Starwood Property Trust (STWD) 10-Q6 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-34436
Entity Registrant Name	Starwood Property Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-0247747
Entity Address, Address Line One	591 West Putnam Avenue
Entity Address, City or Town	Greenwich
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06830
City Area Code	203
Local Phone Number	422-7700
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	STWD
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		337,159,481
Entity Central Index Key	0001465128
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents	$ 357,853	$ 194,660
Restricted cash	152,283	117,312
Loans held-for-investment, net of credit loss allowances of $404,924 and $309,039	16,128,765	17,574,249
Loans held-for-sale, at fair value	2,773,379	2,645,637
Investment securities, net of credit loss allowances of $23,177 and $13,143 ($129,870 and $129,308 held at fair value)	715,802	735,562
Properties, net	1,194,590	1,046,384
Properties held-for-sale	0	290,937
Investments in unconsolidated entities	91,009	90,376
Goodwill	259,846	259,846
Intangible assets ($20,166 and $19,384 held at fair value)	60,159	64,967
Derivative assets	74,639	63,437
Accrued interest receivable	197,146	200,867
Other assets	293,162	420,773
Variable interest entity (“VIE”) assets, at fair value	39,950,395	43,786,356
Total Assets	64,233,850	69,504,196
Liabilities:
Dividends payable	163,669	152,888
Derivative liabilities	118,161	102,467
Secured financing agreements, net	11,854,618	13,867,996
Collateralized loan obligations and single asset securitization, net	3,302,249	3,491,292
Unsecured senior notes, net	2,757,146	2,158,888
Debt related to properties held for sale	0	193,691
VIE liabilities, at fair value	38,334,618	42,175,734
Total Liabilities	56,951,237	62,481,214
Commitments and contingencies (Note 22)
Temporary Equity: Redeemable non-controlling interests	410,799	414,348
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, 344,664,618 issued and 337,215,927 outstanding as of September 30, 2024 and 320,814,765 issued and 313,366,074 outstanding as of December 31, 2023	3,447	3,208
Additional paid-in capital	6,311,863	5,864,670
Treasury stock (7,448,691 shares)	(138,022)	(138,022)
Retained earnings	346,179	505,881
Accumulated other comprehensive income	16,256	15,352
Total Starwood Property Trust, Inc. Stockholders’ Equity	6,539,723	6,251,089
Non-controlling interests in consolidated subsidiaries	332,091	357,545
Total Permanent Equity	6,871,814	6,608,634
Total Liabilities and Equity	64,233,850	69,504,196
Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	395,234	293,442
Related Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	25,542	44,816
Primary Beneficiary
Assets:
Investments of consolidated affordable housing fund, at fair value	1,984,822	$ 2,012,833
Total Assets	58,000
Liabilities:
Total Liabilities	$ 100

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Allowance for credit losses	$ 404,924	$ 309,039
Credit loss allowance	23,177	13,143
Investment securities	129,870	129,308
Intangible assets held at fair value	$ 20,166	$ 19,384
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)	344,664,618	320,814,765
Common stock, shares outstanding (in shares)	337,215,927	313,366,074
Treasury stock, shares (in shares)	7,448,691	7,448,691
VIE assets	$ 64,233,850	$ 69,504,196
VIE liabilities	56,951,237	62,481,214
CLOs and SASB
VIE assets	4,200,000	4,300,000
VIE liabilities	$ 3,300,000	$ 3,500,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Interest income from loans	$ 418,757	$ 457,299	$ 1,309,681	$ 1,344,056
Interest income from investment securities	17,227	20,133	52,433	57,689
Servicing fees	11,827	8,630	37,549	22,228
Rental income	25,979	33,091	80,285	97,687
Other revenues	5,750	2,394	12,506	5,970
Total revenues	479,540	521,547	1,492,454	1,527,630
Costs and expenses:
Management fees	27,439	27,143	103,970	97,661
Interest expense	337,859	368,357	1,038,204	1,066,990
General and administrative	48,054	46,691	149,799	131,955
Costs of rental operations	12,133	11,777	34,547	34,910
Depreciation and amortization	10,188	12,271	30,130	37,010
Credit loss provision, net	66,427	52,634	144,975	217,753
Other expense	475	727	1,434	2,115
Total costs and expenses	502,575	519,600	1,503,059	1,588,394
Other income (loss):
Change in net assets related to consolidated VIEs	16,570	43,763	43,836	139,024
Change in fair value of servicing rights	(341)	(68)	782	398
Change in fair value of investment securities, net	(778)	283	504	353
Change in fair value of mortgage loans, net	114,871	(66,806)	150,279	(111,247)
Earnings (loss) from unconsolidated entities	349	(1,309)	9,694	11,378
Gain on sale of investments and other assets, net	8,316	10,616	100,278	15,486
(Loss) gain on derivative financial instruments, net	(83,941)	94,883	18,984	118,431
Foreign currency gain (loss), net	59,421	(56,646)	24,436	(18,293)
Loss on extinguishment of debt	(242)	(1,072)	(2,801)	(2,256)
Other loss, net	(2,981)	(2,521)	(8,403)	(31,686)
Total other income (loss)	105,654	38,031	347,893	375,284
Income (loss) before income taxes	82,619	39,978	337,288	314,520
Income tax (provision) benefit	(10,449)	11,399	(27,533)	18,997
Net income	72,170	51,377	309,755	333,517
Net loss (income) attributable to non-controlling interests	3,898	(3,942)	(1,465)	(65,265)
Net income (loss) attributable to Starwood Property Trust, Inc.	$ 76,068	$ 47,435	$ 308,290	$ 268,252
Earnings per share data attributable to Starwood Property Trust, Inc.:
Basic (in dollars per share)	$ 0.23	$ 0.15	$ 0.96	$ 0.85
Diluted (in dollars per share)	$ 0.23	$ 0.15	$ 0.96	$ 0.85
Primary Beneficiary
Other income (loss):
(Loss) income from affordable housing fund investments	$ (5,590)	$ 16,908	$ 10,304	$ 253,696

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 72,170	$ 51,377	$ 309,755	$ 333,517
Other comprehensive income (loss) (net change by component):
Available-for-sale securities	2,336	(3,241)	904	(6,841)
Other comprehensive income (loss)	2,336	(3,241)	904	(6,841)
Comprehensive income	74,506	48,136	310,659	326,676
Less: Comprehensive loss (income) attributable to non-controlling interests	3,898	(3,942)	(1,465)	(65,265)
Comprehensive income attributable to Starwood Property Trust, Inc.	$ 78,404	$ 44,194	$ 309,194	$ 261,411

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Total Starwood Property Trust, Inc. Stockholders’ Equity	Common stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income	Non- Controlling Interests
Beginning balance at Dec. 31, 2022	$ 362,790
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income	51,062
Distributions to non-controlling interests	(4,193)
Ending balance at Sep. 30, 2023	409,659
Beginning balance (in shares) at Dec. 31, 2022			318,123,861
Beginning balance at Dec. 31, 2022	6,835,917	$ 6,462,438	$ 3,181	$ 5,807,087	$ (138,022)	$ 769,237	$ 20,955	$ 373,479
Beginning balance (in shares) at Dec. 31, 2022					7,448,691
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan (in shares)			45,050
Proceeds from DRIP Plan	852	852		852
Proceeds from employee stock purchase plan (in shares)			110,112
Proceeds from employee stock purchase plan	1,670	1,670	$ 1	1,669
Share-based compensation (in shares)			1,542,034
Share-based compensation	31,055	31,055	$ 15	31,040
Manager fee paid in stock (in shares)			843,051
Manager fees paid in stock	15,322	15,322	$ 8	15,314
Net (loss) income	282,455	268,252				268,252		14,203
Dividends declared	(451,733)	(451,733)				(451,733)
Other comprehensive income (loss), net	(6,841)	(6,841)					(6,841)
Distributions to non-controlling interests	(24,900)							(24,900)
Ending balance (in shares) at Sep. 30, 2023			320,664,108
Ending balance at Sep. 30, 2023	6,683,797	6,321,015	$ 3,205	5,855,962	$ (138,022)	585,756	14,114	362,782
Ending balance (in shares) at Sep. 30, 2023					7,448,691
Beginning balance at Jun. 30, 2023	408,034
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income	3,114
Distributions to non-controlling interests	(1,489)
Ending balance at Sep. 30, 2023	409,659
Beginning balance (in shares) at Jun. 30, 2023			320,217,189
Beginning balance at Jun. 30, 2023	6,784,943	6,414,494	$ 3,202	5,842,813	$ (138,022)	689,146	17,355	370,449
Beginning balance (in shares) at Jun. 30, 2023					7,448,691
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan (in shares)			13,598
Proceeds from DRIP Plan	278	278		278
Proceeds from employee stock purchase plan (in shares)			21,088
Proceeds from employee stock purchase plan	347	347		347
Share-based compensation (in shares)			319,593
Share-based compensation	10,621	10,621	$ 3	10,618
Manager fee paid in stock (in shares)			92,640
Manager fees paid in stock	1,906	1,906		1,906
Net (loss) income	48,263	47,435				47,435		828
Dividends declared	(150,825)	(150,825)				(150,825)
Other comprehensive income (loss), net	(3,241)	(3,241)					(3,241)
Distributions to non-controlling interests	(8,495)							(8,495)
Ending balance (in shares) at Sep. 30, 2023			320,664,108
Ending balance at Sep. 30, 2023	6,683,797	6,321,015	$ 3,205	5,855,962	$ (138,022)	585,756	14,114	362,782
Ending balance (in shares) at Sep. 30, 2023					7,448,691
Beginning balance at Dec. 31, 2023	414,348
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income	1,024
Distributions to non-controlling interests	(4,573)
Ending balance at Sep. 30, 2024	$ 410,799
Beginning balance (in shares) at Dec. 31, 2023	313,366,074		320,814,765
Beginning balance at Dec. 31, 2023	$ 6,608,634	6,251,089	$ 3,208	5,864,670	$ (138,022)	505,881	15,352	357,545
Beginning balance (in shares) at Dec. 31, 2023	7,448,691				7,448,691
Increase (Decrease) in Stockholders' Equity
Net proceeds from common stock offering (in shares)			20,125,000
Net proceeds from common stock offering	$ 392,262	392,262	$ 201	392,061
Proceeds from DRIP Plan (in shares)			46,468
Proceeds from DRIP Plan	922	922	$ 1	921
Proceeds from employee stock purchase plan (in shares)			99,997
Proceeds from employee stock purchase plan	1,685	1,685	$ 1	1,684
Share-based compensation (in shares)			2,520,658
Share-based compensation	31,502	31,502	$ 25	31,477
Manager fee paid in stock (in shares)			1,057,730
Manager fees paid in stock	21,061	21,061	$ 11	21,050
Net (loss) income	308,731	308,290				308,290		441
Dividends declared	(467,992)	(467,992)				(467,992)
Other comprehensive income (loss), net	904	904					904
Contributions from non-controlling interests	3,786							3,786
Distributions to non-controlling interests	$ (29,681)							(29,681)
Ending balance (in shares) at Sep. 30, 2024	337,215,927		344,664,618
Ending balance at Sep. 30, 2024	$ 6,871,814	6,539,723	$ 3,447	6,311,863	$ (138,022)	346,179	16,256	332,091
Ending balance (in shares) at Sep. 30, 2024	7,448,691				7,448,691
Beginning balance at Jun. 30, 2024	$ 414,095
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income	(1,513)
Distributions to non-controlling interests	(1,783)
Ending balance at Sep. 30, 2024	410,799
Beginning balance (in shares) at Jun. 30, 2024			324,133,801
Beginning balance at Jun. 30, 2024	6,559,678	6,218,474	$ 3,241	5,906,653	$ (138,022)	432,682	13,920	341,204
Beginning balance (in shares) at Jun. 30, 2024					7,448,691
Increase (Decrease) in Stockholders' Equity
Net proceeds from common stock offering (in shares)			20,125,000
Net proceeds from common stock offering	392,262	392,262	$ 201	392,061
Proceeds from DRIP Plan (in shares)			16,863
Proceeds from DRIP Plan	338	338	$ 1	337
Proceeds from employee stock purchase plan (in shares)			16,621
Proceeds from employee stock purchase plan	273	273		273
Share-based compensation (in shares)			281,952
Share-based compensation	10,788	10,788	$ 3	10,785
Manager fee paid in stock (in shares)			90,381
Manager fees paid in stock	1,755	1,755	$ 1	1,754
Net (loss) income	73,683	76,068				76,068		(2,385)
Dividends declared	(162,571)	(162,571)				(162,571)
Other comprehensive income (loss), net	2,336	2,336					2,336
Contributions from non-controlling interests	3,786							3,786
Distributions to non-controlling interests	$ (10,514)							(10,514)
Ending balance (in shares) at Sep. 30, 2024	337,215,927		344,664,618
Ending balance at Sep. 30, 2024	$ 6,871,814	$ 6,539,723	$ 3,447	$ 6,311,863	$ (138,022)	$ 346,179	$ 16,256	$ 332,091
Ending balance (in shares) at Sep. 30, 2024	7,448,691				7,448,691

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 1.44	$ 1.44

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities:
Net income	$ 309,755	$ 333,517
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred financing costs, premiums and discounts on secured borrowings	37,765	38,596
Amortization of discounts and deferred financing costs on unsecured senior notes	7,824	6,978
Accretion of net discount on investment securities	(4,047)	(7,119)
Accretion of net deferred loan fees and discounts	(49,431)	(51,031)
Share-based compensation	31,502	31,055
Manager fees paid in stock	21,061	15,322
Change in fair value of investment securities	(504)	(353)
Change in fair value of consolidated VIEs	63,753	(26,879)
Change in fair value of servicing rights	(782)	(398)
Change in fair value of loans	(150,279)	111,247
Change in fair value of affordable housing fund investments	28,011	(218,182)
Change in fair value of derivatives	43,239	(55,990)
Foreign currency (gain) loss, net	(24,436)	18,293
Gain on sale of investments and other assets	(100,278)	(15,486)
Impairment charges on properties and related intangibles	0	23,856
Credit loss provision, net	144,975	217,753
Depreciation and amortization	33,803	40,870
Earnings from unconsolidated entities	(9,694)	(11,378)
Distributions of earnings from unconsolidated entities	3,910	8,049
Loss on extinguishment of debt	2,801	2,256
Origination and purchase of loans held-for-sale, net of principal collections	(1,040,306)	(226,656)
Proceeds from sale of loans held-for-sale	1,061,590	294,951
Changes in operating assets and liabilities:
Related-party payable	(19,274)	(16,904)
Accrued and capitalized interest receivable, less purchased interest	(67,535)	(97,034)
Other assets	17,622	2,103
Accounts payable, accrued expenses and other liabilities	9,961	99,307
Net cash provided by operating activities	351,006	516,743
Cash Flows from Investing Activities:
Origination, purchase and funding of loans held-for-investment	(2,069,876)	(1,659,857)
Proceeds from principal collections on loans	3,528,602	2,390,121
Proceeds from loans sold	47,149	95,282
Purchase and funding of investment securities	(64,486)	(6,988)
Proceeds from sales and redemptions of investment securities	3,690	1,722
Proceeds from principal collections on investment securities	82,317	87,679
Proceeds from sales of real estate, net of debt assumed by purchaser	216,825	60,955
Purchases and additions to properties and other assets	(20,941)	(19,662)
Investments in unconsolidated entities	(338)	(2,514)
Distribution of capital from unconsolidated entities	5,494	4,788
Cash resulting from foreclosures and initial consolidation of entities	1,054	123
Payments for purchase or termination of derivatives	(12,330)	(28,220)
Proceeds from termination of derivatives	29,253	19,729
Net cash provided by investing activities	1,746,413	943,158
Cash Flows from Financing Activities:
Proceeds from borrowings	4,408,393	4,934,444
Principal repayments on and repurchases of borrowings	(6,102,395)	(5,908,393)
Payment of deferred financing costs	(41,428)	(13,873)
Net proceeds from issuance of common stock	394,869	2,522
Payment of dividends	(457,210)	(450,507)
Contributions from non-controlling interests	3,786	0
Distributions to non-controlling interests	(34,254)	(29,093)
Issuance of debt of consolidated VIEs	12,923	0
Repayment of debt of consolidated VIEs	(126,392)	(318)
Distributions of cash from consolidated VIEs	43,972	54,071
Net cash used in financing activities	(1,897,736)	(1,411,147)
Net increase in cash, cash equivalents and restricted cash	199,683	48,754
Cash, cash equivalents and restricted cash, beginning of period	311,972	382,133
Effect of exchange rate changes on cash	(1,519)	383
Cash, cash equivalents and restricted cash, end of period	510,136	431,270
Supplemental disclosure of cash flow information:
Cash paid for interest	994,570	1,016,636
Income taxes paid, net	1,735	1,889
Supplemental disclosure of non-cash investing and financing activities:
Dividends declared with respect to the third quarter, but not yet paid	162,571	150,825
Consolidation of VIEs (VIE asset/liability additions)	1,920,430	0
Deconsolidation of VIEs (VIE asset/liability reductions)	891,495	0
Net assets acquired through foreclosure, control or conversion to equity interest:
Assets acquired, less cash	180,352	40,897
Liabilities assumed	2,859	74
Debt assumed by purchaser in sale of real estate	(194,900)	0
Reclassification of loans held-for-investment to loans held-for-sale	48,695	41,392
Loan principal collections temporarily held at master servicer	$ 3,373	$ 190,405

