Starwood Property Trust (STWD) 10-K 22 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 5.7
Entity Common Stock, Shares Outstanding		313,375,899
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 April 29, 2024.
Entity Central Index Key	0001465128
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
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, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 194,660	$ 261,061
Restricted cash	117,312	121,072
Loans held-for-investment, net of credit loss allowances of $309,039 and $99,413	17,574,249	18,401,439
Loans held-for-sale, at fair value	2,645,637	2,784,594
Investment securities, net of credit loss allowances of $13,143 and $3,182 ($129,308 and $142,334 held at fair value)	735,562	815,804
Properties, net	1,046,384	1,449,986
Properties held-for-sale	290,937	0
Investments of consolidated affordable housing fund, at fair value		1,761,002
Investments in unconsolidated entities	90,376	91,892
Goodwill	259,846	259,846
Intangible assets ($19,384 and $17,790 held at fair value)	64,967	68,773
Derivative assets	63,437	108,621
Accrued interest receivable	200,867	168,521
Other assets	420,773	297,477
Variable interest entity (“VIE”) assets, at fair value	43,786,356	52,453,041
Total Assets	69,504,196	79,043,129
Liabilities:
Dividends payable	152,888	151,511
Derivative liabilities	102,467	91,404
Secured financing agreements, net	13,867,996	14,501,532
Collateralized loan obligations and single asset securitization, net	3,491,292	3,676,224
Unsecured senior notes, net	2,158,888	2,329,211
Debt related to properties held-for-sale	193,691	0
VIE liabilities, at fair value	42,175,734	50,754,355
Total Liabilities	62,481,214	71,844,422
Commitments and contingencies (Note 23)
Temporary Equity: Redeemable non-controlling interests	414,348	362,790
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, 320,814,765 issued and 313,366,074 outstanding as of December 31, 2023 and 318,123,861 issued and 310,675,170 outstanding as of December 31, 2022	3,208	3,181
Additional paid-in capital	5,864,670	5,807,087
Treasury stock (7,448,691 shares)	(138,022)	(138,022)
Retained earnings	505,881	769,237
Accumulated other comprehensive income	15,352	20,955
Total Starwood Property Trust, Inc. Stockholders’ Equity	6,251,089	6,462,438
Non-controlling interests in consolidated subsidiaries	357,545	373,479
Total Permanent Equity	6,608,634	6,835,917
Total Liabilities and Equity	69,504,196	79,043,129
Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	293,442	298,999
Related Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	44,816	41,186
Primary beneficiary
Assets:
Investments of consolidated affordable housing fund, at fair value	2,012,833	$ 1,761,002
Total Assets	47,800
Liabilities:
Total Liabilities	$ 10,300

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Allowance for credit losses	$ 309,039	$ 99,413
Credit loss allowance	13,143	3,182
Investment securities	129,308	142,334
Intangible assets held at fair value	$ 19,384	$ 17,790
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)	320,814,765	318,123,861
Common stock, shares outstanding (in shares)	313,366,074	310,675,170
Treasury stock, shares (in shares)	7,448,691	7,448,691
VIE assets	$ 69,504,196	$ 79,043,129
VIE liabilities	62,481,214	71,844,422
CLOs and SASB
VIE assets	4,300,000	4,500,000
VIE liabilities	$ 3,500,000	$ 3,700,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Interest income from loans		$ 1,804,104	$ 1,218,521	$ 800,291
Interest income from investment securities		76,524	65,058	45,168
Servicing fees		33,121	40,359	38,739
Rental income		127,666	128,263	278,831
Other revenues		8,493	12,515	7,059
Total revenues		2,049,908	1,464,716	1,170,088
Costs and expenses:
Management fees		141,543	155,551	167,773
Interest expense		1,436,107	797,121	445,087
General and administrative		180,212	175,500	171,302
Acquisition and investment pursuit costs		925	3,400	1,184
Costs of rental operations		44,842	44,115	111,667
Depreciation and amortization		49,141	49,293	83,001
Credit loss provision, net		243,728	46,657	8,335
Other expense		1,820	1,314	708
Total costs and expenses		2,098,318	1,272,951	989,057
Other income (loss):
Change in net assets related to consolidated VIEs		181,688	124,001	162,333
Change in fair value of servicing rights		1,594	1,010	3,578
Change in fair value of investment securities, net		767	(2,204)	(387)
Change in fair value of mortgage loans, net		62,702	(346,222)	69,050
Income from affordable housing fund investments			755,736
Earnings (loss) from unconsolidated entities		16,722	(6,323)	8,752
Gain on sale of investments and other assets, net		25,729	137,611	38,984
(Loss) gain on derivative financial instruments, net		(38,605)	334,015	82,363
Foreign currency gain (loss), net		60,834	(96,956)	(36,292)
Loss on extinguishment of debt		(1,238)	(1,185)	(7,428)
Other loss, net		(135,552)	(93,710)	(7,314)
Total other income		465,885	805,773	320,064
Income before income taxes		417,475	997,538	501,095
Income tax benefit (provision)		682	61,523	(8,669)
Net income		418,157	1,059,061	492,426
Net income attributable to non-controlling interests		(78,944)	(187,586)	(44,687)
Net income attributable to Starwood Property Trust, Inc.		$ 339,213	$ 871,475	$ 447,739
Earnings per share data attributable to Starwood Property Trust, Inc.:
Basic (in dollars per share)		$ 1.07	$ 2.80	$ 1.54
Diluted (in dollars per share)		$ 1.07	$ 2.74	$ 1.52
Primary beneficiary
Other income (loss):
Income from affordable housing fund investments	$ 6,425	$ 291,244	$ 755,736	$ 6,425

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 418,157	$ 1,059,061	$ 492,426
Other comprehensive (loss) income (net change by component):
Available-for-sale securities	(5,603)	(19,998)	(3,104)
Foreign currency translation	0	0	64
Other comprehensive loss	(5,603)	(19,998)	(3,040)
Comprehensive income	412,554	1,039,063	489,386
Less: Comprehensive income attributable to non-controlling interests	(78,944)	(187,586)	(44,687)
Comprehensive income attributable to Starwood Property Trust, Inc.	$ 333,610	$ 851,477	$ 444,699

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Total Starwood Property Trust, Inc. Stockholders’ Equity	Total Starwood Property Trust, Inc. Stockholders’ Equity Cumulative Effect, Period of Adoption, Adjustment	Common stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment	Treasury Stock​	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit) Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income	Non- Controlling Interests
Beginning Balance at Dec. 31, 2020	$ 0
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
Beginning balance (in shares) at Dec. 31, 2020					292,091,601
Beginning balance at Dec. 31, 2020	4,862,576	$ (1,536)	$ 4,488,898	$ (1,536)	$ 2,921	$ 5,209,739	$ (3,755)	$ (138,022)	$ (629,733)	$ 2,219	$ 43,993	$ 373,678
Beginning balance (in shares) at Dec. 31, 2020								7,448,691
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)					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)					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)					2,568,525
Share-based compensation	39,287		39,287		$ 26	39,261
Manager fee paid in stock (in 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					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								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)					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)					48,357
Proceeds from DRIP Plan	1,073		1,073			1,073
Proceeds from employee stock purchase plan (in 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)					1,724,165
Share-based compensation	40,185		40,185		$ 17	40,168
Manager fee paid in stock (in 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	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	7,448,691							7,448,691
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income	$ 58,410
Distributions to non-controlling interests	(6,852)
Ending Balance at Dec. 31, 2023	414,348
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan (in shares)					57,492
Proceeds from DRIP Plan	1,091		1,091		$ 1	1,090
Redemption of Class A Units	0		43			43						(43)
Proceeds from employee stock purchase plan (in shares)					123,327
Proceeds from employee stock purchase plan	1,906		1,906		$ 1	1,905
Share-based compensation (in shares)					1,667,034
Share-based compensation	39,247		39,247		$ 17	39,230
Manager fee paid in stock (in shares)					843,051
Manager fees paid in stock	15,323		15,323		$ 8	15,315
Net income	359,747		339,213						339,213			20,534
Dividends declared	(602,569)		(602,569)						(602,569)
Other comprehensive loss, net	(5,603)		(5,603)								(5,603)
Contributions from non-controlling interests	2,724											2,724
Distributions to non-controlling interests	$ (39,149)											(39,149)
Ending balance (in shares) at Dec. 31, 2023	313,366,074				320,814,765
Ending balance at Dec. 31, 2023	$ 6,608,634		$ 6,251,089		$ 3,208	$ 5,864,670		$ (138,022)	$ 505,881		$ 15,352	$ 357,545
Ending balance (in shares) at Dec. 31, 2023	7,448,691							7,448,691

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares													12 Months Ended
	Dec. 15, 2023	Sep. 15, 2023	Jun. 15, 2023	Mar. 16, 2023	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. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net income	$ 418,157	$ 1,059,061	$ 492,426
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	50,467	47,662	43,199
Amortization of discounts and deferred financing costs on unsecured senior notes	9,365	8,782	7,076
Accretion of net discount on investment securities	(8,498)	(12,227)	(13,513)
Accretion of net deferred loan fees and discounts	(67,112)	(62,557)	(57,948)
Share-based compensation	39,247	40,185	39,287
Manager fees paid in stock	15,323	43,141	17,040
Change in fair value of investment securities	(767)	2,204	387
Change in fair value of consolidated VIEs	(33,158)	25,159	(20,070)
Change in fair value of servicing rights	(1,594)	(1,010)	(3,578)
Change in fair value of loans	(62,702)	346,222	(69,050)
Change in fair value of affordable housing fund investments	(251,831)	(720,693)	(402)
Change in fair value of derivatives	128,218	(329,204)	(90,126)
Foreign currency (gain) loss, net	(60,834)	96,956	36,292
Gain on sale of investments and other assets	(25,729)	(137,611)	(38,984)
Impairment charges on properties and related intangibles	124,902	55	0
Credit loss provision, net	243,728	46,657	8,335
Depreciation and amortization	54,296	53,941	84,591
(Earnings) loss from unconsolidated entities	(16,722)	6,323	(8,752)
Distributions of earnings from unconsolidated entities	8,847	5,354	4,708
Loss on extinguishment of debt	1,238	986	7,428
Origination and purchase of loans held-for-sale, net of principal collections	(571,005)	(4,437,448)	(5,172,721)
Proceeds from sale of loans held-for-sale	770,733	4,153,003	3,831,712
Changes in operating assets and liabilities:
Related-party payable, net	3,630	(35,185)	37,201
Accrued and capitalized interest receivable, less purchased interest	(155,831)	(201,500)	(136,772)
Other assets	(65,780)	44,118	(28,437)
Accounts payable, accrued expenses and other liabilities	(17,991)	171,367	40,696
Net cash provided by (used in) operating activities	528,597	213,741	(989,975)
Cash Flows from Investing Activities:
Origination, purchase and funding of loans held-for-investment	(2,717,720)	(5,544,012)	(8,637,213)
Proceeds from principal collections on loans	3,337,402	2,096,777	4,024,958
Proceeds from loans sold	95,271	101,683	344,221
Purchase and funding of investment securities	(11,578)	(86,512)	(198,358)
Proceeds from sales and redemptions of investment securities	3,042	0	0
Proceeds from principal collections on investment securities	90,348	115,947	87,450
Proceeds from sales of real estate	73,569	203,702	98,210
Purchases and additions to properties and other assets	(25,085)	(25,225)	(26,272)
Investments in unconsolidated entities	(2,603)	(461)	(1,312)
Distribution of capital from unconsolidated entities	10,977	3,375	30,448
Cash resulting from initial consolidation of entities	824	617	0
Cash reclassified to investments of affordable housing fund	0	0	(28,094)
Payments for purchase or early termination of derivatives	(42,411)	(19,077)	(33,902)
Proceeds from early termination of derivatives	43,038	202,880	58,210
Net cash provided by (used in) investing activities	855,074	(2,950,306)	(4,281,654)
Cash Flows from Financing Activities:
Proceeds from borrowings	6,559,959	13,521,148	17,436,866
Principal repayments on and repurchases of borrowings	(7,473,900)	(9,888,088)	(11,929,179)
Payment of deferred financing costs	(20,990)	(69,820)	(71,858)
Proceeds from common stock issuances	2,997	51,517	394,086
Payment of equity offering costs	0	(1,074)	(720)
Payment of dividends	(601,192)	(591,457)	(553,930)
Contributions from non-controlling interests	2,724	21,925	219,757
Distributions to non-controlling interests	(45,368)	(49,452)	(43,950)
Issuance of debt of consolidated VIEs	0	0	69,398
Repayment of debt of consolidated VIEs	(48,435)	(290,232)	(767,427)
Distributions of cash from consolidated VIEs	169,642	93,412	120,060
Net cash (used in) provided by financing activities	(1,454,563)	2,797,879	4,873,103
Net (decrease) increase in cash, cash equivalents and restricted cash	(70,892)	61,314	(398,526)
Cash, cash equivalents and restricted cash, beginning of period	382,133	321,914	722,162
Effect of exchange rate changes on cash	731	(1,095)	(1,722)
Cash, cash equivalents and restricted cash, end of period	311,972	382,133	321,914
Supplemental disclosure of cash flow information:
Cash paid for interest	1,351,533	671,186	386,918
Income taxes paid (refunded), net	1,670	(7,862)	7,793
Supplemental disclosure of non-cash investing and financing activities:
Dividends declared, but not yet paid	153,705	152,443	148,527
Consolidation of VIEs (VIE asset/liability additions)	722,039	4,361,325	5,332,754
Deconsolidation of VIEs (VIE asset/liability reductions)	0	730,013	935,855
Net assets acquired through foreclosure, equity control or conversion to equity interest:
Assets acquired, less cash	101,963	406,705	36,308
Liabilities assumed	983	95,691	0
Loan principal collections temporarily held at master servicer	124,314	429	31,681
Reclassification of loans held-for-investment to loans held-for-sale	41,392	113,710	267,557
Reclassification of loans held-for-sale to loans held-for-investment	0	0	155,548
Lease liabilities arising from obtaining right-of-use assets	0	29,821	1,430
Unsettled derivative transactions	0	2,323	0
Transfer of loans from VIE assets to residential loans upon redemption of consolidated RMBS trusts	0	0	526,679
Redemption of Class A Units for common stock	$ 0	$ 0	$ 17,738

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2023
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, 2023 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, 2023
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 2% of our consolidated securitization VIE assets, with the remaining 98% representing loans. However, it is important to note that the fair value of our securitization VIE assets is determined by reference to our securitization VIE liabilities as permitted under 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. 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. 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 to occur within one year, 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. If any associated debt is expected to be assumed by the buyer, such debt is separately presented within debt related to properties held-for-sale on our consolidated balance sheet. 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. 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, 2023 and 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

Acquisitions and Divestitures

Acquisitions and Divestitures	12 Months Ended
	Dec. 31, 2023
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, 2023, we sold four operating properties, including a controlling financial interest in a subsidiary within the REIS Equity Portfolio, for $63.7 million. We recognized a total gain of $25.6 million within gain on sale of investments and other assets in our consolidated statement of operations, of which $10.2 million related to the deconsolidation of the subsidiary. 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. Commercial and Residential Lending Segment During the year ended December 31, 2023, we sold four units in a residential conversion project in New York for $12.1 million within the Commercial and Residential Lending Segment. In connection with these sales, there was no gain or loss recognized in our consolidated statement of operations. 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 statement of operations. 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, 2023
Cash and Cash Equivalents [Abstract]
Restricted Cash	Restricted Cash A summary of our restricted cash as of December 31, 2023 and 2022 is as follows (amounts in thousands): As of December 31, 2023 2022 Cash collateral for derivative financial instruments $ 80,219 $ 69,607 Cash restricted by lender 34,450 49,727 Funds held on behalf of borrowers and tenants 1,300 1,255 Other restricted cash 1,343 483 $ 117,312 $ 121,072

Loans

Loans	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022 (dollars in thousands): December 31, 2023 Carrying Face Weighted Weighted Loans held-for-investment: Commercial loans: First mortgages (3) $ 14,956,646 $ 15,005,827 9.0 % 2.8 Subordinated mortgages (4) 76,560 76,882 14.8 % 2.2 Mezzanine loans (3) 273,146 274,899 13.7 % 2.7 Other 71,012 71,843 9.6 % 1.8 Total commercial loans 15,377,364 15,429,451 Infrastructure first priority loans 2,505,924 2,550,244 9.5 % 3.9 Total loans held-for-investment 17,883,288 17,979,695 Loans held-for-sale: Residential, fair value option 2,604,594 2,909,126 4.5 % N/A (5) Commercial, fair value option 41,043 45,400 5.5 % 5.2 Total loans held-for-sale 2,645,637 2,954,526 Total gross loans 20,528,925 $ 20,934,221 Credit loss allowances: Commercial loans held-for-investment (298,775) Infrastructure loans held-for-investment (10,264) Total allowances (309,039) Total net loans $ 20,219,886 December 31, 2022 Loans held-for-investment: Commercial loans: First mortgages (3) $ 15,562,452 $ 15,648,358 7.9 % 3.3 Subordinated mortgages (4) 71,100 72,118 13.6 % 3.2 Mezzanine loans (3) 445,363 442,339 12.9 % 1.9 Other 58,393 59,393 8.2 % 1.7 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 2,763,458 3,092,915 4.5 % N/A (5) 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 ______________________________________________________________________________________________________________________ (1) Calculated using applicable index rates as of December 31, 2023 and 2022 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. For commercial loans held-for-investment, the WAL is calculated assuming all extension options are exercised by the borrower, although our loans may be repaid prior to such date. For infrastructure loans, the WAL is calculated using the amounts and timing of future principal payments, as projected at origination or acquisition of each loan. (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 $1.0 billion and $1.3 billion being classified as first mortgages as of December 31, 2023 and 2022, 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) Residential loans have a weighted average remaining contractual life of 27.8 years and 28.8 years as of December 31, 2023 and 2022, respectively. As of December 31, 2023, our variable rate loans held-for-investment, excluding loans for which interest income is not recognized, were as follows (dollars in thousands): December 31, 2023 Carrying Weighted-average Commercial loans $ 14,583,440 4.0 % Infrastructure loans 2,505,924 4.1 % Total variable rate loans held-for-investment $ 17,089,364 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 conditions (i.e. Gross Domestic Product, employment and interest rates) 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 more adverse macroeconomic recovery forecasts related to office properties than for other property types in determining our credit loss allowance. We have also selected a more adverse macroeconomic recovery forecast for those properties which are experiencing more challenges than their general property type or asset class. 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 principally 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, 2023 (dollars in thousands): Term Loans Revolving Loans Total Credit As of December 31, 2023 2023 2022 2021 2020 2019 Prior Commercial loans: Credit quality indicator: LTV < 60% $ 321,465 $ 2,040,870 $ 2,979,413 $ 188,140 $ 937,355 $ 232,009 $ — $ 6,699,252 $ 24,939 LTV 60% - 70% 518,912 1,937,799 3,522,841 97,805 85,287 318,432 — 6,481,076 78,495 LTV > 70% 60,905 102,732 483,506 451,471 433,448 589,037 — 2,121,099 190,416 Credit deteriorated — — — — — 4,925 — 4,925 4,925 Defeased and other 14,374 41,705 — — — 14,933 — 71,012 — Total commercial $ 915,656 $ 4,123,106 $ 6,985,760 $ 737,416 $ 1,456,090 $ 1,159,336 $ — $ 15,377,364 $ 298,775 Infrastructure loans: Credit quality indicator: Power $ 441,646 $ — $ 106,343 $ 72,687 $ 276,795 $ 442,784 $ 3,213 $ 1,343,468 $ 4,099 Oil and gas 410,674 136,704 211,136 — 218,129 135,075 2,068 1,113,786 6,009 Other 48,670 — — — — — — 48,670 156 Total infrastructure $ 900,990 $ 136,704 $ 317,479 $ 72,687 $ 494,924 $ 577,859 $ 5,281 $ 2,505,924 $ 10,264 Loans held-for-sale 2,645,637 — Total gross loans $ 20,528,925 $ 309,039 Non-Credit Deteriorated Loans As of December 31, 2023, we had the following loans with a combined amortized cost basis of $488.9 million that were 90 days or greater past due at December 31, 2023: (i) a $252.0 million senior mortgage loan on an office building in Houston, Texas; (ii) a $122.3 million senior mortgage loan on an office building in Washington, DC; (iii) a $37.8 million leasehold mortgage loan on a luxury resort in California destroyed by wildfire; (iv) $67.6 million of residential loans; and (v) a $9.2 million loan on a hospitality asset in New York City that our Investing and Servicing Segment acquired as nonperforming in October 2021. All of these loans were on nonaccrual as of December 31, 2023 with the exception of (i). We also had the following loans on nonaccrual that were not 90 days or greater past due as of December 31, 2023: (i) a $185.4 million senior loan on a retail and entertainment project in New Jersey, of which $7.3 million was previously converted into equity interests (in 2023, $54.9 million was received from the borrower which reduced the carrying values of both the senior loan and one of the equity interests (see Note 8)); and (ii) a $124.3 million senior mortgage loan on an office building in Arlington, Virginia. These loans were not considered credit deteriorated as we presently expect to recover all amounts due. Credit Deteriorated Loans As of December 31, 2023, we had a $4.9 million commercial subordinated loan secured by a department store in Chicago which was deemed credit deteriorated and was fully reserved in prior years. The loan was on nonaccrual under the cost recovery method as of December 31, 2023. Foreclosure and Equity Control During the year ended December 31, 2023, we foreclosed on or otherwise obtained control over the following loan collateral: In December 2023, we obtained control over the pledged equity interests of a mezzanine borrower entity related to a multifamily property in the Pacific Northwest, which resulted in our consolidating the mezzanine borrower entity including the underlying property collateral. The net carrying value of our loans related to this property totaled $60.8 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 $60.8 million in accordance with the asset acquisition provisions of ASC 805. In May 2023, we obtained a deed in lieu of foreclosure on a mortgage loan on the retail portion of a hotel located in Chicago, which resulted in our obtaining physical possession of the underlying collateral. The carrying value of the loan was $41.1 million. In connection therewith, we reclassified the carrying value of the loan (representing our acquisition cost of the underlying land, building and in-place leases) to properties ($36.8 million) and lease intangible assets ($4.3 million) in accordance with the asset acquisition provisions of ASC 805. Loan Modifications We may amend or modify a loan based on its specific facts and circumstances. During the year ended December 31, 2023, we made modifications to three loans which are disclosable under ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures , as they involved an other-than-insignificant payment delay or an interest rate reduction for a borrower experiencing financial difficulty. For a $197.2 million first mortgage loan on an office park in California, we granted a 19-month term extension and provided a $25.1 million preferred equity commitment (of which $15.5 million was unfunded as of December 31, 2023), principally to fund property improvements and lease-up costs prior to the loan’s extended maturity. The other two modifications were as follows: (i) for a $95.5 million first mortgage loan on an office campus in Pennsylvania, the interest rate was reduced to a fixed rate of 6.00% (the reduction was partially recaptured in a new exit fee), with the borrower contributing $2.5 million; and (ii) for a $44.9 million first mortgage loan on a multifamily property in Arizona, the interest rate was reduced by 50 bps to SOFR plus 2.85%, with the borrower contributing $1.6 million. Each of the three loans has paid all contractual interest due as of December 31, 2023, and their modified terms were included in the determination of our general CECL reserve. The following tables present the activity in our credit loss allowance for funded loans and unfunded commitments (amounts in thousands): Funded Commitments Credit Loss Allowance Loans Held-for-Investment Total Funded Loans Commercial Infrastructure Credit loss allowance at December 31, 2020 $ 69,611 $ 7,833 $ 77,444 Credit loss (reversal) provision, net (7,947) 12,580 4,633 Charge-offs (14,807) (1) — (14,807) 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) (2) (16,906) Credit loss allowance at December 31, 2022 88,801 10,612 99,413 Credit loss provision, net 222,266 10,446 232,712 Charge-offs (3) (12,292) (10,794) (23,086) Credit loss allowance at December 31, 2023 $ 298,775 $ 10,264 $ 309,039 ______________________________________________________________________________________________________________________ (1) Relates to a $7.8 million unsecured promissory note deemed uncollectible in connection with a residential conversion project located in New York City and a $7.0 million subordinated mortgage note deemed uncollectible in connection with a vacant department store in the Chicago area. Both notes were previously considered credit deteriorated and were fully reserved at or prior to write-off. (2) Relates to a senior loan participation converted to an equity interest. (3) Represents the net charge-off of (i) a $12.3 million credit loss allowance related to the portion of a credit deteriorated commercial mortgage loan on an office and retail complex in Arizona deemed uncollectible and (ii) a $10.8 million credit loss allowance related to the portion of a credit deteriorated infrastructure loan participation collateralized by a first priority lien on two natural gas fired power plants near Chicago, which was deemed uncollectible due to a third party’s then nearly completed acquisition of the power plants. Such loans were originated in 2015 and 2017, respectively, with the infrastructure loan acquired as part of the Infrastructure Lending Segment acquisition in 2018. Unfunded Commitments Credit Loss Allowance (1) Loans Held-for-Investment HTM Preferred Commercial Infrastructure Interests (2) CMBS (2) Total Credit loss allowance at December 31, 2020 $ 5,258 $ 812 $ — $ — $ 6,070 Credit loss provision (reversal), net 1,434 (667) — — 767 Credit loss allowance at December 31, 2021 6,692 145 — — 6,837 Credit loss provision (reversal), net 3,057 (73) — 52 3,036 Credit loss allowance at December 31, 2022 9,749 72 — 52 9,873 Credit loss (reversal) provision, net (1,007) 492 1,548 22 1,055 Credit loss allowance at December 31, 2023 $ 8,742 $ 564 $ 1,548 $ 74 $ 10,928 Memo: Unfunded commitments as of December 31, 2023 (3) $ 1,237,874 $ 65,546 $ 8,282 $ 34,743 $ 1,346,445 ______________________________________________________________________________________________________________________ (1) Included in accounts payable, accrued expenses and other liabilities in our consolidated balance sheets. (2) See Note 6 for further details. (3) Represents amounts expected to be funded (see Note 23). Loan Portfolio Activity The activity in our loan portfolio was as follows (amounts in thousands): Held-for-Investment Loans Year Ended December 31, 2023 Commercial Infrastructure Residential Held-for-Sale Loans Total Loans Balance at December 31, 2022 $ 16,048,507 $ 2,352,932 $ — $ 2,784,594 $ 21,186,033 Acquisitions/originations/additional funding 1,713,979 1,002,908 — 757,355 3,474,242 Capitalized interest (1) 125,057 518 — 172 125,747 Basis of loans sold (2) (53,000) — — (813,104) (866,104) Loan maturities/principal repayments (2,596,738) (864,549) — (185,884) (3,647,171) Discount accretion/premium amortization 53,418 13,694 — — 67,112 Changes in fair value — — — 62,702 62,702 Foreign currency translation gain, net 152,869 603 — — 153,472 Credit loss provision, net (222,266) (10,446) — — (232,712) Loan foreclosure and equity control (101,845) — — (929) (102,774) (3) Transfer to/from other asset/liability classifications or between segments (41,392) — — 40,731 (661) Balance at December 31, 2023 $ 15,078,589 $ 2,495,660 $ — $ 2,645,637 $ 20,219,886 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 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) (4) Transfer to/from other asset classifications or between segments (63,616) — (50,072) 25,340 (88,348) (5) 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 loss, net (71,419) (711) — — (72,130) Credit loss (provision) reversal, net 7,947 (12,580) — — (4,633) Loan foreclosure and conversion to equity interest (36,308) — — — (36,308) (6) Transfer to/from other asset classifications (204,583) 123,701 (5,702) 611,360 524,776 (7) Balance at December 31, 2021 $ 13,450,198 $ 2,027,426 $ 59,225 $ 2,876,800 $ 18,413,649 ______________________________________________________________________________________________________________________ (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 $41.1 million carrying value of a mortgage loan on the retail portion of a hotel located in Chicago foreclosed in May 2023, (ii) the $60.8 million carrying value of a first mortgage and mezzanine loan on a multifamily property in the Pacific Northwest consolidated upon obtaining equity control in December 2023 and (iii) $0.9 million in residential mortgage loans foreclosed. (4) 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 a senior loan participation in a natural gas-fired power plant in Massachusetts that was converted to an equity interest in December 2022. (5) During the year ended December 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. (6) 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. (7)

Investment Securities

Investment Securities	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Investment Securities Investment securities were comprised of the following as of December 31, 2023 and 2022 (amounts in thousands): Carrying Value as of December 31, 2023 December 31, 2022 RMBS, available-for-sale $ 102,368 $ 113,386 RMBS, fair value option (1) 449,909 423,183 CMBS, fair value option (1), (2) 1,147,550 1,262,846 HTM debt securities, amortized cost net of credit loss allowance of $13,143 and $3,182 606,254 673,470 Equity security, fair value 8,340 9,840 Subtotal — Investment securities 2,314,421 2,482,725 VIE eliminations (1) (1,578,859) (1,666,921) Total investment securities $ 735,562 $ 815,804 ______________________________________________________________________________________________________________________ (1) Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. (2) Includes $177.3 million and $198.9 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of December 31, 2023 and 2022, respectively. Purchases, sales, principal collections and redemptions for all investment securities were as follows (amounts in thousands): RMBS, RMBS, fair CMBS, fair HTM Equity Security Securitization Total Year Ended December 31, 2023 Purchases/fundings $ — $ — $ 48,011 $ 11,578 $ — $ (48,011) $ 11,578 Sales and redemptions 549 — — — 2,493 — 3,042 Principal collections 9,475 53,332 117,100 80,083 — (169,642) 90,348 Year Ended December 31, 2022 Purchases/fundings $ — $ 226,152 $ 63,681 $ 86,512 $ — $ (289,833) $ 86,512 Sales and redemptions — — — — — — — 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 and redemptions — 81,871 38,714 — — (120,585) — Principal collections 30,722 63,144 7,732 54,725 — (68,873) 87,450 ______________________________________________________________________________________________________________________ (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, 2023 and 2022. 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, 2023 and 2022 (amounts in thousands): Unrealized Gains or (Losses) Amortized Credit Net Gross Gross Net Fair Value December 31, 2023 RMBS $ 87,016 $ — $ 87,016 $ 18,092 $ (2,740) $ 15,352 $ 102,368 December 31, 2022 RMBS $ 92,431 $ — $ 92,431 $ 21,765 $ (810) $ 20,955 $ 113,386 Weighted Average Coupon (1) WAL December 31, 2023 RMBS 5.8 % 7.1 ______________________________________________________________________________________________________________________ (1) Calculated using the December 31, 2023 SOFR rate of 5.355% 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, 2023, approximately $91.3 million, or 89%, 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 $0.5 million, $0.6 million and $0.9 million for the years ended December 31, 2023, 2022 and 2021, 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, 2023 and 2022, 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, 2023 RMBS $ 10,687 $ 6,361 $ (1,322) $ (1,418) As of December 31, 2022 RMBS $ 6,961 $ 1,889 $ (502) $ (308) As of December 31, 2023 and 2022, there were 14 and 10 securities, 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, 2023, 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 $1.1 billion and $2.7 billion, respectively. As of December 31, 2023, 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 $449.9 million and $326.3 million, respectively. The $1.6 billion total fair value balance of CMBS and RMBS represents our economic interests in these assets. However, as a result of our consolidation of securitization VIEs, the vast majority of this fair value (all except $18.6 million at December 31, 2023) is eliminated against VIE liabilities before arriving at our GAAP balance for fair value option investment securities. As of December 31, 2023, none of our CMBS or RMBS were variable rate. HTM Debt Securities, Amortized Cost The table below summarizes our investments in HTM debt securities as of December 31, 2023 and 2022 (amounts in thousands): Amortized Credit Loss Net Carrying Gross Unrealized Gross Unrealized Fair Value December 31, 2023 CMBS $ 580,704 $ (164) $ 580,540 $ 43 $ (24,835) $ 555,748 Preferred interests 9,570 (2,898) 6,672 — (318) 6,354 Infrastructure bonds 29,123 (10,081) 19,042 32 (16) 19,058 Total $ 619,397 $ (13,143) $ 606,254 $ 75 $ (25,169) $ 581,160 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 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, 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 Credit loss (reversal) provision, net (8) 2,898 7,071 9,961 Credit loss allowance at December 31, 2023 $ 164 $ 2,898 $ 10,081 $ 13,143 During the year ended December 31, 2023, we provided an additional $7.2 million specific credit loss allowance, bringing the total to $10.0 million, on a $19.2 million infrastructure bond that is collateralized by a first priority lien on a coal-fired power plant in Mississippi. It was deemed credit deteriorated when we acquired the Infrastructure Lending Segment in 2018. It has been placed on nonaccrual under the cost recovery method due to a forbearance and restructuring plan agreed between the lenders and borrower that was necessitated by operating shortfalls at the plant. The table below summarizes the maturities of our HTM debt securities by type as of December 31, 2023 (amounts in thousands): CMBS Preferred Infrastructure Total Less than one year $ 96,548 $ — $ — $ 96,548 One to three years 437,173 6,672 330 444,175 Three to five years 46,819 — 9,598 56,417 Thereafter — — 9,114 9,114 Total $ 580,540 $ 6,672 $ 19,042 $ 606,254 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. During the year ended December 31, 2023, 1,892,313 shares were redeemed by SEREF, for proceeds of $2.5 million, leaving 7,247,687 held as of December 31, 2023. Prior to that, there were no share redemptions by SEREF. The fair value of the investment remeasured in USD was $8.3 million and $9.8 million as of December 31, 2023 and 2022, respectively. As of December 31, 2023, our shares represent an approximate 2.3% interest in SEREF.

Properties

Properties	12 Months Ended
	Dec. 31, 2023
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 $778.2 million and debt of $598.4 million as of December 31, 2023. 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 ($290.9 million, net of depreciation) and debt of $193.7 million as of December 31, 2023. As of December 31, 2023, we reclassified the $290.9 million net carrying value of the Master Lease Portfolio properties previously held-for-investment to properties held-for-sale as we had entered into a purchase and sale contract with an unaffiliated third party during the fourth quarter of 2023. The contractual sale price exceeds our undepreciated cost basis and includes the purchaser’s assumption of the related mortgage debt. Accordingly, we also reclassified the $193.7 million net carrying value of the Master Lease Portfolio debt to debt related to properties held-for-sale within the liabilities section of our consolidated balance sheet. Pretax income attributable to the Master Lease Portfolio was $11.7 million, $9.7 million and $9.0 million during the years ended December 31, 2023, 2022 and 2021, respectively. Investing and Servicing Segment Property Portfolio The REIS Equity Portfolio is comprised of 6 commercial real estate properties which were acquired from CMBS trusts over time. The REIS Equity Portfolio includes total gross properties and lease intangibles of $109.5 million and debt of $68.8 million as of December 31, 2023. 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 $456.5 million and debt of $234.9 million as of December 31, 2023. 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-for-investment as of December 31, 2023 and December 31, 2022 (dollars in thousands): Depreciable Life December 31, 2023 December 31, 2022 Property Segment Land and land improvements 0 - 15 years $ 68,923 $ 176,029 Buildings and building improvements 0 - 45 years 629,511 856,411 Furniture & fixtures 3 - 5 years 608 446 Investing and Servicing Segment Land and land improvements 0 - 15 years 20,229 34,613 Buildings and building improvements 3 - 40 years 65,433 122,384 Furniture & fixtures 2 - 5 years 2,899 3,207 Commercial and Residential Lending Segment Land and land improvements N/A 79,361 99,043 Buildings and building improvements 0 - 50 years 139,538 79,661 Construction in progress N/A 218,205 287,701 Furniture & fixtures 5 years 2,003 — Properties, cost 1,226,710 1,659,495 Less: accumulated depreciation (180,326) (209,509) Properties, net $ 1,046,384 $ 1,449,986 During the year ended December 31, 2023, we recognized $124.9 million of property impairment losses within other loss, net in our consolidated statement of operations. Of those impairment losses, $94.8 million related to a vacant building in California which had been acquired by our Commercial and Residential Lending Segment through a loan foreclosure in December 2022. Management continues to evaluate a variety of potential sale opportunities related to the property, including negotiations with several buyers throughout the year, with one as recently as the fourth quarter, which would have resulted in recovery of our then GAAP basis. Because those negotiations ultimately proved unsuccessful, we commissioned a third party appraisal. The fair value of the property was estimated based on this appraisal. The other $30.1 million impairment loss related to an office building in Texas which had been acquired by our Commercial and Residential Lending Segment through a loan foreclosure in May 2022. During the third quarter, a letter of intent which would have resulted in recovery of our then GAAP basis was terminated by the buyer. As a result, we commissioned a third party appraisal. Shortly thereafter, we entered into a letter of intent with another unrelated third party to sell the property at a price below our basis. Although a transaction failed to materialize, we utilized the value implied by the letter of intent to determine the amount of impairment, despite the appraisal indicating full recovery of our GAAP basis. During the year ended December 31, 2023, we sold four operating properties, including a controlling financial interest in a subsidiary within the REIS Equity Portfolio, for $63.7 million. We recognized a total gain of $25.6 million within gain on sale of investments and other assets in our consolidated statement of operations, of which $10.2 million related to the deconsolidation of the subsidiary. 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, 2023, we sold four units in a residential conversion project in New York for $12.1 million within the Commercial and Residential Lending Segment. In connection with these sales, there was no gain or loss recognized in our consolidated statement of operations. 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, excluding rental payments due on properties held-for-sale, are as follows (in thousands): 2024 $ 62,333 2025 56,655 2026 47,778 2027 42,123 2028 38,104 Thereafter 127,957 Total $ 374,950

Investments of Consolidated Aff

Investments of Consolidated Affordable Housing Fund	12 Months Ended
	Dec. 31, 2023
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 $1.8 billion and debt at fair value of $731.2 million as of December 31, 2023. 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 $1.4 billion and debt at fair value of $479.9 million as of December 31, 2023. Income from the Woodstar Fund’s investments reflects the following components for the years ended December 31, 2023 and 2022, and for the period from November 5, 2021 through December 31, 2021 (in thousands): Year Ended December 31, 2023 Year Ended December 31, 2022 November 5, 2021 - December 31, 2021 Distributions from affordable housing fund investments $ 39,413 $ 35,043 $ 6,023 Unrealized change in fair value of investments (1) 251,831 720,693 402 Income from affordable housing fund investments $ 291,244 $ 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, 2023
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, 2023 and 2022 (dollars in thousands): Participation / Carrying value as of December 31, 2023 December 31, 2022 Equity method investments: Equity interests in two natural gas power plants 10% - 12% $ 52,230 $ 46,618 Investor entity which owns equity in an online real estate company 50% 5,575 5,457 Equity interest in a residential mortgage originator (2) N/A — 1,449 Various 20% - 50% 16,854 15,377 74,659 68,901 Other equity investments: Equity interest in a servicing and advisory business 2% 12,955 12,955 Investment funds which own equity in a loan servicer and other real estate assets 4% - 6% 842 940 Investor entities which own equity interests in two entertainment and retail centers (3) 15% 146 7,322 Various 1% - 3% 1,774 1,774 15,717 22,991 $ 90,376 $ 91,892 ______________________________________________________________________________________________________________________ (1) None of these investments are publicly traded and therefore quoted market prices are not available. (2) In January 2023, we sold our ownership interest to an unaffiliated third party. During the year ended December 31, 2022, we reduced the carrying value of our investment to the estimated net proceeds to be received. (3) In March 2021, we obtained equity interests in two investor entities that own interests in two entertainment and retail centers in satisfaction of $7.3 million principal amount of a commercial loan. The interests were obtained in order to facilitate repayment of a portion of that loan for which these interests represented underlying collateral. The interests are entitled to preferred treatment in the distribution waterfall and are intended to repay us the $7.3 million principal amount of the loan plus interest. During the year ended December 31, 2023, we received distributions totaling $54.9 million, which reduced the carrying values of both the loan (including previously accrued interest) and one of the equity interests by $47.7 million and $7.2 million, respectively. This distribution reduced our basis in one of the investor entities to a balance of zero, while the second investor entity basis was unchanged. 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, 2023. During the year ended December 31, 2023, 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, 2023
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, 2023 and 2022 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 2023, 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, 2023 and 2022 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 2023, 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, 2023 and 2022, the balance of the domestic servicing intangible was net of $37.9 million and $39.1 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, 2023 and 2022, the domestic servicing intangible had a balance of $57.2 million and $56.8 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, 2023 and 2022 (amounts in thousands): As of December 31, 2023 As of December 31, 2022 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Domestic servicing rights, at fair value $ 19,384 $ — $ 19,384 $ 17,790 $ — $ 17,790 In-place lease intangible assets 96,158 (67,420) 28,738 98,622 (64,246) 34,376 Favorable lease intangible assets 27,928 (11,083) 16,845 26,649 (10,042) 16,607 Total net intangible assets $ 143,470 $ (78,503) $ 64,967 $ 143,061 $ (74,288) $ 68,773 The following table summarizes the activity within intangible assets for the years ended December 31, 2023 and 2022 (amounts in thousands): Domestic In-place Lease Favorable Lease Total Balance as of January 1, 2022 $ 16,780 $ 31,991 $ 14,793 $ 63,564 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 Acquisition (3) — 2,061 2,280 4,341 Amortization — (6,789) (1,945) (8,734) Sales — (910) (97) (1,007) Changes in fair value due to changes in inputs and assumptions 1,594 — — 1,594 Balance as of December 31, 2023 $ 19,384 $ 28,738 $ 16,845 $ 64,967 _________________________________________________ (1) Represents lease intangibles related to an office building in Texas that were consolidated upon exercising control over a mezzanine loan borrower ’ s pledged equity interests in May 2022. (2) Impairment of intangible lease assets is recognized within other expense in our consolidated statement of operations. (3) Represents lease intangibles related to a deed in lieu of foreclosure on a mortgage loan on the retail portion of a hotel located in Chicago in May 2023 (see Note 5). 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): 2024 $ 7,195 2025 6,099 2026 4,573 2027 4,089 2028 3,943 Thereafter 19,684 Total $ 45,583

