 L+2.80% to 10.25% N/A 2023-2024 — Principal Amount of Prior Face Carrying Payment Maturity Delinquent Description/Location Liens (1) Amount (1) Amount Interest Rate (2) Terms (1) Date (3) Loans Office, North East, Floating (23 mortgages ) N/A N/A 386,584 SOFR+2.70% to 8.70% N/A 2024-2025 — Office, South East, Fixed (2 mortgages) N/A N/A 49,325 5.00% to 12.00% N/A 2024 — Office, South East, Floating (16 mortgages) N/A N/A 321,869 L+1.65% to 10.40% N/A 2024 — Office, South West, Floating (16 mortgages) N/A N/A 251,767 L+2.00% to 8.00% N/A 2023 — Office, South West, Floating (10 mortgages) N/A N/A 201,598 SOFR+2.10% to 8.35% N/A 2024 — Office, West, Floating (36 mortgages) N/A N/A 338,947 L+2.00% to 6.00% N/A 2023 — Other, International, Floating (1 mortgage) N/A N/A 301,285 SONIA ON+4.40% N/A 2024 — Other, Midwest, Floating (4 mortgages) N/A N/A 59,975 L+4.50% to 11.17% N/A 2023 — Other, North East, Floating (4 mortgages) N/A N/A 46,852 SOFR+3.85% to 10.73% N/A 2023 — Other, Northeast, Fixed (1 mortgage) N/A N/A 9,200 4.09% N/A 2026 9,200 Residential, North East, Floating (3 mortgages) N/A N/A 171,018 SOFR+4.10% N/A 2026 — Residential, South East, Floating (2 mortgages) N/A N/A 48,194 L+4.75% to 10.56% N/A 2023 — Residential, South East, Floating (4 mortgages) N/A N/A 16,377 SOFR+5.80% N/A 2025 — Residential, West, Floating (4 mortgages) N/A N/A 61,828 L+3.81% to 8.60% N/A 2024 — Retail, Midwest, Floating (4 mortgages) N/A N/A 41,635 L+2.75% to 10.75% N/A 2022 41,635 Retail, North East, Floating (3 mortgages) N/A N/A 207,486 SOFR+9.00% N/A 2026 — Loans Held-for-Sale, Various, Fixed N/A N/A 2,784,594 2.80% to 9.30% N/A 2028-2062 33,006 Aggregated Subordinated and Mezzanine Loans: (4) Hotel, South East, Floating (2 mortgages) N/A N/A 53,000 L+6.85% N/A 2023 — Hotel, South East, Floating (1 mortgage) N/A N/A 37,278 SOFR+9.47% N/A 2024 — Hotel, West, Floating (1 mortgage) N/A N/A 15,316 L+10.98% N/A 2025 — Industrial, South East, Fixed (1 mortgage) N/A N/A 3,476 8.18% N/A 2024 — Industrial, South East, Floating (1 mortgage) N/A N/A 1,945 SOFR+9.43% N/A 2025 — Industrial, South West, Floating (2 mortgages) N/A N/A 2,275 SOFR+10.15% N/A 2025 — Industrial, West, Floating (2 mortgages) N/A N/A 12,042 SOFR+11.40% N/A 2024 — Mixed Use, International, Floating (1 mortgage) N/A N/A 9,404 3EUR+7.25% N/A 2023 — Mixed Use, South West, Floating (1 mortgage) N/A N/A 109,423 SOFR+12.84% N/A 2022 109,423 Multi-family, North East, Floating (2 mortgages) N/A N/A 53,829 L+4.50% to 4.65% N/A 2023-2024 — Multi-family, North East, Floating (1 mortgage) N/A N/A 33,832 SOFR+13.75% N/A 2025 — Office, International, Floating (5 mortgages) N/A N/A 36,278 3EUR+7.00% to 8.95% N/A 2024-2025 — Office, North East, Fixed (2 mortgages) N/A N/A 36,319 8.72% N/A 2023 — Office, West, Floating (2 mortgages) N/A N/A 79,247 L+6.24% N/A 2024 — Office, West, Floating (2 mortgages) N/A N/A 28,219 SOFR+6.77% N/A 2023 — Retail, Midwest, Fixed (1 mortgage) N/A N/A 4,925 7.16% N/A 2024 4,925 Loan Loss Allowance — — (88,801) — Prepaid Loan Costs, Net — — 1,047 — $ 18,774,708 (5) $ 235,952 __________________________________________ Notes to Schedule IV: (1) Disclosure of prior liens, face amount and payment terms are only required for individually significant mortgage loans. I/O = interest only until maturity. (2) L = one month LIBOR rate, EUR = one month EURO LIBOR rate, 3EUR = three month EURO LIBOR rate, SOFR = one month SOFR rate, 1BBSY = one month BBSY rate, 3BBSY = three month BBSY rate, SARON = SARON overnight rate, SONIA ON = SONIA overnight rate. (3) Based on management’s judgment of extension options being exercised. (4) First mortgages include first mortgage loans and any contiguous mezzanine loan components because as a whole, the expected credit quality of these loans is more similar to that of a first mortgage loan. (5) The aggregate cost for federal income tax purposes is $18.9 billion. The following schedule presents activity within our Commercial and Residential Lending Segment and Investing and Servicing Segment loan portfolios during the years ended December 31, 2022, 2021 and 2020 (amounts in thousands): For the year ended December 31, 2022 2021 2020 Balance at January 1 $ 16,368,799 $ 10,584,400 $ 9,890,693 Cumulative effect of ASC 326 effective January 1, 2020 — — (10,112) Acquisitions/originations/additional funding 9,474,999 13,173,459 5,058,705 Capitalized interest 122,711 118,273 143,023 Basis of loans sold (4,226,727) (4,139,166) (3,246,515) Loan maturities/principal repayments (1,962,657) (3,709,444) (1,590,379) Discount accretion/premium amortization 52,334 51,816 38,942 Changes in fair value (346,222) 69,050 133,124 Foreign currency translation, net (304,051) (71,419) 102,748 Credit loss (provision) reversal, net (42,201) 7,947 (40,955) Loan foreclosure, equity control and conversion to equity interest (273,929) (36,308) (71,488) Transfer to/from other asset classifications or between segments (88,348) 320,191 176,614 Balance at December 31 $ 18,774,708 $ 16,368,799 $ 10,584,400

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 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 consolidated financial statements include our accounts and those of our consolidated subsidiaries and VIEs. Intercompany amounts have been eliminated in consolidation. Entities not deemed to be VIEs are consolidated if we own a majority of the voting securities or interests or hold the general partnership interest, except in those instances in which the minority voting interest owner or limited partner can remove us as general partner without cause, dissolve the partnership without cause or effectively participate through substantive participative rights. Substantive participative rights include the ability to select, terminate and set compensation of the investee’s management, if applicable, and the ability to participate in capital and operating decisions of the investee, including budgets, in the ordinary course of business. We invest in entities with varying structures, many of which do not have voting securities or interests, such as general partnerships, limited partnerships, and limited liability companies. In many of these structures, control of the entity rests with the general partners or managing members, while other members hold passive interests. The general partner or managing member may hold anywhere from a relatively small percentage of the total financial interests to a majority of the financial interests. For entities not deemed to be VIEs, where we serve as the sole general partner or managing member, we are considered to have the controlling financial interest and therefore the entity is consolidated, regardless of our financial interest percentage, unless there are other limited partners or investing members that can remove us as general partner without cause, dissolve the partnership without cause or effectively participate through substantive participative rights. In those circumstances where we, as majority controlling interest owner, can be removed without cause or cannot cause the entity to take actions that are significant in the ordinary course of business, because such actions could be vetoed by the minority controlling interest owner, we do not consolidate the entity. When we consolidate entities other than securitization VIEs, the third party ownership interests are reflected as non-controlling interests in consolidated subsidiaries, a separate component of equity, in our consolidated balance sheet. When we consolidate securitization VIEs, the third party ownership interests are reflected as VIE liabilities in our consolidated balance sheet because the beneficial interests payable to these third parties are legally issued in the form of debt. Our presentation of net income attributes earnings to controlling and non-controlling interests.
Variable Interest Entities	Variable Interest Entities In addition to the securitization VIEs, we have financed pools of our loans through collateralized loan obligations (“CLOs”) and a single asset securitization (“SASB”), which are considered VIEs. We also hold interests in certain other entities which are considered VIEs as the limited partners of those entities with equity at risk do not collectively possess (i) the right to remove the general partner or dissolve the partnership without cause or (ii) the right to participate in significant decisions made by the partnership. We evaluate all of our interests in VIEs for consolidation. When our interests are determined to be variable interests, we assess whether we are deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. Accounting Standards Codification (“ASC”) 810, Consolidation , defines the primary beneficiary as the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the VIE which could be potentially significant. We consider our variable interests as well as any variable interests of our related parties in making this determination. Where both of these factors are present, we are deemed to be the primary beneficiary and we consolidate the VIE. Where either one of these factors is not present, we are not the primary beneficiary and do not consolidate the VIE. To assess whether we have the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, we consider all facts and circumstances, including our role in establishing the VIE and our ongoing rights and responsibilities. This assessment includes: (i) identifying the activities that most significantly impact the VIE’s economic performance; and (ii) identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE or have the right to unilaterally remove those decision makers are deemed to have the power to direct the activities of a VIE. The right to remove the decision maker in a VIE must be exercisable without cause for the decision maker to not be deemed the party that has the power to direct the activities of a VIE. To assess whether we have the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, we consider all of our economic interests, including debt and equity investments, servicing fees and other arrangements deemed to be variable interests in the VIE. This assessment requires that we apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by us. Our purchased investment securities include unrated and non-investment grade rated securities issued by securitization trusts. In certain cases, we may contract to provide special servicing activities for these trusts, or, as holder of the controlling class, we may have the right to name and remove the special servicer for these trusts. In our role as special servicer, we provide services on defaulted loans within the trusts, such as foreclosure or work-out procedures, as permitted by the underlying contractual agreements. In exchange for these services, we receive a fee. These rights give us the ability to direct activities that could significantly impact the trust’s economic performance. However, in those instances where an unrelated third party has the right to unilaterally remove us as special servicer without cause, we do not have the power to direct activities that most significantly impact the trust’s economic performance. We evaluated all of our positions in such investments for consolidation. For securitization VIEs in which we are determined to be the primary beneficiary, all of the underlying assets, liabilities and equity of the structures are recorded on our books, and the initial investment, along with any associated unrealized holding gains and losses, are eliminated in consolidation. Similarly, the interest income earned from these structures, as well as the fees paid by these trusts to us in our capacity as special servicer, are eliminated in consolidation. Further, a portion of the identified servicing intangible asset associated with the servicing fee streams, and the corresponding amortization or change in fair value of the servicing intangible asset, are also eliminated in consolidation. We perform ongoing reassessments of: (i) whether any entities previously evaluated under the majority voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework, and (ii) whether changes in the facts and circumstances regarding our involvement with a VIE causes our consolidation conclusion regarding the VIE to change. We elect the fair value option for initial and subsequent recognition of the assets and liabilities of our consolidated securitization VIEs. Interest income and interest expense associated with these VIEs are no longer relevant on a standalone basis because these amounts are already reflected in the fair value changes. We have elected to present these items in a single line on our consolidated statements of operations. The residual difference shown on our consolidated statements of operations in the line item “Change in net assets related to consolidated VIEs” represents our beneficial interest in the VIEs. We separately present the assets and liabilities of our consolidated securitization VIEs as individual line items on our consolidated balance sheets. The liabilities of our consolidated securitization VIEs consist solely of obligations to the bondholders of the related trusts, and are thus presented as a single line item entitled “VIE liabilities.” The assets of our consolidated securitization VIEs consist principally of loans, but at times, also include foreclosed loans which have been temporarily converted into real estate owned (“REO”). These assets in the aggregate are likewise presented as a single line item entitled “VIE assets.” Loans comprise the vast majority of our securitization VIE assets and are carried at fair value due to the election of the fair value option. When an asset becomes REO, it is due to non-performance of the loan. Because the loan is already at fair value, the carrying value of an REO asset is also initially at fair value. Furthermore, when we consolidate a trust, any existing REO would be consolidated at fair value. Once an asset becomes REO, its disposition time is relatively short. As a result, the carrying value of an REO generally approximates fair value under GAAP. In addition to sharing a similar measurement method as the loans in a trust, the securitization VIE assets as a whole can only be used to settle the obligations of the consolidated VIE. The assets of our securitization VIEs are not individually accessible by the bondholders, which creates inherent limitations from a valuation perspective. Also creating limitations from a valuation perspective is our role as special servicer, which provides us very limited visibility, if any, into the performing loans of a trust. REO assets generally represent a very small percentage of the overall asset pool of a trust. In new issue trusts there are no REO assets. We estimate that REO assets constitute approximately 1% of our consolidated securitization VIE assets, with the remaining 99% representing loans. However, it is important to note that the fair value of our securitization VIE assets is determined by reference to our securitization VIE liabilities as permitted under Accounting Standard Update (“ASU”) 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity . In other words, our VIE liabilities are more reliably measurable than the VIE assets, resulting in our current measurement methodology which utilizes this value to determine the fair value of our securitization VIE assets as a whole. As a result, these percentages are not necessarily indicative of the relative fair values of each of these asset categories if the assets were to be valued individually. Due to our accounting policy election under ASU 2014-13, separately presenting two different asset categories would result in an arbitrary assignment of value to each, with one asset category representing a residual amount, as opposed to its fair value. However, as a pool, the fair value of the assets in total is equal to the fair value of the liabilities. For these reasons, the assets of our securitization VIEs are presented in the aggregate.
Fair Value Option	Fair Value Option The guidance in ASC 825, Financial Instruments , provides a fair value option election that allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. The decision to elect the fair value option is determined on an instrument by instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance are required to be reported separately in our consolidated balance sheets from those instruments using another accounting method. We have elected the fair value option for certain eligible financial assets and liabilities of our consolidated securitization VIEs, residential loans held-for-investment, loans held-for-sale originated or acquired for future securitization and purchased CMBS issued by VIEs we could consolidate in the future. The fair value elections for VIE and securitization related items were made in order to mitigate accounting mismatches between the carrying value of the instruments and the related assets and liabilities that we consolidate at fair value. The fair value elections for residential loans held-for-investment were made in order to maintain consistency across all our residential loans. The fair value elections for mortgage loans held-for-sale were made due to the expected short-term holding period of these instruments.
Fair Value Measurements	Fair Value Measurements We measure our mortgage-backed securities, investments of consolidated affordable housing fund, derivative assets and liabilities, domestic servicing rights intangible asset and any assets or liabilities where we have elected the fair value option at fair value. When actively quoted observable prices are not available, we either use implied pricing from similar assets and liabilities or valuation models based on net present values of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors. Valuation Process We have valuation control processes in place to validate the fair value of the Company’s financial assets and liabilities measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable. Pricing Verification —We use recently executed transactions, other observable market data such as exchange data, broker/dealer quotes, third party pricing vendors and aggregation services for validating the fair values generated using valuation models. Pricing data provided by approved external sources is evaluated using a number of approaches; for example, by corroborating the external sources’ prices to executed trades, analyzing the methodology and assumptions used by the external source to generate a price and/or by evaluating how active the third party pricing source (or originating sources used by the third party pricing source) is in the market. Unobservable Inputs —Where inputs are not observable, we review the appropriateness of the proposed valuation methodology to ensure it is consistent with how a market participant would arrive at the unobservable input. The valuation methodologies utilized in the absence of observable inputs may include extrapolation techniques and the use of comparable observable inputs. Any changes to the valuation methodology will be reviewed by our management to ensure the changes are appropriate. The methods used may produce a fair value calculation that is not indicative of net realizable value or reflective of future fair values. Furthermore, while we anticipate that our valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value could result in a different estimate of fair value at the reporting date. Fair Value on a Recurring Basis We determine the fair value of our financial assets and liabilities measured at fair value on a recurring basis as follows: Loans held-for-sale, commercial We measure the fair value of our commercial mortgage loans held-for-sale using a discounted cash flow analysis unless observable market data (i.e., securitized pricing) is available. A discounted cash flow analysis requires management to make estimates regarding future interest rates and credit spreads. The most significant of these inputs relates to credit spreads and is unobservable. Thus, we have determined that the fair values of mortgage loans valued using a discounted cash flow analysis should be classified in Level III of the fair value hierarchy, while mortgage loans valued using securitized pricing should be classified in Level II of the fair value hierarchy. Mortgage loans classified in Level III are transferred to Level II if securitized pricing becomes available. Loans held-for-sale and loans held-for-investment, residential We measure the fair value of our residential loans held-for-sale and held-for-investment based on the net present value of expected future cash flows using a combination of observable and unobservable inputs. Observable market participant assumptions include pricing related to trades of residential loans with similar characteristics. Unobservable inputs include the expectation of future cash flows, which involves judgments about the underlying collateral, the creditworthiness of the borrower, estimated prepayment speeds, estimated future credit losses, forward interest rates, investor yield requirements and certain other factors. At each measurement date, we consider both the observable and unobservable valuation inputs in the determination of fair value. However, given the significance of the unobservable inputs, these loans have been classified within Level III. RMBS RMBS are valued utilizing observable and unobservable market inputs. The observable market inputs include recent transactions, broker quotes and vendor prices (“market data”). However, given the implied price dispersion amongst the market data, the fair value determination for RMBS has also utilized significant unobservable inputs in discounted cash flow models including prepayments, default and severity estimates based on the recent performance of the collateral, the underlying collateral characteristics, industry trends, as well as expectations of macroeconomic events (e.g., housing price curves, interest rate curves, etc.). At each measurement date, we consider both the observable and unobservable valuation inputs in the determination of fair value. However, given the significance of the unobservable inputs these securities have been classified within Level III. CMBS CMBS are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, recent trades of similar securities and the spreads used in the prior valuation. We obtain current market spread information where available and use this information in evaluating and validating the market price of all CMBS. Depending upon the significance of the fair value inputs used in determining these fair values, these securities are classified in either Level II or Level III of the fair value hierarchy. CMBS may shift between Level II and Level III of the fair value hierarchy if the significant fair value inputs used to price the CMBS become or cease to be observable. Equity security The equity security is publicly registered and traded in the U.S. and its market price is listed on the London Stock Exchange. The security has been classified within Level I. Woodstar Fund Investments The fair value of investments held by the Woodstar Fund is determined based on observable and unobservable market inputs. The initial fair value of the Woodstar Fund’s investments at its November 5, 2021 establishment date was determined by reference to the purchase price paid by third party investors, which was consistent with both a recent external appraisal as well as our extensive marketing efforts to sell interests in the Woodstar Fund, plus working capital. The fair value of the Woodstar Fund’s investments as of December 31, 2022 was determined by reference to an external appraisal as of that date. For the properties, the third party appraisals applied the income capitalization approach with corroborative support from the sales comparison approach. The cost approach is not employed, as it is typically not emphasized by potential investors in the multifamily affordable housing sector. The income capitalization approach estimates an income stream for a property over a 10-year period and discounts this income plus a reversion (presumed sale) into a present value at a risk adjusted discount rate. Terminal capitalization rates and discount rates utilized in this approach are derived from market transactions as well as other financial and industry data. For secured financing, the third party appraisals discounted the contractual cash flows at the interest rate at which such arrangements would bear if executed in the current market. The fair value of investment level working capital is assumed to approximate carrying value due to its primarily short-term monetary nature. The fair value of interest rate derivatives is determined using the methodology described in the Derivatives discussion below. Given the significance of the unobservable inputs used in the respective valuations, the Woodstar Fund’s investments have been classified within Level III of the fair value hierarchy. Domestic servicing rights The fair value of this intangible is determined using discounted cash flow modeling techniques which require management to make estimates regarding future net servicing cash flows, including forecasted loan defeasance, control migration, delinquency and anticipated maturity defaults which are calculated assuming a debt yield at which default occurs. Since the most significant of these inputs are unobservable, we have determined that the fair values of this intangible in its entirety should be classified in Level III of the fair value hierarchy. Derivatives The valuation of derivative contracts are determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market based inputs, including interest rate curves, spot and market forward points and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. We incorporate credit valuation adjustments to appropriately reflect both our own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of non-performance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. The valuation of over the counter derivatives are determined using discounted cash flows based on Overnight Index Swap (“OIS”) rates. Fully collateralized trades are discounted using OIS with no additional economic adjustments to arrive at fair value. Uncollateralized or partially collateralized trades are also discounted at OIS, but include appropriate economic adjustments for funding costs (i.e., a LIBOR OIS basis adjustment to approximate uncollateralized cost of funds) and credit risk. For credit instruments, fair value is determined based on changes in the relevant indices from the date of initiation of the instrument to the reporting date, as these changes determine the amount of any future cash settlement between us and the counterparty. These indices are considered Level II inputs as they are directly observable. Although we have determined that the majority of the inputs used to value our derivatives fall within Level II of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level III inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of December 31, 2022 and 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 We estimate the fair values of our loans not carried at fair value on a recurring basis by discounting their expected cash flows at a rate we estimate would be demanded by the market participants that are most likely to buy our loans. The expected cash flows used are generally the same as those used to calculate our level yield income in the financial statements. Since these inputs are unobservable, we have determined that the fair value of these loans in their entirety would be classified in Level III of the fair value hierarchy. HTM debt securities We estimate the fair value of our mandatorily redeemable preferred equity interests in commercial real estate companies and infrastructure bonds using the same methodology described for our loans held-for-investment. We estimate the fair value of our HTM CMBS using the same methodology described for our CMBS carried at fair value on a recurring basis. Secured financing agreements, CLOs and SASB The fair value of the secured financing agreements, CLOs and SASB are determined by discounting the contractual cash flows at the interest rate we estimate such arrangements would bear if executed in the current market. We have determined that our valuation of these instruments should be classified in Level III of the fair value hierarchy. Unsecured senior notes The fair value of our unsecured senior notes is determined based on the last available bid price for the respective notes in the current market. As these prices represent observable market data, we have determined that the fair value of these instruments would be classified in Level II of the fair value hierarchy.
Business Combinations	Business Combinations Under ASC 805, Business Combinations , the acquirer in a business combination must recognize, with certain exceptions, the fair values of assets acquired, liabilities assumed, and non-controlling interests when the acquisition constitutes a change in control of the acquired entity. As goodwill is calculated as a residual, all goodwill of the acquired business, not just the acquirer’s share, is recognized under this “full goodwill” approach. During the measurement period, a period which shall not exceed one year, we prospectively adjust the provisional amounts recognized to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash in banks and short‑term investments. Short‑term investments are comprised of highly liquid instruments with original maturities of three months or less. The Company maintains its cash and cash equivalents in multiple financial institutions and at times these balances exceed federally insurable limits.
Restricted Cash	Restricted CashRestricted cash includes cash and cash equivalents that are legally or contractually restricted as to withdrawal or usage and primarily includes (i) cash collateral associated with derivative financial instruments, (ii) loan payments received by our Infrastructure Lending Segment which are restricted by our lender and periodically applied, in part, to the outstanding balance of the Infrastructure Lending debt facility and (iii) funds held on behalf of borrowers and tenants.
Loans Held-for-Investment	Loans Held-for-Investment Loans that are held for investment (“HFI”) are carried at cost, net of unamortized acquisition premiums or discounts, loan fees and origination costs, as applicable, and net of credit loss allowances as discussed below, unless we have elected to apply the fair value option at purchase.
Loans Held-For-Sale	Loans Held-For-Sale Our loans that we intend to sell or liquidate in the short-term are classified as held-for-sale and are carried at the lower of amortized cost or fair value, unless we have elected to apply the fair value option at origination or purchase. We periodically enter into derivative financial instruments to hedge unpredictable changes in fair value of loans held-for-sale, including changes resulting from both interest rates and credit quality. Because these derivatives are not designated, changes in their fair value are recorded in earnings. In order to best reflect the results of the hedged loan portfolio in earnings, we have elected the fair value option for these loans. As a result, changes in the fair value of the loans are also recorded in earnings.
Investment Securities	Investment Securities We designate our debt investment securities as held-to-maturity (“HTM”), available-for-sale (“AFS”), or trading depending on our investment strategy and ability to hold such securities to maturity. HTM debt securities where we have not elected to apply the fair value option are stated at cost plus any premiums or discounts, which are amortized or accreted through the consolidated statements of operations using the effective interest method. Debt securities we (i) do not hold for the purpose of selling in the near-term, or (ii) may dispose of prior to maturity, are classified as AFS and are carried at fair value in the accompanying financial statements. Unrealized gains or losses on AFS debt securities where we have not elected the fair value option are reported as a component of accumulated other comprehensive income (“AOCI”) in stockholders’ equity. Our HTM and AFS debt securities are also subject to credit loss allowances as discussed below. Our only equity investment security is carried at fair value, with unrealized holding gains and losses recorded in earnings.
Credit Losses	Credit Losses Loans and Debt Securities Measured at Amortized Cost ASC 326, Financial Instruments – Credit Losses , became effective for the Company on January 1, 2020. ASC 326 mandates the use of a current expected credit loss model (“CECL”) for estimating future credit losses of certain financial instruments measured at amortized cost, instead of the “incurred loss” credit model previously required under GAAP. The CECL model requires the consideration of possible credit losses over the life of an instrument as opposed to only estimating credit losses upon the occurrence of a discrete loss event under the previous “incurred loss” methodology. The CECL model applies to our HFI loans and our HTM debt securities which are carried at amortized cost, including future funding commitments and accrued interest receivable related to those loans and securities. However, as permitted by ASC 326, we have elected not to measure an allowance for credit losses on accrued interest receivable (which is classified separately on our consolidated balance sheet), but rather write off in a timely manner by reversing interest income and/or cease accruing interest that would likely be uncollectible. Our adoption of the CECL model resulted in a $32.3 million increase to our total allowance for credit losses, which was recognized as a cumulative-effect adjustment to accumulated deficit as of January 1, 2020. As we do not have a history of realized credit losses on our HFI loans and HTM securities, we have subscribed to third party database services to provide us with historical industry losses for both commercial real estate and infrastructure loans. Using these losses as a benchmark, we determine expected credit losses for our loans and securities on a collective basis within our commercial real estate and infrastructure portfolios. See Note 5 for further discussion of our methodologies. We also evaluate each loan and security measured at amortized cost for credit deterioration at least quarterly. Credit deterioration occurs when it is deemed probable that we will not be able to collect all amounts due according to the contractual terms of the loan or security. If a loan or security is considered to be credit deteriorated, we depart from the industry loss rate approach described above and determine the credit loss allowance as any excess of the amortized cost basis of the loan or security over (i) the present value of expected future cash flows discounted at the contractual effective interest rate or (ii) the fair value of the collateral, if repayment is expected solely from the collateral. Available-for-Sale Debt Securities Separate provisions of ASC 326 apply to our AFS debt securities, which are carried at fair value with unrealized gains and losses reported as a component of AOCI. We are required to establish an initial credit loss allowance for those securities that are purchased with credit deterioration (“PCD”) by grossing up the amortized cost basis of each security and providing an offsetting credit loss allowance for the difference between expected cash flows and contractual cash flows, both on a present value basis. As of the January 1, 2020 effective date, no such credit loss allowance gross-up was required on our AFS debt securities with PCD due to their individual unrealized gain positions as of that date. Subsequently, cumulative adverse changes in expected cash flows on our AFS debt securities are recognized currently as an increase to the allowance for credit losses. However, the allowance is limited to the amount by which the AFS debt security’s amortized cost exceeds its fair value. Favorable changes in expected cash flows are first recognized as a decrease to the allowance for credit losses (recognized currently in earnings). Such changes would be recognized as a prospective yield adjustment only when the allowance for credit losses is reduced to zero. A change in expected cash flows that is attributable solely to a change in a variable interest reference rate does not result in a credit loss and is accounted for as a prospective yield adjustment.
Properties Held-For-Investment	Properties Held-For-Investment Properties, net, as reported on our consolidated balance sheets, consist of commercial real estate properties held-for-investment and are recorded at cost, less accumulated depreciation and impairments, if any. Properties consist primarily of land, buildings and improvements. Land is not depreciated, and buildings and improvements are depreciated on a straight-line basis over their estimated useful lives. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments are capitalized and depreciated on a straight-line basis over their estimated useful lives. We review properties for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability is determined by comparing the carrying amount of the property to the undiscounted future net cash flows it is expected to generate. If such carrying amount exceeds the expected undiscounted future net cash flows, we adjust the carrying amount of the property to its estimated fair value.
Properties Held-For-Sale	Properties Held-For-Sale
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities We own non‑controlling equity interests in various privately‑held partnerships and limited liability companies. Unless we elect the fair value option under ASC 825, we use the fair value practicability election described below to account for investments in which our interest is so minor that we have virtually no influence over the underlying investees. We use the equity method to account for all other non‑controlling interests in partnerships and limited liability companies. Equity method investments are initially recorded at cost and subsequently adjusted for our share of income or loss, as well as contributions made or distributions received. Our other equity investments set forth in Note 9 do not have readily determinable fair values. Therefore, we have elected the fair value practicability exception under ASC 321, Equity Securities , whereby we measure those investments within its scope at cost, less any impairment, plus or minus observable price changes from orderly transactions of identical or similar investments of the same issuer.
Goodwill	Goodwill Goodwill is not amortized, but rather tested for impairment annually or more frequently if events or changes in circumstances indicate potential impairment. Goodwill at December 31, 2022 represents the excess of the consideration paid over the fair value of net assets acquired in connection with the acquisitions of LNR Property LLC (“LNR”) in April 2013 and the Infrastructure Lending Segment in September and October 2018. In testing goodwill for impairment, we follow ASC 350, Intangibles—Goodwill and Other , which permits a qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value including goodwill. If the qualitative assessment determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying value including goodwill, then no impairment is determined to exist for the reporting unit. However, if the qualitative assessment determines that it is more likely than not that the fair value of the reporting unit is less than its carrying value including goodwill, or we choose not to perform the qualitative assessment, then we compare the fair value of that reporting unit with its carrying value, including goodwill. ASU 2017-04, Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment , became effective for the Company on January 1, 2020. This ASU specifies that if the carrying value of a reporting unit exceeds its fair value, goodwill is considered impaired with the impairment loss measured as the excess of the reporting unit’s carrying value (inclusive of goodwill) over its fair value, eliminating the requirement that all assets and liabilities of the reporting unit be remeasured individually in connection with measurement of goodwill impairment.
Servicing Rights Intangibles	Servicing Rights IntangiblesOur identifiable intangible assets include domestic special servicing rights for which we have elected to apply the fair value measurement method, which is necessary to conform to our election of the fair value option for measuring the assets and liabilities of the securitization VIEs consolidated pursuant to ASC 810.
Lease Intangibles	Lease IntangiblesIn connection with our acquisition of properties, we recognize intangible lease assets and liabilities associated with certain noncancelable operating leases of the acquired properties. These intangible lease assets and liabilities include in-place lease intangible assets, favorable lease intangible assets and unfavorable lease liabilities. In-place lease intangible assets reflect the acquired benefit of purchasing properties with in-place leases and are measured based on estimates of direct costs associated with leasing the property and lost rental income during projected lease-up and free rent periods, both of which are avoided due to the presence of in-place leases at the acquisition date. Favorable and unfavorable lease intangible assets and liabilities reflect the terms of in-place tenant leases being either favorable or unfavorable relative to market terms at the acquisition date. The estimated fair values of our favorable and unfavorable lease assets and liabilities at the respective acquisition dates represent the discounted cash flow differential between the contractual cash flows of such leases and the estimated cash flows that comparable leases at market terms would generate. Our intangible lease assets and liabilities are recognized within intangible assets and other liabilities, respectively, in our consolidated balance sheets. Our in-place lease intangible assets are amortized to amortization expense while our favorable and unfavorable lease intangible assets and liabilities where we are the lessor are amortized to rental income. Both our favorable and unfavorable lease intangible assets and liabilities are amortized over the remaining noncancelable term of the respective leases on a straight-line basis.
Leases	Leases ASC 842 , Leases , which we adopted January 1, 2019, establishes a right-of-use model for lessee accounting which results in the recognition of most leased assets and lease liabilities on the balance sheet of the lessee. Lessor accounting was not significantly affected by this ASC. We elected not to apply the recognition provisions of ASC 842 to short-term leases, which have original lease terms of 12 months or less. As a lessor, we elected not to separate nonlease components, such as reimbursements from tenants for common area maintenance (“CAM”), from lease components for all classes of underlying assets, and continue to recognize such nonlease components ratably in rental income. We also elected to continue to exclude from rental income all sales, use and other similar taxes collected from lessees. As required by ASC 842, we do not record as
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities We record all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on whether we have elected to designate a derivative in a hedging relationship and have satisfied the criteria necessary to apply hedge accounting under GAAP. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We regularly enter into derivative contracts that are intended to economically hedge certain of our risks, even though the transactions may not qualify for, or we may not elect to pursue, hedge accounting. In such cases, changes in the fair value of the derivatives are recorded in earnings. Generally, our derivatives are subject to master netting arrangements, though we elect to present all derivative assets and liabilities on a gross basis within our consolidated balance sheets.
Convertible Senior Notes	Convertible Senior Notes Effective January 1, 2021, the Company early adopted ASU 2020-06 Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40), which removes certain separation models for convertible debt instruments and convertible preferred stock that require the separation into a debt component and an equity or derivative component. Consequently, our convertible senior notes (the “Convertible Notes”), which were previously accounted for as having separate liability and equity components, are now accounted for as a single liability measured at amortized cost. The standard was adopted using the modified retrospective method of transition, which resulted in a cumulative decrease to additional paid-in capital of $3.7 million, partially offset by a cumulative decrease to accumulated deficit of $2.2 million as of January 1, 2021.
Revenue Recognition	Revenue Recognition Interest Income Interest income on performing loans and financial instruments is accrued based on the outstanding principal amount and contractual terms of the instrument. For loans where we do not elect the fair value option, origination fees and direct loan origination costs are also recognized in interest income over the loan term as a yield adjustment using the effective interest method. When we elect the fair value option, origination fees and direct loan costs are recorded directly in income and are not deferred. Discounts or premiums associated with the purchase of non-performing loans and investment securities are amortized or accreted into interest income as a yield adjustment on the effective interest method, based on expected cash flows through the expected maturity date of the investment. On at least a quarterly basis, we review and, if appropriate, make adjustments to our cash flow projections. We cease accruing interest on non-performing loans at the earlier of (i) the loan becoming significantly past due or (ii) management concluding that a full recovery of all interest and principal is doubtful. Interest income on non-accrual loans in which management expects a full recovery of the loan’s outstanding principal balance is only recognized when received in cash. If a full recovery of principal is doubtful, the cost recovery method is applied whereby any cash received is applied to the outstanding principal balance of the loan. A non-accrual loan is returned to accrual status at such time as the loan becomes contractually current and management believes all future principal and interest will be received according to the contractual loan terms. For loans acquired with deteriorated credit quality, interest income is only recognized to the extent that our estimate of undiscounted expected principal and interest exceeds our investment in the loan. Such excess, if any, is recognized as interest income on a level-yield basis over the life of the loan. Upon the sale of loans or securities which are not accounted for pursuant to the fair value option, the excess (or deficiency) of net proceeds over the net carrying value of such loans or securities is recognized as a realized gain (loss). Servicing Fees We typically seek to be the special servicer on CMBS transactions in which we invest. When we are appointed to serve in this capacity, we earn special servicing fees from the related activities performed, which consist primarily of overseeing the workout of under-performing and non-performing loans underlying the CMBS transactions. These fees are recognized in income in the period in which the services are performed and the revenue recognition criteria have been met. Rental Income Rental income is recognized when earned from tenants. For leases that provide rent concessions or fixed escalations over the lease term, rental income is recognized on a straight-line basis over the noncancelable term of the lease. In net lease arrangements, costs reimbursable from tenants are recognized in rental income in the period in which the related expenses are incurred as we are generally the primary obligor with respect to purchasing goods and services for property operations. In instances where the tenant is responsible for property maintenance and repairs and contracts and settles such costs directly with third party service providers, we do not reflect those expenses in our consolidated statement of operations as the tenant is the primary obligor.
Securitizations, Sales and Financing Arrangements	Securitizations, Sales and Financing Arrangements We periodically sell our financial assets, such as commercial mortgage loans, residential loans, CMBS, RMBS and other assets. In connection with these transactions, we may retain or acquire senior or subordinated interests in the related assets. Gains and losses on such transactions are recognized in accordance with ASC 860, Transfers and Servicing , which is based on a financial components approach that focuses on control. Under this approach, after a transfer of financial assets that meets the criteria for treatment as a sale—legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint, and transferred control—an entity recognizes the financial assets it retains and any liabilities it has incurred, derecognizes the financial assets it has sold, and derecognizes liabilities when extinguished. We determine the gain or loss on sale of the assets by allocating the carrying value of the sold asset between the sold asset and the interests retained based on their relative fair values, as applicable. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the sold asset. If the sold asset is being accounted for pursuant to the fair value option, there is no gain or loss.
Deferred Financing Costs	Deferred Financing Costs Costs incurred in connection with debt issuance are capitalized and amortized to interest expense over the terms of the respective debt agreements. Such costs are presented as a direct deduction from the carrying value of the related debt liability.
Acquisition and Investment Pursuit Costs	Acquisition and Investment Pursuit Costs Costs incurred in connection with acquisitions of investments, loans and businesses, as well as in pursuing unsuccessful acquisitions and investments, are recorded within acquisition and investment pursuit costs in our consolidated statements of operations when incurred. Costs incurred in connection with acquisitions of real estate not accounted for as business combinations are capitalized within the purchase price. These costs reflect services performed by third parties and principally include due diligence and legal services.
Share-Based Payments	Share‑Based Payments The fair value of the restricted stock (“RSAs”) or restricted stock units (“RSUs”) granted is recorded as expense on a straight‑line basis over the vesting period for the award, with an offsetting increase in stockholders’ equity. The fair value is determined based upon the stock price on the grant date. The Company recognizes compensation expense related to its Employee Stock Purchase Program (“ESPP”) based on the estimated fair value of the discounted purchase options granted to the participants as of the beginning of each quarterly offering period determined using the Black-Scholes option pricing model.
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. 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 consolidated statements of operations.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Code. The Company is subject to federal income taxation at corporate rates on its REIT taxable income, however, the Company is allowed a deduction for the amount of dividends paid to its stockholders in arriving at its REIT taxable income. As a result, distributed net income of the Company is subjected to taxation at the stockholder level only. The Company intends to continue operating in a manner that will permit it to maintain its qualification as a REIT for tax purposes. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company evaluates the realizability of its deferred tax assets and recognizes a valuation allowance if, based on the available evidence, both positive and negative, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers, among other matters, estimates of expected future taxable income, nature of current and cumulative losses, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. We recognize tax positions in the financial statements only when it is more likely than not that, based on the technical merits of the tax position, the position will be sustained upon examination by the relevant taxing authority. A tax position is measured at the largest amount of benefit that will more likely than not be realized upon settlement. If, as a result of new events or information, a recognized tax position no longer is considered more likely than not to be sustained upon examination, a liability is established for the unrecognized benefit with a corresponding charge to income tax expense in our consolidated statement of operations. We report interest and penalties, if any, related to income tax matters as a component of income tax expense.
Earnings Per Share	Earnings Per Share We present both basic and diluted earnings per share (“EPS”) amounts in our financial statements. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the maximum potential dilution that could occur from (i) our share-based compensation, consisting of unvested RSAs and RSUs and any outstanding discounted share purchase options under the ESPP, (ii) shares contingently issuable to our Manager, (iii) the conversion options associated with our Convertible Notes (see Notes 12 and 19) and (iv) non-controlling interests that are redeemable with our common stock (see Note 18). Potential dilutive shares are excluded from the calculation if they have an anti-dilutive effect in the period. Nearly all of the Company’s unvested RSUs and RSAs contain rights to receive non-forfeitable dividends and thus are participating securities. In addition, the non-controlling interests that are redeemable with our common stock are considered participating securities because they earn a preferred return indexed to the dividend rate on our common stock (see Note 18). Due to the existence of these participating securities, the two-class method of computing EPS is required, unless another method is determined to be more dilutive. Under the two-class method, undistributed earnings are reallocated between shares of common stock and participating securities. For the years ended December 31, 2022, 2021 and 2020, the two-class method resulted in the most dilutive EPS calculation.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash investments, CMBS, RMBS, loan investments and interest receivable. We may place cash investments in excess of insured amounts with high quality financial institutions. We perform an ongoing analysis of credit risk concentrations in our investment portfolio by evaluating exposure to various counterparties, markets, underlying property types, contract terms, tenant mix and other credit metrics.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. The most significant and subjective estimate that we make is the projection of cash flows we expect to receive on our investments, which has a significant impact on the amount of income that we record and/or disclose. In addition, the fair value of assets and liabilities that are estimated using a discounted cash flows method is significantly impacted by the rates at which we estimate market participants would discount the expected cash flows. 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 December 31, 2022. 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, 2024, as extended by ASU 2022-06, Deferral of the Sunset Date of Topic 848, issued by the FASB on December 21, 2022. The Company has not adopted any of the optional expedients or exceptions through December 31, 2022. On March 31, 2022, the FASB issued ASU 2022-2, Troubled Debt Restructurings and Vintage Disclosures (Topic 326) . ASU 2022-2 eliminates the recognition and measurement guidance for troubled debt restructurings (“TDRs”) and, instead, requires that an entity evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The ASU also enhances existing disclosure requirements and introduces new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. The ASU is effective for the Company beginning January 1, 2023 and is generally to be applied prospectively. We do not expect the application of this ASU to materially impact our consolidated financial statements as our operating practice is generally not to enter into TDRs for troubled loans.