Business and Organization

Business and Organization	9 Months Ended
Business and Organization	Sep. 30, 2024
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 September 30, 2024 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 and to be stabilized commercial real estate properties, including multifamily properties, 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	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Balance Sheet Presentation of Securitization Variable Interest Entities We operate investment businesses that acquire unrated, investment grade and non-investment grade rated CMBS and RMBS. These securities represent interests in securitization structures (commonly referred to as special purpose entities, or “SPEs”). These SPEs are structured as pass through entities that receive principal and interest on the underlying collateral and distribute those payments to the certificate holders. Under accounting principles generally accepted in the United States of America (“GAAP”), SPEs typically qualify as VIEs. These are entities that, by design, either (1) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. Because we often serve as the special servicer or servicing administrator of the trusts in which we invest, or we have the ability to remove and replace the special servicer without cause, consolidation of these structures is required pursuant to GAAP as outlined in detail below. This results in a consolidated balance sheet which presents the gross assets and liabilities of the VIEs. The assets and other instruments held by these VIEs are restricted and can only be used to fulfill the obligations of the entity. Additionally, the obligations of the VIEs do not have any recourse to the general credit of any other consolidated entities, nor to us as the consolidator of these VIEs. The VIE liabilities initially represent investment securities on our balance sheet (pre-consolidation). Upon consolidation of these VIEs, our associated investment securities are eliminated, as is the interest income related to those securities. Similarly, the fees we earn in our roles as special servicer of the bonds issued by the consolidated VIEs or as collateral administrator of the consolidated VIEs are also eliminated. Finally, a portion of the identified servicing intangible associated with the eliminated fee streams is eliminated in consolidation. Refer to the segment data in Note 23 for a presentation of our business segments without consolidation of these VIEs. Basis of Accounting and Principles of Consolidation The accompanying condensed consolidated financial statements include our accounts and those of our consolidated subsidiaries and VIEs. Intercompany amounts have been eliminated in consolidation. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (our “Form 10-K”), as filed with the Securities and Exchange Commission (“SEC”). The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the operating results for the full year. Refer to our Form 10-K for a description of our recurring accounting policies. We have included disclosure in this Note 2 regarding principles of consolidation and other accounting policies that (i) are required to be disclosed quarterly, (ii) we view as critical, (iii) became significant since December 31, 2023 due to a corporate action or increase in the significance of the underlying business activity or (iv) changed upon adoption of an Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). Variable Interest Entities In addition to the securitization VIEs, we have financed pools of our loans through collateralized loan obligations (“CLOs”) and a single asset securitization (“SASB”), which are considered VIEs. We also hold interests in certain other entities which are considered VIEs as the limited partners of those entities with equity at risk do not collectively possess (i) the right to remove the general partner or dissolve the partnership without cause or (ii) the right to participate in significant decisions made by the partnership. We evaluate all of our interests in VIEs for consolidation. When our interests are determined to be variable interests, we assess whether we are deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. Accounting Standards Codification (“ASC”) 810, Consolidation , defines the primary beneficiary as the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the VIE which could be potentially significant. We consider our variable interests as well as any variable interests of our related parties in making this determination. Where both of these factors are present, we are deemed to be the primary beneficiary and we consolidate the VIE. Where either one of these factors is not present, we are not the primary beneficiary and do not consolidate the VIE. To assess whether we have the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, we consider all facts and circumstances, including our role in establishing the VIE and our ongoing rights and responsibilities. This assessment includes: (i) identifying the activities that most significantly impact the VIE’s economic performance; and (ii) identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE or have the right to unilaterally remove those decision makers are deemed to have the power to direct the activities of a VIE. The right to remove the decision maker in a VIE must be exercisable without cause for the decision maker to not be deemed the party that has the power to direct the activities of a VIE. To assess whether we have the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, we consider all of our economic interests, including debt and equity investments, servicing fees and other arrangements deemed to be variable interests in the VIE. This assessment requires that we apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by us. Our purchased investment securities include unrated and non-investment grade rated securities issued by securitization trusts. In certain cases, we may contract to provide special servicing activities for these trusts, or, as holder of the controlling class, we may have the right to name and remove the special servicer for these trusts. In our role as special servicer, we provide services on defaulted loans within the trusts, such as foreclosure or work-out procedures, as permitted by the underlying contractual agreements. In exchange for these services, we receive a fee. These rights give us the ability to direct activities that could significantly impact the trust’s economic performance. However, in those instances where an unrelated third party has the right to unilaterally remove us as special servicer without cause, we do not have the power to direct activities that most significantly impact the trust’s economic performance. We evaluated all of our positions in such investments for consolidation. For securitization VIEs in which we are determined to be the primary beneficiary, all of the underlying assets, liabilities and equity of the structures are recorded on our books, and the initial investment, along with any associated unrealized holding gains and losses, are eliminated in consolidation. Similarly, the interest income earned from these structures, as well as the fees paid by these trusts to us in our capacity as special servicer, are eliminated in consolidation. Further, a portion of the identified servicing intangible asset associated with the servicing fee streams, and the corresponding amortization or change in fair value of the servicing intangible asset, are also eliminated in consolidation. We perform ongoing reassessments of: (i) whether any entities previously evaluated under the majority voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework, and (ii) whether changes in the facts and circumstances regarding our involvement with a VIE causes our consolidation conclusion regarding the VIE to change. We elect the fair value option for initial and subsequent recognition of the assets and liabilities of our consolidated securitization VIEs. Interest income and interest expense associated with these VIEs are no longer relevant on a standalone basis because these amounts are already reflected in the fair value changes. We have elected to present these items in a single line on our condensed consolidated statements of operations. The residual difference shown on our condensed consolidated statements of operations in the line item “Change in net assets related to consolidated VIEs” represents our beneficial interest in the VIEs. We separately present the assets and liabilities of our consolidated securitization VIEs as individual line items on our condensed consolidated balance sheets. The liabilities of our consolidated securitization VIEs consist solely of obligations to the bondholders of the related trusts, and are thus presented as a single line item entitled “VIE liabilities.” The assets of our consolidated securitization VIEs consist principally of loans, but at times, also include foreclosed loans which have been temporarily converted into real estate owned (“REO”). These assets in the aggregate are likewise presented as a single line item entitled “VIE assets.” Loans comprise the vast majority of our securitization VIE assets and are carried at fair value due to the election of the fair value option. When an asset becomes REO, it is due to non-performance of the loan. Because the loan is already at fair value, the carrying value of an REO asset is also initially at fair value. Furthermore, when we consolidate a trust, any existing REO would be consolidated at fair value. Once an asset becomes REO, its disposition time is relatively short. As a result, the carrying value of an REO generally approximates fair value under GAAP. In addition to sharing a similar measurement method as the loans in a trust, the securitization VIE assets as a whole can only be used to settle the obligations of the consolidated VIE. The assets of our securitization VIEs are not individually accessible by the bondholders, which creates inherent limitations from a valuation perspective. Also creating limitations from a valuation perspective is our role as special servicer, which provides us very limited visibility, if any, into the performing loans of a trust. REO assets generally represent a very small percentage of the overall asset pool of a trust. In new issue trusts there are no REO assets. We estimate that REO assets constitute approximately 2% of our consolidated securitization VIE assets, with the remaining 98% representing loans. However, it is important to note that the fair value of our securitization VIE assets is determined by reference to our securitization VIE liabilities as permitted under ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity . In other words, our VIE liabilities are more reliably measurable than the VIE assets, resulting in our current measurement methodology which utilizes this value to determine the fair value of our securitization VIE assets as a whole. As a result, these percentages are not necessarily indicative of the relative fair values of each of these asset categories if the assets were to be valued individually. Due to our accounting policy election under ASU 2014-13, separately presenting two different asset categories would result in an arbitrary assignment of value to each, with one asset category representing a residual amount, as opposed to its fair value. However, as a pool, the fair value of the assets in total is equal to the fair value of the liabilities. For these reasons, the assets of our securitization VIEs are presented in the aggregate. Fair Value Option The guidance in ASC 825, Financial Instruments , provides a fair value option election that allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. The decision to elect the fair value option is determined on an instrument by instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance are required to be reported separately in our consolidated balance sheets from those instruments using another accounting method. We have elected the fair value option for certain eligible financial assets and liabilities of our consolidated securitization VIEs, residential loans held-for-investment, loans held-for-sale originated or acquired for future securitization and purchased CMBS issued by VIEs we could consolidate in the future. The fair value elections for VIE and securitization related items were made in order to mitigate accounting mismatches between the carrying value of the instruments and the related assets and liabilities that we consolidate at fair value. The fair value elections for residential loans held-for-investment were made in order to maintain consistency across all our residential loans. The fair value elections for mortgage loans held-for-sale were made due to the expected short-term holding period of these instruments. Fair Value Measurements We measure our mortgage-backed securities, investments of consolidated affordable housing fund, derivative assets and liabilities, domestic servicing rights intangible asset and any assets or liabilities where we have elected the fair value option at fair value. When actively quoted observable prices are not available, we either use implied pricing from similar assets and liabilities or valuation models based on net present values of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors. As discussed above, we measure the assets and liabilities of consolidated securitization VIEs at fair value pursuant to our election of the fair value option. The securitization VIEs in which we invest are “static”; that is, no reinvestment is permitted, and there is no active management of the underlying assets. In determining the fair value of the assets and liabilities of the securitization VIEs, we maximize the use of observable inputs over unobservable inputs. Refer to Note 20 for further discussion regarding our fair value measurements. Loans Held-for-Investment Loans that are held for investment (“HFI”) are carried at cost, net of unamortized acquisition premiums or discounts, loan fees and origination costs, as applicable, and net of credit loss allowances as discussed below, unless 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 condensed consolidated statements of operations using the effective interest method. Debt securities we (i) do not hold for the purpose of selling in the near-term, or (ii) may dispose of prior to maturity, are classified as AFS and are carried at fair value in the accompanying financial statements. Unrealized gains or losses on AFS debt securities where we have not elected the fair value option are reported as a component of accumulated other comprehensive income (“AOCI”) in stockholders’ equity. Our HTM and AFS debt securities are also subject to credit loss allowances as discussed below. Our only equity investment security is carried at fair value, with unrealized holding gains and losses recorded in earnings. Credit Losses Loans and Debt Securities Measured at Amortized Cost ASC 326, Financial Instruments – Credit Losses , became effective for the Company on January 1, 2020. ASC 326 mandates the use of a current expected credit loss model (“CECL”) for estimating future credit losses of certain financial instruments measured at amortized cost, instead of the “incurred loss” credit model previously required under GAAP. The CECL model requires the consideration of possible credit losses over the life of an instrument as opposed to only estimating credit losses upon the occurrence of a discrete loss event under the previous “incurred loss” methodology. The CECL model applies to our HFI loans and our HTM debt securities which are carried at amortized cost, including future funding commitments and accrued interest receivable related to those loans and securities. However, as permitted by ASC 326, we have elected not to measure an allowance for credit losses on accrued interest receivable (which is classified separately on our condensed consolidated balance sheets), but rather write off in a timely manner by reversing interest income and/or cease accruing interest that would likely be uncollectible. As we do not have a history of realized credit losses on our HFI loans and HTM securities, we have subscribed to third party database services to provide us with historical industry losses for both commercial real estate and infrastructure loans. Using these losses as a benchmark, we determine expected credit losses for our loans and securities on a collective basis within our commercial real estate and infrastructure portfolios. See Note 4 for further discussion of our methodologies. We also evaluate each loan and security measured at amortized cost for credit deterioration at least quarterly. Credit deterioration occurs when it is deemed probable that we will not be able to collect all amounts due according to the contractual terms of the loan or security. If a loan or security is considered to be credit deteriorated, we depart from the industry loss rate approach described above and determine the credit loss allowance as any excess of the amortized cost basis of the loan or security over (i) the present value of expected future cash flows discounted at the contractual effective interest rate or (ii) the fair value of the collateral, if repayment is expected solely from the collateral. Available-for-Sale Debt Securities Separate provisions of ASC 326 apply to our AFS debt securities, which are carried at fair value with unrealized gains and losses reported as a component of AOCI. We are required to establish an initial credit loss allowance for those securities that are purchased with credit deterioration (“PCD”) by grossing up the amortized cost basis of each security and providing an offsetting credit loss allowance for the difference between expected cash flows and contractual cash flows, both on a present value basis. Subsequently, cumulative adverse changes in expected cash flows on our AFS debt securities are recognized currently as an increase to the allowance for credit losses. However, the allowance is limited to the amount by which the AFS debt security’s amortized cost exceeds its fair value. Favorable changes in expected cash flows are first recognized as a decrease to the allowance for credit losses (recognized currently in earnings). Such changes would be recognized as a prospective yield adjustment only when the allowance for credit losses is reduced to zero. A change in expected cash flows that is attributable solely to a change in a variable interest reference rate does not result in a credit loss and is accounted for as a prospective yield adjustment. Investments of Consolidated Affordable Housing Fund On November 5, 2021, we established Woodstar Portfolio Holdings, LLC (the “Woodstar Fund”), an investment fund which holds our Woodstar multifamily affordable housing portfolios consisting of 59 properties with 15,057 units located in Central and South Florida. As managing member of the Woodstar Fund, we manage interests purchased by third party investors seeking capital appreciation and an ongoing return, for which we earn (i) a management fee based on each investor’s share of total Woodstar Fund equity; and (ii) an incentive distribution if the Woodstar Fund’s returns exceed an established threshold. In connection with the establishment of the Woodstar Fund, we entered into subscription and other related agreements with certain third party institutional investors to sell, through a feeder fund structure, an aggregate 20.6% interest in the Woodstar Fund for an initial aggregate subscription price of $216.0 million, which was adjusted to $214.2 million post-closing. The Woodstar Fund has an initial term of eight years. Effective with the third party interest sale, the Woodstar Fund has the characteristics of an investment company under ASC 946, Financial Services – Investment Companies. Accordingly, the Woodstar Fund is required to carry the investments in its properties at fair value, with a cumulative effect adjustment between the fair value and previous carrying value of its investments recognized in stockholders’ equity as of November 5, 2021, the date of the Woodstar Fund’s change in status to an investment company. Because we are the primary beneficiary of the Woodstar Fund, which is a VIE (as discussed in Note 15), we consolidate the accounts of the Woodstar Fund into our consolidated financial statements, retaining the fair value basis of accounting for its investments. Realized and unrealized changes in the fair value of the Woodstar Fund’s property investments, and distributions thereon, are recognized in the “Income from affordable housing fund investments” caption within the other income (loss) section of our condensed consolidated statements of operations. See Note 7 for further details regarding the Woodstar Fund’s investments and related income and Note 17 with respect to its contingently redeemable non-controlling interests which are classified as “Temporary Equity” in our condensed consolidated balance sheets. Revenue Recognition Interest Income Interest income on performing loans and financial instruments is accrued based on the outstanding principal amount and contractual terms of the instrument. For loans where we do not elect the fair value option, origination fees and direct loan origination costs are also recognized in interest income over the loan term as a yield adjustment using the effective interest method. When we elect the fair value option, origination fees and direct loan costs are recorded directly in income and are not deferred. Discounts or premiums associated with the purchase of non-performing loans and investment securities are amortized or accreted into interest income as a yield adjustment on the effective interest method, based on expected cash flows through the expected maturity date of the investment. On at least a quarterly basis, we review and, if appropriate, make adjustments to our cash flow projections. We cease accruing interest on non-performing loans at the earlier of (i) the loan becoming significantly past due or (ii) management concluding that a full recovery of all interest and principal is doubtful. Interest income on non-accrual loans in which management expects a full recovery of the loan’s outstanding principal balance is only recognized when received in cash. If 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. Loans are reported as past due when either interest or principal has been in default for a period of 90 days or more, unless the asset is both (i) well secured and (ii) in the process of collection or modification to restore it to current status. For loans acquired with deteriorated credit quality, interest income is only recognized to the extent that our estimate of undiscounted expected principal and interest exceeds our investment in the loan. Such excess, if any, is recognized as interest income on a level-yield basis over the life of the loan. Upon the sale of loans or securities which are not accounted for pursuant to the fair value option, the excess (or deficiency) of net proceeds over the net carrying value of such loans or securities is recognized as a realized gain (loss). Servicing Fees We typically seek to be the special servicer on CMBS transactions in which we invest. When we are appointed to serve in this capacity, we earn special servicing fees from the related activities performed, which consist primarily of overseeing the workout of under-performing and non-performing loans underlying the CMBS transactions. These fees are recognized in income in the period in which the services are performed and the revenue recognition criteria have been met. Rental Income Rental income is recognized when earned from tenants. For leases that provide rent concessions or fixed escalations over the lease term, rental income is recognized on a straight-line basis over the noncancelable term of the lease. In net lease arrangements, costs reimbursable from tenants are recognized in rental income in the period in which the related expenses are incurred as we are generally the primary obligor with respect to purchasing goods and services for property operations. In instances where the tenant is responsible for property maintenance and repairs and contracts and settles such costs directly with third party service providers, we do not reflect those expenses in our consolidated statement of operations as the tenant is the primary obligor. Foreign Currency Translation Our assets and liabilities denominated in foreign currencies are translated into U.S. dollars using foreign currency exchange rates at the end of the reporting period. Income and expenses are translated at the average exchange rates for each reporting period. The effects of translating the assets, liabilities and income of our foreign investments held by entities with a U.S. dollar functional currency are included in foreign currency gain (loss) in the consolidated statements of operations. Realized foreign currency gains and losses and changes in the value of foreign currency denominated monetary assets and liabilities are included in the determination of net income and are reported as foreign currency gain (loss) in our condensed consolidated statements of operations. 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 We present both basic and diluted earnings per share (“EPS”) amounts in our financial statements. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the maximum potential dilution that could occur from (i) our share-based compensation, consisting of unvested restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) and any outstanding discounted share purchase options under the Employee Stock Purchase Program (“ESPP”), (ii) shares contingently issuable to our Manager, (iii) the conversion options associated with our senior convertible notes (the “Convertible Notes”) (see Notes 11 and 18) and (iv) non-controlling interests that are redeemable with our common stock (see Note 17). Potential dilutive shares are excluded from the calculation if they have an anti-dilutive effect in the period. Nearly all of the Company’s unvested RSUs and RSAs contain rights to receive non-forfeitable dividends and thus are participating securities. In addition, the non-controlling interests that are redeemable with our common stock are considered participating securities because they earn a preferred return indexed to the dividend rate on our common stock (see Note 17). Due to the existence of these participating securities, the two-class method of computing EPS is required, unless another method is determined to be more dilutive. Under the two-class method, undistributed earnings are reallocated between shares of common stock and participating securities. For the three and nine months ended September 30, 2024 an

Acquisitions and Divestitures

Acquisitions and Divestitures	9 Months Ended
Acquisitions and Divestitures	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Property Segment Master Lease Portfolio On February 29, 2024, we sold the 16 retail properties which comprised our Property Segment’s Master Lease Portfolio for a gross sale price of $387.1 million. In connection with the sale, the purchaser assumed the related mortgage debt of $194.9 million, which resulted in net proceeds of $188.0 million after selling costs. We recognized a gain of $92.0 million, which is included within gain on sale of investments and other assets in our condensed consolidated statement of operations for the nine months ended September 30, 2024, and a $1.2 million loss on extinguishment of debt. Investing and Servicing Segment Property Portfolio ( “ REIS Equity Portfolio ” ) During the three and nine months ended September 30, 2024, we sold an operating property for $18.2 million within the REIS Equity Portfolio. In connection with this sale, we recognized a gain of $8.3 million within gain on sale of investments and other assets in our condensed consolidated statements of operations, of which $2.5 million was attributable to non-controlling interests. During the three months ended September 30, 2023, we sold two operating properties for $34.6 million within the REIS Equity Portfolio. In connection with these sales, we recognized a total gain of $10.6 million within gain on sale of investments and other assets in our condensed consolidated statements of operations. During the nine months ended September 30, 2023, we sold three operating properties for $50.9 million within the REIS Equity Portfolio. In connection with these sales, we recognized a total gain of $15.4 million within gain on sale of investments and other assets in our condensed consolidated statement of operations. Commercial and Residential Lending Segment During the nine months ended September 30, 2024, we sold three units in a residential conversion project in New York for $12.1 million within the Commercial and Residential Lending Segment. During the nine months ended September 30, 2023, we sold four units in that residential conversion project for $12.1 million within the Commercial and Residential Lending Segment (three of which were sold during the three months ended September 30, 2023 for $9.1 million). In connection with these sales, there was no gain or loss recognized in our condensed consolidated statements of operations.

Loans

Loans	9 Months Ended
Loans	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 (dollars in thousands): September 30, 2024 Carrying Face Weighted Weighted Loans held-for-investment: Commercial loans: First mortgages (3) $ 13,693,233 $ 13,723,617 8.5 % 2.5 Subordinated mortgages (4) 36,552 36,365 15.0 % 1.7 Mezzanine loans (3) 331,515 332,986 13.3 % 2.1 Other 47,093 47,688 13.2 % 4.0 Total commercial loans 14,108,393 14,140,656 Infrastructure first priority loans 2,425,296 2,466,016 8.8 % 4.1 Total loans held-for-investment 16,533,689 16,606,672 Loans held-for-sale: Residential, fair value option 2,540,411 2,741,791 4.5 % N/A (5) Commercial, fair value option 232,968 238,410 6.7 % 6.9 Total loans held-for-sale 2,773,379 2,980,201 Total gross loans 19,307,068 $ 19,586,873 Credit loss allowances: Commercial loans held-for-investment (394,790) Infrastructure loans held-for-investment (10,134) Total allowances (404,924) Total net loans $ 18,902,144 December 31, 2023 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 ______________________________________________________________________________________________________________________ (1) Calculated using applicable index rates as of September 30, 2024 and December 31, 2023 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 being classified as first mortgages as of both September 30, 2024 and December 31, 2023. (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 27.1 years and 27.8 years as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024, our variable rate loans held-for-investment, excluding loans for which interest income is not recognized, were as follows (dollars in thousands): September 30, 2024 Carrying Weighted-average Commercial loans $ 13,181,448 3.8 % Infrastructure loans 2,425,296 3.9 % Total variable rate loans held-for-investment $ 15,606,744 3.8 % 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 and retail properties than for other property types in determining our credit loss allowance. For our infrastructure loans, we utilize a database of historical infrastructure loan performance that is shared among a consortium of banks and other lenders and compiled by a major bond credit rating agency. The database is representative of industry-wide project finance activity dating back to 1983. We derive historical loss rates from the database filtered by industry, sub-industry, term and construction status for each of our infrastructure loans. Those historical loss rates reflect global economic cycles over a long period of time as well as average recovery rates. We categorize the results 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 September 30, 2024 (dollars in thousands): Term Loans Revolving Loans Total Credit As of September 30, 2024 2024 2023 2022 2021 2020 Prior Commercial loans: Credit quality indicator: LTV < 60% $ 296,962 $ 124,562 $ 2,023,195 $ 2,019,035 $ 187,223 $ 636,466 $ — $ 5,287,443 $ 13,003 LTV 60% - 70% 111,237 752,615 1,687,129 2,722,361 91,971 238,648 — 5,603,961 80,655 LTV > 70% 267,291 63,383 409,994 1,080,294 225,859 1,118,150 — 3,164,971 296,207 Credit deteriorated — — — — — 4,925 — 4,925 4,925 Defeased and other — 5,550 41,543 — — — — 47,093 — Total commercial $ 675,490 $ 946,110 $ 4,161,861 $ 5,821,690 $ 505,053 $ 1,998,189 $ — $ 14,108,393 $ 394,790 Infrastructure loans: Credit quality indicator: Power $ 438,270 $ 372,358 $ — $ 103,228 $ — $ 413,213 $ 4,055 $ 1,331,124 $ 4,398 Oil and gas 142,832 432,723 57,839 182,977 35,733 242,068 — 1,094,172 5,736 Total infrastructure $ 581,102 $ 805,081 $ 57,839 $ 286,205 $ 35,733 $ 655,281 $ 4,055 $ 2,425,296 $ 10,134 Loans held-for-sale 2,773,379 — Total gross loans $ 19,307,068 $ 404,924 Non-Credit Deteriorated Loans As of September 30, 2024, we had the following loans with a combined amortized cost basis of $439.6 million that were 90 days or greater past due at September 30, 2024: (i) a $125.1 million senior mortgage loan on an office building in Arlington, Virginia; (ii) a $88.4 million first mortgage loan for the acquisition and renovation of a 500 unit multifamily property located in Dallas, Texas; (iii) a $55.1 million first mortgage loan on a multifamily property comprised of 264 units in Fort Worth, Texas; (iv) a $45.0 million first mortgage loan on a multifamily property comprised of 256 units in Arizona; (v) a $37.8 million leasehold mortgage loan on a luxury resort in California destroyed by wildfire; and (vi) $88.2 million of residential loans. All of these loans were on nonaccrual as of September 30, 2024. Subsequent to September 30, 2024, we completed foreclosures on (ii) and (iii) above, with (iv) in the process of foreclosure. We also obtained a signed letter of intent from a third party to purchase the properties foreclosed in (ii) and (iii) at or above our carrying value. We also had the following loans on nonaccrual that were not 90 days or greater past due as of September 30, 2024: (i) a $184.8 million senior loan on a retail and entertainment project in New Jersey; (ii) a $124.7 million first mortgage and mezzanine loan on an office component in Brooklyn, New York discussed below under Loan Modifications; and (iii) an $8.2 million junior mezzanine loan (commitment of $18.2 million) issued during the nine months ended September 30, 2024 in connection with a loan modification on two connected office buildings in Washington, D.C. (see related discussion below). These loans were not considered credit deteriorated as we presently expect to recover all amounts due. Credit Deteriorated Loans As of September 30, 2024, 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 September 30, 2024. Foreclosures During the nine months ended September 30, 2024, we foreclosed on the following loans: In May 2024, we foreclosed on a senior mortgage loan on a vacant office building in Washington, D.C. The net carrying value of our loan related to this property totaled $114.2 million, net of a specific credit loss allowance of $9.8 million provided during the three months ended June 30, 2024. In connection with the foreclosure, we recorded properties of $114.7 million and net liabilities of $0.5 million, in accordance with the asset acquisition provisions of ASC 805. The property was transferred to our Property Segment with the expectation that we will convert it to multifamily use (see Note 6). In May 2024, we foreclosed on a first mortgage and mezzanine loan on a multifamily property in Nashville, Tennessee. The net carrying value of our loan related to this property (including previously accrued interest) totaled $52.7 million. In connection with the foreclosure, we recorded properties of $51.3 million and net working capital of $1.4 million, in accordance with the asset acquisition provisions of ASC 805. In June 2024, we foreclosed on a loan on a hospitality asset in New York City that our Investing and Servicing segment acquired as nonperforming in October 2021. The net carrying value of our loan related to this property (including previously accrued interest) totaled $10.1 million. In connection with the foreclosure, we recorded properties of $10.1 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 nine months ended September 30, 2024, we made modifications to the commercial loans described below, which are disclosable under ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures , as they involved an other-than-insignificant payment delay and/or an interest rate reduction for a borrower experiencing financial difficulty. The loans had a combined amortized cost basis of $1.2 billion, representing 8% of our commercial loans as of September 30, 2024. These types of modifications generally provide a borrower additional time to refinance or sell the collateral property in order to repay the principal balance of the loan and/or provide some interest payment relief to a borrower experiencing operating cash shortfalls. The modified terms and subsequent performance of the modified loans were included in the determination of our general CECL reserve. Three months ended September 30, 2024: For a $103.2 million first mortgage and mezzanine loan on an office park in Roswell, Georgia (with an unfunded commitment of $6.5 million as of September 30, 2024), we granted a 24-month term extension with two one-year extension options and a 2.50% reduction in the interest rate to SOFR (floor of 5.00%) + 1.00% in order to bridge the asset to full stabilization. We also provided a $12.4 million preferred equity commitment (unfunded as of September 30, 2024), principally to fund lease-up costs prior to the loan’s extended maturity. We restructured a $277.0 million first mortgage and mezzanine loan on a college and office condominium in Brooklyn, New York into separate loans: (i) $152.3 million for the component fully leased to a college with a 27-year remaining lease term, and (ii) $124.7 million for the office component that is currently vacant (with an unfunded commitment of $23.7 million as of September 30, 2024). In connection therewith, we granted term extensions of 24 months on the fully leased college component and 3 months on the vacant office component. We also granted a 2.03% reduction in the interest rate to SOFR + 1.57% for both loans, with a 4.40% SOFR floor and 3.40% exit fee on the fully leased college component. As indicated above, we placed the vacant office loan on nonaccrual. Six months ended June 30, 2024: For a $324.7 million first mortgage and mezzanine loan on two connected office buildings in Washington, D.C., we granted a 24-month term extension and a 2.85% reduction in the interest rate to SOFR (floor of 5.00%) plus 1.00%. In addition, we provided an $18.2 million junior mezzanine loan (of which $8.2 million was funded as of September 30, 2024), principally to fund new leasing costs prior to the loan’s extended maturity. As part of this modification, we will receive a percentage of net sales proceeds in excess of the loan amount if the underlying collateral is sold, or a percentage of the equity if the collateral is refinanced. For a $252.0 million senior mortgage loan on an office building in Houston, Texas, we granted a 28-month term extension plus two additional one-year extension options, and provided a $30.0 million preferred equity commitment (of which $22.9 million was unfunded as of September 30, 2024), principally to fund new leasing costs prior to the loan’s extended maturity. For a $148.9 million first mortgage loan on the development and recapitalization of luxury rental cabins (with an unfunded commitment of $50.2 million as of September 30, 2024), we extended the initial maturity of the loan by eight months to December 2024, with a one-year extension option subject to certain conditions, and deferred all remaining interest payments until December 2024 (see Note 16 for further details). For a $53.9 million first mortgage loan on an office building in Southfield, Michigan (with an unfunded commitment of $5.1 million as of September 30, 2024), we granted a 1.00% reduction in the interest rate to SOFR + 2.45% (which reduction is partly recaptured in a new exit fee) and a 29-month term extension. Each of the above modified loans has paid all contractual interest due as of September 30, 2024. Other Modifications: While not required to be disclosed pursuant to ASU 2022-02 because the financial difficulty criteria is not met, we modified nine loans during the nine months ended September 30, 2024 by reducing the interest rate spread on the loan, with such reductions partially or fully recoverable by new exit fees. The amortized cost basis of these loans totaled $541.7 million. In each case, the borrowers contributed additional equity in order to receive the modifications. Performance of Previously Modified Loans: Loans with modifications disclosed in the previous twelve months are performing in accordance with their modified terms except for a $45.0 million first mortgage loan on a multifamily property in Arizona which did not pay $2.4 million of the reduced interest due during the nine months ended September 30, 2024. The loan has been on nonaccrual since April 2024 and is in the process of being foreclosed. Credit Loss Allowance Activity 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 Nine Months Ended September 30, 2024 Commercial Infrastructure Credit loss allowance at December 31, 2023 $ 298,775 $ 10,264 $ 309,039 Credit loss provision (reversal), net 105,826 (130) 105,696 Charge-offs (1) (9,811) — (9,811) Credit loss allowance at September 30, 2024 $ 394,790 $ 10,134 $ 404,924 ______________________________________________________________________________________________________________________ (1) Represents the charge-off of a $9.8 million specific credit loss allowance that was established during the three months ended June 30, 2024 related to a senior mortgage loan on a vacant office building in Washington, D.C. The loan was originated in 2021 and foreclosed in May 2024. Unfunded Commitments Credit Loss Allowance (1) Loans Held-for-Investment HTM Preferred Nine Months Ended September 30, 2024 Commercial Infrastructure Interests (2) CMBS (2) Total Credit loss allowance at December 31, 2023 $ 8,742 $ 564 $ 1,548 $ 74 $ 10,928 Credit loss provision (reversal), net 13,974 577 13,163 (15) 27,699 Credit loss allowance at September 30, 2024 $ 22,716 $ 1,141 $ 14,711 $ 59 $ 38,627 Memo: Unfunded commitments as of September 30, 2024 (3) $ 1,074,569 $ 127,527 $ 42,733 $ 31,628 $ 1,276,457 ______________________________________________________________________________________________________________________ (1) Included in accounts payable, accrued expenses and other liabilities in our consolidated balance sheets. (2) See Note 5 for further details. (3) Represents amounts expected to be funded (see Note 22). Loan Portfolio Activity The activity in our loan portfolio was as follows (amounts in thousands): Held-for-Investment Loans Nine Months Ended September 30, 2024 Commercial Infrastructure Held-for-Sale Loans Total Loans Balance at December 31, 2023 $ 15,078,589 $ 2,495,660 $ 2,645,637 $ 20,219,886 Acquisitions/originations/additional funding 1,237,827 832,049 1,206,016 3,275,892 Capitalized interest (1) 68,109 — — 68,109 Basis of loans sold (2) — — (1,108,740) (1,108,740) Loan maturities/principal repayments (2,523,781) (883,880) (165,610) (3,573,271) Discount accretion/premium amortization 32,144 17,287 — 49,431 Changes in fair value — — 150,279 150,279 Foreign currency translation loss, net 101,420 2,611 — 104,031 Credit loss (provision) reversal, net (105,826) 130 (1,546) (107,242) Loan foreclosures (174,879) — (1,352) (176,231) (3) Transfer to/from other asset classifications or between segments — (48,695) 48,695 — Balance at September 30, 2024 $ 13,713,603 $ 2,415,162 $ 2,773,379 $ 18,902,144 Held-for-Investment Loans Nine Months Ended September 30, 2023 Commercial Infrastructure 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 1,053,627 605,397 363,520 2,022,544 Capitalized interest (1) 91,641 389 172 92,202 Basis of loans sold (2) (53,000) — (337,321) (390,321) Loan maturities/principal repayments (1,903,021) (683,053) (137,916) (2,723,990) Discount accretion/premium amortization 40,733 10,298 — 51,031 Changes in fair value — — (111,247) (111,247) Foreign currency translation gain, net (48,362) (1,745) — (50,107) Credit loss provision, net (187,775) (9,900) — (197,675) Loan foreclosure (41,071) — (929) (42,000) (4) Transfer to/from other asset classifications or between segments (41,392) — 41,392 — Balance at September 30, 2023 $ 14,959,887 $ 2,274,318 $ 2,602,265 $ 19,836,470 ______________________________________________________________________________________________________________________ (1) Represents accrued interest income on loans whose terms do not require current payment of interest. (2) See Note 12 for additional disclosure on these transactions. (3) Represents (i) the $114.2 million carrying value of a senior mortgage loan on an office building in Washington, D.C. foreclosed in May 2024, (ii) the $51.5 million carrying value of a first mortgage and mezzanine loan on a multifamily property in Nashville, Tennessee foreclosed in May 2024, (iii) the $9.2 million carrying value of a loan on a hospitality asset in New York City foreclosed in June 2024 and (iv) a $1.3 million residential mortgage loan foreclosed. (4) Represents the $41.1 million carrying value of a mortgage loan on the retail portion of a hotel located in Chicago foreclosed in May 2023 and a $0.9 million residential mortgage loan foreclosed.