Secured Borrowings

Secured Borrowings	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022 (dollars in thousands): Outstanding Balance at Current Extended Maturity (a) Weighted Average Pledged Asset Maximum December 31, 2023 December 31, 2022 Repurchase Agreements: Commercial Loans Jun 2024 to Dec 2028 (b) Oct 2025 to Dec 2030 (b) Index + 2.07% (c) $ 10,267,245 $ 12,109,808 (d) $ 7,170,389 $ 7,746,867 Residential Loans Aug 2024 to Oct 2025 Aug 2024 to Apr 2026 SOFR + 1.90% 2,602,728 3,450,000 2,287,655 1,912,774 Infrastructure Loans Sep 2024 Sep 2026 SOFR + 2.07% 541,979 650,000 453,217 290,431 Conduit Loans Dec 2024 to Jun 2026 Dec 2025 to Jun 2027 SOFR + 2.30% 31,690 375,000 26,930 8,423 CMBS/RMBS Sep 2024 to Apr 2032 (e) Dec 2024 to Oct 2032 (e) (f) 1,424,610 995,907 714,168 (g) 840,625 Total Repurchase Agreements 14,868,252 17,580,715 10,652,359 10,799,120 Other Secured Financing: Borrowing Base Facility Nov 2024 Oct 2026 SOFR + 2.11% 479,925 750,000 (h) 27,639 — Commercial Financing Facilities Jul 2024 to Aug 2028 Jul 2025 to Dec 2030 Index + 2.20% 557,888 572,552 (i) 387,822 311,825 Residential Financing Facility N/A N/A N/A — — — 244,418 Infrastructure Financing Facilities Jun 2025 to Oct 2025 Jun 2027 to Jul 2032 Index + 2.14% 877,591 1,550,000 631,187 765,265 Property Mortgages - Fixed rate Oct 2025 to Jun 2026 N/A 4.52% 32,772 29,898 29,898 261,100 Property Mortgages - Variable rate Jun 2024 to Mar 2026 N/A (j) 895,159 855,080 853,145 847,633 Term Loans and Revolver (k) N/A (k) N/A (k) 1,516,778 1,366,778 1,380,766 Total Other Secured Financing 2,843,335 5,274,308 3,296,469 3,811,007 $ 17,711,587 $ 22,855,023 13,948,828 14,610,127 Unamortized net discount (24,975) (30,320) Unamortized deferred financing costs (55,857) (78,275) $ 13,867,996 $ 14,501,532 ______________________________________________________________________________________________________________________ (a) Subject to certain conditions as defined in the respective facility agreement. (b) For certain facilities, borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions. (c) Certain facilities with an outstanding balance of $2.8 billion as of December 31, 2023 are indexed to EURIBOR, BBSY, SARON and SONIA. The remainder are indexed to SOFR. (d) Certain facilities with an aggregate initial maximum facility size of $11.7 billion may be increased to $12.1 billion, subject to certain conditions. The $12.1 billion amount includes such upsizes. (e) Certain facilities with an outstanding balance of $332.6 million as of December 31, 2023 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 $281.3 million as of December 31, 2023 has a weighted average fixed annual interest rate of 3.54%. All other facilities are variable rate with a weighted average rate of SOFR + 2.22%. (g) Includes: (i) $281.3 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $33.0 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, 2023 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 $472.6 million may be increased to $572.6 million, subject to certain conditions. The $572.6 million amount includes such upsizes. (j) Includes a $600.0 million first mortgage and mezzanine loan secured by our Medical Office Portfolio. This debt has a weighted average interest rate of SOFR + 2.18% that we swapped to a fixed rate of 3.46%. The remainder have a weighted average rate of SOFR + 3.38%. (k) Consists of: (i) a $772.8 million term loan facility that matures in July 2026, of which $383.0 million has an annual interest rate of SOFR + 2.60% and $389.8 million has an annual interest rate of SOFR + 3.35%, subject to a 0.75% SOFR floor, (ii) a $150.0 million revolving credit facility that matures in April 2026 with an annual interest rate of SOFR + 2.60% and (iii) a $594.0 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, 2023. 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. During the year ended December 31, 2023, we entered into Residential Loans facilities of $1.8 billion and amended or terminated several Residential Loans facilities, resulting in an aggregate net downsize of $87.9 million. The weighted average spread on the new facilities was 39 bps lower than the facilities that were repaid. During the year ended December 31, 2023, we entered into a commercial credit facility of $63.4 million. In addition, we amended several commercial credit facilities resulting in an aggregate net upsize of $206.0 million. Our secured financing agreements contain certain financial tests and covenants. As of December 31, 2023, 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 67% 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 33% 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, 2023, 2022 and 2021, approximately $40.7 million, $38.2 million and $35.6 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, 2023, Morgan Stanley Bank, N.A. held collateral sold under certain of our repurchase agreements with carrying values that exceeded the respective repurchase obligations by $858.4 million. The weighted average extended maturity of those repurchase agreements is 3.7 years. 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 years ended December 31, 2023 and 2022, we utilized the reinvestment feature, contributing $52.2 million and $80.0 million, respectively, 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, 2023, 2022 and 2021, we utilized the reinvestment feature, contributing $99.1 million, $257.2 million and $58.6 million, respectively, of additional interests into the CLO. During the year ended December 31, 2023, the reinvestment period expired, and we repaid CLO debt in the amount of $1.2 million. 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 year ended December 31, 2021, we utilized the reinvestment feature, contributing $261.9 million of additional interests into the CLO. The reinvestment period expired during 2022, and we repaid CLO debt in the amount of $168.6 million and $197.2 million during the years ended December 31, 2023 and 2022, respectively. 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 years ended December 31, 2023 and 2022, we utilized the reinvestment feature, contributing $205.7 million and $112.9 million, respectively, 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, 2023, 2022 and 2021, we utilized the reinvestment feature, contributing $213.8 million, $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, 2023 and 2022 (amounts in thousands): December 31, 2023 Count Face Carrying Weighted Maturity STWD 2022-FL3 Collateral assets 48 $ 997,569 $ 1,007,532 SOFR + 3.53% (a) May 2026 (b) Financing 1 $ 840,620 $ 837,881 SOFR + 1.89% (c) November 2038 (d) STWD 2021-HTS Collateral assets 1 $ 223,193 $ 224,509 SOFR + 3.87% (a) April 2026 (b) Financing 1 $ 203,284 $ 203,058 SOFR + 2.82% (c) April 2034 (d) STWD 2021-FL2 Collateral assets 34 $ 1,272,585 $ 1,288,165 SOFR + 3.95% (a) January 2026 (b) Financing 1 $ 1,065,713 $ 1,063,454 SOFR + 1.85% (c) April 2038 (d) STWD 2019-FL1 Collateral assets 14 $ 734,099 $ 739,684 SOFR + 3.51% (a) May 2025 (b) Financing 1 $ 570,546 $ 570,546 SOFR + 1.62% (c) July 2038 (d) STWD 2021-SIF2 Collateral assets 30 $ 499,401 $ 514,286 SOFR + 3.87% (a) December 2027 (b) Financing 1 $ 410,000 $ 408,166 SOFR + 2.11% (c) January 2033 (d) STWD 2021-SIF1 Collateral assets 32 $ 499,767 $ 514,594 SOFR + 3.97% (a) August 2027 (b) Financing 1 $ 410,000 $ 408,187 SOFR + 2.42% (c) April 2032 (d) Total Collateral assets $ 4,226,614 $ 4,288,770 Financing $ 3,500,163 $ 3,491,292 December 31, 2022 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 ___________________________________________________________________________________________________________________________________ (a) Represents the weighted-average coupon earned on variable rate loans during the respective year-to-date period and excludes loans for which interest income is not recognized. Of the loans financed by the STWD 2021-FL2 CLO as of December 31, 2023, 7% earned fixed-rate weighted average interest of 7.39%. Of the investments financed by the STWD 2021-SIF1 CLO as of December 31, 2023, 2% earned fixed-rate weighted average interest of 5.70%. (b) Represents the weighted-average maturity, assuming the extended contractual maturity of the collateral assets. (c) Represents the weighted-average cost of financing, 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, 2023, 2022 and 2021, approximately $8.7 million, $10.5 million and $5.7 million, respectively, of amortization of deferred financing costs was included in interest expense on our consolidated statements of operations. As of December 31, 2023 and 2022, our unamortized issuance costs were $9.5 million and $18.2 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 Financing (a) CLOs and SASB (b) Total 2024 $ 1,326,226 $ 658,382 $ 505,165 $ 2,489,773 2025 2,186,047 279,752 831,133 3,296,932 2026 2,951,048 1,041,635 1,818,554 5,811,237 2027 3,225,566 1,119,753 129,044 4,474,363 2028 753,565 189,387 206,597 1,149,549 Thereafter 209,907 7,560 9,670 227,137 Total $ 10,652,359 $ 3,296,469 $ 3,500,163 $ 17,448,991 ______________________________________________________________________________________________________________________ (a) Excludes debt related to properties held-for-sale (see Note 7). (b) 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, 2023 and 2022 (dollars in thousands): Coupon Effective Maturity Remaining Carrying Value at December 31, 2023 December 31, 2022 2023 Convertible Notes 4.38 % 4.57 % 4/1/2023 N/A — 250,000 2027 Convertible Notes 6.75 % 7.48 % 7/15/2027 3.5 years 380,750 — 2023 Senior Notes 5.50 % 5.71 % 11/1/2023 N/A — 300,000 2024 Senior Notes 3.75 % 3.94 % 12/31/2024 1.0 year 400,000 400,000 2025 Senior Notes 4.75 % (2) 5.04 % 3/15/2025 1.2 years 500,000 500,000 2026 Senior Notes 3.63 % 3.77 % 7/15/2026 2.5 years 400,000 400,000 2027 Senior Notes 4.38 % (3) 4.49 % 1/15/2027 3.0 years 500,000 500,000 Total principal amount 2,180,750 2,350,000 Unamortized discount—Convertible Notes (8,570) (118) Unamortized discount—Senior Notes (5,445) (9,051) Unamortized deferred financing costs (7,847) (11,620) Total carrying amount $ 2,158,888 $ 2,329,211 ______________________________________________________________________________________________________________________ (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%, which was converted to SOFR + 2.53% effective July 2023. (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 entire $300.0 million principal balance of the 2023 Senior Notes was repaid at maturity on November 1, 2023. 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. 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. 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, 2023, we were in compliance with all such covenants. Convertible Senior Notes In July 2023, we issued $380.8 million of 6.750% Convertible Senior Notes due 2027 (the “2027 Convertible Notes”) for net proceeds of $371.2 million. The notes mature on July 15, 2027. In March 2017, we issued $250.0 million of 4.375% Convertible Senior Notes due 2023 (the “2023 Convertible Notes”). The entire $250.0 million principal balance of the 2023 Convertible Notes was repaid in cash at maturity on April 1, 2023. We recognized interest expense from our Convertible Notes of $16.6 million during the year ended December 31, 2023, and $11.6 million during each of the years ended December 31, 2022 and 2021. The following table details the conversion attributes of our Convertible Notes outstanding as of December 31, 2023 (amounts in thousands, except rates): December 31, 2023 Conversion Conversion Rate (1) Price (2) 2027 Convertible Notes 48.1783 $ 20.76 ______________________________________________________________________________________________________________________ (1) The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount of 2027 Convertible Notes converted, as adjusted in accordance with the indenture governing the 2027 Convertible Notes (including the applicable supplemental indenture). (2) As of December 31, 2023, the market price of the Company’s common stock was $21.02. The if-converted value of the 2027 Convertible Notes exceeded their principal amount by $4.8 million at December 31, 2023 as the closing market price of the Company’s common stock of $21.02 was greater than the implicit conversion price of $20.76 per share. The if-converted value of the principal amount of the 2027 Convertible Notes was $385.6 million as of December 31, 2023. As of December 31, 2023, the net carrying amount and fair value of the 2027 Convertible Notes was $371.5 million and $390.6 million, respectively. Upon conversion of the 2027 Convertible Notes, settlement may be made in common stock, cash or a combination of both, at the option of the Company. Conditions for Conversion Prior to January 15, 2027, the 2027 Convertible Notes will be convertible only upon satisfaction of one or more of the following conditions: (1) the closing market price of the Company’s common stock is at least 110% of the conversion price of the 2027 Convertible Notes for at least 20 out of 30 trading days prior to the end of the preceding fiscal quarter, (2) the trading price of the 2027 Convertible Notes is less than 98% of the product of (i) the conversion rate and (ii) the closing price of the Company’s common stock during any five On or after January 15, 2027, holders of the 2027 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, 2023
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, 2023 and 2022 (dollars in thousands): Outstanding Balance at Current Extended Maturity (a) Weighted Average Pledged Asset Maximum December 31, 2023 December 31, 2022 Repurchase Agreements: Commercial Loans Jun 2024 to Dec 2028 (b) Oct 2025 to Dec 2030 (b) Index + 2.07% (c) $ 10,267,245 $ 12,109,808 (d) $ 7,170,389 $ 7,746,867 Residential Loans Aug 2024 to Oct 2025 Aug 2024 to Apr 2026 SOFR + 1.90% 2,602,728 3,450,000 2,287,655 1,912,774 Infrastructure Loans Sep 2024 Sep 2026 SOFR + 2.07% 541,979 650,000 453,217 290,431 Conduit Loans Dec 2024 to Jun 2026 Dec 2025 to Jun 2027 SOFR + 2.30% 31,690 375,000 26,930 8,423 CMBS/RMBS Sep 2024 to Apr 2032 (e) Dec 2024 to Oct 2032 (e) (f) 1,424,610 995,907 714,168 (g) 840,625 Total Repurchase Agreements 14,868,252 17,580,715 10,652,359 10,799,120 Other Secured Financing: Borrowing Base Facility Nov 2024 Oct 2026 SOFR + 2.11% 479,925 750,000 (h) 27,639 — Commercial Financing Facilities Jul 2024 to Aug 2028 Jul 2025 to Dec 2030 Index + 2.20% 557,888 572,552 (i) 387,822 311,825 Residential Financing Facility N/A N/A N/A — — — 244,418 Infrastructure Financing Facilities Jun 2025 to Oct 2025 Jun 2027 to Jul 2032 Index + 2.14% 877,591 1,550,000 631,187 765,265 Property Mortgages - Fixed rate Oct 2025 to Jun 2026 N/A 4.52% 32,772 29,898 29,898 261,100 Property Mortgages - Variable rate Jun 2024 to Mar 2026 N/A (j) 895,159 855,080 853,145 847,633 Term Loans and Revolver (k) N/A (k) N/A (k) 1,516,778 1,366,778 1,380,766 Total Other Secured Financing 2,843,335 5,274,308 3,296,469 3,811,007 $ 17,711,587 $ 22,855,023 13,948,828 14,610,127 Unamortized net discount (24,975) (30,320) Unamortized deferred financing costs (55,857) (78,275) $ 13,867,996 $ 14,501,532 ______________________________________________________________________________________________________________________ (a) Subject to certain conditions as defined in the respective facility agreement. (b) For certain facilities, borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions. (c) Certain facilities with an outstanding balance of $2.8 billion as of December 31, 2023 are indexed to EURIBOR, BBSY, SARON and SONIA. The remainder are indexed to SOFR. (d) Certain facilities with an aggregate initial maximum facility size of $11.7 billion may be increased to $12.1 billion, subject to certain conditions. The $12.1 billion amount includes such upsizes. (e) Certain facilities with an outstanding balance of $332.6 million as of December 31, 2023 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 $281.3 million as of December 31, 2023 has a weighted average fixed annual interest rate of 3.54%. All other facilities are variable rate with a weighted average rate of SOFR + 2.22%. (g) Includes: (i) $281.3 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $33.0 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, 2023 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 $472.6 million may be increased to $572.6 million, subject to certain conditions. The $572.6 million amount includes such upsizes. (j) Includes a $600.0 million first mortgage and mezzanine loan secured by our Medical Office Portfolio. This debt has a weighted average interest rate of SOFR + 2.18% that we swapped to a fixed rate of 3.46%. The remainder have a weighted average rate of SOFR + 3.38%. (k) Consists of: (i) a $772.8 million term loan facility that matures in July 2026, of which $383.0 million has an annual interest rate of SOFR + 2.60% and $389.8 million has an annual interest rate of SOFR + 3.35%, subject to a 0.75% SOFR floor, (ii) a $150.0 million revolving credit facility that matures in April 2026 with an annual interest rate of SOFR + 2.60% and (iii) a $594.0 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, 2023. 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. During the year ended December 31, 2023, we entered into Residential Loans facilities of $1.8 billion and amended or terminated several Residential Loans facilities, resulting in an aggregate net downsize of $87.9 million. The weighted average spread on the new facilities was 39 bps lower than the facilities that were repaid. During the year ended December 31, 2023, we entered into a commercial credit facility of $63.4 million. In addition, we amended several commercial credit facilities resulting in an aggregate net upsize of $206.0 million. Our secured financing agreements contain certain financial tests and covenants. As of December 31, 2023, 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 67% 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 33% 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, 2023, 2022 and 2021, approximately $40.7 million, $38.2 million and $35.6 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, 2023, Morgan Stanley Bank, N.A. held collateral sold under certain of our repurchase agreements with carrying values that exceeded the respective repurchase obligations by $858.4 million. The weighted average extended maturity of those repurchase agreements is 3.7 years. 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 years ended December 31, 2023 and 2022, we utilized the reinvestment feature, contributing $52.2 million and $80.0 million, respectively, 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, 2023, 2022 and 2021, we utilized the reinvestment feature, contributing $99.1 million, $257.2 million and $58.6 million, respectively, of additional interests into the CLO. During the year ended December 31, 2023, the reinvestment period expired, and we repaid CLO debt in the amount of $1.2 million. 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 year ended December 31, 2021, we utilized the reinvestment feature, contributing $261.9 million of additional interests into the CLO. The reinvestment period expired during 2022, and we repaid CLO debt in the amount of $168.6 million and $197.2 million during the years ended December 31, 2023 and 2022, respectively. 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 years ended December 31, 2023 and 2022, we utilized the reinvestment feature, contributing $205.7 million and $112.9 million, respectively, 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, 2023, 2022 and 2021, we utilized the reinvestment feature, contributing $213.8 million, $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, 2023 and 2022 (amounts in thousands): December 31, 2023 Count Face Carrying Weighted Maturity STWD 2022-FL3 Collateral assets 48 $ 997,569 $ 1,007,532 SOFR + 3.53% (a) May 2026 (b) Financing 1 $ 840,620 $ 837,881 SOFR + 1.89% (c) November 2038 (d) STWD 2021-HTS Collateral assets 1 $ 223,193 $ 224,509 SOFR + 3.87% (a) April 2026 (b) Financing 1 $ 203,284 $ 203,058 SOFR + 2.82% (c) April 2034 (d) STWD 2021-FL2 Collateral assets 34 $ 1,272,585 $ 1,288,165 SOFR + 3.95% (a) January 2026 (b) Financing 1 $ 1,065,713 $ 1,063,454 SOFR + 1.85% (c) April 2038 (d) STWD 2019-FL1 Collateral assets 14 $ 734,099 $ 739,684 SOFR + 3.51% (a) May 2025 (b) Financing 1 $ 570,546 $ 570,546 SOFR + 1.62% (c) July 2038 (d) STWD 2021-SIF2 Collateral assets 30 $ 499,401 $ 514,286 SOFR + 3.87% (a) December 2027 (b) Financing 1 $ 410,000 $ 408,166 SOFR + 2.11% (c) January 2033 (d) STWD 2021-SIF1 Collateral assets 32 $ 499,767 $ 514,594 SOFR + 3.97% (a) August 2027 (b) Financing 1 $ 410,000 $ 408,187 SOFR + 2.42% (c) April 2032 (d) Total Collateral assets $ 4,226,614 $ 4,288,770 Financing $ 3,500,163 $ 3,491,292 December 31, 2022 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 ___________________________________________________________________________________________________________________________________ (a) Represents the weighted-average coupon earned on variable rate loans during the respective year-to-date period and excludes loans for which interest income is not recognized. Of the loans financed by the STWD 2021-FL2 CLO as of December 31, 2023, 7% earned fixed-rate weighted average interest of 7.39%. Of the investments financed by the STWD 2021-SIF1 CLO as of December 31, 2023, 2% earned fixed-rate weighted average interest of 5.70%. (b) Represents the weighted-average maturity, assuming the extended contractual maturity of the collateral assets. (c) Represents the weighted-average cost of financing, 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, 2023, 2022 and 2021, approximately $8.7 million, $10.5 million and $5.7 million, respectively, of amortization of deferred financing costs was included in interest expense on our consolidated statements of operations. As of December 31, 2023 and 2022, our unamortized issuance costs were $9.5 million and $18.2 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 Financing (a) CLOs and SASB (b) Total 2024 $ 1,326,226 $ 658,382 $ 505,165 $ 2,489,773 2025 2,186,047 279,752 831,133 3,296,932 2026 2,951,048 1,041,635 1,818,554 5,811,237 2027 3,225,566 1,119,753 129,044 4,474,363 2028 753,565 189,387 206,597 1,149,549 Thereafter 209,907 7,560 9,670 227,137 Total $ 10,652,359 $ 3,296,469 $ 3,500,163 $ 17,448,991 ______________________________________________________________________________________________________________________ (a) Excludes debt related to properties held-for-sale (see Note 7). (b) 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, 2023 and 2022 (dollars in thousands): Coupon Effective Maturity Remaining Carrying Value at December 31, 2023 December 31, 2022 2023 Convertible Notes 4.38 % 4.57 % 4/1/2023 N/A — 250,000 2027 Convertible Notes 6.75 % 7.48 % 7/15/2027 3.5 years 380,750 — 2023 Senior Notes 5.50 % 5.71 % 11/1/2023 N/A — 300,000 2024 Senior Notes 3.75 % 3.94 % 12/31/2024 1.0 year 400,000 400,000 2025 Senior Notes 4.75 % (2) 5.04 % 3/15/2025 1.2 years 500,000 500,000 2026 Senior Notes 3.63 % 3.77 % 7/15/2026 2.5 years 400,000 400,000 2027 Senior Notes 4.38 % (3) 4.49 % 1/15/2027 3.0 years 500,000 500,000 Total principal amount 2,180,750 2,350,000 Unamortized discount—Convertible Notes (8,570) (118) Unamortized discount—Senior Notes (5,445) (9,051) Unamortized deferred financing costs (7,847) (11,620) Total carrying amount $ 2,158,888 $ 2,329,211 ______________________________________________________________________________________________________________________ (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%, which was converted to SOFR + 2.53% effective July 2023. (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 entire $300.0 million principal balance of the 2023 Senior Notes was repaid at maturity on November 1, 2023. 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. 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. 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, 2023, we were in compliance with all such covenants. Convertible Senior Notes In July 2023, we issued $380.8 million of 6.750% Convertible Senior Notes due 2027 (the “2027 Convertible Notes”) for net proceeds of $371.2 million. The notes mature on July 15, 2027. In March 2017, we issued $250.0 million of 4.375% Convertible Senior Notes due 2023 (the “2023 Convertible Notes”). The entire $250.0 million principal balance of the 2023 Convertible Notes was repaid in cash at maturity on April 1, 2023. We recognized interest expense from our Convertible Notes of $16.6 million during the year ended December 31, 2023, and $11.6 million during each of the years ended December 31, 2022 and 2021. The following table details the conversion attributes of our Convertible Notes outstanding as of December 31, 2023 (amounts in thousands, except rates): December 31, 2023 Conversion Conversion Rate (1) Price (2) 2027 Convertible Notes 48.1783 $ 20.76 ______________________________________________________________________________________________________________________ (1) The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount of 2027 Convertible Notes converted, as adjusted in accordance with the indenture governing the 2027 Convertible Notes (including the applicable supplemental indenture). (2) As of December 31, 2023, the market price of the Company’s common stock was $21.02. The if-converted value of the 2027 Convertible Notes exceeded their principal amount by $4.8 million at December 31, 2023 as the closing market price of the Company’s common stock of $21.02 was greater than the implicit conversion price of $20.76 per share. The if-converted value of the principal amount of the 2027 Convertible Notes was $385.6 million as of December 31, 2023. As of December 31, 2023, the net carrying amount and fair value of the 2027 Convertible Notes was $371.5 million and $390.6 million, respectively. Upon conversion of the 2027 Convertible Notes, settlement may be made in common stock, cash or a combination of both, at the option of the Company. Conditions for Conversion Prior to January 15, 2027, the 2027 Convertible Notes will be convertible only upon satisfaction of one or more of the following conditions: (1) the closing market price of the Company’s common stock is at least 110% of the conversion price of the 2027 Convertible Notes for at least 20 out of 30 trading days prior to the end of the preceding fiscal quarter, (2) the trading price of the 2027 Convertible Notes is less than 98% of the product of (i) the conversion rate and (ii) the closing price of the Company’s common stock during any five On or after January 15, 2027, holders of the 2027 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, 2023
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 year ended December 31, 2021, we exercised the optional redemption on certain of our residential securitizations and acquired $524.5 million of loans and redeemed $51.2 million of our existing RMBS holdings. 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 years ended December 31, 2023 and 2022. The following summarizes the face amount and proceeds of commercial and residential loans securitized for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands): Commercial Loans Residential Loans Face Amount Proceeds Face Amount Proceeds For the Year Ended December 31, 2023 $ 759,740 $ 770,733 $ — $ — 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 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, 2023 $ 95,496 $ 95,271 $ — $ — 2022 75,235 74,859 1,057,013 1,056,683 2021 335,552 328,878 216,827 225,940 ______________________________________________________________________________________________________________________ (1) During the year ended December 31, 2023, we sold $95.5 million of mezzanine loans at par less costs to sell. 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. (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, 2023 and 2022, losses recognized by the Commercial and Residential Lending Segment on sales of commercial loans were immaterial. During the year ended December 31, 2021 losses recognized by the Commercial and Residential Lending Segment on sales of commercial loans were $1.1 million. Infrastructure Loan Sales

Derivatives and Hedging Activit

Derivatives and Hedging Activity	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022, 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, 2023 (notional amounts in thousands): Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Buy Euros (“EUR”) 14 28,805 EUR January 2024 - April 2026 Fx contracts – Buy Pounds Sterling (“GBP”) 17 129,948 GBP January 2024 - January 2027 Fx contracts – Buy Australian dollar (“AUD”) 12 822,069 AUD January 2024 - October 2026 Fx contracts – Sell EUR 186 843,888 EUR January 2024 - February 2027 Fx contracts – Sell GBP 221 668,887 GBP January 2024 - April 2027 Fx contracts – Sell AUD 133 1,704,744 AUD January 2024 - July 2027 Fx contracts – Sell Swiss Franc (“CHF”) 65 20,423 CHF February 2024 - November 2025 Interest rate swaps – Paying fixed rates 51 4,456,559 USD April 2024 - October 2033 Interest rate swaps – Receiving fixed rates 2 970,000 USD March 2025 - January 2027 Interest rate caps 4 624,499 USD November 2024 - 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 1 100,456 USD June 2025 Total 710 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, 2023 and 2022 (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, 2023 2022 2023 2022 Interest rate contracts $ 8,899 $ 10,756 $ 48,401 $ 69,776 Interest rate swap guarantees — — — — Foreign exchange contracts 53,979 97,289 54,066 21,628 Credit instruments 559 576 — — Total derivatives $ 63,437 $ 108,621 $ 102,467 $ 91,404 ___________________________________________________ (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, 2023, 2022 and 2021 (amounts in thousands): Derivatives Not Designated Location of (Loss) Gain Recognized in Income Amount of (Loss) Gain Recognized in Income for the Year Ended December 31, 2023 2022 2021 Interest rate contracts (Loss) gain on derivative financial instruments, net $ 27,293 $ 216,778 $ 41,033 Interest rate swap guarantees (Loss) gain on derivative financial instruments, net — 260 589 Foreign exchange contracts (Loss) gain on derivative financial instruments, net (65,085) 116,443 41,228 Credit instruments (Loss) gain on derivative financial instruments, net (813) 534 (487) $ (38,605) $ 334,015 $ 82,363

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	12 Months Ended
	Dec. 31, 2023
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, 2023 Derivative assets $ 63,437 $ — $ 63,437 $ 41,341 $ — $ 22,096 Derivative liabilities $ 102,467 $ — $ 102,467 $ 41,340 $ 61,127 $ — Repurchase agreements 10,652,359 — 10,652,359 10,652,359 — — $ 10,754,826 $ — $ 10,754,826 $ 10,693,699 $ 61,127 $ — 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 $ —

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022 (amounts in thousands): December 31, 2023 December 31, 2022 Assets: Cash and cash equivalents $ 33,175 $ 31,611 Loans held-for-investment 4,210,097 4,365,791 Investment securities 9,946 36,466 Accrued interest receivable 26,355 20,088 Other assets 9,197 131 Total Assets $ 4,288,770 $ 4,454,087 Liabilities Accounts payable, accrued expenses and other liabilities $ 21,174 $ 17,737 Collateralized loan obligations and single asset securitization, net 3,491,292 3,676,224 Total Liabilities $ 3,512,466 $ 3,693,961 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 $2.0 billion, including its indirect investment in SPT Dolphin, and no significant liabilities as of December 31, 2023. As of December 31, 2023, Woodstar Feeder Fund, L.P. and its consolidated subsidiary which is also considered a VIE, Woodstar Feeder REIT, LLC, had a $0.6 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 $313.3 million and liabilities of $68.6 million as of December 31, 2023. Refer to Note 18 for further discussion. In addition to the above non-securitization entities, we have smaller VIEs with total assets of $47.8 million and liabilities of $10.3 million as of December 31, 2023. 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, 2023, our maximum risk of loss related to securitization VIEs in which we were not the primary beneficiary was $18.6 million on a fair value basis. As of December 31, 2023, 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 $4.3 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 $0.8 million as of December 31, 2023, 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, 2023
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, 2023, 2022 and 2021, approximately $87.3 million, $86.7 million and $77.9 million, respectively, was incurred for base management fees. As of December 31, 2023 and 2022, there were $21.9 million and $21.8 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 or interests therein. 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, 2023, 2022 and 2021, approximately $35.7 million, $49.6 million and $70.3 million, respectively, was incurred for incentive fees. As of December 31, 2023 and 2022, there were $19.5 million and $14.5 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, 2023, 2022 and 2021, approximately $8.0 million, $8.6 million and $7.1 million, respectively, was incurred for executive compensation and other reimbursable expenses and recognized within general and administrative expenses in our consolidated statements of operations. As of December 31, 2023 and 2022, there was $3.4 million and $4.9 million, respectively, of unpaid reimbursable executive compensation and other expenses included in related-party payable in our consolidated balance sheets. Equity Awards. In certain instances, we issue RSAs to certain employees of affiliates of our Manager who perform services for us. During the years ended December 31, 2023, 2022 and 2021, we granted 226,955, 200,972 and 1,013,232 RSAs, respectively, at grant date fair values of $4.3 million, $4.8 million and $20.3 million, respectively. Expenses related to the vesting of awards to employees of affiliates of our Manager were $8.7 million, $8.9 million and $9.7 million during the years ended December 31, 2023, 2022 and 2021, 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, 2023, 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 $18.0 million, $18.7 million and $19.4 million within management fees in our consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021, respectively. Refer to Note 18 for further discussion. Investments in Loans and Securities During the years ended December 31, 2022 and 2021, we acquired $1.1 billion and $1.2 billion, respectively, of loans from a residential mortgage originator in which we held an equity interest. During the year ended December 31, 2023, we entered into a stock transfer, termination and release agreement in which we sold the entirety of our equity interest to a third party. No loans were acquired from this entity during the year ended December 31, 2023. 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. There were no sales of loans to this entity during the year ended December 31, 2023. In August 2023 , we received a $29.4 million final 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. 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 $148.5 million was outstanding as of December 31, 2023. The loan bears interest at SOFR + 6.50% plus fees and has a term of 24 months with three one-year extension options. Certain members of our executive team and board of directors own equity interests in the borrower. In July 2023, we agreed to a 10-month 300 bps interest payment deferral, which during the year ended December 31, 2023 amounted to $2.3 million. 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 February 2019, we acquired a $60.0 million participation in a $925.0 million first priority infrastructure term loan. In April 2019 and July 2019, we 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, 2023, the outstanding participation balance in this term loan was $60.7 million. In January 2018, we 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, we 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. During the year ended December 31, 2023, 1,892,313 shares were redeemed by SEREF, for proceeds of $2.5 million, leaving 7,247,687 held as of December 31, 2023. Prior to that, there were no share redemptions by SEREF. As of December 31, 2023, our shares represent an approximate 2% interest in SEREF. Refer to Note 6 for additional details. We co-originate, 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 us 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 November, 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 years ended December 31, 2023 and 2022, we made payments to the landlord under the terms of the lease of $1.3 million and $4.4 million, respectively, for reimbursements relating to tenant improvements and $6.6 million and $1.1 million, respectively, for rent, parking and our pro rata share of building operating expenses. During the years ended December 31, 2023 and 2022, we recognized $7.2 million and $2.7 million, respectively, 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, 2023 and 2022. 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 year ended December 31, 2021, we acquired $524.5 million of residential loans from consolidated RMBS trusts at their par amounts. No loans were acquired from consolidated RMBS trusts during the years ended December 31, 2023 and 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, 2023, 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 both the years ended December 31, 2023 and 2022, the non-controlling interests related to this fund received cash distributions of $1.9 million. During the year ended December 31, 2021, the non-controlling interests related to this fund received cash distributions of $0.2 million. 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, 2023, 2022 and 2021, property management fees to Highmark of $6.0 million, $5.6 million and $4.2 million, respectively, were recognized within our Woodstar Portfolios.

Stockholders' Equity and Non-Co

Stockholders' Equity and Non-Controlling Interests	12 Months Ended
	Dec. 31, 2023
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 New York Stock Exchange 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 a financial institution. There were no shares issued under the ATM Agreement during the year ended December 31, 2023. 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 year ended December 31, 2021, 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, 2023, 2022 and 2021, 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 years ended December 31, 2023 and 2022, 123,327 and 67,965 shares, respectively, of common stock were purchased by participants at a weighted average discounted purchase price of $15.46 and $17.36 per share, respectively. As of December 31, 2023, there were 1.8 million shares of common stock available for future issuance through the ESPP. Other Share Issuances 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. Dividends Our board of directors declared the following dividends during the years ended December 31, 2023, 2022 and 2021: Declaration Date Record Date Ex-Dividend Date Payment Date Amount Frequency 12/15/23 12/29/23 12/28/23 1/15/24 $ 0.48 Quarterly 9/15/23 9/30/23 9/29/23 10/16/23 0.48 Quarterly 6/15/23 6/30/23 6/29/23 7/17/23 0.48 Quarterly 3/16/23 3/31/23 3/30/23 4/14/23 0.48 Quarterly 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 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, 2023, 16,510,282 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, 2023, 2022 and 2021 (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 ______________________________________________________________________________________________________________________ (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, 2023, 2022 and 2021, we granted 914,694, 829,805, and 1,708,935 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 compensation due under the Management Agreement during the years ended December 31, 2023, 2022 and 2021: Timing of Issuance Shares of Common Stock Issued Price per share August 2023 92,640 20.59 May 2023 377,207 16.39 March 2023 373,204 19.38 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 The following table summarizes our share-based compensation expenses during the years ended December 31, 2023, 2022 and 2021 (in thousands): For the Year Ended December 31, 2023 2022 2021 Management fees: Manager incentive fee $ 13,703 $ 24,903 $ 35,135 Manager Equity Plans (1) 18,027 18,693 19,448 31,730 43,596 54,583 General and administrative: Equity Plans (1) 20,761 21,219 19,838 ESPP 459 273 — 21,219 21,492 19,838 Total share-based compensation expense (2) $ 52,949 $ 65,089 $ 74,421 __________________________________________ (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, 2023, 2022 and 2021 was not material. Schedule of Non-Vested Shares and Share Equivalents (1) Equity Plan Manager Total Weighted Average Balance as of January 1, 2023 2,513,847 1,825,000 4,338,847 $ 20.65 Granted 914,694 — 914,694 18.93 Vested (687,743) (950,000) (1,637,743) 18.56 Forfeited (169,070) — (169,070) 22.76 Balance as of December 31, 2023 2,571,728 875,000 3,446,728 21.08 __________________________________________ (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, 2023, 2022 and 2021 was $18.93, $21.95 and $22.14, respectively. Vesting Schedule Equity Manager Plan Equity Plan Total 2024 1,674,540 500,000 2,174,540 2025 583,200 375,000 958,200 2026 313,988 — 313,988 Total 2,571,728 875,000 3,446,728 As of December 31, 2023, there was approximately $37.4 million of total unrecognized compensation costs related to unvested share-based compensation arrangements which are expected to be recognized over a weighted average period of 1.7 years. The total fair value of shares vested during the years ended December 31, 2023, 2022 and 2021 were $30.3 million, $30.0 million and $32.4 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 years ended December 31, 2023 and 2022, net income attributable to these non-controlling interests was $58.4 million and $153.8 million, respectively. 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, 2023, all of the 1.9 million contingent Class A Units were issued. The Class A Units are redeemable for consideration equal to the current share price of the Company’s common stock on a one-for-one basis, with the consideration paid in either cash or the Company’s common stock, at the determination of the Company. During the year ended December 31, 2021, redemptions of 0.9 million of the Class A Units were received and settled in common stock. During the year ended December 31, 2022, no redemptions of Class A Units were received. During the year ended December 31, 2023, redemptions of 0.1 million of the Class A Units were received and settled for $1.3 million in cash, leaving 9.7 million Class A Units outstanding as of December 31, 2023. The outstanding Class A Units are reflected as non-controlling interests in consolidated subsidiaries on our consolidated balance sheets, the balance of which was $207.1 million and $208.5 million as of December 31, 2023 and 2022. 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, 2023, 2022 and 2021, we recognized net income attributable to non-controlling interests of $18.7 million, $18.8 million and $19.4 million, respectively, associated with these Class A Units.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 2021 Basic Earnings Income attributable to STWD common stockholders $ 339,213 $ 871,475 $ 447,739 Less: Income attributable to participating shares not already deducted as non-controlling interests (6,412) (17,113) (6,808) Basic earnings $ 332,801 $ 854,362 $ 440,931 Diluted Earnings Income attributable to STWD common stockholders $ 339,213 $ 871,475 $ 447,739 Less: Income attributable to participating shares not already deducted as non-controlling interests (6,412) (17,113) (6,808) 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 $ 332,801 $ 866,343 $ 452,550 Number of Shares: Basic — Average shares outstanding 309,771 305,524 285,942 Effect of dilutive securities — Convertible Notes * 9,649 9,649 Effect of dilutive securities — Contingently issuable shares 450 386 1,037 Effect of dilutive securities — Unvested non-participating shares 286 169 198 Diluted — Average shares outstanding 310,507 315,728 296,826 Earnings Per Share Attributable to STWD Common Stockholders: Basic $ 1.07 $ 2.80 $ 1.54 Diluted $ 1.07 $ 2.74 $ 1.52 ______________________________________________________________________________________________________________________ * Our Convertible Notes were not dilutive for the year ended December 31, 2023. As of December 31, 2023, 2022 and 2021, participating shares of 12.7 million, 13.7 million and 13.0 million, respectively, were excluded from the computation of diluted shares as their effect was already considered under the more dilutive two-class method used above. Such participating shares at December 31, 2023, 2022 and 2021 included 9.7 million, 9.8 million and 9.8 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, 2023
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, 2021 $ 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 OCI before reclassifications (5,648) — (5,648) Amounts reclassified from AOCI 45 — 45 Net period OCI (5,603) — (5,603) Balance at December 31, 2023 $ 15,352 $ — $ 15,352 The reclassifications out of AOCI impacted the consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021 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 2023 2022 2021 of Operations Unrealized (loss) gain on available-for-sale securities: Net realized loss on sale of investment $ (45) $ — $ — Gain on sale of investments and other assets, net Interest realized upon collection — — 3 Interest income from investment securities Total (45) — 3 Foreign currency translation: Foreign currency adjustment — — (64) Gain on sale of investments and other assets, net Total reclassifications for the period $ (45) $ — $ (61)