Restricted Cash (Tables)

Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Summary of Restricted Cash	A summary of our restricted cash as of December 31, 2022 and 2021 is as follows (amounts in thousands): As of December 31, 2022 2021 Cash collateral for derivative financial instruments $ 69,607 $ 55,032 Cash restricted by lender 49,727 46,059 Funds held on behalf of borrowers and tenants 1,255 3,420 Other restricted cash 483 41 $ 121,072 $ 104,552

Loans (Tables)

Loans (Tables)	12 Months Ended
	Dec. 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 December 31, 2022 and 2021 (dollars in thousands): December 31, 2022 Carrying Face Weighted Weighted Loans held-for-investment: Commercial loans: First mortgages (3) $ 15,562,452 $ 15,648,358 7.9 % 1.7 Subordinated mortgages (4) 71,100 72,118 13.6 % 1.8 Mezzanine loans (3) 445,363 442,339 12.9 % 1.0 Other 58,393 59,393 8.2 % 1.4 Total commercial loans 16,137,308 16,222,208 Infrastructure first priority loans 2,363,544 2,395,762 8.6 % 3.9 Total loans held-for-investment 18,500,852 18,617,970 Loans held-for-sale: Residential, fair value option (5) 2,763,458 3,092,915 4.5 % N/A (6) Commercial, fair value option 21,136 23,900 5.7 % 8.6 Total loans held-for-sale 2,784,594 3,116,815 Total gross loans 21,285,446 $ 21,734,785 Credit loss allowances: Commercial loans held-for-investment (88,801) Infrastructure loans held-for-investment (10,612) Total allowances (99,413) Total net loans $ 21,186,033 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 (5) 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 (5) 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 LIBOR or other applicable index rates as of December 31, 2022 and 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 December 31, 2022 and 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 year ended December 31, 2022, $50.1 million of residential loans held-for-investment were reclassified into loans held-for-sale. During the year ended December 31, 2021, $94.2 million of residential loans held-for-sale were reclassified into loans held-for-investment and $125.4 million of residential loans held-for-investment were reclassified into loans held-for-sale. (6) Residential loans have a weighted average remaining contractual life of 28.8 years and 29.4 years as of December 31, 2022 and 2021, respectively.
Summary of Variable Rate Loans Held-for-Investment	As of December 31, 2022, our variable rate loans held-for-investment, excluding loans for which interest income is not recognized, were as follows (dollars in thousands): December 31, 2022 Carrying Weighted-average Commercial loans $ 15,631,979 4.0 % Infrastructure loans 2,363,544 4.0 % Total variable rate loans held-for-investment $ 17,995,523 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 December 31, 2022 (dollars in thousands): Term Loans Revolving Loans Total Credit As of December 31, 2022 2022 2021 2020 2019 2018 Prior Commercial loans: Credit quality indicator: LTV < 60% $ 1,894,108 $ 2,606,796 $ 453,914 $ 1,038,506 $ 390,248 $ 634,470 $ — $ 7,018,042 $ 9,362 LTV 60% - 70% 1,876,566 3,866,518 148,866 1,024,962 282,980 68,528 — 7,268,420 30,929 LTV > 70% 101,664 468,305 240,295 441,198 265,673 270,393 — 1,787,528 43,585 Credit deteriorated — — — — — 4,925 — 4,925 4,925 Defeased and other 42,138 — — — — 16,255 — 58,393 — Total commercial $ 3,914,476 $ 6,941,619 $ 843,075 $ 2,504,666 $ 938,901 $ 994,571 $ — $ 16,137,308 $ 88,801 Infrastructure loans: Credit quality indicator: Power $ 89,342 $ 218,382 $ 83,410 $ 285,434 $ 405,453 $ 381,238 $ 7,036 $ 1,470,295 $ 5,267 Oil and gas 109,894 357,483 — 289,017 84,482 50,384 1,989 893,249 5,345 Total infrastructure $ 199,236 $ 575,865 $ 83,410 $ 574,451 $ 489,935 $ 431,622 $ 9,025 $ 2,363,544 $ 10,612 Loans held-for-sale 2,784,594 — Total gross loans $ 21,285,446 $ 99,413
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 Loans Held-for-Sale Total Commercial Infrastructure Infrastructure Credit loss allowance at December 31, 2019 $ 33,415 $ — $ 196 $ 33,611 Cumulative effect of ASC 326 effective January 1, 2020 10,112 10,328 — 20,440 Credit loss provision (reversal), net 48,711 (2,495) (125) 46,091 Charge-offs (22,627) (1) — (71) (22,698) Credit loss allowance at December 31, 2020 69,611 7,833 — 77,444 Credit loss (reversal) provision, net (7,947) 12,580 — 4,633 Charge-offs (14,807) (2) — — (14,807) Transfers (257) 257 — — Credit loss allowance at December 31, 2021 46,600 20,670 — 67,270 Credit loss provision, net 42,201 6,848 — 49,049 Charge-offs — (16,906) (3) — (16,906) Credit loss allowance at December 31, 2022 $ 88,801 $ 10,612 $ — $ 99,413 Unfunded Commitments Credit Loss Allowance (4) Loans Held-for-Investment Commercial Infrastructure CMBS (5) Total Credit loss allowance at December 31, 2019 $ — $ — $ — $ — Cumulative effect of ASC 326 effective January 1, 2020 8,348 2,205 — 10,553 Credit loss (reversal) provision, net (3,090) (1,393) — (4,483) Credit loss allowance at December 31, 2020 5,258 812 — 6,070 Credit loss provision (reversal), net 1,434 (667) — 767 Credit loss allowance at December 31, 2021 6,692 145 — 6,837 Credit loss provision (reversal), net 3,057 (73) 52 3,036 Credit loss allowance at December 31, 2022 $ 9,749 $ 72 $ 52 $ 9,873 Memo: Unfunded commitments as of December 31, 2022 (6) $ 2,282,391 $ 15,500 $ 34,327 $ 2,332,218 ______________________________________________________________________________________________________________________ (1) Primarily relates to the charge-off of the credit loss allowance relating to credit deteriorated first mortgage and contiguous mezzanine loans that were eliminated as a result of consolidating the net assets of the borrower entities upon exercising control over their pledged equity interests in October 2020. (2) Relates to a $7.8 million unsecured promissory note deemed uncollectible in connection with a residential conversion project located in New York City and a $7.0 million subordinated mortgage note deemed uncollectible in connection with a vacant department store in the Chicago area. Both notes were previously considered credit deteriorated and were fully reserved at or prior to write-off. (3) Relates to the senior loan participation converted to an equity interest described above. (4) Included in accounts payable, accrued expenses and other liabilities in our consolidated balance sheets. (5) See Note 6 for further details. (6) Represents amounts expected to be funded (see Note 23).
Schedule of Activity in Loan Portfolio	The activity in our loan portfolio was as follows (amounts in thousands): Held-for-Investment Loans Year Ended December 31, 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 4,882,414 661,598 — 4,634,722 10,178,734 Capitalized interest (1) 121,500 503 1,639 508 124,150 Basis of loans sold (2) (10,109) (26,824) — (4,216,618) (4,253,551) Loan maturities/principal repayments (1,764,638) (293,264) (7,623) (193,105) (2,258,630) Discount accretion/premium amortization 52,939 9,618 — — 62,557 Changes in fair value — — (3,169) (343,053) (346,222) Foreign currency translation gain/(loss), net (304,051) (2,895) — — (306,946) Credit loss provision, net (42,201) (6,848) — — (49,049) Loan foreclosure, equity control and conversion to equity interest (273,929) (16,382) — — (290,311) (3) Transfer to/from other asset/liability classifications or between segments (63,616) — (50,072) 25,340 (88,348) (4) Balance at December 31, 2022 $ 16,048,507 $ 2,352,932 $ — $ 2,784,594 $ 21,186,033 Held-for-Investment Loans Year Ended December 31, 2021 Commercial Infrastructure Residential Held-for-Sale Loans Total Loans Balance at December 31, 2020 $ 9,583,949 $ 1,412,440 $ 90,684 $ 1,052,835 $ 12,139,908 Acquisitions/originations/additional funding 7,822,441 817,104 — 5,351,034 13,990,579 Capitalized interest (1) 112,178 — 4,308 2,650 119,136 Basis of loans sold (2) (307,454) (12,678) — (3,856,736) (4,176,868) Loan maturities/principal repayments (3,508,969) (304,878) (31,251) (352,711) (4,197,809) Discount accretion/premium amortization 52,416 5,028 — 504 57,948 Changes in fair value — — 1,186 67,864 69,050 Foreign currency translation gain/(loss), net (71,419) (711) — — (72,130) Credit loss reversal (provision), net 7,947 (12,580) — — (4,633) Loan foreclosure and conversion to equity interest (36,308) — — — (36,308) (5) Transfer to/from other asset classifications or between segments (204,583) 123,701 (5,702) 611,360 524,776 (6) Balance at December 31, 2021 $ 13,450,198 $ 2,027,426 $ 59,225 $ 2,876,800 $ 18,413,649 Held-for-Investment Loans Year Ended December 31, 2020 Commercial Infrastructure Residential Held-for-Sale Loans Total Loans Balance at December 31, 2019 $ 8,517,054 $ 1,397,448 $ 671,572 $ 884,150 $ 11,470,224 Cumulative effect of ASC 326 effective January 1, 2020 (10,112) (10,328) — — (20,440) Acquisitions/originations/additional funding 2,753,782 278,694 100,720 2,204,203 5,337,399 Capitalized interest (1) 143,818 195 — — 144,013 Basis of loans sold (2) (443,793) — (604) (2,862,606) (3,307,003) Loan maturities/principal repayments (1,398,991) (189,288) (90,273) (142,644) (1,821,196) Discount accretion/premium amortization 39,642 2,447 — 110 42,199 Changes in fair value — — (15,382) 148,506 133,124 Foreign currency translation gain/(loss), net 102,748 1,096 — (1,291) 102,553 Credit loss (provision) reversal, net (48,711) 2,495 — 125 (46,091) Consolidation of properties upon obtaining equity control (71,488) (7) — — — (71,488) Transfer to/from other asset classifications — (70,319) (575,349) 822,282 176,614 (6) Balance at December 31, 2020 $ 9,583,949 $ 1,412,440 $ 90,684 $ 1,052,835 $ 12,139,908 ______________________________________________________________________________________________________________________ (1) Represents accrued interest income on loans whose terms do not require current payment of interest. (2) See Note 13 for additional disclosure on these transactions. (3) Represents (i) the $50.2 million net carrying value of first mortgage and contiguous mezzanine loans related to an office building in Texas that is eliminated as a result of consolidating the net assets of the mezzanine borrower entity upon obtaining control over its pledged equity interests in May 2022, (ii) the $223.8 million principal amount of a senior loan secured by an office building in California foreclosed in December 2022 and (iii) the $16.4 million net carrying value of the senior loan participation in a natural gas-fired power plant in Massachusetts that was converted to an equity interest in December 2022 (see discussion above). (4) During the year ended December 31, 2022, we repurchased at par $745.0 million of agency-eligible residential loans that were previously sold. The repurchase was subject to a contingency for which we recorded a contingency loss of $88.4 million within other loss, net in the consolidated statement of operations. At the time the loans were repurchased, this loss was utilized to reduce the carrying value of the loans to their estimated fair value. (5) Includes (i) a $29.0 million credit deteriorated loan related to a residential conversion project which was foreclosed in April 2021 and (ii) $7.3 million of a commercial loan that was converted to equity interests in March 2021 (see Note 9) pursuant to a consensual transfer under pre-existing equity pledges of additional collateral, both as described above. (6) Net transfers represent residential loans transferred from VIE assets upon redemption of three consolidated RMBS trusts in 2021 and one in 2020. (7) Represents the net carrying value of credit deteriorated first mortgage and contiguous mezzanine loans related to a residential conversion project located in New York City that was eliminated as a result of consolidating the net assets of the borrower entities upon exercising control over their pledged equity interests in October 2020.

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Investment Securities	Investment securities were comprised of the following as of December 31, 2022 and 2021 (amounts in thousands): Carrying Value as of December 31, 2022 December 31, 2021 RMBS, available-for-sale $ 113,386 $ 143,980 RMBS, fair value option (1) 423,183 250,424 CMBS, fair value option (1), (2) 1,262,846 1,263,606 HTM debt securities, amortized cost net of credit loss allowance of $3,182 and $8,610 673,470 683,136 Equity security, fair value 9,840 11,624 Subtotal — Investment securities 2,482,725 2,352,770 VIE eliminations (1) (1,666,921) (1,491,786) Total investment securities $ 815,804 $ 860,984 ______________________________________________________________________________________________________________________ (1) Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. (2) Includes $198.9 million and $182.6 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of December 31, 2022 and 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 Year Ended December 31, 2022 Purchases $ — $ 226,152 $ 63,681 $ 86,512 $ (289,833) $ 86,512 Sales — — — — — — Principal collections 19,087 74,542 20,862 94,868 (93,412) 115,947 Year Ended December 31, 2021 Purchases/fundings $ — $ 168,825 $ 71,476 $ 198,358 $ (240,301) $ 198,358 Sales — 30,684 38,714 — (69,398) — Principal collections 30,722 63,144 7,732 54,725 (68,873) 87,450 Redemptions — 51,187 — — (51,187) — Year Ended December 31, 2020 Purchases $ — $ 282,368 $ 49,416 $ 22,408 $ (331,784) $ 22,408 Sales — 135,567 37,867 — (165,494) 7,940 Principal collections 26,000 44,197 30,079 52,704 (69,447) 83,533 Redemptions — 10,474 — — (10,474) — ______________________________________________________________________________________________________________________ (1) Represents RMBS and CMBS, fair value option amounts eliminated due to our consolidation of securitization VIEs. These amounts are reflected as issuance or repayment of debt of, or distributions from, consolidated VIEs in our consolidated statements of cash flows.
Summary of Investments in Available-for-Sale RMBS	The tables below summarize various attributes of our investments in available-for-sale RMBS as of December 31, 2022 and 2021 (amounts in thousands): Unrealized Gains or (Losses) Amortized Credit Net Gross Gross Net Fair Value December 31, 2022 RMBS $ 92,431 $ — $ 92,431 $ 21,765 $ (810) $ 20,955 $ 113,386 December 31, 2021 RMBS $ 103,027 $ — $ 103,027 $ 41,052 $ (99) $ 40,953 $ 143,980 Weighted Average Coupon (1) WAL December 31, 2022 RMBS 4.8 % 7.4 ______________________________________________________________________________________________________________________ (1) Calculated using the December 31, 2022 one-month LIBOR rate of 4.392% for floating rate securities. (2) Represents the remaining WAL of each respective group of securities as of the balance sheet date. The WAL of each individual security is calculated using projected amounts and projected timing of future principal payments.
Schedule of Gross Unrealized Losses and Estimated Fair Value of Securities With No Recorded Allowance for Credit Loss	The following table presents the gross unrealized losses and estimated fair value of any available-for-sale securities that were in an unrealized loss position as of December 31, 2022 and 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 December 31, 2022 RMBS $ 6,961 $ 1,889 $ (502) $ (308) 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 December 31, 2022 and 2021 (amounts in thousands): Amortized Credit Loss Net Carrying Gross Unrealized Gross Unrealized Fair Value December 31, 2022 CMBS $ 577,681 $ (172) $ 577,509 $ 30 $ (30,424) $ 547,115 Preferred interests 29,757 — 29,757 125 (4,863) 25,019 Infrastructure bonds 69,214 (3,010) 66,204 47 (1,110) 65,141 Total $ 676,652 $ (3,182) $ 673,470 $ 202 $ (36,397) $ 637,275 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 Securities	The following table presents the activity in our credit loss allowance for HTM debt securities (amounts in thousands): CMBS Preferred Infrastructure Total HTM Credit loss allowance at December 31, 2019 $ — $ — $ — $ — Cumulative effect of ASC 326 effective January 1, 2020: Beginning accumulated deficit charge — 1,114 179 1,293 Gross-up of PCD bond amortized cost basis — — 2,837 2,837 Credit loss provision (reversal), net — 1,635 (90) 1,545 Credit loss allowance at December 31, 2020 — 2,749 2,926 5,675 Credit loss provision (reversal), net 3,140 (187) (18) 2,935 Credit loss allowance at December 31, 2021 3,140 2,562 2,908 8,610 Credit loss (reversal) provision, net (2,968) (2,562) 102 (5,428) Credit loss allowance at December 31, 2022 $ 172 $ — $ 3,010 $ 3,182
Schedule of Maturities of Our HTM Debt Securities	The table below summarizes the maturities of our HTM debt securities by type as of December 31, 2022 (amounts in thousands): CMBS Preferred Infrastructure Total Less than one year $ 339,430 $ 29,757 $ — $ 369,187 One to three years 187,956 — 37,385 225,341 Three to five years 50,123 — 12,494 62,617 Thereafter — — 16,325 16,325 Total $ 577,509 $ 29,757 $ 66,204 $ 673,470

Properties (Tables)

Properties (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Summary of Properties	The table below summarizes our properties held as of December 31, 2022 and December 31, 2021 (dollars in thousands): Depreciable Life December 31, 2022 December 31, 2021 Property Segment Land and land improvements 0 - 15 years $ 176,029 $ 175,810 Buildings and building improvements 0 - 45 years 856,411 851,274 Furniture & fixtures 3 - 5 years 446 260 Investing and Servicing Segment Land and land improvements 0 - 15 years 34,613 41,771 Buildings and building improvements 3 - 40 years 122,384 149,399 Furniture & fixtures 2 - 5 years 3,207 3,143 Commercial and Residential Lending Segment Land and land improvements N/A 99,043 9,691 Buildings and building improvements 0 - 24 years 79,661 12,408 Construction in progress N/A 287,701 104,088 Properties, cost 1,659,495 1,347,844 Less: accumulated depreciation (209,509) (181,457) Properties, net $ 1,449,986 $ 1,166,387
Summary of Operating Leases	Future rental payments due to us from tenants under existing non-cancellable operating leases for each of the next five years and thereafter are as follows (in thousands): 2023 $ 64,136 2024 58,076 2025 53,056 2026 44,465 2027 38,871 Thereafter 154,225 Total $ 412,829

Investments of Consolidated A_2

Investments of Consolidated Affordable Housing Fund (Tables)	12 Months Ended
	Dec. 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 year ended December 31, 2022 and for the period from November 5, 2021 through December 31, 2021 (in thousands): Year Ended December 31, 2022 November 5, 2021 - December 31, 2021 Distributions from affordable housing fund investments $ 35,043 $ 6,023 Unrealized change in fair value of investments (1) 720,693 402 Income from affordable housing fund investments $ 755,736 $ 6,425 ______________________________________________________________________________________________________________________ (1) 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.

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	12 Months Ended
	Dec. 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 December 31, 2022 and 2021 (dollars in thousands): Participation / Carrying value as of December 31, 2022 December 31, 2021 Equity method investments: Equity interests in two natural gas power plants (2) 10% - 12% $ 46,618 $ 26,255 Investor entity which owns equity in an online real estate company 50% 5,457 5,206 Equity interest in and advances to a residential mortgage originator (3) N/A 1,449 20,327 Various 25% - 50% 15,377 12,528 68,901 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) 4% - 6% 940 4,194 Investor entities which own equity interests in two entertainment and retail centers (5) 15% 7,322 7,320 Various 1% - 3% 1,774 1,312 22,991 25,781 $ 91,892 $ 90,097 ______________________________________________________________________________________________________________________ (1) None of these investments are publicly traded and therefore quoted market prices are not available. (2) In December 2022, we obtained a 12% equity interest in a natural gas power plant in Massachusetts upon conversion of a senior loan participation with a net carrying value of $16.4 million. See further discussion in Note 5. (3) Included a $4.5 million subordinated loan as of December 31, 2021, which was converted to an equity interest on July 1, 2022. Subsequent to year end, we sold our ownership interest to a third party. In anticipation of the sale, we reduced the carrying value of our investment to the estimated net proceeds to be received. (4) During the year ended December 31, 2022, we received distributions of $7.4 million, of which $3.3 million were considered returns of capital which reduced the carrying value of two of our investments.

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	12 Months Ended
	Dec. 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 December 31, 2022 and 2021 (amounts in thousands): As of December 31, 2022 As of December 31, 2021 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Domestic servicing rights, at fair value $ 17,790 $ — $ 17,790 $ 16,780 $ — $ 16,780 In-place lease intangible assets 98,622 (64,246) 34,376 94,712 (62,721) 31,991 Favorable lease intangible assets 26,649 (10,042) 16,607 23,746 (8,953) 14,793 Total net intangible assets $ 143,061 $ (74,288) $ 68,773 $ 135,238 $ (71,674) $ 63,564
Summary of Activity Within Intangible Assets	The following table summarizes the activity within intangible assets for the years ended December 31, 2022 and 2021 (amounts in thousands): Domestic In-place Lease Favorable Lease Total Balance as of January 1, 2021 $ 13,202 $ 40,663 $ 16,252 $ 70,117 Amortization — (8,116) (1,387) (9,503) Sales — (556) (72) (628) Changes in fair value due to changes in inputs and assumptions 3,578 — — 3,578 Balance as of December 31, 2021 $ 16,780 $ 31,991 $ 14,793 $ 63,564 Acquisition (1) — 10,083 3,520 13,603 Amortization — (7,132) (1,664) (8,796) Impairment (2) — (43) (4) (47) Sales — (523) (38) (561) Changes in fair value due to changes in inputs and assumptions 1,010 — — 1,010 Balance as of December 31, 2022 $ 17,790 $ 34,376 $ 16,607 $ 68,773 _________________________________________________ (1) Represents lease intangibles related to an office building in Texas that are consolidated upon exercising control over a mezzanine loan borrower ’ s pledged equity interests in May 2022 (see Note 5). (2) Impairment of intangible lease assets is recognized within other expense in our 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): 2023 $ 8,451 2024 6,754 2025 5,649 2026 4,123 2027 3,630 Thereafter 22,376 Total $ 50,983

Secured Borrowings (Tables)

Secured Borrowings (Tables)	12 Months Ended
	Dec. 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 December 31, 2022 and 2021 (dollars in thousands): Outstanding Balance at Current Extended Maturity (a) Weighted Average Pledged Asset Maximum December 31, 2022 December 31, 2021 Repurchase Agreements: Commercial Loans Jun 2023 to Jun 2027 (b) Sep 2025 to Dec 2030 (b) Index + 2.04% (c) $ 11,166,171 $ 11,917,353 (d) $ 7,746,867 $ 6,556,438 Residential Loans Oct 2023 to Apr 2024 N/A Index + 2.20% 2,229,958 3,062,701 1,912,774 1,744,225 Infrastructure Loans Sep 2024 Sep 2026 SOFR + 2.07% 353,271 650,000 290,431 379,095 Conduit Loans Feb 2023 to Jun 2025 Feb 2024 to Jun 2026 SOFR + 2.29% 14,141 375,000 8,423 174,130 CMBS/RMBS Sep 2023 to Apr 2032 (e) Oct 2023 to Oct 2032 (e) (f) 1,495,141 1,086,804 840,625 (g) 688,146 Total Repurchase Agreements 15,258,682 17,091,858 10,799,120 9,542,034 Other Secured Financing: Borrowing Base Facility Nov 2024 Oct 2026 SOFR + 2.11% — 750,000 (h) — 213,478 Commercial Financing Facilities Dec 2023 to Aug 2025 Jul 2025 to Dec 2030 Index + 1.94% 410,533 520,709 (i) 311,825 167,476 Residential Financing Facility Mar 2024 Mar 2027 SOFR + 2.45% 533,502 500,000 244,418 102,018 Infrastructure Financing Facilities Jun 2025 to Oct 2025 Jun 2027 to Jul 2032 Index + 2.05% 1,040,798 1,550,000 765,265 855,646 Property Mortgages - Fixed rate Nov 2024 to Sep 2029 (j) N/A 4.46% 367,215 261,100 261,100 272,522 Property Mortgages - Variable rate Nov 2023 to Dec 2027 N/A (k) 1,007,375 850,387 847,633 712,493 Term Loans and Revolver (l) N/A (l) N/A (l) 1,530,766 1,380,766 788,753 Total Other Secured Financing 3,359,423 5,962,962 3,811,007 3,112,386 $ 18,618,105 $ 23,054,820 14,610,127 12,654,420 Unamortized net discount (30,320) (13,350) Unamortized deferred financing costs (78,275) (64,220) $ 14,501,532 $ 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 $3.0 billion as of December 31, 2022 are indexed to EURIBOR, BBSY, SARON and SONIA. The remainder are indexed to USD LIBOR or SOFR. (d) Certain facilities with an aggregate initial maximum facility size of $11.8 billion may be increased to $11.9 billion, subject to certain conditions. The $11.9 billion amount includes such upsizes. (e) Certain facilities with an outstanding balance of $358.3 million as of December 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 $262.2 million as of December 31, 2022 has a weighted average fixed annual interest rate of 3.25%. All other facilities are variable rate with a weighted average rate of Index + 2.11%. (g) Includes: (i) $262.2 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $42.8 million outstanding on one of our repurchase facilities that represents the 49% pro rata share owed by a non-controlling partner in a consolidated joint venture (see Note 16). (h) The maximum facility size as of December 31, 2022 of $450.0 million may be increased to $750.0 million, subject to certain conditions. (i) Certain facilities with an aggregate initial maximum facility size of $420.7 million may be increased to $520.7 million, subject to certain conditions. The $520.7 million amount includes such upsizes. (j) The weighted average maturity is 4.4 years as of December 31, 2022. (k) Includes a $600.0 million first mortgage and mezzanine loan secured by our Medical Office Portfolio. This debt has a weighted average interest rate of LIBOR + 2.07% that we swapped to a fixed rate of 3.34%. The remainder have a weighted average rate of Index + 2.60%. (l) Consists of: (i) a $780.8 million term loan facility that matures in July 2026, of which $387.0 million has an annual interest rate of LIBOR + 2.50% and $393.8 million has an annual interest rate of LIBOR + 3.25%, subject to a 0.75% LIBOR floor, (ii) a $150.0 million revolving credit facility that matures in April 2026 with an annual interest rate of SOFR + 2.50% and (iii) a $600.0 million term loan facility that matures in November 2027, with an annual interest rate of SOFR + 3.25%, subject to a 0.50% SOFR floor. These facilities are secured by the equity interests in certain of our subsidiaries which totaled $5.9 billion as of December 31, 2022.
Schedule of Collateralized Loan Obligations	The following table is a summary of our CLOs and our SASB as of December 31, 2022 and 2021 (amounts in thousands): December 31, 2022 Count Face Carrying Weighted Maturity STWD 2022-FL3 Collateral assets 51 $ 1,000,000 $ 1,010,051 Index + 3.52% (a) February 2026 (b) Financing 1 $ 842,500 $ 842,374 SOFR + 1.93% (c) November 2038 (d) STWD 2021-HTS Collateral assets 1 $ 230,000 $ 231,186 LIBOR + 3.85% (a) April 2026 (b) Financing 1 $ 210,091 $ 208,961 LIBOR + 2.71% (c) April 2034 (d) STWD 2021-FL2 Collateral assets 36 $ 1,277,474 $ 1,284,240 Index + 4.04% (a) June 2025 (b) Financing 1 $ 1,077,375 $ 1,072,403 LIBOR + 1.80% (c) April 2038 (d) STWD 2019-FL1 Collateral assets 16 $ 902,799 $ 906,409 Index + 3.67% (a) December 2024 (b) Financing 1 $ 739,174 $ 738,473 SOFR + 1.64% (c) July 2038 (d) STWD 2021-SIF2 Collateral assets 31 $ 495,587 $ 510,730 Index + 3.73% (a) February 2027 (b) Financing 1 $ 410,000 $ 407,260 SOFR + 2.11% (c) January 2033 (d) STWD 2021-SIF1 Collateral assets 31 $ 495,781 $ 511,471 Index + 3.76% (a) November 2026 (b) Financing 1 $ 410,000 $ 406,753 LIBOR + 2.15% (c) April 2032 (d) Total Collateral assets $ 4,401,641 $ 4,454,087 Financing $ 3,689,140 $ 3,676,224 December 31, 2021 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 December 31, 2022, 7% earned fixed-rate weighted average interest of 7.41%. Of the investments financed by the STWD 2021-SIF2 CLO as of December 31, 2022, 5% earned fixed-rate weighted average interest of 7.75%. Of the investments financed by the STWD 2021-SIF1 CLO as of December 31, 2022, 3% earned fixed-rate weighted average interest of 6.04%. (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 2023 $ 1,874,298 $ 140,566 $ 771,977 $ 2,786,841 2024 1,836,846 743,624 407,380 2,987,850 2025 1,203,706 295,224 731,900 2,230,830 2026 2,971,412 955,516 1,590,753 5,517,681 2027 2,650,703 1,504,853 91,358 4,246,914 Thereafter 262,155 171,224 95,772 529,151 Total $ 10,799,120 $ 3,811,007 $ 3,689,140 $ 18,299,267 ______________________________________________________________________________________________________________________ (a) For the CLOs, the above does not assume utilization of their reinvestment features. The SASB does not have a reinvestment feature.

Unsecured Senior Notes (Tables)

Unsecured Senior Notes (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2022 and 2021 (dollars in thousands): Coupon Effective Maturity Remaining Carrying Value at December 31, 2022 December 31, 2021 2023 Convertible Notes 4.38 % 4.57 % 4/1/2023 0.2 years 250,000 250,000 2023 Senior Notes 5.50 % 5.71 % 11/1/2023 0.8 years 300,000 300,000 2024 Senior Notes 3.75 % 3.94 % 12/31/2024 2.0 years 400,000 400,000 2025 Senior Notes 4.75 % (2) 5.04 % 3/15/2025 2.2 years 500,000 500,000 2026 Senior Notes 3.63 % 3.77 % 7/15/2026 3.5 years 400,000 400,000 2027 Senior Notes 4.38 % (3) 4.49 % 1/15/2027 4.0 years 500,000 — Total principal amount 2,350,000 1,850,000 Unamortized discount—Convertible Notes (118) (578) Unamortized discount—Senior Notes (9,051) (10,067) Unamortized deferred financing costs (11,620) (10,765) Total carrying amount $ 2,329,211 $ 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 December 31, 2022 (amounts in thousands, except rates): December 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 December 31, 2022, 2021, and 2020, the market price of the Company’s common stock was $18.33, $24.30 and $19.30, respectively.