Investment Securities

Investment Securities	9 Months Ended
Investment Securities	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Investment Securities Investment securities were comprised of the following as of September 30, 2024 and December 31, 2023 (amounts in thousands): Carrying Value as of September 30, 2024 December 31, 2023 RMBS, available-for-sale $ 97,486 $ 102,368 RMBS, fair value option (1) 422,838 449,909 CMBS, fair value option (1), (2) 1,189,930 1,147,550 HTM debt securities, amortized cost net of credit loss allowance of $23,177 and $13,143 585,932 606,254 Equity security, fair value 5,607 8,340 Subtotal — Investment securities 2,301,793 2,314,421 VIE eliminations (1) (1,585,991) (1,578,859) Total investment securities $ 715,802 $ 735,562 ______________________________________________________________________________________________________________________ (1) Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. (2) Includes $151.1 million and $177.3 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of September 30, 2024 and December 31, 2023, respectively. Purchases, sales and redemptions, and principal collections for all investment securities were as follows (amounts in thousands): RMBS, RMBS, fair CMBS, fair HTM Equity Securitization Total Three Months Ended September 30, 2024 Purchases/fundings $ — $ — $ 126,071 $ 45,778 $ — $ (126,071) $ 45,778 Sales and redemptions — — 7,144 — 2,376 (7,144) 2,376 Principal collections 4,364 11,118 4,702 611 — (15,779) 5,016 Three Months Ended September 30, 2023 Purchases/fundings $ — $ — $ — $ 5,536 $ — $ — $ 5,536 Sales and redemptions 549 — — 878 — 1,427 Principal collections 2,468 12,979 746 33,762 — (13,624) 36,331 RMBS, RMBS, fair CMBS, fair HTM Equity Securitization Total Nine Months Ended September 30, 2024 Purchases/fundings $ — $ — $ 133,979 $ 56,578 $ — $ (126,071) $ 64,486 Sales and redemptions — — 12,923 — 3,690 (12,923) 3,690 Principal collections 9,183 34,884 9,231 72,991 — (43,972) 82,317 Nine Months Ended September 30, 2023 Purchases/fundings $ — $ — $ — $ 6,988 $ — $ — $ 6,988 Sales and redemptions 549 — — — 1,173 — 1,722 Principal collections 7,451 41,776 12,980 79,543 — (54,071) 87,679 _________________________________________________________________________________________________________________ (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 September 30, 2024 and December 31, 2023. 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 September 30, 2024 and December 31, 2023 (amounts in thousands): Unrealized Gains or (Losses) Amortized Credit Net Gross Gross Net Fair Value September 30, 2024 RMBS $ 81,230 $ — $ 81,230 $ 17,669 $ (1,413) $ 16,256 $ 97,486 December 31, 2023 RMBS $ 87,016 $ — $ 87,016 $ 18,092 $ (2,740) $ 15,352 $ 102,368 Weighted Average Coupon (1) WAL September 30, 2024 RMBS 5.5 % 7.8 ______________________________________________________________________________________________________________________ (1) Calculated using the September 30, 2024 SOFR rate of 4.846% 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 September 30, 2024, approximately $86.6 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 $0.2 million for both the three months ended September 30, 2024 and 2023, and $0.6 million for both the nine months ended September 30, 2024 and 2023, recorded as management fees in the accompanying condensed consolidated statements of operations. The following table presents the gross unrealized losses and estimated fair value of any available-for-sale securities that were in an unrealized loss position as of September 30, 2024 and December 31, 2023, 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 September 30, 2024 RMBS $ 2,133 $ 9,909 $ (119) $ (1,294) As of December 31, 2023 RMBS $ 10,687 $ 6,361 $ (1,322) $ (1,418) As of September 30, 2024 and December 31, 2023, there were 13 and 14 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 September 30, 2024, the fair value and unpaid principal balance of CMBS where we have elected the fair value option, excluding the notional value of interest-only securities and before consolidation of securitization VIEs, were $1.2 billion and $2.8 billion, respectively. As of September 30, 2024, 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 $422.8 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 $26.8 million at September 30, 2024) is eliminated against VIE liabilities before arriving at our GAAP balance for fair value option investment securities. As of September 30, 2024, 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 September 30, 2024 and December 31, 2023 (amounts in thousands): Amortized Credit Loss Net Carrying Gross Unrealized Gross Unrealized Fair Value September 30, 2024 CMBS $ 558,919 $ (209) $ 558,710 $ 952 $ (23,691) $ 535,971 Preferred interests 22,846 (12,898) 9,948 — (1,729) 8,219 Infrastructure bonds 27,344 (10,070) 17,274 21 (11) 17,284 Total $ 609,109 $ (23,177) $ 585,932 $ 973 $ (25,431) $ 561,474 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 The following table presents the activity in our credit loss allowance for HTM debt securities (amounts in thousands): CMBS Preferred Infrastructure Total HTM Nine Months Ended September 30, 2024 Credit loss allowance at December 31, 2023 $ 164 $ 2,898 $ 10,081 $ 13,143 Credit loss provision (reversal), net 45 10,000 (11) 10,034 Credit loss allowance at September 30, 2024 $ 209 $ 12,898 $ 10,070 $ 23,177 As of September 30, 2024, we had a $10.0 million specific credit loss allowance 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 and was placed on nonaccrual under the cost recovery method in 2023 due to a forbearance and restructuring plan agreed between the lenders and borrower that was necessitated by operating shortfalls at the plant. We had the following commercial lending debt securities on nonaccrual that were not 90 days or greater past due as of September 30, 2024: (i) a $15.8 million preferred interest in an office park in Irvine, California and (ii) a $7.1 million preferred interest in an office building in Houston, Texas. Both of these investments were made in connection with loan modifications granted to a borrower experiencing financial difficulty, but are not considered credit deteriorated as we presently expect to recover all amounts due. The table below summarizes the maturities of our HTM debt securities by type as of September 30, 2024 (amounts in thousands): CMBS Preferred Infrastructure Total Less than one year $ 268,354 $ 6,774 $ — $ 275,128 One to three years 290,356 — 227 290,583 Three to five years — 3,174 7,934 11,108 Thereafter — — 9,113 9,113 Total $ 558,710 $ 9,948 $ 17,274 $ 585,932 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 three and nine months ended September 30, 2024, 1,761,690 and 2,767,038 shares were redeemed by SEREF, for proceeds of $2.4 million and $3.7 million, respectively, leaving 4,480,649 shares held as of September 30, 2024. The fair value of the investment remeasured in USD was $5.6 million and $8.3 million as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024, our shares represent an approximate 2.3% interest in SEREF.

Properties

Properties	9 Months Ended
Properties	Sep. 30, 2024
Real Estate [Abstract]
Properties	Properties Our properties are held within the following portfolios: Property Segment - 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 $782.7 million and debt of $479.1 million as of September 30, 2024. Property Segment - D.C. Multifamily Conversion As discussed in Note 4, a vacant office building in Washington, D.C. was acquired in a loan foreclosure in May 2024 and transferred to our Property Segment with the expectation that we will convert it to multifamily use. That property has a carrying value of $114.9 million, of which $88.8 million represents construction in progress and $26.1 million represents land and land improvements, and no associated debt as of September 30, 2024. 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 $107.2 million and debt of $58.6 million as of September 30, 2024. 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 $507.1 million and debt of $87.8 million as of September 30, 2024. Woodstar Portfolios Refer to Note 7 for a discussion of our Woodstar I and Woodstar II Portfolios which are not included in the table below. The table below summarizes our properties held-for-investment as of September 30, 2024 and December 31, 2023 (dollars in thousands): Depreciable Life September 30, 2024 December 31, 2023 Property Segment Land and land improvements 0 - 15 years $ 95,581 $ 68,923 Buildings and building improvements 0 - 40 years 632,919 629,511 Construction in progress N/A 88,815 — Furniture & fixtures 3 - 5 years 1,067 608 Investing and Servicing Segment Land and land improvements 0 - 15 years 20,580 20,229 Buildings and building improvements 3 - 40 years 64,176 65,433 Furniture & fixtures 2 - 5 years 2,998 2,899 Commercial and Residential Lending Segment Land and land improvements N/A 83,781 79,361 Buildings and building improvements 0 - 50 years 186,418 139,538 Construction in progress N/A 217,508 218,205 Furniture & fixtures 5 years 2,003 2,003 Properties, cost 1,395,846 1,226,710 Less: accumulated depreciation (201,256) (180,326) Properties, net $ 1,194,590 $ 1,046,384 On February 29, 2024, we sold the 16 retail properties which comprised our Property Segment's Master Lease Portfolio for a gross sale price of $387.1 million. In connection with the sale, the purchaser assumed the related mortgage debt of $194.9 million, which resulted in net proceeds of $188.0 million after selling costs. We recognized a gain of $92.0 million, which is included within gain on sale of investments and other assets in our condensed consolidated statement of operations for the nine months ended September 30, 2024, and a $1.2 million loss on extinguishment of debt. During the three and nine months ended September 30, 2024, we sold an operating property for $18.2 million within the REIS Equity Portfolio. In connection with this sale, we recognized a gain of $8.3 million within gain on sale of investments and other assets in our condensed consolidated statements of operations, of which $2.5 million was attributable to non-controlling interests. During the three months ended September 30, 2023, we sold two operating properties for $34.6 million within the REIS Equity Portfolio. In connection with these sales, we recognized a total gain of $10.6 million within gain on sale of investments and other assets in our condensed consolidated statements of operations. During the nine months ended September 30, 2023, we sold three operating properties for $50.9 million within the REIS Equity Portfolio. In connection with these sales, we recognized a total gain of $15.4 million within gain on sale of investments and other assets in our condensed consolidated statement of operations. During the nine months ended September 30, 2024, we sold three units in a residential conversion project in New York for $12.1 million within the Commercial and Residential Lending Segment. During the nine months ended September 30, 2023, we sold four units in that residential conversion project for $12.1 million within the Commercial and Residential Lending Segment (three of which were sold during the three months ended September 30, 2023 for $9.1 million). In connection with these sales, there was no gain or loss recognized in our condensed consolidated statements of operations.

Investments of Consolidated Aff

Investments of Consolidated Affordable Housing Fund	9 Months Ended
Investments of Consolidated Affordable Housing Fund	Sep. 30, 2024
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 $737.4 million as of September 30, 2024. 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 $487.9 million as of September 30, 2024. Income (loss) from the Woodstar Fund’s investments reflects the following components for the three and nine months ended September 30, 2024 and 2023 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Distributions from affordable housing fund investments $ 14,571 $ 14,709 $ 38,315 $ 35,514 Unrealized change in fair value of investments (1) (20,161) 2,199 (28,011) 218,182 (Loss) income from affordable housing fund investments $ (5,590) $ 16,908 $ 10,304 $ 253,696 ______________________________________________________________________________________________________________________ (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.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	9 Months Ended
Investments in Unconsolidated Entities	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities The table below summarizes our investments in unconsolidated entities as of September 30, 2024 and December 31, 2023 (dollars in thousands): Participation / Carrying value as of September 30, 2024 December 31, 2023 Equity method investments: Equity interests in two natural gas power plants 10% - 12% $ 51,536 $ 52,230 Investor entity which owns equity in an online real estate company 50% 5,143 5,575 Various 20% - 50% 17,747 16,854 74,426 74,659 Other equity investments: Equity interest in a servicing and advisory business (2) 2% 7,462 12,955 Equity interest in a data center business in Ireland (3) 0.72% 7,672 1,313 Investment funds which own equity in a loan servicer and other real estate assets 4% - 6% 842 842 Various (4) 3% - 15% 607 607 16,583 15,717 $ 91,009 $ 90,376 ______________________________________________________________________________________________________________________ (1) None of these investments are publicly traded and therefore quoted market prices are not available. (2) During the three months ended September 30, 2024, we received a capital distribution of $5.5 million, which reduced the carrying value of the equity investment. (3) This equity interest was acquired in connection with the origination of a loan in 2021. The loan was repaid during the three months ended March 31, 2024. In connection with the repayment, an observable price change occurred when a 50% voting interest in this entity was acquired by related parties, including an investment fund and certain other entities affiliated with our Manager. As a result of the acquisition and resulting observable price change, during the three months ended March 31, 2024, we recorded a $6.0 million increase in the carrying value of our investment to reflect its fair value implied by the acquisition. During the three months ended September 30, 2024, we contributed an additional $0.3 million. (4) In March 2021, we obtained equity interests in two investor entities that own interests in two entertainment and retail centers. The interests were obtained in order to facilitate repayment of a portion of that loan for which these interests represented underlying collateral. During the three months ended September 30, 2024, we received a distribution of $1.9 million from one of these entities, which reduced the carrying value of the loan since the carrying value of the corresponding investment had been reduced to zero as a result of prior period distributions received. 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 September 30, 2024. During the three and nine months ended September 30, 2024, we did not become aware of (i) any observable price changes in our other equity investments accounted for under the fair value practicability election, except as discussed above, or (ii) any indicators of impairment.

Goodwill and Intangibles

Goodwill and Intangibles	9 Months Ended
Goodwill and Intangibles	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangibles	Goodwill and Intangibles Goodwill Goodwill is tested for impairment annually in the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Infrastructure Lending Segment The Infrastructure Lending Segment’s goodwill of $119.4 million at both September 30, 2024 and December 31, 2023 represents the excess of consideration transferred over the fair value of net assets acquired on September 19, 2018 and October 15, 2018. The goodwill recognized is attributable to value embedded in the acquired Infrastructure Lending Segment’s lending platform. LNR Property LLC (“LNR”) The Investing and Servicing Segment’s goodwill of $140.4 million at both September 30, 2024 and December 31, 2023 represents the excess of consideration transferred over the fair value of net assets of LNR acquired on April 19, 2013. The goodwill recognized is attributable to value embedded in LNR’s existing platform, which includes a network of commercial real estate asset managers, work-out specialists, underwriters and administrative support professionals as well as proprietary historical performance data on commercial real estate assets. Intangible Assets Servicing Rights Intangibles In connection with the LNR acquisition, we identified domestic servicing rights that existed at the purchase date, based upon the expected future cash flows of the associated servicing contracts. As of September 30, 2024 and December 31, 2023, the balance of the domestic servicing intangible was net of $35.6 million and $37.9 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 September 30, 2024 and December 31, 2023, the domestic servicing intangible had a balance of $55.7 million and $57.2 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 September 30, 2024 and December 31, 2023 (amounts in thousands): As of September 30, 2024 As of December 31, 2023 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Domestic servicing rights, at fair value $ 20,166 $ — $ 20,166 $ 19,384 $ — $ 19,384 In-place lease intangible assets 93,825 (69,334) 24,491 96,158 (67,420) 28,738 Favorable lease intangible assets 27,798 (12,296) 15,502 27,928 (11,083) 16,845 Total net intangible assets $ 141,789 $ (81,630) $ 60,159 $ 143,470 $ (78,503) $ 64,967 The following table summarizes the activity within intangible assets for the nine months ended September 30, 2024 (amounts in thousands): Domestic In-place Lease Favorable Lease Total Balance as of January 1, 2024 $ 19,384 $ 28,738 $ 16,845 $ 64,967 Amortization — (4,247) (1,343) (5,590) Changes in fair value due to changes in inputs and assumptions 782 — — 782 Balance as of September 30, 2024 $ 20,166 $ 24,491 $ 15,502 $ 60,159 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 (remainder of) $ 1,605 2025 6,099 2026 4,573 2027 4,089 2028 3,943 Thereafter 19,684 Total $ 39,993