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2023
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, residential We measure the fair value of our residential loans held-for-sale 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 and 2023 was determined by reference to an external appraisal as of those dates. For the properties, the third party appraisals applied the income capitalization approach with corroborative support from the sales comparison approach. The cost approach was not employed, as it is typically not emphasized by potential investors in the multifamily affordable housing sector. The income capitalization approach estimates an income stream for a property over a 10-year period and discounts this income plus a reversion (presumed sale) into a present value at a risk adjusted discount rate. Terminal capitalization rates and discount rates utilized in this approach are derived from market transactions as well as other financial and industry data. For secured financing, the third party appraisal discounted the contractual cash flows at the interest rate at which such arrangements would bear if executed in the current market. The fair value of investment level working capital is assumed to approximate carrying value due to its primarily short-term monetary nature. The fair value of interest rate derivatives is determined using the methodology described in the Derivatives discussion below. 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 or SOFR 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, 2023 and 2022, 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, 2023 and 2022 (amounts in thousands): December 31, 2023 Total Level I Level II Level III Financial Assets: Loans under fair value option $ 2,645,637 $ — $ — $ 2,645,637 RMBS 102,368 — — 102,368 CMBS 18,600 — — 18,600 Equity security 8,340 8,340 — — Woodstar Fund investments 2,012,833 — — 2,012,833 Domestic servicing rights 19,384 — — 19,384 Derivative assets 63,437 — 63,437 — VIE assets 43,786,356 — — 43,786,356 Total $ 48,656,955 $ 8,340 $ 63,437 $ 48,585,178 Financial Liabilities: Derivative liabilities $ 102,467 $ — $ 102,467 $ — VIE liabilities 42,175,734 — 36,570,938 5,604,796 Total $ 42,278,201 $ — $ 36,673,405 $ 5,604,796 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 The changes in financial assets and liabilities classified as Level III are as follows for the years ended December 31, 2023 and 2022 (amounts in thousands): Loans at RMBS CMBS Woodstar Fund Investments Domestic VIE Assets VIE Total January 1, 2022 balance $ 2,936,025 $ 143,980 $ 22,244 $ 1,040,309 $ 16,780 $ 61,280,543 $ (4,780,221) $ 60,659,660 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale (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) 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 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 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale 62,702 — 282 251,831 1,594 (8,790,373) 485,136 (7,988,828) Net accretion — 4,661 — — — — — 4,661 Included in OCI — (5,603) — — — — — (5,603) Purchases / Originations 756,522 — — — — — — 756,522 Sales (710,957) (601) — — — — — (711,558) Cash repayments / receipts (185,885) (9,475) (790) — — (598,351) (13,410) (807,911) Transfers into Level III 27 — — — — — (2,241,350) (2,241,323) Transfers out of Level III (61,366) — — — — — 1,670,771 1,609,405 Consolidation of VIEs — — — — — 722,039 — 722,039 December 31, 2023 balance $ 2,645,637 $ 102,368 $ 18,600 $ 2,012,833 $ 19,384 $ 43,786,356 $ (5,604,796) $ 42,980,382 Amount of unrealized gains (losses) attributable to assets still held at December 31, 2023: Included in earnings $ 15,853 $ 4,630 $ 282 $ 251,831 $ 1,594 $ (8,818,672) $ 485,136 $ (8,059,346) Included in OCI — (5,638) — — — — — (5,638) 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) 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, 2023 December 31, 2022 Carrying Fair Carrying Fair Financial assets not carried at fair value: Loans $ 17,574,249 $ 17,483,058 $ 18,401,439 $ 18,215,072 HTM debt securities 606,254 581,160 673,470 637,275 Financial liabilities not carried at fair value: Secured financing agreements, CLOs and SASB (a) $ 17,552,979 $ 17,466,172 $ 18,177,756 $ 18,017,651 Unsecured senior notes 2,158,888 2,128,835 2,329,211 2,199,135 __________________________________________________ (a) Includes debt related to properties held-for-sale (see Note 7). 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, 2023 Valuation Unobservable Range (Weighted Average) as of (1) December 31, 2023 December 31, 2022 Loans under fair value option $ 2,645,637 Discounted cash flow, market pricing Coupon (d) 2.8% - 9.9% (4.5%) 2.8% - 9.3% (4.5%) Remaining contractual term (d) 4.3 - 38.5 years (27.4 years) 5.3 - 39.5 years (28.6 years) FICO score (a) 585 - 900 (749) 585 - 900 (749) LTV (b) 5% - 140% (68%) 4% - 92% (67%) Purchase price (d) 80.0% - 108.6% (101.4%) 80.0% - 108.6% (101.4%) RMBS 102,368 Discounted cash flow Constant prepayment rate (a) 2.9% - 9.6% (5.2%) 2.8% - 12.0% (5.5%) Constant default rate (b) 1.0% - 4.2% (1.7%) 1.1% - 4.4% (2.0%) Loss severity (b) 0% - 99% (17%) (f) 0% - 109% (24%) (f) Delinquency rate (c) 8% - 25% (14%) 6% - 29% (16%) Servicer advances (a) 30% - 78% (51%) 31% - 77.7% (53%) Annual coupon deterioration (b) 0% - 1.3% (0.1%) 0% - 2.6% (0.1%) Putback amount per projected total collateral loss (e) 0% - 8% (0.5%) 0% - 8% (0.5%) CMBS 18,600 Discounted cash flow Yield (b) 0% - 540.1% (10.6%) 0% - 117.5% (10.1%) Duration (c) 0 - 6.7 years (2.4 years) 0 - 7.7 years (3.0 years) Woodstar Fund investments 2,012,833 Discounted cash flow Discount rate - properties (b) 6.3% - 7.0% (6.7%) 6.3% - 6.8% (6.5%) Discount rate - debt (a) 3.0% - 6.9% (5.4%) 5.6% - 6.7% (6.1%) Terminal capitalization rate (b) 4.8% - 5.5% (5.2%) 5.0% - 5.5% (5.1%) Implied capitalization rate (b) 4.25% (4.25%) 4.20% (4.20%) Domestic servicing rights 19,384 Discounted cash flow Debt yield (a) 8.50% (8.50%) 8.25% (8.25%) Discount rate (b) 15% (15%) 15% (15%) VIE assets 43,786,356 Discounted cash flow Yield (b) 0% - 691.0% (15.9%) 0% - 453.6% (15.3%) Duration (c) 0 - 10.0 years (1.8 years) 0 - 11.0 years (2.4 years) VIE liabilities 5,604,796 Discounted cash flow Yield (b) 0% - 691.0% (11.4%) 0% - 453.6% (10.4%) Duration (c) 0 - 10.0 years (1.7 years) 0 - 11.0 years (1.8 years) ______________________________________________________________________________________________________________________ (1) Unobservable inputs were weighted by the relative carrying value of the instruments as of December 31, 2023 and 2022. 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) 5% and 10% of the portfolio falls within a range of 45% - 80% as of December 31, 2023 and 2022, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022, approximately $3.1 billion and $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, 2023, 2022 and 2021 (in thousands): For the Year Ended December 31, 2023 2022 2021 Current Federal $ 554 $ 1,446 $ 142 State (31) 705 (80) Foreign — — (392) Total current 523 2,151 (330) Deferred Federal 98 (47,128) 6,893 State (1,303) (16,546) 2,106 Total deferred (1,205) (63,674) 8,999 Total income tax (benefit) provision $ (682) $ (61,523) $ 8,669 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 which are classified in our consolidated balance sheets within other assets at December 31, 2023 and December 31, 2022 (in thousands): December 31, 2023 2022 Deferred tax assets/(liabilities), net Reserves and accruals $ 3,636 $ 3,314 Domestic intangible assets (22,890) (15,946) Investments in unconsolidated entities (984) 782 Net operating loss and interest expense carryforwards 78,979 69,294 Other U.S. temporary differences 47 140 Net deferred tax assets $ 58,788 $ 57,584 Unrecognized tax benefits were not material as of and during the years ended December 31, 2023 and 2022. The Company’s tax returns are no longer subject to audit for years ended prior to January 1, 2020. There was no pre-tax income from foreign operations during the years ended December 31, 2023, 2022 and 2021. 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, 2023, 2022 and 2021 (dollars in thousands): For the Year Ended December 31, 2023 2022 2021 Federal statutory tax rate $ 87,670 21.0 % $ 209,483 21.0 % $ 105,230 21.0 % REIT and other non-taxable income (88,281) (21.2) % (256,105) (25.7) % (92,121) (18.4) % State income taxes (201) — % (15,319) (1.5) % 4,307 0.9 % Federal benefit of state tax deduction 42 — % 3,217 0.3 % (905) (0.2) % Intra-entity transfers — — % (4,327) (0.4) % (6,635) (1.3) % Other 88 — % 1,528 0.1 % (1,207) (0.3) % Effective tax rate $ (682) (0.2) % $ (61,523) (6.2) % $ 8,669 1.7 % There were no valuation allowances for deferred tax assets during the years ended December 31, 2023, 2022 and 2021. As of December 31, 2023, our federal net operating loss (“NOL”) carryforwards for income tax purposes totaled $252.8 million. All of these NOLs can also be carried forward for state tax purposes, in addition to another net $6.2 million. 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.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of December 31, 2023, our Commercial and Residential Lending Segment had future commercial loan funding commitments totaling $1.7 billion, of which we expect to fund $1.3 billion. These future funding commitments primarily relate to construction projects, capital improvements, tenant improvements and leasing commissions. As of December 31, 2023, our Infrastructure Lending Segment had future infrastructure loan funding commitments totaling $189.9 million, including $124.4 million under revolvers and letters of credit (“LCs”), and $65.5 million under delayed draw term loans. As of December 31, 2023, $5.2 million of revolvers and LCs were outstanding. Additionally, as of December 31, 2023, our Infrastructure Lending Segment had outstanding loan purchase commitments of $37.6 million. 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 previously 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, 2023 2022 2021 Operating lease costs $ 6,864 $ 4,646 $ 4,100 Short-term lease costs 75 44 $ 2,227 Sublease income — — $ (766) Total lease cost $ 6,940 $ 4,690 $ 5,560 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, 2023 and 2022, is as follows (dollars in thousands): For the Year Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities —operating $ 5,025 $ 2,129 December 31, 2023 December 31, 2022 Weighted-average remaining lease term 12.0 years 13.0 years Weighted-average discount rate 8.8% 8.7% Future maturity of operating lease liabilities: 2024 $ 5,145 2025 5,320 2026 5,275 2027 4,829 2028 4,868 Thereafter 41,543 Total 66,980 Less interest component (29,325) Operating lease liability $ 37,655

Segment and Geographic Data

Segment and Geographic Data	12 Months Ended
	Dec. 31, 2023
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, 2023 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 1,557,631 $ 236,884 $ — $ 9,589 $ — $ 1,804,104 $ — $ 1,804,104 Interest income from investment securities 135,130 1,805 — 92,147 — 229,082 (152,558) 76,524 Servicing fees 553 — — 44,895 — 45,448 (12,327) 33,121 Rental income 8,369 — 93,459 25,838 — 127,666 — 127,666 Other revenues 2,527 1,296 713 2,335 1,622 8,493 — 8,493 Total revenues 1,704,210 239,985 94,172 174,804 1,622 2,214,793 (164,885) 2,049,908 Costs and expenses: Management fees 496 — — — 141,047 141,543 — 141,543 Interest expense 971,028 141,016 54,522 34,611 235,776 1,436,953 (846) 1,436,107 General and administrative 55,782 15,569 4,155 87,619 17,087 180,212 — 180,212 Acquisition and investment pursuit costs 1,128 17 (5) (215) — 925 — 925 Costs of rental operations 8,777 — 22,806 13,259 — 44,842 — 44,842 Depreciation and amortization 7,206 103 31,960 9,788 84 49,141 — 49,141 Credit loss provision, net 225,720 18,008 — — — 243,728 — 243,728 Other expense 1,730 — 23 67 — 1,820 — 1,820 Total costs and expenses 1,271,867 174,713 113,461 145,129 393,994 2,099,164 (846) 2,098,318 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 181,688 181,688 Change in fair value of servicing rights — — — 401 — 401 1,193 1,594 Change in fair value of investment securities, net 69,259 — — (51,889) — 17,370 (16,603) 767 Change in fair value of mortgage loans, net 25,874 — — 36,828 — 62,702 — 62,702 Income from affordable housing fund investments — — 291,244 — — 291,244 — 291,244 Earnings (loss) from unconsolidated entities 4,410 5,702 — 8,849 — 18,961 (2,239) 16,722 (Loss) gain on sale of investments and other assets, net (112) — — 25,841 — 25,729 — 25,729 (Loss) gain on derivative financial instruments, net (25,206) 123 2,111 (4,348) (11,285) (38,605) — (38,605) Foreign currency gain (loss), net 60,644 201 (11) — — 60,834 — 60,834 Loss on extinguishment of debt (804) — — (434) — (1,238) — (1,238) Other (loss) income, net (135,576) — (5) 29 — (135,552) — (135,552) Total other income (loss) (1,511) 6,026 293,339 15,277 (11,285) 301,846 164,039 465,885 Income (loss) before income taxes 430,832 71,298 274,050 44,952 (403,657) 417,475 — 417,475 Income tax benefit (provision) 990 590 — (898) — 682 — 682 Net income (loss) 431,822 71,888 274,050 44,054 (403,657) 418,157 — 418,157 Net income attributable to non-controlling interests (14) — (77,156) (1,774) — (78,944) — (78,944) Net income (loss) attributable to Starwood Property Trust, Inc . $ 431,808 $ 71,888 $ 196,894 $ 42,280 $ (403,657) $ 339,213 $ — $ 339,213 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 consolidated balance sheet as of December 31, 2023 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Assets: Cash and cash equivalents $ 8,823 $ 56,300 $ 19,957 $ 22,011 $ 87,569 $ 194,660 $ — $ 194,660 Restricted cash 23,902 28,693 1,016 5,175 58,526 117,312 — 117,312 Loans held-for-investment, net 15,069,389 2,495,660 — 9,200 — 17,574,249 — 17,574,249 Loans held-for-sale 2,604,594 — — 41,043 — 2,645,637 — 2,645,637 Investment securities 1,147,829 19,042 — 1,147,550 — 2,314,421 (1,578,859) 735,562 Properties, net 431,155 — 555,455 59,774 — 1,046,384 — 1,046,384 Properties held-for-sale — — 290,937 — — 290,937 — 290,937 Investments of consolidated affordable housing fund — — 2,012,833 — — 2,012,833 — 2,012,833 Investments in unconsolidated entities 19,151 52,691 — 33,134 — 104,976 (14,600) 90,376 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Intangible assets 13,415 — 25,432 63,985 — 102,832 (37,865) 64,967 Derivative assets 55,559 84 5,638 2,156 — 63,437 — 63,437 Accrued interest receivable 180,441 12,485 1,502 1,369 5,070 200,867 — 200,867 Other assets 301,436 3,486 50,459 15,828 49,564 420,773 — 420,773 VIE assets, at fair value — — — — — — 43,786,356 43,786,356 Total Assets $ 19,855,694 $ 2,787,850 $ 2,963,229 $ 1,541,662 $ 200,729 $ 27,349,164 $ 42,155,032 $ 69,504,196 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 106,236 $ 45,232 $ 12,225 $ 44,452 $ 85,297 $ 293,442 $ — $ 293,442 Related-party payable — — — — 44,816 44,816 — 44,816 Dividends payable — — — — 152,888 152,888 — 152,888 Derivative liabilities 54,066 — — — 48,401 102,467 — 102,467 Secured financing agreements, net 10,368,668 1,088,965 598,350 495,857 1,336,913 13,888,753 (20,757) 13,867,996 Collateralized loan obligations and single asset securitization, net 2,674,938 816,354 — — — 3,491,292 — 3,491,292 Unsecured senior notes, net — — — — 2,158,888 2,158,888 — 2,158,888 Debt related to properties held-for-sale — — 193,691 — — 193,691 — 193,691 VIE liabilities, at fair value — — — — — — 42,175,734 42,175,734 Total Liabilities 13,203,908 1,950,551 804,266 540,309 3,827,203 20,326,237 42,154,977 62,481,214 Temporary Equity: Redeemable non-controlling interests — — 414,348 — — 414,348 — 414,348 Permanent Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 3,208 3,208 — 3,208 Additional paid-in capital 1,121,413 664,621 (437,169) (705,176) 5,220,981 5,864,670 — 5,864,670 Treasury stock — — — — (138,022) (138,022) — (138,022) Retained earnings (accumulated deficit) 5,514,906 172,678 1,974,539 1,556,399 (8,712,641) 505,881 — 505,881 Accumulated other comprehensive income 15,352 — — — — 15,352 — 15,352 Total Starwood Property Trust, Inc. Stockholders’ Equity 6,651,671 837,299 1,537,370 851,223 (3,626,474) 6,251,089 — 6,251,089 Non-controlling interests in consolidated subsidiaries 115 — 207,245 150,130 — 357,490 55 357,545 Total Permanent Equity 6,651,786 837,299 1,744,615 1,001,353 (3,626,474) 6,608,579 55 6,608,634 Total Liabilities and Equity $ 19,855,694 $ 2,787,850 $ 2,963,229 $ 1,541,662 $ 200,729 $ 27,349,164 $ 42,155,032 $ 69,504,196 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 Revenues generated from foreign sources were $455.6 million, $275.3 million and $177.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. The majority of our revenues generated from foreign sources are derived from the United Kingdom and Australia. Refer to Schedules III and IV for a detailed listing of the properties and loans held by the Company, including their respective geographic locations.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2023
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, 2023 (Dollars in thousands) Costs Initial Cost Capitalized Gross Amounts Carried at Property Type / to Company Subsequent to December 31, 2023 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 $ 1,812 $ — $ 7,377 $ 7,377 $ (4,732) Feb-18 Industrial - U.S., South East (1 property) — 813 — — 813 — 813 — Mar-19 Medical office - U.S., Midwest (7 properties) 78,048 2,764 97,797 10,209 2,764 108,006 110,770 (21,885) Dec-16 Medical office - U.S., North East (7 properties) 191,661 11,283 176,996 249 11,283 177,245 188,528 (37,744) Dec-16 Medical office - U.S., South East (6 properties) 107,252 7,930 117,678 2,102 7,930 119,780 127,710 (26,506) Dec-16 Medical office - U.S., South West (8 properties) 125,345 15,921 126,842 4,179 15,921 131,021 146,942 (30,121) Dec-16 Medical office - U.S., West (6 properties) 97,694 13,415 107,845 3,832 13,415 111,677 125,092 (27,332) Dec-16 Mixed Use - U.S., West (1 property) 8,667 1,003 14,323 1,472 1,003 15,795 16,798 (3,618) Feb-16 Multifamily - U.S., West (1 property) 30,503 12,402 48,454 — 12,402 48,454 60,856 (77) Dec-23 Office - U.S., North East (1 property) 18,255 7,250 10,614 8,807 7,250 19,421 26,671 (7,601) May-18 Office - U.S., South West (1 property) 87,750 32,867 79,661 — 23,177 59,281 82,458 (7,369) May-22 Office - U.S., West (2 properties) 116,637 65,363 183,731 8,643 40,045 122,858 162,903 (7,049) Oct-17 to Dec-22 Residential - U.S., North East (1 property) — — 93,547 14,703 — 108,251 108,251 — Oct-20 to Apr-21 Retail - U.S., Midwest (8 properties) 78,745 27,307 143,251 1,450 27,307 144,701 172,008 (25,928) Nov-15 to May-23 Retail - U.S., South East (4 properties) 42,200 19,995 59,949 — 19,995 59,949 79,944 (11,076) Sep-17 Retail - U.S., South West (5 properties) 62,186 33,272 64,461 220 33,272 64,681 97,953 (14,190) Sep-15 to Sep-17 Retail - U.S., West (2 properties) 33,000 18,633 36,794 — 18,633 36,794 55,427 (7,952) Sep-17 $ 1,077,943 $ 270,218 $ 1,367,508 $ 57,678 $ 235,210 $ 1,335,291 $ 1,570,501 (2) $ (233,180) __________________________________________ 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, 2023, 2022 and 2021 (in thousands): 2023 2022 2021 Beginning balance, January 1 $ 1,659,495 $ 1,347,844 $ 2,573,296 Additions during the year: Acquisitions through foreclosure and other transfers 97,585 357,360 28,843 Improvements 22,669 20,931 24,390 Total additions 120,254 378,291 53,233 Deductions during the year: Costs of real estate sold (84,309) (66,578) (55,945) Reclassification of multifamily properties (1) — — (1,222,740) Impairments (124,902) — — Other (37) (62) — Total deductions (209,248) (66,640) (1,278,685) Ending balance, December 31 $ 1,570,501 $ 1,659,495 $ 1,347,844 The following schedule presents activity within accumulated depreciation during the years ended December 31, 2023, 2022 and 2021 (in thousands): 2023 2022 2021 Beginning balance, January 1 $ 209,509 $ 181,457 $ 302,143 Depreciation expense 40,858 40,006 72,299 Reclassification of multifamily properties (1) — — (186,716) Disposition/write-offs (17,187) (11,954) (6,269) Ending balance, December 31 $ 233,180 $ 209,509 $ 181,457 __________________________________________ (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, 2023
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, 2023 (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 937,737 928,362 3BBSY+4.75% I/O 6/24/2029 — Aggregated First Mortgages: (4) Hotel, International, Floating (2 mortgages) N/A N/A 99,143 3EUR+4.50% N/A 2026 — Hotel, International, Floating (4 mortgages) N/A N/A 74,513 SARON+4.75% N/A 2027 — Hotel, International, Floating (5 mortgages) N/A N/A 61,350 SOFR+3.10% to 9.10% N/A 2024 — Hotel, Mid Atlantic, Floating (5 mortgages) N/A N/A 106,245 SOFR+2.10% to 6.90% N/A 2024 — Hotel, Midwest, Floating (4 mortgages) N/A N/A 53,415 SOFR+2.35% to 8.73% N/A 2025 — Hotel, North East, Floating (9 mortgages) N/A N/A 310,952 SOFR+2.50% to 10.10% N/A 2025-2026 — Hotel, South East, Floating (20 mortgages) N/A N/A 148,248 SOFR+2.50% to 13.37% N/A 2025-2026 — Hotel, South West, Floating (8 mortgages) N/A N/A 97,486 SOFR+2.10% to 5.85% N/A 2026 — Hotel, Various, Floating (18 mortgages) N/A N/A 579,533 SOFR+3.86% to 10.25% N/A 2026-2027 — Hotel, West, Floating (12 mortgages) N/A N/A 86,464 SOFR+2.60% to 8.35% N/A 2024 — Hotel, West, Floating (2 mortgages) N/A N/A 37,763 P+(0.56)% to 6.44% N/A 2022 37,763 Industrial, International, Floating (4 mortgages) N/A N/A 149,150 3BBSY+3.10% to 3.55% N/A 2028 — Industrial, International, Floating (9 mortgages) N/A N/A 414,525 3EUR+2.25% to 11.00% N/A 2025-2026 — Industrial, International, Floating (2 mortgages) N/A N/A 83,935 SONIA ON+2.27% to 4.50% N/A 2024 — Industrial, North East, Floating (13 mortgages) N/A N/A 428,397 SOFR+3.22% to 8.06% N/A 2026-2027 — Industrial, South East, Fixed (4 mortgages) N/A N/A 31,128 8.18% N/A 2024 — Industrial, West, Floating (6 mortgages) N/A N/A 129,521 SOFR+1.85% to 7.60% N/A 2026-2027 — Mixed Use, International, Floating (2 mortgages) N/A N/A 89,017 3EUR+4.65% N/A 2027 — Mixed Use, International, Floating (1 mortgage) N/A N/A 446,578 SONIA ON+5.40% N/A 2028 — Mixed Use, Mid Atlantic, Floating (1 mortgage) N/A N/A 215,383 SOFR+3.26% N/A 2025 — Mixed Use, South East, Floating (14 mortgages) N/A N/A 151,452 SOFR+2.18% to 8.70% N/A 2028 — Mixed Use, South West, Floating (6 mortgages) N/A N/A 238,840 SOFR+4.60% N/A 2026 — Multi-family, International, Floating (1 mortgage) N/A N/A 52,060 1BBSY+3.75% N/A 2025 — Multi-family, International, Floating (1 mortgage) N/A N/A 158,305 3BBSY+3.95% N/A 2025 — Multi-family, International, Floating (8 mortgages) N/A N/A 767,344 SONIA ON+2.76% to 4.07% N/A 2025-2028 — Multi-family, Mid Atlantic, Floating (16 mortgages) N/A N/A 382,131 SOFR+1.85% to 9.00% N/A 2026-2027 — Multi-family, Midwest, Floating (4 mortgages) N/A N/A 76,626 SOFR+2.85% to 9.85% N/A 2026 — Multi-family, North East, Floating (27 mortgages) N/A N/A 789,236 SOFR+2.25% to 10.85% N/A 2025-2028 — Multi-family, South East, Floating (51 mortgages) N/A N/A 1,352,286 SOFR+1.75% to 16.50% N/A 2026-2027 — Multi-family, South West, Floating (102 mortgages) N/A N/A 1,669,342 SOFR+1.75% to 16.50% N/A 2024-2027 — Multi-family, West, Floating (19 mortgages) N/A N/A 565,695 SOFR+2.60% to 8.85% N/A 2025-2027 — Office, International, Floating (3 mortgages) N/A N/A 240,082 3EUR+2.74% to 7.50% N/A 2025-2028 — Office, International, Floating (1 mortgage) N/A N/A 80,089 EUR+6.00% N/A 2024 — Office, International, Floating (6 mortgages) N/A N/A 467,828 SONIA ON+3.55% to 4.37% N/A 2024-2027 — Office, Mid Atlantic, Floating (33 mortgages) N/A N/A 550,892 SOFR+2.35% to 7.35% N/A 2024-2027 — Office, Mid Atlantic, Floating (14 mortgages) N/A N/A 246,657 P+0.19% to 0.93% N/A 2023-2024 122,310 Office, Midwest, Floating (17 mortgages) N/A N/A 144,834 SOFR+1.85% to 9.85% N/A 2024-2025 — Office, North East, Fixed (8 mortgages) N/A N/A 95,527 6.00% N/A 2026 — Office, North East, Floating (26 mortgages) N/A N/A 459,933 SOFR+2.70% to 8.70% N/A 2024-2027 — Office, South East, Fixed (2 mortgages) N/A N/A 47,835 5.00% to 12.00% N/A 2024 — Office, South East, Floating (16 mortgages) N/A N/A 326,372 SOFR+1.75% to 10.50% N/A 2026 — Office, South West, Floating (26 mortgages) N/A N/A 454,815 SOFR+2.10% to 8.35% N/A 2023-2026 252,000 (5) Office, West, Floating (32 mortgages) N/A N/A 314,862 SOFR+2.10% to 6.10% N/A 2024-2025 — Other, International, Floating (2 mortgages) N/A N/A 275,698 SONIA ON+4.40% to 8.05% N/A 2028 — Other, Midwest, Floating (2 mortgages) N/A N/A 29,702 SOFR+5.00% to 12.50% N/A 2029 — Other, North East, Fixed (1 mortgage) N/A N/A 9,200 4.09% N/A 2026 9,200 Other, South West, Fixed (1 mortgage) N/A N/A 20,000 7.00% N/A 2028 — Residential, North East, Floating (3 mortgages) N/A N/A 194,269 SOFR+4.10% N/A 2027 — Residential, South East, Floating (4 mortgages) N/A N/A 16,213 SOFR+5.80% N/A 2026 — Residential, West, Floating (2 mortgages) N/A N/A 18,582 SOFR+3.87% N/A 2026 — Principal Amount of Prior Face Carrying Payment Maturity Delinquent Description/Location Liens (1) Amount (1) Amount Interest Rate (2) Terms (1) Date (3) Loans Retail, North East, Floating (2 mortgages ) N/A N/A 185,386 SOFR+9.00% N/A 2026 — Loans Held-for-Sale, Various, Fixed N/A N/A 2,645,637 2.80% to 9.90% N/A 2028-2062 68,688 Aggregated Subordinated and Mezzanine Loans: (4) Hotel, South East, Floating (1 mortgage) N/A N/A 38,563 SOFR+9.47% N/A 2026 — Hotel, West, Floating (2 mortgages) N/A N/A 19,179 SOFR+11.08% N/A 2026 — Industrial, South East, Fixed (1 mortgage) N/A N/A 3,967 8.18% N/A 2024 — Industrial, South East, Floating (2 mortgages) N/A N/A 9,214 SOFR+9.43% N/A 2025 — Industrial, South West, Floating (2 mortgages) N/A N/A 17,660 SOFR+10.15% N/A 2027 — Industrial, West, Floating (2 mortgages) N/A N/A 12,185 SOFR+11.40% N/A 2024 — Multi-family, North East, Floating (3 mortgages) N/A N/A 75,168 SOFR+3.35% to 13.75% N/A 2025-2026 — Office, International, Floating (5 mortgages) N/A N/A 36,784 3EUR+7.00% to 8.95% N/A 2024-2025 — Office, West, Floating (2 mortgages) N/A N/A 81,549 SOFR+6.34% N/A 2026 — Retail, Midwest, Fixed (1 mortgage) N/A N/A 4,925 7.16% N/A 2024 4,925 Residential, North East, Floating (2 mortgages) N/A N/A 9,988 SOFR+7.75% N/A 2028 — Residential, West, Fixed (1 mortgage) N/A N/A 40,525 9.00% N/A 2028 — Loan Loss Allowance — — (298,775) — Prepaid Loan Costs, Net — — 3,445 — $ 17,653,215 (6) $ 494,886 __________________________________________ 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) 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, P = Prime rate. (3) Based on fully extended maturity date. (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) Subsequent to December 31, 2023, this loan was brought current and is no longer delinquent. (6) The aggregate cost for federal income tax purposes is $18.0 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, 2023, 2022 and 2021 (amounts in thousands): For the year ended December 31, 2023 2022 2021 Balance at January 1 $ 18,774,708 $ 16,368,799 $ 10,584,400 Acquisitions/originations/additional funding 2,441,608 9,474,999 13,173,459 Capitalized interest 124,214 122,711 118,273 Basis of loans sold (866,104) (4,226,727) (4,139,166) Loan maturities/principal repayments (2,763,682) (1,962,657) (3,709,444) Discount accretion/premium amortization 52,601 52,334 51,816 Changes in fair value 62,702 (346,222) 69,050 Foreign currency translation, net 152,869 (304,051) (71,419) Credit loss (provision) reversal, net (222,266) (42,201) 7,947 Loan foreclosure, equity control and conversion to equity interest (102,774) (273,929) (36,308) Transfer to/from other asset classifications or between segments (661) (88,348) 320,191 Balance at December 31 $ 17,653,215 $ 18,774,708 $ 16,368,799

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 339,213	$ 871,475	$ 447,739

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
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 2% of our consolidated securitization VIE assets, with the remaining 98% representing loans. However, it is important to note that the fair value of our securitization VIE assets is determined by reference to our securitization VIE liabilities as permitted under 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. 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. 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, residential We measure the fair value of our residential loans held-for-sale 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 and 2023 was determined by reference to an external appraisal as of those dates. For the properties, the third party appraisals applied the income capitalization approach with corroborative support from the sales comparison approach. The cost approach was not employed, as it is typically not emphasized by potential investors in the multifamily affordable housing sector. The income capitalization approach estimates an income stream for a property over a 10-year period and discounts this income plus a reversion (presumed sale) into a present value at a risk adjusted discount rate. Terminal capitalization rates and discount rates utilized in this approach are derived from market transactions as well as other financial and industry data. For secured financing, the third party appraisal discounted the contractual cash flows at the interest rate at which such arrangements would bear if executed in the current market. The fair value of investment level working capital is assumed to approximate carrying value due to its primarily short-term monetary nature. The fair value of interest rate derivatives is determined using the methodology described in the Derivatives discussion below. 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 or SOFR 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, 2023 and 2022, 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 Cash
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. 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. 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. We review our equity method and other investments not subject to the fair value practicability election for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For our investments under the fair value practicability election, we perform a qualitative assessment to identify impairment at the end of each reporting period. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods, estimated fair values of underlying assets and available information at the time the analyses are prepared.
Goodwill	Goodwill Goodwill is not amortized, but rather tested for impairment annually or more frequently if events or changes in circumstances indicate potential impairment. Goodwill at December 31, 2023 and 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. 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.
Servicing Rights Intangibles	Servicing Rights Intangibles
Lease Intangibles	Lease Intangibles
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 revenues and expenses lessor costs (such as property taxes) paid directly by the lessees. All of our leases, as both lessor and lessee, are currently classified as operating leases, which are subject to straight-line revenue and expense recognition.
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. We classify cash flows related to purchases and early terminations of derivatives that serve as economic hedges as investing activities in our consolidated statements of cash flows. 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 full recovery of principal is doubtful or if collection of interest is less than probable, 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 awards (“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, if any, 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, 2023, 2022 and 2021, 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, 2023. Actual results may ultimately differ from those estimates.
Recent Accounting Developments	Recent Accounting Developments On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures , which improves reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. This ASU is effective for our fiscal year ending December 31, 2024 and interim quarters beginning in 2025, with early adoption permitted. It must be retrospectively applied to all prior periods presented. We do not expect this ASU will have a material impact on the Company’s reportable segment disclosures, as it already reports significant items within revenues, costs and expenses and other income (loss) categories by segment. On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures , which improves income tax disclosures by primarily requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. This ASU is effective for our fiscal year ending December 31, 2025, with early adoption permitted. It is to be applied on a prospective basis, with retrospective application permitted. We do not expect this ASU will have a material impact on the Company’s income tax disclosures.

Restricted Cash (Tables)

Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Schedule of Restricted Cash	A summary of our restricted cash as of December 31, 2023 and 2022 is as follows (amounts in thousands): As of December 31, 2023 2022 Cash collateral for derivative financial instruments $ 80,219 $ 69,607 Cash restricted by lender 34,450 49,727 Funds held on behalf of borrowers and tenants 1,300 1,255 Other restricted cash 1,343 483 $ 117,312 $ 121,072

Loans (Tables)

Loans (Tables)	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Schedule of Investments in Mortgages and Loans by Subordination Class	The following tables summarize our investments in mortgages and loans as of December 31, 2023 and 2022 (dollars in thousands): December 31, 2023 Carrying Face Weighted Weighted Loans held-for-investment: Commercial loans: First mortgages (3) $ 14,956,646 $ 15,005,827 9.0 % 2.8 Subordinated mortgages (4) 76,560 76,882 14.8 % 2.2 Mezzanine loans (3) 273,146 274,899 13.7 % 2.7 Other 71,012 71,843 9.6 % 1.8 Total commercial loans 15,377,364 15,429,451 Infrastructure first priority loans 2,505,924 2,550,244 9.5 % 3.9 Total loans held-for-investment 17,883,288 17,979,695 Loans held-for-sale: Residential, fair value option 2,604,594 2,909,126 4.5 % N/A (5) Commercial, fair value option 41,043 45,400 5.5 % 5.2 Total loans held-for-sale 2,645,637 2,954,526 Total gross loans 20,528,925 $ 20,934,221 Credit loss allowances: Commercial loans held-for-investment (298,775) Infrastructure loans held-for-investment (10,264) Total allowances (309,039) Total net loans $ 20,219,886 December 31, 2022 Loans held-for-investment: Commercial loans: First mortgages (3) $ 15,562,452 $ 15,648,358 7.9 % 3.3 Subordinated mortgages (4) 71,100 72,118 13.6 % 3.2 Mezzanine loans (3) 445,363 442,339 12.9 % 1.9 Other 58,393 59,393 8.2 % 1.7 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 2,763,458 3,092,915 4.5 % N/A (5) 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 ______________________________________________________________________________________________________________________ (1) Calculated using applicable index rates as of December 31, 2023 and 2022 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. For commercial loans held-for-investment, the WAL is calculated assuming all extension options are exercised by the borrower, although our loans may be repaid prior to such date. For infrastructure loans, the WAL is calculated using the amounts and timing of future principal payments, as projected at origination or acquisition of each loan. (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 $1.0 billion and $1.3 billion being classified as first mortgages as of December 31, 2023 and 2022, 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) Residential loans have a weighted average remaining contractual life of 27.8 years and 28.8 years as of December 31, 2023 and 2022, respectively.
Schedule of Variable Rate Loans Held-for-Investment	As of December 31, 2023, our variable rate loans held-for-investment, excluding loans for which interest income is not recognized, were as follows (dollars in thousands): December 31, 2023 Carrying Weighted-average Commercial loans $ 14,583,440 4.0 % Infrastructure loans 2,505,924 4.1 % Total variable rate loans held-for-investment $ 17,089,364 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, 2023 (dollars in thousands): Term Loans Revolving Loans Total Credit As of December 31, 2023 2023 2022 2021 2020 2019 Prior Commercial loans: Credit quality indicator: LTV < 60% $ 321,465 $ 2,040,870 $ 2,979,413 $ 188,140 $ 937,355 $ 232,009 $ — $ 6,699,252 $ 24,939 LTV 60% - 70% 518,912 1,937,799 3,522,841 97,805 85,287 318,432 — 6,481,076 78,495 LTV > 70% 60,905 102,732 483,506 451,471 433,448 589,037 — 2,121,099 190,416 Credit deteriorated — — — — — 4,925 — 4,925 4,925 Defeased and other 14,374 41,705 — — — 14,933 — 71,012 — Total commercial $ 915,656 $ 4,123,106 $ 6,985,760 $ 737,416 $ 1,456,090 $ 1,159,336 $ — $ 15,377,364 $ 298,775 Infrastructure loans: Credit quality indicator: Power $ 441,646 $ — $ 106,343 $ 72,687 $ 276,795 $ 442,784 $ 3,213 $ 1,343,468 $ 4,099 Oil and gas 410,674 136,704 211,136 — 218,129 135,075 2,068 1,113,786 6,009 Other 48,670 — — — — — — 48,670 156 Total infrastructure $ 900,990 $ 136,704 $ 317,479 $ 72,687 $ 494,924 $ 577,859 $ 5,281 $ 2,505,924 $ 10,264 Loans held-for-sale 2,645,637 — Total gross loans $ 20,528,925 $ 309,039
Schedule of Activity in Allowance for Loan Losses	The following tables present the activity in our credit loss allowance for funded loans and unfunded commitments (amounts in thousands): Funded Commitments Credit Loss Allowance Loans Held-for-Investment Total Funded Loans Commercial Infrastructure Credit loss allowance at December 31, 2020 $ 69,611 $ 7,833 $ 77,444 Credit loss (reversal) provision, net (7,947) 12,580 4,633 Charge-offs (14,807) (1) — (14,807) 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) (2) (16,906) Credit loss allowance at December 31, 2022 88,801 10,612 99,413 Credit loss provision, net 222,266 10,446 232,712 Charge-offs (3) (12,292) (10,794) (23,086) Credit loss allowance at December 31, 2023 $ 298,775 $ 10,264 $ 309,039 ______________________________________________________________________________________________________________________ (1) Relates to a $7.8 million unsecured promissory note deemed uncollectible in connection with a residential conversion project located in New York City and a $7.0 million subordinated mortgage note deemed uncollectible in connection with a vacant department store in the Chicago area. Both notes were previously considered credit deteriorated and were fully reserved at or prior to write-off. (2) Relates to a senior loan participation converted to an equity interest. (3) Represents the net charge-off of (i) a $12.3 million credit loss allowance related to the portion of a credit deteriorated commercial mortgage loan on an office and retail complex in Arizona deemed uncollectible and (ii) a $10.8 million credit loss allowance related to the portion of a credit deteriorated infrastructure loan participation collateralized by a first priority lien on two natural gas fired power plants near Chicago, which was deemed uncollectible due to a third party’s then nearly completed acquisition of the power plants. Such loans were originated in 2015 and 2017, respectively, with the infrastructure loan acquired as part of the Infrastructure Lending Segment acquisition in 2018. Unfunded Commitments Credit Loss Allowance (1) Loans Held-for-Investment HTM Preferred Commercial Infrastructure Interests (2) CMBS (2) Total Credit loss allowance at December 31, 2020 $ 5,258 $ 812 $ — $ — $ 6,070 Credit loss provision (reversal), net 1,434 (667) — — 767 Credit loss allowance at December 31, 2021 6,692 145 — — 6,837 Credit loss provision (reversal), net 3,057 (73) — 52 3,036 Credit loss allowance at December 31, 2022 9,749 72 — 52 9,873 Credit loss (reversal) provision, net (1,007) 492 1,548 22 1,055 Credit loss allowance at December 31, 2023 $ 8,742 $ 564 $ 1,548 $ 74 $ 10,928 Memo: Unfunded commitments as of December 31, 2023 (3) $ 1,237,874 $ 65,546 $ 8,282 $ 34,743 $ 1,346,445 ______________________________________________________________________________________________________________________ (1) Included in accounts payable, accrued expenses and other liabilities in our consolidated balance sheets. (2) See Note 6 for further details. (3) Represents amounts expected to be funded (see Note 23).
Schedule of Activity in Loan Portfolio	The activity in our loan portfolio was as follows (amounts in thousands): Held-for-Investment Loans Year Ended December 31, 2023 Commercial Infrastructure Residential Held-for-Sale Loans Total Loans Balance at December 31, 2022 $ 16,048,507 $ 2,352,932 $ — $ 2,784,594 $ 21,186,033 Acquisitions/originations/additional funding 1,713,979 1,002,908 — 757,355 3,474,242 Capitalized interest (1) 125,057 518 — 172 125,747 Basis of loans sold (2) (53,000) — — (813,104) (866,104) Loan maturities/principal repayments (2,596,738) (864,549) — (185,884) (3,647,171) Discount accretion/premium amortization 53,418 13,694 — — 67,112 Changes in fair value — — — 62,702 62,702 Foreign currency translation gain, net 152,869 603 — — 153,472 Credit loss provision, net (222,266) (10,446) — — (232,712) Loan foreclosure and equity control (101,845) — — (929) (102,774) (3) Transfer to/from other asset/liability classifications or between segments (41,392) — — 40,731 (661) Balance at December 31, 2023 $ 15,078,589 $ 2,495,660 $ — $ 2,645,637 $ 20,219,886 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 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) (4) Transfer to/from other asset classifications or between segments (63,616) — (50,072) 25,340 (88,348) (5) 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 loss, net (71,419) (711) — — (72,130) Credit loss (provision) reversal, net 7,947 (12,580) — — (4,633) Loan foreclosure and conversion to equity interest (36,308) — — — (36,308) (6) Transfer to/from other asset classifications (204,583) 123,701 (5,702) 611,360 524,776 (7) Balance at December 31, 2021 $ 13,450,198 $ 2,027,426 $ 59,225 $ 2,876,800 $ 18,413,649 ______________________________________________________________________________________________________________________ (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 $41.1 million carrying value of a mortgage loan on the retail portion of a hotel located in Chicago foreclosed in May 2023, (ii) the $60.8 million carrying value of a first mortgage and mezzanine loan on a multifamily property in the Pacific Northwest consolidated upon obtaining equity control in December 2023 and (iii) $0.9 million in residential mortgage loans foreclosed. (4) 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 a senior loan participation in a natural gas-fired power plant in Massachusetts that was converted to an equity interest in December 2022. (5) During the year ended December 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. (6) 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. (7)