Loan Securitization_Sale Acti_2

Loan Securitization/Sale Activities (Tables)	12 Months Ended
	Dec. 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 years ended December 31, 2022, 2021 and 2020 (amounts in thousands): Commercial Loans Residential Loans Face Amount Proceeds Face Amount Proceeds For the Year Ended December 31, 2022 $ 1,202,274 $ 1,182,861 $ 1,905,829 $ 1,913,459 2021 1,185,251 1,242,974 2,287,733 2,362,798 2020 920,282 975,569 1,770,513 1,826,549
Summary of Loans Sold	The following table summarizes our loans sold by the Commercial and Residential Lending Segment, net of expenses (amounts in thousands): Loan Transfers Accounted for as Sales Commercial Loans Residential Loans Face amount (1) Proceeds (1) Face Amount (2) Proceeds (2) For the Year Ended December 31, 2022 $ 75,235 $ 74,859 $ 1,057,013 $ 1,056,683 2021 335,552 328,878 216,827 225,940 2020 446,132 442,833 550 604 ______________________________________________________________________________________________________________________ (1) During the year ended December 31, 2022, we sold $11.5 million of senior interests in first mortgage loans and $63.7 million of whole loan interests for proceeds of $10.2 million and $64.6 million, respectively. During the year ended December 31, 2021, we sold $313.0 million of senior interests in first mortgage loans and $22.6 million of whole loan

Derivatives and Hedging Activ_2

Derivatives and Hedging Activity (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Non-Designated Derivatives	The following table summarizes our non-designated derivatives as of December 31, 2022 (notional amounts in thousands): Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Buy Euros (“EUR”) 8 17,400 EUR February 2023 - June 2023 Fx contracts – Buy Pounds Sterling (“GBP”) 5 176 GBP October 2023 - October 2024 Fx contracts – Buy Australian dollar (“AUD”) 3 26,183 AUD January 2023 - January 2025 Fx contracts – Sell EUR 216 678,868 EUR January 2023 - June 2026 Fx contracts – Sell GBP 208 580,146 GBP January 2023 - April 2027 Fx contracts – Sell AUD 94 662,350 AUD January 2023 - January 2026 Fx contracts – Sell Swiss Franc (“CHF”) 61 24,455 CHF January 2023 - November 2025 Interest rate swaps – Paying fixed rates 43 3,514,360 USD April 2024 - January 2033 Interest rate swaps – Receiving fixed rates 2 970,000 USD March 2025 - January 2027 Interest rate caps 6 758,000 USD February 2023 - April 2025 Interest rate caps 1 61,000 GBP April 2024 Credit instruments 3 49,000 USD September 2058 - August 2061 Interest rate swap guarantees 2 149,126 USD June 2023 - June 2025 Total 652
Schedule of Fair Value of Derivatives	The table below presents the fair value of our derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2022 and 2021 (amounts in thousands): Fair Value of Derivatives in an Asset Position (1) as of December 31, Fair Value of Derivatives in a Liability Position (2) as of December 31, 2022 2021 2022 2021 Interest rate contracts $ 10,756 $ 17,728 $ 69,776 $ 16 Interest rate swap guarantees — — — 260 Foreign exchange contracts 97,289 30,478 21,628 12,870 Credit instruments 576 10 — 275 Total derivatives $ 108,621 $ 48,216 $ 91,404 $ 13,421 ___________________________________________________ (1) Classified as derivative assets in our consolidated balance sheets. (2) Classified as derivative liabilities in our consolidated balance sheets.
Schedule of Effect of Derivative Financial Instruments	The table below presents the effect of our derivative financial instruments on the consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands): Derivatives Not Designated Location of Gain (Loss) Amount of Gain (Loss) Recognized in Income for the Year Ended December 31, 2022 2021 2020 Interest rate contracts Gain (loss) on derivative financial instruments $ 216,778 $ 41,033 $ (48,692) Interest rate swap guarantees Gain (loss) on derivative financial instruments 260 589 (235) Foreign exchange contracts Gain (loss) on derivative financial instruments 116,443 41,228 (32,561) Credit instruments Gain (loss) on derivative financial instruments 534 (487) (690) $ 334,015 $ 82,363 $ (82,178)

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	12 Months Ended
	Dec. 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 December 31, 2022 Derivative assets $ 108,621 $ — $ 108,621 $ 69,221 $ — $ 39,400 Derivative liabilities $ 91,404 $ — $ 91,404 $ 69,221 $ 22,183 $ — Repurchase agreements 10,799,120 — 10,799,120 10,799,120 — — $ 10,890,524 $ — $ 10,890,524 $ 10,868,341 $ 22,183 $ — 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)	12 Months Ended
	Dec. 31, 2022
Variable Interest Entities
Schedule of Assets and Liabilities of Our Consolidated CLO	The following table details the assets and liabilities of our consolidated CLOs and SASB as of December 31, 2022 and 2021 (amounts in thousands): December 31, 2022 December 31, 2021 Assets: Cash and cash equivalents $ 31,611 $ 15,297 Loans held-for-investment 4,365,791 3,073,572 Investment securities 36,466 11,426 Accrued interest receivable 20,088 8,936 Other assets 131 11,213 Total Assets $ 4,454,087 $ 3,120,444 Liabilities Accounts payable, accrued expenses and other liabilities $ 17,737 $ 3,335 Collateralized loan obligations and single asset securitization, net 3,676,224 2,616,116 Total Liabilities $ 3,693,961 $ 2,619,451

Stockholders' Equity and Non-_2

Stockholders' Equity and Non-Controlling Interests (Tables)	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Schedule of Dividends Declared by Board of Directors	Our board of directors declared the following dividends during the years ended December 31, 2022, 2021 and 2020: Declaration Date Record Date Ex-Dividend Date Payment Date Amount Frequency 12/9/22 12/30/22 12/29/22 1/13/23 $ 0.48 Quarterly 9/16/22 9/30/22 9/29/22 10/14/22 0.48 Quarterly 6/15/22 6/30/22 6/29/22 7/15/22 0.48 Quarterly 3/14/22 3/31/22 3/30/22 4/15/22 0.48 Quarterly 12/15/21 12/31/21 12/30/21 1/14/22 0.48 Quarterly 9/15/21 9/30/21 9/29/21 10/15/21 0.48 Quarterly 6/14/21 6/30/21 6/29/21 7/15/21 0.48 Quarterly 3/11/21 3/31/21 3/30/21 4/15/21 0.48 Quarterly 12/9/20 12/31/20 12/30/20 1/15/21 0.48 Quarterly 9/16/20 9/30/20 9/29/20 10/15/20 0.48 Quarterly 6/16/20 6/30/20 6/29/20 7/15/20 0.48 Quarterly 2/25/20 3/31/20 3/30/20 4/15/20 0.48 Quarterly
Summary of Share Awards Granted Under the Manager Equity Plan	The table below summarizes our share awards granted or vested under the 2017 and 2022 Manager Equity Plans during the years ended December 31, 2022, 2021 and 2020 (dollar amounts in thousands): Grant Date Type Amount Granted Grant Date Fair Value Vesting Period November 2022 RSU 1,500,000 $ 31,605 3 years November 2020 RSU 1,800,000 30,078 3 years September 2019 RSU 1,200,000 29,484 (1) April 2018 RSU 775,000 16,329 3 years March 2017 RSU 1,000,000 22,240 3 years ______________________________________________________________________________________________________________________ (1) Of the amount granted, 218,898 vested immediately on the grant date and the remaining amount vests over a three-year period.
Schedule of Common Stock Issued to Manager as Incentive Compensation	The following shares of common stock were issued, without restriction, to our Manager as part of the incentive and base management compensation due under the Management Agreement during the years ended December 31, 2022, 2021 and 2020: Timing of Issuance Shares of Common Stock Issued Price per share November 2022 21,390 $ 20.92 August 2022 108,374 23.94 May 2022 647,128 22.69 February 2022 1,068,828 23.78 November 2021 18,649 26.08 August 2021 97,151 25.79 May 2021 267,378 24.54 February 2021 332,002 22.55 May 2020 2,065,322 (1) February 2020 355,910 25.51 __________________________________________
Summary of Share-Based Compensation Expenses	The following table summarizes our share-based compensation expenses during the years ended December 31, 2022, 2021 and 2020 (in thousands): For the Year Ended December 31, 2022 2021 2020 Management fees: Manager incentive fee $ 24,903 $ 35,135 $ 15,405 Base management fee — — 19,088 Manager Equity Plans (1) 18,693 19,448 17,987 43,596 54,583 52,480 General and administrative: Equity Plans (1) 21,219 19,838 13,254 ESPP 273 — — 21,492 19,838 13,254 Total share-based compensation expense (2) $ 65,089 $ 74,421 $ 65,734 __________________________________________ (1) Share-based compensation expense relating to the 2017 and 2022 Manager Equity Plans is reflected within the Manager Equity Plans line. Share-based compensation expense relating to the 2017 and 2022 Equity Plans is reflected within the Equity Plans line. (2) The income tax benefit associated with the share-based compensation expense for the years ended December 31, 2022, 2021 and 2020 was immaterial.
Schedule of Non-Vested Shares and Share Equivalents	Equity Plan Manager Total Weighted Average Balance as of January 1, 2022 2,406,730 1,295,277 3,702,007 $ 18.90 Granted 829,805 1,500,000 2,329,805 21.95 Vested (646,771) (970,277) (1,617,048) 18.57 Forfeited (75,917) — (75,917) 19.42 Balance as of December 31, 2022 2,513,847 1,825,000 4,338,847 20.65 __________________________________________ (1) Equity-based award activity for awards granted under the 2017 and 2022 Equity Plans is reflected within the Equity Plan column, and for awards granted under the 2017 and 2022 Manager Equity Plans, within the Manager Equity Plan column.
Summary of Vesting Schedule	Equity Manager Plan Equity Plan Total 2023 665,290 950,000 1,615,290 2024 1,481,187 500,000 1,981,187 2025 367,370 375,000 742,370 Total 2,513,847 1,825,000 4,338,847

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Reconciliation of Net Income and Number of Shares Used in Computation of Earnings Per Share	The following table provides a reconciliation of net income and the number of shares of common stock used in the computation of basic EPS and diluted EPS (amounts in thousands, except per share amounts): For the Year Ended December 31, 2022 2021 2020 Basic Earnings Income attributable to STWD common stockholders $ 871,475 $ 447,739 $ 331,689 Less: Income attributable to participating shares not already deducted as non-controlling interests (17,113) (6,808) (5,216) Basic earnings $ 854,362 $ 440,931 $ 326,473 Diluted Earnings Income attributable to STWD common stockholders $ 871,475 $ 447,739 $ 331,689 Less: Income attributable to participating shares not already deducted as non-controlling interests (17,113) (6,808) (5,216) Add: Interest expense on Convertible Notes 11,632 11,619 * Add: Undistributed earnings to participating shares 11,229 — — Less: Undistributed earnings reallocated to participating shares (10,880) — — Diluted earnings $ 866,343 $ 452,550 $ 326,473 Number of Shares: Basic — Average shares outstanding 305,524 285,942 281,978 Effect of dilutive securities — Convertible Notes 9,649 9,649 * Effect of dilutive securities — Contingently issuable shares 386 1,037 383 Effect of dilutive securities — Unvested non-participating shares 169 198 122 Diluted — Average shares outstanding 315,728 296,826 282,483 Earnings Per Share Attributable to STWD Common Stockholders: Basic $ 2.80 $ 1.54 $ 1.16 Diluted $ 2.74 $ 1.52 $ 1.16 ______________________________________________________________________________________________________________________

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 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 Balance at January 1, 2020 $ 50,996 $ (64) $ 50,932 OCI before reclassifications (6,939) — (6,939) Amounts reclassified from AOCI — — — Net period OCI (6,939) — (6,939) Balance at December 31, 2020 44,057 (64) 43,993 OCI before reclassifications (3,101) — (3,101) Amounts reclassified from AOCI (3) 64 61 Net period OCI (3,104) 64 (3,040) Balance at December 31, 2021 40,953 — 40,953 OCI before reclassifications (19,998) — (19,998) Amounts reclassified from AOCI — — — Net period OCI (19,998) — (19,998) Balance at December 31, 2022 $ 20,955 $ — $ 20,955
Summary of Reclassifications out of AOCI	The reclassifications out of AOCI impacted the consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020 as follows (amounts in thousands): Amounts Reclassified from AOCI during the Year Affected Line Item Ended December 31, in the Statements Details about AOCI Components 2022 2021 2020 of Operations Unrealized gains on available-for-sale securities: Interest realized upon collection $ — $ 3 $ — Interest income from investment securities Foreign currency translation: Foreign currency adjustment — (64) — Gain on sale of investments and other assets, net Total reclassifications for the period $ — $ (61) $ —

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 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 December 31, 2022 and 2021 (amounts in thousands): December 31, 2022 Total Level I Level II Level III Financial Assets: Loans under fair value option $ 2,784,594 $ — $ — $ 2,784,594 RMBS 113,386 — — 113,386 CMBS 19,108 — — 19,108 Equity security 9,840 9,840 — — Woodstar Fund investments 1,761,002 — — 1,761,002 Domestic servicing rights 17,790 — — 17,790 Derivative assets 108,621 — 108,621 — VIE assets 52,453,041 — — 52,453,041 Total $ 57,267,382 $ 9,840 $ 108,621 $ 57,148,921 Financial Liabilities: Derivative liabilities $ 91,404 $ — $ 91,404 $ — VIE liabilities 50,754,355 — 45,248,412 5,505,943 Total $ 50,845,759 $ — $ 45,339,816 $ 5,505,943 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 years ended December 31, 2022 and 2021 (amounts in thousands): 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 69,050 — (894) 402 3,578 (6,830,193) 1,066,130 (5,691,927) Net accretion — 10,457 — — — — — 10,457 Included in OCI — (3,104) — — — — — (3,104) Purchases / Originations 5,351,019 — — — — — — 5,351,019 Sales (3,831,712) — — — — — — (3,831,712) Issuances — — — — — — (38,715) (38,715) Cash repayments / receipts (207,043) (30,722) (2,003) — — — (5,728) (245,496) Transfers into Level III 7,241 — — 1,039,907 — — (3,058,607) (2,011,459) Transfers out of Level III — — — — — — 1,152,827 1,152,827 Transfers within Level III 524,491 — (524,491) — Consolidation of VIEs — — — — — 5,332,754 (1,911,702) 3,421,052 Deconsolidation of VIEs — — 5,684 — — (935,855) 35,450 (894,721) December 31, 2021 balance 2,936,025 143,980 22,244 1,040,309 16,780 61,280,543 (4,780,221) 60,659,660 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale (346,222) — (1,674) 720,693 1,010 (12,458,814) 1,940,362 (10,144,645) Net accretion — 8,491 — — — — — 8,491 Included in OCI — (19,998) — — — — — (19,998) Purchases / Originations 4,634,722 — — — — — — 4,634,722 Sales (3,678,671) — — — — — — (3,678,671) Issuances — — — — — — — — Cash repayments / receipts (200,728) (19,087) (1,992) — — — (18,870) (240,677) Transfers into Level III (86,201) — — — — — (1,506,438) (1,592,639) Transfers out of Level III (474,331) — — — — — 668,365 194,034 Transfers within Level III — — — — — — — — Consolidation of VIEs — — — — — 4,361,325 (1,810,101) 2,551,224 Deconsolidation of VIEs — — 530 — — (730,013) 960 (728,523) December 31, 2022 balance $ 2,784,594 $ 113,386 $ 19,108 $ 1,761,002 $ 17,790 $ 52,453,041 $ (5,505,943) $ 51,642,978 Amount of unrealized gains (losses) attributable to assets still held at December 31, 2022: Included in earnings $ (368,368) $ 8,157 $ (1,148) $ 720,693 $ 1,010 $ (12,458,814) $ 1,940,362 $ (10,158,108) Included in OCI — (19,592) — — — — — (19,592) Amount of unrealized gains (losses) attributable to assets still held at December 31, 2021: Included in earnings $ (8,036) $ 10,412 $ 306 $ 402 $ 3,578 $ (6,830,193) $ 1,066,130 $ (5,757,401) Included in OCI — (3,066) — — — — — (3,066)
Schedule of Fair Value of Financial Instruments not Carried at Fair Value	The following table presents the fair values of our financial instruments not carried at fair value on the consolidated balance sheets (amounts in thousands): December 31, 2022 December 31, 2021 Carrying Fair Carrying Fair Financial assets not carried at fair value: Loans $ 18,401,439 $ 18,215,072 $ 15,477,624 $ 15,526,235 HTM debt securities 673,470 637,275 683,136 656,864 Financial liabilities not carried at fair value: Secured financing agreements, CLOs and SASB $ 18,177,756 $ 18,017,651 $ 15,192,966 $ 15,266,440 Unsecured senior notes 2,329,211 2,199,135 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 December 31, 2022 Valuation Unobservable Range (Weighted Average) as of (1) December 31, 2022 December 31, 2021 Loans under fair value option $ 2,784,594 Discounted cash flow, market pricing Coupon (d) 2.8% - 9.3% (4.5%) 2.6% - 9.2% (4.2%) Remaining contractual term (d) 5.3 - 39.5 years (28.6 years) 6.3 - 39.9 years (27.4 years) FICO score (a) 585 - 900 (749) 582 - 829 (748) LTV (b) 4% - 92% (67%) 1% - 94% (66%) Purchase price (d) 80.0% - 108.6% (101.4%) 80.0% - 108.6% (102.3%) RMBS 113,386 Discounted cash flow Constant prepayment rate (a) 2.8% - 12.0% (5.5%) 4.8% - 19.2% (9.9%) Constant default rate (b) 1.1% - 4.4% (2.0%) 0.8% - 6.0% (2.1%) Loss severity (b) 0% - 109% (24%) (f) 0% - 86% (26%) (f) Delinquency rate (c) 6% - 29% (16%) 10.4% - 35% (19%) Servicer advances (a) 31% - 77.7% (53%) 19% - 83% (52%) Annual coupon deterioration (b) 0% - 2.6% (0.1%) 0% - 1.7% (0.1%) Putback amount per projected total collateral loss (e) 0% - 8% (0.5%) 0% - 8% (0.5%) CMBS 19,108 Discounted cash flow Yield (b) 0% - 117.5% (10.1%) 0% - 613.6% (9.3%) Duration (c) 0 - 7.7 years (3.0 years) 0 - 7.2 years (5.2 years) Woodstar Fund investments 1,761,002 Discounted cash flow Discount rate - properties (b) 6.3% - 6.8% (6.5%) 5.8% - 6.3% (6.0%) Discount rate - debt (a) 5.6% - 6.7% (6.1%) 2.6% - 3.3% (2.9%) Terminal capitalization rate (b) 5.0% - 5.5% (5.1%) 4.8% - 5.3% (4.9%) Implied capitalization rate (b) 4.2% (4.2%) 4.1% - 4.2% (4.2%) Domestic servicing rights 17,790 Discounted cash flow Debt yield (a) 8.25% (8.25%) 7.30% (7.30%) Discount rate (b) 15% (15%) 15% (15%) VIE assets 52,453,041 Discounted cash flow Yield (b) 0% - 453.6% (15.3%) 0% - 615.3% (13.0%) Duration (c) 0 - 11.0 years (2.4 years) 0 - 11.0 years (3.2 years) VIE liabilities 5,505,943 Discounted cash flow Yield (b) 0% - 453.6% (10.4%) 0% - 615.3% (6.4%) Duration (c) 0 - 11.0 years (1.8 years) 0 - 11.0 years (2.3 years) ______________________________________________________________________________________________________________________ (1) Unobservable inputs were weighted by the relative carrying value of the instruments as of December 31, 2022 and 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) 10% and 18% of the portfolio falls within a range of 45% - 80% as of December 31, 2022 and 2021, respectively.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Summary of Income Tax Provisions	Our income tax (benefit) provision consisted of the following for the years ended December 31, 2022, 2021 and 2020 (in thousands): For the Year Ended December 31, 2022 2021 2020 Current Federal $ 1,446 $ 142 $ 5,690 State 705 (80) 3,201 Foreign — (392) 195 Total current 2,151 (330) 9,086 Deferred Federal (47,128) 6,893 8,213 State (16,546) 2,106 2,898 Total deferred (63,674) 8,999 11,111 Total income tax (benefit) provision $ (61,523) $ 8,669 $ 20,197
Summary of Temporary Differences on Deferred Tax Assets	The following table presents the tax effects of temporary differences on net deferred tax assets/(liabilities) which are classified in our consolidated balance sheets within other assets or accounts payable, accrued expenses and other liabilities, respectively, at December 31, 2022 and December 31, 2021 (in thousands): December 31, 2022 2021 Deferred tax assets/(liabilities), net Reserves and accruals $ 3,314 $ 3,155 Domestic intangible assets (15,946) (9,652) Investments in unconsolidated entities 782 (1,515) Net operating loss and other carryforwards 69,294 1,908 Other U.S. temporary differences 140 14 Net deferred tax assets/(liabilities) $ 57,584 $ (6,090)
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 years ended December 31, 2022, 2021 and 2020 (dollars in thousands): For the Year Ended December 31, 2022 2021 2020 Federal statutory tax rate $ 209,483 21.0 % $ 105,230 21.0 % $ 81,118 21.0 % REIT and other non-taxable income (256,105) (25.7) % (92,121) (18.4) % (58,265) (15.1) % State income taxes (15,319) (1.5) % 4,307 0.9 % 7,509 1.9 % Federal benefit of state tax deduction 3,217 0.3 % (905) (0.2) % (1,577) (0.4) % Net operating loss carryback rate differential — — % — — % (3,387) (0.9) % Intra-entity transfers (4,327) (0.4) % (6,635) (1.3) % (5,385) (1.4) % Other 1,528 0.1 % (1,207) (0.3) % 184 0.1 % Effective tax rate $ (61,523) (6.2) % $ 8,669 1.7 % $ 20,197 5.2 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Summary of Lease Cost	Our lease costs and sublease income were as follows (in thousands): For the Year Ended December 31, 2022 2021 2020 Operating lease costs $ 4,646 $ 4,100 $ 5,571 Short-term lease costs 44 2,227 $ 42 Sublease income — (766) $ (1,509) Total lease cost $ 4,690 $ 5,560 $ 4,104 Information concerning our operating lease liabilities, which are classified within accounts payable, accrued expenses and other liabilities in our consolidated balance sheets as of December 31, 2022 and 2021, is as follows (dollars in thousands): For the Year Ended December 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities —operating $ 2,129 $ 1,274 December 31, 2022 December 31, 2021 Weighted-average remaining lease term 13.0 years 7.0 years Weighted-average discount rate 8.7% 4.0%
Summary of Future Maturity of Operating Leases	Future maturity of operating lease liabilities: 2023 $ 5,024 2024 5,145 2025 5,320 2026 5,275 2027 4,829 Thereafter 46,411 Total 72,004 Less interest component (32,702) Operating lease liability $ 39,302

Segment and Geographic Data (Ta

Segment and Geographic Data (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of Results of Operations by Business Segment	The table below presents our results of operations for the year ended December 31, 2022 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 1,058,326 $ 150,230 $ — $ 9,965 $ — $ 1,218,521 $ — $ 1,218,521 Interest income from investment securities 102,125 3,681 — 99,043 — 204,849 (139,791) 65,058 Servicing fees 558 — — 54,836 — 55,394 (15,035) 40,359 Rental income 6,467 — 91,587 30,209 — 128,263 — 128,263 Other revenues 504 451 245 11,258 69 12,527 (12) 12,515 Total revenues 1,167,980 154,362 91,832 205,311 69 1,619,554 (154,838) 1,464,716 Costs and expenses: Management fees 592 — — — 154,959 155,551 — 155,551 Interest expense 501,126 79,137 33,938 26,686 157,097 797,984 (863) 797,121 General and administrative 52,701 14,187 4,069 85,478 18,777 175,212 288 175,500 Acquisition and investment pursuit costs 3,634 3 7 (244) — 3,400 — 3,400 Costs of rental operations 7,833 — 21,868 14,414 — 44,115 — 44,115 Depreciation and amortization 4,720 387 32,714 11,472 — 49,293 — 49,293 Credit loss provision, net 39,780 6,877 — — — 46,657 — 46,657 Other expense 1,251 — 55 8 — 1,314 — 1,314 Total costs and expenses 611,637 100,591 92,651 137,814 330,833 1,273,526 (575) 1,272,951 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 124,001 124,001 Change in fair value of servicing rights — — — (2,051) — (2,051) 3,061 1,010 Change in fair value of investment securities, net 11,818 — — (43,179) — (31,361) 29,157 (2,204) Change in fair value of mortgage loans, net (352,412) — — 6,190 — (346,222) — (346,222) Income from affordable housing fund investments — — 755,736 — — 755,736 — 755,736 (Loss) earnings from unconsolidated entities (11,242) 3,982 — 2,871 — (4,389) (1,934) (6,323) Gain on sale of investments and other assets, net 86,532 — — 51,079 — 137,611 — 137,611 Gain (loss) on derivative financial instruments, net 338,994 1,235 35,081 41,692 (82,987) 334,015 — 334,015 Foreign currency (loss) gain, net (96,651) (317) 12 — — (96,956) — (96,956) Loss on extinguishment of debt (209) (469) — (507) — (1,185) — (1,185) Other (loss) income, net (92,632) — (1,103) — — (93,735) 25 (93,710) Total other income (loss) (115,802) 4,431 789,726 56,095 (82,987) 651,463 154,310 805,773 Income (loss) before income taxes 440,541 58,202 788,907 123,592 (413,751) 997,491 47 997,538 Income tax benefit (provision) 69,199 12 — (7,688) — 61,523 — 61,523 Net income (loss) 509,740 58,214 788,907 115,904 (413,751) 1,059,014 47 1,059,061 Net income attributable to non-controlling interests (14) — (172,598) (14,927) — (187,539) (47) (187,586) Net income (loss) attributable to Starwood Property Trust, Inc . $ 509,726 $ 58,214 $ 616,309 $ 100,977 $ (413,751) $ 871,475 $ — $ 871,475 The table below presents our results of operations for the year ended December 31, 2021 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 705,499 $ 85,057 $ — $ 9,735 $ — $ 800,291 $ — $ 800,291 Interest income from investment securities 67,589 2,190 — 96,771 — 166,550 (121,382) 45,168 Servicing fees 453 — — 58,896 — 59,349 (20,610) 38,739 Rental income 5,486 — 234,840 38,505 — 278,831 — 278,831 Other revenues 294 293 198 6,278 — 7,063 (4) 7,059 Total revenues 779,321 87,540 235,038 210,185 — 1,312,084 (141,996) 1,170,088 Costs and expenses: Management fees 948 — — (793) 167,594 167,749 24 167,773 Interest expense 206,353 37,671 59,970 22,543 119,402 445,939 (852) 445,087 General and administrative 42,000 14,557 8,067 88,879 17,472 170,975 327 171,302 Acquisition and investment pursuit costs 893 250 (60) 101 — 1,184 — 1,184 Costs of rental operations 1,769 — 92,190 17,708 — 111,667 — 111,667 Depreciation and amortization 1,243 402 65,833 15,523 — 83,001 — 83,001 Credit loss (reversal) provision, net (3,560) 11,895 — — — 8,335 — 8,335 Other expense 31 — 583 94 — 708 — 708 Total costs and expenses 249,677 64,775 226,583 144,055 304,468 989,558 (501) 989,057 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 162,333 162,333 Change in fair value of servicing rights — — — 4,319 — 4,319 (741) 3,578 Change in fair value of investment securities, net (8,277) — — 28,221 — 19,944 (20,331) (387) Change in fair value of mortgage loans, net 13,836 — — 55,214 — 69,050 — 69,050 Income from affordable housing fund investments — — 6,425 — — 6,425 — 6,425 Earnings (loss) from unconsolidated entities 6,984 1,160 — 815 — 8,959 (207) 8,752 Gain on sale of investments and other assets, net 16,584 189 — 22,211 — 38,984 — 38,984 Gain (loss) on derivative financial instruments, net 73,209 1,253 10,155 8,288 (10,542) 82,363 — 82,363 Foreign currency loss, net (36,045) (183) — (64) — (36,292) — (36,292) Loss on extinguishment of debt (289) (1,264) (5,281) (113) (481) (7,428) — (7,428) Other (loss) income, net (7,407) 23 — 70 — (7,314) — (7,314) Total other income (loss) 58,595 1,178 11,299 118,961 (11,023) 179,010 141,054 320,064 Income (loss) before income taxes 588,239 23,943 19,754 185,091 (315,491) 501,536 (441) 501,095 Income tax (provision) benefit (1,201) 306 — (7,775) 1 (8,669) — (8,669) Net income (loss) 587,038 24,249 19,754 177,316 (315,490) 492,867 (441) 492,426 Net (income) loss attributable to non-controlling interests (14) — (20,121) (24,993) — (45,128) 441 (44,687) Net income (loss) attributable to Starwood Property Trust, Inc . $ 587,024 $ 24,249 $ (367) $ 152,323 $ (315,490) $ 447,739 $ — $ 447,739 The table below presents our results of operations for the year ended December 31, 2020 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 665,503 $ 77,851 $ — $ 8,589 $ — $ 751,943 $ — $ 751,943 Interest income from investment securities 78,490 2,637 — 93,823 — 174,950 (120,538) 54,412 Servicing fees 549 — — 41,806 — 42,355 (12,721) 29,634 Rental income 4,706 — 255,452 37,670 — 297,828 — 297,828 Other revenues 412 499 293 1,139 — 2,343 (5) 2,338 Total revenues 749,660 80,987 255,745 183,027 — 1,269,419 (133,264) 1,136,155 Costs and expenses: Management fees 796 — — 901 125,372 127,069 58 127,127 Interest expense 176,230 40,913 65,390 24,303 113,313 420,149 (386) 419,763 General and administrative 41,972 15,673 4,542 80,039 15,312 157,538 336 157,874 Acquisition and investment pursuit costs 2,406 1,183 12 (29) — 3,572 — 3,572 Costs of rental operations 3,186 — 97,136 17,354 — 117,676 — 117,676 Depreciation and amortization 1,708 342 76,246 16,109 — 94,405 — 94,405 Credit loss provision (reversal), net 47,256 (4,103) — — — 43,153 — 43,153 Other expense 307 — 531 — — 838 — 838 Total costs and expenses 273,861 54,008 243,857 138,677 253,997 964,400 8 964,408 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 78,258 78,258 Change in fair value of servicing rights — — — 11,415 — 11,415 (15,130) (3,715) Change in fair value of investment securities, net (15,108) — — (51,403) — (66,511) 71,904 5,393 Change in fair value of mortgage loans, net 76,897 — — 56,227 — 133,124 — 133,124 Earnings (loss) from unconsolidated entities 8,779 (767) — 30,845 — 38,857 (1,540) 37,317 (Loss) gain on sale of investments and other assets, net (961) 306 — 7,965 — 7,310 — 7,310 (Loss) gain on derivative financial instruments, net (58,664) (1,499) (34,392) (21,269) 33,646 (82,178) — (82,178) Foreign currency gain (loss), net 42,205 207 (14) (3) — 42,395 — 42,395 Loss on extinguishment of debt (22) (959) (2,185) — (488) (3,654) — (3,654) Other (loss) income, net — — (166) 447 — 281 — 281 Total other income (loss) 53,126 (2,712) (36,757) 34,224 33,158 81,039 133,492 214,531 Income (loss) before income taxes 528,925 24,267 (24,869) 78,574 (220,839) 386,058 220 386,278 Income tax (provision) benefit (21,091) (117) — 1,011 — (20,197) — (20,197) Net income (loss) 507,834 24,150 (24,869) 79,585 (220,839) 365,861 220 366,081 Net income attributable to non-controlling interests (14) — (20,394) (13,764) — (34,172) (220) (34,392) Net income (loss) attributable to Starwood Property Trust, Inc . $ 507,820 $ 24,150 $ (45,263) $ 65,821 $ (220,839) $ 331,689 $ — $ 331,689
Schedule of Consolidated Balance Sheet by Business Segment	The table below presents our consolidated balance sheet as of December 31, 2022 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Assets: Cash and cash equivalents $ 68,593 $ 31,153 $ 31,194 $ 39,023 $ 91,098 $ 261,061 $ — $ 261,061 Restricted cash 18,556 31,133 981 5,259 65,143 121,072 — 121,072 Loans held-for-investment, net 16,038,930 2,352,932 — 9,577 — 18,401,439 — 18,401,439 Loans held-for-sale 2,763,458 — — 21,136 — 2,784,594 — 2,784,594 Investment securities 1,250,893 66,204 — 1,165,628 — 2,482,725 (1,666,921) 815,804 Properties, net 463,492 — 864,778 121,716 — 1,449,986 — 1,449,986 Investments of consolidated affordable housing fund — — 1,761,002 — — 1,761,002 — 1,761,002 Investments in unconsolidated entities 25,326 47,078 — 33,030 — 105,434 (13,542) 91,892 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Intangible assets 11,908 — 29,613 66,310 — 107,831 (39,058) 68,773 Derivative assets 101,082 122 1,803 5,614 — 108,621 — 108,621 Accrued interest receivable 151,852 9,856 863 1,105 5,120 168,796 (275) 168,521 Other assets 170,177 3,614 54,313 12,929 56,444 297,477 — 297,477 VIE assets, at fair value — — — — — — 52,453,041 52,453,041 Total Assets $ 21,064,267 $ 2,661,501 $ 2,744,547 $ 1,621,764 $ 217,805 $ 28,309,884 $ 50,733,245 $ 79,043,129 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 146,897 $ 20,656 $ 11,716 $ 46,377 $ 73,353 $ 298,999 $ — $ 298,999 Related-party payable — — — — 41,186 41,186 — 41,186 Dividends payable — — — — 151,511 151,511 — 151,511 Derivative liabilities 21,523 105 — — 69,776 91,404 — 91,404 Secured financing agreements, net 10,804,970 1,042,679 789,719 543,256 1,342,074 14,522,698 (21,166) 14,501,532 Collateralized loan obligations and single asset securitization, net 2,862,211 814,013 — — — 3,676,224 — 3,676,224 Unsecured senior notes, net — — — — 2,329,211 2,329,211 — 2,329,211 VIE liabilities, at fair value — — — — — — 50,754,355 50,754,355 Total Liabilities 13,835,601 1,877,453 801,435 589,633 4,007,111 21,111,233 50,733,189 71,844,422 Temporary Equity: Redeemable non-controlling interests — — 362,790 — — 362,790 — 362,790 Permanent Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 3,181 3,181 — 3,181 Additional paid-in capital 2,124,496 683,258 (405,955) (646,662) 4,051,950 5,807,087 — 5,807,087 Treasury stock — — — — (138,022) (138,022) — (138,022) Retained earnings (accumulated deficit) 5,083,100 100,790 1,777,643 1,514,119 (7,706,415) 769,237 — 769,237 Accumulated other comprehensive income 20,955 — — — — 20,955 — 20,955 Total Starwood Property Trust, Inc. Stockholders’ Equity 7,228,551 784,048 1,371,688 867,457 (3,789,306) 6,462,438 — 6,462,438 Non-controlling interests in consolidated subsidiaries 115 — 208,634 164,674 — 373,423 56 373,479 Total Permanent Equity 7,228,666 784,048 1,580,322 1,032,131 (3,789,306) 6,835,861 56 6,835,917 Total Liabilities and Equity $ 21,064,267 $ 2,661,501 $ 2,744,547 $ 1,621,764 $ 217,805 $ 28,309,884 $ 50,733,245 $ 79,043,129 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) Retained earnings (accumulated deficit) 4,573,374 42,577 1,161,334 1,413,142 (6,697,321) 493,106 — 493,106 Accumulated other comprehensive income (loss) 40,953 — — — — 40,953 — 40,953 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)	12 Months Ended
	Dec. 31, 2022 segment
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%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)			12 Months Ended
	Nov. 06, 2021 USD ($)	Nov. 05, 2021 USD ($) unit property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019	Jan. 01, 2020 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
REO assets as a percent of consolidated VIE assets			1%
Loans as a percent of consolidated VIE assets			99%
Permitted reinvestment under static investment in VIEs			$ 0
Allowance for credit losses			99,413,000	$ 67,270,000
Number of properties in portfolio investment | property		59
Number of units in portfolio investment | unit		15,057
Contributions from non-controlling interests			21,925,000	219,757,000	$ 11,775,000
Cumulative effect of investment company fair value adjustment				1,236,476,000
Accounting Standards Update [Extensible List]					Accounting Standards Update 2020-06 [Member]	Accounting Standards Update 2016-13 [Member]
Retained earnings (accumulated deficit)			$ 769,237,000	$ 493,106,000
Woodstar Fund
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of interest sold		20.60%
Contributions from non-controlling interests	$ 214,200,000	$ 216,000,000
Fund term		8 years
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Additional paid-in capital					$ (3,700,000)
Retained earnings (accumulated deficit)					$ (2,200,000)
Reclassification Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses							$ 32,300,000