Secured Borrowings

Secured Borrowings	9 Months Ended
Secured Borrowings	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 (dollars in thousands): Outstanding Balance at Current Extended Maturity (a) Weighted Average Coupon Pledged Asset Maximum September 30, 2024 December 31, 2023 Repurchase Agreements: Commercial Loans Oct 2024 to Nov 2029 (b) Oct 2025 to Dec 2030 (b) Index + 2.09% (c) $ 9,527,101 $ 11,481,510 (d) $ 5,748,354 $ 7,170,389 Residential Loans Sep 2025 to Jul 2026 Sep 2025 to Jul 2026 SOFR + 1.85% 2,538,176 3,450,000 2,244,618 2,287,655 Infrastructure Loans Sep 2027 Sep 2029 SOFR + 2.17% 384,554 650,000 319,247 453,217 Conduit Loans Dec 2024 to Jun 2027 Dec 2025 to Jun 2028 SOFR + 2.22% 201,645 475,000 158,678 26,930 CMBS/RMBS Jun 2025 to Apr 2032 (e) Sep 2025 to Oct 2032 (e) (f) 1,366,946 1,002,760 699,160 (g) 714,168 Total Repurchase Agreements 14,018,422 17,059,270 9,170,057 10,652,359 Other Secured Financing: Borrowing Base Facility Nov 2024 Oct 2026 SOFR + 2.11% 127,088 750,000 (h) 29,561 27,639 Commercial Financing Facilities Dec 2024 to Aug 2028 Jan 2027 to Dec 2030 Index + 1.99% 442,826 548,363 (i) 306,849 387,822 Infrastructure Financing Facilities Jul 2025 to Aug 2028 Oct 2027 to Jul 2032 Index + 2.09% 633,022 1,300,000 454,075 631,187 Property Mortgages - Variable rate Feb 2025 to May 2026 N/A SOFR + 2.56% 665,086 597,941 595,735 853,145 Property Mortgages - Fixed rate Dec 2025 to Jun 2026 N/A 4.51% 23,014 20,261 20,261 29,898 Term Loans and Revolver (j) N/A (j) N/A (j) 1,506,288 1,356,288 1,366,778 Total Other Secured Financing 1,891,036 4,722,853 2,762,769 3,296,469 $ 15,909,458 $ 21,782,123 11,932,826 13,948,828 Unamortized net discount (20,586) (24,975) Unamortized deferred financing costs (57,622) (55,857) $ 11,854,618 $ 13,867,996 ______________________________________________________________________________________________________________________ (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 $2.5 billion as of September 30, 2024 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 $11.1 billion may be increased to $11.5 billion, subject to certain conditions. The $11.5 billion amount includes such upsizes. (e) Certain facilities with an outstanding balance of $342.6 million as of September 30, 2024 carry a rolling 12-month term which may reset quarterly with the lender’s consent. These facilities carry no maximum facility size. (f) A facility with an outstanding balance of $300.9 million as of September 30, 2024 has a weighted average fixed annual interest rate of 3.25%. All other facilities are variable rate with a weighted average rate of SOFR + 2.09%. (g) Includes: (i) $300.9 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $30.3 million outstanding on one of our repurchase facilities that represents the 49% pro rata share owed by a non-controlling partner in a consolidated joint venture (see Note 15). (h) The maximum facility size as of September 30, 2024 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 $448.4 million may be increased to $548.4 million, subject to certain conditions. The $548.4 million amount includes such upsizes. (j) Consists of: (i) a $766.8 million term loan facility that matures in July 2026, of which $380.0 million has an annual interest rate of SOFR + 2.60% and $386.8 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 $589.5 million term loan facility that matures in November 2027, with an annual interest rate of SOFR + 2.75%, subject to a 0.50% SOFR floor. These facilities are secured by the equity interests in certain of our subsidiaries which totaled $6.0 billion as of September 30, 2024. The above table no longer reflects property mortgages of the Woodstar Portfolios which, as discussed in Notes 2 and 7, are now reflected within “Investments of consolidated affordable housing fund” on our condensed consolidated balance sheets. In the normal course of business, the Company is in discussions with its lenders to extend, amend or replace any financing facilities which contain near term expirations. In August 2024, we entered into a credit facility to finance loans within the Infrastructure Lending Segment. The maximum facility size is $250.0 million and carries a four-year initial maturity with two one-year extension options. In June 2024, we repriced our $591.0 million term loan facility, reducing the spread by 50 bps from SOFR + 3.25% to SOFR + 2.75%. In May 2024, we refinanced $600.0 million of outstanding debt on our Medical Office Portfolio due November 2024 with $450.5 million of senior securitized mortgage debt and a $39.5 million mezzanine loan. The new debt carries an initial term of two years, followed by three successive one-year extension options and a weighted average coupon of SOFR + 2.52%. Our secured financing agreements contain certain financial tests and covenants. As of September 30, 2024, we were in compliance with all such covenants. We seek to mitigate risks associated with our repurchase agreements by managing risk related to the credit quality of our assets, interest rates, liquidity, prepayment speeds and market value. The margin call provisions under the majority of our repurchase facilities, consisting of 64% of these agreements, do not permit valuation adjustments based on capital 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 36% of repurchase agreements which do permit valuation adjustments based on capital market events, approximately 8% of these pertain to our loans held-for-sale, for which we manage credit risk through the purchase of credit index instruments. We further seek to manage risks associated with our repurchase agreements by matching the maturities and interest rate characteristics of our loans with the related repurchase agreement. For the three and nine months ended September 30, 2024, approximately $9.0 million and $28.1 million, respectively, of amortization of deferred financing costs from secured financing agreements was included in interest expense on our condensed consolidated statements of operations. For the three and nine months ended September 30, 2023, approximately $10.3 million and $31.1 million, respectively, of amortization of deferred financing costs from secured financing agreements was included in interest expense on our condensed consolidated statements of operations. As of September 30, 2024, Morgan Stanley Bank, N.A., JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A. held collateral sold under certain of our repurchase agreements with carrying values that exceeded the respective repurchase obligations by $973.6 million, $772.0 million and $768.5 million, respectively. The weighted average extended maturity of those repurchase agreements is 3.6 years, 5.1 years and 6.3 years, respectively. Collateralized Loan Obligations and Single Asset Securitization Commercial and Residential Lending Segment In February 2022, we refinanced a pool of our commercial loans held-for-investment through a CLO, STWD 2022-FL3. On the closing date, the CLO issued $1.0 billion of notes and preferred shares, of which $842.5 million of notes were purchased by third party investors. We retained $82.5 million of notes along with preferred shares with a liquidation preference of $75.0 million. The CLO contains a reinvestment feature that, subject to certain eligibility criteria, allows us to contribute new loans or participation interests in loans to the CLO for a period of two years. 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. 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, allowed us to contribute new loans or participation interests in loans to the CLO in exchange for cash. During the nine months ended September 30, 2024, we utilized the reinvestment feature for STWD 2022-FL3, contributing $106.7 million of additional interests into the CLO. The reinvestment period expired during the three months ended September 30, 2024, and we repaid CLO debt in the amount of $6.1 million. The reinvestment period for STWD 2021-FL2 and STWD 2019-FL1 expired in 2023 and 2022, respectively, and during the nine months ended September 30, 2024, we repaid CLO debt in the amount of $139.9 million and $333.3 million, respectively. Infrastructure Lending Segment In May 2024, we refinanced a pool of our infrastructure loans held-for-investment through a CLO, STWD 2024-SIF3. On the closing date, the CLO issued $400.0 million of notes, of which $330.0 million of notes were purchased by third party investors and $70.0 million of subordinated notes were retained by us. 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. The CLO also contains a ramp-up feature that, for a certain period of time after closing date, allows us to utilize unused proceeds of the CLO to acquire additional collateral to complete the CLO portfolio. 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. 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 nine months ended September 30, 2024, we utilized the reinvestment feature for STWD 2024-SIF3, STWD 2021-SIF2 and STWD 2021-SIF1, contributing $86.9 million, $190.4 million and $158.6 million, respectively, of additional interests into the CLOs. During the nine months ended September 30, 2024, the ramp-up feature was utilized for STWD 2024-SIF3, acquiring $56.9 million of additional assets. The following table is a summary of our CLOs and our SASB as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 Count Face Carrying Weighted Maturity STWD 2022-FL3 Collateral assets 41 $ 993,891 $ 999,540 SOFR + 3.42% (a) October 2026 (b) Financing 1 834,511 832,752 SOFR + 1.89% (c) November 2038 (d) STWD 2021-HTS Collateral assets 1 191,768 192,818 SOFR + 4.02% (a) April 2026 (b) Financing 1 171,859 171,859 SOFR + 2.65% (c) April 2034 (d) STWD 2021-FL2 Collateral assets 26 1,140,904 1,148,697 SOFR + 3.75% (a) July 2026 (b) Financing 1 922,356 922,130 SOFR + 1.93% (c) April 2038 (d) STWD 2019-FL1 Collateral assets 8 400,852 403,087 SOFR + 3.54% (a) July 2026 (b) Financing 1 237,227 237,227 SOFR + 2.06% (c) July 2038 (d) STWD 2024-SIF3 Collateral assets 31 395,478 414,941 SOFR + 4.02% (a) November 2028 (b) Financing 1 330,000 327,369 SOFR + 2.41% (c) April 2036 (d) STWD 2021-SIF2 Collateral assets 30 500,559 515,266 SOFR + 3.78% (a) January 2029 (b) Financing 1 410,000 408,846 SOFR + 2.11% (c) January 2033 (d) STWD 2021-SIF1 Collateral assets 26 405,583 507,708 SOFR + 3.94% (a) April 2028 (b) Financing 1 402,803 402,066 SOFR + 2.43% (c) April 2032 (d) Total Collateral assets $ 4,029,035 $ 4,182,057 Financing $ 3,308,756 $ 3,302,249 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 ______________________________________________________________________________________________________________________________ (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 September 30, 2024, 4% earned fixed-rate weighted average interest of 7.33%. Of the investments financed by the STWD 2021-SIF1 CLO as of September 30, 2024, 2% earned fixed-rate weighted average interest of 5.69%. (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 $40.8 million of issuance costs in connection with the CLOs and SASB, which are amortized on an effective yield basis over the estimated life of the CLOs and SASB. For the three and nine months ended September 30, 2024, approximately $2.0 million and $5.9 million, respectively, of amortization of deferred financing costs was included in interest expense on our condensed consolidated statements of operations. For the three and nine months ended September 30, 2023, approximately $2.0 million and $6.7 million, respectively, of amortization of deferred financing costs was included in interest expense on our condensed consolidated statements of operations. As of September 30, 2024 and December 31, 2023, our unamortized issuance costs were $6.5 million and $9.5 million, respectively. The CLOs and SASB are considered VIEs, for which we are deemed the primary beneficiary. We therefore consolidate the CLOs and SASB. Refer to Note 15 for further discussion. Maturities Our credit facilities generally require principal to be paid down prior to the facilities’ respective maturities if and when we receive principal payments on, or sell, the investment collateral that we have pledged. The following table sets forth our principal repayments schedule for secured financings based on the earlier of (i) the extended contractual maturity of each credit facility or (ii) the extended contractual maturity of each of the investments that have been pledged as collateral under the respective credit facility (amounts in thousands): Repurchase Other Secured CLOs and SASB (a) Total 2024 (remainder of) $ 70,849 $ 6,867 $ 88,662 $ 166,378 2025 1,033,077 163,605 759,101 1,955,783 2026 3,388,655 863,883 1,378,448 5,630,986 2027 2,112,350 997,715 434,830 3,544,895 2028 1,840,818 156,805 268,021 2,265,644 Thereafter 724,308 573,894 379,694 1,677,896 Total $ 9,170,057 $ 2,762,769 $ 3,308,756 $ 15,241,582 ______________________________________________________________________________________________________________________ (a) For the CLOs, the above does not assume utilization of their reinvestment features. The SASB does not have a reinvestment feature. The following table is a summary of our unsecured senior notes outstanding as of September 30, 2024 and December 31, 2023 (dollars in thousands): Coupon Effective Maturity Remaining Carrying Value at September 30, 2024 December 31, 2023 2027 Convertible Notes 6.75 % 7.38 % 7/15/2027 2.8 years 380,750 380,750 2024 Senior Notes 3.75 % 3.94 % 12/31/2024 0.3 years 400,000 400,000 2025 Senior Notes 4.75 % (2) 5.04 % 3/15/2025 (3) 0.5 years 500,000 500,000 2026 Senior Notes 3.63 % 3.77 % 7/15/2026 1.8 years 400,000 400,000 2027 Senior Notes 4.38 % (4) 4.49 % 1/15/2027 2.3 years 500,000 500,000 2029 Senior Notes 7.25 % (5) 7.37 % 4/1/2029 4.5 years 600,000 — Total principal amount 2,780,750 2,180,750 Unamortized discount—Convertible Notes (6,955) (8,570) Unamortized discount—Senior Notes (5,809) (5,445) Unamortized deferred financing costs (10,840) (7,847) Total carrying amount $ 2,757,146 $ 2,158,888 ______________________________________________________________________________________________________________________ (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 + 2.64% effective July 2023. (3) On October 21, 2024, we provided 30 days’ notice to early redeem $250.0 million of our Senior Notes due March 2025. (4) The coupon on the 2027 Senior Notes is 4.375%. At closing, we swapped the notes to a floating rate of SOFR + 2.95%. (5) The coupon on the 2029 Senior Notes is 7.25%. At closing, we swapped the notes to a floating rate of SOFR + 3.25%. Our unsecured senior notes contain certain financial tests and covenants. As of September 30, 2024, we were in compliance with all such covenants. Senior Notes Due 2029 On March 27, 2024, we issued $600.0 million of 7.25% Senior Notes due 2029 (the “2029 Senior Notes”). The 2029 Senior Notes mature on April 1, 2029. Prior to October 1, 2028, we may redeem some or all of the 2029 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 October 1, 2028, we may redeem some or all of the 2029 Notes at a price equal to 100% of the principal amount thereof. In addition, prior to April 1, 2027, we may redeem up to 40% of the 2029 Notes at the applicable redemption price using the proceeds of certain equity offerings. Convertible Notes In July 2023, we issued $380.8 million of 6.75% Convertible Senior Notes due 2027 (the “2027 Convertible Notes”) for net proceeds of $371.2 million. The notes mature on July 15, 2027. We recognized interest expense of $7.0 million and $21.0 million, respectively, during the three and nine months ended September 30, 2024 from our Convertible Notes. We recognized interest expense of $6.7 million and $9.7 million, respectively, during the three and nine months ended September 30, 2023 from our Convertible Notes (including prior convertible notes repaid during 2023). The following table details the conversion attributes of our Convertible Notes outstanding as of September 30, 2024 (amounts in thousands, except rates): September 30, 2024 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 September 30, 2024, the market price of the Company's common stock was $20.38. The if-converted value of the 2027 Convertible Notes was less than their principal amount by $6.9 million at September 30, 2024 as the closing market price of the Company’s common stock of $20.38 was less than the implicit conversion price of $20.76 per share. The if-converted value of the principal amount of the 2027 Convertible Notes was $373.8 million as of September 30, 2024. As of September 30, 2024, the net carrying amount and fair value of the 2027 Convertible Notes was $373.2 million and $393.3 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	9 Months Ended
Unsecured Senior Notes	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 (dollars in thousands): Outstanding Balance at Current Extended Maturity (a) Weighted Average Coupon Pledged Asset Maximum September 30, 2024 December 31, 2023 Repurchase Agreements: Commercial Loans Oct 2024 to Nov 2029 (b) Oct 2025 to Dec 2030 (b) Index + 2.09% (c) $ 9,527,101 $ 11,481,510 (d) $ 5,748,354 $ 7,170,389 Residential Loans Sep 2025 to Jul 2026 Sep 2025 to Jul 2026 SOFR + 1.85% 2,538,176 3,450,000 2,244,618 2,287,655 Infrastructure Loans Sep 2027 Sep 2029 SOFR + 2.17% 384,554 650,000 319,247 453,217 Conduit Loans Dec 2024 to Jun 2027 Dec 2025 to Jun 2028 SOFR + 2.22% 201,645 475,000 158,678 26,930 CMBS/RMBS Jun 2025 to Apr 2032 (e) Sep 2025 to Oct 2032 (e) (f) 1,366,946 1,002,760 699,160 (g) 714,168 Total Repurchase Agreements 14,018,422 17,059,270 9,170,057 10,652,359 Other Secured Financing: Borrowing Base Facility Nov 2024 Oct 2026 SOFR + 2.11% 127,088 750,000 (h) 29,561 27,639 Commercial Financing Facilities Dec 2024 to Aug 2028 Jan 2027 to Dec 2030 Index + 1.99% 442,826 548,363 (i) 306,849 387,822 Infrastructure Financing Facilities Jul 2025 to Aug 2028 Oct 2027 to Jul 2032 Index + 2.09% 633,022 1,300,000 454,075 631,187 Property Mortgages - Variable rate Feb 2025 to May 2026 N/A SOFR + 2.56% 665,086 597,941 595,735 853,145 Property Mortgages - Fixed rate Dec 2025 to Jun 2026 N/A 4.51% 23,014 20,261 20,261 29,898 Term Loans and Revolver (j) N/A (j) N/A (j) 1,506,288 1,356,288 1,366,778 Total Other Secured Financing 1,891,036 4,722,853 2,762,769 3,296,469 $ 15,909,458 $ 21,782,123 11,932,826 13,948,828 Unamortized net discount (20,586) (24,975) Unamortized deferred financing costs (57,622) (55,857) $ 11,854,618 $ 13,867,996 ______________________________________________________________________________________________________________________ (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 $2.5 billion as of September 30, 2024 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 $11.1 billion may be increased to $11.5 billion, subject to certain conditions. The $11.5 billion amount includes such upsizes. (e) Certain facilities with an outstanding balance of $342.6 million as of September 30, 2024 carry a rolling 12-month term which may reset quarterly with the lender’s consent. These facilities carry no maximum facility size. (f) A facility with an outstanding balance of $300.9 million as of September 30, 2024 has a weighted average fixed annual interest rate of 3.25%. All other facilities are variable rate with a weighted average rate of SOFR + 2.09%. (g) Includes: (i) $300.9 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $30.3 million outstanding on one of our repurchase facilities that represents the 49% pro rata share owed by a non-controlling partner in a consolidated joint venture (see Note 15). (h) The maximum facility size as of September 30, 2024 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 $448.4 million may be increased to $548.4 million, subject to certain conditions. The $548.4 million amount includes such upsizes. (j) Consists of: (i) a $766.8 million term loan facility that matures in July 2026, of which $380.0 million has an annual interest rate of SOFR + 2.60% and $386.8 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 $589.5 million term loan facility that matures in November 2027, with an annual interest rate of SOFR + 2.75%, subject to a 0.50% SOFR floor. These facilities are secured by the equity interests in certain of our subsidiaries which totaled $6.0 billion as of September 30, 2024. The above table no longer reflects property mortgages of the Woodstar Portfolios which, as discussed in Notes 2 and 7, are now reflected within “Investments of consolidated affordable housing fund” on our condensed consolidated balance sheets. In the normal course of business, the Company is in discussions with its lenders to extend, amend or replace any financing facilities which contain near term expirations. In August 2024, we entered into a credit facility to finance loans within the Infrastructure Lending Segment. The maximum facility size is $250.0 million and carries a four-year initial maturity with two one-year extension options. In June 2024, we repriced our $591.0 million term loan facility, reducing the spread by 50 bps from SOFR + 3.25% to SOFR + 2.75%. In May 2024, we refinanced $600.0 million of outstanding debt on our Medical Office Portfolio due November 2024 with $450.5 million of senior securitized mortgage debt and a $39.5 million mezzanine loan. The new debt carries an initial term of two years, followed by three successive one-year extension options and a weighted average coupon of SOFR + 2.52%. Our secured financing agreements contain certain financial tests and covenants. As of September 30, 2024, we were in compliance with all such covenants. We seek to mitigate risks associated with our repurchase agreements by managing risk related to the credit quality of our assets, interest rates, liquidity, prepayment speeds and market value. The margin call provisions under the majority of our repurchase facilities, consisting of 64% of these agreements, do not permit valuation adjustments based on capital 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 36% of repurchase agreements which do permit valuation adjustments based on capital market events, approximately 8% of these pertain to our loans held-for-sale, for which we manage credit risk through the purchase of credit index instruments. We further seek to manage risks associated with our repurchase agreements by matching the maturities and interest rate characteristics of our loans with the related repurchase agreement. For the three and nine months ended September 30, 2024, approximately $9.0 million and $28.1 million, respectively, of amortization of deferred financing costs from secured financing agreements was included in interest expense on our condensed consolidated statements of operations. For the three and nine months ended September 30, 2023, approximately $10.3 million and $31.1 million, respectively, of amortization of deferred financing costs from secured financing agreements was included in interest expense on our condensed consolidated statements of operations. As of September 30, 2024, Morgan Stanley Bank, N.A., JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A. held collateral sold under certain of our repurchase agreements with carrying values that exceeded the respective repurchase obligations by $973.6 million, $772.0 million and $768.5 million, respectively. The weighted average extended maturity of those repurchase agreements is 3.6 years, 5.1 years and 6.3 years, respectively. Collateralized Loan Obligations and Single Asset Securitization Commercial and Residential Lending Segment In February 2022, we refinanced a pool of our commercial loans held-for-investment through a CLO, STWD 2022-FL3. On the closing date, the CLO issued $1.0 billion of notes and preferred shares, of which $842.5 million of notes were purchased by third party investors. We retained $82.5 million of notes along with preferred shares with a liquidation preference of $75.0 million. The CLO contains a reinvestment feature that, subject to certain eligibility criteria, allows us to contribute new loans or participation interests in loans to the CLO for a period of two years. 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. 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, allowed us to contribute new loans or participation interests in loans to the CLO in exchange for cash. During the nine months ended September 30, 2024, we utilized the reinvestment feature for STWD 2022-FL3, contributing $106.7 million of additional interests into the CLO. The reinvestment period expired during the three months ended September 30, 2024, and we repaid CLO debt in the amount of $6.1 million. The reinvestment period for STWD 2021-FL2 and STWD 2019-FL1 expired in 2023 and 2022, respectively, and during the nine months ended September 30, 2024, we repaid CLO debt in the amount of $139.9 million and $333.3 million, respectively. Infrastructure Lending Segment In May 2024, we refinanced a pool of our infrastructure loans held-for-investment through a CLO, STWD 2024-SIF3. On the closing date, the CLO issued $400.0 million of notes, of which $330.0 million of notes were purchased by third party investors and $70.0 million of subordinated notes were retained by us. 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. The CLO also contains a ramp-up feature that, for a certain period of time after closing date, allows us to utilize unused proceeds of the CLO to acquire additional collateral to complete the CLO portfolio. 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. 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 nine months ended September 30, 2024, we utilized the reinvestment feature for STWD 2024-SIF3, STWD 2021-SIF2 and STWD 2021-SIF1, contributing $86.9 million, $190.4 million and $158.6 million, respectively, of additional interests into the CLOs. During the nine months ended September 30, 2024, the ramp-up feature was utilized for STWD 2024-SIF3, acquiring $56.9 million of additional assets. The following table is a summary of our CLOs and our SASB as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 Count Face Carrying Weighted Maturity STWD 2022-FL3 Collateral assets 41 $ 993,891 $ 999,540 SOFR + 3.42% (a) October 2026 (b) Financing 1 834,511 832,752 SOFR + 1.89% (c) November 2038 (d) STWD 2021-HTS Collateral assets 1 191,768 192,818 SOFR + 4.02% (a) April 2026 (b) Financing 1 171,859 171,859 SOFR + 2.65% (c) April 2034 (d) STWD 2021-FL2 Collateral assets 26 1,140,904 1,148,697 SOFR + 3.75% (a) July 2026 (b) Financing 1 922,356 922,130 SOFR + 1.93% (c) April 2038 (d) STWD 2019-FL1 Collateral assets 8 400,852 403,087 SOFR + 3.54% (a) July 2026 (b) Financing 1 237,227 237,227 SOFR + 2.06% (c) July 2038 (d) STWD 2024-SIF3 Collateral assets 31 395,478 414,941 SOFR + 4.02% (a) November 2028 (b) Financing 1 330,000 327,369 SOFR + 2.41% (c) April 2036 (d) STWD 2021-SIF2 Collateral assets 30 500,559 515,266 SOFR + 3.78% (a) January 2029 (b) Financing 1 410,000 408,846 SOFR + 2.11% (c) January 2033 (d) STWD 2021-SIF1 Collateral assets 26 405,583 507,708 SOFR + 3.94% (a) April 2028 (b) Financing 1 402,803 402,066 SOFR + 2.43% (c) April 2032 (d) Total Collateral assets $ 4,029,035 $ 4,182,057 Financing $ 3,308,756 $ 3,302,249 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 ______________________________________________________________________________________________________________________________ (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 September 30, 2024, 4% earned fixed-rate weighted average interest of 7.33%. Of the investments financed by the STWD 2021-SIF1 CLO as of September 30, 2024, 2% earned fixed-rate weighted average interest of 5.69%. (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 $40.8 million of issuance costs in connection with the CLOs and SASB, which are amortized on an effective yield basis over the estimated life of the CLOs and SASB. For the three and nine months ended September 30, 2024, approximately $2.0 million and $5.9 million, respectively, of amortization of deferred financing costs was included in interest expense on our condensed consolidated statements of operations. For the three and nine months ended September 30, 2023, approximately $2.0 million and $6.7 million, respectively, of amortization of deferred financing costs was included in interest expense on our condensed consolidated statements of operations. As of September 30, 2024 and December 31, 2023, our unamortized issuance costs were $6.5 million and $9.5 million, respectively. The CLOs and SASB are considered VIEs, for which we are deemed the primary beneficiary. We therefore consolidate the CLOs and SASB. Refer to Note 15 for further discussion. Maturities Our credit facilities generally require principal to be paid down prior to the facilities’ respective maturities if and when we receive principal payments on, or sell, the investment collateral that we have pledged. The following table sets forth our principal repayments schedule for secured financings based on the earlier of (i) the extended contractual maturity of each credit facility or (ii) the extended contractual maturity of each of the investments that have been pledged as collateral under the respective credit facility (amounts in thousands): Repurchase Other Secured CLOs and SASB (a) Total 2024 (remainder of) $ 70,849 $ 6,867 $ 88,662 $ 166,378 2025 1,033,077 163,605 759,101 1,955,783 2026 3,388,655 863,883 1,378,448 5,630,986 2027 2,112,350 997,715 434,830 3,544,895 2028 1,840,818 156,805 268,021 2,265,644 Thereafter 724,308 573,894 379,694 1,677,896 Total $ 9,170,057 $ 2,762,769 $ 3,308,756 $ 15,241,582 ______________________________________________________________________________________________________________________ (a) For the CLOs, the above does not assume utilization of their reinvestment features. The SASB does not have a reinvestment feature. The following table is a summary of our unsecured senior notes outstanding as of September 30, 2024 and December 31, 2023 (dollars in thousands): Coupon Effective Maturity Remaining Carrying Value at September 30, 2024 December 31, 2023 2027 Convertible Notes 6.75 % 7.38 % 7/15/2027 2.8 years 380,750 380,750 2024 Senior Notes 3.75 % 3.94 % 12/31/2024 0.3 years 400,000 400,000 2025 Senior Notes 4.75 % (2) 5.04 % 3/15/2025 (3) 0.5 years 500,000 500,000 2026 Senior Notes 3.63 % 3.77 % 7/15/2026 1.8 years 400,000 400,000 2027 Senior Notes 4.38 % (4) 4.49 % 1/15/2027 2.3 years 500,000 500,000 2029 Senior Notes 7.25 % (5) 7.37 % 4/1/2029 4.5 years 600,000 — Total principal amount 2,780,750 2,180,750 Unamortized discount—Convertible Notes (6,955) (8,570) Unamortized discount—Senior Notes (5,809) (5,445) Unamortized deferred financing costs (10,840) (7,847) Total carrying amount $ 2,757,146 $ 2,158,888 ______________________________________________________________________________________________________________________ (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 + 2.64% effective July 2023. (3) On October 21, 2024, we provided 30 days’ notice to early redeem $250.0 million of our Senior Notes due March 2025. (4) The coupon on the 2027 Senior Notes is 4.375%. At closing, we swapped the notes to a floating rate of SOFR + 2.95%. (5) The coupon on the 2029 Senior Notes is 7.25%. At closing, we swapped the notes to a floating rate of SOFR + 3.25%. Our unsecured senior notes contain certain financial tests and covenants. As of September 30, 2024, we were in compliance with all such covenants. Senior Notes Due 2029 On March 27, 2024, we issued $600.0 million of 7.25% Senior Notes due 2029 (the “2029 Senior Notes”). The 2029 Senior Notes mature on April 1, 2029. Prior to October 1, 2028, we may redeem some or all of the 2029 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 October 1, 2028, we may redeem some or all of the 2029 Notes at a price equal to 100% of the principal amount thereof. In addition, prior to April 1, 2027, we may redeem up to 40% of the 2029 Notes at the applicable redemption price using the proceeds of certain equity offerings. Convertible Notes In July 2023, we issued $380.8 million of 6.75% Convertible Senior Notes due 2027 (the “2027 Convertible Notes”) for net proceeds of $371.2 million. The notes mature on July 15, 2027. We recognized interest expense of $7.0 million and $21.0 million, respectively, during the three and nine months ended September 30, 2024 from our Convertible Notes. We recognized interest expense of $6.7 million and $9.7 million, respectively, during the three and nine months ended September 30, 2023 from our Convertible Notes (including prior convertible notes repaid during 2023). The following table details the conversion attributes of our Convertible Notes outstanding as of September 30, 2024 (amounts in thousands, except rates): September 30, 2024 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 September 30, 2024, the market price of the Company's common stock was $20.38. The if-converted value of the 2027 Convertible Notes was less than their principal amount by $6.9 million at September 30, 2024 as the closing market price of the Company’s common stock of $20.38 was less than the implicit conversion price of $20.76 per share. The if-converted value of the principal amount of the 2027 Convertible Notes was $373.8 million as of September 30, 2024. As of September 30, 2024, the net carrying amount and fair value of the 2027 Convertible Notes was $373.2 million and $393.3 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	9 Months Ended
Loan Securitization/Sale Activities	Sep. 30, 2024
Loan Securitization/Sale Activities
Loan Securitization/Sale Activities	Loan Securitization/Sale Activities As described below, we regularly sell loans and notes under various strategies. We evaluate such sales as to whether they meet the criteria for treatment as a sale—legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint and transfer of control. Loan Securitizations Within the Investing and Servicing Segment, we originate commercial mortgage loans with the intent to sell these mortgage loans to VIEs for the purposes of securitization. These VIEs then issue CMBS that are collateralized in part by these assets, as well as other assets transferred to the VIE by third parties. Within the Commercial and Residential Lending Segment, we acquire residential loans with the intent to sell these mortgage loans to VIEs for the purpose of securitization. These VIEs then issue RMBS that are collateralized by these assets. In certain instances, we retain an interest in the CMBS or RMBS VIE and serve as special servicer or servicing administrator for the VIE. In these circumstances, we generally consolidate the VIE into which the loans were sold. The securitizations are subject to optional redemption after a certain period of time or when the pool balance falls below a specified threshold. The following summarizes the face amount and proceeds of commercial loans securitized for the three and nine months ended September 30, 2024 and 2023 (amounts in thousands): Commercial Loans Face Amount Proceeds For the Three Months Ended September 30, 2024 $ 622,835 $ 634,235 2023 119,764 123,633 For the Nine Months Ended September 30, 2024 $ 972,305 $ 992,644 2023 292,651 294,951 There were no residential loans securitized during the three and nine months ended September 30, 2024 and 2023. 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. There were no sales of commercial or residential loans within the Commercial and Residential Lending Segment during the three and nine months ended September 30, 2024. During the three and nine months ended September 30, 2023, we sold $42.5 million and $95.5 million, respectively, of mezzanine loans at par less costs to sell. During the three and nine months ended September 30, 2024 and 2023, there were no gains or losses recognized by the Commercial and Residential Lending Segment on sales of commercial loans. Investing and Servicing Loan Sales During the three and nine months ended September 30, 2024, the Investing and Servicing Segment sold loans with a face amount of $70.9 million for proceeds of $68.9 million. The sale of these loans does not result in a discrete gain or loss since they are carried under the fair value option. There were no sales of loans by the Investing and Servicing Segment during the three and nine months ended September 30, 2023. Infrastructure Loan Sales During the three months ended September 30, 2024, there were no sales of loans by the Infrastructure Lending Segment. During the nine months ended September 30, 2024, the Infrastructure Lending Segment sold a loan with a face amount of $49.5 million for proceeds of $47.1 million. The loan had been reclassified as held-for-sale during the three months ended March 31, 2024, at which time a $1.5 million fair value adjustment was provided within credit loss provision based on the contractual sale price. There were no sales of loans by the Infrastructure Lending Segment during the three and nine months ended September 30, 2023.