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Investment Securities	Investment securities were comprised of the following as of December 31, 2023 and 2022 (amounts in thousands): Carrying Value as of December 31, 2023 December 31, 2022 RMBS, available-for-sale $ 102,368 $ 113,386 RMBS, fair value option (1) 449,909 423,183 CMBS, fair value option (1), (2) 1,147,550 1,262,846 HTM debt securities, amortized cost net of credit loss allowance of $13,143 and $3,182 606,254 673,470 Equity security, fair value 8,340 9,840 Subtotal — Investment securities 2,314,421 2,482,725 VIE eliminations (1) (1,578,859) (1,666,921) Total investment securities $ 735,562 $ 815,804 ______________________________________________________________________________________________________________________ (1) Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. (2) Includes $177.3 million and $198.9 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of December 31, 2023 and 2022, 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 Equity Security Securitization Total Year Ended December 31, 2023 Purchases/fundings $ — $ — $ 48,011 $ 11,578 $ — $ (48,011) $ 11,578 Sales and redemptions 549 — — — 2,493 — 3,042 Principal collections 9,475 53,332 117,100 80,083 — (169,642) 90,348 Year Ended December 31, 2022 Purchases/fundings $ — $ 226,152 $ 63,681 $ 86,512 $ — $ (289,833) $ 86,512 Sales and redemptions — — — — — — — 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 and redemptions — 81,871 38,714 — — (120,585) — Principal collections 30,722 63,144 7,732 54,725 — (68,873) 87,450 ______________________________________________________________________________________________________________________ (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.
Schedule 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, 2023 and 2022 (amounts in thousands): Unrealized Gains or (Losses) Amortized Credit Net Gross Gross Net Fair Value December 31, 2023 RMBS $ 87,016 $ — $ 87,016 $ 18,092 $ (2,740) $ 15,352 $ 102,368 December 31, 2022 RMBS $ 92,431 $ — $ 92,431 $ 21,765 $ (810) $ 20,955 $ 113,386 Weighted Average Coupon (1) WAL December 31, 2023 RMBS 5.8 % 7.1 ______________________________________________________________________________________________________________________ (1) Calculated using the December 31, 2023 SOFR rate of 5.355% 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, 2023 and 2022, 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, 2023 RMBS $ 10,687 $ 6,361 $ (1,322) $ (1,418) As of December 31, 2022 RMBS $ 6,961 $ 1,889 $ (502) $ (308)
Schedule of Investments in HTM Securities	The table below summarizes our investments in HTM debt securities as of December 31, 2023 and 2022 (amounts in thousands): Amortized Credit Loss Net Carrying Gross Unrealized Gross Unrealized Fair Value December 31, 2023 CMBS $ 580,704 $ (164) $ 580,540 $ 43 $ (24,835) $ 555,748 Preferred interests 9,570 (2,898) 6,672 — (318) 6,354 Infrastructure bonds 29,123 (10,081) 19,042 32 (16) 19,058 Total $ 619,397 $ (13,143) $ 606,254 $ 75 $ (25,169) $ 581,160 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
Schedule 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, 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 Credit loss (reversal) provision, net (8) 2,898 7,071 9,961 Credit loss allowance at December 31, 2023 $ 164 $ 2,898 $ 10,081 $ 13,143
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, 2023 (amounts in thousands): CMBS Preferred Infrastructure Total Less than one year $ 96,548 $ — $ — $ 96,548 One to three years 437,173 6,672 330 444,175 Three to five years 46,819 — 9,598 56,417 Thereafter — — 9,114 9,114 Total $ 580,540 $ 6,672 $ 19,042 $ 606,254

Properties (Tables)

Properties (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of Properties Held-for-Investment	The table below summarizes our properties held-for-investment as of December 31, 2023 and December 31, 2022 (dollars in thousands): Depreciable Life December 31, 2023 December 31, 2022 Property Segment Land and land improvements 0 - 15 years $ 68,923 $ 176,029 Buildings and building improvements 0 - 45 years 629,511 856,411 Furniture & fixtures 3 - 5 years 608 446 Investing and Servicing Segment Land and land improvements 0 - 15 years 20,229 34,613 Buildings and building improvements 3 - 40 years 65,433 122,384 Furniture & fixtures 2 - 5 years 2,899 3,207 Commercial and Residential Lending Segment Land and land improvements N/A 79,361 99,043 Buildings and building improvements 0 - 50 years 139,538 79,661 Construction in progress N/A 218,205 287,701 Furniture & fixtures 5 years 2,003 — Properties, cost 1,226,710 1,659,495 Less: accumulated depreciation (180,326) (209,509) Properties, net $ 1,046,384 $ 1,449,986
Schedule 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, excluding rental payments due on properties held-for-sale, are as follows (in thousands): 2024 $ 62,333 2025 56,655 2026 47,778 2027 42,123 2028 38,104 Thereafter 127,957 Total $ 374,950

Investments of Consolidated A_2

Investments of Consolidated Affordable Housing Fund (Tables)	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investment Income	Income from the Woodstar Fund’s investments reflects the following components for the years ended December 31, 2023 and 2022, and for the period from November 5, 2021 through December 31, 2021 (in thousands): Year Ended December 31, 2023 Year Ended December 31, 2022 November 5, 2021 - December 31, 2021 Distributions from affordable housing fund investments $ 39,413 $ 35,043 $ 6,023 Unrealized change in fair value of investments (1) 251,831 720,693 402 Income from affordable housing fund investments $ 291,244 $ 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, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Unconsolidated Entities	The table below summarizes our investments in unconsolidated entities as of December 31, 2023 and 2022 (dollars in thousands): Participation / Carrying value as of December 31, 2023 December 31, 2022 Equity method investments: Equity interests in two natural gas power plants 10% - 12% $ 52,230 $ 46,618 Investor entity which owns equity in an online real estate company 50% 5,575 5,457 Equity interest in a residential mortgage originator (2) N/A — 1,449 Various 20% - 50% 16,854 15,377 74,659 68,901 Other equity investments: Equity interest in a servicing and advisory business 2% 12,955 12,955 Investment funds which own equity in a loan servicer and other real estate assets 4% - 6% 842 940 Investor entities which own equity interests in two entertainment and retail centers (3) 15% 146 7,322 Various 1% - 3% 1,774 1,774 15,717 22,991 $ 90,376 $ 91,892 ______________________________________________________________________________________________________________________ (1) None of these investments are publicly traded and therefore quoted market prices are not available. (2) In January 2023, we sold our ownership interest to an unaffiliated third party. During the year ended December 31, 2022, we reduced the carrying value of our investment to the estimated net proceeds to be received. (3)

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangibles Assets	The following table summarizes our intangible assets, which are comprised of servicing rights intangibles and lease intangibles, as of December 31, 2023 and 2022 (amounts in thousands): As of December 31, 2023 As of December 31, 2022 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Domestic servicing rights, at fair value $ 19,384 $ — $ 19,384 $ 17,790 $ — $ 17,790 In-place lease intangible assets 96,158 (67,420) 28,738 98,622 (64,246) 34,376 Favorable lease intangible assets 27,928 (11,083) 16,845 26,649 (10,042) 16,607 Total net intangible assets $ 143,470 $ (78,503) $ 64,967 $ 143,061 $ (74,288) $ 68,773
Schedule of Activity within Intangible Assets	The following table summarizes the activity within intangible assets for the years ended December 31, 2023 and 2022 (amounts in thousands): Domestic In-place Lease Favorable Lease Total Balance as of January 1, 2022 $ 16,780 $ 31,991 $ 14,793 $ 63,564 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 Acquisition (3) — 2,061 2,280 4,341 Amortization — (6,789) (1,945) (8,734) Sales — (910) (97) (1,007) Changes in fair value due to changes in inputs and assumptions 1,594 — — 1,594 Balance as of December 31, 2023 $ 19,384 $ 28,738 $ 16,845 $ 64,967 _________________________________________________ (1) Represents lease intangibles related to an office building in Texas that were consolidated upon exercising control over a mezzanine loan borrower ’ s pledged equity interests in May 2022. (2) Impairment of intangible lease assets is recognized within other expense in our consolidated statement of operations. (3) Represents lease intangibles related to a deed in lieu of foreclosure on a mortgage loan on the retail portion of a hotel located in Chicago in May 2023 (see Note 5).
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): 2024 $ 7,195 2025 6,099 2026 4,573 2027 4,089 2028 3,943 Thereafter 19,684 Total $ 45,583

Secured Borrowings (Tables)

Secured Borrowings (Tables)	12 Months Ended
	Dec. 31, 2023
Secured Debt [Abstract]
Schedule of Secured Financing Agreements	The following table is a summary of our secured financing agreements in place as of December 31, 2023 and 2022 (dollars in thousands): Outstanding Balance at Current Extended Maturity (a) Weighted Average Pledged Asset Maximum December 31, 2023 December 31, 2022 Repurchase Agreements: Commercial Loans Jun 2024 to Dec 2028 (b) Oct 2025 to Dec 2030 (b) Index + 2.07% (c) $ 10,267,245 $ 12,109,808 (d) $ 7,170,389 $ 7,746,867 Residential Loans Aug 2024 to Oct 2025 Aug 2024 to Apr 2026 SOFR + 1.90% 2,602,728 3,450,000 2,287,655 1,912,774 Infrastructure Loans Sep 2024 Sep 2026 SOFR + 2.07% 541,979 650,000 453,217 290,431 Conduit Loans Dec 2024 to Jun 2026 Dec 2025 to Jun 2027 SOFR + 2.30% 31,690 375,000 26,930 8,423 CMBS/RMBS Sep 2024 to Apr 2032 (e) Dec 2024 to Oct 2032 (e) (f) 1,424,610 995,907 714,168 (g) 840,625 Total Repurchase Agreements 14,868,252 17,580,715 10,652,359 10,799,120 Other Secured Financing: Borrowing Base Facility Nov 2024 Oct 2026 SOFR + 2.11% 479,925 750,000 (h) 27,639 — Commercial Financing Facilities Jul 2024 to Aug 2028 Jul 2025 to Dec 2030 Index + 2.20% 557,888 572,552 (i) 387,822 311,825 Residential Financing Facility N/A N/A N/A — — — 244,418 Infrastructure Financing Facilities Jun 2025 to Oct 2025 Jun 2027 to Jul 2032 Index + 2.14% 877,591 1,550,000 631,187 765,265 Property Mortgages - Fixed rate Oct 2025 to Jun 2026 N/A 4.52% 32,772 29,898 29,898 261,100 Property Mortgages - Variable rate Jun 2024 to Mar 2026 N/A (j) 895,159 855,080 853,145 847,633 Term Loans and Revolver (k) N/A (k) N/A (k) 1,516,778 1,366,778 1,380,766 Total Other Secured Financing 2,843,335 5,274,308 3,296,469 3,811,007 $ 17,711,587 $ 22,855,023 13,948,828 14,610,127 Unamortized net discount (24,975) (30,320) Unamortized deferred financing costs (55,857) (78,275) $ 13,867,996 $ 14,501,532 ______________________________________________________________________________________________________________________ (a) Subject to certain conditions as defined in the respective facility agreement. (b) For certain facilities, borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions. (c) Certain facilities with an outstanding balance of $2.8 billion as of December 31, 2023 are indexed to EURIBOR, BBSY, SARON and SONIA. The remainder are indexed to SOFR. (d) Certain facilities with an aggregate initial maximum facility size of $11.7 billion may be increased to $12.1 billion, subject to certain conditions. The $12.1 billion amount includes such upsizes. (e) Certain facilities with an outstanding balance of $332.6 million as of December 31, 2023 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 $281.3 million as of December 31, 2023 has a weighted average fixed annual interest rate of 3.54%. All other facilities are variable rate with a weighted average rate of SOFR + 2.22%. (g) Includes: (i) $281.3 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $33.0 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, 2023 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 $472.6 million may be increased to $572.6 million, subject to certain conditions. The $572.6 million amount includes such upsizes. (j) Includes a $600.0 million first mortgage and mezzanine loan secured by our Medical Office Portfolio. This debt has a weighted average interest rate of SOFR + 2.18% that we swapped to a fixed rate of 3.46%. The remainder have a weighted average rate of SOFR + 3.38%. (k) Consists of: (i) a $772.8 million term loan facility that matures in July 2026, of which $383.0 million has an annual interest rate of SOFR + 2.60% and $389.8 million has an annual interest rate of SOFR + 3.35%, subject to a 0.75% SOFR floor, (ii) a $150.0 million revolving credit facility that matures in April 2026 with an annual interest rate of SOFR + 2.60% and (iii) a $594.0 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, 2023.
Schedule of Collateralized Loan Obligations	The following table is a summary of our CLOs and our SASB as of December 31, 2023 and 2022 (amounts in thousands): December 31, 2023 Count Face Carrying Weighted Maturity STWD 2022-FL3 Collateral assets 48 $ 997,569 $ 1,007,532 SOFR + 3.53% (a) May 2026 (b) Financing 1 $ 840,620 $ 837,881 SOFR + 1.89% (c) November 2038 (d) STWD 2021-HTS Collateral assets 1 $ 223,193 $ 224,509 SOFR + 3.87% (a) April 2026 (b) Financing 1 $ 203,284 $ 203,058 SOFR + 2.82% (c) April 2034 (d) STWD 2021-FL2 Collateral assets 34 $ 1,272,585 $ 1,288,165 SOFR + 3.95% (a) January 2026 (b) Financing 1 $ 1,065,713 $ 1,063,454 SOFR + 1.85% (c) April 2038 (d) STWD 2019-FL1 Collateral assets 14 $ 734,099 $ 739,684 SOFR + 3.51% (a) May 2025 (b) Financing 1 $ 570,546 $ 570,546 SOFR + 1.62% (c) July 2038 (d) STWD 2021-SIF2 Collateral assets 30 $ 499,401 $ 514,286 SOFR + 3.87% (a) December 2027 (b) Financing 1 $ 410,000 $ 408,166 SOFR + 2.11% (c) January 2033 (d) STWD 2021-SIF1 Collateral assets 32 $ 499,767 $ 514,594 SOFR + 3.97% (a) August 2027 (b) Financing 1 $ 410,000 $ 408,187 SOFR + 2.42% (c) April 2032 (d) Total Collateral assets $ 4,226,614 $ 4,288,770 Financing $ 3,500,163 $ 3,491,292 December 31, 2022 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 ___________________________________________________________________________________________________________________________________ (a) Represents the weighted-average coupon earned on variable rate loans during the respective year-to-date period and excludes loans for which interest income is not recognized. Of the loans financed by the STWD 2021-FL2 CLO as of December 31, 2023, 7% earned fixed-rate weighted average interest of 7.39%. Of the investments financed by the STWD 2021-SIF1 CLO as of December 31, 2023, 2% earned fixed-rate weighted average interest of 5.70%. (b) Represents the weighted-average maturity, assuming the extended contractual maturity of the collateral assets. (c) Represents the weighted-average cost of financing, 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 Financing (a) CLOs and SASB (b) Total 2024 $ 1,326,226 $ 658,382 $ 505,165 $ 2,489,773 2025 2,186,047 279,752 831,133 3,296,932 2026 2,951,048 1,041,635 1,818,554 5,811,237 2027 3,225,566 1,119,753 129,044 4,474,363 2028 753,565 189,387 206,597 1,149,549 Thereafter 209,907 7,560 9,670 227,137 Total $ 10,652,359 $ 3,296,469 $ 3,500,163 $ 17,448,991 ______________________________________________________________________________________________________________________ (a) Excludes debt related to properties held-for-sale (see Note 7). (b) 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, 2023
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, 2023 and 2022 (dollars in thousands): Coupon Effective Maturity Remaining Carrying Value at December 31, 2023 December 31, 2022 2023 Convertible Notes 4.38 % 4.57 % 4/1/2023 N/A — 250,000 2027 Convertible Notes 6.75 % 7.48 % 7/15/2027 3.5 years 380,750 — 2023 Senior Notes 5.50 % 5.71 % 11/1/2023 N/A — 300,000 2024 Senior Notes 3.75 % 3.94 % 12/31/2024 1.0 year 400,000 400,000 2025 Senior Notes 4.75 % (2) 5.04 % 3/15/2025 1.2 years 500,000 500,000 2026 Senior Notes 3.63 % 3.77 % 7/15/2026 2.5 years 400,000 400,000 2027 Senior Notes 4.38 % (3) 4.49 % 1/15/2027 3.0 years 500,000 500,000 Total principal amount 2,180,750 2,350,000 Unamortized discount—Convertible Notes (8,570) (118) Unamortized discount—Senior Notes (5,445) (9,051) Unamortized deferred financing costs (7,847) (11,620) Total carrying amount $ 2,158,888 $ 2,329,211 ______________________________________________________________________________________________________________________ (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%, which was converted to SOFR + 2.53% effective July 2023. (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, 2023 (amounts in thousands, except rates): December 31, 2023 Conversion Conversion Rate (1) Price (2) 2027 Convertible Notes 48.1783 $ 20.76 ______________________________________________________________________________________________________________________ (1) The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount of 2027 Convertible Notes converted, as adjusted in accordance with the indenture governing the 2027 Convertible Notes (including the applicable supplemental indenture). (2) As of December 31, 2023, the market price of the Company’s common stock was $21.02.

Loan Securitization_Sale Acti_2

Loan Securitization/Sale Activities (Tables)	12 Months Ended
	Dec. 31, 2023
Loan Securitization/Sale Activities
Schedule 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, 2023, 2022 and 2021 (amounts in thousands): Commercial Loans Residential Loans Face Amount Proceeds Face Amount Proceeds For the Year Ended December 31, 2023 $ 759,740 $ 770,733 $ — $ — 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
Schedule 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, 2023 $ 95,496 $ 95,271 $ — $ — 2022 75,235 74,859 1,057,013 1,056,683 2021 335,552 328,878 216,827 225,940 ______________________________________________________________________________________________________________________ (1) During the year ended December 31, 2023, we sold $95.5 million of mezzanine loans at par less costs to sell. 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. (2)

Derivatives and Hedging Activ_2

Derivatives and Hedging Activity (Tables)	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Non-Designated Derivatives	The following table summarizes our non-designated derivatives as of December 31, 2023 (notional amounts in thousands): Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Buy Euros (“EUR”) 14 28,805 EUR January 2024 - April 2026 Fx contracts – Buy Pounds Sterling (“GBP”) 17 129,948 GBP January 2024 - January 2027 Fx contracts – Buy Australian dollar (“AUD”) 12 822,069 AUD January 2024 - October 2026 Fx contracts – Sell EUR 186 843,888 EUR January 2024 - February 2027 Fx contracts – Sell GBP 221 668,887 GBP January 2024 - April 2027 Fx contracts – Sell AUD 133 1,704,744 AUD January 2024 - July 2027 Fx contracts – Sell Swiss Franc (“CHF”) 65 20,423 CHF February 2024 - November 2025 Interest rate swaps – Paying fixed rates 51 4,456,559 USD April 2024 - October 2033 Interest rate swaps – Receiving fixed rates 2 970,000 USD March 2025 - January 2027 Interest rate caps 4 624,499 USD November 2024 - 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 1 100,456 USD June 2025 Total 710
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, 2023 and 2022 (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, 2023 2022 2023 2022 Interest rate contracts $ 8,899 $ 10,756 $ 48,401 $ 69,776 Interest rate swap guarantees — — — — Foreign exchange contracts 53,979 97,289 54,066 21,628 Credit instruments 559 576 — — Total derivatives $ 63,437 $ 108,621 $ 102,467 $ 91,404 ___________________________________________________ (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, 2023, 2022 and 2021 (amounts in thousands): Derivatives Not Designated Location of (Loss) Gain Recognized in Income Amount of (Loss) Gain Recognized in Income for the Year Ended December 31, 2023 2022 2021 Interest rate contracts (Loss) gain on derivative financial instruments, net $ 27,293 $ 216,778 $ 41,033 Interest rate swap guarantees (Loss) gain on derivative financial instruments, net — 260 589 Foreign exchange contracts (Loss) gain on derivative financial instruments, net (65,085) 116,443 41,228 Credit instruments (Loss) gain on derivative financial instruments, net (813) 534 (487) $ (38,605) $ 334,015 $ 82,363

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 Derivative assets $ 63,437 $ — $ 63,437 $ 41,341 $ — $ 22,096 Derivative liabilities $ 102,467 $ — $ 102,467 $ 41,340 $ 61,127 $ — Repurchase agreements 10,652,359 — 10,652,359 10,652,359 — — $ 10,754,826 $ — $ 10,754,826 $ 10,693,699 $ 61,127 $ — 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 $ —

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022 (amounts in thousands): December 31, 2023 December 31, 2022 Assets: Cash and cash equivalents $ 33,175 $ 31,611 Loans held-for-investment 4,210,097 4,365,791 Investment securities 9,946 36,466 Accrued interest receivable 26,355 20,088 Other assets 9,197 131 Total Assets $ 4,288,770 $ 4,454,087 Liabilities Accounts payable, accrued expenses and other liabilities $ 21,174 $ 17,737 Collateralized loan obligations and single asset securitization, net 3,491,292 3,676,224 Total Liabilities $ 3,512,466 $ 3,693,961

Stockholders' Equity and Non-_2

Stockholders' Equity and Non-Controlling Interests (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023, 2022 and 2021: Declaration Date Record Date Ex-Dividend Date Payment Date Amount Frequency 12/15/23 12/29/23 12/28/23 1/15/24 $ 0.48 Quarterly 9/15/23 9/30/23 9/29/23 10/16/23 0.48 Quarterly 6/15/23 6/30/23 6/29/23 7/17/23 0.48 Quarterly 3/16/23 3/31/23 3/30/23 4/14/23 0.48 Quarterly 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
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, 2023, 2022 and 2021 (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 ______________________________________________________________________________________________________________________ (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 compensation due under the Management Agreement during the years ended December 31, 2023, 2022 and 2021: Timing of Issuance Shares of Common Stock Issued Price per share August 2023 92,640 20.59 May 2023 377,207 16.39 March 2023 373,204 19.38 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
Schedule of Share-Based Compensation Expenses	The following table summarizes our share-based compensation expenses during the years ended December 31, 2023, 2022 and 2021 (in thousands): For the Year Ended December 31, 2023 2022 2021 Management fees: Manager incentive fee $ 13,703 $ 24,903 $ 35,135 Manager Equity Plans (1) 18,027 18,693 19,448 31,730 43,596 54,583 General and administrative: Equity Plans (1) 20,761 21,219 19,838 ESPP 459 273 — 21,219 21,492 19,838 Total share-based compensation expense (2) $ 52,949 $ 65,089 $ 74,421 __________________________________________ (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, 2023, 2022 and 2021 was not material.
Schedule of Non-Vested Shares and Share Equivalents	Schedule of Non-Vested Shares and Share Equivalents (1) Equity Plan Manager Total Weighted Average Balance as of January 1, 2023 2,513,847 1,825,000 4,338,847 $ 20.65 Granted 914,694 — 914,694 18.93 Vested (687,743) (950,000) (1,637,743) 18.56 Forfeited (169,070) — (169,070) 22.76 Balance as of December 31, 2023 2,571,728 875,000 3,446,728 21.08 __________________________________________ (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.
Schedule of Vesting Schedule	Equity Manager Plan Equity Plan Total 2024 1,674,540 500,000 2,174,540 2025 583,200 375,000 958,200 2026 313,988 — 313,988 Total 2,571,728 875,000 3,446,728

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 2021 Basic Earnings Income attributable to STWD common stockholders $ 339,213 $ 871,475 $ 447,739 Less: Income attributable to participating shares not already deducted as non-controlling interests (6,412) (17,113) (6,808) Basic earnings $ 332,801 $ 854,362 $ 440,931 Diluted Earnings Income attributable to STWD common stockholders $ 339,213 $ 871,475 $ 447,739 Less: Income attributable to participating shares not already deducted as non-controlling interests (6,412) (17,113) (6,808) 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 $ 332,801 $ 866,343 $ 452,550 Number of Shares: Basic — Average shares outstanding 309,771 305,524 285,942 Effect of dilutive securities — Convertible Notes * 9,649 9,649 Effect of dilutive securities — Contingently issuable shares 450 386 1,037 Effect of dilutive securities — Unvested non-participating shares 286 169 198 Diluted — Average shares outstanding 310,507 315,728 296,826 Earnings Per Share Attributable to STWD Common Stockholders: Basic $ 1.07 $ 2.80 $ 1.54 Diluted $ 1.07 $ 2.74 $ 1.52 ______________________________________________________________________________________________________________________ *

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2021 $ 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 OCI before reclassifications (5,648) — (5,648) Amounts reclassified from AOCI 45 — 45 Net period OCI (5,603) — (5,603) Balance at December 31, 2023 $ 15,352 $ — $ 15,352
Schedule of Reclassifications out of AOCI	The reclassifications out of AOCI impacted the consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021 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 2023 2022 2021 of Operations Unrealized (loss) gain on available-for-sale securities: Net realized loss on sale of investment $ (45) $ — $ — Gain on sale of investments and other assets, net Interest realized upon collection — — 3 Interest income from investment securities Total (45) — 3 Foreign currency translation: Foreign currency adjustment — — (64) Gain on sale of investments and other assets, net Total reclassifications for the period $ (45) $ — $ (61)

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022 (amounts in thousands): December 31, 2023 Total Level I Level II Level III Financial Assets: Loans under fair value option $ 2,645,637 $ — $ — $ 2,645,637 RMBS 102,368 — — 102,368 CMBS 18,600 — — 18,600 Equity security 8,340 8,340 — — Woodstar Fund investments 2,012,833 — — 2,012,833 Domestic servicing rights 19,384 — — 19,384 Derivative assets 63,437 — 63,437 — VIE assets 43,786,356 — — 43,786,356 Total $ 48,656,955 $ 8,340 $ 63,437 $ 48,585,178 Financial Liabilities: Derivative liabilities $ 102,467 $ — $ 102,467 $ — VIE liabilities 42,175,734 — 36,570,938 5,604,796 Total $ 42,278,201 $ — $ 36,673,405 $ 5,604,796 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
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, 2023 and 2022 (amounts in thousands): Loans at RMBS CMBS Woodstar Fund Investments Domestic VIE Assets VIE Total January 1, 2022 balance $ 2,936,025 $ 143,980 $ 22,244 $ 1,040,309 $ 16,780 $ 61,280,543 $ (4,780,221) $ 60,659,660 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale (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) 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 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 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale 62,702 — 282 251,831 1,594 (8,790,373) 485,136 (7,988,828) Net accretion — 4,661 — — — — — 4,661 Included in OCI — (5,603) — — — — — (5,603) Purchases / Originations 756,522 — — — — — — 756,522 Sales (710,957) (601) — — — — — (711,558) Cash repayments / receipts (185,885) (9,475) (790) — — (598,351) (13,410) (807,911) Transfers into Level III 27 — — — — — (2,241,350) (2,241,323) Transfers out of Level III (61,366) — — — — — 1,670,771 1,609,405 Consolidation of VIEs — — — — — 722,039 — 722,039 December 31, 2023 balance $ 2,645,637 $ 102,368 $ 18,600 $ 2,012,833 $ 19,384 $ 43,786,356 $ (5,604,796) $ 42,980,382 Amount of unrealized gains (losses) attributable to assets still held at December 31, 2023: Included in earnings $ 15,853 $ 4,630 $ 282 $ 251,831 $ 1,594 $ (8,818,672) $ 485,136 $ (8,059,346) Included in OCI — (5,638) — — — — — (5,638) 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)
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, 2023 December 31, 2022 Carrying Fair Carrying Fair Financial assets not carried at fair value: Loans $ 17,574,249 $ 17,483,058 $ 18,401,439 $ 18,215,072 HTM debt securities 606,254 581,160 673,470 637,275 Financial liabilities not carried at fair value: Secured financing agreements, CLOs and SASB (a) $ 17,552,979 $ 17,466,172 $ 18,177,756 $ 18,017,651 Unsecured senior notes 2,158,888 2,128,835 2,329,211 2,199,135 __________________________________________________ (a) Includes debt related to properties held-for-sale (see Note 7).
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, 2023 Valuation Unobservable Range (Weighted Average) as of (1) December 31, 2023 December 31, 2022 Loans under fair value option $ 2,645,637 Discounted cash flow, market pricing Coupon (d) 2.8% - 9.9% (4.5%) 2.8% - 9.3% (4.5%) Remaining contractual term (d) 4.3 - 38.5 years (27.4 years) 5.3 - 39.5 years (28.6 years) FICO score (a) 585 - 900 (749) 585 - 900 (749) LTV (b) 5% - 140% (68%) 4% - 92% (67%) Purchase price (d) 80.0% - 108.6% (101.4%) 80.0% - 108.6% (101.4%) RMBS 102,368 Discounted cash flow Constant prepayment rate (a) 2.9% - 9.6% (5.2%) 2.8% - 12.0% (5.5%) Constant default rate (b) 1.0% - 4.2% (1.7%) 1.1% - 4.4% (2.0%) Loss severity (b) 0% - 99% (17%) (f) 0% - 109% (24%) (f) Delinquency rate (c) 8% - 25% (14%) 6% - 29% (16%) Servicer advances (a) 30% - 78% (51%) 31% - 77.7% (53%) Annual coupon deterioration (b) 0% - 1.3% (0.1%) 0% - 2.6% (0.1%) Putback amount per projected total collateral loss (e) 0% - 8% (0.5%) 0% - 8% (0.5%) CMBS 18,600 Discounted cash flow Yield (b) 0% - 540.1% (10.6%) 0% - 117.5% (10.1%) Duration (c) 0 - 6.7 years (2.4 years) 0 - 7.7 years (3.0 years) Woodstar Fund investments 2,012,833 Discounted cash flow Discount rate - properties (b) 6.3% - 7.0% (6.7%) 6.3% - 6.8% (6.5%) Discount rate - debt (a) 3.0% - 6.9% (5.4%) 5.6% - 6.7% (6.1%) Terminal capitalization rate (b) 4.8% - 5.5% (5.2%) 5.0% - 5.5% (5.1%) Implied capitalization rate (b) 4.25% (4.25%) 4.20% (4.20%) Domestic servicing rights 19,384 Discounted cash flow Debt yield (a) 8.50% (8.50%) 8.25% (8.25%) Discount rate (b) 15% (15%) 15% (15%) VIE assets 43,786,356 Discounted cash flow Yield (b) 0% - 691.0% (15.9%) 0% - 453.6% (15.3%) Duration (c) 0 - 10.0 years (1.8 years) 0 - 11.0 years (2.4 years) VIE liabilities 5,604,796 Discounted cash flow Yield (b) 0% - 691.0% (11.4%) 0% - 453.6% (10.4%) Duration (c) 0 - 10.0 years (1.7 years) 0 - 11.0 years (1.8 years) ______________________________________________________________________________________________________________________ (1) Unobservable inputs were weighted by the relative carrying value of the instruments as of December 31, 2023 and 2022. 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) 5% and 10% of the portfolio falls within a range of 45% - 80% as of December 31, 2023 and 2022, respectively.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Income Tax (Benefit) Provision	Our income tax (benefit) provision consisted of the following for the years ended December 31, 2023, 2022 and 2021 (in thousands): For the Year Ended December 31, 2023 2022 2021 Current Federal $ 554 $ 1,446 $ 142 State (31) 705 (80) Foreign — — (392) Total current 523 2,151 (330) Deferred Federal 98 (47,128) 6,893 State (1,303) (16,546) 2,106 Total deferred (1,205) (63,674) 8,999 Total income tax (benefit) provision $ (682) $ (61,523) $ 8,669
Schedule of Temporary Differences on Deferred Tax Assets	The following table presents the tax effects of temporary differences on net deferred tax assets which are classified in our consolidated balance sheets within other assets at December 31, 2023 and December 31, 2022 (in thousands): December 31, 2023 2022 Deferred tax assets/(liabilities), net Reserves and accruals $ 3,636 $ 3,314 Domestic intangible assets (22,890) (15,946) Investments in unconsolidated entities (984) 782 Net operating loss and interest expense carryforwards 78,979 69,294 Other U.S. temporary differences 47 140 Net deferred tax assets $ 58,788 $ 57,584
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, 2023, 2022 and 2021 (dollars in thousands): For the Year Ended December 31, 2023 2022 2021 Federal statutory tax rate $ 87,670 21.0 % $ 209,483 21.0 % $ 105,230 21.0 % REIT and other non-taxable income (88,281) (21.2) % (256,105) (25.7) % (92,121) (18.4) % State income taxes (201) — % (15,319) (1.5) % 4,307 0.9 % Federal benefit of state tax deduction 42 — % 3,217 0.3 % (905) (0.2) % Intra-entity transfers — — % (4,327) (0.4) % (6,635) (1.3) % Other 88 — % 1,528 0.1 % (1,207) (0.3) % Effective tax rate $ (682) (0.2) % $ (61,523) (6.2) % $ 8,669 1.7 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Cost	Our lease costs and sublease income were as follows (in thousands): For the Year Ended December 31, 2023 2022 2021 Operating lease costs $ 6,864 $ 4,646 $ 4,100 Short-term lease costs 75 44 $ 2,227 Sublease income — — $ (766) Total lease cost $ 6,940 $ 4,690 $ 5,560 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, 2023 and 2022, is as follows (dollars in thousands): For the Year Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities —operating $ 5,025 $ 2,129 December 31, 2023 December 31, 2022 Weighted-average remaining lease term 12.0 years 13.0 years Weighted-average discount rate 8.8% 8.7%
Schedule of Future Maturity of Operating Leases	Future maturity of operating lease liabilities: 2024 $ 5,145 2025 5,320 2026 5,275 2027 4,829 2028 4,868 Thereafter 41,543 Total 66,980 Less interest component (29,325) Operating lease liability $ 37,655

Segment and Geographic Data (Ta

Segment and Geographic Data (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 1,557,631 $ 236,884 $ — $ 9,589 $ — $ 1,804,104 $ — $ 1,804,104 Interest income from investment securities 135,130 1,805 — 92,147 — 229,082 (152,558) 76,524 Servicing fees 553 — — 44,895 — 45,448 (12,327) 33,121 Rental income 8,369 — 93,459 25,838 — 127,666 — 127,666 Other revenues 2,527 1,296 713 2,335 1,622 8,493 — 8,493 Total revenues 1,704,210 239,985 94,172 174,804 1,622 2,214,793 (164,885) 2,049,908 Costs and expenses: Management fees 496 — — — 141,047 141,543 — 141,543 Interest expense 971,028 141,016 54,522 34,611 235,776 1,436,953 (846) 1,436,107 General and administrative 55,782 15,569 4,155 87,619 17,087 180,212 — 180,212 Acquisition and investment pursuit costs 1,128 17 (5) (215) — 925 — 925 Costs of rental operations 8,777 — 22,806 13,259 — 44,842 — 44,842 Depreciation and amortization 7,206 103 31,960 9,788 84 49,141 — 49,141 Credit loss provision, net 225,720 18,008 — — — 243,728 — 243,728 Other expense 1,730 — 23 67 — 1,820 — 1,820 Total costs and expenses 1,271,867 174,713 113,461 145,129 393,994 2,099,164 (846) 2,098,318 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 181,688 181,688 Change in fair value of servicing rights — — — 401 — 401 1,193 1,594 Change in fair value of investment securities, net 69,259 — — (51,889) — 17,370 (16,603) 767 Change in fair value of mortgage loans, net 25,874 — — 36,828 — 62,702 — 62,702 Income from affordable housing fund investments — — 291,244 — — 291,244 — 291,244 Earnings (loss) from unconsolidated entities 4,410 5,702 — 8,849 — 18,961 (2,239) 16,722 (Loss) gain on sale of investments and other assets, net (112) — — 25,841 — 25,729 — 25,729 (Loss) gain on derivative financial instruments, net (25,206) 123 2,111 (4,348) (11,285) (38,605) — (38,605) Foreign currency gain (loss), net 60,644 201 (11) — — 60,834 — 60,834 Loss on extinguishment of debt (804) — — (434) — (1,238) — (1,238) Other (loss) income, net (135,576) — (5) 29 — (135,552) — (135,552) Total other income (loss) (1,511) 6,026 293,339 15,277 (11,285) 301,846 164,039 465,885 Income (loss) before income taxes 430,832 71,298 274,050 44,952 (403,657) 417,475 — 417,475 Income tax benefit (provision) 990 590 — (898) — 682 — 682 Net income (loss) 431,822 71,888 274,050 44,054 (403,657) 418,157 — 418,157 Net income attributable to non-controlling interests (14) — (77,156) (1,774) — (78,944) — (78,944) Net income (loss) attributable to Starwood Property Trust, Inc . $ 431,808 $ 71,888 $ 196,894 $ 42,280 $ (403,657) $ 339,213 $ — $ 339,213 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
Schedule of Consolidated Balance Sheet by Business Segment	The table below presents our consolidated balance sheet as of December 31, 2023 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Assets: Cash and cash equivalents $ 8,823 $ 56,300 $ 19,957 $ 22,011 $ 87,569 $ 194,660 $ — $ 194,660 Restricted cash 23,902 28,693 1,016 5,175 58,526 117,312 — 117,312 Loans held-for-investment, net 15,069,389 2,495,660 — 9,200 — 17,574,249 — 17,574,249 Loans held-for-sale 2,604,594 — — 41,043 — 2,645,637 — 2,645,637 Investment securities 1,147,829 19,042 — 1,147,550 — 2,314,421 (1,578,859) 735,562 Properties, net 431,155 — 555,455 59,774 — 1,046,384 — 1,046,384 Properties held-for-sale — — 290,937 — — 290,937 — 290,937 Investments of consolidated affordable housing fund — — 2,012,833 — — 2,012,833 — 2,012,833 Investments in unconsolidated entities 19,151 52,691 — 33,134 — 104,976 (14,600) 90,376 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Intangible assets 13,415 — 25,432 63,985 — 102,832 (37,865) 64,967 Derivative assets 55,559 84 5,638 2,156 — 63,437 — 63,437 Accrued interest receivable 180,441 12,485 1,502 1,369 5,070 200,867 — 200,867 Other assets 301,436 3,486 50,459 15,828 49,564 420,773 — 420,773 VIE assets, at fair value — — — — — — 43,786,356 43,786,356 Total Assets $ 19,855,694 $ 2,787,850 $ 2,963,229 $ 1,541,662 $ 200,729 $ 27,349,164 $ 42,155,032 $ 69,504,196 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 106,236 $ 45,232 $ 12,225 $ 44,452 $ 85,297 $ 293,442 $ — $ 293,442 Related-party payable — — — — 44,816 44,816 — 44,816 Dividends payable — — — — 152,888 152,888 — 152,888 Derivative liabilities 54,066 — — — 48,401 102,467 — 102,467 Secured financing agreements, net 10,368,668 1,088,965 598,350 495,857 1,336,913 13,888,753 (20,757) 13,867,996 Collateralized loan obligations and single asset securitization, net 2,674,938 816,354 — — — 3,491,292 — 3,491,292 Unsecured senior notes, net — — — — 2,158,888 2,158,888 — 2,158,888 Debt related to properties held-for-sale — — 193,691 — — 193,691 — 193,691 VIE liabilities, at fair value — — — — — — 42,175,734 42,175,734 Total Liabilities 13,203,908 1,950,551 804,266 540,309 3,827,203 20,326,237 42,154,977 62,481,214 Temporary Equity: Redeemable non-controlling interests — — 414,348 — — 414,348 — 414,348 Permanent Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 3,208 3,208 — 3,208 Additional paid-in capital 1,121,413 664,621 (437,169) (705,176) 5,220,981 5,864,670 — 5,864,670 Treasury stock — — — — (138,022) (138,022) — (138,022) Retained earnings (accumulated deficit) 5,514,906 172,678 1,974,539 1,556,399 (8,712,641) 505,881 — 505,881 Accumulated other comprehensive income 15,352 — — — — 15,352 — 15,352 Total Starwood Property Trust, Inc. Stockholders’ Equity 6,651,671 837,299 1,537,370 851,223 (3,626,474) 6,251,089 — 6,251,089 Non-controlling interests in consolidated subsidiaries 115 — 207,245 150,130 — 357,490 55 357,545 Total Permanent Equity 6,651,786 837,299 1,744,615 1,001,353 (3,626,474) 6,608,579 55 6,608,634 Total Liabilities and Equity $ 19,855,694 $ 2,787,850 $ 2,963,229 $ 1,541,662 $ 200,729 $ 27,349,164 $ 42,155,032 $ 69,504,196 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