Acquisitions and Divestitures -

Acquisitions and Divestitures - Narrative - (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($) property	Nov. 05, 2021	Apr. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)
Business Acquisition [Line Items]
Allowance	$ 99,413
Woodstar Fund
Business Acquisition [Line Items]
Percentage of interest sold				20.60%
Commercial and Residential Lending Segment
Business Acquisition [Line Items]
Number of properties sold | property			0
Loan with related allowance, unpaid principal						$ 20,900
Commercial and Residential Lending Segment | Orlando, Florida
Business Acquisition [Line Items]
Loans with no related allowance					$ 18,500
Commercial and Residential Lending Segment | Montgomery Alabama
Business Acquisition [Line Items]
Loans with related allowance						9,000
Allowance						8,300
Unamortized discount						$ 3,600
Operating Properties | Investing and Servicing Segment
Business Acquisition [Line Items]
Number of properties sold | property	3	2
Proceeds from sale of operating properties	$ 92,100	$ 68,700	$ 24,100
Gain on sale of property	50,900	22,200	$ 7,400
Gain on sale of property attributable to noncontrolling interest	600	100
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

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash collateral for derivative financial instruments	$ 69,607	$ 55,032
Cash restricted by lender	49,727	46,059
Funds held on behalf of borrowers and tenants	1,255	3,420
Other restricted cash	483	41
Restricted cash	$ 121,072	$ 104,552

Loans - Held for Investment (De

Loans - Held for Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments in loans
Carrying Value	$ 21,285,446	$ 18,480,919
Face Amount	21,734,785	18,521,795
Credit loss allowances	(99,413)	(67,270)
Total net loans	21,186,033	18,413,649	$ 12,139,908	$ 11,470,224
Loans held for investment
Investments in loans
Carrying Value	18,500,852	15,604,119
Face Amount	18,617,970	15,706,124
Credit loss allowances	(99,413)	(67,270)
Loans under fair value option
Investments in loans
Carrying Value	2,784,594	2,876,800
Face Amount	3,116,815	2,815,671
Total net loans	2,784,594	2,876,800	1,052,835	884,150
Commercial Portfolio Segment
Investments in loans
Carrying Value	16,137,308
Commercial Portfolio Segment | Loans held for investment
Investments in loans
Carrying Value	16,137,308	13,496,798
Face Amount	16,222,208	13,574,079
Credit loss allowances	(88,801)	(46,600)
Total net loans	16,048,507	13,450,198	9,583,949	8,517,054
Infrastructure Portfolio Segment
Investments in loans
Carrying Value	2,363,544
Infrastructure Portfolio Segment | Loans held for investment
Investments in loans
Carrying Value	2,363,544	2,048,096
Face Amount	$ 2,395,762	$ 2,071,912
Weighted Average Life	3 years 10 months 24 days	4 years 3 months 18 days
Credit loss allowances	$ (10,612)	$ (20,670)
Total net loans	$ 2,352,932	$ 2,027,426	1,412,440	1,397,448
Infrastructure Portfolio Segment | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon	8.60%	4.40%
Residential Portfolio Segment
Investments in loans
Weighted Average Life	28 years 9 months 18 days	29 years 4 months 24 days
Reclassification to held-for-sale	$ 50,100	$ 125,400
Reclassification to held for investment		94,200
Residential Portfolio Segment | Loans held for investment
Investments in loans
Total net loans	0	59,225	$ 90,684	$ 671,572
RMBS, fair value option | Loans under fair value option
Investments in loans
Carrying Value	2,763,458	2,590,005
Face Amount	$ 3,092,915	$ 2,525,910
RMBS, fair value option | Loans under fair value option | Weighted-average
Investments in loans
Weighted Average Coupon	4.50%	4.20%
CMBS, fair value option | Loans under fair value option
Investments in loans
Carrying Value	$ 21,136	$ 286,795
Face Amount	$ 23,900	$ 289,761
Weighted Average Life	8 years 7 months 6 days	9 years
CMBS, fair value option | Loans under fair value option | Weighted-average
Investments in loans
Weighted Average Coupon	5.70%	4%
First mortgage loan participation | Loans held for investment
Investments in loans
Carrying Value	$ 15,562,452	$ 12,991,099
Face Amount	$ 15,648,358	$ 13,067,524
Weighted Average Life	1 year 8 months 12 days	1 year 10 months 24 days
First mortgage loan participation | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon	7.90%	4.50%
Subordinated mortgages | Loans held for investment
Investments in loans
Carrying Value	$ 71,100	$ 70,771
Face Amount	$ 72,118	$ 72,371
Weighted Average Life	1 year 9 months 18 days	2 years 9 months 18 days
Subordinated mortgages | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon	13.60%	10%
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	445,363	417,504
Face Amount	$ 442,339	$ 415,155
Weighted Average Life	1 year	1 year 4 months 24 days
Mezzanine Loans | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon	12.90%	9.40%
Other | Loans held for investment
Investments in loans
Carrying Value	$ 58,393	$ 17,424
Face Amount	$ 59,393	$ 19,029
Weighted Average Life	1 year 4 months 24 days	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		$ 59,225
Face Amount		$ 60,133
Residential loans, fair value option | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon		6%

Loans - Variable Rate Loans Hel

Loans - Variable Rate Loans Held for Investment (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Variable rate loans held-for-investment
Carrying Value	$ 17,995,523
Weighted-average Spread Above Index	4%
Commercial loans
Variable rate loans held-for-investment
Carrying Value	$ 15,631,979
Weighted-average Spread Above Index	4%
Infrastructure loans
Variable rate loans held-for-investment
Carrying Value	$ 2,363,544
Weighted-average Spread Above Index	4%

Loans - Ratings (Details)

Loans - Ratings (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investments in loans
Total Amortized Cost Basis	$ 21,285,446	$ 18,480,919
Credit Loss Allowance	99,413
Loans under fair value option
Investments in loans
Total Amortized Cost Basis	2,784,594	$ 2,876,800
Credit Loss Allowance	0
Commercial Portfolio Segment
Investments in loans
2022	3,914,476
2021	6,941,619
2020	843,075
2019	2,504,666
2018	938,901
Prior	994,571
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	16,137,308
Credit Loss Allowance	88,801
Commercial Portfolio Segment | LTV less than 60%
Investments in loans
2022	1,894,108
2021	2,606,796
2020	453,914
2019	1,038,506
2018	390,248
Prior	634,470
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	7,018,042
Credit Loss Allowance	9,362
Commercial Portfolio Segment | LTV 60% - 70%
Investments in loans
2022	1,876,566
2021	3,866,518
2020	148,866
2019	1,024,962
2018	282,980
Prior	68,528
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	7,268,420
Credit Loss Allowance	30,929
Commercial Portfolio Segment | LTV > 70%
Investments in loans
2022	101,664
2021	468,305
2020	240,295
2019	441,198
2018	265,673
Prior	270,393
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	1,787,528
Credit Loss Allowance	43,585
Commercial Portfolio Segment | Credit deteriorated
Investments in loans
2022	0
2021	0
2020	0
2019	0
2018	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
2022	42,138
2021	0
2020	0
2019	0
2018	0
Prior	16,255
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	58,393
Credit Loss Allowance	0
Infrastructure Portfolio Segment
Investments in loans
2022	199,236
2021	575,865
2020	83,410
2019	574,451
2018	489,935
Prior	431,622
Revolving Loans Amortized Cost Total	9,025
Total Amortized Cost Basis	2,363,544
Credit Loss Allowance	10,612
Infrastructure Portfolio Segment | Power
Investments in loans
2022	89,342
2021	218,382
2020	83,410
2019	285,434
2018	405,453
Prior	381,238
Revolving Loans Amortized Cost Total	7,036
Total Amortized Cost Basis	1,470,295
Credit Loss Allowance	5,267
Infrastructure Portfolio Segment | Oil and gas
Investments in loans
2022	109,894
2021	357,483
2020	0
2019	289,017
2018	84,482
Prior	50,384
Revolving Loans Amortized Cost Total	1,989
Total Amortized Cost Basis	893,249
Credit Loss Allowance	$ 5,345

Loans - Narrative (Details)

Loans - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2022	May 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 31, 2022	Apr. 30, 2021	Mar. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	$ 21,285,446		$ 21,285,446	$ 18,480,919
Loan converted to equity interest			290,311	36,308
Allowance for credit losses	$ 99,413		99,413	67,270
Credit loss provision (reversal), net			49,049	4,633	$ 46,091
Lease intangibles			$ 13,603
Texas Mezzanine Borrower
Financing Receivable, Allowance for Credit Loss [Line Items]
Net consideration transferred		$ 50,200
Properties		112,600
Lease intangibles		13,600
Net working capital		11,800
Third-party first mortgage debt		$ 87,800
Massachusetts | Equity interests in two natural gas power plants
Financing Receivable, Allowance for Credit Loss [Line Items]
Ownership percentage	12%		12%
90 days or greater past due | Non-Credit Deterioration
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	$ 78,900		$ 78,900
Past due loan converted to equity interests	7,300		7,300					$ 7,300
Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	16,137,308		16,137,308
Commercial Portfolio Segment | Credit deteriorated
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	4,925		4,925
Commercial Portfolio Segment | Senior Loans | California
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	245,100		245,100
Unpaid interest						$ 21,300
Loan converted to equity interest	223,800
Commercial Portfolio Segment | 90 days or greater past due | Credit deteriorated
Financing Receivable, Allowance for Credit Loss [Line Items]
Nonaccrual status	4,900		4,900
Commercial Portfolio Segment | 90 days or greater past due | Leasehold Mortgage Loan | California | Non-Credit Deterioration
Financing Receivable, Allowance for Credit Loss [Line Items]
Nonaccrual status	37,800		37,800
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		9,200
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	207,500		207,500
Commercial Portfolio Segment | 90 days or greater past due | Mezzanine Loans | Hawaii | Non-Credit Deterioration
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	28,200		28,200
Residential Portfolio Segment | New York
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value							$ 100,500
Residential Portfolio Segment | First Mortgage and Mezzanine | New York
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value							71,500
Residential Portfolio Segment | First mortgage | New York
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value							$ 29,000
Residential Portfolio Segment | 90 days or greater past due | Non-Credit Deterioration
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	31,900		31,900
Infrastructure Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	2,363,544		2,363,544
Infrastructure Portfolio Segment | Senior Loans | Massachusetts
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan converted to equity interest	16,400
Allowance for credit losses	$ 16,900		16,900
Credit loss provision (reversal), net			$ 6,800	$ 10,100

Loans - Activity in Portfolio (

Loans - Activity in Portfolio (Details) $ in Thousands	1 Months Ended			12 Months Ended
	Dec. 31, 2022 USD ($)	May 31, 2022 USD ($)	Feb. 28, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) trust	Dec. 31, 2020 USD ($) trust	Apr. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)
Activity in allowance for loan losses
Credit loss allowance at beginning of the period				$ 67,270
Credit loss provision (reversal), net				49,049	$ 4,633	$ 46,091
Credit loss allowance at the end of the period	$ 99,413			99,413	67,270
Activity in loan portfolio
Balance at the beginning of the period				18,413,649	12,139,908	11,470,224
Acquisitions/originations/additional funding				10,178,734	13,990,579	5,337,399
Capitalized interest				124,150	119,136	144,013
Basis of loans sold				(4,253,551)	(4,176,868)	(3,307,003)
Loan maturities/principal repayments				(2,258,630)	(4,197,809)	(1,821,196)
Discount accretion/premium amortization				62,557	57,948	42,199
Changes in fair value				(346,222)	69,050	133,124
Foreign currency translation gain/(loss), net				(306,946)	(72,130)	102,553
Credit loss reversal (provision), net				(49,049)	(4,633)	(46,091)
Loan foreclosure, equity control and conversion to equity interest				(290,311)	(36,308)
Consolidation of properties upon obtaining equity control						(71,488)
Transfer to/from other asset/liability classifications or between segments				(88,348)	524,776	176,614
Balance at the end of the period	21,186,033			21,186,033	18,413,649	$ 12,139,908
Loan converted to equity interest				290,311	36,308
Carrying Value	21,285,446			21,285,446	$ 18,480,919
Number of trusts redeemed | trust					3	1
Funded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period				67,270	$ 77,444	$ 33,611
Credit loss provision (reversal), net				49,049	4,633	46,091
Charge-offs				(16,906)	(14,807)	(22,698)
Transfers					0
Credit loss allowance at the end of the period	99,413			99,413	67,270	77,444
Charge-offs				16,906	14,807	22,698
Activity in loan portfolio
Credit loss reversal (provision), net				(49,049)	(4,633)	(46,091)
Unfunded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period				6,837	6,070	0
Credit loss provision (reversal), net				3,036	767	(4,483)
Credit loss allowance at the end of the period	9,873			9,873	6,837	6,070
Unfunded commitments	2,332,218			2,332,218
Activity in loan portfolio
Credit loss reversal (provision), net				(3,036)	(767)	4,483
Texas Mezzanine Borrower
Activity in loan portfolio
Net consideration transferred		$ 50,200
90 days or greater past due | Non-Credit Deterioration
Activity in loan portfolio
Carrying Value	78,900			78,900
Past due loan converted to equity interests	7,300			7,300				$ 7,300
Cumulative Effect, Period of Adoption, Adjustment
Activity in loan portfolio
Balance at the beginning of the period						(20,440)
Cumulative Effect, Period of Adoption, Adjustment | Funded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						20,440
Cumulative Effect, Period of Adoption, Adjustment | Unfunded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						10,553
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	99,413			99,413	67,270
Activity in loan portfolio
Carrying Value	18,500,852			18,500,852	15,604,119
Total loans held-for-investment | First mortgage loan participation
Activity in loan portfolio
Carrying Value	15,562,452			15,562,452	12,991,099
Loans held for sale
Activity in allowance for loan losses
Credit loss provision (reversal), net				0	0	(125)
Activity in loan portfolio
Balance at the beginning of the period				2,876,800	1,052,835	884,150
Acquisitions/originations/additional funding				4,634,722	5,351,034	2,204,203
Capitalized interest				508	2,650	0
Basis of loans sold				(4,216,618)	(3,856,736)	(2,862,606)
Loan maturities/principal repayments				(193,105)	(352,711)	(142,644)
Discount accretion/premium amortization				0	504	110
Changes in fair value				(343,053)	67,864	148,506
Foreign currency translation gain/(loss), net				0	0	(1,291)
Credit loss reversal (provision), net				0	0	125
Loan foreclosure, equity control and conversion to equity interest				0	0
Consolidation of properties upon obtaining equity control						0
Transfer to/from other asset/liability classifications or between segments				25,340	611,360	822,282
Balance at the end of the period	2,784,594			2,784,594	2,876,800	1,052,835
Loan converted to equity interest				0	0
Carrying Value	2,784,594			2,784,594	2,876,800
CMBS | Unfunded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period				0	0	0
Credit loss provision (reversal), net				52	0	0
Credit loss allowance at the end of the period	52			52	0	0
Unfunded commitments	34,327			34,327
Activity in loan portfolio
Credit loss reversal (provision), net				(52)	0	0
CMBS | Cumulative Effect, Period of Adoption, Adjustment | Unfunded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						0
Residential Loans | Commercial and Residential Lending Segment
Activity in loan portfolio
Repurchased				1,057,013	216,827	550
Residential Loans | Agency-Eligible Residential Loan | Commercial and Residential Lending Segment
Activity in loan portfolio
Repurchased			$ 745,000
Contingency expense				88,400
Commercial Portfolio Segment
Activity in loan portfolio
Carrying Value	16,137,308			16,137,308
Commercial Portfolio Segment | Credit deteriorated
Activity in loan portfolio
Carrying Value	4,925			4,925
Commercial Portfolio Segment | New York | Funded commitments
Activity in allowance for loan losses
Charge-offs					(7,800)
Charge-offs					7,800
Commercial Portfolio Segment | Chicago | Funded commitments
Activity in allowance for loan losses
Charge-offs					(7,000)
Charge-offs					7,000
Commercial Portfolio Segment | Senior Loans | New York | 90 days or greater past due | Non-Credit Deterioration
Activity in loan portfolio
Carrying Value	9,200			9,200
Commercial Portfolio Segment | Senior Loans | California
Activity in loan portfolio
Loan foreclosure, equity control and conversion to equity interest	(223,800)
Loan converted to equity interest	223,800
Carrying Value	245,100			245,100
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 provision (reversal), net				42,201	(7,947)	48,711
Credit loss allowance at the end of the period	88,801			88,801	46,600
Activity in loan portfolio
Balance at the beginning of the period				13,450,198	9,583,949	8,517,054
Acquisitions/originations/additional funding				4,882,414	7,822,441	2,753,782
Capitalized interest				121,500	112,178	143,818
Basis of loans sold				(10,109)	(307,454)	(443,793)
Loan maturities/principal repayments				(1,764,638)	(3,508,969)	(1,398,991)
Discount accretion/premium amortization				52,939	52,416	39,642
Changes in fair value				0	0	0
Foreign currency translation gain/(loss), net				(304,051)	(71,419)	102,748
Credit loss reversal (provision), net				(42,201)	7,947	(48,711)
Loan foreclosure, equity control and conversion to equity interest				(273,929)	(36,308)
Consolidation of properties upon obtaining equity control						(71,488)
Transfer to/from other asset/liability classifications or between segments				(63,616)	(204,583)	0
Balance at the end of the period	16,048,507			16,048,507	13,450,198	9,583,949
Loan converted to equity interest				273,929	36,308
Carrying Value	16,137,308			16,137,308	13,496,798
Commercial Portfolio Segment | Total loans held-for-investment | Funded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period				46,600	69,611	33,415
Credit loss provision (reversal), net				42,201	(7,947)	48,711
Charge-offs				0	(14,807)	(22,627)
Transfers					(257)
Credit loss allowance at the end of the period	88,801			88,801	46,600	69,611
Charge-offs				0	14,807	22,627
Activity in loan portfolio
Credit loss reversal (provision), net				(42,201)	7,947	(48,711)
Commercial Portfolio Segment | Total loans held-for-investment | Unfunded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period				6,692	5,258	0
Credit loss provision (reversal), net				3,057	1,434	(3,090)
Credit loss allowance at the end of the period	9,749			9,749	6,692	5,258
Unfunded commitments	2,282,391			2,282,391
Activity in loan portfolio
Credit loss reversal (provision), net				(3,057)	(1,434)	3,090
Commercial Portfolio Segment | Total loans held-for-investment | Cumulative Effect, Period of Adoption, Adjustment
Activity in loan portfolio
Balance at the beginning of the period						(10,112)
Commercial Portfolio Segment | Total loans held-for-investment | Cumulative Effect, Period of Adoption, Adjustment | Funded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						10,112
Commercial Portfolio Segment | Total loans held-for-investment | Cumulative Effect, Period of Adoption, Adjustment | Unfunded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						8,348
Infrastructure Portfolio Segment
Activity in loan portfolio
Carrying Value	2,363,544			2,363,544
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 provision (reversal), net				6,848	12,580	(2,495)
Credit loss allowance at the end of the period	10,612			10,612	20,670
Activity in loan portfolio
Balance at the beginning of the period				2,027,426	1,412,440	1,397,448
Acquisitions/originations/additional funding				661,598	817,104	278,694
Capitalized interest				503	0	195
Basis of loans sold				(26,824)	(12,678)	0
Loan maturities/principal repayments				(293,264)	(304,878)	(189,288)
Discount accretion/premium amortization				9,618	5,028	2,447
Changes in fair value				0	0	0
Foreign currency translation gain/(loss), net				(2,895)	(711)	1,096
Credit loss reversal (provision), net				(6,848)	(12,580)	2,495
Loan foreclosure, equity control and conversion to equity interest				(16,382)	0
Consolidation of properties upon obtaining equity control						0
Transfer to/from other asset/liability classifications or between segments				0	123,701	(70,319)
Balance at the end of the period	2,352,932			2,352,932	2,027,426	1,412,440
Loan converted to equity interest				16,382	0
Carrying Value	2,363,544			2,363,544	2,048,096
Infrastructure Portfolio Segment | Total loans held-for-investment | Funded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period				20,670	7,833	0
Credit loss provision (reversal), net				6,848	12,580	(2,495)
Charge-offs				(16,906)	0	0
Transfers					257
Credit loss allowance at the end of the period	10,612			10,612	20,670	7,833
Charge-offs				16,906	0	0
Activity in loan portfolio
Credit loss reversal (provision), net				(6,848)	(12,580)	2,495
Infrastructure Portfolio Segment | Total loans held-for-investment | Unfunded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period				145	812	0
Credit loss provision (reversal), net				(73)	(667)	(1,393)
Credit loss allowance at the end of the period	72			72	145	812
Unfunded commitments	15,500			15,500
Activity in loan portfolio
Credit loss reversal (provision), net				73	667	1,393
Infrastructure Portfolio Segment | Total loans held-for-investment | Cumulative Effect, Period of Adoption, Adjustment
Activity in loan portfolio
Balance at the beginning of the period						(10,328)
Infrastructure Portfolio Segment | Total loans held-for-investment | Cumulative Effect, Period of Adoption, Adjustment | Funded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						10,328
Infrastructure Portfolio Segment | Total loans held-for-investment | Cumulative Effect, Period of Adoption, Adjustment | Unfunded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						2,205
Infrastructure Portfolio Segment | Loans held for sale | Funded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period				0	0	196
Credit loss provision (reversal), net				0	0	(125)
Charge-offs				0	0	(71)
Transfers					0
Credit loss allowance at the end of the period	0			0	0	0
Charge-offs				0	0	71
Activity in loan portfolio
Credit loss reversal (provision), net				0	0	125
Infrastructure Portfolio Segment | Loans held for sale | Cumulative Effect, Period of Adoption, Adjustment | Funded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						0
Residential Portfolio Segment | 90 days or greater past due | Non-Credit Deterioration
Activity in loan portfolio
Carrying Value	31,900			31,900
Residential Portfolio Segment | New York
Activity in loan portfolio
Carrying Value							$ 100,500
Residential Portfolio Segment | First mortgage loan participation | New York
Activity in loan portfolio
Carrying Value							$ 29,000
Residential Portfolio Segment | Total loans held-for-investment
Activity in allowance for loan losses
Credit loss provision (reversal), net				0	0	0
Activity in loan portfolio
Balance at the beginning of the period				59,225	90,684	671,572
Acquisitions/originations/additional funding				0	0	100,720
Capitalized interest				1,639	4,308	0
Basis of loans sold				0	0	(604)
Loan maturities/principal repayments				(7,623)	(31,251)	(90,273)
Discount accretion/premium amortization				0	0	0
Changes in fair value				(3,169)	1,186	(15,382)
Foreign currency translation gain/(loss), net				0	0	0
Credit loss reversal (provision), net				0	0	0
Loan foreclosure, equity control and conversion to equity interest				0	0
Consolidation of properties upon obtaining equity control						0
Transfer to/from other asset/liability classifications or between segments				(50,072)	(5,702)	(575,349)
Balance at the end of the period	$ 0			0	59,225	$ 90,684
Loan converted to equity interest				$ 0	$ 0

Investment Securities - Summary

Investment Securities - Summary of Investment Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	$ 113,386	$ 143,980
HTM debt securities	676,652	691,746
Total investment securities	815,804	860,984
Credit loss allowance	3,182	8,610	$ 5,675	$ 0
VIE eliminations
Debt Securities, Available-for-sale [Line Items]
Equity security	(1,666,921)	(1,491,786)
CMBS
Debt Securities, Available-for-sale [Line Items]
HTM debt securities	577,681	538,506
Credit loss allowance	172	3,140	$ 0	$ 0
CMBS | Non- Controlling Interests
Debt Securities, Available-for-sale [Line Items]
Equity security	198,900	182,600
Before consolidation of securitization VIEs
Debt Securities, Available-for-sale [Line Items]
HTM debt securities	673,470	683,136
Equity security, fair value	9,840	11,624
Total investment securities	2,482,725	2,352,770
Before consolidation of securitization VIEs | RMBS
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	113,386	143,980
Equity security	423,183	250,424
Before consolidation of securitization VIEs | CMBS
Debt Securities, Available-for-sale [Line Items]
Equity security	$ 1,262,846	$ 1,263,606

Investment Securities - Summa_2

Investment Securities - Summary of Purchases and Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Purchases	$ 86,512	$ 198,358	$ 22,408
Sales	0	0	7,940
Principal collections	115,947	87,450	83,533
Redemptions		0	0
Held-to-maturity
Debt Securities, Available-for-sale [Line Items]
Purchases	86,512	198,358	22,408
Sales	0	0	0
Principal collections	94,868	54,725	52,704
Redemptions		0	0
VIE eliminations
Debt Securities, Available-for-sale [Line Items]
Purchases	(289,833)	(240,301)	(331,784)
Sales	0	(69,398)	(165,494)
Principal collections	(93,412)	(68,873)	(69,447)
Redemptions		(51,187)	(10,474)
RMBS | Available-for-sale
Debt Securities, Available-for-sale [Line Items]
Purchases	0	0	0
Sales	0	0	0
Principal collections	19,087	30,722	26,000
Redemptions		0	0
RMBS | Fair value option
Debt Securities, Available-for-sale [Line Items]
Purchases	226,152	168,825	282,368
Sales	0	30,684	135,567
Principal collections	74,542	63,144	44,197
Redemptions		51,187	10,474
CMBS | Fair value option
Debt Securities, Available-for-sale [Line Items]
Purchases	63,681	71,476	49,416
Sales	0	38,714	37,867
Principal collections	$ 20,862	7,732	30,079
Redemptions		$ 0	$ 0

Investment Securities - Availab

Investment Securities - Available-for-Sale RMBS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 92,431	$ 103,027
Credit Loss Allowance	0	0
Net Basis	92,431	103,027
Gross Unrealized Gains	21,765	41,052
Gross Unrealized Losses	(810)	(99)
Net Fair Value Adjustment	20,955	40,953
Fair Value	$ 113,386	$ 143,980
One-month LIBOR | Available-for-sale
Debt Securities, Available-for-sale [Line Items]
Effective variable rate basis	4.392%
RMBS | B- | Available-for-sale
Debt Securities, Available-for-sale [Line Items]
Weighted Average Coupon	4.80%
WAL (Years)	7 years 4 months 24 days

Investment Securities - Narrati

Investment Securities - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) security	Dec. 31, 2021 USD ($) security	Dec. 31, 2020 USD ($)	Dec. 31, 2012 shares
Debt Securities, Available-for-sale [Line Items]
Cost of third party management	$ 600,000	$ 900,000	$ 800,000
Number of securities with unrealized losses | security	10	1
Fair value option
Debt Securities, Available-for-sale [Line Items]
Fair value of mortgage backed securities	$ 1,700,000,000
SEREF
Debt Securities, Available-for-sale [Line Items]
Number of shares acquired (in shares) | shares				9,140,000
Equity security, fair value	$ 9,800,000	$ 11,600,000
Ownership percentage	2.30%
VIE eliminations
Debt Securities, Available-for-sale [Line Items]
Fair value of investment securities before consolidation of VIEs eliminated against VIE liabilities	$ 19,100,000
RMBS
Debt Securities, Available-for-sale [Line Items]
Portion of securities with variable rate	$ 99,800,000
RMBS | Available-for-sale
Debt Securities, Available-for-sale [Line Items]
Portion of securities with variable rate (as a percent)	88%
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	423,200,000
Unpaid principal balance of investment securities before consolidation of VIEs	326,300,000
CMBS | Fair value option
Debt Securities, Available-for-sale [Line Items]
Portion of securities with variable rate	97,200,000
Fair value of investment securities before consolidation of VIEs	1,300,000,000
Unpaid principal balance of investment securities before consolidation of VIEs	$ 2,900,000,000

Investment Securities - AFS and

Investment Securities - AFS and Fair Value Option (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Estimated Fair Value
Securities with a loss less than 12 months	$ 6,961	$ 2,478
Securities with a loss greater than 12 months	1,889	0
Unrealized Losses
Securities with a loss less than 12 months	(502)	(99)
Securities with a loss greater than 12 months	$ (308)	$ 0

Investment Securities - HTM (De

Investment Securities - HTM (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
HTM Securities
Amortized Cost Basis	$ 676,652	$ 691,746
Credit Loss Allowance	(3,182)	(8,610)	$ (5,675)
Net Carrying Amount	673,470	683,136
Gross Unrealized Holding Gains	202	1,206
Gross Unrealized Holding Losses	(36,397)	(27,478)
Fair Value	637,275	656,864
Activity in credit loss allowance for HTM debt securities
Beginning credit loss allowance	8,610	5,675	0
Credit loss (reversal) provision, net	(5,428)	2,935	1,545
Ending credit loss allowance	3,182	8,610	5,675
HTM preferred equity interests
Less than one year	369,187
One to three years	225,341
Three to five years	62,617
Thereafter	16,325
Total	673,470
Cumulative Effect, Period of Adoption, Adjustment
HTM Securities
Credit Loss Allowance
Activity in credit loss allowance for HTM debt securities
Beginning credit loss allowance			1,293
Gross-up of PCD bond amortized cost basis			2,837
CMBS
HTM Securities
Amortized Cost Basis	577,681	538,506
Credit Loss Allowance	(172)	(3,140)	0
Net Carrying Amount	577,509	535,366
Gross Unrealized Holding Gains	30	195
Gross Unrealized Holding Losses	(30,424)	(25,029)
Fair Value	547,115	510,532
Activity in credit loss allowance for HTM debt securities
Beginning credit loss allowance	3,140	0	0
Credit loss (reversal) provision, net	(2,968)	3,140	0
Ending credit loss allowance	172	3,140	0
HTM preferred equity interests
Less than one year	339,430
One to three years	187,956
Three to five years	50,123
Thereafter	0
Total	577,509
CMBS | Cumulative Effect, Period of Adoption, Adjustment
HTM Securities
Credit Loss Allowance
Activity in credit loss allowance for HTM debt securities
Beginning credit loss allowance			0
Gross-up of PCD bond amortized cost basis			0
Preferred interests
HTM Securities
Amortized Cost Basis	29,757	118,409
Credit Loss Allowance	0	(2,562)	(2,749)
Net Carrying Amount	29,757	115,847
Gross Unrealized Holding Gains	125	450
Gross Unrealized Holding Losses	(4,863)	(2,449)
Fair Value	25,019	113,848
Activity in credit loss allowance for HTM debt securities
Beginning credit loss allowance	2,562	2,749	0
Credit loss (reversal) provision, net	(2,562)	(187)	1,635
Ending credit loss allowance	0	2,562	2,749
HTM preferred equity interests
Less than one year	29,757
One to three years	0
Three to five years	0
Thereafter	0
Total	29,757
Preferred interests | Cumulative Effect, Period of Adoption, Adjustment
HTM Securities
Credit Loss Allowance
Activity in credit loss allowance for HTM debt securities
Beginning credit loss allowance			1,114
Gross-up of PCD bond amortized cost basis			0
Infrastructure bonds
HTM Securities
Amortized Cost Basis	69,214	34,831
Credit Loss Allowance	(3,010)	(2,908)	(2,926)
Net Carrying Amount	66,204	31,923
Gross Unrealized Holding Gains	47	561
Gross Unrealized Holding Losses	(1,110)	0
Fair Value	65,141	32,484
Activity in credit loss allowance for HTM debt securities
Beginning credit loss allowance	2,908	2,926	0
Credit loss (reversal) provision, net	102	(18)	(90)
Ending credit loss allowance	3,010	$ 2,908	2,926
HTM preferred equity interests
Less than one year	0
One to three years	37,385
Three to five years	12,494
Thereafter	16,325
Total	$ 66,204
Infrastructure bonds | Cumulative Effect, Period of Adoption, Adjustment
HTM Securities
Credit Loss Allowance
Activity in credit loss allowance for HTM debt securities
Beginning credit loss allowance			179
Gross-up of PCD bond amortized cost basis			$ 2,837

Properties - Narrative (Details

Properties - Narrative (Details) ft² in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2017 ft² property	Dec. 31, 2022 USD ($) property Item	Dec. 31, 2021 USD ($) Item property	Dec. 31, 2020 USD ($) property	Dec. 31, 2016 ft² Item
Commercial and Residential Lending Segment
Real Estate Properties [Line Items]
Number of properties sold | property				0
Operating Properties | Investing and Servicing Segment
Real Estate Properties [Line Items]
Number of properties sold | property		3	2
Proceeds from sale of operating properties		$ 92.1	$ 68.7	$ 24.1
Gain on sale of property		50.9	22.2	7.4
Gain on sale of property attributable to noncontrolling interest		0.6	0.1
Operating Properties | Commercial and Residential Lending Segment | Montgomery Alabama
Real Estate Properties [Line Items]
Proceeds from sale of operating properties		114.8	31.2
Gain on sale of property		86.6	$ 17.7
Operating Properties and Outparcel | Investing and Servicing Segment
Real Estate Properties [Line Items]
Proceeds from sale of operating properties				25
Gain on sale of property				$ 7.9
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		768.2
Debt		596.4
Master Lease Portfolio
Real Estate Properties [Line Items]
Total gross properties and lease intangibles		343.8
Debt		193.4
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%
REIS Equity Portfolio
Real Estate Properties [Line Items]
Total gross properties and lease intangibles		186.8
Debt		$ 130.1
Number of retail properties acquired | property		10
Number of equity interests in unconsolidated commercial real estate properties | property		1
REIS Equity Portfolio | Operating Properties
Real Estate Properties [Line Items]
Number of properties sold | Item		3	2
Proceeds from sale of operating properties		$ 92.1	$ 68.7
Gain on sale of property		50.9	$ 22.2
Commercial And Residential Lending Segment Property Portfolio
Real Estate Properties [Line Items]
Total gross properties and lease intangibles		479.5
Debt		$ 204.4

Properties - Summary of Propert

Properties - Summary of Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Real Estate Properties [Line Items]
Properties, cost	$ 1,659,495	$ 1,347,844
Less: accumulated depreciation	(209,509)	(181,457)
Properties, net	1,449,986	1,166,387
Property Segment
Real Estate Properties [Line Items]
Land and land improvements	176,029	175,810
Buildings and building improvements	856,411	851,274
Furniture & fixtures	$ 446	260
Property Segment | Minimum
Real Estate Properties [Line Items]
Land and land improvements, useful life	0 years
Building and building improvements, useful life	0 years
Furniture & fixtures, useful life	3 years
Property Segment | Maximum
Real Estate Properties [Line Items]
Land and land improvements, useful life	15 years
Building and building improvements, useful life	45 years
Furniture & fixtures, useful life	5 years
Investing and Servicing Segment
Real Estate Properties [Line Items]
Land and land improvements	$ 34,613	41,771
Buildings and building improvements	122,384	149,399
Furniture & fixtures	$ 3,207	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	$ 99,043	9,691
Buildings and building improvements	79,661	12,408
Construction in progress	$ 287,701	$ 104,088
Commercial and Residential Lending Segment | Minimum
Real Estate Properties [Line Items]
Building and building improvements, useful life	0 years
Commercial and Residential Lending Segment | Maximum
Real Estate Properties [Line Items]
Building and building improvements, useful life	24 years

Properties - Summary of Operati

Properties - Summary of Operating Leases (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
2023	$ 64,136
2024	58,076
2025	53,056
2026	44,465
2027	38,871
Thereafter	154,225
Total	$ 412,829

Investments of Consolidated A_3

Investments of Consolidated Affordable Housing Fund (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) affordable_housing_community affordable_housing_unit	Dec. 31, 2018 affordable_housing_community	Dec. 31, 2017 affordable_housing_community	Dec. 31, 2016 affordable_housing_community	Dec. 31, 2015 affordable_housing_community	Dec. 31, 2021 USD ($)
Investments in and Advances to Affiliates [Line Items]
Investments of consolidated affordable housing fund, at fair value						$ 1,040,309
Primary beneficiary
Investments in and Advances to Affiliates [Line Items]
Investments of consolidated affordable housing fund, at fair value	$ 1,761,002					$ 1,040,309
Primary beneficiary | Woodstar I Portfolio
Investments in and Advances to Affiliates [Line Items]
Number of affordable housing communities in portfolio | affordable_housing_community	32
Number of affordable housing units in portfolio | affordable_housing_unit	8,948
Number of affordable housing communities acquired in portfolio | affordable_housing_community				14	18
Investments of consolidated affordable housing fund, at fair value	$ 1,600,000
Debt fair value	$ 721,800
Primary beneficiary | Woodstar II Portfolio
Investments in and Advances to Affiliates [Line Items]
Number of affordable housing communities in portfolio | affordable_housing_community	27
Number of affordable housing units in portfolio | affordable_housing_unit	6,109
Number of affordable housing communities acquired in portfolio | affordable_housing_community		19	8
Investments of consolidated affordable housing fund, at fair value	$ 1,300,000
Debt fair value	$ 472,300