Derivatives and Hedging Activit

Derivatives and Hedging Activity	9 Months Ended
Derivatives and Hedging Activity	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activity	Derivatives and Hedging Activity Risk Management Objective of Using Derivatives We are exposed to certain risks arising from both our business operations and economic conditions. Refer to Note 14 to the consolidated financial statements included in our Form 10-K for further discussion of our risk management objectives and policies. Designated Hedges The Company does not generally elect to apply the hedge accounting designation to its hedging instruments. As of September 30, 2024 and December 31, 2023, the Company did not have any designated hedges. Non-designated Hedges and Derivatives We have entered into the following types of non-designated hedges and derivatives: • Foreign exchange (“Fx”) forwards whereby we agree to buy or sell a specified amount of foreign currency for a specified amount of USD at a future date, economically fixing the USD amounts of foreign denominated cash flows we expect to receive or pay related to certain foreign denominated loan investments; • Interest rate contracts which hedge a portion of our exposure to changes in interest rates; • Credit instruments which hedge a portion of our exposure to the credit risk of our commercial loans held-for-sale; and • Interest rate swap guarantees whereby we guarantee the interest rate swap obligations of certain Infrastructure Lending borrowers. Our interest rate swap guarantees were assumed in connection with the acquisition of the Infrastructure Lending Segment. The following table summarizes our non-designated derivatives as of September 30, 2024 (notional amounts in thousands): Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Buy Euros (“EUR”) 21 371,742 EUR October 2024 - April 2026 Fx contracts – Buy Pounds Sterling (“GBP”) 13 142,674 GBP October 2024 - January 2027 Fx contracts – Buy Australian dollar (“AUD”) 13 923,872 AUD October 2024 - October 2026 Fx contracts – Sell EUR 149 841,627 EUR October 2024 - September 2027 Fx contracts – Sell GBP 199 641,606 GBP October 2024 - September 2027 Fx contracts – Sell AUD 159 1,594,365 AUD October 2024 - July 2027 Fx contracts – Sell Swiss Franc (“CHF”) 51 19,568 CHF November 2024 - November 2025 Interest rate swaps – Paying fixed rates 45 3,732,099 USD October 2024 - October 2033 Interest rate swaps – Receiving fixed rates 5 1,585,880 USD March 2025 - February 2030 Interest rate futures 12 184,000 USD November 2024 Interest rate caps 6 1,113,989 USD November 2024 - May 2026 Credit instruments 5 79,000 USD December 2033 - August 2061 Interest rate swap guarantees 1 92,072 USD June 2025 Total 679 The above table excludes certain interest rate derivatives which serve as an economic hedge related to our residential loan portfolio. During the three months ended June 30, 2024, we entered into a series of derivative transactions related to this loan portfolio in an effort to extend hedge duration. The current high interest rate environment has caused these loans to experience lower prepayment speeds than was originally anticipated at the time of their origination. In order to minimize volatility in future earnings and cash flows while minimizing the current cash outflow, we: (i) entered into a series of reverse swap trades to offset approximately 100% of the dollar duration of our existing interest rate swaps through the end of 2024 and approximately 80% between 2025 through their termination in the second quarter of 2027; and (ii) entered into a forward starting swap from June 2027 for four years which pays fixed and receives floating in order to replace the swaps reversed. Given the volume of these hedges and their sequential nature, the notional value of these new swaps is not representative of the notional value of our portfolio, and they were thus excluded from the table above. The notional value of the swaps described in (i) above that were effective as of September 30, 2024 totaled $3.4 billion. Because the reverse swaps and the forward starting swap are not specifically designated to assets or liabilities, changes in their respective fair values are recorded currently in earnings. The above table also excludes $526.8 million notional amount of certain other interest rate swaps we entered into prior to September 30, 2024, but that were not yet effective. The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 (amounts in thousands): Fair Value of Derivatives Fair Value of Derivatives September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Foreign exchange contracts $ 63,451 $ 53,979 $ 90,530 $ 54,066 Interest rate contracts 10,816 8,899 27,349 48,401 Credit instruments 372 559 282 — Total derivatives $ 74,639 $ 63,437 $ 118,161 $ 102,467 ___________________________________________________ (1) Classified as derivative assets in our condensed consolidated balance sheets. (2) Classified as derivative liabilities in our condensed consolidated balance sheets. The table below presents the effect of our derivative financial instruments on the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 (amounts in thousands): Derivatives Not Designated Location of Gain (Loss) Amount of Gain (Loss) Recognized in Income for the Three Months Ended September 30, Amount of Gain (Loss) Recognized in Income for the Nine Months Ended September 30, 2024 2023 2024 2023 Foreign exchange contracts (Loss) gain on derivative financial instruments, net $ (56,178) $ 48,549 $ (8,823) $ 18,412 Interest rate contracts (Loss) gain on derivative financial instruments, net (27,359) 46,255 28,596 99,788 Credit instruments (Loss) gain on derivative financial instruments, net (404) 79 (789) 231 $ (83,941) $ 94,883 $ 18,984 $ 118,431

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	9 Months Ended
Offsetting Assets and Liabilities	Sep. 30, 2024
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 September 30, 2024 Derivative assets $ 74,639 $ — $ 74,639 $ 52,256 $ — $ 22,383 Derivative liabilities $ 118,161 $ — $ 118,161 $ 52,256 $ 65,836 $ 69 Repurchase agreements 9,170,057 — 9,170,057 9,170,057 — — $ 9,288,218 $ — $ 9,288,218 $ 9,222,313 $ 65,836 $ 69 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 $ —

Variable Interest Entities

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Sep. 30, 2024
Variable Interest Entities
Variable Interest Entities	Variable Interest Entities Investment Securities As discussed in Note 2, we evaluate all of our investments and other interests in entities for consolidation, including our investments in CMBS, RMBS and our retained interests in securitization transactions we initiated, all of which are generally considered to be variable interests in VIEs. Securitization VIEs consolidated in accordance with ASC 810 are structured as pass through entities that receive principal and interest on the underlying collateral and distribute those payments to the certificate holders. The assets and other instruments held by these securitization entities are restricted and can only be used to fulfill the obligations of the entity. Additionally, the obligations of the securitization entities do not have any recourse to the general credit of any other consolidated entities, nor to us as the primary beneficiary. The VIE liabilities initially represent investment securities on our balance sheet (pre-consolidation). Upon consolidation of these VIEs, our associated investment securities are eliminated, as is the interest income related to those securities. Similarly, the fees we earn in our roles as special servicer of the bonds issued by the consolidated VIEs or as collateral administrator of the consolidated VIEs are also eliminated. Finally, a portion of the identified servicing intangible associated with the eliminated fee streams is eliminated in consolidation. VIEs in which we are the Primary Beneficiary The inclusion of the assets and liabilities of securitization VIEs in which we are deemed the primary beneficiary has no economic effect on us. Our exposure to the obligations of securitization VIEs is generally limited to our investment in these entities. We are not obligated to provide, nor have we provided, any financial support for any of these consolidated structures. As discussed in Note 10, we have refinanced various pools of our commercial and infrastructure loans held-for-investment through six 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 September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Assets: Cash and cash equivalents $ 132,523 $ 33,175 Loans held-for-investment 4,013,509 4,210,097 Investment securities 8,173 9,946 Accrued interest receivable 25,687 26,355 Other assets 2,165 9,197 Total Assets $ 4,182,057 $ 4,288,770 Liabilities Accounts payable, accrued expenses and other liabilities $ 29,466 $ 21,174 Collateralized loan obligations and single asset securitization, net 3,302,249 3,491,292 Total Liabilities $ 3,331,715 $ 3,512,466 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 September 30, 2024. As of September 30, 2024, 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 17). We also hold a 51% controlling interest in a joint venture (the “CMBS JV”) within our Investing and Servicing Segment, which is considered a VIE because the third party interest holder does not carry kick-out rights or substantive participating rights. We are deemed the primary beneficiary of the CMBS JV. This VIE had total assets of $253.4 million and liabilities of $63.0 million as of September 30, 2024. Refer to Note 17 for further discussion. In addition to the above non-securitization entities, we have smaller VIEs with total assets of $58.0 million and liabilities of $0.1 million as of September 30, 2024. 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 September 30, 2024, our maximum risk of loss related to securitization VIEs in which we were not the primary beneficiary was $26.8 million on a fair value basis. As of September 30, 2024, 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 $5.0 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 September 30, 2024, within investments in unconsolidated entities on our condensed consolidated balance sheet. Our maximum risk of loss is limited to our carrying value of the investments.

Related-Party Transactions

Related-Party Transactions	9 Months Ended
Related-Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions Management Agreement We are party to a management agreement (the “Management Agreement”) with our Manager. Under the Management Agreement, our Manager, subject to the oversight of our board of directors, is required to manage our day to day activities, for which our Manager receives a base management fee and is eligible for an incentive fee and stock awards. Our Manager’s personnel perform certain due diligence, legal, management and other services that outside professionals or consultants would otherwise perform. As such, in accordance with the terms of our Management Agreement, our Manager is paid or reimbursed for the documented costs of performing such tasks, provided that such costs and reimbursements are in amounts no greater than those which would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis. Refer to Note 17 to the consolidated financial statements included in our Form 10-K for further discussion of this agreement. Base Management Fee. For the three months ended September 30, 2024 and 2023, approximately $22.4 million and $21.8 million, respectively, was incurred for base management fees. For the nine months ended September 30, 2024 and 2023, approximately $66.3 million and $65.5 million, respectively, was incurred for base management fees. As of September 30, 2024 and December 31, 2023, there were $22.4 million and $21.9 million of unpaid base management fees included in related-party payable in our condensed consolidated balance sheets. Incentive Fee. There were no incentive fees incurred during the three months ended September 30, 2024 and 2023. For the nine months ended September 30, 2024 and 2023, approximately $22.6 million and $16.2 million, respectively, was incurred for incentive fees. As of December 31, 2023, there were $19.5 million of unpaid incentive fees included in related-party payable in our condensed consolidated balance sheets. There were no unpaid incentive fees as of September 30, 2024. Expense Reimbursement. For the three months ended September 30, 2024 and 2023, approximately $1.5 million and $2.4 million, respectively, was incurred for executive compensation and other reimbursable expenses and recognized within general and administrative expenses in our condensed consolidated statements of operations. For the nine months ended September 30, 2024 and 2023, approximately $3.6 million and $6.0 million, respectively, was incurred for executive compensation and other reimbursable expenses. As of September 30, 2024 and December 31, 2023, there were $3.1 million and $3.4 million, respectively, of unpaid reimbursable executive compensation and other expenses included in related-party payable in our condensed consolidated balance sheets. Equity Awards. In certain instances, we issue RSAs to certain employees of affiliates of our Manager who perform services for us. There were no RSAs granted during the three months ended September 30, 2024 and 2023. Expenses related to the vesting of awards to employees of affiliates of our Manager were $2.3 million and $2.2 million during the three months ended September 30, 2024 and 2023, respectively, and are reflected in general and administrative expenses in our condensed consolidated statements of operations. During the nine months ended September 30, 2024 and 2023, we granted 924,092 and 226,955 RSAs, respectively, at grant date fair values of $18.8 million and $4.3 million, respectively. Expenses related to the vesting of awards to employees of affiliates of our Manager were $6.0 million and $6.5 million during the nine months ended September 30, 2024 and 2023, respectively. These shares generally vest over a three-year period. Compensation expense related to the ESPP (refer to Note 17) for employees of affiliates of our Manager was not material during the three and nine months ended September 30, 2024 and 2023, and is reflected in general and administrative expenses in our condensed consolidated statements of operations. 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 March 2024, we granted 1,300,000 RSUs to our Manager under the 2022 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 connection with these grants and prior similar grants, we recognized share-based compensation expense of $4.8 million and $5.1 million within management fees in our condensed consolidated statements of operations for the three months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024 and 2023, we recognized share-based compensation expense of $14.5 million and $15.4 million, respectively, related to these awards. Refer to Note 17 for further discussion. Loans and Securities In July 2024, we purchased all the controlling class certificates in the newly-formed Freddie Mac multifamily mortgage trust, FREMF 2024-KF163 (the “Trust”), for their aggregate principal amount of $77.1 million. The certificates have a pass-through interest rate of one-month SOFR + 6.00% and an expected final distribution date in May 2034. The Trust holds 27 SOFR based floating rate multifamily mortgage loans with a total principal balance of approximately $1.0 billion, of which affiliates of our Manager are borrowers under 11 of those loans totaling approximately $495.0 million at the Trust’s inception and as of September 30, 2024. As directing certificate holder, we are considered the primary beneficiary of, and therefore consolidate the Trust as a securitization VIE. However, while we are able to appoint and remove the special servicer of the unaffiliated loans in the VIE, we cannot name ourselves as special servicer, and we cannot remove or direct the third party special servicer with respect to the affiliate loans. 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 was 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), was the borrower under the term loan. In August 2024, the term loan was repaid in full. The following three related-party loan transactions were each approved by our board of directors, with those affiliated with the related transaction recusing themselves. In connection with the May 2024 refinancing of our Medical Office Portfolio discussed in Note 10, we obtained $450.5 million of securitization debt (“MED 2024-MOB”) and a $39.5 million mezzanine loan (the “Mezz Loan”). The Mezz Loan and the $23.0 million horizontal risk retention certificates of MED 2024-MOB (“HRR”) were funded by affiliates of investment funds which are managed by the real estate investment firm for which one of our independent directors is co-founder and co-chief executive officer. One of such affiliates also serves as controlling class representative of MED 2024-MOB. Both the Mezz Loan and the HRR bear interest at SOFR + 5.50% and have an initial term of two years, followed by three successive one-year extension options. The final structure and cost of debt for this refinancing was selected after a formal marketing process led by a third party. In April 2024, we acquired from Starwood Real Estate Income Trust, Inc. (“SREIT”), an affiliate of our Manager, a £176.0 million ($219.8 million) first mortgage loan participation on a portfolio of vacation cottages, caravan homes and resorts across the United Kingdom at its fair value, determined as par less a 1.0% discount. The loan bears interest at SONIA + 5.40% and matures in February 2026 with two one-year extension options. Prior to acquisition, we had an existing participation in this loan, of which the outstanding balance was £352.0 million, bringing our total participation in the loan to £528.0 million ($705.9 million as of September 30, 2024). 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 $147.8 million was outstanding as of September 30, 2024. The loan bears interest at SOFR + 6.50% plus fees and originally had a term of 24 months with three one-year extension options. Our CEO and another member of our board of directors own minority equity interests in the borrower. In July 2023, we agreed to a 10-month 300 bps partial interest payment deferral, which in January 2024 was extended to December 2024. In June 2024, we deferred all remaining interest payments due under the loan until December 2024. We also amended the maturity of the loan by formally extending the initial maturity to December 2024 and providing for a one-year extension option subject to certain conditions. As of September 30, 2024, the deferred interest balance amounted to $11.2 million. In December 2012, the Company acquired 9,140,000 ordinary shares in SEREF, a debt fund that is externally managed by an affiliate of our Manager and is listed on the London Stock Exchange, for approximately $14.7 million, which equated to approximately 4% ownership of SEREF. During the three and nine months ended September 30, 2024, 1,761,690 and 2,767,038 shares were redeemed by SEREF, for proceeds of $2.4 million and $3.7 million, respectively, leaving 4,480,649 shares held as of September 30, 2024. As of September 30, 2024, our shares represent an approximate 2.3% interest in SEREF. Refer to Note 5 for additional details. We hold a 0.72% equity interest in a data center business in Ireland that had a carrying value of $7.7 million as of September 30, 2024. An investment fund and certain other entities affiliated with our Manager exercise a combined 50% voting interest in this entity. During the three months ended September 30, 2024, we contributed an additional $0.3 million. Refer to Note 8 for additional details. 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 three and nine months ended September 30, 2024, we made payments to the landlord under the terms of the lease of $1.6 million and $4.9 million, respectively, for rent, parking and our pro rata share of building operating expenses. During the three and nine months ended September 30, 2023, we made payments of $1.1 million and $4.0 million, respectively, for rent, parking and our pro rata share of building operating expenses. During the three and nine months ended September 30, 2024, we recognized $1.8 million and $5.3 million, respectively, of expenses with respect to this lease within general and administrative expenses in our condensed consolidated statements of operations. During the three and nine months ended September 30, 2023, we recognized $2.1 million and $5.4 million, respectively, of expenses with respect to this lease in our condensed consolidated statements of operations. Other Related-Party Arrangements Highmark Residential (“Highmark”), an affiliate of our Manager, provides property management services for properties within our Woodstar I and Woodstar II Portfolios. Fees paid to Highmark are calculated as a percentage of gross receipts and are at market terms. During the three months ended September 30, 2024 and 2023, property management fees to Highmark of $1.7 million and $1.5 million, respectively, were recognized within our Woodstar Portfolios. During the nine months ended September 30, 2024 and 2023, property management fees to Highmark were $4.8 million and $4.4 million, respectively. Refer to Note 17 to the consolidated financial statements included in our Form 10-K for further discussion of related-party agreements.

Stockholders' Equity and Non-Co

Stockholders' Equity and Non-Controlling Interests	9 Months Ended
Stockholders' Equity and Non-Controlling Interests	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity and Non-Controlling Interests	Stockholders’ Equity and Non-Controlling Interests We issued common stock in a public offering as follows during the three and nine months ended September 30, 2024: Shares issued Price Proceeds Issuance date (in thousands) per share (in thousands) September 2024 20,125 $ 19.50 $ 392,478 During the nine months ended September 30, 2024, our board of directors (the “Board”) declared the following dividends: Declaration Date Record Date Payment Date Amount Frequency 7/24/24 9/30/24 10/15/24 0.48 Quarterly 6/13/24 6/28/24 7/15/24 0.48 Quarterly 3/15/24 3/29/24 4/15/24 0.48 Quarterly On July 24, 2024, our Board also declared a dividend of $0.48 per share of common stock for the quarter ending December 31, 2024 to be payable on January 15, 2025 to stockholders of record as of December 31, 2024 (the “Early Fourth Quarter Dividend”). In order to match the recognition of the dividend declaration with the period to which it relates, on November 1, 2024, the Board took certain actions to reset the declaration date of the fourth quarter dividend to November 1, 2024. In doing so, the Board rescinded the Early Fourth Quarter Dividend and re-declared a dividend with the same terms on November 1, 2024. There was no change to the fourth quarter dividend amount or record date, resulting in no economic consequence to our stockholders. 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. There were no shares issued under the ATM Agreement during the three and nine months ended September 30, 2024 and 2023. Dividend Reinvestment and Direct Stock Purchase Plan During the three and nine months ended September 30, 2024 and 2023, shares issued under the Starwood Property Trust, Inc. Dividend Reinvestment and Direct Stock Purchase Plan (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 three and nine months ended September 30, 2024, 16,621 and 99,997 shares, respectively, of common stock were purchased by participants at weighted average discounted purchase prices of $16.36 and $16.85 per share, respectively. During the three and nine months ended September 30, 2023, 21,088 and 110,112 shares, respectively, of common stock were purchased by participants at weighted average discounted purchase prices of $16.51 and $15.17 per share, respectively. During the three and nine months ended September 30, 2024, the Company recognized $0.1 million and $0.4 million, respectively, of compensation expense related to its ESPP based on the estimated fair value of the discounted purchase options granted to the participants as of the beginning of the quarterly offering periods determined using the Black-Scholes option pricing model. During the three and nine months ended September 30, 2023, the Company recognized $0.1 million and $0.4 million, respectively, of compensation expense related to its ESPP. As of September 30, 2024, there were 1.7 million shares of common stock available for future issuance through the ESPP. 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”). The table below summarizes our share awards granted or vested under the 2017 and 2022 Manager Equity Plans during the nine months ended September 30, 2024 and 2023 (dollar amounts in thousands): Grant Date Type Amount Granted Grant Date Fair Value Vesting Period March 2024 RSU 1,300,000 $ 26,104 3 years November 2022 RSU 1,500,000 $ 31,605 3 years November 2020 RSU 1,800,000 $ 30,078 3 years Schedule of Non-Vested Shares and Share Equivalents (1) Equity Plan Manager Total Weighted Average Balance as of January 1, 2024 2,571,728 875,000 3,446,728 $ 21.08 Granted 1,833,660 1,300,000 3,133,660 20.23 Vested (1,675,495) (699,999) (2,375,494) 21.05 Forfeited (13,001) — (13,001) 21.52 Balance as of September 30, 2024 2,716,892 1,475,001 4,191,893 20.46 (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. As of September 30, 2024, there were 13.4 million shares of common stock available for future grants under the 2022 Manager Equity Plan and the 2022 Equity Plan. Non-Controlling Interests in Consolidated Subsidiaries As discussed in Note 2, on November 5, 2021 we sold a 20.6% non-controlling interest in the Woodstar Fund to third party investors for net cash proceeds of $214.2 million. Under the Woodstar Fund operating agreement, such interests are contingently redeemable by us, at the option of the interest holder, for cash at liquidation fair value if any assets remain upon termination of the Woodstar Fund. The Woodstar Fund operating agreement specifies an eight-year term with two one-year extension options, the first at our option and the second subject to consent of an advisory committee representing the non-controlling interest holders. Accordingly, these contingently redeemable non-controlling interests have been classified as “Temporary Equity” in our condensed consolidated balance sheets and represent the fair value of the Woodstar Fund’s net assets allocable to those interests. During the three and nine months ended September 30, 2024, net (loss) income attributable to these non-controlling interests was $(1.5) million and $1.0 million, respectively. During the three and nine months ended September 30, 2023, net income attributable to these non-controlling interests was $3.1 million and $51.1 million, respectively. 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 September 30, 2024, all of the 1.9 million contingent Class A Units were issued. The Class A Units are redeemable for consideration equal to the current share price of the Company’s common stock on a one-for-one basis, with the consideration paid in either cash or the Company’s common stock, at the determination of the Company. There were 9.7 million Class A Units outstanding as of September 30, 2024. The outstanding Class A Units are reflected as non-controlling interests in consolidated subsidiaries on our condensed consolidated balance sheets, the balance of which was $207.1 million as of both September 30, 2024 and December 31, 2023. To the extent SPT Dolphin has sufficient cash available, the Class A Units earn a preferred return indexed to the dividend rate of the Company’s common stock. Any distributions made pursuant to this waterfall are recognized within net income attributable to non-controlling interests in our condensed consolidated statements of operations. During the three and nine months ended September 30, 2024, we recognized net income attributable to non-controlling interests of $4.7 million and $14.0 million, respectively, associated with these Class A Units. During the three and nine months ended September 30, 2023, we recognized net income attributable to non-controlling interests of $4.7 million and $14.1 million, respectively. As discussed in Note 15, we hold a 51% controlling interest in the CMBS JV within our Investing and Servicing Segment. Because the CMBS JV is deemed a VIE for which we are the primary beneficiary, the 49% interest of our joint venture partner is reflected as a non-controlling interest in consolidated subsidiaries on our condensed consolidated balance sheets, and any net income attributable to this 49% joint venture interest is reflected within net income attributable to non-controlling interests in our condensed consolidated statements of operations. The non-controlling interests in the CMBS JV were $101.2 million and $129.2 million as of September 30, 2024 and December 31, 2023, respectively. During the three and nine months ended September 30, 2024, net loss attributable to these non-controlling interests was $10.8 million and $18.4 million, respectively. During the three and nine months ended September 30, 2023, net loss attributable to these non-controlling interests was $4.5 million and $1.6 million, respectively.