Business and Organization (Deta

Business and Organization (Details)	12 Months Ended
	Dec. 31, 2023 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, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
REO assets as a percent of consolidated VIE assets			2%
Loans as a percent of consolidated VIE assets			98%
Permitted reinvestment under static investment in VIEs			$ 0
Number of properties in portfolio investment | property		59
Number of units in portfolio investment | unit		15,057
Contributions from non-controlling interests			2,724,000	$ 21,925,000	$ 219,757,000
Cumulative effect of investment company fair value adjustment					$ 1,236,476,000
Accounting Standards Update [Extensible List]						Accounting Standards Update 2020-06 [Member]
Retained earnings (accumulated deficit)			$ 505,881,000	$ 769,237,000
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Additional paid-in capital						$ (3,700,000)
Retained earnings (accumulated deficit)						$ (2,200,000)
Woodstar Fund
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of interest sold		20.60%
Contributions from non-controlling interests	$ 214,200,000	$ 216,000,000
Fund term		8 years

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) residential_unit property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Nov. 05, 2021	Apr. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)
Business Acquisition [Line Items]
Carrying Value	$ 20,528,925,000	$ 21,285,446,000
Woodstar Fund
Business Acquisition [Line Items]
Percentage of interest sold				20.60%
Commercial and Residential Lending Segment
Business Acquisition [Line Items]
Loan with related allowance, unpaid principal						$ 20,900,000
Commercial and Residential Lending Segment | Orlando, Florida | Credit deteriorated
Business Acquisition [Line Items]
Carrying Value					$ 18,500,000
Commercial and Residential Lending Segment | Montgomery Alabama
Business Acquisition [Line Items]
Allowance						8,300,000
Unamortized discount						3,600,000
Commercial and Residential Lending Segment | Montgomery Alabama | Credit deteriorated
Business Acquisition [Line Items]
Carrying Value						$ 9,000,000
Operating Properties | Investing and Servicing Segment
Business Acquisition [Line Items]
Number of properties sold | property	4	3	2
Proceeds from sale of operating properties	$ 63,700,000	$ 92,100,000	$ 68,700,000
Gain on sale of property	25,600,000	50,900,000	22,200,000
Deconsolidation of subsidiary	10,200,000
Gain on sale of property attributable to noncontrolling interest		600,000
Operating Properties | Commercial and Residential Lending Segment | Orlando, Florida
Business Acquisition [Line Items]
Proceeds from sale of operating properties		114,800,000
Gain on sale of property		86,600,000
Operating Properties | Commercial and Residential Lending Segment | Montgomery Alabama
Business Acquisition [Line Items]
Proceeds from sale of operating properties		114,800,000	31,200,000
Gain on sale of property		$ 86,600,000	$ 17,700,000
Residential Units | Commercial and Residential Lending Segment
Business Acquisition [Line Items]
Proceeds from sale of operating properties	12,100,000
Gain on sale of property	$ 0
Number of residential units sold | residential_unit	4

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash collateral for derivative financial instruments	$ 80,219	$ 69,607
Cash restricted by lender	34,450	49,727
Funds held on behalf of borrowers and tenants	1,300	1,255
Other restricted cash	1,343	483
Restricted cash	$ 117,312	$ 121,072

Loans - Held for Investment (De

Loans - Held for Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments in loans
Carrying Value	$ 20,528,925	$ 21,285,446
Face Amount	20,934,221	21,734,785
Credit loss allowances	(309,039)	(99,413)
Total net loans	20,219,886	$ 21,186,033	$ 18,413,649	$ 12,139,908
Commercial Portfolio Segment
Investments in loans
Carrying Value	15,377,364
Credit loss allowances	(298,775)
Infrastructure Portfolio Segment
Investments in loans
Carrying Value	2,505,924
Credit loss allowances	$ (10,264)
Residential Portfolio Segment
Investments in loans
Weighted Average Life	27 years 9 months 18 days	28 years 9 months 18 days
Loans held for investment
Investments in loans
Carrying Value	$ 17,883,288	$ 18,500,852
Face Amount	17,979,695	18,617,970
Credit loss allowances	(309,039)	(99,413)
Loans held for investment | Commercial Portfolio Segment
Investments in loans
Carrying Value	15,377,364	16,137,308
Face Amount	15,429,451	16,222,208
Credit loss allowances	(298,775)	(88,801)
Total net loans	15,078,589	16,048,507	13,450,198	9,583,949
Loans held for investment | Infrastructure Portfolio Segment
Investments in loans
Carrying Value	2,505,924	2,363,544
Face Amount	$ 2,550,244	$ 2,395,762
Weighted Average Life	3 years 10 months 24 days	3 years 10 months 24 days
Credit loss allowances	$ (10,264)	$ (10,612)
Total net loans	2,495,660	2,352,932	2,027,426	1,412,440
Loans held for investment | Residential Portfolio Segment
Investments in loans
Total net loans	$ 0	$ 0	59,225	90,684
Loans held for investment | Weighted-average | Infrastructure Portfolio Segment
Investments in loans
Weighted Average Coupon	9.50%	8.60%
Loans under fair value option
Investments in loans
Carrying Value	$ 2,645,637	$ 2,784,594
Face Amount	2,954,526	3,116,815
Credit loss allowances	0
Total net loans	2,645,637	2,784,594	$ 2,876,800	$ 1,052,835
Loans under fair value option | Residential, fair value option
Investments in loans
Carrying Value	2,604,594	2,763,458
Face Amount	2,909,126	3,092,915
Loans under fair value option | Commercial, fair value option
Investments in loans
Carrying Value	41,043	21,136
Face Amount	$ 45,400	$ 23,900
Weighted Average Life	5 years 2 months 12 days	8 years 7 months 6 days
Loans under fair value option | Weighted-average | Residential, fair value option
Investments in loans
Weighted Average Coupon	4.50%	4.50%
Loans under fair value option | Weighted-average | Commercial, fair value option
Investments in loans
Weighted Average Coupon	5.50%	5.70%
First Mortgages | Loans held for investment
Investments in loans
Carrying Value	$ 14,956,646	$ 15,562,452
Face Amount	$ 15,005,827	$ 15,648,358
Weighted Average Life	2 years 9 months 18 days	3 years 3 months 18 days
First Mortgages | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon	9%	7.90%
Subordinated Mortgages | Loans held for investment
Investments in loans
Carrying Value	$ 76,560	$ 71,100
Face Amount	$ 76,882	$ 72,118
Weighted Average Life	2 years 2 months 12 days	3 years 2 months 12 days
Subordinated Mortgages | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon	14.80%	13.60%
Mezzanine Loans
Investments in loans
Total net loans	$ 1,000,000	$ 1,300,000
Mezzanine Loans | Loans held for investment
Investments in loans
Carrying Value	273,146	445,363
Face Amount	$ 274,899	$ 442,339
Weighted Average Life	2 years 8 months 12 days	1 year 10 months 24 days
Mezzanine Loans | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon	13.70%	12.90%
Other | Loans held for investment
Investments in loans
Carrying Value	$ 71,012	$ 58,393
Face Amount	$ 71,843	$ 59,393
Weighted Average Life	1 year 9 months 18 days	1 year 8 months 12 days
Other | Loans held for investment | Weighted-average
Investments in loans
Weighted Average Coupon	9.60%	8.20%

Loans - Variable Rate Loans Hel

Loans - Variable Rate Loans Held for Investment (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Variable rate loans held-for-investment
Carrying Value	$ 17,089,364
Weighted-average Spread Above Index	4%
Commercial loans
Variable rate loans held-for-investment
Carrying Value	$ 14,583,440
Weighted-average Spread Above Index	4%
Infrastructure loans
Variable rate loans held-for-investment
Carrying Value	$ 2,505,924
Weighted-average Spread Above Index	4.10%

Loans - Risk Ratings by Class o

Loans - Risk Ratings by Class of Loan (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments in loans
Total Amortized Cost Basis	$ 20,528,925	$ 21,285,446
Credit Loss Allowance	309,039	99,413
Loans under fair value option
Investments in loans
Total Amortized Cost Basis	2,645,637	$ 2,784,594
Credit Loss Allowance	0
Commercial Portfolio Segment
Investments in loans
2023	915,656
2022	4,123,106
2021	6,985,760
2020	737,416
2019	1,456,090
Prior	1,159,336
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	15,377,364
Credit Loss Allowance	298,775
Commercial Portfolio Segment | LTV less than 60%
Investments in loans
2023	321,465
2022	2,040,870
2021	2,979,413
2020	188,140
2019	937,355
Prior	232,009
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	6,699,252
Credit Loss Allowance	24,939
Commercial Portfolio Segment | LTV 60% - 70%
Investments in loans
2023	518,912
2022	1,937,799
2021	3,522,841
2020	97,805
2019	85,287
Prior	318,432
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	6,481,076
Credit Loss Allowance	78,495
Commercial Portfolio Segment | LTV > 70%
Investments in loans
2023	60,905
2022	102,732
2021	483,506
2020	451,471
2019	433,448
Prior	589,037
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	2,121,099
Credit Loss Allowance	190,416
Commercial Portfolio Segment | Credit deteriorated
Investments in loans
2023	0
2022	0
2021	0
2020	0
2019	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
2023	14,374
2022	41,705
2021	0
2020	0
2019	0
Prior	14,933
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	71,012
Credit Loss Allowance	0
Infrastructure Portfolio Segment
Investments in loans
2023	900,990
2022	136,704
2021	317,479
2020	72,687
2019	494,924
Prior	577,859
Revolving Loans Amortized Cost Total	5,281
Total Amortized Cost Basis	2,505,924
Credit Loss Allowance	10,264
Infrastructure Portfolio Segment | Power
Investments in loans
2023	441,646
2022	0
2021	106,343
2020	72,687
2019	276,795
Prior	442,784
Revolving Loans Amortized Cost Total	3,213
Total Amortized Cost Basis	1,343,468
Credit Loss Allowance	4,099
Infrastructure Portfolio Segment | Oil and gas
Investments in loans
2023	410,674
2022	136,704
2021	211,136
2020	0
2019	218,129
Prior	135,075
Revolving Loans Amortized Cost Total	2,068
Total Amortized Cost Basis	1,113,786
Credit Loss Allowance	6,009
Infrastructure Portfolio Segment | Other
Investments in loans
2023	48,670
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	48,670
Credit Loss Allowance	$ 156

Loans - Narrative (Details)

Loans - Narrative (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2023 USD ($)	May 31, 2023 USD ($)	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)
Investments in loans
Carrying Value	$ 20,528,925		$ 20,528,925	$ 21,285,446
Carrying value of loan			102,774	290,311	$ 36,308
Properties, net	1,046,384		1,046,384	1,449,986
Intangible assets	64,967		$ 64,967	$ 68,773	$ 63,564
Number of loans modified | loan			3
Commercial Portfolio Segment
Investments in loans
Carrying Value	15,377,364		$ 15,377,364
Infrastructure Portfolio Segment
Investments in loans
Carrying Value	2,505,924		2,505,924
Mortgage Loan | California | Commercial Portfolio Segment
Investments in loans
Carrying Value	197,200		$ 197,200
Granted team extension period			19 months
Preferred equity commitment	25,100		$ 25,100
Unfunded commitments	15,500		15,500
Mortgage Loan | PENNSYLVANIA | Commercial Portfolio Segment
Investments in loans
Carrying Value	$ 95,500		$ 95,500
Stated interest rate	6%		6%
Payments received from loan modifications			$ 2,500
Mortgage Loan | ARIZONA | Commercial Portfolio Segment
Investments in loans
Carrying Value	$ 44,900		44,900
Payments received from loan modifications			$ 1,600
Decrease in interest rate			0.50%
Mortgage Loan | ARIZONA | Commercial Portfolio Segment | SOFR
Investments in loans
Basis spread	2.85%		2.85%
Senior Loans | Chicago | Commercial Portfolio Segment
Investments in loans
Carrying value of loan		$ 41,100
Properties, net		36,800
Intangible assets		$ 4,300
First Mortgage and Mezzanine | Pacific Northwest | Commercial Portfolio Segment
Investments in loans
Carrying value of loan	$ 60,800
Properties, net	60,800		$ 60,800
Credit deteriorated | Commercial Portfolio Segment
Investments in loans
Carrying Value	4,925		4,925
Credit deteriorated | Senior Loans | Chicago | Infrastructure Portfolio Segment
Investments in loans
Carrying Value	4,900		4,900
90 days or greater past due | Non-Credit Deterioration
Investments in loans
Carrying Value	488,900		488,900
Past due loan converted to equity interests						$ 7,300
90 days or greater past due | Non-Credit Deterioration | Residential Portfolio Segment
Investments in loans
Carrying Value	67,600		67,600
90 days or greater past due | Non-Credit Deterioration | Mortgage Loan | Texas | Commercial Portfolio Segment
Investments in loans
Carrying Value	252,000		252,000
90 days or greater past due | Non-Credit Deterioration | Mortgage Loan | DISTRICT OF COLUMBIA | Commercial Portfolio Segment
Investments in loans
Carrying Value	122,300		122,300
90 days or greater past due | Non-Credit Deterioration | Mortgage Loan | VIRGINIA | Commercial Portfolio Segment
Investments in loans
Carrying Value	124,300		124,300
90 days or greater past due | Non-Credit Deterioration | Leasehold Mortgage Loan | California | Commercial Portfolio Segment
Investments in loans
Carrying Value	37,800		37,800
90 days or greater past due | Non-Credit Deterioration | Senior Loans | New York | Commercial Portfolio Segment
Investments in loans
Carrying Value	9,200		9,200
Financial Asset, Less Than 90 Days Past Due | Non-Credit Deterioration
Investments in loans
Past due loan converted to equity interests	7,300		7,300
Financial Asset, Less Than 90 Days Past Due | Non-Credit Deterioration | Senior Loans | New Jersey | Commercial Portfolio Segment
Investments in loans
Carrying Value	$ 185,400		185,400
Proceeds from collection of loans receivable			$ 54,900

Loans - Activity in Portfolio (

Loans - Activity in Portfolio (Details) $ in Thousands	1 Months Ended					12 Months Ended
	Dec. 31, 2023 USD ($) power_plant	May 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	May 31, 2022 USD ($)	Feb. 28, 2022 USD ($)	Dec. 31, 2023 USD ($) power_plant	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						$ 99,413
Credit loss (reversal) provision, net						232,712	$ 49,049	$ 4,633
Credit loss allowance at the end of the period	$ 309,039		$ 99,413			309,039	99,413
Activity in loan portfolio
Balance at the beginning of the period						21,186,033	18,413,649	12,139,908
Acquisitions/originations/additional funding						3,474,242	10,178,734	13,990,579
Capitalized interest						125,747	124,150	119,136
Basis of loans sold						(866,104)	(4,253,551)	(4,176,868)
Loan maturities/principal repayments						(3,647,171)	(2,258,630)	(4,197,809)
Discount accretion/premium amortization						67,112	62,557	57,948
Changes in fair value						62,702	(346,222)	69,050
Foreign currency translation gain (loss), net						153,472	(306,946)	(72,130)
Credit loss provision, net						(232,712)	(49,049)	(4,633)
Loan foreclosure, equity control and conversion to equity interest						(102,774)	(290,311)	(36,308)
Transfer to/from other asset/liability classifications or between segments						(661)	(88,348)	524,776
Balance at the end of the period	20,219,886		21,186,033			20,219,886	21,186,033	18,413,649
Carrying Value	20,528,925		21,285,446			20,528,925	21,285,446
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	$ 488,900					$ 488,900
Past due loan converted to equity interests										$ 7,300
Chicago
Activity in allowance for loan losses
Number of natural gas power plants | power_plant	2					2
Unfunded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						$ 9,873	6,837	6,070
Credit loss (reversal) provision, net						1,055	3,036	767
Credit loss allowance at the end of the period	$ 10,928		9,873			10,928	9,873	6,837
Unfunded commitments	1,346,445					1,346,445
Activity in loan portfolio
Credit loss provision, net						(1,055)	(3,036)	(767)
HTM Preferred Intrests
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						0	0	0
Credit loss (reversal) provision, net						1,548	0	0
Credit loss allowance at the end of the period	1,548		0			1,548	0	0
Unfunded commitments	8,282					8,282
Activity in loan portfolio
Credit loss provision, net						(1,548)	0	0
CMBS
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						52	0	0
Credit loss (reversal) provision, net						22	52	0
Credit loss allowance at the end of the period	74		52			74	52	0
Unfunded commitments	34,743					34,743
Activity in loan portfolio
Credit loss provision, net						(22)	(52)	0
Residential Loans | Commercial and Residential Lending Segment
Activity in loan portfolio
Face amount						0	1,057,013	216,827
Residential Loans | Agency-Eligible Residential Loan | Commercial and Residential Lending Segment
Activity in loan portfolio
Face amount					$ 745,000		745,000
Contingency expense							88,400
Total loans held-for-investment
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						99,413
Credit loss allowance at the end of the period	309,039		99,413			309,039	99,413
Activity in loan portfolio
Carrying Value	17,883,288		18,500,852			17,883,288	18,500,852
Total loans held-for-investment | First mortgage loan participation
Activity in loan portfolio
Carrying Value	14,956,646		15,562,452			14,956,646	15,562,452
Loans under fair value option
Activity in allowance for loan losses
Credit loss (reversal) provision, net						0	0	0
Credit loss allowance at the end of the period	0					0
Activity in loan portfolio
Balance at the beginning of the period						2,784,594	2,876,800	1,052,835
Acquisitions/originations/additional funding						757,355	4,634,722	5,351,034
Capitalized interest						172	508	2,650
Basis of loans sold						(813,104)	(4,216,618)	(3,856,736)
Loan maturities/principal repayments						(185,884)	(193,105)	(352,711)
Discount accretion/premium amortization						0	0	504
Changes in fair value						62,702	(343,053)	67,864
Foreign currency translation gain (loss), net						0	0	0
Credit loss provision, net						0	0	0
Loan foreclosure, equity control and conversion to equity interest						(929)	0	0
Transfer to/from other asset/liability classifications or between segments						40,731	25,340	611,360
Balance at the end of the period	2,645,637		2,784,594			2,645,637	2,784,594	2,876,800
Carrying Value	2,645,637		2,784,594			2,645,637	2,784,594
Funded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						99,413	67,270	77,444
Credit loss (reversal) provision, net						232,712	49,049	4,633
Charge-offs						(23,086)	(16,906)	(14,807)
Transfers								0
Credit loss allowance at the end of the period	309,039		99,413			309,039	99,413	67,270
Charge-offs						23,086	16,906	14,807
Activity in loan portfolio
Credit loss provision, net						(232,712)	(49,049)	(4,633)
Commercial Portfolio Segment
Activity in allowance for loan losses
Credit loss allowance at the end of the period	298,775					298,775
Activity in loan portfolio
Carrying Value	15,377,364					15,377,364
Commercial Portfolio Segment | Credit deteriorated
Activity in allowance for loan losses
Credit loss allowance at the end of the period	4,925					4,925
Activity in loan portfolio
Carrying Value	4,925					4,925
Commercial Portfolio Segment | Senior Loans | Chicago
Activity in loan portfolio
Loan foreclosure, equity control and conversion to equity interest		$ (41,100)
Commercial Portfolio Segment | Senior Loans | California
Activity in loan portfolio
Loan converted to equity interest			223,800
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 | Mortgage Loan And Mezzanine Loan | Pacific Northwest
Activity in loan portfolio
Loan foreclosure, equity control and conversion to equity interest	(60,800)
Commercial Portfolio Segment | Total loans held-for-investment
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						88,801
Credit loss (reversal) provision, net						222,266	42,201	(7,947)
Credit loss allowance at the end of the period	298,775		88,801			298,775	88,801
Activity in loan portfolio
Balance at the beginning of the period						16,048,507	13,450,198	9,583,949
Acquisitions/originations/additional funding						1,713,979	4,882,414	7,822,441
Capitalized interest						125,057	121,500	112,178
Basis of loans sold						(53,000)	(10,109)	(307,454)
Loan maturities/principal repayments						(2,596,738)	(1,764,638)	(3,508,969)
Discount accretion/premium amortization						53,418	52,939	52,416
Changes in fair value						0	0	0
Foreign currency translation gain (loss), net						152,869	(304,051)	(71,419)
Credit loss provision, net						(222,266)	(42,201)	7,947
Loan foreclosure, equity control and conversion to equity interest						(101,845)	(273,929)	(36,308)
Transfer to/from other asset/liability classifications or between segments						(41,392)	(63,616)	(204,583)
Balance at the end of the period	15,078,589		16,048,507			15,078,589	16,048,507	13,450,198
Carrying Value	15,377,364		16,137,308			15,377,364	16,137,308
Commercial Portfolio Segment | Funded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						88,801	46,600	69,611
Credit loss (reversal) provision, net						222,266	42,201	(7,947)
Charge-offs						(12,292)	0	(14,807)
Transfers								(257)
Credit loss allowance at the end of the period	298,775		88,801			298,775	88,801	46,600
Charge-offs						12,292	0	14,807
Activity in loan portfolio
Credit loss provision, net						(222,266)	(42,201)	7,947
Commercial Portfolio Segment | Funded commitments | Chicago
Activity in allowance for loan losses
Charge-offs								(7,000)
Charge-offs								7,000
Commercial Portfolio Segment | Funded commitments | New York
Activity in allowance for loan losses
Charge-offs								(7,800)
Charge-offs								7,800
Commercial Portfolio Segment | Unfunded Loan Commitment, Loans Held-For-Investment
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						9,749	6,692	5,258
Credit loss (reversal) provision, net						(1,007)	3,057	1,434
Credit loss allowance at the end of the period	8,742		9,749			8,742	9,749	6,692
Unfunded commitments	1,237,874					1,237,874
Activity in loan portfolio
Credit loss provision, net						1,007	(3,057)	(1,434)
Infrastructure Portfolio Segment
Activity in allowance for loan losses
Credit loss allowance at the end of the period	10,264					10,264
Activity in loan portfolio
Carrying Value	2,505,924					2,505,924
Infrastructure Portfolio Segment | Infrastructure Loans | Chicago | Credit deteriorated
Activity in allowance for loan losses
Charge-offs						(10,800)
Charge-offs						10,800
Infrastructure Portfolio Segment | Senior Loans | Chicago | Credit deteriorated
Activity in loan portfolio
Carrying Value	4,900					4,900
Infrastructure Portfolio Segment | Senior Loans | Massachusetts
Activity in loan portfolio
Loan converted to equity interest			16,400
Infrastructure Portfolio Segment | Total loans held-for-investment
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						10,612
Credit loss (reversal) provision, net						10,446	6,848	12,580
Credit loss allowance at the end of the period	10,264		10,612			10,264	10,612
Activity in loan portfolio
Balance at the beginning of the period						2,352,932	2,027,426	1,412,440
Acquisitions/originations/additional funding						1,002,908	661,598	817,104
Capitalized interest						518	503	0
Basis of loans sold						0	(26,824)	(12,678)
Loan maturities/principal repayments						(864,549)	(293,264)	(304,878)
Discount accretion/premium amortization						13,694	9,618	5,028
Changes in fair value						0	0	0
Foreign currency translation gain (loss), net						603	(2,895)	(711)
Credit loss provision, net						(10,446)	(6,848)	(12,580)
Loan foreclosure, equity control and conversion to equity interest						0	(16,382)	0
Transfer to/from other asset/liability classifications or between segments						0	0	123,701
Balance at the end of the period	2,495,660		2,352,932			2,495,660	2,352,932	2,027,426
Carrying Value	2,505,924		2,363,544			2,505,924	2,363,544
Infrastructure Portfolio Segment | Funded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						10,612	20,670	7,833
Credit loss (reversal) provision, net						10,446	6,848	12,580
Charge-offs						(10,794)	(16,906)	0
Transfers								257
Credit loss allowance at the end of the period	10,264		10,612			10,264	10,612	20,670
Charge-offs						10,794	16,906	0
Activity in loan portfolio
Credit loss provision, net						(10,446)	(6,848)	(12,580)
Infrastructure Portfolio Segment | Unfunded Loan Commitment, Loans Held-For-Investment
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						72	145	812
Credit loss (reversal) provision, net						492	(73)	(667)
Credit loss allowance at the end of the period	564		72			564	72	145
Unfunded commitments	65,546					65,546
Activity in loan portfolio
Credit loss provision, net						(492)	73	667
Residential Portfolio Segment | 90 days or greater past due | Non-Credit Deterioration
Activity in loan portfolio
Carrying Value	67,600					67,600
Residential Portfolio Segment | Residential Loans
Activity in loan portfolio
Loan foreclosure, equity control and conversion to equity interest						(900)
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 (reversal) provision, net						0	0	0
Activity in loan portfolio
Balance at the beginning of the period						0	59,225	90,684
Acquisitions/originations/additional funding						0	0	0
Capitalized interest						0	1,639	4,308
Basis of loans sold						0	0	0
Loan maturities/principal repayments						0	(7,623)	(31,251)
Discount accretion/premium amortization						0	0	0
Changes in fair value						0	(3,169)	1,186
Foreign currency translation gain (loss), net						0	0	0
Credit loss provision, net						0	0	0
Loan foreclosure, equity control and conversion to equity interest						0	0	0
Transfer to/from other asset/liability classifications or between segments						0	(50,072)	(5,702)
Balance at the end of the period	$ 0		$ 0			$ 0	$ 0	$ 59,225

Investment Securities - Investm

Investment Securities - Investment Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	$ 102,368	$ 113,386
Credit loss allowance	13,143	3,182	$ 8,610	$ 5,675
HTM debt securities	619,397	676,652
Total investment securities	735,562	815,804
VIE eliminations
Debt Securities, Available-for-sale [Line Items]
Equity security	(1,578,859)	(1,666,921)
CMBS
Debt Securities, Available-for-sale [Line Items]
Credit loss allowance	164	172	$ 3,140	$ 0
HTM debt securities	580,704	577,681
CMBS | Non- Controlling Interests
Debt Securities, Available-for-sale [Line Items]
Equity security	177,300	198,900
Before consolidation of securitization VIEs
Debt Securities, Available-for-sale [Line Items]
HTM debt securities	606,254	673,470
Equity security, fair value	8,340	9,840
Total investment securities	2,314,421	2,482,725
Before consolidation of securitization VIEs | RMBS
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	102,368	113,386
Equity security	449,909	423,183
Before consolidation of securitization VIEs | CMBS
Debt Securities, Available-for-sale [Line Items]
Equity security	$ 1,147,550	$ 1,262,846

Investment Securities - Purchas

Investment Securities - Purchases, Sales and Redemptions, and Principal Collections for All Investment Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	$ 11,578	$ 86,512	$ 198,358
Sales and redemptions	3,042	0	0
Principal collections	90,348	115,947	87,450
HTM Securities
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	11,578	86,512	198,358
Sales and redemptions	0	0	0
Principal collections	80,083	94,868	54,725
Equity Security
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	0	0	0
Sales and redemptions	2,493	0	0
Principal collections	0	0	0
Securitization VIEs
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	(48,011)	(289,833)	(240,301)
Sales and redemptions	0	0	(120,585)
Principal collections	(169,642)	(93,412)	(68,873)
RMBS | Available-for-sale
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	0	0	0
Sales and redemptions	549	0	0
Principal collections	9,475	19,087	30,722
RMBS | Fair value option
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	0	226,152	168,825
Sales and redemptions	0	0	81,871
Principal collections	53,332	74,542	63,144
CMBS | Fair value option
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	48,011	63,681	71,476
Sales and redemptions	0	0	38,714
Principal collections	$ 117,100	$ 20,862	$ 7,732

Investment Securities - Availab

Investment Securities - Available-for-Sale RMBS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 87,016	$ 92,431
Credit Loss Allowance	0	0
Net Basis	87,016	92,431
Gross Unrealized Gains	18,092	21,765
Gross Unrealized Losses	(2,740)	(810)
Net Fair Value Adjustment	15,352	20,955
Fair Value	$ 102,368	$ 113,386
SOFR
Debt Securities, Available-for-sale [Line Items]
Effective variable rate basis	5.355%
RMBS | B- Rating
Debt Securities, Available-for-sale [Line Items]
Weighted Average Coupon	5.80%
WAL (Years)	7 years 1 month 6 days

Investment Securities - Narrati

Investment Securities - Narrative (Details)	12 Months Ended				132 Months Ended
	Dec. 31, 2023 USD ($) security shares	Dec. 31, 2022 USD ($) security	Dec. 31, 2021 USD ($)	Dec. 31, 2012 shares	Dec. 31, 2022 USD ($) security shares	Dec. 31, 2020 USD ($)
Debt Securities, Available-for-sale [Line Items]
Cost of third party management	$ 500,000	$ 600,000	$ 900,000
Number of securities with unrealized losses | security	14	10			10
Credit loss allowance	$ 13,143,000	$ 3,182,000	8,610,000		$ 3,182,000	$ 5,675,000
Amortized Cost Basis	$ 619,397,000	676,652,000			$ 676,652,000
SEREF
Debt Securities, Available-for-sale [Line Items]
Number of shares acquired (in shares) | shares				9,140,000
Number of shares redeemed (in shares) | shares	1,892,313				0
Proceeds from shares redeemed	$ 2,500,000
Remaining held (in shares) | shares	7,247,687
Equity security, fair value	$ 8,300,000	9,800,000			$ 9,800,000
Ownership percentage	2.30%
Fair value option
Debt Securities, Available-for-sale [Line Items]
Fair value of mortgage backed securities	$ 1,600,000,000
VIE eliminations
Debt Securities, Available-for-sale [Line Items]
Fair value of investment securities before consolidation of VIEs eliminated against VIE liabilities	18,600,000
RMBS
Debt Securities, Available-for-sale [Line Items]
Portion of securities with variable rate	$ 91,300,000
RMBS | Available-for-sale
Debt Securities, Available-for-sale [Line Items]
Portion of securities with variable rate (as a percent)	89%
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	449,900,000
Unpaid principal balance of investment securities before consolidation of VIEs	326,300,000
CMBS
Debt Securities, Available-for-sale [Line Items]
Credit loss allowance	164,000	172,000	3,140,000		172,000	0
Amortized Cost Basis	580,704,000	577,681,000			577,681,000
CMBS | 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	1,100,000,000
Unpaid principal balance of investment securities before consolidation of VIEs	2,700,000,000
Infrastructure bonds
Debt Securities, Available-for-sale [Line Items]
Credit loss allowance	10,081,000	3,010,000	$ 2,908,000		3,010,000	$ 2,926,000
Amortized Cost Basis	29,123,000	$ 69,214,000			$ 69,214,000
Infrastructure bonds | Credit deteriorated | Infrastructure Portfolio Segment | Choctaw, Mississippi
Debt Securities, Available-for-sale [Line Items]
Credit loss allowance	7,200,000
Allowance for credit loss to date	10,000,000
Amortized Cost Basis	$ 19,200,000

Investment Securities - AFS and

Investment Securities - AFS and Fair Value Option (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Estimated Fair Value
Securities with a loss less than 12 months	$ 10,687	$ 6,961
Securities with a loss greater than 12 months	6,361	1,889
Unrealized Losses
Securities with a loss less than 12 months	(1,322)	(502)
Securities with a loss greater than 12 months	$ (1,418)	$ (308)

Investment Securities - HTM Deb

Investment Securities - HTM Debt Securities, Amortized Cost​ (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
HTM Securities
Amortized Cost Basis	$ 619,397	$ 676,652
Credit Loss Allowance	(13,143)	(3,182)	$ (8,610)
Net Carrying Amount	606,254	673,470
Gross Unrealized Holding Gains	75	202
Gross Unrealized Holding Losses	(25,169)	(36,397)
Fair Value	581,160	637,275
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at beginning	3,182	8,610	5,675
Credit loss provision (reversal), net	9,961	(5,428)	2,935
Credit loss allowance at ending	13,143	3,182	8,610
HTM preferred equity interests
Less than one year	96,548
One to three years	444,175
Three to five years	56,417
Thereafter	9,114
Total	606,254
CMBS
HTM Securities
Amortized Cost Basis	580,704	577,681
Credit Loss Allowance	(164)	(172)	(3,140)
Net Carrying Amount	580,540	577,509
Gross Unrealized Holding Gains	43	30
Gross Unrealized Holding Losses	(24,835)	(30,424)
Fair Value	555,748	547,115
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at beginning	172	3,140	0
Credit loss provision (reversal), net	(8)	(2,968)	3,140
Credit loss allowance at ending	164	172	3,140
HTM preferred equity interests
Less than one year	96,548
One to three years	437,173
Three to five years	46,819
Thereafter	0
Total	580,540
Preferred interests
HTM Securities
Amortized Cost Basis	9,570	29,757
Credit Loss Allowance	(2,898)	0	(2,562)
Net Carrying Amount	6,672	29,757
Gross Unrealized Holding Gains	0	125
Gross Unrealized Holding Losses	(318)	(4,863)
Fair Value	6,354	25,019
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at beginning	0	2,562	2,749
Credit loss provision (reversal), net	2,898	(2,562)	(187)
Credit loss allowance at ending	2,898	0	2,562
HTM preferred equity interests
Less than one year	0
One to three years	6,672
Three to five years	0
Thereafter	0
Total	6,672
Infrastructure bonds
HTM Securities
Amortized Cost Basis	29,123	69,214
Credit Loss Allowance	(10,081)	(3,010)	(2,908)
Net Carrying Amount	19,042	66,204
Gross Unrealized Holding Gains	32	47
Gross Unrealized Holding Losses	(16)	(1,110)
Fair Value	19,058	65,141
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at beginning	3,010	2,908	2,926
Credit loss provision (reversal), net	7,071	102	(18)
Credit loss allowance at ending	10,081	$ 3,010	$ 2,908
HTM preferred equity interests
Less than one year	0
One to three years	330
Three to five years	9,598
Thereafter	9,114
Total	$ 19,042

Properties - Narrative (Details

Properties - Narrative (Details) ft² in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2017 ft² property	Dec. 31, 2023 USD ($) property residential_unit	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Dec. 31, 2016 ft² building
Real Estate Properties [Line Items]
Property impairment loss		$ 124,900,000
Operating Properties | Investing and Servicing Segment
Real Estate Properties [Line Items]
Number of properties sold | property		4	3	2
Proceeds from sale of operating properties		$ 63,700,000	$ 92,100,000	$ 68,700,000
Gain on sale of property		25,600,000	50,900,000	22,200,000
Deconsolidation of subsidiary		10,200,000
Gain on sale of property attributable to noncontrolling interest			600,000
Residential Units | Commercial and Residential Lending Segment
Real Estate Properties [Line Items]
Proceeds from sale of operating properties		12,100,000
Gain on sale of property		$ 0
Number of residential units sold | residential_unit		4
California
Real Estate Properties [Line Items]
Property impairment loss		$ 94,800,000
Texas
Real Estate Properties [Line Items]
Property impairment loss		30,100,000
Montgomery Alabama | Operating Properties | Commercial and Residential Lending Segment
Real Estate Properties [Line Items]
Proceeds from sale of operating properties			114,800,000	31,200,000
Gain on sale of property			86,600,000	17,700,000
Medical Office Portfolio
Real Estate Properties [Line Items]
Number of acquired properties closed | building					34
Area of property | ft²					1.9
Total gross properties and lease intangibles		778,200,000
Debt		598,400,000
Master Lease Portfolio
Real Estate Properties [Line Items]
Total gross properties and lease intangibles		343,800,000
Debt		193,700,000
Number of retail properties acquired | property	16
Number of square feet of properties | ft²	1.9
Term of master lease agreements	24 years 7 months 6 days
Depreciation		290,900,000
Non-controlling interest income		11,700,000	$ 9,700,000	$ 9,000,000
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		109,500,000
Debt		$ 68,800,000
Number of retail properties acquired | property		6
REIS Equity Portfolio | Operating Properties
Real Estate Properties [Line Items]
Number of properties sold | property		4	3	2
Proceeds from sale of operating properties		$ 63,700,000	$ 92,100,000	$ 68,700,000
Gain on sale of property		25,600,000	$ 50,900,000	$ 22,200,000
Commercial And Residential Lending Segment Property Portfolio
Real Estate Properties [Line Items]
Total gross properties and lease intangibles		456,500,000
Debt		$ 234,900,000

Properties - Properties Held-fo

Properties - Properties Held-for-Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Real Estate Properties [Line Items]
Properties, cost	$ 1,226,710	$ 1,659,495
Less: accumulated depreciation	(180,326)	(209,509)
Properties, net	1,046,384	1,449,986
Property Segment
Real Estate Properties [Line Items]
Land and land improvements	68,923	176,029
Buildings and building improvements	629,511	856,411
Furniture & fixtures	$ 608	446
Property Segment | Minimum
Real Estate Properties [Line Items]
Land and land improvements, Depreciable Life	0 years
Building and building improvements, Depreciable Life	0 years
Furniture & fixtures, Depreciable Life	3 years
Property Segment | Maximum
Real Estate Properties [Line Items]
Land and land improvements, Depreciable Life	15 years
Building and building improvements, Depreciable Life	45 years
Furniture & fixtures, Depreciable Life	5 years
Investing and Servicing Segment
Real Estate Properties [Line Items]
Land and land improvements	$ 20,229	34,613
Buildings and building improvements	65,433	122,384
Furniture & fixtures	$ 2,899	3,207
Investing and Servicing Segment | Minimum
Real Estate Properties [Line Items]
Land and land improvements, Depreciable Life	0 years
Building and building improvements, Depreciable Life	3 years
Furniture & fixtures, Depreciable Life	2 years
Investing and Servicing Segment | Maximum
Real Estate Properties [Line Items]
Land and land improvements, Depreciable Life	15 years
Building and building improvements, Depreciable Life	40 years
Furniture & fixtures, Depreciable Life	5 years
Commercial and Residential Lending Segment
Real Estate Properties [Line Items]
Land and land improvements	$ 79,361	99,043
Buildings and building improvements	$ 139,538	79,661
Furniture & fixtures, Depreciable Life	5 years
Furniture & fixtures	$ 2,003	0
Construction in progress	$ 218,205	$ 287,701
Commercial and Residential Lending Segment | Minimum
Real Estate Properties [Line Items]
Building and building improvements, Depreciable Life	0 years
Commercial and Residential Lending Segment | Maximum
Real Estate Properties [Line Items]
Building and building improvements, Depreciable Life	50 years

Properties - Operating Leases (

Properties - Operating Leases (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
2024	$ 62,333
2025	56,655
2026	47,778
2027	42,123
2028	38,104
Thereafter	127,957
Total	$ 374,950

Investments of Consolidated A_3

Investments of Consolidated Affordable Housing Fund - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2017 affordable_housing_community	Dec. 31, 2023 USD ($) affordable_housing_community affordable_housing_unit	Dec. 31, 2018 affordable_housing_community	Dec. 31, 2016 affordable_housing_community	Dec. 31, 2015 affordable_housing_community	Dec. 31, 2022 USD ($)
Investments in and Advances to Affiliates [Line Items]
Investments of consolidated affordable housing fund, at fair value						$ 1,761,002
Primary beneficiary
Investments in and Advances to Affiliates [Line Items]
Investments of consolidated affordable housing fund, at fair value		$ 2,012,833				$ 1,761,002
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		$ 1,800,000
Debt fair value		$ 731,200
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	8		19
Investments of consolidated affordable housing fund, at fair value		$ 1,400,000
Debt fair value		$ 479,900