Investments of Consolidated A_4

Investments of Consolidated Affordable Housing Fund - Summary of Investment Income (Details) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments in and Advances to Affiliates [Line Items]
Unrealized change in fair value of investments	$ 402	$ 720,693
Income from affordable housing fund investments			$ 6,425
Primary beneficiary
Investments in and Advances to Affiliates [Line Items]
Distributions from affordable housing fund investments	6,023	35,043
Income from affordable housing fund investments	$ 6,425	$ 755,736	$ 6,425	$ 0

Investment in Unconsolidated _3

Investment in Unconsolidated Entities (Details)	1 Months Ended		12 Months Ended
	Dec. 31, 2022 USD ($) investment	Mar. 31, 2021 USD ($) Item entity	Dec. 31, 2022 USD ($) investment	Dec. 31, 2021 USD ($)
Equity method investments:
Equity method, Carrying value	$ 68,901,000		$ 68,901,000	$ 64,316,000
Other equity investments:
Other equity investments, carrying value	22,991,000		22,991,000	25,781,000
Investment in unconsolidated entities	$ 91,892,000		$ 91,892,000	90,097,000
Number of publicly traded investments | investment	0		0
Loan converted to equity interest			$ 290,311,000	36,308,000
Carrying value over (under) equity in net assets	$ 0		0
Infrastructure Portfolio Segment | Massachusetts | Senior Loans
Other equity investments:
Loan converted to equity interest	16,400,000
Equity interests in two natural gas power plants
Equity method investments:
Equity method, Carrying value	$ 46,618,000		$ 46,618,000	26,255,000
Equity interests in two natural gas power plants | Massachusetts
Equity method investments:
Equity method, Participation / Ownership %	12%		12%
Investor entity which owns equity in an online real estate company
Equity method investments:
Equity method, Participation / Ownership %	50%		50%
Equity method, Carrying value	$ 5,457,000		$ 5,457,000	5,206,000
Equity interest in a residential mortgage originator
Equity method investments:
Equity method, Carrying value	1,449,000		1,449,000	20,327,000
Various
Equity method investments:
Equity method, Carrying value	$ 15,377,000		$ 15,377,000	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%		2%
Other equity investments, carrying value	$ 12,955,000		$ 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	$ 940,000		940,000	4,194,000
Received a capital distribution			7,400,000
Returns of capital			$ 3,300,000
Number of investments | investment			2
Investor entities which own equity interests in two entertainment and retail centers
Other equity investments:
Cost method, Participation / Ownership %	15%		15%
Other equity investments, carrying value	$ 7,322,000		$ 7,322,000	7,320,000
Various
Other equity investments:
Other equity investments, carrying value	$ 1,774,000		$ 1,774,000	1,312,000
Minimum
Other equity investments:
Cost method, Participation / Ownership %	4%		4%
Minimum | Equity interests in two natural gas power plants
Equity method investments:
Equity method, Participation / Ownership %	10%		10%
Minimum | Various
Equity method investments:
Equity method, Participation / Ownership %	25%		25%
Minimum | Various
Other equity investments:
Cost method, Participation / Ownership %	1%		1%
Maximum
Other equity investments:
Cost method, Participation / Ownership %	6%		6%
Maximum | Equity interests in two natural gas power plants
Equity method investments:
Equity method, Participation / Ownership %	12%		12%
Maximum | Various
Equity method investments:
Equity method, Participation / Ownership %	50%		50%
Maximum | Various
Other equity investments:
Cost method, Participation / Ownership %	3%		3%
Subordinated Loans | Equity interest in a residential mortgage originator
Equity method investments:
Equity method, Carrying value				$ 4,500,000

Goodwill and Intangibles - Narr

Goodwill and Intangibles - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Apr. 19, 2013
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	56,800	58,900
VIE eliminations | Domestic servicing rights, at fair value
Goodwill [Line Items]
Servicing rights intangibles	39,100	42,100
Infrastructure Lending Segment
Goodwill [Line Items]
Goodwill	$ 119,400	119,400
Useful life	15 years
Investing and Servicing Segment
Goodwill [Line Items]
Goodwill	$ 140,400	$ 140,400
Useful life	15 years
Tax deductible component			$ 149,900

Goodwill and Intangibles - Summ

Goodwill and Intangibles - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Gross Carrying Value	$ 143,061	$ 135,238
Accumulated Amortization	(74,288)	(71,674)
Net Carrying Value	68,773	63,564	$ 70,117
In-place Lease Intangible Assets
Goodwill [Line Items]
Gross Carrying Value	98,622	94,712
Accumulated Amortization	(64,246)	(62,721)
Net Carrying Value	34,376	31,991	40,663
Favorable Lease Intangible Assets
Goodwill [Line Items]
Gross Carrying Value	26,649	23,746
Accumulated Amortization	(10,042)	(8,953)
Net Carrying Value	16,607	14,793	16,252
Domestic servicing rights, at fair value
Goodwill [Line Items]
Gross Carrying Value	17,790	16,780
Net Carrying Value	$ 17,790	$ 16,780	$ 13,202

Goodwill and Intangibles - Acti

Goodwill and Intangibles - Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Summary of activity within intangible assets
Beginning balance	$ 63,564	$ 70,117
Acquisition	13,603
Amortization	(8,796)	(9,503)
Impairment	(47)
Sales	(561)	(628)
Changes in fair value due to changes in inputs and assumptions	1,010	3,578
Ending balance	68,773	63,564
In-place Lease Intangible Assets
Summary of activity within intangible assets
Beginning balance	31,991	40,663
Acquisition	10,083
Amortization	(7,132)	(8,116)
Impairment	(43)
Sales	(523)	(556)
Changes in fair value due to changes in inputs and assumptions	0	0
Ending balance	34,376	31,991
Favorable Lease Intangible Assets
Summary of activity within intangible assets
Beginning balance	14,793	16,252
Acquisition	3,520
Amortization	(1,664)	(1,387)
Impairment	(4)
Sales	(38)	(72)
Changes in fair value due to changes in inputs and assumptions	0	0
Ending balance	16,607	14,793
Domestic servicing rights, at fair value
Summary of activity within intangible assets
Beginning balance	16,780	13,202
Acquisition	0
Amortization	0	0
Impairment	0
Sales	0	0
Changes in fair value due to changes in inputs and assumptions	1,010	3,578
Ending balance	$ 17,790	$ 16,780

Goodwill and Intangibles - Futu

Goodwill and Intangibles - Future Expected Amortization (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 8,451
2024	6,754
2025	5,649
2026	4,123
2027	3,630
Thereafter	22,376
Total	$ 50,983

Secured Borrowings - Secured Fi

Secured Borrowings - Secured Financing Agreements (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Secured Borrowings
Pledged Asset Carrying Value		$ 113,386	$ 143,980
Secured financing agreements, net		14,501,532	12,576,850
Revolving credit facility
Secured Borrowings
Maximum borrowing capacity		150,000
Equity interests in certain subsidiaries used to secure facilities		5,900,000
Borrowing Base Facility
Secured Borrowings
Maximum Facility Size		450,000
Maximum facility size subject to certain conditions		750,000
Commercial Financing Facilities
Secured Borrowings
Maximum Facility Size		$ 420,700
Property Mortgages - Fixed rate
Secured Borrowings
Maturity period		4 years 4 months 24 days
Term Loan Facility Maturing July 2026
Secured Borrowings
Maximum borrowing capacity		$ 780,800
Basis spread floor		0.75%
Term Loan Facility Maturing November 2027
Secured Borrowings
Maximum borrowing capacity		$ 600,000
Basis spread floor		0.50%
SOFR | Revolving credit facility
Secured Borrowings
Coupon Rate		2.50%
LIBOR + 2.50% | Term Loan Facility Maturing July 2026
Secured Borrowings
Pricing margin		2.50%
Maximum borrowing capacity		$ 387,000
LIBOR + 3.25% | Term Loan Facility Maturing July 2026
Secured Borrowings
Pricing margin		3.25%
Maximum borrowing capacity		$ 393,800
SOFR + 3.25% | Term Loan Facility Maturing November 2027
Secured Borrowings
Pricing margin		3.25%
Secured Borrowings
Secured Borrowings
Maximum Facility Size		$ 23,054,820
Long term debt, gross		14,610,127	12,654,420
Unamortized net discount		(30,320)	(13,350)
Unamortized deferred financing costs		(78,275)	(64,220)
Secured financing agreements, net		14,501,532	12,576,850
Secured Borrowings | Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value		18,618,105
Secured Borrowings | Borrowing Base Facility
Secured Borrowings
Maximum Facility Size		750,000
Long term debt, gross		0	213,478
Secured Borrowings | Borrowing Base Facility | Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value		0
Secured Borrowings | Commercial Financing Facilities
Secured Borrowings
Maximum Facility Size		520,709
Long term debt, gross		311,825	167,476
Secured Borrowings | Commercial Financing Facilities | Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value		410,533
Secured Borrowings | Residential Financing Facility
Secured Borrowings
Maximum Facility Size		500,000
Long term debt, gross		244,418	102,018
Secured Borrowings | Residential Financing Facility | Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value		533,502
Secured Borrowings | Infrastructure Financing Facilities
Secured Borrowings
Maximum Facility Size		1,550,000
Long term debt, gross		765,265	855,646
Secured Borrowings | Infrastructure Financing Facilities | Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value		$ 1,040,798
Secured Borrowings | Property Mortgages - Fixed rate
Secured Borrowings
Coupon Rate		4.46%
Maximum Facility Size		$ 261,100
Long term debt, gross		261,100	272,522
Secured Borrowings | Property Mortgages - Fixed rate | Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value		367,215
Secured Borrowings | Property Mortgages - Variable rate
Secured Borrowings
Maximum Facility Size		850,387
Long term debt, gross		847,633	712,493
Secured Borrowings | Property Mortgages - Variable rate | Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value		1,007,375
Secured Borrowings | Term Loans and Revolver
Secured Borrowings
Maximum Facility Size		1,530,766
Long term debt, gross		1,380,766	788,753
Secured Borrowings | Total Other Secured Financing
Secured Borrowings
Maximum Facility Size		5,962,962
Long term debt, gross		3,811,007	3,112,386
Secured Borrowings | Total Other Secured Financing | Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value		3,359,423
Secured Borrowings | First Mortgage and Mezzanine
Secured Borrowings
Long term debt, gross		$ 600,000
Secured Borrowings | Index | Commercial Financing Facilities
Secured Borrowings
Pricing margin		1.94%
Secured Borrowings | Index | Infrastructure Financing Facilities
Secured Borrowings
Pricing margin		2.05%
Secured Borrowings | SOFR | Borrowing Base Facility
Secured Borrowings
Pricing margin		2.11%
Secured Borrowings | SOFR | Residential Financing Facility
Secured Borrowings
Pricing margin		2.45%
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%
Line of Credit | Commercial Financing Facilities
Secured Borrowings
Line of credit capacity if conditions are met		$ 520,700
Line of Credit | Term Loan Facility Maturing November 2027
Secured Borrowings
Maturity period	5 years
Maximum borrowing capacity	$ 600,000
Line of Credit | SOFR | Term Loan Facility Maturing November 2027
Secured Borrowings
Pricing margin	3.25%
Basis spread floor	0.50%
Commercial Loan
Secured Borrowings
Maximum Facility Size		11,800,000
Secured financing agreements, net		3,000,000
Line of credit capacity if conditions are met		$ 11,900,000
Commercial Loan | Index | Weighted-average
Secured Borrowings
Pricing margin		2.60%
Commercial Loan | Secured Borrowings
Secured Borrowings
Maximum Facility Size		$ 11,917,353
Long term debt, gross		7,746,867	6,556,438
Commercial Loan | Secured Borrowings | Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value		$ 11,166,171
Commercial Loan | Secured Borrowings | Index
Secured Borrowings
Pricing margin		2.04%
Residential Loans | Secured Borrowings
Secured Borrowings
Maximum Facility Size		$ 3,062,701
Long term debt, gross		1,912,774	1,744,225
Residential Loans | Secured Borrowings | Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value		$ 2,229,958
Residential Loans | Secured Borrowings | Index
Secured Borrowings
Pricing margin		2.20%
Infrastructure Loans | Secured Borrowings
Secured Borrowings
Maximum Facility Size		$ 650,000
Long term debt, gross		290,431	379,095
Infrastructure Loans | Secured Borrowings | Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value		$ 353,271
Infrastructure Loans | Secured Borrowings | SOFR
Secured Borrowings
Pricing margin		2.07%
Conduit Loans | Secured Borrowings
Secured Borrowings
Maximum Facility Size		$ 375,000
Long term debt, gross		8,423	174,130
Conduit Loans | Secured Borrowings | Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value		$ 14,141
Conduit Loans | Secured Borrowings | SOFR
Secured Borrowings
Pricing margin		2.29%
CMBS/RMBS
Secured Borrowings
Coupon Rate		3.25%
Secured financing agreements, net		$ 262,200
Amount outstanding on a repurchase facility not subject to margin calls		262,200
Amount outstanding on repurchase facility		$ 42,800
Pro rata share owned by a non-controlling partner in a consolidated joint venture		49%
CMBS/RMBS | Certain Facilities
Secured Borrowings
Secured financing agreements, net		$ 358,300
Rolling maturity period		11 months
Maturity period		12 months
CMBS/RMBS | Index | Weighted-average
Secured Borrowings
Coupon Rate		2.11%
CMBS/RMBS | Secured Borrowings
Secured Borrowings
Maximum Facility Size		$ 1,086,804
Long term debt, gross		840,625	688,146
CMBS/RMBS | Secured Borrowings | Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value		1,495,141
Repurchase Agreements | Secured Borrowings
Secured Borrowings
Maximum Facility Size		17,091,858
Long term debt, gross		10,799,120	$ 9,542,034
Repurchase Agreements | Secured Borrowings | Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value		$ 15,258,682

Secured Borrowings - Narrative

Secured Borrowings - Narrative (Details)

1 Months Ended

12 Months Ended

Nov. 30, 2022 USD ($)

Oct. 31, 2022 USD ($)

Jun. 30, 2022 USD ($) extension

Mar. 31, 2022 USD ($)

Feb. 28, 2022 USD ($)

Jan. 31, 2022 USD ($)

Jul. 31, 2021 USD ($) hotel

Apr. 30, 2021 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

Sep. 30, 2022 USD ($)

May 31, 2021 USD ($)

Aug. 31, 2019 USD ($)

Secured Borrowings

Principal amount of notes purchased by third-party investors

$ 210,100,000

Morgan Stanley Bank, N.A.

Secured Borrowings

Amount at risk

$ 910,100,000

Weighted average extended maturities

3 years 7 months 6 days

JPMorgan Chase Bank N.A.

Secured Borrowings

Amount at risk

$ 689,500,000

Weighted average extended maturities

5 years

Revolving credit facility

Secured Borrowings

Maximum borrowing capacity

$ 150,000,000

RMBS

Secured Borrowings

Securitizations of loans

$ 230,000,000

Number of hotels | hotel

41

Secured Borrowings

Secured Borrowings

Amortization of deferred financing costs

38,200,000

$ 35,600,000

$ 36,400,000

Long term debt, gross

$ 14,610,127,000

12,654,420,000

Repurchase Agreements

Secured Borrowings

Percentage of repurchase agreements for which margin calls are limited to collateral specific credit marks

69%

Percentage of repurchase agreements containing margin call provisions for general capital market activity

31%

Percentage of repurchase agreements containing margin call provisions that pertain to loans held-for-sale

6%

Residential Loan Credit Facility

Secured Borrowings

Maximum borrowing capacity

$ 500,000,000

$ 250,000,000

Initial maturity extension

18 months

Extension term

3 years

Infrastructure Credit Facility | Line of Credit

Secured Borrowings

Maximum borrowing capacity

$ 500,000,000

Extension term

1 year

Maturity period

3 years

Number of extensions | extension

2

Residential Loans Repurchase Facility | Secured Borrowings

Secured Borrowings

Maximum borrowing capacity

$ 562,700,000

$ 2,600,000

Maturity period

18 months

Term Loan Facility Maturing November 2027

Secured Borrowings

Maximum borrowing capacity

$ 600,000,000

Basis spread floor

0.50%

Term Loan Facility Maturing November 2027 | Line of Credit

Secured Borrowings

Maximum borrowing capacity

$ 600,000,000

Maturity period

5 years

Issue discount percent

3%

Term Loan Facility Maturing November 2027 | Line of Credit | SOFR

Secured Borrowings

Pricing margin

3.25%

Basis spread floor

0.50%

Commercial Loans Repurchase Facilities | Line of Credit

Secured Borrowings

Increase in borrowing capacity, new facilities

$ 1,500,000,000

Increase in borrowing capacity, existing facilities

364,200,000

STWD 2022-FL3

Secured Borrowings

Face Amount

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

Additional contribution to CLO

80,000,000

STWD 2021-FL2

Secured Borrowings

Face Amount

$ 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

257,200,000

58,600,000

STWD 2019-FL1

Secured Borrowings

Face Amount

$ 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

Additional contribution to CLO

261,900,000

134,700,000

Repayments of debt

197,200,000

STWD 2021-SIF2

Secured Borrowings

Face Amount

$ 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

112,900,000

STWD 2021-SIF1

Secured Borrowings

Face Amount

$ 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

93,800,000

45,900,000

CLOs and SASB

Secured Borrowings

Amortization of deferred financing costs

10,500,000

5,700,000

$ 2,500,000

Incurred debt issuance costs

37,900,000

Deferred financing costs, net of amortization

$ 18,200,000

$ 17,700,000

Secured Borrowings - Collateral

Secured Borrowings - Collateralized Loan Obligations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Item	Dec. 31, 2021 USD ($) Item	Feb. 28, 2022 USD ($)	Jan. 31, 2022 USD ($)	May 31, 2021 USD ($)	Apr. 30, 2021 USD ($)	Aug. 31, 2019 USD ($)
Summary of CLO
Carrying Value	$ 3,676,224	$ 2,616,116
Collateral assets
Summary of CLO
Face Amount	4,401,641	3,086,319
Carrying Value	4,454,087	3,120,444
Financing
Summary of CLO
Face Amount	3,689,140	2,633,841
Carrying Value	$ 3,676,224	$ 2,616,116
STWD 2022-FL3
Summary of CLO
Face Amount			$ 1,000,000
STWD 2022-FL3 | Collateral assets
Summary of CLO
Count | Item	51
Face Amount	$ 1,000,000
Carrying Value	$ 1,010,051
STWD 2022-FL3 | Financing
Summary of CLO
Count | Item	1
Face Amount	$ 842,500
Carrying Value	$ 842,374
STWD 2022-FL3 | Index | Collateral assets
Summary of CLO
Weighted Average Spread	3.52%
STWD 2022-FL3 | SOFR | Financing
Summary of CLO
Weighted Average Spread	1.93%
STWD 2021-HTS | Collateral assets
Summary of CLO
Count | Item	1	1
Face Amount	$ 230,000	$ 230,000
Carrying Value	$ 231,186	$ 230,587
STWD 2021-HTS | Financing
Summary of CLO
Count | Item	1	1
Face Amount	$ 210,091	$ 210,091
Carrying Value	$ 208,961	$ 208,057
STWD 2021-HTS | LIBOR | Collateral assets
Summary of CLO
Weighted Average Spread	3.85%	4.12%
STWD 2021-HTS | LIBOR | Financing
Summary of CLO
Weighted Average Spread	2.71%	2.48%
STWD 2021-FL2
Summary of CLO
Face Amount					$ 1,300,000
Percent of outstanding loan	7%
Debt, weighted average interest rate	7.41%
STWD 2021-FL2 | Collateral assets
Summary of CLO
Count | Item	36	25
Face Amount	$ 1,277,474	$ 1,272,133
Carrying Value	$ 1,284,240	$ 1,279,678
STWD 2021-FL2 | Financing
Summary of CLO
Count | Item	1	1
Face Amount	$ 1,077,375	$ 1,077,375
Carrying Value	$ 1,072,403	$ 1,069,691
STWD 2021-FL2 | Index | Collateral assets
Summary of CLO
Weighted Average Spread	4.04%
STWD 2021-FL2 | LIBOR | Collateral assets
Summary of CLO
Weighted Average Spread		4.22%
STWD 2021-FL2 | LIBOR | Financing
Summary of CLO
Weighted Average Spread	1.80%	1.78%
STWD 2019-FL1
Summary of CLO
Face Amount							$ 1,100,000
STWD 2019-FL1 | Collateral assets
Summary of CLO
Count | Item	16	24
Face Amount	$ 902,799	$ 1,092,887
Carrying Value	$ 906,409	$ 1,103,513
STWD 2019-FL1 | Financing
Summary of CLO
Count | Item	1	1
Face Amount	$ 739,174	$ 936,375
Carrying Value	$ 738,473	$ 933,049
STWD 2019-FL1 | Index | Collateral assets
Summary of CLO
Weighted Average Spread	3.67%
STWD 2019-FL1 | SOFR | Financing
Summary of CLO
Weighted Average Spread	1.64%	1.63%
STWD 2019-FL1 | LIBOR | Collateral assets
Summary of CLO
Weighted Average Spread		4.19%
STWD 2021-SIF2
Summary of CLO
Face Amount				$ 500,000
Percent of outstanding loan	5%
Debt, weighted average interest rate	7.75%
STWD 2021-SIF2 | Collateral assets
Summary of CLO
Count | Item	31
Face Amount	$ 495,587
Carrying Value	$ 510,730
STWD 2021-SIF2 | Financing
Summary of CLO
Count | Item	1
Face Amount	$ 410,000
Carrying Value	$ 407,260
STWD 2021-SIF2 | Index | Collateral assets
Summary of CLO
Weighted Average Spread	3.73%
STWD 2021-SIF2 | SOFR | Financing
Summary of CLO
Weighted Average Spread	2.11%
STWD 2021-SIF1
Summary of CLO
Face Amount						$ 500,000
Percent of outstanding loan	3%
Debt, weighted average interest rate	6.04%
STWD 2021-SIF1 | Collateral assets
Summary of CLO
Count | Item	31	31
Face Amount	$ 495,781	$ 491,299
Carrying Value	$ 511,471	$ 506,666
STWD 2021-SIF1 | Financing
Summary of CLO
Count | Item	1	1
Face Amount	$ 410,000	$ 410,000
Carrying Value	$ 406,753	$ 405,319
STWD 2021-SIF1 | Index | Collateral assets
Summary of CLO
Weighted Average Spread	3.76%
STWD 2021-SIF1 | LIBOR | Collateral assets
Summary of CLO
Weighted Average Spread		3.91%
STWD 2021-SIF1 | LIBOR | Financing
Summary of CLO
Weighted Average Spread	2.15%	2.15%

Secured Borrowings - Principal

Secured Borrowings - Principal Repayments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
CLOs and SASB
Repayment of secured financings
2023	$ 771,977
2024	407,380
2025	731,900
2026	1,590,753
2027	91,358
Thereafter	95,772
Total	3,689,140
Secured Borrowings
Repayment of secured financings
2023	2,786,841
2024	2,987,850
2025	2,230,830
2026	5,517,681
2027	4,246,914
Thereafter	529,151
Total	18,299,267
Repurchase Agreements
Repayment of secured financings
2023	1,874,298
2024	1,836,846
2025	1,203,706
2026	2,971,412
2027	2,650,703
Thereafter	262,155
Total	10,799,120
Other Secured Financing
Repayment of secured financings
2023	140,566
2024	743,624
2025	295,224
2026	955,516
2027	1,504,853
Thereafter	171,224
Total	$ 3,811,007

Unsecured Senior Notes - Summar

Unsecured Senior Notes - Summary of Unsecured Financing Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 25, 2022	Dec. 31, 2021	Dec. 15, 2021	Jul. 14, 2021	Nov. 02, 2020	Dec. 04, 2017	Mar. 29, 2017
Unsecured Senior Notes
Unsecured Senior Notes
Long term debt, gross	$ 2,350,000		$ 1,850,000
Unamortized deferred financing costs	(11,620)		(10,765)
Unsecured senior notes	2,329,211		1,828,590
Convertible Senior Notes
Unsecured Senior Notes
Unamortized discount	(118)		(578)
Senior Notes
Unsecured Senior Notes
Unamortized discount	$ (9,051)		(10,067)
2023 Convertible Notes
Unsecured Senior Notes
Coupon Rate	4.38%							4.375%
Effective Rate	4.57%
Remaining Period of Amortization	2 months 12 days
Long term debt, gross	$ 250,000		250,000
2023 Senior Notes
Unsecured Senior Notes
Coupon Rate	5.50%					5.50%
Effective Rate	5.71%
Remaining Period of Amortization	9 months 18 days
Long term debt, gross	$ 300,000		300,000
2024 Senior Notes
Unsecured Senior Notes
Coupon Rate	3.75%			3.75%
Effective Rate	3.94%
Remaining Period of Amortization	2 years
Long term debt, gross	$ 400,000		400,000
2025 Senior Notes
Unsecured Senior Notes
Coupon Rate	4.75%						4.75%
Effective Rate	5.04%
Remaining Period of Amortization	2 years 2 months 12 days
Long term debt, gross	$ 500,000		500,000
2026 Senior Notes
Unsecured Senior Notes
Coupon Rate	3.63%				3.625%
Effective Rate	3.77%
Remaining Period of Amortization	3 years 6 months
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
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) - USD ($)						12 Months Ended
	Jan. 25, 2022	Dec. 15, 2021	Jul. 14, 2021	Nov. 02, 2020	Dec. 04, 2017	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 29, 2017
Unsecured Senior Notes
Interest expense						$ 797,121,000	$ 445,087,000	$ 419,763,000
Closing share price (in dollars per share)						$ 18.33	$ 24.30	$ 19.30
Convertible Senior Notes
Unsecured Senior Notes
Interest expense						$ 11,600,000	$ 11,600,000	$ 12,200,000
2023 Senior Notes
Unsecured Senior Notes
Face Amount				$ 300,000,000
Coupon Rate				5.50%		5.50%
2023 Senior Notes | Redemption period one
Unsecured Senior Notes
Redemption percentage				100%
2023 Senior Notes | Redemption period two
Unsecured Senior Notes
Redemption percentage				100%
2024 Senior Notes
Unsecured Senior Notes
Face Amount		$ 400,000,000
Coupon Rate		3.75%				3.75%
2024 Senior Notes | Redemption period one
Unsecured Senior Notes
Redemption percentage		100%
2024 Senior Notes | Redemption period two
Unsecured Senior Notes
Redemption percentage		100%
2024 Senior Notes | Redemption period three
Unsecured Senior Notes
Redemption percentage		40%
2025 Senior Notes
Unsecured Senior Notes
Face Amount					$ 500,000,000
Coupon Rate					4.75%	4.75%
2025 Senior Notes | Redemption period one
Unsecured Senior Notes
Redemption percentage					100%
2025 Senior Notes | Redemption period two
Unsecured Senior Notes
Redemption percentage					100%
2025 Senior Notes | Redemption period three
Unsecured Senior Notes
Redemption percentage					40%
2026 Senior Notes
Unsecured Senior Notes
Face Amount			$ 400,000,000
Coupon Rate			3.625%			3.63%
2026 Senior Notes | Redemption period one
Unsecured Senior Notes
Redemption percentage			100%
2026 Senior Notes | Redemption period two
Unsecured Senior Notes
Redemption percentage			100%
2026 Senior Notes | Redemption period three
Unsecured Senior Notes
Redemption percentage			40%
2027 Senior Notes
Unsecured Senior Notes
Face Amount	$ 500,000,000
Coupon Rate	4.375%					4.375%
2027 Senior Notes | Redemption period one
Unsecured Senior Notes
Redemption percentage	100%
2027 Senior Notes | Redemption period two
Unsecured Senior Notes
Redemption percentage	100%
2027 Senior Notes | Redemption period three
Unsecured Senior Notes
Redemption percentage	40%
2023 Convertible Notes
Unsecured Senior Notes
Face Amount									$ 250,000,000
Coupon Rate						4.38%			4.375%
Amount by which if-converted value of the Notes are less than principal amount						$ 73,100,000
Conversion price (in dollars per share)						$ 25.91
If-converted value						$ 176,900,000
Convertible notes carrying value						249,800,000
Convertible notes fair value						$ 246,700,000

Unsecured Senior Notes - Conver

Unsecured Senior Notes - Convertible Notes (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 $ / shares	Dec. 31, 2020 $ / shares
Unsecured Senior Notes
Principal amount of notes, basis for conversion | $	$ 1
Closing share price (in dollars per share)	$ 18.33	$ 24.30	$ 19.30
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 ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loan Transfer Activities
Redemptions		$ 0	$ 0
RMBS
Loan Transfer Activities
Payments to acquire marketable securities	$ 0	524,500,000	176,600,000
RMBS | Fair value option
Loan Transfer Activities
Redemptions		51,187,000	10,474,000
Commercial and Residential Lending Segment
Loan Transfer Activities
Net gains (losses) on the sale of loan qualifying for sales treatment	(100,000)	(1,100,000)	(1,000,000)
Infrastructure Lending Segment
Loan Transfer Activities
Net gains (losses) on the sale of loan qualifying for sales treatment		200,000	300,000
Loans held-for-sale face amount	$ 26,800,000	16,300,000	61,100,000
Proceeds		$ 15,300,000	$ 60,800,000

Loan Securitization_Sale Acti_4

Loan Securitization/Sale Activities - Summary of Loans (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investing and Servicing Segment | Commercial Loans
Loan Transfer Activities
Face Amount		$ 1,202,274	$ 1,185,251	$ 920,282
Proceeds		1,182,861	1,242,974	975,569
Investing and Servicing Segment | Residential Loans
Loan Transfer Activities
Face Amount		1,905,829	2,287,733	1,770,513
Proceeds		1,913,459	2,362,798	1,826,549
Commercial and Residential Lending Segment | Commercial Loans
Loan Transfers Accounted for as Sales
Face amount		75,235	335,552	446,132
Proceeds		74,859	328,878	442,833
Commercial and Residential Lending Segment | Residential Loans
Loan Transfers Accounted for as Sales
Face amount		1,057,013	216,827	550
Proceeds		1,056,683	225,940	604
Commercial and Residential Lending Segment | Residential Loans | Agency-Eligible Residential Loan
Loan Transfers Accounted for as Sales
Face amount	$ 745,000
First Mortgage Loans
Loan Transfers Accounted for as Sales
Face amount		11,500	313,000	277,900
Proceeds from sale of mortgage loans		10,200	307,300	270,800
Whole Loan Interest
Loan Transfers Accounted for as Sales
Face amount		63,700	22,600	168,200
Proceeds from sale of mortgage loans		$ 64,600	$ 21,500	$ 172,000

Derivatives and Hedging Activ_3

Derivatives and Hedging Activity - Designated and Non-Designated Hedges (Details) € in Thousands, £ in Thousands, SFr in Thousands, $ in Thousands, $ in Thousands	Dec. 31, 2022 EUR (€) contract	Dec. 31, 2022 GBP (£) contract	Dec. 31, 2022 AUD ($) contract	Dec. 31, 2022 CHF (SFr) contract	Dec. 31, 2022 USD ($) contract
Derivatives
Number of Contracts	652	652	652	652	652
Foreign exchange contracts | EUR | Long
Derivatives
Number of Contracts	8	8	8	8	8
Aggregate Notional Amount | €	€ 17,400
Foreign exchange contracts | EUR | Short
Derivatives
Number of Contracts	216	216	216	216	216
Aggregate Notional Amount | €	€ 678,868
Foreign exchange contracts | GBP | Long
Derivatives
Number of Contracts	5	5	5	5	5
Aggregate Notional Amount | £		£ 176
Foreign exchange contracts | GBP | Short
Derivatives
Number of Contracts	208	208	208	208	208
Aggregate Notional Amount | £		£ 580,146
Foreign exchange contracts | AUD | Long
Derivatives
Number of Contracts	3	3	3	3	3
Aggregate Notional Amount | £		£ 26,183
Foreign exchange contracts | AUD | Short
Derivatives
Number of Contracts	94	94	94	94	94
Aggregate Notional Amount | $			$ 662,350
Foreign exchange contracts | CHF | Short
Derivatives
Number of Contracts	61	61	61	61	61
Aggregate Notional Amount | SFr				SFr 24,455
Interest rate swaps – Paying fixed rates | USD
Derivatives
Number of Contracts	43	43	43	43	43
Aggregate Notional Amount | $					$ 3,514,360
Interest rate swaps – Receiving fixed rates | USD
Derivatives
Number of Contracts	2	2	2	2	2
Aggregate Notional Amount | $					$ 970,000
Interest rate caps | GBP
Derivatives
Number of Contracts	1	1	1	1	1
Aggregate Notional Amount | £		£ 61,000
Interest rate caps | USD
Derivatives
Number of Contracts	6	6	6	6	6
Aggregate Notional Amount | $					$ 758,000
Credit instruments | USD
Derivatives
Number of Contracts	3	3	3	3	3
Aggregate Notional Amount | $					$ 49,000
Interest rate swap guarantees | USD
Derivatives
Number of Contracts	2	2	2	2	2
Aggregate Notional Amount | $					$ 149,126

Derivatives and Hedging Activ_4

Derivatives and Hedging Activity - Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	$ 108,621	$ 48,216
Fair Value of Derivatives in a Liability Position	91,404	13,421
Interest rate contracts
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	10,756	17,728
Fair Value of Derivatives in a Liability Position	69,776	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	0	260
Foreign exchange contracts
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	97,289	30,478
Fair Value of Derivatives in a Liability Position	21,628	12,870
Credit instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	576	10
Fair Value of Derivatives in a Liability Position	$ 0	$ 275

Derivatives and Hedging Activ_5

Derivatives and Hedging Activity - Effect on Financial Statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivatives
Gain (loss) on derivative financial instruments, net	$ 334,015	$ 82,363	$ (82,178)
Interest rate contracts
Derivatives
Gain (loss) on derivative financial instruments, net	216,778	41,033	(48,692)
Interest rate swap guarantees
Derivatives
Gain (loss) on derivative financial instruments, net	260	589	(235)
Foreign exchange contracts
Derivatives
Gain (loss) on derivative financial instruments, net	116,443	41,228	(32,561)
Credit instruments
Derivatives
Gain (loss) on derivative financial instruments, net	$ 534	$ (487)	$ (690)

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivative assets
Gross Amounts Recognized	$ 108,621	$ 48,216
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	108,621	48,216
Derivative Assets, Gross Amounts Not Offset in the Statements of Condition, Financial Instruments	69,221	12,870
Derivative Assets, Gross Amounts Not Offset in the Statements of Condition, Cash Collateral Received/Pledged	0	21,290
Net Amount	39,400	14,056
Derivative liabilities
Gross Amounts Recognized	91,404	13,421
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	91,404	13,421
Derivative Liabilities, Gross Amounts Not Offset in the Statements of Condition, Financial Instruments	69,221	12,870
Derivative Liabilities, Gross Amounts Not Offset in the Statements of Condition, Cash Collateral Received/Pledged	22,183	291
Net Amount	0	260
Repurchase agreements
Gross Amounts Recognized	10,799,120	9,542,034
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	10,799,120	9,542,034
Repurchase Agreements, Gross Amounts Not Offset in the Statements of Condition, Financial Instruments	10,799,120	9,542,034
Repurchase Agreements, Gross Amounts Not Offset in the Statements of Condition, Cash Collateral Received/Pledged	0	0
Net Amount	0	0
Offsetting Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned [Abstract]
Gross Amounts Recognized	10,890,524	9,555,455
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	10,890,524	9,555,455
Liabilities, Gross Amounts Not Offset in the Statements of Condition, Financial Instruments	10,868,341	9,554,904
Liabilities, Gross Amounts Not Offset in the Statements of Condition, Cash Collateral Received/Pledged	22,183	291
Net Amount	$ 0	$ 260