Earnings per Share

Earnings per Share	9 Months Ended
Earnings per Share	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table provides a reconciliation of net income and the number of shares of common stock used in the computation of basic EPS and diluted EPS (amounts in thousands, except per share amounts): For the Three Months Ended For the Nine Months Ended 2024 2023 2024 2023 Basic Earnings Income attributable to STWD common stockholders $ 76,068 $ 47,435 $ 308,290 $ 268,252 Less: Income attributable to participating shares not already deducted as non-controlling interests (1,747) (1,510) (5,583) (4,962) Basic earnings $ 74,321 $ 45,925 $ 302,707 $ 263,290 Diluted Earnings Income attributable to STWD common stockholders $ 76,068 $ 47,435 $ 308,290 $ 268,252 Less: Income attributable to participating shares not already deducted as non-controlling interests (1,747) (1,510) (5,583) (4,962) Diluted earnings $ 74,321 $ 45,925 $ 302,707 $ 263,290 Number of Shares: Basic — Average shares outstanding 319,690 310,268 315,021 309,471 Effect of dilutive securities — Unvested non-participating shares 89 298 281 267 Diluted — Average shares outstanding 319,779 310,566 315,302 309,738 Earnings Per Share Attributable to STWD Common Stockholders: Basic $ 0.23 $ 0.15 $ 0.96 $ 0.85 Diluted $ 0.23 $ 0.15 $ 0.96 $ 0.85 As of September 30, 2024 and 2023, participating shares of 13.3 million and 12.9 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 September 30, 2024 and 2023 included 9.7 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 17. Our current and prior convertible notes repaid in April 2023 were not dilutive for the three and nine months ended September 30, 2024 and 2023.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
Accumulated Other Comprehensive Income	Sep. 30, 2024
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 Three Months Ended September 30, 2024 Balance at July 1, 2024 $ 13,920 OCI before reclassifications 2,336 Amounts reclassified from AOCI — Net period OCI 2,336 Balance at September 30, 2024 $ 16,256 Three Months Ended September 30, 2023 Balance at July 1, 2023 $ 17,355 OCI before reclassifications (3,286) Amounts reclassified from AOCI 45 Net period OCI (3,241) Balance at September 30, 2023 $ 14,114 Nine Months Ended September 30, 2024 Balance at January 1, 2024 $ 15,352 OCI before reclassifications 904 Amounts reclassified from AOCI — Net period OCI 904 Balance at September 30, 2024 $ 16,256 Nine Months Ended September 30, 2023 Balance at January 1, 2023 $ 20,955 OCI before reclassifications (6,886) Amounts reclassified from AOCI 45 Net period OCI (6,841) Balance at September 30, 2023 $ 14,114

Fair Value

Fair Value	9 Months Ended
Fair Value	Sep. 30, 2024
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, 2023 was determined by reference to an external appraisal as of that date. For the properties, the third party appraisals applied the income capitalization approach with corroborative support from the sales comparison approach. The cost approach 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, we discounted the contractual cash flows at the interest rate at which such arrangements would bear if executed in the current market. The fair value of investment level working capital is assumed to approximate carrying value due to its primarily short-term monetary nature. The fair value of interest rate derivatives is determined using the methodology described in the Derivatives discussion below. Internal valuations at interim quarter ends, including September 30, 2024, are prepared by management. The valuation of properties is based on a direct income capitalization approach, whereby a direct capitalization market rate is applied to annualized in-place net operating income at the portfolio level. The direct capitalization rate is initially calibrated to the implied rate from the latest appraisal and adjusted for subsequent changes in current market capitalization rates for sales of comparable multifamily properties. The valuations of secured financing agreements, working capital and interest rate derivatives are consistent with the methodologies described in the paragraph above. Given the significance of the unobservable inputs used in the respective valuations, the Woodstar Fund’s investments have been classified within Level III of the fair value hierarchy. Domestic servicing rights The fair value of this intangible is determined using discounted cash flow modeling techniques which require management to make estimates regarding future net servicing cash flows, including forecasted loan defeasance, control migration, delinquency and anticipated maturity defaults which are calculated assuming a debt yield at which default occurs. Since the most significant of these inputs are unobservable, we have determined that the fair values of this intangible in its entirety should be classified in Level III of the fair value hierarchy. Derivatives The valuation of derivative contracts are determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market based inputs, including interest rate curves, spot and market forward points and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. We incorporate credit valuation adjustments to appropriately reflect both our own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of non-performance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. The valuation of over the counter derivatives are determined using discounted cash flows based on Overnight Index Swap (“OIS”) rates. Fully collateralized trades are discounted using OIS with no additional economic adjustments to arrive at fair value. Uncollateralized or partially collateralized trades are also discounted at OIS, but include appropriate economic adjustments for funding costs (i.e., a LIBOR 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 September 30, 2024 and December 31, 2023, 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 on a Nonrecurring Basis We determine the fair value of our financial assets and liabilities measured at fair value on a nonrecurring basis as follows: Investments in unconsolidated entities, other equity investments Our other equity investments set forth in Note 8 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 identical or similar investments of the same issuer. As such price changes represent observable market data, the fair value of the specific investments affected would be classified in Level II of the fair value hierarchy as of the date of the observable price change. 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 September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 Total Level I Level II Level III Financial Assets: Loans under fair value option $ 2,773,379 $ — $ — $ 2,773,379 RMBS 97,486 — — 97,486 CMBS 26,777 — — 26,777 Equity security 5,607 5,607 — — Woodstar Fund investments 1,984,822 — — 1,984,822 Domestic servicing rights 20,166 — — 20,166 Derivative assets 74,639 — 74,639 — VIE assets 39,950,395 — — 39,950,395 Total $ 44,933,271 $ 5,607 $ 74,639 $ 44,853,025 Financial Liabilities: Derivative liabilities $ 118,161 $ — $ 118,161 $ — VIE liabilities 38,334,618 — 33,470,099 4,864,519 Total $ 38,452,779 $ — $ 33,588,260 $ 4,864,519 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 The changes in financial assets and liabilities classified as Level III are as follows for the three and nine months ended September 30, 2024 and 2023 (amounts in thousands): Three Months Ended September 30, 2024 Loans at RMBS CMBS Woodstar Domestic VIE Assets VIE Total July 1, 2024 balance $ 2,588,657 $ 98,438 $ 19,992 $ 2,004,983 $ 20,507 $ 39,665,392 $ (5,042,474) $ 39,355,495 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale 114,871 — (1,083) (20,161) (341) (1,455,907) 62,194 (1,300,427) Net accretion — 1,076 — — — — — 1,076 Included in OCI — 2,336 — — — — — 2,336 Purchases / Originations 600,966 — — — — — — 600,966 Sales (471,812) — — — — — — (471,812) Issuances — — — — — — (7,144) (7,144) Cash repayments / receipts (57,951) (4,364) (40) — — — (4,661) (67,016) Transfers into Level III — — 7,908 — — — (256,091) (248,183) Transfers out of Level III (1,352) — — — — — 335,598 334,246 Consolidation of VIEs — — — — — 1,920,430 — 1,920,430 Deconsolidation of VIEs — — — — — (179,520) 48,059 (131,461) September 30, 2024 balance $ 2,773,379 $ 97,486 $ 26,777 $ 1,984,822 $ 20,166 $ 39,950,395 $ (4,864,519) $ 39,988,506 Amount of unrealized gains (losses) attributable to assets still held at September 30, 2024: Included in earnings $ 92,282 $ 1,076 $ 125 $ (20,161) $ (341) $ (1,455,907) $ 62,194 $ (1,320,732) Included in OCI $ — $ 2,336 $ — $ — $ — $ — $ — $ 2,336 Three Months Ended September 30, 2023 Loans at RMBS CMBS Woodstar Fund Investments Domestic VIE Assets VIE Total July 1, 2023 balance $ 2,673,220 $ 107,216 $ 18,603 $ 1,976,985 $ 18,256 $ 46,864,870 $ (5,891,459) $ 45,767,691 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale (66,806) — 241 2,199 (68) (2,195,966) 157,469 (2,102,931) Net accretion — 1,170 — — — — — 1,170 Included in OCI — (3,241) — — — — — (3,241) Purchases / Originations 113,237 — — — — — — 113,237 Sales (63,857) (601) — — — — — (64,458) Cash repayments / receipts (53,265) (2,468) (104) — — — (645) (56,482) Transfers into Level III 20 — — — — — (488,071) (488,051) Transfers out of Level III (284) — — — — — 854,302 854,018 September 30, 2023 balance $ 2,602,265 $ 102,076 $ 18,740 $ 1,979,184 $ 18,188 $ 44,668,904 $ (5,368,404) $ 44,020,953 Amount of unrealized gains (losses) attributable to assets still held at September 30, 2023: Included in earnings $ (73,230) $ 1,170 $ 241 $ 2,199 $ (68) $ (2,195,966) $ 157,469 $ (2,108,185) Included in OCI $ — $ (3,286) $ — $ — $ — $ — $ — $ (3,286) Nine Months Ended September 30, 2024 Loans at RMBS CMBS Woodstar Fund Investments Domestic VIE Assets VIE Total January 1, 2024 balance $ 2,645,637 $ 102,368 $ 18,600 $ 2,012,833 $ 19,384 $ 43,786,356 $ (5,604,796) $ 42,980,382 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale 150,279 — (172) (28,011) 782 (4,864,896) 297,447 (4,444,571) Net accretion — 3,397 — — — — — 3,397 Included in OCI — 904 — — — — — 904 Purchases / Originations 1,206,016 — — — — — — 1,206,016 Sales (830,221) — — — — — — (830,221) Issuances — — — — — — (12,923) (12,923) Cash repayments / receipts (165,610) (9,183) (143) — — — (9,088) (184,024) Transfers into Level III — — 7,908 — — — (948,401) (940,493) Transfers out of Level III (232,722) — — — — — 1,340,427 1,107,705 Consolidation of VIEs — — — — — 1,920,430 — 1,920,430 Deconsolidation of VIEs — — 584 — — (891,495) 72,815 (818,096) September 30, 2024 balance $ 2,773,379 $ 97,486 $ 26,777 $ 1,984,822 $ 20,166 $ 39,950,395 $ (4,864,519) $ 39,988,506 Amount of unrealized gains (losses) attributable to assets still held at September 30, 2024: Included in earnings $ 93,384 $ 3,397 $ 172 $ (28,011) $ 782 $ (4,864,896) $ 297,447 $ (4,497,725) Included in OCI $ — $ 904 $ — $ — $ — $ — $ — $ 904 Nine Months Ended September 30, 2023 Loans at RMBS CMBS Woodstar Fund Investments Domestic VIE Assets VIE Total January 1, 2023 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 (111,247) — 317 218,182 398 (7,784,137) 462,074 (7,214,413) Net accretion — 3,583 — — — — — 3,583 Included in OCI — (6,841) — — — — — (6,841) Purchases / Originations 362,688 — — — — — — 362,688 Sales (235,174) (601) — — — — — (235,775) Cash repayments / receipts (137,916) (7,451) (685) — — — (12,295) (158,347) Transfers into Level III 26 — — — — — (1,687,002) (1,686,976) Transfers out of Level III (60,706) — — — — — 1,374,762 1,314,056 September 30, 2023 balance $ 2,602,265 $ 102,076 $ 18,740 $ 1,979,184 $ 18,188 $ 44,668,904 $ (5,368,404) $ 44,020,953 Amount of unrealized gains (losses) attributable to assets still held at September 30, 2023: Included in earnings $ (133,679) $ 3,552 $ 317 $ 218,182 $ 398 $ (7,784,137) $ 462,074 $ (7,233,293) Included in OCI $ — $ (6,875) $ — $ — $ — $ — $ — $ (6,875) 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): September 30, 2024 December 31, 2023 Carrying Fair Carrying Fair Financial assets not carried at fair value: Loans $ 16,128,765 $ 16,236,852 $ 17,574,249 $ 17,483,058 HTM debt securities 585,932 561,474 606,254 581,160 Financial liabilities not carried at fair value: Secured financing agreements, CLOs and SASB (a) $ 15,156,867 $ 15,197,565 $ 17,552,979 $ 17,466,172 Unsecured senior notes 2,757,146 2,791,332 2,158,888 2,128,835 __________________________________________________ (a) As of December 31, 2023, includes debt related to properties held-for-sale. 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 September 30, 2024 Valuation Unobservable Range (Weighted Average) as of (1) September 30, 2024 December 31, 2023 Loans under fair value option $ 2,773,379 Discounted cash flow, market pricing Coupon (d) 2.8% - 10.5% (4.7%) 2.8% - 9.9% (4.5%) Remaining contractual term (d) 3.5 - 37.8 years (25.3 years) 4.3 - 38.5 years (27.4 years) FICO score (a) 585 - 829 (750) 585 - 900 (749) LTV (b) 4% - 93% (64%) 5% - 140% (68%) Purchase price (d) 80.0% - 106.8% (101.2%) 80.0% - 108.6% (101.4%) RMBS 97,486 Discounted cash flow Constant prepayment rate (a) 2.2% - 9.2% (4.6%) 2.9% - 9.6% (5.2%) Constant default rate (b) 0.9% - 4.2% (1.6%) 1.0% - 4.2% (1.7%) Loss severity (b) 0% - 63% (13%) (f) 0% - 99% (17%) (f) Delinquency rate (c) 9% - 26% (14%) 8% - 25% (14%) Servicer advances (a) 22% - 79% (50%) 30% - 78% (51%) Annual coupon deterioration (b) 0% - 0.26% (0.04%) 0% - 1.30% (0.10%) Putback amount per projected total collateral loss (e) 0% - 1.25% (0.03%) 0% - 7.70% (0.50%) CMBS 26,777 Discounted cash flow Yield (b) 0% - 54.6% (13.0%) 0% - 540.1% (10.6%) Duration (c) 0 - 7.3 years (2.3 years) 0 - 6.7 years (2.4 years) Woodstar Fund investments 1,984,822 Discounted cash flow Discount rate - properties (b) N/A 6.3% - 7.0% (6.7%) Discount rate - debt (a) 3.0% - 6.0% (4.9%) 3.0% - 6.9% (5.4%) Terminal capitalization rate (b) N/A 4.8% - 5.5% (5.2%) Direct capitalization rate (b) 4.60% (4.60%) 4.25% (4.25%) (Implied) Domestic servicing rights 20,166 Discounted cash flow Debt yield (a) 8.50% (8.50%) 8.50% (8.50%) Discount rate (b) 15% (15%) 15% (15%) VIE assets 39,950,395 Discounted cash flow Yield (b) 0% - 649.1% (20.1%) 0% - 691.0% (15.9%) Duration (c) 0 - 9.2 years (2.0 years) 0 - 10.0 years (1.8 years) VIE liabilities 4,864,519 Discounted cash flow Yield (b) 0% - 649.1% (12.3%) 0% - 691.0% (11.4%) Duration (c) 0 - 9.2 years (1.7 years) 0 - 10.0 years (1.7 years) ______________________________________________________________________________________________________________________ (1) Unobservable inputs were weighted by the relative carrying value of the instruments as of September 30, 2024 and December 31, 2023. 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) 3% and 5% of the portfolio falls within a range of 45% - 80% as of September 30, 2024 and December 31, 2023, respectively.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023, approximately $3.2 billion and $3.1 billion, respectively, of assets were owned by TRS entities. Our TRSs are not consolidated for U.S. federal income tax purposes, but are instead taxed as corporations. For financial reporting purposes, a provision for current and deferred taxes is established for the portion of earnings recognized by us with respect to our interest in TRSs. The following table is a reconciliation of our U.S. federal income tax provision determined using our statutory federal tax rate to our reported income tax provision (benefit) for the three and nine months ended September 30, 2024 and 2023 (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Federal statutory tax rate $ 17,350 21.0 % $ 8,395 21.0 % $ 70,830 21.0 % $ 66,049 21.0 % REIT and other non-taxable income (9,069) (11.0) % (17,486) (43.7) % (49,091) (14.5) % (81,262) (25.8) % State income taxes 2,721 3.3 % (2,987) (7.5) % 7,143 2.1 % (4,999) (1.6) % Federal benefit of state tax deduction (571) (0.7) % 628 1.6 % (1,500) (0.4) % 1,050 0.3 % Other 18 — % 51 0.1 % 151 — % 165 0.1 % Effective tax rate $ 10,449 12.6 % $ (11,399) (28.5) % $ 27,533 8.2 % $ (18,997) (6.0) %

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of September 30, 2024, our Commercial and Residential Lending Segment had future commercial loan funding commitments totaling $1.3 billion, of which we expect to fund $1.1 billion. These future funding commitments primarily relate to construction projects, capital improvements, tenant improvements and leasing commissions. In connection with the prior sale of a $433.1 million first mortgage loan on an office and retail center in Los Angeles, for which we retained the mezzanine loan ($82.3 million amortized cost), we entered into various guarantees, including a funding guaranty, a carry guaranty and a guaranty related to tenant improvement and leasing commission deficiencies. As of June 30, 2024, these guarantees provided for the payment of approximately $79.8 million by us to the senior lender in the event that the first mortgage loan is foreclosed. During the three months ended September 30, 2024, this amount increased by $6.2 million because of payments made by the borrower pursuant to these guarantees. In conjunction with an extension of the loan for up to three years, we are finalizing a modification with the borrower and senior lender to effectively monetize these guarantees as future funding commitments over the extension period. Any payments pursuant to these guarantees would be recovered via ultimate liquidation of the property and would precede any recovery by the borrower. The senior lender obtained an appraisal during the three months ended March 31, 2024 indicating full recovery in excess of the outstanding debt plus the guarantees. Given the probability that all payments pursuant to these guarantees will be made, we included $86.0 million of potential future payments in our general CECL allowance determination. As of September 30, 2024, this loan, including the guarantees, had an associated general CECL allowance of $31.2 million. As of September 30, 2024, our Infrastructure Lending Segment had future infrastructure loan funding commitments totaling $165.2 million, including $37.7 million under revolvers and letters of credit (“LCs”) and $127.5 million under delayed draw term loans. As of September 30, 2024, $2.9 million of revolvers and LCs were outstanding. Additionally, as of September 30, 2024, our Infrastructure Lending Segment had outstanding loan purchase commitments of $351.3 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.