Investments of Consolidated A_4

Investments of Consolidated Affordable Housing Fund - Investment Income (Details) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments in and Advances to Affiliates [Line Items]
Unrealized change in fair value of investments	$ 402	$ 251,831	$ 720,693
Income from affordable housing fund investments			755,736
Primary beneficiary
Investments in and Advances to Affiliates [Line Items]
Distributions from affordable housing fund investments	6,023	39,413	35,043
Income from affordable housing fund investments	$ 6,425	$ 291,244	$ 755,736	$ 6,425

Investment in Unconsolidated _3

Investment in Unconsolidated Entities (Details)	1 Months Ended	12 Months Ended
	Mar. 31, 2021 USD ($) retail_center entity	Dec. 31, 2023 USD ($) investment power_plant	Dec. 31, 2022 USD ($) power_plant
Equity method investments:
Equity method, Carrying value		$ 74,659,000	$ 68,901,000
Other equity investments:
Other equity investments, carrying value		15,717,000	22,991,000
Investment in unconsolidated entities		$ 90,376,000	$ 91,892,000
Number of publicly traded investments | investment		0
Carrying value over (under) equity in net assets		$ 0
Equity interests in two natural gas power plants
Equity method investments:
Number of natural gas power plants | power_plant		2	2
Equity method, Carrying value		$ 52,230,000	$ 46,618,000
Investor entity which owns equity in an online real estate company
Equity method investments:
Equity method, Participation / Ownership %		50%
Equity method, Carrying value		$ 5,575,000	5,457,000
Equity interest in a residential mortgage originator
Equity method investments:
Equity method, Carrying value		0	1,449,000
Various
Equity method investments:
Equity method, Carrying value		$ 16,854,000	15,377,000
Other equity investments:
Investment in unconsolidated entities	$ 7,300,000
Number of investor entities | entity	2
Number of shopping malls | retail_center	2
Equity interest in a servicing and advisory business
Other equity investments:
Cost method, Participation / Ownership %		2%
Other equity investments, carrying value		$ 12,955,000	12,955,000
Investment funds which own equity in a loan servicer and other real estate assets
Other equity investments:
Other equity investments, carrying value		$ 842,000	940,000
Investor entities which own equity interests in two entertainment and retail centers
Other equity investments:
Cost method, Participation / Ownership %		15%
Other equity investments, carrying value		$ 146,000	7,322,000
Received a capital distribution		54,900,000
Decrease in carrying value		47,700,000
Reduction in equity interests		7,200,000
Various
Other equity investments:
Other equity investments, carrying value		$ 1,774,000	$ 1,774,000
Minimum
Other equity investments:
Cost method, Participation / Ownership %		4%
Minimum | Equity interests in two natural gas power plants
Equity method investments:
Equity method, Participation / Ownership %		10%
Minimum | Various
Equity method investments:
Equity method, Participation / Ownership %		20%
Minimum | Various
Other equity investments:
Cost method, Participation / Ownership %		1%
Maximum
Other equity investments:
Cost method, Participation / Ownership %		6%
Maximum | Equity interests in two natural gas power plants
Equity method investments:
Equity method, Participation / Ownership %		12%
Maximum | Various
Equity method investments:
Equity method, Participation / Ownership %		50%
Maximum | Various
Other equity investments:
Cost method, Participation / Ownership %		3%

Goodwill and Intangibles - Narr

Goodwill and Intangibles - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	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	57,200	56,800
VIE eliminations | Domestic servicing rights, at fair value
Goodwill [Line Items]
Servicing rights intangibles	37,900	39,100
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 - Inta

Goodwill and Intangibles - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Gross Carrying Value	$ 143,470	$ 143,061
Accumulated Amortization	(78,503)	(74,288)
Net Carrying Value	64,967	68,773	$ 63,564
In-place Lease Intangible Assets
Goodwill [Line Items]
Gross Carrying Value	96,158	98,622
Accumulated Amortization	(67,420)	(64,246)
Net Carrying Value	28,738	34,376	31,991
Favorable Lease Intangible Assets
Goodwill [Line Items]
Gross Carrying Value	27,928	26,649
Accumulated Amortization	(11,083)	(10,042)
Net Carrying Value	16,845	16,607	14,793
Domestic servicing rights, at fair value
Goodwill [Line Items]
Gross Carrying Value	19,384	17,790
Net Carrying Value	$ 19,384	$ 17,790	$ 16,780

Goodwill and Intangibles - Acti

Goodwill and Intangibles - Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Roll Forward]
Beginning balance	$ 68,773	$ 63,564
Acquisition	4,341	13,603
Amortization	(8,734)	(8,796)
Impairment		(47)
Sales	(1,007)	(561)
Changes in fair value due to changes in inputs and assumptions	1,594	1,010
Ending balance	64,967	68,773
In-place Lease Intangible Assets
Intangible Assets, Net (Excluding Goodwill) [Roll Forward]
Beginning balance	34,376	31,991
Acquisition	2,061	10,083
Amortization	(6,789)	(7,132)
Impairment		(43)
Sales	(910)	(523)
Changes in fair value due to changes in inputs and assumptions	0	0
Ending balance	28,738	34,376
Favorable Lease Intangible Assets
Intangible Assets, Net (Excluding Goodwill) [Roll Forward]
Beginning balance	16,607	14,793
Acquisition	2,280	3,520
Amortization	(1,945)	(1,664)
Impairment		(4)
Sales	(97)	(38)
Changes in fair value due to changes in inputs and assumptions	0	0
Ending balance	16,845	16,607
Domestic servicing rights, at fair value
Intangible Assets, Net (Excluding Goodwill) [Roll Forward]
Beginning balance	17,790	16,780
Acquisition	0	0
Amortization	0	0
Impairment		0
Sales	0	0
Changes in fair value due to changes in inputs and assumptions	1,594	1,010
Ending balance	$ 19,384	$ 17,790

Goodwill and Intangibles - Futu

Goodwill and Intangibles - Future Expected Amortization (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 7,195
2025	6,099
2026	4,573
2027	4,089
2028	3,943
Thereafter	19,684
Total	$ 45,583

Secured Borrowings - Secured Fi

Secured Borrowings - Secured Financing Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Secured Borrowings
Pledged Asset Carrying Value	$ 102,368	$ 113,386
Secured financing agreements, net	13,867,996	14,501,532
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	472,600
Term Loan Facility Maturing July 2026
Secured Borrowings
Maximum borrowing capacity	772,800
Term Loan Facility Maturing November 2027
Secured Borrowings
Maximum borrowing capacity	$ 594,000
Basis spread floor	0.50%
SOFR | Revolving credit facility
Secured Borrowings
Coupon Rate	2.60%
SOFR | Term Loan Facility Maturing July 2026
Secured Borrowings
Basis spread floor	0.75%
SOFR | Term Loan Facility Maturing November 2027
Secured Borrowings
Pricing margin (as a percent)	3.25%
SOFR + 2.50% | Term Loan Facility Maturing July 2026
Secured Borrowings
Pricing margin (as a percent)	2.60%
Maximum borrowing capacity	$ 383,000
SOFR + 3.25% | Term Loan Facility Maturing July 2026
Secured Borrowings
Pricing margin (as a percent)	3.35%
Maximum borrowing capacity	$ 389,800
Secured Borrowings
Secured Borrowings
Maximum Facility Size	22,855,023
Long term debt, gross	13,948,828	14,610,127
Unamortized net discount	(24,975)	(30,320)
Unamortized deferred financing costs	(55,857)	(78,275)
Secured financing agreements, net	13,867,996	14,501,532
Secured Borrowings | Borrowing Base Facility
Secured Borrowings
Maximum Facility Size	750,000
Long term debt, gross	27,639	0
Secured Borrowings | Commercial Financing Facilities
Secured Borrowings
Maximum Facility Size	572,552
Long term debt, gross	387,822	311,825
Secured Borrowings | Residential Financing Facility
Secured Borrowings
Maximum Facility Size	0
Long term debt, gross	0	244,418
Secured Borrowings | Infrastructure Financing Facilities
Secured Borrowings
Maximum Facility Size	1,550,000
Long term debt, gross	$ 631,187	765,265
Secured Borrowings | Property Mortgages - Fixed rate
Secured Borrowings
Coupon Rate	4.52%
Maximum Facility Size	$ 29,898
Long term debt, gross	29,898	261,100
Secured Borrowings | Property Mortgages - Variable rate
Secured Borrowings
Maximum Facility Size	855,080
Long term debt, gross	853,145	847,633
Secured Borrowings | Term Loans and Revolver
Secured Borrowings
Maximum Facility Size	1,516,778
Long term debt, gross	1,366,778	1,380,766
Secured Borrowings | Total Other Secured Financing
Secured Borrowings
Maximum Facility Size	5,274,308
Long term debt, gross	$ 3,296,469	3,811,007
Secured Borrowings | First Mortgage and Mezzanine
Secured Borrowings
Coupon Rate	3.46%
Long term debt, gross	$ 600,000
Secured Borrowings | Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value	17,711,587
Secured Borrowings | Asset Pledged as Collateral | Borrowing Base Facility
Secured Borrowings
Pledged Asset Carrying Value	479,925
Secured Borrowings | Asset Pledged as Collateral | Commercial Financing Facilities
Secured Borrowings
Pledged Asset Carrying Value	557,888
Secured Borrowings | Asset Pledged as Collateral | Residential Financing Facility
Secured Borrowings
Pledged Asset Carrying Value	0
Secured Borrowings | Asset Pledged as Collateral | Infrastructure Financing Facilities
Secured Borrowings
Pledged Asset Carrying Value	877,591
Secured Borrowings | Asset Pledged as Collateral | Property Mortgages - Fixed rate
Secured Borrowings
Pledged Asset Carrying Value	32,772
Secured Borrowings | Asset Pledged as Collateral | Property Mortgages - Variable rate
Secured Borrowings
Pledged Asset Carrying Value	895,159
Secured Borrowings | Asset Pledged as Collateral | Total Other Secured Financing
Secured Borrowings
Pledged Asset Carrying Value	$ 2,843,335
Secured Borrowings | Index | Commercial Financing Facilities
Secured Borrowings
Pricing margin (as a percent)	2.20%
Secured Borrowings | Index | Infrastructure Financing Facilities
Secured Borrowings
Pricing margin (as a percent)	2.14%
Secured Borrowings | SOFR | Borrowing Base Facility
Secured Borrowings
Pricing margin (as a percent)	2.11%
Secured Borrowings | SOFR | First Mortgage and Mezzanine | Weighted-average
Secured Borrowings
Pricing margin (as a percent)	2.18%
Line of Credit | Commercial Financing Facilities
Secured Borrowings
Line of credit capacity if conditions are met	$ 572,600
Commercial Loans
Secured Borrowings
Maximum Facility Size	11,700,000
Secured financing agreements, net	2,800,000
Line of credit capacity if conditions are met	$ 12,100,000
Commercial Loans | SOFR | Weighted-average
Secured Borrowings
Pricing margin (as a percent)	3.38%
Commercial Loans | Secured Borrowings
Secured Borrowings
Maximum Facility Size	$ 12,109,808
Long term debt, gross	7,170,389	7,746,867
Commercial Loans | Secured Borrowings | Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value	$ 10,267,245
Commercial Loans | Secured Borrowings | Index
Secured Borrowings
Pricing margin (as a percent)	2.07%
Residential Loans | Secured Borrowings
Secured Borrowings
Maximum Facility Size	$ 3,450,000
Long term debt, gross	2,287,655	1,912,774
Residential Loans | Secured Borrowings | Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value	$ 2,602,728
Residential Loans | Secured Borrowings | SOFR
Secured Borrowings
Pricing margin (as a percent)	1.90%
Infrastructure Loans | Secured Borrowings
Secured Borrowings
Maximum Facility Size	$ 650,000
Long term debt, gross	453,217	290,431
Infrastructure Loans | Secured Borrowings | Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value	$ 541,979
Infrastructure Loans | Secured Borrowings | SOFR
Secured Borrowings
Pricing margin (as a percent)	2.07%
Conduit Loans | Secured Borrowings
Secured Borrowings
Maximum Facility Size	$ 375,000
Long term debt, gross	26,930	8,423
Conduit Loans | Secured Borrowings | Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value	$ 31,690
Conduit Loans | Secured Borrowings | SOFR
Secured Borrowings
Pricing margin (as a percent)	2.30%
CMBS/RMBS
Secured Borrowings
Coupon Rate	3.54%
Secured financing agreements, net	$ 281,300
Amount outstanding on a repurchase facility not subject to margin calls	281,300
Amount outstanding on repurchase facility	$ 33,000
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	$ 332,600
Rolling maturity period	11 months
Maturity period	12 months
CMBS/RMBS | SOFR | Weighted-average
Secured Borrowings
Coupon Rate	2.22%
CMBS/RMBS | Secured Borrowings
Secured Borrowings
Maximum Facility Size	$ 995,907
Long term debt, gross	714,168	840,625
CMBS/RMBS | Secured Borrowings | Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value	1,424,610
Total Repurchase Agreements | Secured Borrowings
Secured Borrowings
Maximum Facility Size	17,580,715
Long term debt, gross	10,652,359	$ 10,799,120
Total Repurchase Agreements | Secured Borrowings | Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value	$ 14,868,252

Secured Borrowings - Narrative

Secured Borrowings - Narrative (Details) $ in Thousands	1 Months Ended				12 Months Ended
	Feb. 28, 2022 USD ($)	Jan. 31, 2022 USD ($)	Jul. 31, 2021 USD ($) hotel	Apr. 30, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	May 31, 2021 USD ($)	Aug. 31, 2019 USD ($)
Secured Borrowings
Principal amount of notes purchased by third-party investors			$ 210,100
RMBS
Secured Borrowings
Securitizations of loans			$ 230,000
Number of hotels | hotel			41
Morgan Stanley Bank, N.A.
Secured Borrowings
Amount at risk					$ 858,400
Weighted average extended maturities					3 years 8 months 12 days
Repurchase Agreements
Secured Borrowings
Percentage of repurchase agreements for which margin calls are limited to collateral specific credit marks					67%
Percentage of repurchase agreements containing margin call provisions for general capital market activity					33%
Percentage of repurchase agreements containing margin call provisions that pertain to loans held-for-sale					6%
Secured Borrowings
Secured Borrowings
Amortization of deferred financing costs					$ 40,700	$ 38,200	$ 35,600
Long term debt, gross					13,948,828	14,610,127
Residential Loans Credit Facility
Secured Borrowings
Maximum borrowing capacity					1,800,000
Residential Loans Credit Facility | Line of Credit
Secured Borrowings
Decrease (increase) in borrowing capacity, existing facilities					$ (87,900)
Decrease in weighted average spread					0.39%
Commercial Loans Repurchase Facility
Secured Borrowings
Maximum borrowing capacity					$ 63,400
Commercial Loans Repurchase Facility | Line of Credit
Secured Borrowings
Decrease (increase) in borrowing capacity, existing facilities					206,000
STWD 2022-FL3
Secured Borrowings
Face Amount	$ 1,000,000
Principal amount of notes purchased by third-party investors	842,500
Long term debt, gross	82,500
Liquidation preference	$ 75,000
CLO contribution period	2 years
Additional contribution to CLO					52,200	80,000
STWD 2021-FL2
Secured Borrowings
Face Amount								$ 1,300,000
Principal amount of notes purchased by third-party investors								1,100,000
Long term debt, gross								70,100
Liquidation preference								$ 127,500
Additional contribution to CLO					99,100	257,200	58,600
Repayments of debt					1,200
STWD 2019-FL1
Secured Borrowings
Face Amount									$ 1,100,000
Principal amount of notes purchased by third-party investors									936,400
Long term debt, gross									86,600
Liquidation preference									$ 77,000
Additional contribution to CLO							261,900
Repayments of debt					168,600	197,200
STWD 2021-SIF2
Secured Borrowings
Face Amount		$ 500,000
Principal amount of notes purchased by third-party investors		410,000
Liquidation preference		$ 90,000
CLO contribution period		3 years
Additional contribution to CLO					205,700	112,900
STWD 2021-SIF1
Secured Borrowings
Face Amount				$ 500,000
Principal amount of notes purchased by third-party investors				410,000
Liquidation preference				$ 90,000
CLO contribution period				3 years
Additional contribution to CLO					213,800	93,800	45,900
CLOs and SASB
Secured Borrowings
Amortization of deferred financing costs					8,700	10,500	$ 5,700
Incurred debt issuance costs					37,900
Deferred financing costs, net of amortization					$ 9,500	$ 18,200

Secured Borrowings - Collateral

Secured Borrowings - Collateralized Loan Obligations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Item	Dec. 31, 2022 USD ($) 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	$ 3,491,292	$ 3,676,224
Collateral assets
Summary of CLO
Face Amount	4,226,614	4,401,641
Carrying Value	4,288,770	4,454,087
Financing
Summary of CLO
Face Amount	3,500,163	3,689,140
Carrying Value	$ 3,491,292	$ 3,676,224
STWD 2022-FL3
Summary of CLO
Face Amount			$ 1,000,000
STWD 2022-FL3 | Collateral assets
Summary of CLO
Count | Item	48	51
Face Amount	$ 997,569	$ 1,000,000
Carrying Value	$ 1,007,532	$ 1,010,051
STWD 2022-FL3 | Financing
Summary of CLO
Count | Item	1	1
Face Amount	$ 840,620	$ 842,500
Carrying Value	$ 837,881	$ 842,374
STWD 2022-FL3 | SOFR | Collateral assets
Summary of CLO
Weighted Average Spread	3.53%
STWD 2022-FL3 | SOFR | Financing
Summary of CLO
Weighted Average Spread	1.89%	1.93%
STWD 2022-FL3 | Index | Collateral assets
Summary of CLO
Weighted Average Spread		3.52%
STWD 2021-HTS | Collateral assets
Summary of CLO
Count | Item	1	1
Face Amount	$ 223,193	$ 230,000
Carrying Value	$ 224,509	$ 231,186
STWD 2021-HTS | Financing
Summary of CLO
Count | Item	1	1
Face Amount	$ 203,284	$ 210,091
Carrying Value	$ 203,058	$ 208,961
STWD 2021-HTS | SOFR | Collateral assets
Summary of CLO
Weighted Average Spread	3.87%
STWD 2021-HTS | SOFR | Financing
Summary of CLO
Weighted Average Spread	2.82%
STWD 2021-HTS | LIBOR | Collateral assets
Summary of CLO
Weighted Average Spread		3.85%
STWD 2021-HTS | LIBOR | Financing
Summary of CLO
Weighted Average Spread		2.71%
STWD 2021-FL2
Summary of CLO
Face Amount					$ 1,300,000
Percent of outstanding loan	7%
Debt, weighted average interest rate	7.39%
STWD 2021-FL2 | Collateral assets
Summary of CLO
Count | Item	34	36
Face Amount	$ 1,272,585	$ 1,277,474
Carrying Value	$ 1,288,165	$ 1,284,240
STWD 2021-FL2 | Financing
Summary of CLO
Count | Item	1	1
Face Amount	$ 1,065,713	$ 1,077,375
Carrying Value	$ 1,063,454	$ 1,072,403
STWD 2021-FL2 | SOFR | Collateral assets
Summary of CLO
Weighted Average Spread	3.95%
STWD 2021-FL2 | SOFR | Financing
Summary of CLO
Weighted Average Spread	1.85%
STWD 2021-FL2 | Index | Collateral assets
Summary of CLO
Weighted Average Spread		4.04%
STWD 2021-FL2 | LIBOR | Financing
Summary of CLO
Weighted Average Spread		1.80%
STWD 2019-FL1
Summary of CLO
Face Amount							$ 1,100,000
STWD 2019-FL1 | Collateral assets
Summary of CLO
Count | Item	14	16
Face Amount	$ 734,099	$ 902,799
Carrying Value	$ 739,684	$ 906,409
STWD 2019-FL1 | Financing
Summary of CLO
Count | Item	1	1
Face Amount	$ 570,546	$ 739,174
Carrying Value	$ 570,546	$ 738,473
STWD 2019-FL1 | SOFR | Collateral assets
Summary of CLO
Weighted Average Spread	3.51%
STWD 2019-FL1 | SOFR | Financing
Summary of CLO
Weighted Average Spread	1.62%	1.64%
STWD 2019-FL1 | Index | Collateral assets
Summary of CLO
Weighted Average Spread		3.67%
STWD 2021-SIF2
Summary of CLO
Face Amount				$ 500,000
STWD 2021-SIF2 | Collateral assets
Summary of CLO
Count | Item	30	31
Face Amount	$ 499,401	$ 495,587
Carrying Value	$ 514,286	$ 510,730
STWD 2021-SIF2 | Financing
Summary of CLO
Count | Item	1	1
Face Amount	$ 410,000	$ 410,000
Carrying Value	$ 408,166	$ 407,260
STWD 2021-SIF2 | SOFR | Collateral assets
Summary of CLO
Weighted Average Spread	3.87%
STWD 2021-SIF2 | SOFR | Financing
Summary of CLO
Weighted Average Spread	2.11%	2.11%
STWD 2021-SIF2 | Index | Collateral assets
Summary of CLO
Weighted Average Spread		3.73%
STWD 2021-SIF1
Summary of CLO
Face Amount						$ 500,000
Percent of outstanding loan	2%
Debt, weighted average interest rate	5.70%
STWD 2021-SIF1 | Collateral assets
Summary of CLO
Count | Item	32	31
Face Amount	$ 499,767	$ 495,781
Carrying Value	$ 514,594	$ 511,471
STWD 2021-SIF1 | Financing
Summary of CLO
Count | Item	1	1
Face Amount	$ 410,000	$ 410,000
Carrying Value	$ 408,187	$ 406,753
STWD 2021-SIF1 | SOFR | Collateral assets
Summary of CLO
Weighted Average Spread	3.97%
STWD 2021-SIF1 | SOFR | Financing
Summary of CLO
Weighted Average Spread	2.42%
STWD 2021-SIF1 | Index | Collateral assets
Summary of CLO
Weighted Average Spread		3.76%
STWD 2021-SIF1 | LIBOR | Financing
Summary of CLO
Weighted Average Spread		2.15%

Secured Borrowings - Principal

Secured Borrowings - Principal Repayments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
CLOs and SASB
Repayment of secured financings
2024	$ 505,165
2025	831,133
2026	1,818,554
2027	129,044
2028	206,597
Thereafter	9,670
Total	3,500,163
Secured Borrowings
Repayment of secured financings
2024	2,489,773
2025	3,296,932
2026	5,811,237
2027	4,474,363
2028	1,149,549
Thereafter	227,137
Total	17,448,991
Repurchase Agreements
Repayment of secured financings
2024	1,326,226
2025	2,186,047
2026	2,951,048
2027	3,225,566
2028	753,565
Thereafter	209,907
Total	10,652,359
Other Secured Financing
Repayment of secured financings
2024	658,382
2025	279,752
2026	1,041,635
2027	1,119,753
2028	189,387
Thereafter	7,560
Total	$ 3,296,469

Unsecured Senior Notes - Unsecu

Unsecured Senior Notes - Unsecured Convertible Senior Notes Outstanding (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2023	Jul. 31, 2023	Dec. 31, 2022	Jan. 25, 2022	Dec. 15, 2021	Jul. 14, 2021	Nov. 02, 2020	Dec. 04, 2017	Mar. 31, 2017
Unsecured Senior Notes
Unsecured Senior Notes
Long term debt, gross	$ 2,180,750		$ 2,180,750		$ 2,350,000
Unamortized deferred financing costs	(7,847)		(7,847)		(11,620)
Total carrying amount	2,158,888		2,158,888		2,329,211
Unamortized discount—Convertible Notes
Unsecured Senior Notes
Unamortized discount	(8,570)		(8,570)		(118)
Unamortized discount—Senior Notes
Unsecured Senior Notes
Unamortized discount	$ (5,445)		$ (5,445)		(9,051)
2023 Convertible Notes
Unsecured Senior Notes
Coupon Rate	4.38%		4.38%								4.375%
Effective Rate	4.57%		4.57%
Long term debt, gross	$ 0		$ 0		250,000
2027 Convertible Notes
Unsecured Senior Notes
Coupon Rate	6.75%		6.75%	6.75%
Effective Rate	7.48%		7.48%
Remaining Period of Amortization			3 years 6 months
Long term debt, gross	$ 380,750		$ 380,750		0
2023 Senior Notes
Unsecured Senior Notes
Coupon Rate	5.50%		5.50%						5.50%
Effective Rate	5.71%		5.71%
Long term debt, gross	$ 0		$ 0		300,000
2024 Senior Notes
Unsecured Senior Notes
Coupon Rate	3.75%		3.75%				3.75%
Effective Rate	3.94%		3.94%
Remaining Period of Amortization			1 year
Long term debt, gross	$ 400,000		$ 400,000		400,000
2025 Senior Notes
Unsecured Senior Notes
Coupon Rate	4.75%		4.75%							4.75%
Effective Rate	5.04%		5.04%
Remaining Period of Amortization			1 year 2 months 12 days
Long term debt, gross	$ 500,000		$ 500,000		500,000
2026 Senior Notes
Unsecured Senior Notes
Coupon Rate	3.63%		3.63%					3.625%
Effective Rate	3.77%		3.77%
Remaining Period of Amortization			2 years 6 months
Long term debt, gross	$ 400,000		$ 400,000		400,000
2027 Senior Notes
Unsecured Senior Notes
Coupon Rate	4.375%		4.375%			4.375%
Effective Rate	4.49%		4.49%
Remaining Period of Amortization			3 years
Long term debt, gross	$ 500,000		$ 500,000		$ 500,000
LIBOR | 2025 Senior Notes
Unsecured Senior Notes
Long term debt, gross	$ 470,000		$ 470,000
Pricing margin (as a percent)		2.53%
SOFR | 2025 Senior Notes
Unsecured Senior Notes
Pricing margin (as a percent)	2.53%
SOFR | 2027 Senior Notes
Unsecured Senior Notes
Pricing margin (as a percent)			2.95%

Unsecured Senior Notes - Narrat

Unsecured Senior Notes - Narrative (Details)

1 Months Ended

12 Months Ended

Jan. 25, 2022 USD ($)

Dec. 15, 2021 USD ($)

Jul. 14, 2021 USD ($)

Dec. 04, 2017 USD ($)

Jul. 31, 2023 USD ($)

Dec. 31, 2023 USD ($) condition $ / shares

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Nov. 01, 2023 USD ($)

Apr. 01, 2023 USD ($)

Nov. 02, 2020 USD ($)

Mar. 31, 2017 USD ($)

Secured Borrowings

Interest expense

$ 1,436,107,000

$ 797,121,000

$ 445,087,000

Closing share price (in dollars per share) | $ / shares

$ 21.02

Unamortized discount—Convertible Notes

Secured Borrowings

Interest expense

$ 16,600,000

$ 11,600,000

$ 11,600,000

2023 Senior Notes

Secured Borrowings

Face Amount

$ 300,000,000

Coupon Rate

5.50%

5.50%

Proceeds from convertible debt

$ 300,000,000

2024 Senior Notes

Secured Borrowings

Face Amount

$ 400,000,000

Coupon Rate

3.75%

3.75%

2024 Senior Notes | Redemption period one

Secured Borrowings

Redemption percentage

100%

2024 Senior Notes | Redemption period two

Secured Borrowings

Redemption percentage

100%

2024 Senior Notes | Redemption period three

Secured Borrowings

Redemption percentage

40%

2025 Senior Notes

Secured Borrowings

Face Amount

$ 500,000,000

Coupon Rate

4.75%

4.75%

2025 Senior Notes | Redemption period one

Secured Borrowings

Redemption percentage

100%

2025 Senior Notes | Redemption period two

Secured Borrowings

Redemption percentage

100%

2026 Senior Notes

Secured Borrowings

Face Amount

$ 400,000,000

Coupon Rate

3.625%

3.63%

2026 Senior Notes | Redemption period one

Secured Borrowings

Redemption percentage

100%

2026 Senior Notes | Redemption period two

Secured Borrowings

Redemption percentage

100%

2027 Senior Notes

Secured Borrowings

Face Amount

$ 500,000,000

Coupon Rate

4.375%

4.375%

2027 Senior Notes | Redemption period one

Secured Borrowings

Redemption percentage

100%

2027 Senior Notes | Redemption period two

Secured Borrowings

Redemption percentage

100%

2027 Senior Notes | Redemption period three

Secured Borrowings

Redemption percentage

40%

2027 Convertible Notes

Secured Borrowings

Face Amount

$ 380,800,000

Coupon Rate

6.75%

6.75%

Proceeds from convertible debt

$ 371,200,000

Amount by which if-converted value of the notes are greater than principal amount

$ 4,800,000

Conversion price (in dollars per share) | $ / shares

$ 20.76

If-converted value

$ 385,600,000

Convertible notes carrying value

371,500,000

Convertible notes fair value

$ 390,600,000

Minimum number of conditions to be satisfied for conversion of debt | condition

1

2027 Convertible Notes | Conversion upon satisfaction of closing market price condition

Secured Borrowings

Minimum trading period as a basis for debt conversion

20 days

Consecutive trading period as a basis for debt conversion

30 days

2027 Convertible Notes | Conversion upon satisfaction of trading price condition

Secured Borrowings

Consecutive trading period as a basis for debt conversion

5 days

2027 Convertible Notes | Minimum | Conversion upon satisfaction of closing market price condition

Secured Borrowings

Percentage of conversion price as a basis for debt conversion

110%

Period of average closing market price of common stock as a basis for debt conversion

10 days

Percentage of per share value of distributions that exceeds the market price of the entity's common stock as a basis for debt conversion

10%

2027 Convertible Notes | Maximum | Conversion upon satisfaction of trading price condition

Secured Borrowings

Percentage of conversion price and last reported sales price as a basis for debt conversion

98%

2023 Convertible Notes

Secured Borrowings

Face Amount

$ 250,000,000

Coupon Rate

4.38%

4.375%

Proceeds from convertible debt

$ 250,000,000

Unsecured Senior Notes - Conver

Unsecured Senior Notes - Convertible Notes (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares
Unsecured Senior Notes
Closing share price (in dollars per share)	$ 21.02
2027 Convertible Notes
Unsecured Senior Notes
Conversion Rate	48.1783
Conversion price (in dollars per share)	$ 20.76

Loan Securitization_Sale Acti_3

Loan Securitization/Sale Activities - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RMBS
Loan Transfer Activities
Payments to acquire marketable securities	$ 0	$ 0	$ 524,500,000
Redemptions			51,200,000
Commercial and Residential Lending Segment
Loan Transfer Activities
Net gains (losses) on the sale of loan qualifying for sales treatment	0	0	(1,100,000)
Infrastructure Lending Segment
Loan Transfer Activities
Net gains (losses) on the sale of loan qualifying for sales treatment			200,000
Loans held-for-sale face amount	$ 0	$ 26,800,000	16,300,000
Proceeds			$ 15,300,000

Loan Securitization_Sale Acti_4

Loan Securitization/Sale Activities - Loans (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investing and Servicing Segment | Commercial Loans
Loan Transfer Activities
Face Amount		$ 759,740	$ 1,202,274	$ 1,185,251
Proceeds		770,733	1,182,861	1,242,974
Investing and Servicing Segment | Residential Loans
Loan Transfer Activities
Face Amount		0	1,905,829	2,287,733
Proceeds		0	1,913,459	2,362,798
Commercial and Residential Lending Segment | Mezzanine Loans
Loan Transfers Accounted for as Sales
Face amount		95,500
Commercial and Residential Lending Segment | Commercial Loans
Loan Transfers Accounted for as Sales
Face amount		95,496	75,235	335,552
Proceeds		95,271	74,859	328,878
Commercial and Residential Lending Segment | Residential Loans
Loan Transfers Accounted for as Sales
Face amount		0	1,057,013	216,827
Proceeds		$ 0	1,056,683	225,940
Commercial and Residential Lending Segment | Residential Loans | Agency-Eligible Residential Loan
Loan Transfers Accounted for as Sales
Face amount	$ 745,000		745,000
First Mortgage Loans
Loan Transfers Accounted for as Sales
Face amount			11,500	313,000
Proceeds from sale of mortgage loans			10,200	307,300
Whole Loan Interest
Loan Transfers Accounted for as Sales
Face amount			63,700	22,600
Proceeds from sale of mortgage loans			$ 64,600	$ 21,500

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, 2023 EUR (€) contract	Dec. 31, 2023 GBP (£) contract	Dec. 31, 2023 AUD ($) contract	Dec. 31, 2023 CHF (SFr) contract	Dec. 31, 2023 USD ($) contract
Derivatives
Number of Contracts	710	710	710	710	710
Foreign exchange contracts | EUR | Long
Derivatives
Number of Contracts	14	14	14	14	14
Aggregate Notional Amount | €	€ 28,805
Foreign exchange contracts | EUR | Short
Derivatives
Number of Contracts	186	186	186	186	186
Aggregate Notional Amount | €	€ 843,888
Foreign exchange contracts | GBP | Long
Derivatives
Number of Contracts	17	17	17	17	17
Aggregate Notional Amount | £		£ 129,948
Foreign exchange contracts | GBP | Short
Derivatives
Number of Contracts	221	221	221	221	221
Aggregate Notional Amount | £		£ 668,887
Foreign exchange contracts | AUD | Long
Derivatives
Number of Contracts	12	12	12	12	12
Aggregate Notional Amount | $			$ 822,069
Foreign exchange contracts | AUD | Short
Derivatives
Number of Contracts	133	133	133	133	133
Aggregate Notional Amount | $			$ 1,704,744
Foreign exchange contracts | CHF | Short
Derivatives
Number of Contracts	65	65	65	65	65
Aggregate Notional Amount | SFr				SFr 20,423
Interest rate swaps – Paying fixed rates | USD
Derivatives
Number of Contracts	51	51	51	51	51
Aggregate Notional Amount | $					$ 4,456,559
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	4	4	4	4	4
Aggregate Notional Amount | $					$ 624,499
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	1	1	1	1	1
Aggregate Notional Amount | $					$ 100,456

Derivatives and Hedging Activ_4

Derivatives and Hedging Activity - Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	$ 63,437	$ 108,621
Fair Value of Derivatives in a Liability Position	102,467	91,404
Interest rate contracts
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	8,899	10,756
Fair Value of Derivatives in a Liability Position	48,401	69,776
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	0
Foreign exchange contracts
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	53,979	97,289
Fair Value of Derivatives in a Liability Position	54,066	21,628
Credit instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	559	576
Fair Value of Derivatives in a Liability Position	$ 0	$ 0

Derivatives and Hedging Activ_5

Derivatives and Hedging Activity - Effect on Financial Statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivatives
Gain (Loss) Recognized in Income	$ (38,605)	$ 334,015	$ 82,363
Interest rate contracts
Derivatives
Gain (Loss) Recognized in Income	27,293	216,778	41,033
Interest rate swap guarantees
Derivatives
Gain (Loss) Recognized in Income	0	260	589
Foreign exchange contracts
Derivatives
Gain (Loss) Recognized in Income	(65,085)	116,443	41,228
Credit instruments
Derivatives
Gain (Loss) Recognized in Income	$ (813)	$ 534	$ (487)

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative assets
Gross Amounts Recognized	$ 63,437	$ 108,621
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	63,437	108,621
Derivative assets, Gross Amounts Not Offset in the Statements of Financial Position, Financial Instruments	41,341	69,221
Derivative assets, Gross Amounts Not Offset in the Statements of Financial Position, Cash Collateral Received/Pledged	0	0
Total net derivative assets	22,096	39,400
Derivative liabilities
Gross Amounts Recognized	102,467	91,404
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	102,467	91,404
Derivative liabilities, Gross Amounts Not Offset in the Statements of Financial Position, Financial Instruments	41,340	69,221
Derivative liabilities, Gross Amounts Not Offset in the Statements of Financial Position, Cash Collateral Received/Pledged	61,127	22,183
Total net derivative liabilities	0	0
Repurchase agreements
Gross Amounts Recognized	10,652,359	10,799,120
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	10,652,359	10,799,120
Repurchase agreements, Gross Amounts Not Offset in the Statements of Financial Position, Financial Instruments	10,652,359	10,799,120
Repurchase agreements, Gross Amounts Not Offset in the Statements of Financial Position, Cash Collateral Received/Pledged	0	0
Total net repurchase agreements	0	0
Offsetting Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned [Abstract]
Gross Amounts Recognized	10,754,826	10,890,524
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	10,754,826	10,890,524
Liabilities, Gross Amounts Not Offset in the Statements of Financial Position, Financial Instruments	10,693,699	10,868,341
Liabilities, Gross Amounts Not Offset in the Statements of Financial Position, Cash Collateral Received/Pledged	61,127	22,183
Total net liabilities	$ 0	$ 0

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) loan collateralized_loan_obligation	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Variable interest entities
Number of CLOs | collateralized_loan_obligation	5
Number of SASBs | loan	1
VIE assets	$ 69,504,196,000	$ 79,043,129,000
VIE liabilities	62,481,214,000	71,844,422,000
Temporary Equity: Redeemable non-controlling interests	414,348,000	362,790,000	$ 214,915,000	$ 0
Investments in unconsolidated entities	$ 90,376,000	$ 91,892,000
CMBS JV
Variable interest entities
Participation / Ownership %	51%
Primary beneficiary
Variable interest entities
VIE assets	$ 47,800,000
VIE liabilities	10,300,000
Primary beneficiary | CMBS Venture Holdings
Variable interest entities
VIE assets	313,300,000
VIE liabilities	68,600,000
Primary beneficiary | SPT Dolphin
Variable interest entities
VIE assets	2,000,000,000
VIE liabilities	0
Primary beneficiary | Woodstar Feeder Fund, L.P.
Variable interest entities
VIE assets	600,000,000
VIE liabilities	0
Temporary Equity: Redeemable non-controlling interests	400,000,000
Not primary beneficiary
Variable interest entities
Maximum risk of loss related to VIEs, on fair value basis	18,600,000
Not primary beneficiary | Measurement Period Adjustments
Variable interest entities
Investments in unconsolidated entities	800,000
Not primary beneficiary | Securitization SPEs
Variable interest entities
Long term debt, gross	$ 4,300,000,000

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Consolidated CLO (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 194,660	$ 261,061
Loans held-for-investment	17,574,249	18,401,439
Investment securities	735,562	815,804
Accrued interest receivable	200,867	168,521
Other assets	420,773	297,477
Total Assets	69,504,196	79,043,129
Liabilities
Collateralized loan obligations and single asset securitization, net	3,491,292	3,676,224
Total Liabilities	62,481,214	71,844,422
Primary beneficiary
Assets:
Total Assets	47,800
Liabilities
Total Liabilities	10,300
CLOs and SASB | Primary beneficiary
Assets:
Cash and cash equivalents	33,175	31,611
Investment securities	9,946	36,466
Accrued interest receivable	26,355	20,088
Other assets	9,197	131
Total Assets	4,288,770	4,454,087
Liabilities
Accounts payable, accrued expenses and other liabilities	21,174	17,737
Collateralized loan obligations and single asset securitization, net	3,491,292	3,676,224
Total Liabilities	3,512,466	3,693,961
CLOs and SASB | Primary beneficiary | Loans held for investment
Assets:
Loans held-for-investment	$ 4,210,097	$ 4,365,791

Related-Party Transactions - Ma

Related-Party Transactions - Management Agreement (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) qtr d shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares
Related-Party Transactions
Trading days period | d	5
Granted (in shares) | shares	914,694
Share-based expense	$ 52,949,000	$ 65,089,000	$ 74,421,000
Manager Equity Plan
Related-Party Transactions
Granted (in shares) | shares	0
S P T Management L L C
Related-Party Transactions
Base management fee	1.50%
Management fee expense	$ 87,300,000	86,700,000	77,900,000
Base management fee payable	$ 21,900,000	21,800,000
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	$ 35,700,000	49,600,000	70,300,000
Unpaid incentive fee	19,500,000	14,500,000
Executive compensation expense	8,000,000	8,600,000	$ 7,100,000
Unpaid reimbursable compensation	$ 3,400,000	$ 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	226,955	200,972	1,013,232
Grant date values	$ 4,300,000	$ 4,800,000	$ 20,300,000
Share-based expense	$ 8,700,000	$ 8,900,000	$ 9,700,000
S P T Management L L C | Restricted Stock Awards | Manager Equity Plan
Related-Party Transactions
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	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related-Party Transactions
Granted (in shares)					914,694
Share-based expense					$ 52,949	$ 65,089	$ 74,421
Manager Equity Plan
Related-Party Transactions
Granted (in shares)					0
Restricted stock units | Manager Equity Plan
Related-Party Transactions
Granted (in shares)	1,500,000	1,800,000	1,200,000	775,000
Share-based expense					$ 18,000	$ 18,700	$ 19,400