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) collateralized_loan_obligation loan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Variable interest entities
Number of CLOs | collateralized_loan_obligation	5
Number of SASBs | loan	1
VIE assets	$ 79,043,129,000	$ 83,850,397,000
VIE liabilities	71,844,422,000	77,201,590,000
Temporary equity	362,790,000	214,915,000	$ 0	$ 0
Investments in unconsolidated entities	$ 91,892,000	$ 90,097,000
CMBS JV
Variable interest entities
Ownership percentage	51%
Primary beneficiary
Variable interest entities
VIE assets	$ 76,700,000
VIE liabilities	35,200,000
Primary beneficiary | CMBS Venture Holdings
Variable interest entities
VIE assets	364,200,000
VIE liabilities	88,400,000
Primary beneficiary | SPT Dolphin
Variable interest entities
VIE assets	1,800,000,000
VIE liabilities	0
Primary beneficiary | Woodstar Feeder Fund, L.P.
Variable interest entities
VIE assets	500,000,000
VIE liabilities	0
Temporary equity	400,000,000
Not primary beneficiary
Variable interest entities
Maximum risk of loss related to VIEs, on fair value basis	19,100,000
Not primary beneficiary | Measurement Period Adjustments
Variable interest entities
Investments in unconsolidated entities	2,400,000
Not primary beneficiary | Securitization SPEs
Variable interest entities
Long term debt, gross	$ 4,600,000,000

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Consolidated CLO (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents	$ 261,061	$ 217,362
Carrying Value	21,285,446	18,480,919
Investment securities	815,804	860,984
Accrued interest receivable	168,521	116,262
Other assets	297,477	188,626
Total Assets	79,043,129	83,850,397
Liabilities
Accounts payable, accrued expenses and other liabilities	298,999	189,696
Collateralized loan obligations and single asset securitization, net	3,676,224	2,616,116
Total Liabilities	71,844,422	77,201,590
Total loans held-for-investment
Assets:
Carrying Value	18,500,852	15,604,119
Primary beneficiary
Assets:
Total Assets	76,700
Liabilities
Total Liabilities	35,200
CLOs and SASB | Primary beneficiary
Assets:
Cash and cash equivalents	31,611	15,297
Investment securities	36,466	11,426
Accrued interest receivable	20,088	8,936
Other assets	131	11,213
Total Assets	4,454,087	3,120,444
Liabilities
Accounts payable, accrued expenses and other liabilities	17,737	3,335
Collateralized loan obligations and single asset securitization, net	3,676,224	2,616,116
Total Liabilities	3,693,961	2,619,451
CLOs and SASB | Primary beneficiary | Total loans held-for-investment
Assets:
Carrying Value	$ 4,365,791	$ 3,073,572

Related-Party Transactions - Ma

Related-Party Transactions - Management Agreement (Details)	1 Months Ended	12 Months Ended
	Apr. 30, 2020 USD ($) shares	Dec. 31, 2022 USD ($) qtr d shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares
Related-Party Transactions
Trading days period | d		5
Granted (in shares) | shares		2,329,805
Share-based expense		$ 65,089,000	$ 74,421,000	$ 65,734,000
Manager Equity Plan
Related-Party Transactions
Granted (in shares) | shares		1,500,000
S P T Management L L C
Related-Party Transactions
Base management fee		1.50%
Management fee expense	$ 19,100,000	$ 86,700,000	77,900,000	76,600,000
Management fee, shares issuable (in shares) | shares	1,422,143
Base management fee payable		$ 21,800,000	20,300,000
Core earnings period threshold		12 months
Core earnings threshold percentage		8%
Core earnings threshold, number of quarters | qtr		12
Core earnings threshold amount		$ 0
Incentive fee calculation amount		$ 0
Incentive fee calculation multiplication factor		20%
Rolling period		12 months
Stock value factor		8%
Incentive fee quarters period | qtr		3
Percentage of installment payable in shares		50%
Stock ownership limit		9.80%
Accrued incentive fee		$ 49,600,000	70,300,000	30,800,000
Unpaid incentive fee		14,500,000	51,200,000
Executive compensation expense		8,600,000	7,100,000	$ 8,500,000
Unpaid reimbursable compensation		$ 4,900,000	$ 4,900,000
Percentage of votes needed to terminate agreement		66.67%
Termination period notice		180 days
Termination fee multiplier		3
Termination fee period quarters | qtr		8
Termination fee payable		$ 0
Termination period without notice		30 days
S P T Management L L C | Restricted Stock Awards
Related-Party Transactions
Granted (in shares) | shares		200,972	1,013,232	341,635
Grant date values		$ 4,800,000	$ 20,300,000	$ 3,900,000
Share-based expense		$ 8,900,000	$ 9,700,000	$ 3,400,000
S P T Management L L C | Restricted Stock Awards | Manager Equity Plan
Related-Party Transactions
Award vesting period		3 years
S P T Management L L C | Employee Stock
Related-Party Transactions
Share-based expense		$ 0

Related-Party Transactions - _2

Related-Party Transactions - Manager Equity Plan (Details) - USD ($) $ in Thousands	1 Months Ended					12 Months Ended
	Nov. 30, 2022	Nov. 30, 2020	Sep. 30, 2019	Apr. 30, 2018	Mar. 31, 2017	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related-Party Transactions
Granted (in shares)						2,329,805
Share-based expense						$ 65,089	$ 74,421	$ 65,734
Manager Equity Plan
Related-Party Transactions
Granted (in shares)						1,500,000
Restricted stock units | Manager Equity Plan
Related-Party Transactions
Granted (in shares)	1,500,000	1,800,000	1,200,000	775,000	1,000,000
Share-based expense						$ 18,700	$ 19,400	$ 18,000

Related-Party Transactions - In

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

1 Months Ended

12 Months Ended

Mar. 31, 2022 USD ($) Item

Aug. 31, 2020 USD ($)

Feb. 29, 2020 extension

Jan. 31, 2020 USD ($)

Jul. 31, 2019 USD ($)

Apr. 30, 2019 USD ($)

Mar. 31, 2019 USD ($)

Feb. 28, 2019 USD ($) powerPlant

Mar. 31, 2018 EUR (€)

Jan. 31, 2018 USD ($) powerPlant

Dec. 31, 2012 USD ($) shares

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

Dec. 31, 2019 USD ($)

Related-Party Transactions

Acquisitions/originations/additional funding

$ 10,178,734,000

$ 13,990,579,000

$ 5,337,399,000

Loan balance

21,186,033,000

18,413,649,000

12,139,908,000

$ 11,470,224,000

First mortgage loan participation

Related-Party Transactions

Repayments of mortgage loans on real estate

$ 99,000,000

Development And Recapitalization Of Luxury Rental Cabins | Affiliated Entity

Related-Party Transactions

Loans payable

135,000,000

Loan number of extension options | Item

3

Loan extension term

1 year

Development And Recapitalization Of Luxury Rental Cabins | Affiliated Entity | SOFR

Related-Party Transactions

Loans payable, basis spread

6.50%

Development And Recapitalization Of Luxury Rental Cabins | Affiliated Entity | Loans Payable

Related-Party Transactions

Face amount

$ 200,000,000

Maturity period

24 months

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

Related-Party Transactions

Investment interest rate

10.50%

Investment term

36 months

Number of renewal options | extension

2

Renewal term

1 year

Payments to fund related party loans

$ 3,500,000

Origination of First Mortgage Loan | Affiliated Entity

Related-Party Transactions

Proceeds from repayments on loans

$ 245,000,000

First priority term loan

$ 339,200,000

Loan balance

29,400,000

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

Related-Party Transactions

Acquisitions/originations/additional funding

$ 22,500,000

Loan balance

22,300,000

Purchase of First Mortgage Loan Participation

Related-Party Transactions

Number of properties securing investment | powerPlant

3

Purchase of First Mortgage Loan Participation | First mortgage loan participation

Related-Party Transactions

Acquisitions/originations/additional funding

$ 130,000,000

Residential Mortgage Originator | Affiliated Entity

Related-Party Transactions

Proceeds from sale of receivables

4,400,000

3,500,000

0

Residential Mortgage Originator | Affiliated Entity | Residential Loans

Related-Party Transactions

Acquisitions/originations/additional funding

$ 1,100,000,000

$ 1,200,000,000

$ 244,400,000

SEREF | Affiliated Entity

Related-Party Transactions

Ownership percentage

2%

Number of shares acquired (in shares) | shares

9,140,000

Investment securities value

$ 14,700,000

Ownership acquired in investment

4%

SEREF | Office portfolio located in Spain | Affiliated Entity

Related-Party Transactions

Acquisitions/originations/additional funding | €

€ 55

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

Related-Party Transactions

Acquisitions/originations/additional funding

$ 16,000,000

$ 5,000,000

$ 60,000,000

First priority term loan

$ 925,000,000

Loan balance

$ 62,000,000

Upsize to term loan

$ 350,000,000

Number of domestic natural gas power plants | powerPlant

4

Ownership percentage

50%

Related-Party Transactions - _3

Related-Party Transactions - Investments in Unconsolidated Entities (Details) - Joint Venture One	1 Months Ended
	Apr. 30, 2013
Related-Party Transactions
Ownership percentage acquired	50%
Starwood Distressed Opportunity Fund I X
Related-Party Transactions
Ownership percentage acquired	50%

Related-Party Transactions - Le

Related-Party Transactions - Leasing Arrangements (Details) $ in Millions	1 Months Ended		12 Months Ended
	Sep. 30, 2022 ft² $ / sqft	Dec. 31, 2021 ft² $ / sqft	Dec. 31, 2022 USD ($)	Jul. 01, 2022 USD ($)	Apr. 30, 2020 USD ($)
Office Lease Agreement with Affiliate of Chairman and CEO | Affiliates of Chairman and CEO
Related-Party Transactions
Area of office space | ft²	64,424
Term of master lease agreements	15 years
Annual base rent (in usd per sq ft) | $ / sqft	52
Percent increase in base rent	3%
Security deposit					$ 1.9
Payments for tenant improvements			$ 4.4
Rent payments			1.1
Rent expense			$ 2.7
Operating lease, right-of-use asset				$ 29.8
Office Lease Agreement with Affiliate of Manager | Affiliated Entity
Related-Party Transactions
Area of office space | ft²		5,500
Term of master lease agreements		4 years 6 months
Annual base rent (in usd per sq ft) | $ / sqft		59.16
Percent increase in base rent		3%

Related-Party Transactions - Ac

Related-Party Transactions - Acquisitions from Consolidated CMBS Trusts (Details) - Reo Portfolio - CMBS - Investing and Servicing Segment - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Related-Party Transactions
Assets acquired	$ 9,200,000	$ 0	$ 0
Consideration transferred	$ 10,100,000

Related-Party Transactions - _4

Related-Party Transactions - Acquisitions from Consolidated RMBS Trusts (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
RMBS
Related-Party Transactions
Payments to acquire marketable securities	$ 0	$ 524,500,000	$ 176,600,000

Related-Party Transactions - Ot

Related-Party Transactions - Other Related-Party Arrangements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fund Participants | Reo Portfolio
Related-Party Transactions
Aggregate commitment	$ 15
Capital commitments funded	$ 4.9
Additional earning increments of operating cash flows	60%
Preferred return rate	5%
Non-controlling interest income	$ 1.9	$ 0.2	$ 1.8
Fund Participants | Reo Portfolio | Fund Participants
Related-Party Transactions
Ownership percentage	10%
Highmark Residential
Related-Party Transactions
Payments to related party	$ 5.6	$ 4.2	$ 2.1

Stockholders' Equity and Non-_3

Stockholders' Equity and Non-Controlling Interests - Narrative (Details) $ / shares in Units, $ in Thousands			1 Months Ended		12 Months Ended				14 Months Ended
	Nov. 06, 2021 USD ($)	Nov. 05, 2021 USD ($)	Apr. 30, 2022 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) extension $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2018 shares	Dec. 31, 2022 USD ($) $ / shares shares	May 31, 2022 USD ($)	May 31, 2014 shares
Equity Incentive Plans
Preferred stock, shares authorized (in shares) | shares				100,000,000	100,000,000	100,000,000			100,000,000
Preferred stock, par value (in dollars per share) | $ / shares				$ 0.01	$ 0.01	$ 0.01			$ 0.01
Common stock, shares authorized (in shares) | shares				500,000,000	500,000,000	500,000,000			500,000,000
Common stock, par value (in dollars per share) | $ / shares				$ 0.01	$ 0.01	$ 0.01			$ 0.01
Commission costs under ATM agreement | $					$ 1,074	$ 720	$ 95
Shares authorized under DRIP plan (in shares) | shares											11,000,000
Common stock repurchased (in shares) | shares							2,268,551
Payments for repurchase of common stock | $					$ 0	$ 0	$ 33,828
Granted (in shares) | shares					2,329,805
Granted (in dollars per share) | $ / shares					$ 21.95	$ 22.14	$ 14.64
Unrecognized compensation expense | $					$ 63,300				$ 63,300
Compensation recognition period					2 years
Fair value of shares vested in period | $					$ 30,000	$ 32,400	$ 35,700
Contributions from non-controlling interests | $					21,925	219,757	11,775
Net income | $					153,820	748			$ 700
Net income attributable to non-controlling interests | $					$ 187,586	$ 44,687	$ 34,392
ATM Agreement
Equity Incentive Plans
Authorized value of stock under ATM agreement | $										$ 500,000
Number of shares issued (in shares) | shares					2,168,710	0	0
Proceeds from ATM Agreement | $					$ 49,300
Sale of stock average price (in dollars per share) | $ / shares					$ 22.72				$ 22.72
Commission costs under ATM agreement | $					$ 1,000
Public Offering
Equity Incentive Plans
Number of shares issued (in shares) | shares				16,000,000
Proceeds from ATM Agreement | $				$ 393,100
Sale of stock average price (in dollars per share) | $ / shares				$ 24.57		$ 24.57
Employee Stock
Equity Incentive Plans
Purchase price of fair market value			85%
Maximum purchase value during calendar year, per employee | $			$ 25
Number of shares of authorized for issuance (in shares) | shares			2,000,000
Number of shares issued for future grants (in shares) | shares					67,965
Purchase price (in dollars per share) | $ / shares					$ 17.36
Common stock available for future issuance (in shares) | shares					1,900,000				1,900,000
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 | $				$ 131,900	$ 144,300	$ 131,900			$ 144,300
CMBS JV | Joint Venture Partner
Equity Incentive Plans
Ownership percentage					49%				49%
CMBS JV
Equity Incentive Plans
Ownership percentage					51%				51%
Class A Units
Equity Incentive Plans
Value of shares issued to settle redemption | $					$ 0		$ 500
Shares settled for common shares (in shares) | shares							400,000
Shares settled for cash shares (in shares) | shares							100,000
Number of shares redeemed (in shares) | shares						900,000
Number of units outstanding (in shares) | shares					9,800,000				9,800,000
Cash amount settled | $							$ 1,300
Woodstar II Portfolio | Class A Units
Equity Incentive Plans
Net income attributable to non-controlling interests | $					$ 18,800	$ 19,400	20,400
Woodstar II Portfolio | Class A Units | CMBS JV
Equity Incentive Plans
Net income attributable to non-controlling interests | $					$ 6,200	22,700	$ 11,100
Subsidiaries | Woodstar II Portfolio
Equity Incentive Plans
Conversion of stock ratio					1
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			18,700,000
Number of shares available for future grants (in shares) | shares					17,227,316				17,227,316
Award vesting period					3 years
Starwood Property Trust, Inc. Equity Plan and Manager Equity Plan | Restricted stock
Equity Incentive Plans
Granted (in shares) | shares					829,805	1,708,935	1,014,753

Stockholders' Equity and Non-_4

Stockholders' Equity and Non-Controlling Interests - Declared Dividends (Details) - $ / shares													12 Months Ended
	Dec. 09, 2022	Sep. 16, 2022	Jun. 15, 2022	Mar. 14, 2022	Dec. 15, 2021	Sep. 15, 2021	Jun. 14, 2021	Mar. 11, 2021	Dec. 09, 2020	Sep. 16, 2020	Jun. 16, 2020	Feb. 25, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 1.92	$ 1.92	$ 1.92

Stockholders' Equity and Non-_5

Stockholders' Equity and Non-Controlling Interests - Equity Incentive Plans (Details) - USD ($) $ in Thousands	1 Months Ended					12 Months Ended
	Nov. 30, 2022	Nov. 30, 2020	Sep. 30, 2019	Apr. 30, 2018	Mar. 31, 2017	Dec. 31, 2022
Equity Incentive Plans
Granted (in shares)						2,329,805
Manager Equity Plan
Equity Incentive Plans
Granted (in shares)						1,500,000
Restricted stock units | Manager Equity Plan
Equity Incentive Plans
Granted (in shares)	1,500,000	1,800,000	1,200,000	775,000	1,000,000
Awards granted, fair value	$ 31,605	$ 30,078	$ 29,484	$ 16,329	$ 22,240
Award vesting period	3 years	3 years		3 years	3 years
Restricted stock units | Manager Equity Plan | Vested immediately on the grant date
Equity Incentive Plans
Granted (in shares)			218,898
Restricted stock units | Manager Equity Plan | Remaining vesting
Equity Incentive Plans
Award vesting period			3 years

Stockholders' Equity and Non-_6

Stockholders' Equity and Non-Controlling Interests - Common Stock Issued to Manager (Details) - Manager Equity Plan - $ / shares	1 Months Ended
	Nov. 30, 2022	Aug. 31, 2022	May 31, 2022	Feb. 28, 2022	Nov. 30, 2021	Aug. 31, 2021	May 31, 2021	Feb. 28, 2021	May 31, 2020	Feb. 29, 2020
Equity Incentive Plans
Shares of common stock issued (in shares)	21,390	108,374	647,128	1,068,828	18,649	97,151	267,378	332,002	2,065,322	355,910
Price per share (in dollars per share)	$ 20.92	$ 23.94	$ 22.69	$ 23.78	$ 26.08	$ 25.79	$ 24.54	$ 22.55		$ 25.51
Base Management Fee
Equity Incentive Plans
Shares of common stock issued (in shares)									1,422,143
Price per share (in dollars per share)									$ 13.42
Management Fees
Equity Incentive Plans
Shares of common stock issued (in shares)									643,179
Price per share (in dollars per share)									$ 12.25

Stockholders' Equity and Non-_7

Stockholders' Equity and Non-Controlling Interests - Share Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity Incentive Plans
Share-based expense	$ 65,089	$ 74,421	$ 65,734
Management Fees
Equity Incentive Plans
Share-based expense	43,596	54,583	52,480
Management Fees | Manager Equity Plan
Equity Incentive Plans
Share-based expense	18,693	19,448	17,987
Management Fees | Management Agreement
Equity Incentive Plans
Share-based expense	24,903	35,135	15,405
Management Fees | Base Management Fee
Equity Incentive Plans
Share-based expense	0	0	19,088
General and Administrative Expense
Equity Incentive Plans
Share-based expense	21,492	19,838	13,254
General and Administrative Expense | Employee Stock
Equity Incentive Plans
Share-based expense	273	0	0
General and Administrative Expense | Equity Plan
Equity Incentive Plans
Share-based expense	$ 21,219	$ 19,838	$ 13,254

Stockholders' Equity and Non-_8

Stockholders' Equity and Non-Controlling Interests - Non-Vested Shares (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	3,702,007
Granted (in shares)	2,329,805
Vested (in shares)	(1,617,048)
Forfeited (in shares)	(75,917)
Balance at the end of the period (in shares)	4,338,847	3,702,007
Weighted Average Grant Date Fair Value (per share)
Balance at the beginning of period (in dollars per share)	$ 18.90
Granted (in dollars per share)	21.95	$ 22.14	$ 14.64
Vested (in dollars per share)	18.57
Forfeited (in dollars per share)	19.42
Balance at the end of period (in dollars per share)	$ 20.65	$ 18.90
Equity Plan
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	2,406,730
Granted (in shares)	829,805
Vested (in shares)	(646,771)
Forfeited (in shares)	(75,917)
Balance at the end of the period (in shares)	2,513,847	2,406,730
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)	1,500,000
Vested (in shares)	(970,277)
Forfeited (in shares)	0
Balance at the end of the period (in shares)	1,825,000	1,295,277

Stockholders' Equity and Non-_9

Stockholders' Equity and Non-Controlling Interests - Vesting Schedule (Details) - shares	Dec. 31, 2022	Dec. 31, 2021
Equity Incentive Plans
2023 (in shares)	1,615,290
2024 (in shares)	1,981,187
2025 (in shares)	742,370
Total (in shares)	4,338,847	3,702,007
Equity Plan
Equity Incentive Plans
2023 (in shares)	665,290
2024 (in shares)	1,481,187
2025 (in shares)	367,370
Total (in shares)	2,513,847	2,406,730
Manager Equity Plan
Equity Incentive Plans
2023 (in shares)	950,000
2024 (in shares)	500,000
2025 (in shares)	375,000
Total (in shares)	1,825,000	1,295,277

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Basic Earnings
Income attributable to STWD common stockholders	$ 871,475	$ 447,739	$ 331,689
Less: Income attributable to participating shares not already deducted as non-controlling interests	(17,113)	(6,808)	(5,216)
Basic earnings	854,362	440,931	326,473
Diluted Earnings
Income attributable to STWD common stockholders	871,475	447,739	331,689
Less: Income attributable to participating shares not already deducted as non-controlling interests	(17,113)	(6,808)	(5,216)
Add: Undistributed earnings to participating shares	11,229	0	0
Less: Undistributed earnings reallocated to participating shares	(10,880)	0	0
Diluted earnings	$ 866,343	$ 452,550	$ 326,473
Number of Shares:
Basic - Average shares outstanding (in shares)	305,524	285,942	281,978
Effect of dilutive securities - Contingently issuable shares (in shares)	386	1,037	383
Effect of dilutive securities - Unvested non-participating shares (in shares)	169	198	122
Diluted - Average shares outstanding (in shares)	315,728	296,826	282,483
Earnings per share data attributable to Starwood Property Trust, Inc.:
Basic (in dollars per share)	$ 2.80	$ 1.54	$ 1.16
Diluted (in dollars per share)	$ 2.74	$ 1.52	$ 1.16
Convertible Senior Notes
Diluted Earnings
Add: Interest expense on Convertible Notes	$ 11,632	$ 11,619
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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class A Units
Antidilutive securities and effect of dilutive securities
Number of anti-dilutive common shares excluded from the calculation of diluted income per share (in shares)	9.8	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)	13.7	13	14.4

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Changes in AOCI by component
Beginning balance	$ 6,433,892	$ 4,862,576	$ 5,137,014
OCI before reclassifications	(19,998)	(3,101)	(6,939)
Amounts reclassified from AOCI	0	61	0
Net period OCI	(19,998)	(3,040)	(6,939)
Ending balance	6,835,917	6,433,892	4,862,576
Cumulative Unrealized Gain (Loss) on Available-for- Sale Securities
Changes in AOCI by component
Beginning balance	40,953	44,057	50,996
OCI before reclassifications	(19,998)	(3,101)	(6,939)
Amounts reclassified from AOCI	0	(3)	0
Net period OCI	(19,998)	(3,104)	(6,939)
Ending balance	20,955	40,953	44,057
Foreign Currency Translation
Changes in AOCI by component
Beginning balance	0	(64)	(64)
OCI before reclassifications	0	0	0
Amounts reclassified from AOCI	0	64	0
Net period OCI	0	64	0
Ending balance	0	0	(64)
Accumulated Other Comprehensive Income
Changes in AOCI by component
Beginning balance	40,953	43,993	50,932
Ending balance	$ 20,955	$ 40,953	$ 43,993

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Reclassifications (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income
Interest realized upon collection	$ 65,058	$ 45,168	$ 54,412
Foreign currency adjustment	(96,956)	(36,292)	42,395
Total reclassifications for the period	1,059,061	492,426	366,081
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income
Total reclassifications for the period	0	(61)	0
Cumulative Unrealized Gain (Loss) on Available-for- Sale Securities | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income
Interest realized upon collection	0	3	0
Foreign Currency Translation | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income
Foreign currency adjustment	$ 0	$ (64)	$ 0

Fair Value - Narrative (Details

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

Fair Value - Financial Assets a

Fair Value - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial Assets:
Available-for-sale securities	$ 113,386	$ 143,980
Woodstar Fund investments		1,040,309
Domestic servicing rights	17,790	16,780
Derivative assets	108,621	48,216
VIE assets	79,043,129	83,850,397
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	91,404	13,421
VIE liabilities	71,844,422	77,201,590
Fair value measurements on recurring basis
Financial Assets:
Equity security, fair value	9,840	11,624
Derivative assets	108,621	48,216
Total	57,267,382	65,499,721
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	91,404	13,421
Total	50,845,759	59,766,343
Fair value measurements on recurring basis | Loans under fair value option
Financial Assets:
Loans under fair value option	2,784,594	2,936,025
Fair value measurements on recurring basis | RMBS
Financial Assets:
Available-for-sale securities	113,386	143,980
Fair value measurements on recurring basis | CMBS
Financial Assets:
Available-for-sale securities	19,108	22,244
Fair value measurements on recurring basis | Woodstar Fund investments
Financial Assets:
Woodstar Fund investments	1,761,002	1,040,309
Fair value measurements on recurring basis | Domestic servicing rights, at fair value
Financial Assets:
Domestic servicing rights	17,790	16,780
Fair value measurements on recurring basis | Level I
Financial Assets:
Equity security, fair value	9,840	11,624
Derivative assets	0	0
Total	9,840	11,624
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	0	0
Total	0	0
Fair value measurements on recurring basis | Level I | Loans under fair value option
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:
Woodstar Fund 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	108,621	48,216
Total	108,621	48,216
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	91,404	13,421
Total	45,339,816	54,986,122
Fair value measurements on recurring basis | Level II | Loans under fair value option
Financial Assets:
Loans under fair value option	0	0
Fair value measurements on recurring basis | Level II | RMBS
Financial Assets:
Available-for-sale securities	0	0
Fair value measurements on recurring basis | Level II | CMBS
Financial Assets:
Available-for-sale securities	0	0
Fair value measurements on recurring basis | Level II | Woodstar Fund investments
Financial Assets:
Woodstar Fund 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	57,148,921	65,439,881
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	0	0
Total	5,505,943	4,780,221
Fair value measurements on recurring basis | Level III | Loans under fair value option
Financial Assets:
Loans under fair value option	2,784,594	2,936,025
Fair value measurements on recurring basis | Level III | RMBS
Financial Assets:
Available-for-sale securities	113,386	143,980
Fair value measurements on recurring basis | Level III | CMBS
Financial Assets:
Available-for-sale securities	19,108	22,244
Fair value measurements on recurring basis | Level III | Woodstar Fund investments
Financial Assets:
Woodstar Fund investments	1,761,002	1,040,309
Fair value measurements on recurring basis | Level III | Domestic servicing rights, at fair value
Financial Assets:
Domestic servicing rights	17,790	16,780
Primary beneficiary
Financial Assets:
Woodstar Fund investments	1,761,002	1,040,309
VIE assets	76,700
Liabilities, Fair Value Disclosure [Abstract]
VIE liabilities	35,200
Primary beneficiary | Fair value measurements on recurring basis | VIE assets
Financial Assets:
VIE assets	52,453,041	61,280,543
Primary beneficiary | Fair value measurements on recurring basis | VIE liabilities
Liabilities, Fair Value Disclosure [Abstract]
VIE liabilities	50,754,355	59,752,922
Primary beneficiary | Fair value measurements on recurring basis | Level I | VIE assets
Financial Assets:
VIE assets	0	0
Primary beneficiary | Fair value measurements on recurring basis | Level I | VIE liabilities
Liabilities, Fair Value Disclosure [Abstract]
VIE liabilities	0	0
Primary beneficiary | Fair value measurements on recurring basis | Level II | VIE assets
Financial Assets:
VIE assets	0	0
Primary beneficiary | Fair value measurements on recurring basis | Level II | VIE liabilities
Liabilities, Fair Value Disclosure [Abstract]
VIE liabilities	45,248,412	54,972,701
Primary beneficiary | Fair value measurements on recurring basis | Level III | VIE assets
Financial Assets:
VIE assets	52,453,041	61,280,543
Primary beneficiary | Fair value measurements on recurring basis | Level III | VIE liabilities
Liabilities, Fair Value Disclosure [Abstract]
VIE liabilities	$ 5,505,943	$ 4,780,221

Fair Value - Level III (Details

Fair Value - Level III (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Total realized and unrealized gains (losses):
Net accretion	$ 12,227	$ 13,513	$ 12,818
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Available-for-sale securities	Available-for-sale securities
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	(10,144,645)	(5,691,927)
Net accretion	8,491	10,457
Included in OCI	(19,998)	(3,104)
Purchases / Originations	4,634,722	5,351,019
Sales	(3,678,671)	(3,831,712)
Issuances	0	(38,715)
Cash repayments / receipts	(240,677)	(245,496)
Transfers into Level III	(1,592,639)	(2,011,459)
Transfers out of Level III	194,034	1,152,827
Transfers within Level III	0	0
Consolidation of VIEs	2,551,224	3,421,052
Deconsolidation of VIEs	(728,523)	(894,721)
Balance at the end of the period	51,642,978	60,659,660	63,441,439
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	(10,158,108)	(5,757,401)
Included in OCI	(19,592)	(3,066)
Level III | Loans under fair value option
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	(346,222)	69,050
Net accretion	0	0
Included in OCI	0	0
Purchases / Originations	4,634,722	5,351,019
Sales	(3,678,671)	(3,831,712)
Issuances	0	0
Cash repayments / receipts	(200,728)	(207,043)
Transfers into Level III	(86,201)	7,241
Transfers out of Level III	(474,331)	0
Transfers within Level III	0	524,491
Consolidation of VIEs	0	0
Deconsolidation of VIEs	0	0
Balance at the end of the period	2,784,594	2,936,025	1,022,979
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	(368,368)	(8,036)
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	8,491	10,457
Included in OCI	(19,998)	(3,104)
Purchases / Originations	0	0
Sales	0	0
Issuances	0	0
Cash repayments / receipts	(19,087)	(30,722)
Transfers into Level III	0	0
Transfers out of Level III	0	0
Transfers within Level III	0
Consolidation of VIEs	0	0
Deconsolidation of VIEs	0	0
Balance at the end of the period	113,386	143,980	167,349
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	8,157	10,412
Included in OCI	(19,592)	(3,066)
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	(1,674)	(894)
Net accretion	0	0
Included in OCI	0	0
Purchases / Originations	0	0
Sales	0	0
Issuances	0	0
Cash repayments / receipts	(1,992)	(2,003)
Transfers into Level III	0	0
Transfers out of Level III	0	0
Transfers within Level III	0
Consolidation of VIEs	0	0
Deconsolidation of VIEs	530	5,684
Balance at the end of the period	19,108	22,244	19,457
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	(1,148)	306
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	720,693	402
Net accretion	0	0
Included in OCI	0	0
Purchases / Originations	0	0
Sales	0	0
Issuances	0	0
Cash repayments / receipts	0	0
Transfers into Level III	0	1,039,907
Transfers out of Level III	0	0
Transfers within Level III	0	0
Consolidation of VIEs	0	0
Deconsolidation of VIEs	0	0
Balance at the end of the period	1,761,002	1,040,309	0
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	720,693	402
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	1,010	3,578
Net accretion	0	0
Included in OCI	0	0
Purchases / Originations	0	0
Sales	0	0
Issuances	0	0
Cash repayments / receipts	0	0
Transfers into Level III	0	0
Transfers out of Level III	0	0
Transfers within Level III	0
Consolidation of VIEs	0	0
Deconsolidation of VIEs	0	0
Balance at the end of the period	17,790	16,780	13,202
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	1,010	3,578
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	(12,458,814)	(6,830,193)
Net accretion	0	0
Included in OCI	0	0
Purchases / Originations	0	0
Sales	0	0
Issuances	0	0
Cash repayments / receipts	0	0
Transfers into Level III	0	0
Transfers out of Level III	0	0
Transfers within Level III	0	(524,491)
Consolidation of VIEs	4,361,325	5,332,754
Deconsolidation of VIEs	(730,013)	(935,855)
Balance at the end of the period	52,453,041	61,280,543	64,238,328
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	(12,458,814)	(6,830,193)
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	1,940,362	1,066,130
Net accretion	0	0
Included in OCI	0	0
Purchases / Originations	0	0
Sales	0	0
Issuances	0	(38,715)
Cash repayments / receipts	(18,870)	(5,728)
Transfers into Level III	(1,506,438)	(3,058,607)
Transfers out of Level III	668,365	1,152,827
Transfers within Level III	0
Consolidation of VIEs	(1,810,101)	(1,911,702)
Deconsolidation of VIEs	960	35,450
Balance at the end of the period	(5,505,943)	(4,780,221)	$ (2,019,876)
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	1,940,362	1,066,130
Included in OCI	$ 0	$ 0

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial assets not carried at fair value:
Loans	$ 18,401,439	$ 15,536,849
HTM debt securities	676,652	691,746
Carrying Value
Financial assets not carried at fair value:
Loans	18,401,439	15,477,624
HTM debt securities	673,470	683,136
Financial liabilities not carried at fair value:
Secured financing agreements, CLOs and SASB	18,177,756	15,192,966
Unsecured senior notes	2,329,211	1,828,590
Fair Value
Financial assets not carried at fair value:
Loans	18,215,072	15,526,235
HTM debt securities	637,275	656,864
Financial liabilities not carried at fair value:
Secured financing agreements, CLOs and SASB	18,017,651	15,266,440
Unsecured senior notes	$ 2,199,135	$ 1,893,065

Fair Value - Significant Unobse

Fair Value - Significant Unobservable Inputs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities	$ 113,386	$ 143,980
Woodstar Fund investments		1,040,309
Domestic servicing rights	17,790	16,780
VIE assets	79,043,129	83,850,397
VIE liabilities	71,844,422	77,201,590
Fair value measurements on recurring basis | Loans under fair value option
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	2,784,594	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	113,386	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	19,108	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
Woodstar Fund investments	1,761,002	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	17,790	16,780
Fair value measurements on recurring basis | Level III | Loans under fair value option
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	$ 2,784,594	$ 2,936,025
Fair value measurements on recurring basis | Level III | Loans under fair value option | Minimum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option, duration	5 years 3 months 18 days	6 years 3 months 18 days
Fair value measurements on recurring basis | Level III | Loans under fair value option | Minimum | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	0.028	0.026
Fair value measurements on recurring basis | Level III | Loans under fair value option | Minimum | FICO score
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
FICO score	585	582
Fair value measurements on recurring basis | Level III | Loans under fair value option | Minimum | LTV
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	0.04	0.01
Fair value measurements on recurring basis | Level III | Loans under fair value option | Minimum | Purchase price
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	0.800	0.800
Fair value measurements on recurring basis | Level III | Loans under fair value option | Maximum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option, duration	39 years 6 months	39 years 10 months 24 days
Fair value measurements on recurring basis | Level III | Loans under fair value option | Maximum | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	0.093	0.092
Fair value measurements on recurring basis | Level III | Loans under fair value option | Maximum | FICO score
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
FICO score	900	829
Fair value measurements on recurring basis | Level III | Loans under fair value option | Maximum | LTV
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	0.92	0.94
Fair value measurements on recurring basis | Level III | Loans under fair value option | Maximum | Purchase price
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	1.086	1.086
Fair value measurements on recurring basis | Level III | Loans under fair value option | Weighted-average
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option, duration	28 years 7 months 6 days	27 years 4 months 24 days
Fair value measurements on recurring basis | Level III | Loans under fair value option | Weighted-average | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	0.045	0.042
Fair value measurements on recurring basis | Level III | Loans under fair value option | Weighted-average | FICO score
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
FICO score	749	748
Fair value measurements on recurring basis | Level III | Loans under fair value option | Weighted-average | LTV
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	0.67	0.66
Fair value measurements on recurring basis | Level III | Loans under fair value option | Weighted-average | Purchase price
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	1.014	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	$ 113,386	$ 143,980
Loss severity for specified percentage of portfolio (as a percent)	10%	18%
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%
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	0.028	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	0.011	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	0.06	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	0.31	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%
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	0.120	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	0.044	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	1.09	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	0.29	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	0.777	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	0.026	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	0.055	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	0.16	0.19
Fair value measurements on recurring basis | Level III | RMBS | Weighted-average | Servicer advances
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.53	0.52
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	$ 19,108	$ 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
CMBS, 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
CMBS, term	7 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	1.175	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
CMBS, term	3 years	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	0.101	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
Woodstar Fund investments	$ 1,761,002	$ 1,040,309
Fair value measurements on recurring basis | Level III | Woodstar Fund investments | Implied 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
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	0.063	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	0.056	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	0.050	0.048
Fair value measurements on recurring basis | Level III | Woodstar Fund investments | Minimum | Implied 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
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	0.068	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	0.067	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	0.055	0.053
Fair value measurements on recurring basis | Level III | Woodstar Fund investments | Maximum | Implied 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
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	0.065	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	0.061	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	0.051	0.049
Fair value measurements on recurring basis | Level III | Woodstar Fund investments | Weighted-average | Implied 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	$ 17,790	$ 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
Domestic servicing rights	0.0825	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
Domestic servicing rights	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
Domestic servicing rights	0.0825	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
Domestic servicing rights	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	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)	11 years	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	4.536	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)	2 years 4 months 24 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	0.153	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	0	0
Fair value measurements on recurring basis | Level III | VIE liabilities | Maximum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE duration (in years)	11 years	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	4.536	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)	1 year 9 months 18 days	2 years 3 months 18 days
Fair value measurements on recurring basis | Level III | VIE liabilities | Weighted-average | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE liabilities	0.104	0.064
Primary beneficiary
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Woodstar Fund investments	$ 1,761,002	$ 1,040,309
VIE assets	76,700
VIE liabilities	35,200
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
VIE assets	52,453,041	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
VIE liabilities	50,754,355	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
VIE assets	52,453,041	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
VIE liabilities	$ 5,505,943	$ 4,780,221