Segment Data

Segment Data	9 Months Ended
Segment Data	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Data	Segment Data In its operation of the business, management, including our chief operating decision maker, who is our Chief Executive Officer, reviews certain financial information, including segmented internal profit and loss statements prepared on a basis prior to the impact of consolidating securitization VIEs under ASC 810. The segment information within this Note is reported on that basis. The table below presents our results of operations for the three months ended September 30, 2024 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 349,589 $ 63,910 $ — $ 5,258 $ — $ 418,757 $ — $ 418,757 Interest income from investment securities 29,392 123 — 24,882 — 54,397 (37,170) 17,227 Servicing fees 109 — — 15,448 — 15,557 (3,730) 11,827 Rental income 4,267 — 16,352 5,360 — 25,979 — 25,979 Other revenues 2,149 1,410 212 1,338 641 5,750 — 5,750 Total revenues 385,506 65,443 16,564 52,286 641 520,440 (40,900) 479,540 Costs and expenses: Management fees 185 — — — 27,254 27,439 — 27,439 Interest expense 209,464 38,381 10,375 10,160 69,687 338,067 (208) 337,859 General and administrative 14,430 4,440 1,236 24,249 3,699 48,054 — 48,054 Costs of rental operations 3,140 — 6,057 2,936 — 12,133 — 12,133 Depreciation and amortization 2,264 14 5,914 1,745 251 10,188 — 10,188 Credit loss provision, net 65,021 1,406 — — — 66,427 — 66,427 Other expense 15 175 — 285 — 475 — 475 Total costs and expenses 294,519 44,416 23,582 39,375 100,891 502,783 (208) 502,575 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 16,570 16,570 Change in fair value of servicing rights — — — 975 — 975 (1,316) (341) Change in fair value of investment securities, net 2,913 — — (29,277) — (26,364) 25,586 (778) Change in fair value of mortgage loans, net 95,747 — — 19,124 — 114,871 — 114,871 Loss from affordable housing fund investments — — (5,590) — — (5,590) — (5,590) Earnings (loss) from unconsolidated entities 1,277 (963) — 183 — 497 (148) 349 Gain on sale of investments and other assets, net — — — 8,316 — 8,316 — 8,316 (Loss) gain on derivative financial instruments, net (108,436) (104) (546) (3,592) 28,737 (83,941) — (83,941) Foreign currency gain (loss), net 58,930 546 (55) — — 59,421 — 59,421 Loss on extinguishment of debt (142) — — (100) — (242) — (242) Other (loss) income, net (2,146) — (879) 44 — (2,981) — (2,981) Total other income (loss) 48,143 (521) (7,070) (4,327) 28,737 64,962 40,692 105,654 Income (loss) before income taxes 139,130 20,506 (14,088) 8,584 (71,513) 82,619 — 82,619 Income tax (provision) benefit (7,422) 156 — (3,183) — (10,449) — (10,449) Net income (loss) 131,708 20,662 (14,088) 5,401 (71,513) 72,170 — 72,170 Net (income) loss attributable to non-controlling interests (3) — (3,148) 7,049 — 3,898 — 3,898 Net income (loss) attributable to Starwood Property Trust, Inc . $ 131,705 $ 20,662 $ (17,236) $ 12,450 $ (71,513) $ 76,068 $ — $ 76,068 The table below presents our results of operations for the three months ended September 30, 2023 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 397,045 $ 58,628 $ — $ 1,626 $ — $ 457,299 $ — $ 457,299 Interest income from investment securities 36,178 155 — 25,133 — 61,466 (41,333) 20,133 Servicing fees 147 — — 11,228 — 11,375 (2,745) 8,630 Rental income 2,470 — 23,567 7,054 — 33,091 — 33,091 Other revenues 822 469 193 407 503 2,394 — 2,394 Total revenues 436,662 59,252 23,760 45,448 503 565,625 (44,078) 521,547 Costs and expenses: Management fees 199 — — — 26,944 27,143 — 27,143 Interest expense 247,727 34,887 14,161 8,448 63,346 368,569 (212) 368,357 General and administrative 15,659 3,822 1,021 21,365 4,824 46,691 — 46,691 Costs of rental operations 2,475 — 6,039 3,263 — 11,777 — 11,777 Depreciation and amortization 1,912 27 7,930 2,402 — 12,271 — 12,271 Credit loss provision, net 51,487 1,147 — — — 52,634 — 52,634 Other expense 723 4 — — — 727 — 727 Total costs and expenses 320,182 39,887 29,151 35,478 95,114 519,812 (212) 519,600 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 43,763 43,763 Change in fair value of servicing rights — — — (983) — (983) 915 (68) Change in fair value of investment securities, net 21,456 — — (20,753) — 703 (420) 283 Change in fair value of mortgage loans, net (68,450) — — 1,644 — (66,806) — (66,806) Income from affordable housing fund investments — — 16,908 — — 16,908 — 16,908 Earnings (loss) from unconsolidated entities 1,142 (2,459) — 400 — (917) (392) (1,309) (Loss) gain on sale of investments and other assets, net (52) — — 10,668 — 10,616 — 10,616 Gain (loss) on derivative financial instruments, net 99,735 98 557 4,116 (9,623) 94,883 — 94,883 Foreign currency (loss) gain, net (56,309) (382) 45 — — (56,646) — (56,646) Loss on extinguishment of debt (757) — — (315) — (1,072) — (1,072) Other (loss) income, net (2,527) (6) — 12 — (2,521) — (2,521) Total other income (loss) (5,762) (2,749) 17,510 (5,211) (9,623) (5,835) 43,866 38,031 Income (loss) before income taxes 110,718 16,616 12,119 4,759 (104,234) 39,978 — 39,978 Income tax benefit 9,823 243 — 1,333 — 11,399 — 11,399 Net income (loss) 120,541 16,859 12,119 6,092 (104,234) 51,377 — 51,377 Net income attributable to non-controlling interests (3) — (7,812) 3,873 — (3,942) — (3,942) Net income (loss) attributable to Starwood Property Trust, Inc . $ 120,538 $ 16,859 $ 4,307 $ 9,965 $ (104,234) $ 47,435 $ — $ 47,435 The table below presents our results of operations for the nine months ended September 30, 2024 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 1,102,810 $ 194,526 $ — $ 12,345 $ — $ 1,309,681 $ — $ 1,309,681 Interest income from investment securities 90,170 391 — 70,663 — 161,224 (108,791) 52,433 Servicing fees 361 — — 48,512 — 48,873 (11,324) 37,549 Rental income 11,819 — 52,863 15,603 — 80,285 — 80,285 Other revenues 4,455 2,690 574 2,836 1,951 12,506 — 12,506 Total revenues 1,209,615 197,607 53,437 149,959 1,951 1,612,569 (120,115) 1,492,454 Costs and expenses: Management fees 569 — — — 103,401 103,970 — 103,970 Interest expense 662,124 115,229 35,325 26,952 199,200 1,038,830 (626) 1,038,204 General and administrative 49,003 14,625 3,701 71,407 11,063 149,799 — 149,799 Costs of rental operations 8,577 — 17,309 8,661 — 34,547 — 34,547 Depreciation and amortization 6,349 43 17,695 5,289 754 30,130 — 30,130 Credit loss provision, net 142,993 1,982 — — — 144,975 — 144,975 Other expense 771 175 35 453 — 1,434 — 1,434 Total costs and expenses 870,386 132,054 74,065 112,762 314,418 1,503,685 (626) 1,503,059 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 43,836 43,836 Change in fair value of servicing rights — — — (1,521) — (1,521) 2,303 782 Change in fair value of investment securities, net (4,352) — — (69,445) — (73,797) 74,301 504 Change in fair value of mortgage loans, net 102,781 — — 47,498 — 150,279 — 150,279 Income from affordable housing fund investments — — 10,304 — — 10,304 — 10,304 Earnings (loss) from unconsolidated entities 10,293 (694) — 1,046 — 10,645 (951) 9,694 (Loss) gain on sale of investments and other assets, net (41) — 92,003 8,316 — 100,278 — 100,278 Gain on derivative financial instruments, net 11,636 59 1,442 129 5,718 18,984 — 18,984 Foreign currency gain (loss), net 23,970 479 (13) — — 24,436 — 24,436 Gain (loss) on extinguishment of debt 173 (620) (2,254) (100) — (2,801) — (2,801) Other (loss) income, net (7,337) 40 (1,156) 50 — (8,403) — (8,403) Total other income (loss) 137,123 (736) 100,326 (14,027) 5,718 228,404 119,489 347,893 Income (loss) before income taxes 476,352 64,817 79,698 23,170 (306,749) 337,288 — 337,288 Income tax (provision) benefit (18,930) 414 — (9,017) — (27,533) — (27,533) Net income (loss) 457,422 65,231 79,698 14,153 (306,749) 309,755 — 309,755 Net (income) loss attributable to non-controlling interests (10) — (15,010) 13,555 — (1,465) — (1,465) Net income (loss) attributable to Starwood Property Trust, Inc . $ 457,412 $ 65,231 $ 64,688 $ 27,708 $ (306,749) $ 308,290 $ — $ 308,290 The table below presents our results of operations for the nine months ended September 30, 2023 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 1,166,758 $ 172,969 $ — $ 4,329 $ — $ 1,344,056 $ — $ 1,344,056 Interest income from investment securities 102,462 1,658 — 69,521 — 173,641 (115,952) 57,689 Servicing fees 441 — — 30,472 — 30,913 (8,685) 22,228 Rental income 6,410 — 70,587 20,690 — 97,687 — 97,687 Other revenues 2,007 995 494 1,302 1,172 5,970 — 5,970 Total revenues 1,278,078 175,622 71,081 126,314 1,172 1,652,267 (124,637) 1,527,630 Costs and expenses: Management fees 629 — — — 97,032 97,661 — 97,661 Interest expense 724,452 103,188 40,229 24,752 175,002 1,067,623 (633) 1,066,990 General and administrative 42,117 11,520 2,966 62,052 13,300 131,955 — 131,955 Costs of rental operations 7,505 — 17,034 10,371 — 34,910 — 34,910 Depreciation and amortization 5,262 84 24,061 7,603 — 37,010 — 37,010 Credit loss provision, net 200,439 17,314 — — — 217,753 — 217,753 Other expense 2,116 17 23 (41) — 2,115 — 2,115 Total costs and expenses 982,520 132,123 84,313 104,737 285,334 1,589,027 (633) 1,588,394 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 139,024 139,024 Change in fair value of servicing rights — — — (2,684) — (2,684) 3,082 398 Change in fair value of investment securities, net 62,766 — — (46,213) — 16,553 (16,200) 353 Change in fair value of mortgage loans, net (125,390) — — 14,143 — (111,247) — (111,247) Income from affordable housing fund investments — — 253,696 — — 253,696 — 253,696 Earnings (loss) from unconsolidated entities 3,563 1,324 — 8,393 — 13,280 (1,902) 11,378 (Loss) gain on sale of investments and other assets, net (140) — — 15,626 — 15,486 — 15,486 Gain (loss) on derivative financial instruments, net 132,686 244 4,448 4,469 (23,416) 118,431 — 118,431 Foreign currency (loss) gain, net (18,118) (225) 50 — — (18,293) — (18,293) Loss on extinguishment of debt (1,822) — — (434) — (2,256) — (2,256) Other (loss) income, net (31,693) — (5) 12 — (31,686) — (31,686) Total other income (loss) 21,852 1,343 258,189 (6,688) (23,416) 251,280 124,004 375,284 Income (loss) before income taxes 317,410 44,842 244,957 14,889 (307,578) 314,520 — 314,520 Income tax benefit 15,981 581 — 2,435 — 18,997 — 18,997 Net income (loss) 333,391 45,423 244,957 17,324 (307,578) 333,517 — 333,517 Net income attributable to non-controlling interests (10) — (65,149) (106) — (65,265) — (65,265) Net income (loss) attributable to Starwood Property Trust, Inc . $ 333,381 $ 45,423 $ 179,808 $ 17,218 $ (307,578) $ 268,252 $ — $ 268,252 The table below presents our consolidated balance sheet as of September 30, 2024 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Assets: Cash and cash equivalents $ 11,235 $ 174,581 $ 35,527 $ 13,692 $ 122,818 $ 357,853 $ — $ 357,853 Restricted cash 93,839 19,825 1,057 4,627 32,935 152,283 — 152,283 Loans held-for-investment, net 13,713,603 2,415,162 — — — 16,128,765 — 16,128,765 Loans held-for-sale 2,540,411 — — 232,968 — 2,773,379 — 2,773,379 Investment securities 1,094,588 17,275 — 1,189,930 — 2,301,793 (1,585,991) 715,802 Properties, net 476,951 — 659,351 58,288 — 1,194,590 — 1,194,590 Investments of consolidated affordable housing fund — — 1,984,822 — — 1,984,822 — 1,984,822 Investments in unconsolidated entities 26,407 51,997 — 27,270 — 105,674 (14,665) 91,009 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Intangible assets 11,373 — 22,770 61,577 — 95,720 (35,561) 60,159 Derivative assets 67,220 — 544 1,799 5,076 74,639 — 74,639 Accrued interest receivable 179,174 16,572 224 964 212 197,146 — 197,146 Other assets 150,882 7,247 52,816 8,646 73,571 293,162 — 293,162 VIE assets, at fair value — — — — — — 39,950,395 39,950,395 Total Assets $ 18,365,683 $ 2,822,068 $ 2,757,111 $ 1,740,198 $ 234,612 $ 25,919,672 $ 38,314,178 $ 64,233,850 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 184,956 $ 63,422 $ 12,584 $ 44,583 $ 89,689 $ 395,234 $ — $ 395,234 Related-party payable — — — — 25,542 25,542 — 25,542 Dividends payable — — — — 163,669 163,669 — 163,669 Derivative liabilities 90,530 — — 69 27,562 118,161 — 118,161 Secured financing agreements, net 8,628,342 796,183 479,138 639,323 1,332,072 11,875,058 (20,440) 11,854,618 Collateralized loan obligations and single asset securitization, net 2,163,968 1,138,281 — — — 3,302,249 — 3,302,249 Unsecured senior notes, net — — — — 2,757,146 2,757,146 — 2,757,146 VIE liabilities, at fair value — — — — — — 38,334,618 38,334,618 Total Liabilities 11,067,796 1,997,886 491,722 683,975 4,395,680 18,637,059 38,314,178 56,951,237 Temporary Equity: Redeemable non-controlling interests — — 410,799 — — 410,799 — 410,799 Permanent Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 3,447 3,447 — 3,447 Additional paid-in capital 1,309,195 586,273 (391,883) (652,611) 5,460,889 6,311,863 — 6,311,863 Treasury stock — — — — (138,022) (138,022) — (138,022) Retained earnings (accumulated deficit) 5,972,318 237,909 2,039,228 1,584,106 (9,487,382) 346,179 — 346,179 Accumulated other comprehensive income 16,256 — — — — 16,256 — 16,256 Total Starwood Property Trust, Inc. Stockholders’ Equity 7,297,769 824,182 1,647,345 931,495 (4,161,068) 6,539,723 — 6,539,723 Non-controlling interests in consolidated subsidiaries 118 — 207,245 124,728 — 332,091 — 332,091 Total Permanent Equity 7,297,887 824,182 1,854,590 1,056,223 (4,161,068) 6,871,814 — 6,871,814 Total Liabilities and Equity $ 18,365,683 $ 2,822,068 $ 2,757,111 $ 1,740,198 $ 234,612 $ 25,919,672 $ 38,314,178 $ 64,233,850 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

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Our significant events subsequent to September 30, 2024 were as follows: Collateralized Loan Obligations On October 11, 2024, we refinanced a $600.0 million pool of our infrastructure loans held-for-investment through a CLO, STWD 2024-SIF4, with $496.2 million of third party financing at a weighted average coupon of SOFR + 1.93%. The CLO contains a reinvestment feature that, subject to certain eligibility criteria, allows us to contribute new loans or participation interests in loans to the CLO for a period of three years. In connection therewith, we redeemed at par the third party financing for our STWD 2021-SIF1 CLO for $402.8 million and contributed certain loans previously held in that CLO to STWD 2024-SIF4. Unsecured Senior Notes On October 10, 2024, we issued $400.0 million of 6.00% Senior Notes due 2030 which mature on April 15, 2030. At closing, we swapped the notes to a floating rate of SOFR + 2.70%. On October 21, 2024, we provided 30 days’ notice to early redeem $250.0 million of our Senior Notes due March 2025. Fourth Quarter Dividend

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 76,068	$ 47,435	$ 308,290	$ 268,252

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
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)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Balance Sheet Presentation of Securitization Variable Interest Entities	Balance Sheet Presentation of Securitization Variable Interest Entities We operate investment businesses that acquire unrated, investment grade and non-investment grade rated CMBS and RMBS. These securities represent interests in securitization structures (commonly referred to as special purpose entities, or “SPEs”). These SPEs are structured as pass through entities that receive principal and interest on the underlying collateral and distribute those payments to the certificate holders. Under accounting principles generally accepted in the United States of America (“GAAP”), SPEs typically qualify as VIEs. These are entities that, by design, either (1) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. Because we often serve as the special servicer or servicing administrator of the trusts in which we invest, or we have the ability to remove and replace the special servicer without cause, consolidation of these structures is required pursuant to GAAP as outlined in detail below. This results in a consolidated balance sheet which presents the gross assets and liabilities of the VIEs. The assets and other instruments held by these VIEs are restricted and can only be used to fulfill the obligations of the entity. Additionally, the obligations of the VIEs do not have any recourse to the general credit of any other consolidated entities, nor to us as the consolidator of these VIEs. The VIE liabilities initially represent investment securities on our balance sheet (pre-consolidation). Upon consolidation of these VIEs, our associated investment securities are eliminated, as is the interest income related to those securities. Similarly, the fees we earn in our roles as special servicer of the bonds issued by the consolidated VIEs or as collateral administrator of the consolidated VIEs are also eliminated. Finally, a portion of the identified servicing intangible associated with the eliminated fee streams is eliminated in consolidation.
Basis of Accounting and Principles of Consolidation	Basis of Accounting and Principles of Consolidation The accompanying condensed consolidated financial statements include our accounts and those of our consolidated subsidiaries and VIEs. Intercompany amounts have been eliminated in consolidation. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (our “Form 10-K”), as filed with the Securities and Exchange Commission (“SEC”). The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the operating results for the full year. Refer to our Form 10-K for a description of our recurring accounting policies. We have included disclosure in this Note 2 regarding principles of consolidation and other accounting policies that (i) are required to be disclosed quarterly, (ii) we view as critical, (iii) became significant since December 31, 2023 due to a corporate action or increase in the significance of the underlying business activity or (iv) changed upon adoption of an Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”).
Variable Interest Entities	Variable Interest Entities In addition to the securitization VIEs, we have financed pools of our loans through collateralized loan obligations (“CLOs”) and a single asset securitization (“SASB”), which are considered VIEs. We also hold interests in certain other entities which are considered VIEs as the limited partners of those entities with equity at risk do not collectively possess (i) the right to remove the general partner or dissolve the partnership without cause or (ii) the right to participate in significant decisions made by the partnership. We evaluate all of our interests in VIEs for consolidation. When our interests are determined to be variable interests, we assess whether we are deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. Accounting Standards Codification (“ASC”) 810, Consolidation , defines the primary beneficiary as the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the VIE which could be potentially significant. We consider our variable interests as well as any variable interests of our related parties in making this determination. Where both of these factors are present, we are deemed to be the primary beneficiary and we consolidate the VIE. Where either one of these factors is not present, we are not the primary beneficiary and do not consolidate the VIE. To assess whether we have the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, we consider all facts and circumstances, including our role in establishing the VIE and our ongoing rights and responsibilities. This assessment includes: (i) identifying the activities that most significantly impact the VIE’s economic performance; and (ii) identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE or have the right to unilaterally remove those decision makers are deemed to have the power to direct the activities of a VIE. The right to remove the decision maker in a VIE must be exercisable without cause for the decision maker to not be deemed the party that has the power to direct the activities of a VIE. To assess whether we have the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, we consider all of our economic interests, including debt and equity investments, servicing fees and other arrangements deemed to be variable interests in the VIE. This assessment requires that we apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by us. Our purchased investment securities include unrated and non-investment grade rated securities issued by securitization trusts. In certain cases, we may contract to provide special servicing activities for these trusts, or, as holder of the controlling class, we may have the right to name and remove the special servicer for these trusts. In our role as special servicer, we provide services on defaulted loans within the trusts, such as foreclosure or work-out procedures, as permitted by the underlying contractual agreements. In exchange for these services, we receive a fee. These rights give us the ability to direct activities that could significantly impact the trust’s economic performance. However, in those instances where an unrelated third party has the right to unilaterally remove us as special servicer without cause, we do not have the power to direct activities that most significantly impact the trust’s economic performance. We evaluated all of our positions in such investments for consolidation. For securitization VIEs in which we are determined to be the primary beneficiary, all of the underlying assets, liabilities and equity of the structures are recorded on our books, and the initial investment, along with any associated unrealized holding gains and losses, are eliminated in consolidation. Similarly, the interest income earned from these structures, as well as the fees paid by these trusts to us in our capacity as special servicer, are eliminated in consolidation. Further, a portion of the identified servicing intangible asset associated with the servicing fee streams, and the corresponding amortization or change in fair value of the servicing intangible asset, are also eliminated in consolidation. We perform ongoing reassessments of: (i) whether any entities previously evaluated under the majority voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework, and (ii) whether changes in the facts and circumstances regarding our involvement with a VIE causes our consolidation conclusion regarding the VIE to change. We elect the fair value option for initial and subsequent recognition of the assets and liabilities of our consolidated securitization VIEs. Interest income and interest expense associated with these VIEs are no longer relevant on a standalone basis because these amounts are already reflected in the fair value changes. We have elected to present these items in a single line on our condensed consolidated statements of operations. The residual difference shown on our condensed consolidated statements of operations in the line item “Change in net assets related to consolidated VIEs” represents our beneficial interest in the VIEs. We separately present the assets and liabilities of our consolidated securitization VIEs as individual line items on our condensed consolidated balance sheets. The liabilities of our consolidated securitization VIEs consist solely of obligations to the bondholders of the related trusts, and are thus presented as a single line item entitled “VIE liabilities.” The assets of our consolidated securitization VIEs consist principally of loans, but at times, also include foreclosed loans which have been temporarily converted into real estate owned (“REO”). These assets in the aggregate are likewise presented as a single line item entitled “VIE assets.” Loans comprise the vast majority of our securitization VIE assets and are carried at fair value due to the election of the fair value option. When an asset becomes REO, it is due to non-performance of the loan. Because the loan is already at fair value, the carrying value of an REO asset is also initially at fair value. Furthermore, when we consolidate a trust, any existing REO would be consolidated at fair value. Once an asset becomes REO, its disposition time is relatively short. As a result, the carrying value of an REO generally approximates fair value under GAAP. In addition to sharing a similar measurement method as the loans in a trust, the securitization VIE assets as a whole can only be used to settle the obligations of the consolidated VIE. The assets of our securitization VIEs are not individually accessible by the bondholders, which creates inherent limitations from a valuation perspective. Also creating limitations from a valuation perspective is our role as special servicer, which provides us very limited visibility, if any, into the performing loans of a trust. REO assets generally represent a very small percentage of the overall asset pool of a trust. In new issue trusts there are no REO assets. We estimate that REO assets constitute approximately 2% of our consolidated securitization VIE assets, with the remaining 98% representing loans. However, it is important to note that the fair value of our securitization VIE assets is determined by reference to our securitization VIE liabilities as permitted under ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity . In other words, our VIE liabilities are more reliably measurable than the VIE assets, resulting in our current measurement methodology which utilizes this value to determine the fair value of our securitization VIE assets as a whole. As a result, these percentages are not necessarily indicative of the relative fair values of each of these asset categories if the assets were to be valued individually. Due to our accounting policy election under ASU 2014-13, separately presenting two different asset categories would result in an arbitrary assignment of value to each, with one asset category representing a residual amount, as opposed to its fair value. However, as a pool, the fair value of the assets in total is equal to the fair value of the liabilities. For these reasons, the assets of our securitization VIEs are presented in the aggregate.
Fair Value Option	Fair Value Option The guidance in ASC 825, Financial Instruments , provides a fair value option election that allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. The decision to elect the fair value option is determined on an instrument by instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance are required to be reported separately in our consolidated balance sheets from those instruments using another accounting method. We have elected the fair value option for certain eligible financial assets and liabilities of our consolidated securitization VIEs, residential loans held-for-investment, loans held-for-sale originated or acquired for future securitization and purchased CMBS issued by VIEs we could consolidate in the future. The fair value elections for VIE and securitization related items were made in order to mitigate accounting mismatches between the carrying value of the instruments and the related assets and liabilities that we consolidate at fair value. The fair value elections for residential loans held-for-investment were made in order to maintain consistency across all our residential loans. The fair value elections for mortgage loans held-for-sale were made due to the expected short-term holding period of these instruments.
Fair Value Measurements	Fair Value Measurements We measure our mortgage-backed securities, investments of consolidated affordable housing fund, derivative assets and liabilities, domestic servicing rights intangible asset and any assets or liabilities where we have elected the fair value option at fair value. When actively quoted observable prices are not available, we either use implied pricing from similar assets and liabilities or valuation models based on net present values of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors. As discussed above, we measure the assets and liabilities of consolidated securitization VIEs at fair value pursuant to our election of the fair value option. The securitization VIEs in which we invest are “static”; that is, no reinvestment is permitted, and there is no active management of the underlying assets. In determining the fair value of the assets and liabilities of the securitization VIEs, we maximize the use of observable inputs over unobservable inputs. Refer to Note 20 for further discussion regarding our fair value measurements. Valuation Process We have valuation control processes in place to validate the fair value of the Company’s financial assets and liabilities measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable. Pricing Verification —We use recently executed transactions, other observable market data such as exchange data, broker/dealer quotes, third party pricing vendors and aggregation services for validating the fair values generated using valuation models. Pricing data provided by approved external sources is evaluated using a number of approaches; for example, by corroborating the external sources’ prices to executed trades, analyzing the methodology and assumptions used by the external source to generate a price and/or by evaluating how active the third party pricing source (or originating sources used by the third party pricing source) is in the market. Unobservable Inputs —Where inputs are not observable, we review the appropriateness of the proposed valuation methodology to ensure it is consistent with how a market participant would arrive at the unobservable input. The valuation methodologies utilized in the absence of observable inputs may include extrapolation techniques and the use of comparable observable inputs. Any changes to the valuation methodology will be reviewed by our management to ensure the changes are appropriate. The methods used may produce a fair value calculation that is not indicative of net realizable value or reflective of future fair values. Furthermore, while we anticipate that our valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value could result in a different estimate of fair value at the reporting date. Fair Value on a Recurring Basis We determine the fair value of our financial assets and liabilities measured at fair value on a recurring basis as follows: Loans held-for-sale, commercial We measure the fair value of our commercial mortgage loans held-for-sale using a discounted cash flow analysis unless observable market data (i.e., securitized pricing) is available. A discounted cash flow analysis requires management to make estimates regarding future interest rates and credit spreads. The most significant of these inputs relates to credit spreads and is unobservable. Thus, we have determined that the fair values of mortgage loans valued using a discounted cash flow analysis should be classified in Level III of the fair value hierarchy, while mortgage loans valued using securitized pricing should be classified in Level II of the fair value hierarchy. Mortgage loans classified in Level III are transferred to Level II if securitized pricing becomes available. Loans held-for-sale, 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, 2023 was determined by reference to an external appraisal as of that date. For the properties, the third party appraisals applied the income capitalization approach with corroborative support from the sales comparison approach. The cost approach 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, we discounted the contractual cash flows at the interest rate at which such arrangements would bear if executed in the current market. The fair value of investment level working capital is assumed to approximate carrying value due to its primarily short-term monetary nature. The fair value of interest rate derivatives is determined using the methodology described in the Derivatives discussion below. Internal valuations at interim quarter ends, including September 30, 2024, are prepared by management. The valuation of properties is based on a direct income capitalization approach, whereby a direct capitalization market rate is applied to annualized in-place net operating income at the portfolio level. The direct capitalization rate is initially calibrated to the implied rate from the latest appraisal and adjusted for subsequent changes in current market capitalization rates for sales of comparable multifamily properties. The valuations of secured financing agreements, working capital and interest rate derivatives are consistent with the methodologies described in the paragraph above. Given the significance of the unobservable inputs used in the respective valuations, the Woodstar Fund’s investments have been classified within Level III of the fair value hierarchy. Domestic servicing rights The fair value of this intangible is determined using discounted cash flow modeling techniques which require management to make estimates regarding future net servicing cash flows, including forecasted loan defeasance, control migration, delinquency and anticipated maturity defaults which are calculated assuming a debt yield at which default occurs. Since the most significant of these inputs are unobservable, we have determined that the fair values of this intangible in its entirety should be classified in Level III of the fair value hierarchy. Derivatives The valuation of derivative contracts are determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market based inputs, including interest rate curves, spot and market forward points and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. We incorporate credit valuation adjustments to appropriately reflect both our own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of non-performance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. The valuation of over the counter derivatives are determined using discounted cash flows based on Overnight Index Swap (“OIS”) rates. Fully collateralized trades are discounted using OIS with no additional economic adjustments to arrive at fair value. Uncollateralized or partially collateralized trades are also discounted at OIS, but include appropriate economic adjustments for funding costs (i.e., a LIBOR 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 September 30, 2024 and December 31, 2023, 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 on a Nonrecurring Basis We determine the fair value of our financial assets and liabilities measured at fair value on a nonrecurring basis as follows: Investments in unconsolidated entities, other equity investments Our other equity investments set forth in Note 8 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 identical or similar investments of the same issuer. As such price changes represent observable market data, the fair value of the specific investments affected would be classified in Level II of the fair value hierarchy as of the date of the observable price change. 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.
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 condensed consolidated statements of operations using the effective interest method. Debt securities we (i) do not hold for the purpose of selling in the near-term, or (ii) may dispose of prior to maturity, are classified as AFS and are carried at fair value in the accompanying financial statements. Unrealized gains or losses on AFS debt securities where we have not elected the fair value option are reported as a component of accumulated other comprehensive income (“AOCI”) in stockholders’ equity. Our HTM and AFS debt securities are also subject to credit loss allowances as discussed below. Our only equity investment security is carried at fair value, with unrealized holding gains and losses recorded in earnings.
Credit Losses	Credit Losses Loans and Debt Securities Measured at Amortized Cost ASC 326, Financial Instruments – Credit Losses , became effective for the Company on January 1, 2020. ASC 326 mandates the use of a current expected credit loss model (“CECL”) for estimating future credit losses of certain financial instruments measured at amortized cost, instead of the “incurred loss” credit model previously required under GAAP. The CECL model requires the consideration of possible credit losses over the life of an instrument as opposed to only estimating credit losses upon the occurrence of a discrete loss event under the previous “incurred loss” methodology. The CECL model applies to our HFI loans and our HTM debt securities which are carried at amortized cost, including future funding commitments and accrued interest receivable related to those loans and securities. However, as permitted by ASC 326, we have elected not to measure an allowance for credit losses on accrued interest receivable (which is classified separately on our condensed consolidated balance sheets), but rather write off in a timely manner by reversing interest income and/or cease accruing interest that would likely be uncollectible. As we do not have a history of realized credit losses on our HFI loans and HTM securities, we have subscribed to third party database services to provide us with historical industry losses for both commercial real estate and infrastructure loans. Using these losses as a benchmark, we determine expected credit losses for our loans and securities on a collective basis within our commercial real estate and infrastructure portfolios. See Note 4 for further discussion of our methodologies. We also evaluate each loan and security measured at amortized cost for credit deterioration at least quarterly. Credit deterioration occurs when it is deemed probable that we will not be able to collect all amounts due according to the contractual terms of the loan or security. If a loan or security is considered to be credit deteriorated, we depart from the industry loss rate approach described above and determine the credit loss allowance as any excess of the amortized cost basis of the loan or security over (i) the present value of expected future cash flows discounted at the contractual effective interest rate or (ii) the fair value of the collateral, if repayment is expected solely from the collateral. Available-for-Sale Debt Securities Separate provisions of ASC 326 apply to our AFS debt securities, which are carried at fair value with unrealized gains and losses reported as a component of AOCI. We are required to establish an initial credit loss allowance for those securities that are purchased with credit deterioration (“PCD”) by grossing up the amortized cost basis of each security and providing an offsetting credit loss allowance for the difference between expected cash flows and contractual cash flows, both on a present value basis. 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.
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. Loans are reported as past due when either interest or principal has been in default for a period of 90 days or more, unless the asset is both (i) well secured and (ii) in the process of collection or modification to restore it to current status. For loans acquired with deteriorated credit quality, interest income is only recognized to the extent that our estimate of undiscounted expected principal and interest exceeds our investment in the loan. Such excess, if any, is recognized as interest income on a level-yield basis over the life of the loan. Upon the sale of loans or securities which are not accounted for pursuant to the fair value option, the excess (or deficiency) of net proceeds over the net carrying value of such loans or securities is recognized as a realized gain (loss). Servicing Fees We typically seek to be the special servicer on CMBS transactions in which we invest. When we are appointed to serve in this capacity, we earn special servicing fees from the related activities performed, which consist primarily of overseeing the workout of under-performing and non-performing loans underlying the CMBS transactions. These fees are recognized in income in the period in which the services are performed and the revenue recognition criteria have been met. Rental Income Rental income is recognized when earned from tenants. For leases that provide rent concessions or fixed escalations over the lease term, rental income is recognized on a straight-line basis over the noncancelable term of the lease. In net lease arrangements, costs reimbursable from tenants are recognized in rental income in the period in which the related expenses are incurred as we are generally the primary obligor with respect to purchasing goods and services for property operations. In instances where the tenant is responsible for property maintenance and repairs and contracts and settles such costs directly with third party service providers, we do not reflect those expenses in our consolidated statement of operations as the tenant is the primary obligor.
Foreign Currency Translation	Foreign Currency Translation Our assets and liabilities denominated in foreign currencies are translated into U.S. dollars using foreign currency exchange rates at the end of the reporting period. Income and expenses are translated at the average exchange rates for each reporting period. The effects of translating the assets, liabilities and income of our foreign investments held by entities with a U.S. dollar functional currency are included in foreign currency gain (loss) in the consolidated statements of operations. Realized foreign currency gains and losses and changes in the value of foreign currency denominated monetary assets and liabilities are included in the determination of net income and are reported as foreign currency gain (loss) in our condensed consolidated statements of operations.
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 restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) and any outstanding discounted share purchase options under the Employee Stock Purchase Program (“ESPP”), (ii) shares contingently issuable to our Manager, (iii) the conversion options associated with our senior convertible notes (the “Convertible Notes”) (see Notes 11 and 18) and (iv) non-controlling interests that are redeemable with our common stock (see Note 17). Potential dilutive shares are excluded from the calculation if they have an anti-dilutive effect in the period. Nearly all of the Company’s unvested RSUs and RSAs contain rights to receive non-forfeitable dividends and thus are participating securities. In addition, the non-controlling interests that are redeemable with our common stock are considered participating securities because they earn a preferred return indexed to the dividend rate on our common stock (see Note 17). Due to the existence of these participating securities, the two-class method of computing EPS is required, unless another method is determined to be more dilutive. Under the two-class method, undistributed earnings are reallocated between shares of common stock and participating securities. For the three and nine months ended September 30, 2024 and 2023, the two-class method resulted in the most dilutive EPS calculation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. The most significant and subjective estimate that we make is the projection of cash flows we expect to receive on our investments, which has a significant impact on the amount of income that we record and/or disclose. In addition, the fair value of 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 September 30, 2024. Actual results may ultimately differ from those estimates.
Reclassifications	Reclassifications Acquisition and investment pursuit costs were combined within other expense in the prior period condensed consolidated statements of operations to conform with the current period presentation.
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. On March 6, 2024, the SEC adopted final rules requiring the disclosure of certain climate-related information in registration statements and annual reports filed with the SEC. The SEC has voluntarily stayed the effectiveness of the new rules pending completion of a judicial review of legal challenges to the rules. In the event the stay is lifted, the new rules would, among other things, require disclosure within the notes to the financial statements of certain specified climate-related financial statement effects of severe weather events and other natural conditions and related information. If the stay is lifted and the effective dates unchanged, such financial statement disclosure requirement will be effective for our fiscal year ending December 31, 2025. We do not expect this requirement will have a material impact on the Company’s consolidated financial statement disclosures, as it has not historically experienced significant effects from severe weather events and other natural conditions.