Related-Party Transactions - In

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

1 Months Ended

12 Months Ended

132 Months Ended

Aug. 31, 2023 USD ($)

Mar. 31, 2022 USD ($) Item

Jul. 31, 2019 USD ($)

Apr. 30, 2019 USD ($)

Feb. 28, 2019 USD ($) powerPlant

Mar. 31, 2018 EUR (€)

Jan. 31, 2018 USD ($) powerPlant

Dec. 31, 2012 USD ($) shares

Dec. 31, 2023 USD ($) shares

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2012 USD ($) shares

Dec. 31, 2022 USD ($) shares

Dec. 31, 2020 USD ($)

Related-Party Transactions

Acquisitions/originations/additional funding

$ 3,474,242,000

$ 10,178,734,000

$ 13,990,579,000

Loan balance

$ 20,219,886,000

21,186,033,000

18,413,649,000

$ 21,186,033,000

$ 12,139,908,000

SEREF

Related-Party Transactions

Number of shares acquired (in shares) | shares

9,140,000

Number of shares redeemed (in shares) | shares

1,892,313

0

Proceeds from shares redeemed

$ 2,500,000

Remaining held (in shares) | shares

7,247,687

Ownership percentage

2.30%

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

Affiliated Entity | SEREF

Related-Party Transactions

Number of shares redeemed (in shares) | shares

1,892,313

Proceeds from shares redeemed

$ 2,500,000

Remaining held (in shares) | shares

7,247,687

Ownership percentage

2%

Affiliated Entity | Residential Mortgage Originator

Related-Party Transactions

Proceeds from sale of receivables

$ 0

4,400,000

3,500,000

Affiliated Entity | Residential Mortgage Originator | Residential Loans

Related-Party Transactions

Acquisitions/originations/additional funding

0

$ 1,100,000,000

$ 1,200,000,000

Affiliated Entity | SEREF

Related-Party Transactions

Number of shares acquired (in shares) | shares

9,140,000

Investment securities value

$ 14,700,000

$ 14,700,000

Ownership acquired in investment

4%

Affiliated Entity | Origination of First Mortgage Loan

Related-Party Transactions

Proceeds from repayments on loans

$ 29,400,000

First priority term loan

$ 339,200,000

Affiliated Entity | Development And Recapitalization Of Luxury Rental Cabins

Related-Party Transactions

Loans payable

148,500,000

Loan number of extension options | Item

3

Loan extension term

1 year

Loan payable, payment deferral term

10 months

Loan payable, payment deferral interest rate

3%

Loans payable, payment deferral, interest

2,300,000

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

Related-Party Transactions

Loans payable, basis spread

6.50%

Affiliated Entity | Office portfolio located in Spain | SEREF

Related-Party Transactions

Acquisitions/originations/additional funding | €

€ 55

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

Related-Party Transactions

Acquisitions/originations/additional funding

$ 16,000,000

$ 5,000,000

$ 60,000,000

First priority term loan

$ 925,000,000

Upsize to term loan

$ 350,000,000

Number of domestic natural gas power plants | powerPlant

4

Loan balance

$ 60,700,000

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

Related-Party Transactions

Face amount

$ 200,000,000

Maturity period

24 months

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, 2023 USD ($)	Dec. 31, 2022 USD ($)	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			$ 1.3	$ 4.4
Rent payments			6.6	1.1
Rent expense			$ 7.2	$ 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, 2023	Dec. 31, 2022
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, 2023	Dec. 31, 2022	Dec. 31, 2021
RMBS
Related-Party Transactions
Payments to acquire marketable securities	$ 0	$ 0	$ 524,500,000

Related-Party Transactions - Ot

Related-Party Transactions - Other Related-Party Arrangements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Highmark Residential
Related-Party Transactions
Amounts of transaction	$ 6	$ 5.6	$ 4.2
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	$ 1.9	$ 0.2
Fund Participants | Reo Portfolio | Fund Participants
Related-Party Transactions
Ownership percentage	10%

Stockholders' Equity and Non-_3

Stockholders' Equity and Non-Controlling Interests - Narrative (Details) $ / shares in Units, $ in Thousands			1 Months Ended		2 Months Ended	12 Months Ended
	Nov. 06, 2021 USD ($)	Nov. 05, 2021 USD ($)	Apr. 30, 2022 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2023 USD ($) extension $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2018 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
Preferred stock, par value (in dollars per share) | $ / shares						$ 0.01	$ 0.01
Common stock, shares authorized (in shares) | shares						500,000,000	500,000,000
Common stock, par value (in dollars per share) | $ / shares						$ 0.01	$ 0.01
Commission costs under ATM agreement						$ 0	$ 1,074	$ 720
Shares authorized under DRIP plan (in shares) | shares											11,000,000
Granted (in shares) | shares						914,694
Granted (in dollars per share) | $ / shares						$ 18.93	$ 21.95	$ 22.14
Unrecognized compensation expense						$ 37,400
Compensation recognition period						1 year 8 months 12 days
Fair value of shares vested in period						$ 30,300	$ 30,000	$ 32,400
Contributions from non-controlling interests						2,724	21,925	219,757
Net income					$ 700	58,410	153,820	748
Net income attributable to non-controlling interests						$ 78,944	$ 187,586	44,687
CMBS JV
Equity Incentive Plans
Participation / Ownership %						51%
Class A Units
Equity Incentive Plans
Value of shares issued to settle redemption						$ 100		900
Number of shares redeemed (in shares) | shares							0
Cash amount settled						$ 1,300
Number of units outstanding (in shares) | shares						9,700,000
Woodstar II Portfolio | Class A Units
Equity Incentive Plans
Net income attributable to non-controlling interests						$ 18,700	$ 18,800	19,400
Subsidiaries | Woodstar II Portfolio | Class A Units
Equity Incentive Plans
Shares issued (in shares) | shares									10,200,000
Right to receive additional shares (in shares) | shares						1,900,000			1,900,000
Subsidiaries | Woodstar II Portfolio | Class A Units | Non- Controlling Interests
Equity Incentive Plans
Redemption of units						$ 207,100	208,500
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						$ 129,200	144,300
CMBS JV | Joint Venture Partner
Equity Incentive Plans
Ownership percentage						49%
CMBS JV | Woodstar II Portfolio | Class A Units
Equity Incentive Plans
Net income attributable to non-controlling interests						$ (1,500)	$ 6,200	$ 22,700
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						16,510,282
Vesting Period						3 years
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						123,327	67,965
Purchase price (in dollars per share) | $ / shares						$ 15.46	$ 17.36
Common stock available for future issuance (in shares) | shares						1,800,000
Restricted stock | Starwood Property Trust, Inc. Equity Plan and Manager Equity Plan
Equity Incentive Plans
Granted (in shares) | shares						914,694	829,805	1,708,935
ATM Agreement
Equity Incentive Plans
Authorized value of stock under ATM agreement										$ 500,000
Number of shares issued (in shares) | shares						0	2,168,710	0
Proceeds from ATM Agreement							$ 49,300
Sale of stock average price (in dollars per share) | $ / shares							$ 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			$ 24.57

Stockholders' Equity and Non-_4

Stockholders' Equity and Non-Controlling Interests - Declared Dividends (Details) - $ / shares													12 Months Ended
	Dec. 15, 2023	Sep. 15, 2023	Jun. 15, 2023	Mar. 16, 2023	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. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	Dec. 31, 2023
Equity Incentive Plans
Granted (in shares)					914,694
Manager Equity Plan
Equity Incentive Plans
Granted (in shares)					0
Restricted stock units | Manager Equity Plan
Equity Incentive Plans
Granted (in shares)	1,500,000	1,800,000	1,200,000	775,000
Grant Date Fair Value	$ 31,605	$ 30,078	$ 29,484	$ 16,329
Vesting Period	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
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
	Aug. 31, 2023	May 31, 2023	Mar. 31, 2023	Nov. 30, 2022	Aug. 31, 2022	May 31, 2022	Feb. 28, 2022	Nov. 30, 2021	Aug. 31, 2021	May 31, 2021	Feb. 28, 2021
Equity Incentive Plans
Shares of common stock issued (in shares)	92,640	377,207	373,204	21,390	108,374	647,128	1,068,828	18,649	97,151	267,378	332,002
Price per share (in dollars per share)	$ 20.59	$ 16.39	$ 19.38	$ 20.92	$ 23.94	$ 22.69	$ 23.78	$ 26.08	$ 25.79	$ 24.54	$ 22.55

Stockholders' Equity and Non-_7

Stockholders' Equity and Non-Controlling Interests - Share Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity Incentive Plans
Share-based expense	$ 52,949	$ 65,089	$ 74,421
Management Fees
Equity Incentive Plans
Share-based expense	31,730	43,596	54,583
Management Fees | Manager Equity Plan
Equity Incentive Plans
Share-based expense	18,027	18,693	19,448
Management Fees | Management Agreement
Equity Incentive Plans
Share-based expense	13,703	24,903	35,135
General and Administrative Expense
Equity Incentive Plans
Share-based expense	21,219	21,492	19,838
General and Administrative Expense | Employee Stock
Equity Incentive Plans
Share-based expense	459	273	0
General and Administrative Expense | Equity Plan
Equity Incentive Plans
Share-based expense	$ 20,761	$ 21,219	$ 19,838

Stockholders' Equity and Non-_8

Stockholders' Equity and Non-Controlling Interests - Non-Vested Shares (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	4,338,847
Granted (in shares)	914,694
Vested (in shares)	(1,637,743)
Forfeited (in shares)	(169,070)
Balance at the end of the period (in shares)	3,446,728	4,338,847
Weighted Average Grant Date Fair Value (per share)
Balance at the beginning of period (in dollars per share)	$ 20.65
Granted (in dollars per share)	18.93	$ 21.95	$ 22.14
Vested (in dollars per share)	18.56
Forfeited (in dollars per share)	22.76
Balance at the end of period (in dollars per share)	$ 21.08	$ 20.65
Equity Plan
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	2,513,847
Granted (in shares)	914,694
Vested (in shares)	(687,743)
Forfeited (in shares)	(169,070)
Balance at the end of the period (in shares)	2,571,728	2,513,847
Manager Equity Plan
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	1,825,000
Granted (in shares)	0
Vested (in shares)	(950,000)
Forfeited (in shares)	0
Balance at the end of the period (in shares)	875,000	1,825,000

Stockholders' Equity and Non-_9

Stockholders' Equity and Non-Controlling Interests - Vesting Schedule (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
Equity Incentive Plans
2024 (in shares)	2,174,540
2025 (in shares)	958,200
2026 (in shares)	313,988
Total (in shares)	3,446,728	4,338,847
Equity Plan
Equity Incentive Plans
2024 (in shares)	1,674,540
2025 (in shares)	583,200
2026 (in shares)	313,988
Total (in shares)	2,571,728	2,513,847
Manager Equity Plan
Equity Incentive Plans
2024 (in shares)	500,000
2025 (in shares)	375,000
2026 (in shares)	0
Total (in shares)	875,000	1,825,000

Earnings per Share - Reconcilia

Earnings per Share - Reconciliation of Net Income and Number of Shares used in Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic Earnings
Income attributable to STWD common stockholders	$ 339,213	$ 871,475	$ 447,739
Less: Income attributable to participating shares not already deducted as non-controlling interests	(6,412)	(17,113)	(6,808)
Basic earnings	332,801	854,362	440,931
Diluted Earnings
Income attributable to STWD common stockholders	339,213	871,475	447,739
Less: Income attributable to participating shares not already deducted as non-controlling interests	(6,412)	(17,113)	(6,808)
Add: Undistributed earnings to participating shares	0	11,229	0
Less: Undistributed earnings reallocated to participating shares	0	(10,880)	0
Diluted earnings	$ 332,801	$ 866,343	$ 452,550
Number of Shares:
Basic - Average shares outstanding (in shares)	309,771	305,524	285,942
Effect of dilutive securities - Contingently issuable shares (in shares)	450	386	1,037
Effect of dilutive securities - Unvested non-participating shares (in shares)	286	169	198
Diluted - Average shares outstanding (in shares)	310,507	315,728	296,826
Earnings Per Share Attributable to STWD Common Stockholders:
Basic (in dollars per share)	$ 1.07	$ 2.80	$ 1.54
Diluted (in dollars per share)	$ 1.07	$ 2.74	$ 1.52
Unamortized discount—Convertible 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 - Narrative

Earnings per Share - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class A Units
Antidilutive securities and effect of dilutive securities
Number of anti-dilutive common shares excluded from the calculation of diluted income per share (in shares)	9.7	9.8	9.8
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)	12.7	13.7	13

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in AOCI by component
Beginning balance	$ 6,835,917	$ 6,433,892	$ 4,862,576
OCI before reclassifications	(5,648)	(19,998)	(3,101)
Amounts reclassified from AOCI	45	0	61
Net period OCI	(5,603)	(19,998)	(3,040)
Ending balance	6,608,634	6,835,917	6,433,892
Cumulative Unrealized Gain (Loss) on Available-for- Sale Securities
Changes in AOCI by component
Beginning balance	20,955	40,953	44,057
OCI before reclassifications	(5,648)	(19,998)	(3,101)
Amounts reclassified from AOCI	45	0	(3)
Net period OCI	(5,603)	(19,998)	(3,104)
Ending balance	15,352	20,955	40,953
Foreign Currency Translation
Changes in AOCI by component
Beginning balance	0	0	(64)
OCI before reclassifications	0	0	0
Amounts reclassified from AOCI	0	0	64
Net period OCI	0	0	64
Ending balance	0	0	0
Accumulated Other Comprehensive Income
Changes in AOCI by component
Beginning balance	20,955	40,953	43,993
Ending balance	$ 15,352	$ 20,955	$ 40,953

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Reclassifications (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income
Gain on sale of investments and other assets, net	$ 25,729	$ 137,611	$ 38,984
Interest realized upon collection	76,524	65,058	45,168
Foreign currency adjustment	60,834	(96,956)	(36,292)
Total reclassifications for the period	418,157	1,059,061	492,426
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income
Total reclassifications for the period	(45)	0	(61)
Unrealized (loss) gain on available-for-sale securities: | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income
Gain on sale of investments and other assets, net	(45)	0	0
Interest realized upon collection	0	0	3
Total reclassifications for the period	(45)	0	3
Foreign Currency Translation | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income
Foreign currency adjustment	$ 0	$ 0	$ (64)

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, 2023	Dec. 31, 2022
Financial Assets:
Available-for-sale securities	$ 102,368	$ 113,386
Woodstar Fund investments		1,761,002
Domestic servicing rights	19,384	17,790
Derivative assets	63,437	108,621
VIE assets	69,504,196	79,043,129
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	102,467	91,404
VIE liabilities	62,481,214	71,844,422
Primary beneficiary
Financial Assets:
Woodstar Fund investments	2,012,833	1,761,002
VIE assets	47,800
Liabilities, Fair Value Disclosure [Abstract]
VIE liabilities	10,300
Fair value measurements on recurring basis
Financial Assets:
Equity security	8,340	9,840
Derivative assets	63,437	108,621
Total	48,656,955	57,267,382
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	102,467	91,404
Total	42,278,201	50,845,759
Fair value measurements on recurring basis | Loans under fair value option
Financial Assets:
Loans under fair value option	2,645,637	2,784,594
Fair value measurements on recurring basis | RMBS
Financial Assets:
Available-for-sale securities	102,368	113,386
Fair value measurements on recurring basis | CMBS
Financial Assets:
Available-for-sale securities	18,600	19,108
Fair value measurements on recurring basis | Woodstar Fund investments
Financial Assets:
Woodstar Fund investments	2,012,833	1,761,002
Fair value measurements on recurring basis | Domestic servicing rights, at fair value
Financial Assets:
Domestic servicing rights	19,384	17,790
Fair value measurements on recurring basis | VIE assets | Primary beneficiary
Financial Assets:
VIE assets	43,786,356	52,453,041
Fair value measurements on recurring basis | VIE liabilities | Primary beneficiary
Liabilities, Fair Value Disclosure [Abstract]
VIE liabilities	42,175,734	50,754,355
Fair value measurements on recurring basis | Level I
Financial Assets:
Equity security	8,340	9,840
Derivative assets	0	0
Total	8,340	9,840
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 I | VIE assets | Primary beneficiary
Financial Assets:
VIE assets	0	0
Fair value measurements on recurring basis | Level I | VIE liabilities | Primary beneficiary
Liabilities, Fair Value Disclosure [Abstract]
VIE liabilities	0	0
Fair value measurements on recurring basis | Level II
Financial Assets:
Equity security	0	0
Derivative assets	63,437	108,621
Total	63,437	108,621
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	102,467	91,404
Total	36,673,405	45,339,816
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 II | VIE assets | Primary beneficiary
Financial Assets:
VIE assets	0	0
Fair value measurements on recurring basis | Level II | VIE liabilities | Primary beneficiary
Liabilities, Fair Value Disclosure [Abstract]
VIE liabilities	36,570,938	45,248,412
Fair value measurements on recurring basis | Level III
Financial Assets:
Equity security	0	0
Derivative assets	0	0
Total	48,585,178	57,148,921
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	0	0
Total	5,604,796	5,505,943
Fair value measurements on recurring basis | Level III | Loans under fair value option
Financial Assets:
Loans under fair value option	2,645,637	2,784,594
Fair value measurements on recurring basis | Level III | RMBS
Financial Assets:
Available-for-sale securities	102,368	113,386
Fair value measurements on recurring basis | Level III | CMBS
Financial Assets:
Available-for-sale securities	18,600	19,108
Fair value measurements on recurring basis | Level III | Woodstar Fund investments
Financial Assets:
Woodstar Fund investments	2,012,833	1,761,002
Fair value measurements on recurring basis | Level III | Domestic servicing rights, at fair value
Financial Assets:
Domestic servicing rights	19,384	17,790
Fair value measurements on recurring basis | Level III | VIE assets | Primary beneficiary
Financial Assets:
VIE assets	43,786,356	52,453,041
Fair value measurements on recurring basis | Level III | VIE liabilities | Primary beneficiary
Liabilities, Fair Value Disclosure [Abstract]
VIE liabilities	$ 5,604,796	$ 5,505,943

Fair Value - Level III (Details

Fair Value - Level III (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes in financial assets classified as Level III
Balance at the beginning of the period	$ 51,642,978	$ 60,659,660
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	(7,988,828)	(10,144,645)
Net accretion	$ 4,661	$ 8,491
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
Included in OCI	$ (5,603)	$ (19,998)
Purchases / Originations	756,522	4,634,722
Sales	(711,558)	(3,678,671)
Cash repayments / receipts	(807,911)	(240,677)
Transfers into Level III	(2,241,323)	(1,592,639)
Transfers out of Level III	1,609,405	194,034
Consolidation of VIEs	722,039	2,551,224
Deconsolidation of VIEs		(728,523)
Balance at the end of the period	42,980,382	51,642,978
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	(8,059,346)	(10,158,108)
Included in OCI	(5,638)	(19,592)
Loans at Fair Value
Changes in financial assets classified as Level III
Balance at the beginning of the period	2,784,594	2,936,025
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	62,702	(346,222)
Net accretion	0	0
Included in OCI	0	0
Purchases / Originations	756,522	4,634,722
Sales	(710,957)	(3,678,671)
Cash repayments / receipts	(185,885)	(200,728)
Transfers into Level III	27	(86,201)
Transfers out of Level III	(61,366)	(474,331)
Consolidation of VIEs	0	0
Deconsolidation of VIEs		0
Balance at the end of the period	2,645,637	2,784,594
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	15,853	(368,368)
Included in OCI	0	0
RMBS
Changes in financial assets classified as Level III
Balance at the beginning of the period	113,386	143,980
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	0	0
Net accretion	4,661	8,491
Included in OCI	(5,603)	(19,998)
Purchases / Originations	0	0
Sales	(601)	0
Cash repayments / receipts	(9,475)	(19,087)
Transfers into Level III	0	0
Transfers out of Level III	0	0
Consolidation of VIEs	0	0
Deconsolidation of VIEs		0
Balance at the end of the period	102,368	113,386
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	4,630	8,157
Included in OCI	(5,638)	(19,592)
CMBS
Changes in financial assets classified as Level III
Balance at the beginning of the period	19,108	22,244
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	282	(1,674)
Net accretion	0	0
Included in OCI	0	0
Purchases / Originations	0	0
Sales	0	0
Cash repayments / receipts	(790)	(1,992)
Transfers into Level III	0	0
Transfers out of Level III	0	0
Consolidation of VIEs	0	0
Deconsolidation of VIEs		530
Balance at the end of the period	18,600	19,108
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	282	(1,148)
Included in OCI	0	0
Woodstar Fund investments
Changes in financial assets classified as Level III
Balance at the beginning of the period	1,761,002	1,040,309
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	251,831	720,693
Net accretion	0	0
Included in OCI	0	0
Purchases / Originations	0	0
Sales	0	0
Cash repayments / receipts	0	0
Transfers into Level III	0	0
Transfers out of Level III	0	0
Consolidation of VIEs	0	0
Deconsolidation of VIEs		0
Balance at the end of the period	2,012,833	1,761,002
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	251,831	720,693
Included in OCI	0	0
Domestic servicing rights, at fair value
Changes in financial assets classified as Level III
Balance at the beginning of the period	17,790	16,780
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	1,594	1,010
Net accretion	0	0
Included in OCI	0	0
Purchases / Originations	0	0
Sales	0	0
Cash repayments / receipts	0	0
Transfers into Level III	0	0
Transfers out of Level III	0	0
Consolidation of VIEs	0	0
Deconsolidation of VIEs		0
Balance at the end of the period	19,384	17,790
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	1,594	1,010
Included in OCI	0	0
VIE assets
Changes in financial assets classified as Level III
Balance at the beginning of the period	52,453,041	61,280,543
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	(8,790,373)	(12,458,814)
Net accretion	0	0
Included in OCI	0	0
Purchases / Originations	0	0
Sales	0	0
Cash repayments / receipts	(598,351)	0
Transfers into Level III	0	0
Transfers out of Level III	0	0
Consolidation of VIEs	722,039	4,361,325
Deconsolidation of VIEs		(730,013)
Balance at the end of the period	43,786,356	52,453,041
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	(8,818,672)	(12,458,814)
Included in OCI	0	0
VIE liabilities
Changes in financial assets classified as Level III
Balance at the beginning of the period	(5,505,943)	(4,780,221)
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	485,136	1,940,362
Net accretion	0	0
Included in OCI	0	0
Purchases / Originations	0	0
Sales	0	0
Cash repayments / receipts	(13,410)	(18,870)
Transfers into Level III	(2,241,350)	(1,506,438)
Transfers out of Level III	1,670,771	668,365
Consolidation of VIEs	0	(1,810,101)
Deconsolidation of VIEs		960
Balance at the end of the period	(5,604,796)	(5,505,943)
Amount of Unrealized Gains (Losses) Attributable to Assets Still Held [Abstract]
Included in earnings	485,136	1,940,362
Included in OCI	$ 0	$ 0

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial assets not carried at fair value:
Loans held-for-investment	$ 17,574,249	$ 18,401,439
HTM debt securities	619,397	676,652
Carrying Value
Financial assets not carried at fair value:
Loans held-for-investment	17,574,249	18,401,439
HTM debt securities	606,254	673,470
Financial liabilities not carried at fair value:
Secured financing agreements, CLOs and SASB	17,552,979	18,177,756
Unsecured senior notes	2,158,888	2,329,211
Fair Value
Financial assets not carried at fair value:
Loans held-for-investment	17,483,058	18,215,072
HTM debt securities	581,160	637,275
Financial liabilities not carried at fair value:
Secured financing agreements, CLOs and SASB	17,466,172	18,017,651
Unsecured senior notes	$ 2,128,835	$ 2,199,135

Fair Value - Significant Unobse

Fair Value - Significant Unobservable Inputs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities	$ 102,368	$ 113,386
Woodstar Fund investments		1,761,002
Domestic servicing rights	19,384	17,790
VIE assets	69,504,196	79,043,129
VIE liabilities	62,481,214	71,844,422
Primary beneficiary
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Woodstar Fund investments	2,012,833	1,761,002
VIE assets	47,800
VIE liabilities	10,300
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	2,645,637	2,784,594
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	102,368	113,386
Fair value measurements on recurring basis | CMBS
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities	18,600	19,108
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	2,012,833	1,761,002
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	19,384	17,790
Fair value measurements on recurring basis | VIE assets | Primary beneficiary
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE assets	43,786,356	52,453,041
Fair value measurements on recurring basis | VIE liabilities | Primary beneficiary
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE liabilities	42,175,734	50,754,355
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	$ 2,645,637	$ 2,784,594
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	4 years 3 months 18 days	5 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	0.028
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
Loans under fair value option	585	585
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	0.05	0.04
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	38 years 6 months	39 years 6 months
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	0.099	0.093
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
Loans under fair value option	900	900
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	1.40	0.92
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	27 years 4 months 24 days	28 years 7 months 6 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	0.045
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
Loans under fair value option	749	749
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	0.68	0.67
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	1.014
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	$ 102,368	$ 113,386
Loss severity for specified percentage of portfolio (as a percent)	5%	10%
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%	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	0.029	0.028
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	0.010	0.011
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	0.08	0.06
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	0.30	0.31
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%	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	0.096	0.120
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	0.042	0.044
Fair value measurements on recurring basis | Level III | RMBS | Maximum | Loss severity
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.99	1.09
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	0.25	0.29
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	0.78	0.777
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	0.013	0.026
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	0.052	0.055
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	0.017	0.020
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	0.17	0.24
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	0.14	0.16
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	0.51	0.53
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	$ 18,600	$ 19,108
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 years
Fair value measurements on recurring basis | Level III | CMBS | Minimum | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0	0
Fair value measurements on recurring basis | Level III | CMBS | Maximum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
CMBS, term	6 years 8 months 12 days	7 years 8 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	5.401	1.175
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	2 years 4 months 24 days	3 years
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	0.106	0.101
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	$ 2,012,833	$ 1,761,002
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	0.0425	0.0420
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	0.063
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	0.030	0.056
Fair value measurements on recurring basis | Level III | Woodstar Fund investments | Minimum | Terminal capitalization rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.048	0.050
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	0.070	0.068
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	0.069	0.067
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	0.055
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	0.067	0.065
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	0.054	0.061
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	0.052	0.051
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	0.0425	0.0420
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	$ 19,384	$ 17,790
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	0.0850	0.0825
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	0.0850	0.0825
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 years
Fair value measurements on recurring basis | Level III | VIE assets | Minimum | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE assets	0	0
Fair value measurements on recurring basis | Level III | VIE assets | Maximum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE duration (in years)	10 years	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	6.910	4.536
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)	1 year 9 months 18 days	2 years 4 months 24 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	0.159	0.153
Fair value measurements on recurring basis | Level III | VIE assets | Primary beneficiary
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE assets	$ 43,786,356	$ 52,453,041
Fair value measurements on recurring basis | Level III | VIE liabilities | Minimum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE duration (in years)	0 years	0 years
Fair value measurements on recurring basis | Level III | VIE liabilities | Minimum | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE liabilities	0	0
Fair value measurements on recurring basis | Level III | VIE liabilities | Maximum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE duration (in years)	10 years	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	6.910	4.536
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 8 months 12 days	1 year 9 months 18 days
Fair value measurements on recurring basis | Level III | VIE liabilities | Weighted-average | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE liabilities	0.114	0.104
Fair value measurements on recurring basis | Level III | VIE liabilities | Primary beneficiary
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE liabilities	$ 5,604,796	$ 5,505,943

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
VIE assets	$ 69,504,196,000	$ 79,043,129,000
Pre-tax income from foreign operations	0	0	$ 0
Valuation allowance changes	0	0	$ 0
Domestic Tax Authority
Income Taxes
Net operating loss carryforward	252,800,000
State and Local Jurisdiction
Income Taxes
Additional operating loss carryforwards	6,200,000
Investing and Servicing Segment | TRS entities
Income Taxes
VIE assets	$ 3,100,000,000	$ 3,200,000,000

Income Taxes - Income Tax (Bene

Income Taxes - Income Tax (Benefit) Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Federal	$ 554	$ 1,446	$ 142
State	(31)	705	(80)
Foreign	0	0	(392)
Total current	523	2,151	(330)
Deferred
Federal	98	(47,128)	6,893
State	(1,303)	(16,546)	2,106
Total deferred	(1,205)	(63,674)	8,999
Total income tax (benefit) provision	$ (682)	$ (61,523)	$ 8,669

Income Taxes - Temporary Differ

Income Taxes - Temporary Differences on Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Reserves and accruals	$ 3,636	$ 3,314
Domestic intangible assets	(22,890)	(15,946)
Investments in unconsolidated entities	(984)
Investments in unconsolidated entities		782
Net operating loss and interest expense carryforwards	78,979	69,294
Other U.S. temporary differences	47	140
Net deferred tax assets	$ 58,788	$ 57,584

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of statutory tax to effective tax
Federal statutory tax rate	$ 87,670	$ 209,483	$ 105,230
REIT and other non-taxable income	(88,281)	(256,105)	(92,121)
State income taxes	(201)	(15,319)	4,307
Federal benefit of state tax deduction	42	3,217	(905)
Intra-entity transfers	0	(4,327)	(6,635)
Other	88	1,528	(1,207)
Total income tax (benefit) provision	$ (682)	$ (61,523)	$ 8,669
Reconciliation of statutory tax rate to effective tax rate
Federal statutory tax rate	21%	21%	21%
REIT and other non-taxable income	(21.20%)	(25.70%)	(18.40%)
State income taxes	0%	(1.50%)	0.90%
Federal benefit of state tax deduction	0%	0.30%	(0.20%)
Intra-entity transfers	0%	(0.40%)	(1.30%)
Other	0%	0.10%	(0.30%)
Effective tax rate	(0.20%)	(6.20%)	1.70%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
Loan Funding Commitments | Commercial and Residential Lending Segment
Commitments and Contingencies
Value of loans with future funding commitments	$ 1,700
Value of loans with future funding commitments expected to fund	1,300
Loan Funding Commitments | Infrastructure Lending Segment
Commitments and Contingencies
Value of loans with future funding commitments	189.9
Revolvers and Letters of Credit | Infrastructure Lending Segment
Commitments and Contingencies
Value of loans with future funding commitments	124.4
Debt related to properties held-for-sale	5.2
Delayed Draw Term Loans | Infrastructure Lending Segment
Commitments and Contingencies
Value of loans with future funding commitments	65.5
Loan Purchase Commitments | Infrastructure Lending Segment
Commitments and Contingencies
Debt related to properties held-for-sale	$ 37.6

Commitments and Contingencies_2

Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease costs	$ 6,864	$ 4,646	$ 4,100
Short-term lease costs	75	44	2,227
Sublease income	0	0	(766)
Total lease cost	6,940	4,690	$ 5,560
Cash paid for amounts included in the measurement of lease liabilities —operating	$ 5,025	$ 2,129
Weighted-average remaining lease term	12 years	13 years
Weighted-average discount rate	8.80%	8.70%

Commitments and Contingencies_3

Commitments and Contingencies - Future Maturity of Operating Leases (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 5,145
2025	5,320
2026	5,275
2027	4,829
2028	4,868
Thereafter	41,543
Total	66,980
Less interest component	(29,325)
Operating lease liability	$ 37,655
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Interest income from loans		$ 1,804,104	$ 1,218,521	$ 800,291
Interest income from investment securities		76,524	65,058	45,168
Servicing fees		33,121	40,359	38,739
Rental income		127,666	128,263	278,831
Other revenues		8,493	12,515	7,059
Total revenues		2,049,908	1,464,716	1,170,088
Costs and expenses:
Management fees		141,543	155,551	167,773
Interest expense		1,436,107	797,121	445,087
General and administrative		180,212	175,500	171,302
Acquisition and investment pursuit costs		925	3,400	1,184
Costs of rental operations		44,842	44,115	111,667
Depreciation and amortization		49,141	49,293	83,001
Credit loss provision, net		243,728	46,657	8,335
Other expense		1,820	1,314	708
Total costs and expenses		2,098,318	1,272,951	989,057
Other income (loss):
Change in net assets related to consolidated VIEs		181,688	124,001	162,333
Change in fair value of servicing rights		1,594	1,010	3,578
Change in fair value of investment securities, net		767	(2,204)	(387)
Change in fair value of mortgage loans, net		62,702	(346,222)	69,050
Income from affordable housing fund investments			755,736
Earnings (loss) from unconsolidated entities		16,722	(6,323)	8,752
Gain on sale of investments and other assets, net		25,729	137,611	38,984
(Loss) gain on derivative financial instruments, net		(38,605)	334,015	82,363
Foreign currency gain (loss), net		60,834	(96,956)	(36,292)
Loss on extinguishment of debt		(1,238)	(1,185)	(7,428)
Other loss, net		(135,552)	(93,710)	(7,314)
Total other income		465,885	805,773	320,064
Income before income taxes		417,475	997,538	501,095
Income tax benefit (provision)		682	61,523	(8,669)
Net income		418,157	1,059,061	492,426
Net income attributable to non-controlling interests		(78,944)	(187,586)	(44,687)
Net income attributable to Starwood Property Trust, Inc.		339,213	871,475	447,739
Primary beneficiary
Other income (loss):
Income from affordable housing fund investments	$ 6,425	291,244	755,736	6,425
Subtotal
Revenues:
Interest income from loans		1,804,104	1,218,521	800,291
Interest income from investment securities		229,082	204,849	166,550
Servicing fees		45,448	55,394	59,349
Rental income		127,666	128,263	278,831
Other revenues		8,493	12,527	7,063
Total revenues		2,214,793	1,619,554	1,312,084
Costs and expenses:
Management fees		141,543	155,551	167,749
Interest expense		1,436,953	797,984	445,939
General and administrative		180,212	175,212	170,975
Acquisition and investment pursuit costs		925	3,400	1,184
Costs of rental operations		44,842	44,115	111,667
Depreciation and amortization		49,141	49,293	83,001
Credit loss provision, net		243,728	46,657	8,335
Other expense		1,820	1,314	708
Total costs and expenses		2,099,164	1,273,526	989,558
Other income (loss):
Change in net assets related to consolidated VIEs		0	0	0
Change in fair value of servicing rights		401	(2,051)	4,319
Change in fair value of investment securities, net		17,370	(31,361)	19,944
Change in fair value of mortgage loans, net		62,702	(346,222)	69,050
Income from affordable housing fund investments			755,736
Earnings (loss) from unconsolidated entities		18,961	(4,389)	8,959
Gain on sale of investments and other assets, net		25,729	137,611	38,984
(Loss) gain on derivative financial instruments, net		(38,605)	334,015	82,363
Foreign currency gain (loss), net		60,834	(96,956)	(36,292)
Loss on extinguishment of debt		(1,238)	(1,185)	(7,428)
Other loss, net		(135,552)	(93,735)	(7,314)
Total other income		301,846	651,463	179,010
Income before income taxes		417,475	997,491	501,536
Income tax benefit (provision)		682	61,523	(8,669)
Net income		418,157	1,059,014	492,867
Net income attributable to non-controlling interests		(78,944)	(187,539)	(45,128)
Net income attributable to Starwood Property Trust, Inc.		339,213	871,475	447,739
Subtotal | Primary beneficiary
Other income (loss):
Income from affordable housing fund investments		291,244		6,425
Operating segment | Commercial and Residential Lending Segment
Revenues:
Interest income from loans		1,557,631	1,058,326	705,499
Interest income from investment securities		135,130	102,125	67,589
Servicing fees		553	558	453
Rental income		8,369	6,467	5,486
Other revenues		2,527	504	294
Total revenues		1,704,210	1,167,980	779,321
Costs and expenses:
Management fees		496	592	948
Interest expense		971,028	501,126	206,353
General and administrative		55,782	52,701	42,000
Acquisition and investment pursuit costs		1,128	3,634	893
Costs of rental operations		8,777	7,833	1,769
Depreciation and amortization		7,206	4,720	1,243
Credit loss provision, net		225,720	39,780	(3,560)
Other expense		1,730	1,251	31
Total costs and expenses		1,271,867	611,637	249,677
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		69,259	11,818	(8,277)
Change in fair value of mortgage loans, net		25,874	(352,412)	13,836
Income from affordable housing fund investments			0
Earnings (loss) from unconsolidated entities		4,410	(11,242)	6,984
Gain on sale of investments and other assets, net		(112)	86,532	16,584
(Loss) gain on derivative financial instruments, net		(25,206)	338,994	73,209
Foreign currency gain (loss), net		60,644	(96,651)	(36,045)
Loss on extinguishment of debt		(804)	(209)	(289)
Other loss, net		(135,576)	(92,632)	(7,407)
Total other income		(1,511)	(115,802)	58,595
Income before income taxes		430,832	440,541	588,239
Income tax benefit (provision)		990	69,199	(1,201)
Net income		431,822	509,740	587,038
Net income attributable to non-controlling interests		(14)	(14)	(14)
Net income attributable to Starwood Property Trust, Inc.		431,808	509,726	587,024
Operating segment | Commercial and Residential Lending Segment | Primary beneficiary
Other income (loss):
Income from affordable housing fund investments		0		0
Operating segment | Infrastructure Lending Segment
Revenues:
Interest income from loans		236,884	150,230	85,057
Interest income from investment securities		1,805	3,681	2,190
Servicing fees		0	0	0
Rental income		0	0	0
Other revenues		1,296	451	293
Total revenues		239,985	154,362	87,540
Costs and expenses:
Management fees		0	0	0
Interest expense		141,016	79,137	37,671
General and administrative		15,569	14,187	14,557
Acquisition and investment pursuit costs		17	3	250
Costs of rental operations		0	0	0
Depreciation and amortization		103	387	402
Credit loss provision, net		18,008	6,877	11,895
Other expense		0	0	0
Total costs and expenses		174,713	100,591	64,775
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
Earnings (loss) from unconsolidated entities		5,702	3,982	1,160
Gain on sale of investments and other assets, net		0	0	189
(Loss) gain on derivative financial instruments, net		123	1,235	1,253
Foreign currency gain (loss), net		201	(317)	(183)
Loss on extinguishment of debt		0	(469)	(1,264)
Other loss, net		0	0	23
Total other income		6,026	4,431	1,178
Income before income taxes		71,298	58,202	23,943
Income tax benefit (provision)		590	12	306
Net income		71,888	58,214	24,249
Net income attributable to non-controlling interests		0	0	0
Net income attributable to Starwood Property Trust, Inc.		71,888	58,214	24,249
Operating segment | Infrastructure Lending Segment | Primary beneficiary
Other income (loss):
Income from affordable housing fund investments		0		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		93,459	91,587	234,840
Other revenues		713	245	198
Total revenues		94,172	91,832	235,038
Costs and expenses:
Management fees		0	0	0
Interest expense		54,522	33,938	59,970
General and administrative		4,155	4,069	8,067
Acquisition and investment pursuit costs		(5)	7	(60)
Costs of rental operations		22,806	21,868	92,190
Depreciation and amortization		31,960	32,714	65,833
Credit loss provision, net		0	0	0
Other expense		23	55	583
Total costs and expenses		113,461	92,651	226,583
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			755,736
Earnings (loss) from unconsolidated entities		0	0	0
Gain on sale of investments and other assets, net		0	0	0
(Loss) gain on derivative financial instruments, net		2,111	35,081	10,155
Foreign currency gain (loss), net		(11)	12	0
Loss on extinguishment of debt		0	0	(5,281)
Other loss, net		(5)	(1,103)	0
Total other income		293,339	789,726	11,299
Income before income taxes		274,050	788,907	19,754
Income tax benefit (provision)		0	0	0
Net income		274,050	788,907	19,754
Net income attributable to non-controlling interests		(77,156)	(172,598)	(20,121)
Net income attributable to Starwood Property Trust, Inc.		196,894	616,309	(367)
Operating segment | Property Segment | Primary beneficiary
Other income (loss):
Income from affordable housing fund investments		291,244		6,425
Operating segment | Investing and Servicing Segment
Revenues:
Interest income from loans		9,589	9,965	9,735
Interest income from investment securities		92,147	99,043	96,771
Servicing fees		44,895	54,836	58,896
Rental income		25,838	30,209	38,505
Other revenues		2,335	11,258	6,278
Total revenues		174,804	205,311	210,185
Costs and expenses:
Management fees		0	0	(793)
Interest expense		34,611	26,686	22,543
General and administrative		87,619	85,478	88,879
Acquisition and investment pursuit costs		(215)	(244)	101
Costs of rental operations		13,259	14,414	17,708
Depreciation and amortization		9,788	11,472	15,523
Credit loss provision, net		0	0	0
Other expense		67	8	94
Total costs and expenses		145,129	137,814	144,055
Other income (loss):
Change in net assets related to consolidated VIEs		0	0	0
Change in fair value of servicing rights		401	(2,051)	4,319
Change in fair value of investment securities, net		(51,889)	(43,179)	28,221
Change in fair value of mortgage loans, net		36,828	6,190	55,214
Income from affordable housing fund investments			0
Earnings (loss) from unconsolidated entities		8,849	2,871	815
Gain on sale of investments and other assets, net		25,841	51,079	22,211
(Loss) gain on derivative financial instruments, net		(4,348)	41,692	8,288
Foreign currency gain (loss), net		0	0	(64)
Loss on extinguishment of debt		(434)	(507)	(113)
Other loss, net		29	0	70
Total other income		15,277	56,095	118,961
Income before income taxes		44,952	123,592	185,091
Income tax benefit (provision)		(898)	(7,688)	(7,775)
Net income		44,054	115,904	177,316
Net income attributable to non-controlling interests		(1,774)	(14,927)	(24,993)
Net income attributable to Starwood Property Trust, Inc.		42,280	100,977	152,323
Operating segment | Investing and Servicing Segment | Primary beneficiary
Other income (loss):
Income from affordable housing fund investments		0		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		1,622	69	0
Total revenues		1,622	69	0
Costs and expenses:
Management fees		141,047	154,959	167,594
Interest expense		235,776	157,097	119,402
General and administrative		17,087	18,777	17,472
Acquisition and investment pursuit costs		0	0	0
Costs of rental operations		0	0	0
Depreciation and amortization		84	0	0
Credit loss provision, net		0	0	0
Other expense		0	0	0
Total costs and expenses		393,994	330,833	304,468
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
Earnings (loss) from unconsolidated entities		0	0	0
Gain on sale of investments and other assets, net		0	0	0
(Loss) gain on derivative financial instruments, net		(11,285)	(82,987)	(10,542)
Foreign currency gain (loss), net		0	0	0
Loss on extinguishment of debt		0	0	(481)
Other loss, net		0	0	0
Total other income		(11,285)	(82,987)	(11,023)
Income before income taxes		(403,657)	(413,751)	(315,491)
Income tax benefit (provision)		0	0	1
Net income		(403,657)	(413,751)	(315,490)
Net income attributable to non-controlling interests		0	0	0
Net income attributable to Starwood Property Trust, Inc.		(403,657)	(413,751)	(315,490)
Corporate | Primary beneficiary
Other income (loss):
Income from affordable housing fund investments		0		0
Securitization VIEs
Revenues:
Interest income from loans		0	0	0
Interest income from investment securities		(152,558)	(139,791)	(121,382)
Servicing fees		(12,327)	(15,035)	(20,610)
Rental income		0	0	0
Other revenues		0	(12)	(4)
Total revenues		(164,885)	(154,838)	(141,996)
Costs and expenses:
Management fees		0	0	24
Interest expense		(846)	(863)	(852)
General and administrative		0	288	327
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		(846)	(575)	(501)
Other income (loss):
Change in net assets related to consolidated VIEs		181,688	124,001	162,333
Change in fair value of servicing rights		1,193	3,061	(741)
Change in fair value of investment securities, net		(16,603)	29,157	(20,331)
Change in fair value of mortgage loans, net		0	0	0
Income from affordable housing fund investments			0
Earnings (loss) from unconsolidated entities		(2,239)	(1,934)	(207)
Gain on sale of investments and other assets, net		0	0	0
(Loss) gain on derivative financial instruments, net		0	0	0
Foreign currency gain (loss), net		0	0	0
Loss on extinguishment of debt		0	0	0
Other loss, net		0	25	0
Total other income		164,039	154,310	141,054
Income before income taxes		0	47	(441)
Income tax benefit (provision)		0	0	0
Net income		0	47	(441)
Net income attributable to non-controlling interests		0	(47)	441
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		$ 0