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2017
Income Taxes
VIE assets	$ 79,043,129,000	$ 83,850,397,000
Pre-tax income from foreign operations	0	0	$ 0
Valuation allowance changes	$ 0	$ 0	$ 0
Federal statutory tax rate	21%	21%	21%	35%
Domestic Tax Authority
Income Taxes
Net operating loss carryforward	$ 261,100,000
State and Local Jurisdiction
Income Taxes
Net operating loss carryforward	207,600,000
Investing and Servicing Segment | TRS entities
Income Taxes
VIE assets	$ 3,200,000,000	$ 3,200,000,000

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Tax Provisions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current
Federal	$ 1,446	$ 142	$ 5,690
State	705	(80)	3,201
Foreign	0	(392)	195
Total current	2,151	(330)	9,086
Deferred
Federal	(47,128)	6,893	8,213
State	(16,546)	2,106	2,898
Total deferred	(63,674)	8,999	11,111
Total income tax (benefit) provision	$ (61,523)	$ 8,669	$ 20,197

Income Taxes - Temporary Differ

Income Taxes - Temporary Differences on Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Reserves and accruals	$ 3,314	$ 3,155
Domestic intangible assets	(15,946)	(9,652)
Investments in unconsolidated entities	782
Investments in unconsolidated entities		(1,515)
Net operating loss and other carryforwards	69,294	1,908
Other U.S. temporary differences	140	14
Net deferred tax assets/(liabilities)	$ 57,584
Net deferred tax assets/(liabilities)		$ (6,090)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2017
Reconciliation of statutory tax to effective tax
Federal statutory tax rate	$ 209,483	$ 105,230	$ 81,118
REIT and other non-taxable income	(256,105)	(92,121)	(58,265)
State income taxes	(15,319)	4,307	7,509
Federal benefit of state tax deduction	3,217	(905)	(1,577)
Net operating loss carryback rate differential	0	0	(3,387)
Intra-entity transfers	(4,327)	(6,635)	(5,385)
Other	1,528	(1,207)	184
Total income tax (benefit) provision	$ (61,523)	$ 8,669	$ 20,197
Reconciliation of statutory tax rate to effective tax rate
Federal statutory tax rate	21%	21%	21%	35%
REIT and other non-taxable income	(25.70%)	(18.40%)	(15.10%)
State income taxes	(1.50%)	0.90%	1.90%
Federal benefit of state tax deduction	0.30%	(0.20%)	(0.40%)
Net operating loss carryback rate differential	0%	0%	(0.90%)
Intra-entity transfers	(0.40%)	(1.30%)	(1.40%)
Other	0.10%	(0.30%)	0.10%
Effective tax rate	(6.20%)	1.70%	5.20%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($) contract
Commitments and Contingencies
Number of Contracts | contract	652
Interest rate swap guarantees | USD
Commitments and Contingencies
Number of Contracts | contract	2
Commitments | Commercial and Residential Lending Segment
Commitments and Contingencies
Value of loans with future funding commitments	$ 2,500
Value of loans with future funding commitments expected to fund	2,300
Commitments | Infrastructure Lending Segment
Commitments and Contingencies
Value of loans with future funding commitments	148.3
Revolvers and letters of credit | Infrastructure Lending Segment
Commitments and Contingencies
Value of loans with future funding commitments	132.8
Outstanding	10.2
Delayed draw term loans | Infrastructure Lending Segment
Commitments and Contingencies
Value of loans with future funding commitments	$ 15.5

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating lease costs	$ 4,646	$ 4,100	$ 5,571
Short-term lease costs	44	2,227	42
Sublease income	0	(766)	(1,509)
Total lease cost	4,690	5,560	$ 4,104
Cash paid for amounts included in the measurement of lease liabilities —operating	$ 2,129	$ 1,274
Weighted-average remaining lease term	13 years	7 years
Weighted-average discount rate	8.70%	4%

Commitments and Contingencies_3

Commitments and Contingencies - Summary of Future Maturity of Operating Leases (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 5,024
2024	5,145
2025	5,320
2026	5,275
2027	4,829
Thereafter	46,411
Total	72,004
Less interest component	(32,702)
Operating lease liability	$ 39,302
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable, accrued expenses and other liabilities

Segment and Geographic Data - R

Segment and Geographic Data - Results of Operations (Details) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Interest income from loans		$ 1,218,521	$ 800,291	$ 751,943
Interest income from investment securities		65,058	45,168	54,412
Servicing fees		40,359	38,739	29,634
Rental income		128,263	278,831	297,828
Other revenues		12,515	7,059	2,338
Total revenues		1,464,716	1,170,088	1,136,155
Costs and expenses:
Management fees		155,551	167,773	127,127
Interest expense		797,121	445,087	419,763
General and administrative		175,500	171,302	157,874
Acquisition and investment pursuit costs		3,400	1,184	3,572
Costs of rental operations		44,115	111,667	117,676
Depreciation and amortization		49,293	83,001	94,405
Credit loss provision, net		46,657	8,335	43,153
Other expense		1,314	708	838
Total costs and expenses		1,272,951	989,057	964,408
Other income (loss):
Change in net assets related to consolidated VIEs		124,001	162,333	78,258
Change in fair value of servicing rights		1,010	3,578	(3,715)
Change in fair value of investment securities, net		(2,204)	(387)	5,393
Change in fair value of mortgage loans, net		(346,222)	69,050	133,124
Income from affordable housing fund investments			6,425
(Loss) earnings from unconsolidated entities		(6,323)	8,752	37,317
(Loss) gain on sale of investments and other assets, net		137,611	38,984	7,310
Gain (loss) on derivative financial instruments, net		334,015	82,363	(82,178)
Foreign currency (loss) gain, net		(96,956)	(36,292)	42,395
Loss on extinguishment of debt		(1,185)	(7,428)	(3,654)
Other (loss) income, net		(93,710)	(7,314)	281
Total other income		805,773	320,064	214,531
Income before income taxes		997,538	501,095	386,278
Income tax (provision) benefit		61,523	(8,669)	(20,197)
Net income		1,059,061	492,426	366,081
Net income attributable to non-controlling interests		(187,586)	(44,687)	(34,392)
Net income attributable to Starwood Property Trust, Inc.		871,475	447,739	331,689
Primary beneficiary
Other income (loss):
Income from affordable housing fund investments	$ 6,425	755,736	6,425	0
Operating Segments and Corporate
Revenues:
Interest income from loans		1,218,521	800,291	751,943
Interest income from investment securities		204,849	166,550	174,950
Servicing fees		55,394	59,349	42,355
Rental income		128,263	278,831	297,828
Other revenues		12,527	7,063	2,343
Total revenues		1,619,554	1,312,084	1,269,419
Costs and expenses:
Management fees		155,551	167,749	127,069
Interest expense		797,984	445,939	420,149
General and administrative		175,212	170,975	157,538
Acquisition and investment pursuit costs		3,400	1,184	3,572
Costs of rental operations		44,115	111,667	117,676
Depreciation and amortization		49,293	83,001	94,405
Credit loss provision, net		46,657	8,335	43,153
Other expense		1,314	708	838
Total costs and expenses		1,273,526	989,558	964,400
Other income (loss):
Change in net assets related to consolidated VIEs		0	0	0
Change in fair value of servicing rights		(2,051)	4,319	11,415
Change in fair value of investment securities, net		(31,361)	19,944	(66,511)
Change in fair value of mortgage loans, net		(346,222)	69,050	133,124
Income from affordable housing fund investments			6,425
(Loss) earnings from unconsolidated entities		(4,389)	8,959	38,857
(Loss) gain on sale of investments and other assets, net		137,611	38,984	7,310
Gain (loss) on derivative financial instruments, net		334,015	82,363	(82,178)
Foreign currency (loss) gain, net		(96,956)	(36,292)	42,395
Loss on extinguishment of debt		(1,185)	(7,428)	(3,654)
Other (loss) income, net		(93,735)	(7,314)	281
Total other income		651,463	179,010	81,039
Income before income taxes		997,491	501,536	386,058
Income tax (provision) benefit		61,523	(8,669)	(20,197)
Net income		1,059,014	492,867	365,861
Net income attributable to non-controlling interests		(187,539)	(45,128)	(34,172)
Net income attributable to Starwood Property Trust, Inc.		871,475	447,739	331,689
Operating Segments and Corporate | Primary beneficiary
Other income (loss):
Income from affordable housing fund investments		755,736
Operating segment | Commercial and Residential Lending Segment
Revenues:
Interest income from loans		1,058,326	705,499	665,503
Interest income from investment securities		102,125	67,589	78,490
Servicing fees		558	453	549
Rental income		6,467	5,486	4,706
Other revenues		504	294	412
Total revenues		1,167,980	779,321	749,660
Costs and expenses:
Management fees		592	948	796
Interest expense		501,126	206,353	176,230
General and administrative		52,701	42,000	41,972
Acquisition and investment pursuit costs		3,634	893	2,406
Costs of rental operations		7,833	1,769	3,186
Depreciation and amortization		4,720	1,243	1,708
Credit loss provision, net		39,780	(3,560)	47,256
Other expense		1,251	31	307
Total costs and expenses		611,637	249,677	273,861
Other income (loss):
Change in net assets related to consolidated VIEs		0	0	0
Change in fair value of servicing rights		0	0	0
Change in fair value of investment securities, net		11,818	(8,277)	(15,108)
Change in fair value of mortgage loans, net		(352,412)	13,836	76,897
Income from affordable housing fund investments			0
(Loss) earnings from unconsolidated entities		(11,242)	6,984	8,779
(Loss) gain on sale of investments and other assets, net		86,532	16,584	(961)
Gain (loss) on derivative financial instruments, net		338,994	73,209	(58,664)
Foreign currency (loss) gain, net		(96,651)	(36,045)	42,205
Loss on extinguishment of debt		(209)	(289)	(22)
Other (loss) income, net		(92,632)	(7,407)	0
Total other income		(115,802)	58,595	53,126
Income before income taxes		440,541	588,239	528,925
Income tax (provision) benefit		69,199	(1,201)	(21,091)
Net income		509,740	587,038	507,834
Net income attributable to non-controlling interests		(14)	(14)	(14)
Net income attributable to Starwood Property Trust, Inc.		509,726	587,024	507,820
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		150,230	85,057	77,851
Interest income from investment securities		3,681	2,190	2,637
Servicing fees		0	0	0
Rental income		0	0	0
Other revenues		451	293	499
Total revenues		154,362	87,540	80,987
Costs and expenses:
Management fees		0	0	0
Interest expense		79,137	37,671	40,913
General and administrative		14,187	14,557	15,673
Acquisition and investment pursuit costs		3	250	1,183
Costs of rental operations		0	0	0
Depreciation and amortization		387	402	342
Credit loss provision, net		6,877	11,895	(4,103)
Other expense		0	0	0
Total costs and expenses		100,591	64,775	54,008
Other income (loss):
Change in net assets related to consolidated VIEs		0	0	0
Change in fair value of servicing rights		0	0	0
Change in fair value of investment securities, net		0	0	0
Change in fair value of mortgage loans, net		0	0	0
Income from affordable housing fund investments			0
(Loss) earnings from unconsolidated entities		3,982	1,160	(767)
(Loss) gain on sale of investments and other assets, net		0	189	306
Gain (loss) on derivative financial instruments, net		1,235	1,253	(1,499)
Foreign currency (loss) gain, net		(317)	(183)	207
Loss on extinguishment of debt		(469)	(1,264)	(959)
Other (loss) income, net		0	23	0
Total other income		4,431	1,178	(2,712)
Income before income taxes		58,202	23,943	24,267
Income tax (provision) benefit		12	306	(117)
Net income		58,214	24,249	24,150
Net income attributable to non-controlling interests		0	0	0
Net income attributable to Starwood Property Trust, Inc.		58,214	24,249	24,150
Operating segment | Infrastructure Lending Segment | Primary beneficiary
Other income (loss):
Income from affordable housing fund investments		0
Operating segment | Property Segment
Revenues:
Interest income from loans		0	0	0
Interest income from investment securities		0	0	0
Servicing fees		0	0	0
Rental income		91,587	234,840	255,452
Other revenues		245	198	293
Total revenues		91,832	235,038	255,745
Costs and expenses:
Management fees		0	0	0
Interest expense		33,938	59,970	65,390
General and administrative		4,069	8,067	4,542
Acquisition and investment pursuit costs		7	(60)	12
Costs of rental operations		21,868	92,190	97,136
Depreciation and amortization		32,714	65,833	76,246
Credit loss provision, net		0	0	0
Other expense		55	583	531
Total costs and expenses		92,651	226,583	243,857
Other income (loss):
Change in net assets related to consolidated VIEs		0	0	0
Change in fair value of servicing rights		0	0	0
Change in fair value of investment securities, net		0	0	0
Change in fair value of mortgage loans, net		0	0	0
Income from affordable housing fund investments			6,425
(Loss) earnings from unconsolidated entities		0	0	0
(Loss) gain on sale of investments and other assets, net		0	0	0
Gain (loss) on derivative financial instruments, net		35,081	10,155	(34,392)
Foreign currency (loss) gain, net		12	0	(14)
Loss on extinguishment of debt		0	(5,281)	(2,185)
Other (loss) income, net		(1,103)	0	(166)
Total other income		789,726	11,299	(36,757)
Income before income taxes		788,907	19,754	(24,869)
Income tax (provision) benefit		0	0	0
Net income		788,907	19,754	(24,869)
Net income attributable to non-controlling interests		(172,598)	(20,121)	(20,394)
Net income attributable to Starwood Property Trust, Inc.		616,309	(367)	(45,263)
Operating segment | Property Segment | Primary beneficiary
Other income (loss):
Income from affordable housing fund investments		755,736
Operating segment | Investing and Servicing Segment
Revenues:
Interest income from loans		9,965	9,735	8,589
Interest income from investment securities		99,043	96,771	93,823
Servicing fees		54,836	58,896	41,806
Rental income		30,209	38,505	37,670
Other revenues		11,258	6,278	1,139
Total revenues		205,311	210,185	183,027
Costs and expenses:
Management fees		0	(793)	901
Interest expense		26,686	22,543	24,303
General and administrative		85,478	88,879	80,039
Acquisition and investment pursuit costs		(244)	101	(29)
Costs of rental operations		14,414	17,708	17,354
Depreciation and amortization		11,472	15,523	16,109
Credit loss provision, net		0	0	0
Other expense		8	94	0
Total costs and expenses		137,814	144,055	138,677
Other income (loss):
Change in net assets related to consolidated VIEs		0	0	0
Change in fair value of servicing rights		(2,051)	4,319	11,415
Change in fair value of investment securities, net		(43,179)	28,221	(51,403)
Change in fair value of mortgage loans, net		6,190	55,214	56,227
Income from affordable housing fund investments			0
(Loss) earnings from unconsolidated entities		2,871	815	30,845
(Loss) gain on sale of investments and other assets, net		51,079	22,211	7,965
Gain (loss) on derivative financial instruments, net		41,692	8,288	(21,269)
Foreign currency (loss) gain, net		0	(64)	(3)
Loss on extinguishment of debt		(507)	(113)	0
Other (loss) income, net		0	70	447
Total other income		56,095	118,961	34,224
Income before income taxes		123,592	185,091	78,574
Income tax (provision) benefit		(7,688)	(7,775)	1,011
Net income		115,904	177,316	79,585
Net income attributable to non-controlling interests		(14,927)	(24,993)	(13,764)
Net income attributable to Starwood Property Trust, Inc.		100,977	152,323	65,821
Operating segment | Investing and Servicing Segment | Primary beneficiary
Other income (loss):
Income from affordable housing fund investments		0
Corporate
Revenues:
Interest income from loans		0	0	0
Interest income from investment securities		0	0	0
Servicing fees		0	0	0
Rental income		0	0	0
Other revenues		69	0	0
Total revenues		69	0	0
Costs and expenses:
Management fees		154,959	167,594	125,372
Interest expense		157,097	119,402	113,313
General and administrative		18,777	17,472	15,312
Acquisition and investment pursuit costs		0	0	0
Costs of rental operations		0	0	0
Depreciation and amortization		0	0	0
Credit loss provision, net		0	0	0
Other expense		0	0	0
Total costs and expenses		330,833	304,468	253,997
Other income (loss):
Change in net assets related to consolidated VIEs		0	0	0
Change in fair value of servicing rights		0	0	0
Change in fair value of investment securities, net		0	0	0
Change in fair value of mortgage loans, net		0	0	0
Income from affordable housing fund investments			0
(Loss) earnings from unconsolidated entities		0	0	0
(Loss) gain on sale of investments and other assets, net		0	0	0
Gain (loss) on derivative financial instruments, net		(82,987)	(10,542)	33,646
Foreign currency (loss) gain, net		0	0	0
Loss on extinguishment of debt		0	(481)	(488)
Other (loss) income, net		0	0	0
Total other income		(82,987)	(11,023)	33,158
Income before income taxes		(413,751)	(315,491)	(220,839)
Income tax (provision) benefit		0	1	0
Net income		(413,751)	(315,490)	(220,839)
Net income attributable to non-controlling interests		0	0	0
Net income attributable to Starwood Property Trust, Inc.		(413,751)	(315,490)	(220,839)
Corporate | Primary beneficiary
Other income (loss):
Income from affordable housing fund investments		0
Securitization VIEs
Revenues:
Interest income from loans		0	0	0
Interest income from investment securities		(139,791)	(121,382)	(120,538)
Servicing fees		(15,035)	(20,610)	(12,721)
Rental income		0	0	0
Other revenues		(12)	(4)	(5)
Total revenues		(154,838)	(141,996)	(133,264)
Costs and expenses:
Management fees		0	24	58
Interest expense		(863)	(852)	(386)
General and administrative		288	327	336
Acquisition and investment pursuit costs		0	0	0
Costs of rental operations		0	0	0
Depreciation and amortization		0	0	0
Credit loss provision, net		0	0	0
Other expense		0	0	0
Total costs and expenses		(575)	(501)	8
Other income (loss):
Change in net assets related to consolidated VIEs		124,001	162,333	78,258
Change in fair value of servicing rights		3,061	(741)	(15,130)
Change in fair value of investment securities, net		29,157	(20,331)	71,904
Change in fair value of mortgage loans, net		0	0	0
Income from affordable housing fund investments			0
(Loss) earnings from unconsolidated entities		(1,934)	(207)	(1,540)
(Loss) gain on sale of investments and other assets, net		0	0	0
Gain (loss) on derivative financial instruments, net		0	0	0
Foreign currency (loss) gain, net		0	0	0
Loss on extinguishment of debt		0	0	0
Other (loss) income, net		25	0	0
Total other income		154,310	141,054	133,492
Income before income taxes		47	(441)	220
Income tax (provision) benefit		0	0	0
Net income		47	(441)	220
Net income attributable to non-controlling interests		(47)	441	(220)
Net income attributable to Starwood Property Trust, Inc.		0	$ 0	$ 0
Securitization VIEs | Primary beneficiary
Other income (loss):
Income from affordable housing fund investments		$ 0

Segment and Geographic Data - B

Segment and Geographic Data - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 261,061	$ 217,362
Restricted cash	121,072	104,552
Loans held-for-investment, net	18,401,439	15,536,849
Loans held-for-sale	2,784,594	2,876,800
Investment securities	815,804	860,984
Properties, net	1,449,986	1,166,387
Investments of consolidated affordable housing fund, at fair value		1,040,309
Investments in unconsolidated entities	91,892	90,097
Goodwill	259,846	259,846
Intangible assets	68,773	63,564	$ 70,117
Derivative assets	108,621	48,216
Accrued interest receivable	168,521	116,262
Other assets	297,477	188,626
VIE assets, at fair value	52,453,041	61,280,543
Total Assets	79,043,129	83,850,397
Liabilities:
Accounts payable, accrued expenses and other liabilities	298,999	189,696
Related-party payable	41,186	76,371
Dividends payable	151,511	147,624
Derivative liabilities	91,404	13,421
Secured financing agreements, net	14,501,532	12,576,850
Collateralized loan obligations and single asset securitization, net	3,676,224	2,616,116
Unsecured senior notes, net	2,329,211	1,828,590
VIE liabilities, at fair value	50,754,355	59,752,922
Total Liabilities	71,844,422	77,201,590
Temporary Equity: Redeemable non-controlling interests	362,790	214,915
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	3,181	3,123
Additional paid-in capital	5,807,087	5,673,376
Treasury stock	(138,022)	(138,022)
Retained earnings (accumulated deficit)	769,237	493,106
Accumulated other comprehensive income (loss)	20,955	40,953
Total Starwood Property Trust, Inc. Stockholders’ Equity	6,462,438	6,072,536
Non-controlling interests in consolidated subsidiaries	373,479	361,356
Total Permanent Equity	6,835,917	6,433,892	$ 4,862,576	$ 5,137,014
Total Liabilities and Equity	79,043,129	83,850,397
Primary beneficiary
Assets:
Investments of consolidated affordable housing fund, at fair value	1,761,002	1,040,309
Total Assets	76,700
Liabilities:
Total Liabilities	35,200
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	261,061	216,772
Restricted cash	121,072	104,552
Loans held-for-investment, net	18,401,439	15,536,849
Loans held-for-sale	2,784,594	2,876,800
Investment securities	2,482,725	2,352,770
Properties, net	1,449,986	1,166,387
Investments of consolidated affordable housing fund, at fair value		1,040,309
Investments in unconsolidated entities	105,434	105,353
Goodwill	259,846	259,846
Intangible assets	107,831	105,683
Derivative assets	108,621	48,216
Accrued interest receivable	168,796	116,393
Other assets	297,477	188,788
VIE assets, at fair value	0	0
Total Assets	28,309,884	24,118,718
Liabilities:
Accounts payable, accrued expenses and other liabilities	298,999	189,640
Related-party payable	41,186	76,371
Dividends payable	151,511	147,624
Derivative liabilities	91,404	13,421
Secured financing agreements, net	14,522,698	12,598,410
Collateralized loan obligations and single asset securitization, net	3,676,224	2,616,116
Unsecured senior notes, net	2,329,211	1,828,590
VIE liabilities, at fair value	0	0
Total Liabilities	21,111,233	17,470,172
Temporary Equity: Redeemable non-controlling interests	362,790	214,915
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	3,181	3,123
Additional paid-in capital	5,807,087	5,673,376
Treasury stock	(138,022)	(138,022)
Retained earnings (accumulated deficit)	769,237	493,106
Accumulated other comprehensive income (loss)	20,955	40,953
Total Starwood Property Trust, Inc. Stockholders’ Equity	6,462,438	6,072,536
Non-controlling interests in consolidated subsidiaries	373,423	361,095
Total Permanent Equity	6,835,861	6,433,631
Total Liabilities and Equity	28,309,884	24,118,718
Operating Segments and Corporate | Primary beneficiary
Assets:
Investments of consolidated affordable housing fund, at fair value	1,761,002
Operating segment | Commercial and Residential Lending Segment
Assets:
Cash and cash equivalents	68,593	65,064
Restricted cash	18,556	39,853
Loans held-for-investment, net	16,038,930	13,499,520
Loans held-for-sale	2,763,458	2,590,005
Investment securities	1,250,893	1,155,452
Properties, net	463,492	124,503
Investments of consolidated affordable housing fund, at fair value		0
Investments in unconsolidated entities	25,326	44,938
Goodwill	0	0
Intangible assets	11,908	0
Derivative assets	101,082	34,265
Accrued interest receivable	151,852	106,251
Other assets	170,177	68,908
VIE assets, at fair value	0	0
Total Assets	21,064,267	17,728,759
Liabilities:
Accounts payable, accrued expenses and other liabilities	146,897	57,267
Related-party payable	0	0
Dividends payable	0	0
Derivative liabilities	21,523	12,870
Secured financing agreements, net	10,804,970	9,097,985
Collateralized loan obligations and single asset securitization, net	2,862,211	2,210,798
Unsecured senior notes, net	0	0
VIE liabilities, at fair value	0	0
Total Liabilities	13,835,601	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	2,124,496	1,735,397
Treasury stock	0	0
Retained earnings (accumulated deficit)	5,083,100	4,573,374
Accumulated other comprehensive income (loss)	20,955	40,953
Total Starwood Property Trust, Inc. Stockholders’ Equity	7,228,551	6,349,724
Non-controlling interests in consolidated subsidiaries	115	115
Total Permanent Equity	7,228,666	6,349,839
Total Liabilities and Equity	21,064,267	17,728,759
Operating segment | Commercial and Residential Lending Segment | Primary beneficiary
Assets:
Investments of consolidated affordable housing fund, at fair value	0
Operating segment | Infrastructure Lending Segment
Assets:
Cash and cash equivalents	31,153	17,011
Restricted cash	31,133	43,408
Loans held-for-investment, net	2,352,932	2,027,426
Loans held-for-sale	0	0
Investment securities	66,204	31,923
Properties, net	0	0
Investments of consolidated affordable housing fund, at fair value		0
Investments in unconsolidated entities	47,078	26,255
Goodwill	119,409	119,409
Intangible assets	0	0
Derivative assets	122	128
Accrued interest receivable	9,856	3,207
Other assets	3,614	14,265
VIE assets, at fair value	0	0
Total Assets	2,661,501	2,283,032
Liabilities:
Accounts payable, accrued expenses and other liabilities	20,656	8,917
Related-party payable	0	0
Dividends payable	0	0
Derivative liabilities	105	260
Secured financing agreements, net	1,042,679	1,225,548
Collateralized loan obligations and single asset securitization, net	814,013	405,318
Unsecured senior notes, net	0	0
VIE liabilities, at fair value	0	0
Total Liabilities	1,877,453	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	683,258	600,412
Treasury stock	0	0
Retained earnings (accumulated deficit)	100,790	42,577
Accumulated other comprehensive income (loss)	0	0
Total Starwood Property Trust, Inc. Stockholders’ Equity	784,048	642,989
Non-controlling interests in consolidated subsidiaries	0	0
Total Permanent Equity	784,048	642,989
Total Liabilities and Equity	2,661,501	2,283,032
Operating segment | Infrastructure Lending Segment | Primary beneficiary
Assets:
Investments of consolidated affordable housing fund, at fair value	0
Operating segment | Property Segment
Assets:
Cash and cash equivalents	31,194	14,136
Restricted cash	981	954
Loans held-for-investment, net	0	0
Loans held-for-sale	0	0
Investment securities	0	0
Properties, net	864,778	887,553
Investments of consolidated affordable housing fund, at fair value		1,040,309
Investments in unconsolidated entities	0	0
Goodwill	0	0
Intangible assets	29,613	34,619
Derivative assets	1,803	8
Accrued interest receivable	863	0
Other assets	54,313	43,420
VIE assets, at fair value	0	0
Total Assets	2,744,547	2,020,999
Liabilities:
Accounts payable, accrued expenses and other liabilities	11,716	14,757
Related-party payable	0	0
Dividends payable	0	0
Derivative liabilities	0	0
Secured financing agreements, net	789,719	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	801,435	802,153
Temporary Equity: Redeemable non-controlling interests	362,790	214,915
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	0	0
Additional paid-in capital	(405,955)	(365,922)
Treasury stock	0	0
Retained earnings (accumulated deficit)	1,777,643	1,161,334
Accumulated other comprehensive income (loss)	0	0
Total Starwood Property Trust, Inc. Stockholders’ Equity	1,371,688	795,412
Non-controlling interests in consolidated subsidiaries	208,634	208,519
Total Permanent Equity	1,580,322	1,003,931
Total Liabilities and Equity	2,744,547	2,020,999
Operating segment | Property Segment | Primary beneficiary
Assets:
Investments of consolidated affordable housing fund, at fair value	1,761,002
Operating segment | Investing and Servicing Segment
Assets:
Cash and cash equivalents	39,023	26,700
Restricted cash	5,259	20,337
Loans held-for-investment, net	9,577	9,903
Loans held-for-sale	21,136	286,795
Investment securities	1,165,628	1,165,395
Properties, net	121,716	154,331
Investments of consolidated affordable housing fund, at fair value		0
Investments in unconsolidated entities	33,030	34,160
Goodwill	140,437	140,437
Intangible assets	66,310	71,064
Derivative assets	5,614	391
Accrued interest receivable	1,105	947
Other assets	12,929	40,395
VIE assets, at fair value	0	0
Total Assets	1,621,764	1,950,855
Liabilities:
Accounts payable, accrued expenses and other liabilities	46,377	58,920
Related-party payable	0	0
Dividends payable	0	0
Derivative liabilities	0	291
Secured financing agreements, net	543,256	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	589,633	773,448
Temporary Equity: Redeemable non-controlling interests	0	0
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	0	0
Additional paid-in capital	(646,662)	(388,196)
Treasury stock	0	0
Retained earnings (accumulated deficit)	1,514,119	1,413,142
Accumulated other comprehensive income (loss)	0	0
Total Starwood Property Trust, Inc. Stockholders’ Equity	867,457	1,024,946
Non-controlling interests in consolidated subsidiaries	164,674	152,461
Total Permanent Equity	1,032,131	1,177,407
Total Liabilities and Equity	1,621,764	1,950,855
Operating segment | Investing and Servicing Segment | Primary beneficiary
Assets:
Investments of consolidated affordable housing fund, at fair value	0
Corporate
Assets:
Cash and cash equivalents	91,098	93,861
Restricted cash	65,143	0
Loans held-for-investment, net	0	0
Loans held-for-sale	0	0
Investment securities	0	0
Properties, net	0	0
Investments of consolidated affordable housing fund, at fair value		0
Investments in unconsolidated entities	0	0
Goodwill	0	0
Intangible assets	0	0
Derivative assets	0	13,424
Accrued interest receivable	5,120	5,988
Other assets	56,444	21,800
VIE assets, at fair value	0	0
Total Assets	217,805	135,073
Liabilities:
Accounts payable, accrued expenses and other liabilities	73,353	49,779
Related-party payable	41,186	76,371
Dividends payable	151,511	147,624
Derivative liabilities	69,776	0
Secured financing agreements, net	1,342,074	773,244
Collateralized loan obligations and single asset securitization, net	0	0
Unsecured senior notes, net	2,329,211	1,828,590
VIE liabilities, at fair value	0	0
Total Liabilities	4,007,111	2,875,608
Temporary Equity: Redeemable non-controlling interests	0	0
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	3,181	3,123
Additional paid-in capital	4,051,950	4,091,685
Treasury stock	(138,022)	(138,022)
Retained earnings (accumulated deficit)	(7,706,415)	(6,697,321)
Accumulated other comprehensive income (loss)	0	0
Total Starwood Property Trust, Inc. Stockholders’ Equity	(3,789,306)	(2,740,535)
Non-controlling interests in consolidated subsidiaries	0	0
Total Permanent Equity	(3,789,306)	(2,740,535)
Total Liabilities and Equity	217,805	135,073
Corporate | Primary beneficiary
Assets:
Investments of consolidated affordable housing fund, at fair value	0
Securitization VIEs
Assets:
Cash and cash equivalents	0	590
Restricted cash	0	0
Loans held-for-investment, net	0	0
Loans held-for-sale	0	0
Investment securities	(1,666,921)	(1,491,786)
Properties, net	0	0
Investments of consolidated affordable housing fund, at fair value		0
Investments in unconsolidated entities	(13,542)	(15,256)
Goodwill	0	0
Intangible assets	(39,058)	(42,119)
Derivative assets	0	0
Accrued interest receivable	(275)	(131)
Other assets	0	(162)
VIE assets, at fair value	52,453,041	61,280,543
Total Assets	50,733,245	59,731,679
Liabilities:
Accounts payable, accrued expenses and other liabilities	0	56
Related-party payable	0	0
Dividends payable	0	0
Derivative liabilities	0	0
Secured financing agreements, net	(21,166)	(21,560)
Collateralized loan obligations and single asset securitization, net	0	0
Unsecured senior notes, net	0	0
VIE liabilities, at fair value	50,754,355	59,752,922
Total Liabilities	50,733,189	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
Retained earnings (accumulated deficit)	0	0
Accumulated other comprehensive income (loss)	0	0
Total Starwood Property Trust, Inc. Stockholders’ Equity	0	0
Non-controlling interests in consolidated subsidiaries	56	261
Total Permanent Equity	56	261
Total Liabilities and Equity	50,733,245	$ 59,731,679
Securitization VIEs | Primary beneficiary
Assets:
Investments of consolidated affordable housing fund, at fair value	$ 0

Segment and Geographic Data - A

Segment and Geographic Data - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment data
Revenues	$ 1,464,716	$ 1,170,088	$ 1,136,155
Non-US
Segment data
Revenues	$ 275,300	$ 177,800	$ 115,200

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Summary of Properties (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,108,733,000
Initial Cost to Company, Land	267,063,000
Initial Cost to Company, Property	1,335,671,000
Costs Capitalized Subsequent to Acquisition	56,760,000
Gross Amounts Carried at December 31, 2022, Land	267,062,000
Gross Amounts Carried at December 31, 2022, Property	1,392,433,000
Gross Amounts Carried at December 31, 2022, Total	1,659,495,000	$ 1,347,844,000	$ 2,573,296,000	$ 2,490,630,000
Accumulated Depreciation	(209,509,000)	$ (181,457,000)	$ (302,143,000)	$ (224,190,000)
Material costs subsequent to acquisition	0
Income tax basis	$ 1,800,000,000
Hotel - U.S., Midwest
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1
Encumbrances	$ 0
Initial Cost to Company, Land	0
Initial Cost to Company, Property	5,565,000
Costs Capitalized Subsequent to Acquisition	1,434,000
Gross Amounts Carried at December 31, 2022, Land	0
Gross Amounts Carried at December 31, 2022, Property	6,999,000
Gross Amounts Carried at December 31, 2022, Total	6,999,000
Accumulated Depreciation	$ (4,062,000)
Medical office - U.S., Midwest
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	7
Encumbrances	$ 78,048,000
Initial Cost to Company, Land	2,764,000
Initial Cost to Company, Property	97,797,000
Costs Capitalized Subsequent to Acquisition	4,911,000
Gross Amounts Carried at December 31, 2022, Land	2,764,000
Gross Amounts Carried at December 31, 2022, Property	102,708,000
Gross Amounts Carried at December 31, 2022, Total	105,472,000
Accumulated Depreciation	$ (18,904,000)
Medical Office - U.S., North East
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	7
Encumbrances	$ 191,661,000
Initial Cost to Company, Land	11,283,000
Initial Cost to Company, Property	176,996,000
Costs Capitalized Subsequent to Acquisition	178,000
Gross Amounts Carried at December 31, 2022, Land	11,283,000
Gross Amounts Carried at December 31, 2022, Property	177,174,000
Gross Amounts Carried at December 31, 2022, Total	188,457,000
Accumulated Depreciation	$ (32,425,000)
Medical Office - U.S., South East
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	6
Encumbrances	$ 107,252,000
Initial Cost to Company, Land	7,930,000
Initial Cost to Company, Property	117,678,000
Costs Capitalized Subsequent to Acquisition	948,000
Gross Amounts Carried at December 31, 2022, Land	7,930,000
Gross Amounts Carried at December 31, 2022, Property	118,626,000
Gross Amounts Carried at December 31, 2022, Total	126,556,000
Accumulated Depreciation	$ (22,712,000)
Medical Office - U.S., South West
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	8
Encumbrances	$ 125,345,000
Initial Cost to Company, Land	15,921,000
Initial Cost to Company, Property	126,842,000
Costs Capitalized Subsequent to Acquisition	2,860,000
Gross Amounts Carried at December 31, 2022, Land	15,921,000
Gross Amounts Carried at December 31, 2022, Property	129,702,000
Gross Amounts Carried at December 31, 2022, Total	145,623,000
Accumulated Depreciation	$ (26,129,000)
Medical Office - U.S., West
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	6
Encumbrances	$ 97,694,000
Initial Cost to Company, Land	13,415,000
Initial Cost to Company, Property	107,845,000
Costs Capitalized Subsequent to Acquisition	1,727,000
Gross Amounts Carried at December 31, 2022, Land	13,415,000
Gross Amounts Carried at December 31, 2022, Property	109,572,000
Gross Amounts Carried at December 31, 2022, Total	122,987,000
Accumulated Depreciation	$ (23,518,000)
Mixed Use - U.S., West
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1
Encumbrances	$ 8,667,000
Initial Cost to Company, Land	1,003,000
Initial Cost to Company, Property	14,323,000
Costs Capitalized Subsequent to Acquisition	1,341,000
Gross Amounts Carried at December 31, 2022, Land	1,002,000
Gross Amounts Carried at December 31, 2022, Property	15,664,000
Gross Amounts Carried at December 31, 2022, Total	16,666,000
Accumulated Depreciation	$ (3,086,000)
Multifamily - U.S., South East
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1
Encumbrances	$ 11,385,000
Initial Cost to Company, Land	1,284,000
Initial Cost to Company, Property	7,189,000
Costs Capitalized Subsequent to Acquisition	727,000
Gross Amounts Carried at December 31, 2022, Land	1,284,000
Gross Amounts Carried at December 31, 2022, Property	7,916,000
Gross Amounts Carried at December 31, 2022, Total	9,200,000
Accumulated Depreciation	$ (1,381,000)
Office - U.S., North East
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1
Encumbrances	$ 18,611,000
Initial Cost to Company, Land	7,250,000
Initial Cost to Company, Property	10,614,000
Costs Capitalized Subsequent to Acquisition	8,618,000
Gross Amounts Carried at December 31, 2022, Land	7,250,000
Gross Amounts Carried at December 31, 2022, Property	19,232,000
Gross Amounts Carried at December 31, 2022, Total	26,482,000
Accumulated Depreciation	$ (5,975,000)
Office - U.S., South West
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1
Encumbrances	$ 87,750,000
Initial Cost to Company, Land	32,867,000
Initial Cost to Company, Property	79,661,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried at December 31, 2022, Land	32,867,000
Gross Amounts Carried at December 31, 2022, Property	79,661,000
Gross Amounts Carried at December 31, 2022, Total	112,528,000
Accumulated Depreciation	$ (2,915,000)
Office - U.S., West
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	2
Encumbrances	$ 116,637,000
Initial Cost to Company, Land	65,363,000
Initial Cost to Company, Property	183,731,000
Costs Capitalized Subsequent to Acquisition	8,507,000
Gross Amounts Carried at December 31, 2022, Land	65,363,000
Gross Amounts Carried at December 31, 2022, Property	192,238,000
Gross Amounts Carried at December 31, 2022, Total	257,601,000
Accumulated Depreciation	$ (5,647,000)
Retail - U.S., Mid Atlantic
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1
Encumbrances	$ 24,634,000
Initial Cost to Company, Land	6,432,000
Initial Cost to Company, Property	6,315,000
Costs Capitalized Subsequent to Acquisition	18,468,000
Gross Amounts Carried at December 31, 2022, Land	6,432,000
Gross Amounts Carried at December 31, 2022, Property	24,783,000
Gross Amounts Carried at December 31, 2022, Total	31,215,000
Accumulated Depreciation	$ (6,084,000)
Retail - U.S., Midwest
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	7
Encumbrances	$ 78,939,000
Initial Cost to Company, Land	24,384,000
Initial Cost to Company, Property	109,445,000
Costs Capitalized Subsequent to Acquisition	1,423,000
Gross Amounts Carried at December 31, 2022, Land	24,384,000
Gross Amounts Carried at December 31, 2022, Property	110,868,000
Gross Amounts Carried at December 31, 2022, Total	135,252,000
Accumulated Depreciation	$ (21,455,000)
Retail - U.S., North East
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1
Encumbrances	$ 11,218,000
Initial Cost to Company, Land	472,000
Initial Cost to Company, Property	12,260,000
Costs Capitalized Subsequent to Acquisition	657,000
Gross Amounts Carried at December 31, 2022, Land	472,000
Gross Amounts Carried at December 31, 2022, Property	12,917,000
Gross Amounts Carried at December 31, 2022, Total	13,389,000
Accumulated Depreciation	$ (3,292,000)
Retail - U.S., South East
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	4
Encumbrances	$ 42,200,000
Initial Cost to Company, Land	19,995,000
Initial Cost to Company, Property	59,949,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried at December 31, 2022, Land	19,995,000
Gross Amounts Carried at December 31, 2022, Property	59,949,000
Gross Amounts Carried at December 31, 2022, Total	79,944,000
Accumulated Depreciation	$ (9,309,000)
Retail - U.S., South West
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	6
Encumbrances	$ 75,692,000
Initial Cost to Company, Land	37,254,000
Initial Cost to Company, Property	78,579,000
Costs Capitalized Subsequent to Acquisition	816,000
Gross Amounts Carried at December 31, 2022, Land	37,254,000
Gross Amounts Carried at December 31, 2022, Property	79,397,000
Gross Amounts Carried at December 31, 2022, Total	116,651,000
Accumulated Depreciation	$ (15,932,000)
Retail - U.S., West
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	2
Encumbrances	$ 33,000,000
Initial Cost to Company, Land	18,633,000
Initial Cost to Company, Property	36,794,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried at December 31, 2022, Land	18,633,000
Gross Amounts Carried at December 31, 2022, Property	36,794,000
Gross Amounts Carried at December 31, 2022, Total	55,427,000
Accumulated Depreciation	$ (6,683,000)
Industrial - U.S., South East
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1
Encumbrances	$ 0
Initial Cost to Company, Land	813,000
Initial Cost to Company, Property	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried at December 31, 2022, Land	813,000
Gross Amounts Carried at December 31, 2022, Property	0
Gross Amounts Carried at December 31, 2022, Total	813,000
Accumulated Depreciation	$ 0
Residential - U.S., North East
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1
Encumbrances	$ 0
Initial Cost to Company, Land	0
Initial Cost to Company, Property	104,088,000
Costs Capitalized Subsequent to Acquisition	4,145,000
Gross Amounts Carried at December 31, 2022, Land	0
Gross Amounts Carried at December 31, 2022, Property	108,233,000
Gross Amounts Carried at December 31, 2022, Total	108,233,000
Accumulated Depreciation	$ 0

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Real Estate Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Beginning balance, January 1	$ 1,347,844	$ 2,573,296	$ 2,490,630
Additions during the year:
Acquisitions through foreclosure and other transfers	357,360	28,843	75,245
Improvements	20,931	24,390	25,164
Contingent consideration issued	0	0	1,576
Total additions	378,291	53,233	101,985
Deductions during the year:
Costs of real estate sold	(66,578)	(55,945)	(19,319)
Reclassification of multifamily properties	0	(1,222,740)	0
Other	(62)	0	0
Total deductions	(66,640)	(1,278,685)	(19,319)
Ending balance, December 31	$ 1,659,495	$ 1,347,844	$ 2,573,296

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Beginning balance, January 1	$ 181,457	$ 302,143	$ 224,190
Depreciation expense	40,006	72,299	81,610
Deconsolidation of multifamily properties	0	(186,716)	0
Disposition/write-offs	(11,954)	(6,269)	(3,657)
Ending balance, December 31	$ 209,509	$ 181,457	$ 302,143

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate - Summary of Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) mortgage	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Investments in loans
Carrying amount	$ 21,186,033	$ 18,413,649	$ 12,139,908	$ 11,470,224
Basis spread on variable rate	4%
Principal Amount of Delinquent Loans	$ 235,952
Federal income tax basis	18,900,000
Commercial and Residential Lending Segment and Investing and Servicing Segment
Investments in loans
Carrying amount	$ 18,774,708	$ 16,368,799	$ 10,584,400	$ 9,890,693
Individually Significant Mortgage Loans | Other, Various, Australia (1 mortgage)
Investments in loans
Number of loans | mortgage	1
Face Amount	$ 938,150
Carrying amount	926,595
Principal Amount of Delinquent Loans	$ 0
Individually Significant Mortgage Loans | Other, Various, Australia (1 mortgage) | Three Month BBSY
Investments in loans
Basis spread on variable rate	4.75%
Aggregated First Mortgages | Hotel, International, Floating (2 mortgages)
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 93,205
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, International, Floating (2 mortgages) | Three Month EURIBOR
Investments in loans
Basis spread on variable rate	4.50%
Aggregated First Mortgages | Hotel, International, Floating, 4 Mortgages
Investments in loans
Number of loans | mortgage	4
Carrying amount	$ 57,400
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, International, Floating, 4 Mortgages | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	3%
Aggregated First Mortgages | Hotel, International, Floating, 4 Mortgages | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	9%
Aggregated First Mortgages | Hotel, International, Floating (3 mortgages)
Investments in loans
Number of loans | mortgage	3
Carrying amount	$ 61,195
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, International, Floating (3 mortgages) | SARON
Investments in loans
Basis spread on variable rate	4.75%
Aggregated First Mortgages | Hotel, Mid Atlantic, Floating (5 mortgages)
Investments in loans
Number of loans | mortgage	5
Carrying amount	$ 111,835
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, Mid Atlantic, Floating (5 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.10%
Aggregated First Mortgages | Hotel, Mid Atlantic, Floating (5 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	6.90%
Aggregated First Mortgages | Hotel, Midwest, Floating (4 mortgages)
Investments in loans
Number of loans | mortgage	4
Carrying amount	$ 53,482
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, Midwest, Floating (4 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.25%
Aggregated First Mortgages | Hotel, Midwest, Floating (4 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	8.63%
Aggregated First Mortgages | Hotel, North East, Floating (4 mortgages)
Investments in loans
Number of loans | mortgage	4
Carrying amount	$ 234,928
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, North East, Floating (4 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	3%
Aggregated First Mortgages | Hotel, North East, Floating (4 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	10%
Aggregated First Mortgages | Hotel, North East, Floating (2 mortgages)
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 77,036
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, North East, Floating (2 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.50%
Aggregated First Mortgages | Hotel, North East, Floating (2 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	8.50%
Aggregated First Mortgages | Hotel, South East, Floating (10 mortgages)
Investments in loans
Number of loans | mortgage	10
Carrying amount	$ 169,243
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, South East, Floating (10 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.50%
Aggregated First Mortgages | Hotel, South East, Floating (10 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	13.27%
Aggregated First Mortgages | Hotel, South East, Floating (12 mortgages)
Investments in loans
Number of loans | mortgage	12
Carrying amount	$ 62,718
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, South East, Floating (12 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.50%
Aggregated First Mortgages | Hotel, South East, Floating (12 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	7.50%
Aggregated First Mortgages | Hotel, South West, Floating (12 mortgages)
Investments in loans
Number of loans | mortgage	12
Carrying amount	$ 80,993
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, South West, Floating (12 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2%
Aggregated First Mortgages | Hotel, South West, Floating (12 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	7.67%
Aggregated First Mortgages | Hotel, South West, Floating (8 mortgages)
Investments in loans
Number of loans | mortgage	8
Carrying amount	$ 98,317
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, South West, Floating (8 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.10%
Aggregated First Mortgages | Hotel, South West, Floating (8 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	5.85%
Aggregated First Mortgages | Hotel, Various, Floating (4 mortgages)
Investments in loans
Number of loans | mortgage	4
Carrying amount	$ 229,233
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, Various, Floating (4 mortgages) | LIBOR
Investments in loans
Basis spread on variable rate	3.75%
Aggregated First Mortgages | Hotel, Various, Floating (10 mortgages)
Investments in loans
Number of loans | mortgage	10
Carrying amount	$ 328,676
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, Various, Floating (10 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	4%
Aggregated First Mortgages | Hotel, Various, Floating (10 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	10.25%
Aggregated First Mortgages | Hotel, West, Floating (19 mortgages)
Investments in loans
Number of loans | mortgage	19
Carrying amount	$ 350,875
Principal Amount of Delinquent Loans	$ 37,763
Aggregated First Mortgages | Hotel, West, Floating (19 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2%
Aggregated First Mortgages | Hotel, West, Floating (19 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	9.50%
Aggregated First Mortgages | Industrial, International, Floating (12 mortgages)
Investments in loans
Number of loans | mortgage	12
Carrying amount	$ 135,307
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Industrial, International, Floating (12 mortgages) | Three Month BBSY | Minimum
Investments in loans
Basis spread on variable rate	3%
Aggregated First Mortgages | Industrial, International, Floating (12 mortgages) | Three Month BBSY | Maximum
Investments in loans
Basis spread on variable rate	3.55%
Aggregated First Mortgages | Industrial, International, Floating (10 mortgages)
Investments in loans
Number of loans | mortgage	10
Carrying amount	$ 190,187
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Industrial, International, Floating (10 mortgages) | Three Month EURIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.25%
Aggregated First Mortgages | Industrial, International, Floating (10 mortgages) | Three Month EURIBOR | Maximum
Investments in loans
Basis spread on variable rate	11%
Aggregated First Mortgages | Industrial, International, Floating, 2 Mortgages
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 79,366
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Industrial, International, Floating, 2 Mortgages | SONIA | Minimum
Investments in loans
Basis spread on variable rate	2.27%
Aggregated First Mortgages | Industrial, International, Floating, 2 Mortgages | SONIA | Maximum
Investments in loans
Basis spread on variable rate	4.50%
Aggregated First Mortgages | Industrial, North East, Floating (5 mortgages)
Investments in loans
Number of loans | mortgage	5
Carrying amount	$ 275,352
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Industrial, North East, Floating (5 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.40%
Aggregated First Mortgages | Industrial, North East, Floating (5 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	7.25%
Aggregated First Mortgages | Industrial, North East, Floating (8 mortgages)
Investments in loans
Number of loans | mortgage	8
Carrying amount	$ 158,280
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Industrial, North East, Floating (8 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	4.20%
Aggregated First Mortgages | Industrial, North East, Floating (8 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	8%
Aggregated First Mortgages | Industrial, South East, Fixed (4 mortgages)
Investments in loans
Number of loans | mortgage	4
Carrying amount	$ 32,996
Interest rate	8.18%
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Industrial, West, Floating (4 mortgages)
Investments in loans
Number of loans | mortgage	4
Carrying amount	$ 91,009
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Industrial, West, Floating (4 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	1.75%
Aggregated First Mortgages | Industrial, West, Floating (4 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	7.50%
Aggregated First Mortgages | Industrial, West, Floating (2 mortgages)
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 25,625
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Industrial, West, Floating (2 mortgages) | SOFR
Investments in loans
Basis spread on variable rate	6%
Aggregated First Mortgages | Mixed Use, International, Fixed (2 mortgages)
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 36,851
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Mixed Use, International, Fixed (2 mortgages) | Minimum
Investments in loans
Interest rate	8.50%
Aggregated First Mortgages | Mixed Use, International, Fixed (2 mortgages) | Maximum
Investments in loans
Interest rate	10%
Aggregated First Mortgages | Mixed Use, International, Floating (2 mortgages) 3EUR
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 98,358
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Mixed Use, International, Floating (2 mortgages) 3EUR | Three Month EURIBOR
Investments in loans
Basis spread on variable rate	4.65%
Aggregated First Mortgages | Mixed Use, International, Floating (2 mortgages) SONIA
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 672,802
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Mixed Use, International, Floating (2 mortgages) SONIA | SONIA | Minimum
Investments in loans
Basis spread on variable rate	4.03%
Aggregated First Mortgages | Mixed Use, International, Floating (2 mortgages) SONIA | SONIA | Maximum
Investments in loans
Basis spread on variable rate	5.40%
Aggregated First Mortgages | Mixed Use, Mid Atlantic, Floating (1 mortgage)
Investments in loans
Number of loans | mortgage	1
Carrying amount	$ 242,622
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Mixed Use, Mid Atlantic, Floating (1 mortgage) | LIBOR
Investments in loans
Basis spread on variable rate	3.15%
Aggregated First Mortgages | Mixed Use, South East, Floating (12 mortgages)
Investments in loans
Number of loans | mortgage	12
Carrying amount	$ 143,860
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Mixed Use, South East, Floating (12 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.35%
Aggregated First Mortgages | Mixed Use, South East, Floating (12 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	11.24%
Aggregated First Mortgages | Mixed Use, South West, Floating (18 mortgages)
Investments in loans
Number of loans | mortgage	18
Carrying amount	$ 324,273
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Mixed Use, South West, Floating (18 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.75%
Aggregated First Mortgages | Mixed Use, South West, Floating (18 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	11.50%
Aggregated First Mortgages | Multi-family, International, Floating (1 mortgage) 1BBSY
Investments in loans
Number of loans | mortgage	1
Carrying amount	$ 20,997
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, International, Floating (1 mortgage) 1BBSY | One Month BBSY
Investments in loans
Basis spread on variable rate	3.75%
Aggregated First Mortgages | Multi-family, International, Floating (1 mortgage) 3BBSY
Investments in loans
Number of loans | mortgage	1
Carrying amount	$ 151,307
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, International, Floating (1 mortgage) 3BBSY | Three Month BBSY
Investments in loans
Basis spread on variable rate	3.95%
Aggregated First Mortgages | Multi-family, International, Floating (8 mortgages)
Investments in loans
Number of loans | mortgage	8
Carrying amount	$ 666,385
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, International, Floating (8 mortgages) | SONIA | Minimum
Investments in loans
Basis spread on variable rate	2.76%
Aggregated First Mortgages | Multi-family, International, Floating (8 mortgages) | SONIA | Maximum
Investments in loans
Basis spread on variable rate	4.07%
Aggregated First Mortgages | Multi-family, Mid Atlantic, Floating (10 mortgages)
Investments in loans
Number of loans | mortgage	10
Carrying amount	$ 232,714
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, Mid Atlantic, Floating (10 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	1.75%
Aggregated First Mortgages | Multi-family, Mid Atlantic, Floating (10 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	7.75%
Aggregated First Mortgages | Multi-family, Mid Atlantic, Floating 6 Mortgages
Investments in loans
Number of loans | mortgage	6
Carrying amount	$ 144,097
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, Mid Atlantic, Floating 6 Mortgages | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.25%
Aggregated First Mortgages | Multi-family, Mid Atlantic, Floating 6 Mortgages | SOFR | Maximum
Investments in loans
Basis spread on variable rate	9%
Aggregated First Mortgages | Multi-family, Midwest, Fixed (1 mortgage)
Investments in loans
Number of loans | mortgage	1
Carrying amount	$ 377
Interest rate	6.28%
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, Midwest, Floating (4 mortgages)
Investments in loans
Number of loans | mortgage	4
Carrying amount	$ 76,428
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, Midwest, Floating (4 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.75%
Aggregated First Mortgages | Multi-family, Midwest, Floating (4 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	9.75%
Aggregated First Mortgages | Multi-family, North East, Floating (14 mortgages)
Investments in loans
Number of loans | mortgage	14
Carrying amount	$ 516,067
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, North East, Floating (14 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.50%
Aggregated First Mortgages | Multi-family, North East, Floating (14 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	10.25%
Aggregated First Mortgages | Multi-family, North East, Floating (10 mortgages)
Investments in loans
Number of loans | mortgage	10
Carrying amount	$ 81,917
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, North East, Floating (10 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.95%
Aggregated First Mortgages | Multi-family, North East, Floating (10 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	10.85%
Aggregated First Mortgages | Multi-family, South East, Floating (52 mortgages)
Investments in loans
Number of loans | mortgage	52
Carrying amount	$ 1,326,606
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, South East, Floating (52 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	1.75%
Aggregated First Mortgages | Multi-family, South East, Floating (52 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	16.50%
Aggregated First Mortgages | Multi-family, South West, Floating(24 mortgages)
Investments in loans
Number of loans | mortgage	24
Carrying amount	$ 395,500
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, South West, Floating(24 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.75%
Aggregated First Mortgages | Multi-family, South West, Floating(24 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	4.25%
Aggregated First Mortgages | Multi-family, South West, Floating (77 mortgages)
Investments in loans
Number of loans | mortgage	77
Carrying amount	$ 1,229,553
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, South West, Floating (77 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	1.75%
Aggregated First Mortgages | Multi-family, South West, Floating (77 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	16.50%
Aggregated First Mortgages | Multi-family, West, Floating (8 mortgages)
Investments in loans
Number of loans | mortgage	8
Carrying amount	$ 278,714
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, West, Floating (8 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.50%
Aggregated First Mortgages | Multi-family, West, Floating (8 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	8.75%
Aggregated First Mortgages | Multi-family, West, Floating (20 mortgages)
Investments in loans
Number of loans | mortgage	20
Carrying amount	$ 344,774
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, West, Floating (20 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.60%
Aggregated First Mortgages | Multi-family, West, Floating (20 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	9.10%
Aggregated First Mortgages | Office, International, Floating (3 mortgages)
Investments in loans
Number of loans | mortgage	3
Carrying amount	$ 220,423
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, International, Floating (3 mortgages) | Three Month EURIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.75%
Aggregated First Mortgages | Office, International, Floating (3 mortgages) | Three Month EURIBOR | Maximum
Investments in loans
Basis spread on variable rate	7.50%
Aggregated First Mortgages | Office, International, Floating (2 mortgages)
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 127,636
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, International, Floating (2 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	6%
Aggregated First Mortgages | Office, International, Floating (2 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	7.80%
Aggregated First Mortgages | Office, International, Floating (8 mortgages)
Investments in loans
Number of loans | mortgage	8
Carrying amount	$ 541,787
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, International, Floating (8 mortgages) | SONIA | Minimum
Investments in loans
Basis spread on variable rate	3.55%
Aggregated First Mortgages | Office, International, Floating (8 mortgages) | SONIA | Maximum
Investments in loans
Basis spread on variable rate	4.37%
Aggregated First Mortgages | Office, Mid Atlantic, Floating (26 mortgages)
Investments in loans
Number of loans | mortgage	26
Carrying amount	$ 414,708
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, Mid Atlantic, Floating (26 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2%
Aggregated First Mortgages | Office, Mid Atlantic, Floating (26 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	7%
Aggregated First Mortgages | Office, Mid Atlantic, Floating (21 mortgages)
Investments in loans
Number of loans | mortgage	21
Carrying amount	$ 372,807
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, Mid Atlantic, Floating (21 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.60%
Aggregated First Mortgages | Office, Mid Atlantic, Floating (21 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	7.60%
Aggregated First Mortgages | Office, Midwest, Floating (8 mortgages)
Investments in loans
Number of loans | mortgage	8
Carrying amount	$ 52,968
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, Midwest, Floating (8 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	1.75%
Aggregated First Mortgages | Office, Midwest, Floating (8 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	9.75%
Aggregated First Mortgages | Office, Midwest, Floating (9 mortgages)
Investments in loans
Number of loans | mortgage	9
Carrying amount	$ 88,116
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, Midwest, Floating (9 mortgages) | SOFR
Investments in loans
Basis spread on variable rate	2.90%
Aggregated First Mortgages | Office, North East, Floating (15 mortgages)
Investments in loans
Number of loans | mortgage	15
Carrying amount	$ 320,620
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, North East, Floating (15 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.80%
Aggregated First Mortgages | Office, North East, Floating (15 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	10.25%
Aggregated First Mortgages | Office, North East, Floating (23 mortgages )
Investments in loans
Number of loans | mortgage	23
Carrying amount	$ 386,584
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, North East, Floating (23 mortgages ) | SONIA | Minimum
Investments in loans
Basis spread on variable rate	2.70%
Aggregated First Mortgages | Office, North East, Floating (23 mortgages ) | SONIA | Maximum
Investments in loans
Basis spread on variable rate	8.70%
Aggregated First Mortgages | Office, South East, Fixed (2 mortgages)
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 49,325
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, South East, Fixed (2 mortgages) | Minimum
Investments in loans
Interest rate	5%
Aggregated First Mortgages | Office, South East, Fixed (2 mortgages) | Maximum
Investments in loans
Interest rate	12%
Aggregated First Mortgages | Office, South East, Floating (16 mortgages)
Investments in loans
Number of loans | mortgage	16
Carrying amount	$ 321,869
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, South East, Floating (16 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	1.65%
Aggregated First Mortgages | Office, South East, Floating (16 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	10.40%
Aggregated First Mortgages | Office, South West, Floating (16 mortgages)
Investments in loans
Number of loans | mortgage	16
Carrying amount	$ 251,767
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, South West, Floating (16 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2%
Aggregated First Mortgages | Office, South West, Floating (16 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	8%
Aggregated First Mortgages | Office, South West, Floating (10 mortgages)
Investments in loans
Number of loans | mortgage	10
Carrying amount	$ 201,598
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, South West, Floating (10 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.10%
Aggregated First Mortgages | Office, South West, Floating (10 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	8.35%
Aggregated First Mortgages | Office, West, Floating (36 mortgages)
Investments in loans
Number of loans | mortgage	36
Carrying amount	$ 338,947
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, West, Floating (36 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2%
Aggregated First Mortgages | Office, West, Floating (36 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	6%
Aggregated First Mortgages | Other, International, Floating (1 mortgage)
Investments in loans
Number of loans | mortgage	1
Carrying amount	$ 301,285
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Other, International, Floating (1 mortgage) | SONIA
Investments in loans
Basis spread on variable rate	4.40%
Aggregated First Mortgages | Other, Midwest, Floating (4 mortgages)
Investments in loans
Number of loans | mortgage	4
Carrying amount	$ 59,975
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Other, Midwest, Floating (4 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	4.50%
Aggregated First Mortgages | Other, Midwest, Floating (4 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	11.17%
Aggregated First Mortgages | Other, North East, Floating (4 mortgages)
Investments in loans
Number of loans | mortgage	4
Carrying amount	$ 46,852
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Other, North East, Floating (4 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	3.85%
Aggregated First Mortgages | Other, North East, Floating (4 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	10.73%
Aggregated First Mortgages | Other, Northeast, Fixed (1 mortgage)
Investments in loans
Number of loans | mortgage	1
Carrying amount	$ 9,200
Interest rate	4.09%
Principal Amount of Delinquent Loans	$ 9,200
Aggregated First Mortgages | Residential, North East, Floating (3 mortgages)
Investments in loans
Number of loans | mortgage	3
Carrying amount	$ 171,018
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Residential, North East, Floating (3 mortgages) | SOFR
Investments in loans
Basis spread on variable rate	4.10%
Aggregated First Mortgages | Residential, South East, Floating (2 mortgages)
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 48,194
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Residential, South East, Floating (2 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	4.75%
Aggregated First Mortgages | Residential, South East, Floating (2 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	10.56%
Aggregated First Mortgages | Residential, South East, Floating (4 mortgages)
Investments in loans
Number of loans | mortgage	4
Carrying amount	$ 16,377
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Residential, South East, Floating (4 mortgages) | SOFR
Investments in loans
Basis spread on variable rate	5.80%
Aggregated First Mortgages | Residential, West, Floating (4 mortgages)
Investments in loans
Number of loans | mortgage	4
Carrying amount	$ 61,828
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Residential, West, Floating (4 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	3.81%
Aggregated First Mortgages | Residential, West, Floating (4 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	8.60%
Aggregated First Mortgages | Retail, Midwest, Floating (4 mortgages)
Investments in loans
Number of loans | mortgage	4
Carrying amount	$ 41,635
Principal Amount of Delinquent Loans	$ 41,635
Aggregated First Mortgages | Retail, Midwest, Floating (4 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.75%
Aggregated First Mortgages | Retail, Midwest, Floating (4 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	10.75%
Aggregated First Mortgages | Retail, North East, Floating (3 mortgages)
Investments in loans
Number of loans | mortgage	3
Carrying amount	$ 207,486
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Retail, North East, Floating (3 mortgages) | SOFR
Investments in loans
Basis spread on variable rate	9%
Aggregated First Mortgages | Loans Held-for-Sale, Various, Fixed
Investments in loans
Carrying amount	$ 2,784,594
Principal Amount of Delinquent Loans	$ 33,006
Aggregated First Mortgages | Loans Held-for-Sale, Various, Fixed | Minimum
Investments in loans
Interest rate	2.80%
Aggregated First Mortgages | Loans Held-for-Sale, Various, Fixed | Maximum
Investments in loans
Interest rate	9.30%
Aggregated Subordinated and Mezzanine Loans
Investments in loans
Loan Loss Allowance	$ (88,801)
Prepaid Loan Costs, Net	$ 1,047
Aggregated Subordinated and Mezzanine Loans | Industrial, West, Floating (2 mortgages)
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 12,042
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Industrial, West, Floating (2 mortgages) | SOFR
Investments in loans
Basis spread on variable rate	11.40%
Aggregated Subordinated and Mezzanine Loans | Multi-family, North East, Floating (2 mortgages)
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 53,829
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Multi-family, North East, Floating (2 mortgages) | LIBOR | Minimum
Investments in loans
Basis spread on variable rate	4.50%
Aggregated Subordinated and Mezzanine Loans | Multi-family, North East, Floating (2 mortgages) | LIBOR | Maximum
Investments in loans
Basis spread on variable rate	4.65%
Aggregated Subordinated and Mezzanine Loans | Office, International, Floating (5 mortgages)
Investments in loans
Number of loans | mortgage	5
Carrying amount	$ 36,278
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Office, International, Floating (5 mortgages) | Three Month EURIBOR | Minimum
Investments in loans
Basis spread on variable rate	7%
Aggregated Subordinated and Mezzanine Loans | Office, International, Floating (5 mortgages) | Three Month EURIBOR | Maximum
Investments in loans
Basis spread on variable rate	8.95%
Aggregated Subordinated and Mezzanine Loans | Hotel, South East, Floating (2 mortgages)
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 53,000
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Hotel, South East, Floating (2 mortgages) | LIBOR
Investments in loans
Basis spread on variable rate	6.85%
Aggregated Subordinated and Mezzanine Loans | Hotel, South East, Floating (1 mortgage)
Investments in loans
Number of loans | mortgage	1
Carrying amount	$ 37,278
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Hotel, South East, Floating (1 mortgage) | SOFR
Investments in loans
Basis spread on variable rate	9.47%
Aggregated Subordinated and Mezzanine Loans | Hotel, West, Floating (1 mortgage)
Investments in loans
Number of loans | mortgage	1
Carrying amount	$ 15,316
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Hotel, West, Floating (1 mortgage) | LIBOR
Investments in loans
Basis spread on variable rate	10.98%
Aggregated Subordinated and Mezzanine Loans | Industrial, South East, Fixed (1 mortgage)
Investments in loans
Number of loans | mortgage	1
Carrying amount	$ 3,476
Interest rate	8.18%
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Industrial, South East, Floating (1 mortgage)
Investments in loans
Number of loans | mortgage	1
Carrying amount	$ 1,945
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Industrial, South East, Floating (1 mortgage) | SOFR
Investments in loans
Basis spread on variable rate	9.43%
Aggregated Subordinated and Mezzanine Loans | Industrial, South West, Floating (2 mortgages)
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 2,275
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Industrial, South West, Floating (2 mortgages) | SOFR
Investments in loans
Basis spread on variable rate	10.15%
Aggregated Subordinated and Mezzanine Loans | Mixed Use, International, Floating (1 mortgage)
Investments in loans
Number of loans | mortgage	1
Carrying amount	$ 9,404
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Mixed Use, International, Floating (1 mortgage) | Three Month EURIBOR
Investments in loans
Basis spread on variable rate	7.25%
Aggregated Subordinated and Mezzanine Loans | Mixed Use, South West, Floating (1 mortgage)
Investments in loans
Number of loans | mortgage	1
Carrying amount	$ 109,423
Principal Amount of Delinquent Loans	$ 109,423
Aggregated Subordinated and Mezzanine Loans | Mixed Use, South West, Floating (1 mortgage) | SOFR
Investments in loans
Basis spread on variable rate	12.84%
Aggregated Subordinated and Mezzanine Loans | Multi-family, North East, Floating, 1 Mortgage
Investments in loans
Number of loans | mortgage	1
Carrying amount	$ 33,832
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Multi-family, North East, Floating, 1 Mortgage | SOFR
Investments in loans
Basis spread on variable rate	13.75%
Aggregated Subordinated and Mezzanine Loans | Office, North East, Fixed (2 mortgages)
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 36,319
Interest rate	8.72%
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Office, West, Floating (2 mortgages) LIBOR
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 79,247
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Office, West, Floating (2 mortgages) LIBOR | LIBOR
Investments in loans
Basis spread on variable rate	6.24%
Aggregated Subordinated and Mezzanine Loans | Office, West, Floating (2 mortgages) SOFR
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 28,219
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Office, West, Floating (2 mortgages) SOFR | SOFR
Investments in loans
Basis spread on variable rate	6.77%
Aggregated Subordinated and Mezzanine Loans | Retail, Midwest, Fixed (1 mortgage)
Investments in loans
Number of loans | mortgage	1
Carrying amount	$ 4,925
Interest rate	7.16%
Principal Amount of Delinquent Loans	$ 4,925

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate - Loan Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Activity in loan portfolio
Balance at the beginning of the period	$ 18,413,649	$ 12,139,908	$ 11,470,224
Acquisitions/originations/additional funding	10,178,734	13,990,579	5,337,399
Capitalized interest	124,150	119,136	144,013
Basis of loans sold	(4,253,551)	(4,176,868)	(3,307,003)
Loan maturities/principal repayments	(2,258,630)	(4,197,809)	(1,821,196)
Discount accretion/premium amortization	62,557	57,948	42,199
Change in fair value of mortgage loans, net	(346,222)	69,050	133,124
Foreign currency translation, net	(306,946)	(72,130)	102,553
Credit loss (provision) reversal, net	(49,049)	(4,633)	(46,091)
Transfer to/from other asset/liability classifications or between segments	(88,348)	524,776	176,614
Balance at the end of the period	21,186,033	18,413,649	12,139,908
Commercial and Residential Lending Segment and Investing and Servicing Segment
Activity in loan portfolio
Balance at the beginning of the period	16,368,799	10,584,400	9,890,693
Acquisitions/originations/additional funding	9,474,999	13,173,459	5,058,705
Capitalized interest	122,711	118,273	143,023
Basis of loans sold	(4,226,727)	(4,139,166)	(3,246,515)
Loan maturities/principal repayments	(1,962,657)	(3,709,444)	(1,590,379)
Discount accretion/premium amortization	52,334	51,816	38,942
Change in fair value of mortgage loans, net	(346,222)	69,050	133,124
Foreign currency translation, net	(304,051)	(71,419)	102,748
Credit loss (provision) reversal, net	(42,201)	7,947	(40,955)
Loan foreclosure, equity control and conversion to equity interest	(273,929)	(36,308)	(71,488)
Transfer to/from other asset/liability classifications or between segments	(88,348)	320,191	176,614
Balance at the end of the period	$ 18,774,708	$ 16,368,799	10,584,400
Cumulative Effect, Period of Adoption, Adjustment
Activity in loan portfolio
Balance at the beginning of the period			(20,440)
Cumulative Effect, Period of Adoption, Adjustment | Commercial and Residential Lending Segment and Investing and Servicing Segment
Activity in loan portfolio
Balance at the beginning of the period			$ (10,112)