Segment and Geographic Data - B

Segment and Geographic Data - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 194,660	$ 261,061
Restricted cash	117,312	121,072
Loans held-for-investment, net	17,574,249	18,401,439
Loans held-for-sale	2,645,637	2,784,594
Investment securities	735,562	815,804
Properties, net	1,046,384	1,449,986
Properties held-for-sale	290,937	0
Investments of consolidated affordable housing fund		1,761,002
Investments in unconsolidated entities	90,376	91,892
Goodwill	259,846	259,846
Intangible assets	64,967	68,773	$ 63,564
Derivative assets	63,437	108,621
Accrued interest receivable	200,867	168,521
Other assets	420,773	297,477
VIE assets, at fair value	43,786,356	52,453,041
Total Assets	69,504,196	79,043,129
Liabilities:
Dividends payable	152,888	151,511
Derivative liabilities	102,467	91,404
Secured financing agreements, net	13,867,996	14,501,532
Collateralized loan obligations and single asset securitization, net	3,491,292	3,676,224
Unsecured senior notes, net	2,158,888	2,329,211
Debt related to properties held-for-sale	193,691	0
VIE liabilities, at fair value	42,175,734	50,754,355
Total Liabilities	62,481,214	71,844,422
Temporary Equity: Redeemable non-controlling interests	414,348	362,790
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	3,208	3,181
Additional paid-in capital	5,864,670	5,807,087
Treasury stock	(138,022)	(138,022)
Retained earnings (accumulated deficit)	505,881	769,237
Accumulated other comprehensive income	15,352	20,955
Total Starwood Property Trust, Inc. Stockholders’ Equity	6,251,089	6,462,438
Non-controlling interests in consolidated subsidiaries	357,545	373,479
Total Permanent Equity	6,608,634	6,835,917	$ 6,433,892	$ 4,862,576
Total Liabilities and Equity	69,504,196	79,043,129
Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	293,442	298,999
Related Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	44,816	41,186
Primary beneficiary
Assets:
Investments of consolidated affordable housing fund	2,012,833	1,761,002
Total Assets	47,800
Liabilities:
Total Liabilities	10,300
Infrastructure Lending Segment
Assets:
Goodwill	119,400	119,400
Investing and Servicing Segment
Assets:
Goodwill	140,400	140,400
Subtotal
Assets:
Cash and cash equivalents	194,660	261,061
Restricted cash	117,312	121,072
Loans held-for-investment, net	17,574,249	18,401,439
Loans held-for-sale	2,645,637	2,784,594
Investment securities	2,314,421	2,482,725
Properties, net	1,046,384	1,449,986
Properties held-for-sale	290,937
Investments of consolidated affordable housing fund		1,761,002
Investments in unconsolidated entities	104,976	105,434
Goodwill	259,846	259,846
Intangible assets	102,832	107,831
Derivative assets	63,437	108,621
Accrued interest receivable	200,867	168,796
Other assets	420,773	297,477
VIE assets, at fair value	0	0
Total Assets	27,349,164	28,309,884
Liabilities:
Dividends payable	152,888	151,511
Derivative liabilities	102,467	91,404
Secured financing agreements, net	13,888,753	14,522,698
Collateralized loan obligations and single asset securitization, net	3,491,292	3,676,224
Unsecured senior notes, net	2,158,888	2,329,211
Debt related to properties held-for-sale	193,691
VIE liabilities, at fair value	0	0
Total Liabilities	20,326,237	21,111,233
Temporary Equity: Redeemable non-controlling interests	414,348	362,790
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	3,208	3,181
Additional paid-in capital	5,864,670	5,807,087
Treasury stock	(138,022)	(138,022)
Retained earnings (accumulated deficit)	505,881	769,237
Accumulated other comprehensive income	15,352	20,955
Total Starwood Property Trust, Inc. Stockholders’ Equity	6,251,089	6,462,438
Non-controlling interests in consolidated subsidiaries	357,490	373,423
Total Permanent Equity	6,608,579	6,835,861
Total Liabilities and Equity	27,349,164	28,309,884
Subtotal | Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	293,442	298,999
Subtotal | Related Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	44,816	41,186
Subtotal | Primary beneficiary
Assets:
Investments of consolidated affordable housing fund	2,012,833
Operating segment | Commercial and Residential Lending Segment
Assets:
Cash and cash equivalents	8,823	68,593
Restricted cash	23,902	18,556
Loans held-for-investment, net	15,069,389	16,038,930
Loans held-for-sale	2,604,594	2,763,458
Investment securities	1,147,829	1,250,893
Properties, net	431,155	463,492
Properties held-for-sale	0
Investments of consolidated affordable housing fund		0
Investments in unconsolidated entities	19,151	25,326
Goodwill	0	0
Intangible assets	13,415	11,908
Derivative assets	55,559	101,082
Accrued interest receivable	180,441	151,852
Other assets	301,436	170,177
VIE assets, at fair value	0	0
Total Assets	19,855,694	21,064,267
Liabilities:
Dividends payable	0	0
Derivative liabilities	54,066	21,523
Secured financing agreements, net	10,368,668	10,804,970
Collateralized loan obligations and single asset securitization, net	2,674,938	2,862,211
Unsecured senior notes, net	0	0
Debt related to properties held-for-sale	0
VIE liabilities, at fair value	0	0
Total Liabilities	13,203,908	13,835,601
Temporary Equity: Redeemable non-controlling interests	0	0
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	0	0
Additional paid-in capital	1,121,413	2,124,496
Treasury stock	0	0
Retained earnings (accumulated deficit)	5,514,906	5,083,100
Accumulated other comprehensive income	15,352	20,955
Total Starwood Property Trust, Inc. Stockholders’ Equity	6,651,671	7,228,551
Non-controlling interests in consolidated subsidiaries	115	115
Total Permanent Equity	6,651,786	7,228,666
Total Liabilities and Equity	19,855,694	21,064,267
Operating segment | Commercial and Residential Lending Segment | Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	106,236	146,897
Operating segment | Commercial and Residential Lending Segment | Related Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	0	0
Operating segment | Commercial and Residential Lending Segment | Primary beneficiary
Assets:
Investments of consolidated affordable housing fund	0
Operating segment | Infrastructure Lending Segment
Assets:
Cash and cash equivalents	56,300	31,153
Restricted cash	28,693	31,133
Loans held-for-investment, net	2,495,660	2,352,932
Loans held-for-sale	0	0
Investment securities	19,042	66,204
Properties, net	0	0
Properties held-for-sale	0
Investments of consolidated affordable housing fund		0
Investments in unconsolidated entities	52,691	47,078
Goodwill	119,409	119,409
Intangible assets	0	0
Derivative assets	84	122
Accrued interest receivable	12,485	9,856
Other assets	3,486	3,614
VIE assets, at fair value	0	0
Total Assets	2,787,850	2,661,501
Liabilities:
Dividends payable	0	0
Derivative liabilities	0	105
Secured financing agreements, net	1,088,965	1,042,679
Collateralized loan obligations and single asset securitization, net	816,354	814,013
Unsecured senior notes, net	0	0
Debt related to properties held-for-sale	0
VIE liabilities, at fair value	0	0
Total Liabilities	1,950,551	1,877,453
Temporary Equity: Redeemable non-controlling interests	0	0
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	0	0
Additional paid-in capital	664,621	683,258
Treasury stock	0	0
Retained earnings (accumulated deficit)	172,678	100,790
Accumulated other comprehensive income	0	0
Total Starwood Property Trust, Inc. Stockholders’ Equity	837,299	784,048
Non-controlling interests in consolidated subsidiaries	0	0
Total Permanent Equity	837,299	784,048
Total Liabilities and Equity	2,787,850	2,661,501
Operating segment | Infrastructure Lending Segment | Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	45,232	20,656
Operating segment | Infrastructure Lending Segment | Related Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	0	0
Operating segment | Infrastructure Lending Segment | Primary beneficiary
Assets:
Investments of consolidated affordable housing fund	0
Operating segment | Property Segment
Assets:
Cash and cash equivalents	19,957	31,194
Restricted cash	1,016	981
Loans held-for-investment, net	0	0
Loans held-for-sale	0	0
Investment securities	0	0
Properties, net	555,455	864,778
Properties held-for-sale	290,937
Investments of consolidated affordable housing fund		1,761,002
Investments in unconsolidated entities	0	0
Goodwill	0	0
Intangible assets	25,432	29,613
Derivative assets	5,638	1,803
Accrued interest receivable	1,502	863
Other assets	50,459	54,313
VIE assets, at fair value	0	0
Total Assets	2,963,229	2,744,547
Liabilities:
Dividends payable	0	0
Derivative liabilities	0	0
Secured financing agreements, net	598,350	789,719
Collateralized loan obligations and single asset securitization, net	0	0
Unsecured senior notes, net	0	0
Debt related to properties held-for-sale	193,691
VIE liabilities, at fair value	0	0
Total Liabilities	804,266	801,435
Temporary Equity: Redeemable non-controlling interests	414,348	362,790
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	0	0
Additional paid-in capital	(437,169)	(405,955)
Treasury stock	0	0
Retained earnings (accumulated deficit)	1,974,539	1,777,643
Accumulated other comprehensive income	0	0
Total Starwood Property Trust, Inc. Stockholders’ Equity	1,537,370	1,371,688
Non-controlling interests in consolidated subsidiaries	207,245	208,634
Total Permanent Equity	1,744,615	1,580,322
Total Liabilities and Equity	2,963,229	2,744,547
Operating segment | Property Segment | Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	12,225	11,716
Operating segment | Property Segment | Related Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	0	0
Operating segment | Property Segment | Primary beneficiary
Assets:
Investments of consolidated affordable housing fund	2,012,833
Operating segment | Investing and Servicing Segment
Assets:
Cash and cash equivalents	22,011	39,023
Restricted cash	5,175	5,259
Loans held-for-investment, net	9,200	9,577
Loans held-for-sale	41,043	21,136
Investment securities	1,147,550	1,165,628
Properties, net	59,774	121,716
Properties held-for-sale	0
Investments of consolidated affordable housing fund		0
Investments in unconsolidated entities	33,134	33,030
Goodwill	140,437	140,437
Intangible assets	63,985	66,310
Derivative assets	2,156	5,614
Accrued interest receivable	1,369	1,105
Other assets	15,828	12,929
VIE assets, at fair value	0	0
Total Assets	1,541,662	1,621,764
Liabilities:
Dividends payable	0	0
Derivative liabilities	0	0
Secured financing agreements, net	495,857	543,256
Collateralized loan obligations and single asset securitization, net	0	0
Unsecured senior notes, net	0	0
Debt related to properties held-for-sale	0
VIE liabilities, at fair value	0	0
Total Liabilities	540,309	589,633
Temporary Equity: Redeemable non-controlling interests	0	0
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	0	0
Additional paid-in capital	(705,176)	(646,662)
Treasury stock	0	0
Retained earnings (accumulated deficit)	1,556,399	1,514,119
Accumulated other comprehensive income	0	0
Total Starwood Property Trust, Inc. Stockholders’ Equity	851,223	867,457
Non-controlling interests in consolidated subsidiaries	150,130	164,674
Total Permanent Equity	1,001,353	1,032,131
Total Liabilities and Equity	1,541,662	1,621,764
Operating segment | Investing and Servicing Segment | Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	44,452	46,377
Operating segment | Investing and Servicing Segment | Related Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	0	0
Operating segment | Investing and Servicing Segment | Primary beneficiary
Assets:
Investments of consolidated affordable housing fund	0
Corporate
Assets:
Cash and cash equivalents	87,569	91,098
Restricted cash	58,526	65,143
Loans held-for-investment, net	0	0
Loans held-for-sale	0	0
Investment securities	0	0
Properties, net	0	0
Properties held-for-sale	0
Investments of consolidated affordable housing fund		0
Investments in unconsolidated entities	0	0
Goodwill	0	0
Intangible assets	0	0
Derivative assets	0	0
Accrued interest receivable	5,070	5,120
Other assets	49,564	56,444
VIE assets, at fair value	0	0
Total Assets	200,729	217,805
Liabilities:
Dividends payable	152,888	151,511
Derivative liabilities	48,401	69,776
Secured financing agreements, net	1,336,913	1,342,074
Collateralized loan obligations and single asset securitization, net	0	0
Unsecured senior notes, net	2,158,888	2,329,211
Debt related to properties held-for-sale	0
VIE liabilities, at fair value	0	0
Total Liabilities	3,827,203	4,007,111
Temporary Equity: Redeemable non-controlling interests	0	0
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	3,208	3,181
Additional paid-in capital	5,220,981	4,051,950
Treasury stock	(138,022)	(138,022)
Retained earnings (accumulated deficit)	(8,712,641)	(7,706,415)
Accumulated other comprehensive income	0	0
Total Starwood Property Trust, Inc. Stockholders’ Equity	(3,626,474)	(3,789,306)
Non-controlling interests in consolidated subsidiaries	0	0
Total Permanent Equity	(3,626,474)	(3,789,306)
Total Liabilities and Equity	200,729	217,805
Corporate | Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	85,297	73,353
Corporate | Related Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	44,816	41,186
Corporate | Primary beneficiary
Assets:
Investments of consolidated affordable housing fund	0
Securitization VIEs
Assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Loans held-for-investment, net	0	0
Loans held-for-sale	0	0
Investment securities	(1,578,859)	(1,666,921)
Properties, net	0	0
Properties held-for-sale	0
Investments of consolidated affordable housing fund		0
Investments in unconsolidated entities	(14,600)	(13,542)
Goodwill	0	0
Intangible assets	(37,865)	(39,058)
Derivative assets	0	0
Accrued interest receivable	0	(275)
Other assets	0	0
VIE assets, at fair value	43,786,356	52,453,041
Total Assets	42,155,032	50,733,245
Liabilities:
Dividends payable	0	0
Derivative liabilities	0	0
Secured financing agreements, net	(20,757)	(21,166)
Collateralized loan obligations and single asset securitization, net	0	0
Unsecured senior notes, net	0	0
Debt related to properties held-for-sale	0
VIE liabilities, at fair value	42,175,734	50,754,355
Total Liabilities	42,154,977	50,733,189
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	0	0
Total Starwood Property Trust, Inc. Stockholders’ Equity	0	0
Non-controlling interests in consolidated subsidiaries	55	56
Total Permanent Equity	55	56
Total Liabilities and Equity	42,155,032	50,733,245
Securitization VIEs | Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	0	0
Securitization VIEs | Related Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	0	$ 0
Securitization VIEs | Primary beneficiary
Assets:
Investments of consolidated affordable housing fund	$ 0

Segment and Geographic Data - N

Segment and Geographic Data - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment data
Revenues	$ 2,049,908	$ 1,464,716	$ 1,170,088
Non-US
Segment data
Revenues	$ 455,600	$ 275,300	$ 177,800

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Summary of Properties (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,077,943,000
Initial Cost to Company, Land	270,218,000
Initial Cost to Company, Property	1,367,508,000
Costs Capitalized Subsequent to Acquisition	57,678,000
Gross Amounts Carried at December 31, 2022, Land	235,210,000
Gross Amounts Carried at December 31, 2022, Property	1,335,291,000
Gross Amounts Carried at December 31, 2022, Total	1,570,501,000	$ 1,659,495,000	$ 1,347,844,000	$ 2,573,296,000
Accumulated Depreciation	(233,180,000)	$ (209,509,000)	$ (181,457,000)	$ (302,143,000)
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	1,812,000
Gross Amounts Carried at December 31, 2022, Land	0
Gross Amounts Carried at December 31, 2022, Property	7,377,000
Gross Amounts Carried at December 31, 2022, Total	7,377,000
Accumulated Depreciation	$ (4,732,000)
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
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	10,209,000
Gross Amounts Carried at December 31, 2022, Land	2,764,000
Gross Amounts Carried at December 31, 2022, Property	108,006,000
Gross Amounts Carried at December 31, 2022, Total	110,770,000
Accumulated Depreciation	$ (21,885,000)
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	249,000
Gross Amounts Carried at December 31, 2022, Land	11,283,000
Gross Amounts Carried at December 31, 2022, Property	177,245,000
Gross Amounts Carried at December 31, 2022, Total	188,528,000
Accumulated Depreciation	$ (37,744,000)
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	2,102,000
Gross Amounts Carried at December 31, 2022, Land	7,930,000
Gross Amounts Carried at December 31, 2022, Property	119,780,000
Gross Amounts Carried at December 31, 2022, Total	127,710,000
Accumulated Depreciation	$ (26,506,000)
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	4,179,000
Gross Amounts Carried at December 31, 2022, Land	15,921,000
Gross Amounts Carried at December 31, 2022, Property	131,021,000
Gross Amounts Carried at December 31, 2022, Total	146,942,000
Accumulated Depreciation	$ (30,121,000)
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	3,832,000
Gross Amounts Carried at December 31, 2022, Land	13,415,000
Gross Amounts Carried at December 31, 2022, Property	111,677,000
Gross Amounts Carried at December 31, 2022, Total	125,092,000
Accumulated Depreciation	$ (27,332,000)
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	1,472,000
Gross Amounts Carried at December 31, 2022, Land	1,003,000
Gross Amounts Carried at December 31, 2022, Property	15,795,000
Gross Amounts Carried at December 31, 2022, Total	16,798,000
Accumulated Depreciation	$ (3,618,000)
Multifamily - 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	$ 30,503,000
Initial Cost to Company, Land	12,402,000
Initial Cost to Company, Property	48,454,000
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried at December 31, 2022, Land	12,402,000
Gross Amounts Carried at December 31, 2022, Property	48,454,000
Gross Amounts Carried at December 31, 2022, Total	60,856,000
Accumulated Depreciation	$ (77,000)
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	$ 18,255,000
Initial Cost to Company, Land	7,250,000
Initial Cost to Company, Property	10,614,000
Costs Capitalized Subsequent to Acquisition	8,807,000
Gross Amounts Carried at December 31, 2022, Land	7,250,000
Gross Amounts Carried at December 31, 2022, Property	19,421,000
Gross Amounts Carried at December 31, 2022, Total	26,671,000
Accumulated Depreciation	$ (7,601,000)
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	23,177,000
Gross Amounts Carried at December 31, 2022, Property	59,281,000
Gross Amounts Carried at December 31, 2022, Total	82,458,000
Accumulated Depreciation	$ (7,369,000)
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	8,643,000
Gross Amounts Carried at December 31, 2022, Land	40,045,000
Gross Amounts Carried at December 31, 2022, Property	122,858,000
Gross Amounts Carried at December 31, 2022, Total	162,903,000
Accumulated Depreciation	$ (7,049,000)
Residential - U.S., North East
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	1
Encumbrances	$ 0
Initial Cost to Company, Land	0
Initial Cost to Company, Property	93,547,000
Costs Capitalized Subsequent to Acquisition	14,703,000
Gross Amounts Carried at December 31, 2022, Land	0
Gross Amounts Carried at December 31, 2022, Property	108,251,000
Gross Amounts Carried at December 31, 2022, Total	108,251,000
Accumulated Depreciation	$ 0
Retail - U.S., Midwest
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	8
Encumbrances	$ 78,745,000
Initial Cost to Company, Land	27,307,000
Initial Cost to Company, Property	143,251,000
Costs Capitalized Subsequent to Acquisition	1,450,000
Gross Amounts Carried at December 31, 2022, Land	27,307,000
Gross Amounts Carried at December 31, 2022, Property	144,701,000
Gross Amounts Carried at December 31, 2022, Total	172,008,000
Accumulated Depreciation	$ (25,928,000)
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	$ (11,076,000)
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	5
Encumbrances	$ 62,186,000
Initial Cost to Company, Land	33,272,000
Initial Cost to Company, Property	64,461,000
Costs Capitalized Subsequent to Acquisition	220,000
Gross Amounts Carried at December 31, 2022, Land	33,272,000
Gross Amounts Carried at December 31, 2022, Property	64,681,000
Gross Amounts Carried at December 31, 2022, Total	97,953,000
Accumulated Depreciation	$ (14,190,000)
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	$ (7,952,000)

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, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Beginning balance, January 1	$ 1,659,495	$ 1,347,844	$ 2,573,296
Additions during the year:
Acquisitions through foreclosure and other transfers	97,585	357,360	28,843
Improvements	22,669	20,931	24,390
Total additions	120,254	378,291	53,233
Deductions during the year:
Costs of real estate sold	(84,309)	(66,578)	(55,945)
Reclassification of multifamily properties	0	0	(1,222,740)
Impairments	(124,902)	0	0
Other	(37)	(62)	0
Total deductions	(209,248)	(66,640)	(1,278,685)
Ending balance, December 31	$ 1,570,501	$ 1,659,495	$ 1,347,844

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, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Beginning balance, January 1	$ 209,509	$ 181,457	$ 302,143
Depreciation expense	40,858	40,006	72,299
Deconsolidation of multifamily properties	0	0	(186,716)
Disposition/write-offs	(17,187)	(11,954)	(6,269)
Ending balance, December 31	$ 233,180	$ 209,509	$ 181,457

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate - Summary of Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) mortgage	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Investments in loans
Carrying amount	$ 20,219,886	$ 21,186,033	$ 18,413,649	$ 12,139,908
Basis spread on variable rate	4%
Principal Amount of Delinquent Loans	$ 494,886
Federal income tax basis	18,000,000
Commercial and Residential Lending Segment and Investing and Servicing Segment
Investments in loans
Carrying amount	$ 17,653,215	$ 18,774,708	$ 16,368,799	$ 10,584,400
Individually Significant Mortgage Loans | Other, Various, Australia (1 mortgage)
Investments in loans
Number of loans | mortgage	1
Face Amount	$ 937,737
Carrying amount	928,362
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	$ 99,143
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	$ 74,513
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, International, Floating, (4 Mortgages) | SARON
Investments in loans
Basis spread on variable rate	4.75%
Aggregated First Mortgages | Hotel, International, Floating (5 mortgages)
Investments in loans
Number of loans | mortgage	5
Carrying amount	$ 61,350
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, International, Floating (5 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	3.10%
Aggregated First Mortgages | Hotel, International, Floating (5 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	9.10%
Aggregated First Mortgages | Hotel, Mid Atlantic, Floating (5 mortgages)
Investments in loans
Number of loans | mortgage	5
Carrying amount	$ 106,245
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	$ 53,415
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, Midwest, Floating (4 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.35%
Aggregated First Mortgages | Hotel, Midwest, Floating (4 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	8.73%
Aggregated First Mortgages | Hotel, North East, Floating (9 mortgages)
Investments in loans
Number of loans | mortgage	9
Carrying amount	$ 310,952
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, North East, Floating (9 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.50%
Aggregated First Mortgages | Hotel, North East, Floating (9 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	10.10%
Aggregated First Mortgages | Hotel, South East, Floating (20 mortgages)
Investments in loans
Number of loans | mortgage	20
Carrying amount	$ 148,248
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, South East, Floating (20 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.50%
Aggregated First Mortgages | Hotel, South East, Floating (20 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	13.37%
Aggregated First Mortgages | Hotel, South West, Floating (8 mortgages)
Investments in loans
Number of loans | mortgage	8
Carrying amount	$ 97,486
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 (18 mortgages)
Investments in loans
Number of loans | mortgage	18
Carrying amount	$ 579,533
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, Various, Floating (18 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	3.86%
Aggregated First Mortgages | Hotel, Various, Floating (18 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	10.25%
Aggregated First Mortgages | Hotel, West, Floating (12 mortgages)
Investments in loans
Number of loans | mortgage	12
Carrying amount	$ 86,464
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Hotel, West, Floating (12 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.60%
Aggregated First Mortgages | Hotel, West, Floating (12 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	8.35%
Aggregated First Mortgages | Hotel, West, Floating (2 mortgages)
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 37,763
Principal Amount of Delinquent Loans	$ 37,763
Aggregated First Mortgages | Hotel, West, Floating (2 mortgages) | Basis Swap, Prime Rate | Minimum
Investments in loans
Basis spread on variable rate	(0.56%)
Aggregated First Mortgages | Hotel, West, Floating (2 mortgages) | Basis Swap, Prime Rate | Maximum
Investments in loans
Basis spread on variable rate	6.44%
Aggregated First Mortgages | Industrial International, Floating (4 mortgages)
Investments in loans
Number of loans | mortgage	4
Carrying amount	$ 149,150
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Industrial International, Floating (4 mortgages) | Three Month BBSY | Minimum
Investments in loans
Basis spread on variable rate	3.10%
Aggregated First Mortgages | Industrial International, Floating (4 mortgages) | Three Month BBSY | Maximum
Investments in loans
Basis spread on variable rate	3.55%
Aggregated First Mortgages | Industrial International, Floating (9 mortgages)
Investments in loans
Number of loans | mortgage	9
Carrying amount	$ 414,525
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Industrial International, Floating (9 mortgages) | Three Month EURIBOR | Minimum
Investments in loans
Basis spread on variable rate	2.25%
Aggregated First Mortgages | Industrial International, Floating (9 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	$ 83,935
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 (13 mortgages)
Investments in loans
Number of loans | mortgage	13
Carrying amount	$ 428,397
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Industrial, North East, Floating (13 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	3.22%
Aggregated First Mortgages | Industrial, North East, Floating (13 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	8.06%
Aggregated First Mortgages | Industrial, South East, Fixed (4 mortgages)
Investments in loans
Number of loans | mortgage	4
Carrying amount	$ 31,128
Interest rate	8.18%
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Industrial, West, Floating, (6 Mortgages)
Investments in loans
Number of loans | mortgage	6
Carrying amount	$ 129,521
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Industrial, West, Floating, (6 Mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	1.85%
Aggregated First Mortgages | Industrial, West, Floating, (6 Mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	7.60%
Aggregated First Mortgages | Mixed Use, International, Floating, 2 Mortgages
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 89,017
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Mixed Use, International, Floating, 2 Mortgages | Three Month EURIBOR
Investments in loans
Basis spread on variable rate	4.65%
Aggregated First Mortgages | Mixed Use, International, Floating (1 mortgage)
Investments in loans
Number of loans | mortgage	1
Carrying amount	$ 446,578
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Mixed Use, International, Floating (1 mortgage) | SONIA
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	$ 215,383
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Mixed Use, Mid Atlantic, Floating (1 mortgage) | SOFR
Investments in loans
Basis spread on variable rate	3.26%
Aggregated First Mortgages | Mixed Use, South East, Floating (14 mortgages)
Investments in loans
Number of loans | mortgage	14
Carrying amount	$ 151,452
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Mixed Use, South East, Floating (14 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.18%
Aggregated First Mortgages | Mixed Use, South East, Floating (14 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	8.70%
Aggregated First Mortgages | Mixed Use, South West, Floating (6 mortgages)
Investments in loans
Number of loans | mortgage	6
Carrying amount	$ 238,840
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Mixed Use, South West, Floating (6 mortgages) | SOFR
Investments in loans
Basis spread on variable rate	4.60%
Aggregated First Mortgages | Multi-family, International, Floating (1 mortgage) 1BBSY
Investments in loans
Number of loans | mortgage	1
Carrying amount	$ 52,060
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	$ 158,305
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	$ 767,344
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 (16 mortgages)
Investments in loans
Number of loans | mortgage	16
Carrying amount	$ 382,131
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, Mid Atlantic, Floating (16 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	1.85%
Aggregated First Mortgages | Multi-family, Mid Atlantic, Floating (16 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	9%
Aggregated First Mortgages | Multi-family, Midwest, Floating (4 mortgages)
Investments in loans
Number of loans | mortgage	4
Carrying amount	$ 76,626
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, Midwest, Floating (4 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.85%
Aggregated First Mortgages | Multi-family, Midwest, Floating (4 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	9.85%
Aggregated First Mortgages | Multi-family, North East, Floating (27 mortgages)
Investments in loans
Number of loans | mortgage	27
Carrying amount	$ 789,236
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, North East, Floating (27 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.25%
Aggregated First Mortgages | Multi-family, North East, Floating (27 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	10.85%
Aggregated First Mortgages | Multi-family, South East, Floating (51 mortgages)
Investments in loans
Number of loans | mortgage	51
Carrying amount	$ 1,352,286
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, South East, Floating (51 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	1.75%
Aggregated First Mortgages | Multi-family, South East, Floating (51 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	16.50%
Aggregated First Mortgages | Multi-family, South West, Floating (102 mortgages)
Investments in loans
Number of loans | mortgage	102
Carrying amount	$ 1,669,342
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, South West, Floating (102 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	1.75%
Aggregated First Mortgages | Multi-family, South West, Floating (102 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	16.50%
Aggregated First Mortgages | Multi-family, West, Floating (19 mortgages)
Investments in loans
Number of loans | mortgage	19
Carrying amount	$ 565,695
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Multi-family, West, Floating (19 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.60%
Aggregated First Mortgages | Multi-family, West, Floating (19 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	8.85%
Aggregated First Mortgages | Office, International, Floating (3 mortgages)
Investments in loans
Number of loans | mortgage	3
Carrying amount	$ 240,082
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	2.74%
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 (1 mortgage)
Investments in loans
Number of loans | mortgage	1
Carrying amount	$ 80,089
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, International, Floating (1 mortgage) | One Month EURIBOR
Investments in loans
Basis spread on variable rate	6%
Aggregated First Mortgages | Office, International, Floating (6 mortgages)
Investments in loans
Number of loans | mortgage	6
Carrying amount	$ 467,828
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, International, Floating (6 mortgages) | SONIA | Minimum
Investments in loans
Basis spread on variable rate	3.55%
Aggregated First Mortgages | Office, International, Floating (6 mortgages) | SONIA | Maximum
Investments in loans
Basis spread on variable rate	4.37%
Aggregated First Mortgages | Office, Mid Atlantic, Floating (33 mortgages)
Investments in loans
Number of loans | mortgage	33
Carrying amount	$ 550,892
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, Mid Atlantic, Floating (33 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.35%
Aggregated First Mortgages | Office, Mid Atlantic, Floating (33 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	7.35%
Aggregated First Mortgages | Office, Mid Atlantic, Floating (14 mortgages)
Investments in loans
Number of loans | mortgage	14
Carrying amount	$ 246,657
Principal Amount of Delinquent Loans	$ 122,310
Aggregated First Mortgages | Office, Mid Atlantic, Floating (14 mortgages) | Prime Rate | Minimum
Investments in loans
Basis spread on variable rate	0.19%
Aggregated First Mortgages | Office, Mid Atlantic, Floating (14 mortgages) | Prime Rate | Maximum
Investments in loans
Basis spread on variable rate	0.93%
Aggregated First Mortgages | Office, Midwest, Floating (17 mortgages)
Investments in loans
Number of loans | mortgage	17
Carrying amount	$ 144,834
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, Midwest, Floating (17 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	1.85%
Aggregated First Mortgages | Office, Midwest, Floating (17 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	9.85%
Aggregated First Mortgages | Office, North East, Fixed (8 mortgages)
Investments in loans
Number of loans | mortgage	8
Carrying amount	$ 95,527
Interest rate	6%
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, North East, Floating (26 mortgages)
Investments in loans
Number of loans | mortgage	26
Carrying amount	$ 459,933
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, North East, Floating (26 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.70%
Aggregated First Mortgages | Office, North East, Floating (26 mortgages) | SOFR | 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	$ 47,835
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	$ 326,372
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, South East, Floating (16 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	1.75%
Aggregated First Mortgages | Office, South East, Floating (16 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	10.50%
Aggregated First Mortgages | Office, South West, Floating (26 mortgages)
Investments in loans
Number of loans | mortgage	26
Carrying amount	$ 454,815
Principal Amount of Delinquent Loans	$ 252,000
Aggregated First Mortgages | Office, South West, Floating (26 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.10%
Aggregated First Mortgages | Office, South West, Floating (26 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	8.35%
Aggregated First Mortgages | Office, West, Floating (32 mortgages)
Investments in loans
Number of loans | mortgage	32
Carrying amount	$ 314,862
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Office, West, Floating (32 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	2.10%
Aggregated First Mortgages | Office, West, Floating (32 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	6.10%
Aggregated First Mortgages | Other, International, Floating (2 mortgages)
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 275,698
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Other, International, Floating (2 mortgages) | SONIA | Minimum
Investments in loans
Basis spread on variable rate	4.40%
Aggregated First Mortgages | Other, International, Floating (2 mortgages) | SONIA | Maximum
Investments in loans
Basis spread on variable rate	8.05%
Aggregated First Mortgages | Other, Midwest, Floating (2 mortgages)
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 29,702
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Other, Midwest, Floating (2 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	5%
Aggregated First Mortgages | Other, Midwest, Floating (2 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	12.50%
Aggregated First Mortgages | Other, North East, 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 | Other, South West, Fixed (1 mortgage)
Investments in loans
Number of loans | mortgage	1
Carrying amount	$ 20,000
Interest rate	7%
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Residential, North East, Floating (3 mortgages)
Investments in loans
Number of loans | mortgage	3
Carrying amount	$ 194,269
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 (4 mortgages)
Investments in loans
Number of loans | mortgage	4
Carrying amount	$ 16,213
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 (2 mortgages)
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 18,582
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Residential, West, Floating (2 mortgages) | SOFR
Investments in loans
Basis spread on variable rate	3.87%
Aggregated First Mortgages | Retail, North East, Floating (2 mortgages )
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 185,386
Principal Amount of Delinquent Loans	$ 0
Aggregated First Mortgages | Retail, North East, Floating (2 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	$ 2,645,637
Principal Amount of Delinquent Loans	$ 68,688
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	9.90%
Aggregated Subordinated and Mezzanine Loans
Investments in loans
Loan Loss Allowance	$ (298,775)
Prepaid Loan Costs, Net	$ 3,445
Aggregated Subordinated and Mezzanine Loans | Hotel, West, Floating (2 mortgages)
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 19,179
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Hotel, West, Floating (2 mortgages) | SOFR
Investments in loans
Basis spread on variable rate	11.08%
Aggregated Subordinated and Mezzanine Loans | Hotel, South East, Floating (1 mortgage)
Investments in loans
Number of loans | mortgage	1
Carrying amount	$ 38,563
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 | Industrial, South East, Fixed (1 mortgage)
Investments in loans
Number of loans | mortgage	1
Carrying amount	$ 3,967
Interest rate	8.18%
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Industrial, South East, Floating (2 mortgages)
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 9,214
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Industrial, South East, Floating (2 mortgages) | 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	$ 17,660
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 | Industrial, West, Floating (2 mortgages)
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 12,185
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 (3 mortgages)
Investments in loans
Number of loans | mortgage	3
Carrying amount	$ 75,168
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Multi-family, North East, Floating (3 mortgages) | SOFR | Minimum
Investments in loans
Basis spread on variable rate	3.35%
Aggregated Subordinated and Mezzanine Loans | Multi-family, North East, Floating (3 mortgages) | SOFR | Maximum
Investments in loans
Basis spread on variable rate	13.75%
Aggregated Subordinated and Mezzanine Loans | Office, International, Floating (5 mortgages)
Investments in loans
Number of loans | mortgage	5
Carrying amount	$ 36,784
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 | Office, West, Floating (2 mortgages)
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 81,549
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Office, West, Floating (2 mortgages) | SOFR
Investments in loans
Basis spread on variable rate	6.34%
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
Aggregated Subordinated and Mezzanine Loans | Residential, North East, Floating (2 mortgages)
Investments in loans
Number of loans | mortgage	2
Carrying amount	$ 9,988
Principal Amount of Delinquent Loans	$ 0
Aggregated Subordinated and Mezzanine Loans | Residential, North East, Floating (2 mortgages) | SOFR
Investments in loans
Basis spread on variable rate	7.75%
Aggregated Subordinated and Mezzanine Loans | Residential, West, Fixed (1 mortgage)
Investments in loans
Number of loans | mortgage	1
Carrying amount	$ 40,525
Interest rate	9%
Principal Amount of Delinquent Loans	$ 0

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate - Loan Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Activity in loan portfolio
Balance at the beginning of the period	$ 21,186,033	$ 18,413,649	$ 12,139,908
Acquisitions/originations/additional funding	3,474,242	10,178,734	13,990,579
Capitalized interest	125,747	124,150	119,136
Basis of loans sold	(866,104)	(4,253,551)	(4,176,868)
Loan maturities/principal repayments	(3,647,171)	(2,258,630)	(4,197,809)
Discount accretion/premium amortization	67,112	62,557	57,948
Changes in fair value	62,702	(346,222)	69,050
Foreign currency translation, net	153,472	(306,946)	(72,130)
Credit loss (provision) reversal, net	(232,712)	(49,049)	(4,633)
Transfer to/from other asset/liability classifications or between segments	(661)	(88,348)	524,776
Balance at the end of the period	20,219,886	21,186,033	18,413,649
Commercial and Residential Lending Segment and Investing and Servicing Segment
Activity in loan portfolio
Balance at the beginning of the period	18,774,708	16,368,799	10,584,400
Acquisitions/originations/additional funding	2,441,608	9,474,999	13,173,459
Capitalized interest	124,214	122,711	118,273
Basis of loans sold	(866,104)	(4,226,727)	(4,139,166)
Loan maturities/principal repayments	(2,763,682)	(1,962,657)	(3,709,444)
Discount accretion/premium amortization	52,601	52,334	51,816
Changes in fair value	62,702	(346,222)	69,050
Foreign currency translation, net	152,869	(304,051)	(71,419)
Credit loss (provision) reversal, net	(222,266)	(42,201)	7,947
Loan foreclosure, equity control and conversion to equity interest	(102,774)	(273,929)	(36,308)
Transfer to/from other asset/liability classifications or between segments	(661)	(88,348)	320,191
Balance at the end of the period	$ 17,653,215	$ 18,774,708	$ 16,368,799