Loans (Tables)

Loans (Tables)	9 Months Ended
Loans (Tables)	Sep. 30, 2024
Receivables [Abstract]
Schedule of Investments in Mortgages and Loans by Subordination Class	The following tables summarize our investments in mortgages and loans as of September 30, 2024 and December 31, 2023 (dollars in thousands): September 30, 2024 Carrying Face Weighted Weighted Loans held-for-investment: Commercial loans: First mortgages (3) $ 13,693,233 $ 13,723,617 8.5 % 2.5 Subordinated mortgages (4) 36,552 36,365 15.0 % 1.7 Mezzanine loans (3) 331,515 332,986 13.3 % 2.1 Other 47,093 47,688 13.2 % 4.0 Total commercial loans 14,108,393 14,140,656 Infrastructure first priority loans 2,425,296 2,466,016 8.8 % 4.1 Total loans held-for-investment 16,533,689 16,606,672 Loans held-for-sale: Residential, fair value option 2,540,411 2,741,791 4.5 % N/A (5) Commercial, fair value option 232,968 238,410 6.7 % 6.9 Total loans held-for-sale 2,773,379 2,980,201 Total gross loans 19,307,068 $ 19,586,873 Credit loss allowances: Commercial loans held-for-investment (394,790) Infrastructure loans held-for-investment (10,134) Total allowances (404,924) Total net loans $ 18,902,144 December 31, 2023 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 ______________________________________________________________________________________________________________________ (1) Calculated using applicable index rates as of September 30, 2024 and December 31, 2023 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 being classified as first mortgages as of both September 30, 2024 and December 31, 2023. (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)
Schedule of Variable Rate Loans Held-for-Investment	As of September 30, 2024, our variable rate loans held-for-investment, excluding loans for which interest income is not recognized, were as follows (dollars in thousands): September 30, 2024 Carrying Weighted-average Commercial loans $ 13,181,448 3.8 % Infrastructure loans 2,425,296 3.9 % Total variable rate loans held-for-investment $ 15,606,744 3.8 %
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 September 30, 2024 (dollars in thousands): Term Loans Revolving Loans Total Credit As of September 30, 2024 2024 2023 2022 2021 2020 Prior Commercial loans: Credit quality indicator: LTV < 60% $ 296,962 $ 124,562 $ 2,023,195 $ 2,019,035 $ 187,223 $ 636,466 $ — $ 5,287,443 $ 13,003 LTV 60% - 70% 111,237 752,615 1,687,129 2,722,361 91,971 238,648 — 5,603,961 80,655 LTV > 70% 267,291 63,383 409,994 1,080,294 225,859 1,118,150 — 3,164,971 296,207 Credit deteriorated — — — — — 4,925 — 4,925 4,925 Defeased and other — 5,550 41,543 — — — — 47,093 — Total commercial $ 675,490 $ 946,110 $ 4,161,861 $ 5,821,690 $ 505,053 $ 1,998,189 $ — $ 14,108,393 $ 394,790 Infrastructure loans: Credit quality indicator: Power $ 438,270 $ 372,358 $ — $ 103,228 $ — $ 413,213 $ 4,055 $ 1,331,124 $ 4,398 Oil and gas 142,832 432,723 57,839 182,977 35,733 242,068 — 1,094,172 5,736 Total infrastructure $ 581,102 $ 805,081 $ 57,839 $ 286,205 $ 35,733 $ 655,281 $ 4,055 $ 2,425,296 $ 10,134 Loans held-for-sale 2,773,379 — Total gross loans $ 19,307,068 $ 404,924
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 Nine Months Ended September 30, 2024 Commercial Infrastructure Credit loss allowance at December 31, 2023 $ 298,775 $ 10,264 $ 309,039 Credit loss provision (reversal), net 105,826 (130) 105,696 Charge-offs (1) (9,811) — (9,811) Credit loss allowance at September 30, 2024 $ 394,790 $ 10,134 $ 404,924 ______________________________________________________________________________________________________________________ (1) Represents the charge-off of a $9.8 million specific credit loss allowance that was established during the three months ended June 30, 2024 related to a senior mortgage loan on a vacant office building in Washington, D.C. The loan was originated in 2021 and foreclosed in May 2024. Unfunded Commitments Credit Loss Allowance (1) Loans Held-for-Investment HTM Preferred Nine Months Ended September 30, 2024 Commercial Infrastructure Interests (2) CMBS (2) Total Credit loss allowance at December 31, 2023 $ 8,742 $ 564 $ 1,548 $ 74 $ 10,928 Credit loss provision (reversal), net 13,974 577 13,163 (15) 27,699 Credit loss allowance at September 30, 2024 $ 22,716 $ 1,141 $ 14,711 $ 59 $ 38,627 Memo: Unfunded commitments as of September 30, 2024 (3) $ 1,074,569 $ 127,527 $ 42,733 $ 31,628 $ 1,276,457 ______________________________________________________________________________________________________________________ (1) Included in accounts payable, accrued expenses and other liabilities in our consolidated balance sheets. (2) See Note 5 for further details. (3)
Schedule of Activity in Loan Portfolio	The activity in our loan portfolio was as follows (amounts in thousands): Held-for-Investment Loans Nine Months Ended September 30, 2024 Commercial Infrastructure Held-for-Sale Loans Total Loans Balance at December 31, 2023 $ 15,078,589 $ 2,495,660 $ 2,645,637 $ 20,219,886 Acquisitions/originations/additional funding 1,237,827 832,049 1,206,016 3,275,892 Capitalized interest (1) 68,109 — — 68,109 Basis of loans sold (2) — — (1,108,740) (1,108,740) Loan maturities/principal repayments (2,523,781) (883,880) (165,610) (3,573,271) Discount accretion/premium amortization 32,144 17,287 — 49,431 Changes in fair value — — 150,279 150,279 Foreign currency translation loss, net 101,420 2,611 — 104,031 Credit loss (provision) reversal, net (105,826) 130 (1,546) (107,242) Loan foreclosures (174,879) — (1,352) (176,231) (3) Transfer to/from other asset classifications or between segments — (48,695) 48,695 — Balance at September 30, 2024 $ 13,713,603 $ 2,415,162 $ 2,773,379 $ 18,902,144 Held-for-Investment Loans Nine Months Ended September 30, 2023 Commercial Infrastructure 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 1,053,627 605,397 363,520 2,022,544 Capitalized interest (1) 91,641 389 172 92,202 Basis of loans sold (2) (53,000) — (337,321) (390,321) Loan maturities/principal repayments (1,903,021) (683,053) (137,916) (2,723,990) Discount accretion/premium amortization 40,733 10,298 — 51,031 Changes in fair value — — (111,247) (111,247) Foreign currency translation gain, net (48,362) (1,745) — (50,107) Credit loss provision, net (187,775) (9,900) — (197,675) Loan foreclosure (41,071) — (929) (42,000) (4) Transfer to/from other asset classifications or between segments (41,392) — 41,392 — Balance at September 30, 2023 $ 14,959,887 $ 2,274,318 $ 2,602,265 $ 19,836,470 ______________________________________________________________________________________________________________________ (1) Represents accrued interest income on loans whose terms do not require current payment of interest. (2) See Note 12 for additional disclosure on these transactions. (3) Represents (i) the $114.2 million carrying value of a senior mortgage loan on an office building in Washington, D.C. foreclosed in May 2024, (ii) the $51.5 million carrying value of a first mortgage and mezzanine loan on a multifamily property in Nashville, Tennessee foreclosed in May 2024, (iii) the $9.2 million carrying value of a loan on a hospitality asset in New York City foreclosed in June 2024 and (iv) a $1.3 million residential mortgage loan foreclosed. (4) Represents the $41.1 million carrying value of a mortgage loan on the retail portion of a hotel located in Chicago foreclosed in May 2023 and a $0.9 million residential mortgage loan foreclosed.

Investment Securities (Tables)

Investment Securities (Tables)	9 Months Ended
Investment Securities (Tables)	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Investment Securities	Investment securities were comprised of the following as of September 30, 2024 and December 31, 2023 (amounts in thousands): Carrying Value as of September 30, 2024 December 31, 2023 RMBS, available-for-sale $ 97,486 $ 102,368 RMBS, fair value option (1) 422,838 449,909 CMBS, fair value option (1), (2) 1,189,930 1,147,550 HTM debt securities, amortized cost net of credit loss allowance of $23,177 and $13,143 585,932 606,254 Equity security, fair value 5,607 8,340 Subtotal — Investment securities 2,301,793 2,314,421 VIE eliminations (1) (1,585,991) (1,578,859) Total investment securities $ 715,802 $ 735,562 ______________________________________________________________________________________________________________________ (1) Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. (2) Includes $151.1 million and $177.3 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of September 30, 2024 and December 31, 2023, respectively.
Schedule of Purchases, Sales and Redemptions, and Principal Collections for All Investment Securities	Purchases, sales and redemptions, and principal collections for all investment securities were as follows (amounts in thousands): RMBS, RMBS, fair CMBS, fair HTM Equity Securitization Total Three Months Ended September 30, 2024 Purchases/fundings $ — $ — $ 126,071 $ 45,778 $ — $ (126,071) $ 45,778 Sales and redemptions — — 7,144 — 2,376 (7,144) 2,376 Principal collections 4,364 11,118 4,702 611 — (15,779) 5,016 Three Months Ended September 30, 2023 Purchases/fundings $ — $ — $ — $ 5,536 $ — $ — $ 5,536 Sales and redemptions 549 — — 878 — 1,427 Principal collections 2,468 12,979 746 33,762 — (13,624) 36,331 RMBS, RMBS, fair CMBS, fair HTM Equity Securitization Total Nine Months Ended September 30, 2024 Purchases/fundings $ — $ — $ 133,979 $ 56,578 $ — $ (126,071) $ 64,486 Sales and redemptions — — 12,923 — 3,690 (12,923) 3,690 Principal collections 9,183 34,884 9,231 72,991 — (43,972) 82,317 Nine Months Ended September 30, 2023 Purchases/fundings $ — $ — $ — $ 6,988 $ — $ — $ 6,988 Sales and redemptions 549 — — — 1,173 — 1,722 Principal collections 7,451 41,776 12,980 79,543 — (54,071) 87,679 _________________________________________________________________________________________________________________ (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 September 30, 2024 and December 31, 2023 (amounts in thousands): Unrealized Gains or (Losses) Amortized Credit Net Gross Gross Net Fair Value September 30, 2024 RMBS $ 81,230 $ — $ 81,230 $ 17,669 $ (1,413) $ 16,256 $ 97,486 December 31, 2023 RMBS $ 87,016 $ — $ 87,016 $ 18,092 $ (2,740) $ 15,352 $ 102,368 Weighted Average Coupon (1) WAL September 30, 2024 RMBS 5.5 % 7.8 ______________________________________________________________________________________________________________________ (1) Calculated using the September 30, 2024 SOFR rate of 4.846% 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 September 30, 2024 and December 31, 2023, 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 September 30, 2024 RMBS $ 2,133 $ 9,909 $ (119) $ (1,294) As of December 31, 2023 RMBS $ 10,687 $ 6,361 $ (1,322) $ (1,418)
Schedule of Investments in HTM Securities	The table below summarizes our investments in HTM debt securities as of September 30, 2024 and December 31, 2023 (amounts in thousands): Amortized Credit Loss Net Carrying Gross Unrealized Gross Unrealized Fair Value September 30, 2024 CMBS $ 558,919 $ (209) $ 558,710 $ 952 $ (23,691) $ 535,971 Preferred interests 22,846 (12,898) 9,948 — (1,729) 8,219 Infrastructure bonds 27,344 (10,070) 17,274 21 (11) 17,284 Total $ 609,109 $ (23,177) $ 585,932 $ 973 $ (25,431) $ 561,474 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
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 Nine Months Ended September 30, 2024 Credit loss allowance at December 31, 2023 $ 164 $ 2,898 $ 10,081 $ 13,143 Credit loss provision (reversal), net 45 10,000 (11) 10,034 Credit loss allowance at September 30, 2024 $ 209 $ 12,898 $ 10,070 $ 23,177
Schedule of Maturities of our HTM Debt Securities	The table below summarizes the maturities of our HTM debt securities by type as of September 30, 2024 (amounts in thousands): CMBS Preferred Infrastructure Total Less than one year $ 268,354 $ 6,774 $ — $ 275,128 One to three years 290,356 — 227 290,583 Three to five years — 3,174 7,934 11,108 Thereafter — — 9,113 9,113 Total $ 558,710 $ 9,948 $ 17,274 $ 585,932

Properties (Tables)

Properties (Tables)	9 Months Ended
Properties (Tables)	Sep. 30, 2024
Real Estate [Abstract]
Schedule of Properties	The table below summarizes our properties held-for-investment as of September 30, 2024 and December 31, 2023 (dollars in thousands): Depreciable Life September 30, 2024 December 31, 2023 Property Segment Land and land improvements 0 - 15 years $ 95,581 $ 68,923 Buildings and building improvements 0 - 40 years 632,919 629,511 Construction in progress N/A 88,815 — Furniture & fixtures 3 - 5 years 1,067 608 Investing and Servicing Segment Land and land improvements 0 - 15 years 20,580 20,229 Buildings and building improvements 3 - 40 years 64,176 65,433 Furniture & fixtures 2 - 5 years 2,998 2,899 Commercial and Residential Lending Segment Land and land improvements N/A 83,781 79,361 Buildings and building improvements 0 - 50 years 186,418 139,538 Construction in progress N/A 217,508 218,205 Furniture & fixtures 5 years 2,003 2,003 Properties, cost 1,395,846 1,226,710 Less: accumulated depreciation (201,256) (180,326) Properties, net $ 1,194,590 $ 1,046,384

Investments of Consolidated A_2

Investments of Consolidated Affordable Housing Fund (Tables)	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investment Income (Loss)	Income (loss) from the Woodstar Fund’s investments reflects the following components for the three and nine months ended September 30, 2024 and 2023 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Distributions from affordable housing fund investments $ 14,571 $ 14,709 $ 38,315 $ 35,514 Unrealized change in fair value of investments (1) (20,161) 2,199 (28,011) 218,182 (Loss) income from affordable housing fund investments $ (5,590) $ 16,908 $ 10,304 $ 253,696 ______________________________________________________________________________________________________________________ (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.

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	9 Months Ended
Investments in Unconsolidated Entities (Tables)	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Unconsolidated Entities	The table below summarizes our investments in unconsolidated entities as of September 30, 2024 and December 31, 2023 (dollars in thousands): Participation / Carrying value as of September 30, 2024 December 31, 2023 Equity method investments: Equity interests in two natural gas power plants 10% - 12% $ 51,536 $ 52,230 Investor entity which owns equity in an online real estate company 50% 5,143 5,575 Various 20% - 50% 17,747 16,854 74,426 74,659 Other equity investments: Equity interest in a servicing and advisory business (2) 2% 7,462 12,955 Equity interest in a data center business in Ireland (3) 0.72% 7,672 1,313 Investment funds which own equity in a loan servicer and other real estate assets 4% - 6% 842 842 Various (4) 3% - 15% 607 607 16,583 15,717 $ 91,009 $ 90,376 ______________________________________________________________________________________________________________________ (1) None of these investments are publicly traded and therefore quoted market prices are not available. (2) During the three months ended September 30, 2024, we received a capital distribution of $5.5 million, which reduced the carrying value of the equity investment. (3) This equity interest was acquired in connection with the origination of a loan in 2021. The loan was repaid during the three months ended March 31, 2024. In connection with the repayment, an observable price change occurred when a 50% voting interest in this entity was acquired by related parties, including an investment fund and certain other entities affiliated with our Manager. As a result of the acquisition and resulting observable price change, during the three months ended March 31, 2024, we recorded a $6.0 million increase in the carrying value of our investment to reflect its fair value implied by the acquisition. During the three months ended September 30, 2024, we contributed an additional $0.3 million. (4) In March 2021, we obtained equity interests in two investor entities that own interests in two entertainment and retail centers. The interests were obtained in order to facilitate repayment of a portion of that loan for which these interests represented underlying collateral. During the three months ended September 30, 2024, we received a distribution of $1.9 million from one of these entities, which reduced the carrying value of the loan since the carrying value of the corresponding investment had been reduced to zero as a result of prior period distributions received.

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	9 Months Ended
Goodwill and Intangibles (Tables)	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 (amounts in thousands): As of September 30, 2024 As of December 31, 2023 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Domestic servicing rights, at fair value $ 20,166 $ — $ 20,166 $ 19,384 $ — $ 19,384 In-place lease intangible assets 93,825 (69,334) 24,491 96,158 (67,420) 28,738 Favorable lease intangible assets 27,798 (12,296) 15,502 27,928 (11,083) 16,845 Total net intangible assets $ 141,789 $ (81,630) $ 60,159 $ 143,470 $ (78,503) $ 64,967
Schedule of Activity within Intangible Assets	The following table summarizes the activity within intangible assets for the nine months ended September 30, 2024 (amounts in thousands): Domestic In-place Lease Favorable Lease Total Balance as of January 1, 2024 $ 19,384 $ 28,738 $ 16,845 $ 64,967 Amortization — (4,247) (1,343) (5,590) Changes in fair value due to changes in inputs and assumptions 782 — — 782 Balance as of September 30, 2024 $ 20,166 $ 24,491 $ 15,502 $ 60,159
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 (remainder of) $ 1,605 2025 6,099 2026 4,573 2027 4,089 2028 3,943 Thereafter 19,684 Total $ 39,993

Secured Borrowings (Tables)

Secured Borrowings (Tables)	9 Months Ended
Secured Borrowings (Tables)	Sep. 30, 2024
Secured Debt [Abstract]
Schedule of Secured Financing Agreements	The following table is a summary of our secured financing agreements in place as of September 30, 2024 and December 31, 2023 (dollars in thousands): Outstanding Balance at Current Extended Maturity (a) Weighted Average Coupon Pledged Asset Maximum September 30, 2024 December 31, 2023 Repurchase Agreements: Commercial Loans Oct 2024 to Nov 2029 (b) Oct 2025 to Dec 2030 (b) Index + 2.09% (c) $ 9,527,101 $ 11,481,510 (d) $ 5,748,354 $ 7,170,389 Residential Loans Sep 2025 to Jul 2026 Sep 2025 to Jul 2026 SOFR + 1.85% 2,538,176 3,450,000 2,244,618 2,287,655 Infrastructure Loans Sep 2027 Sep 2029 SOFR + 2.17% 384,554 650,000 319,247 453,217 Conduit Loans Dec 2024 to Jun 2027 Dec 2025 to Jun 2028 SOFR + 2.22% 201,645 475,000 158,678 26,930 CMBS/RMBS Jun 2025 to Apr 2032 (e) Sep 2025 to Oct 2032 (e) (f) 1,366,946 1,002,760 699,160 (g) 714,168 Total Repurchase Agreements 14,018,422 17,059,270 9,170,057 10,652,359 Other Secured Financing: Borrowing Base Facility Nov 2024 Oct 2026 SOFR + 2.11% 127,088 750,000 (h) 29,561 27,639 Commercial Financing Facilities Dec 2024 to Aug 2028 Jan 2027 to Dec 2030 Index + 1.99% 442,826 548,363 (i) 306,849 387,822 Infrastructure Financing Facilities Jul 2025 to Aug 2028 Oct 2027 to Jul 2032 Index + 2.09% 633,022 1,300,000 454,075 631,187 Property Mortgages - Variable rate Feb 2025 to May 2026 N/A SOFR + 2.56% 665,086 597,941 595,735 853,145 Property Mortgages - Fixed rate Dec 2025 to Jun 2026 N/A 4.51% 23,014 20,261 20,261 29,898 Term Loans and Revolver (j) N/A (j) N/A (j) 1,506,288 1,356,288 1,366,778 Total Other Secured Financing 1,891,036 4,722,853 2,762,769 3,296,469 $ 15,909,458 $ 21,782,123 11,932,826 13,948,828 Unamortized net discount (20,586) (24,975) Unamortized deferred financing costs (57,622) (55,857) $ 11,854,618 $ 13,867,996 ______________________________________________________________________________________________________________________ (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 $2.5 billion as of September 30, 2024 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 $11.1 billion may be increased to $11.5 billion, subject to certain conditions. The $11.5 billion amount includes such upsizes. (e) Certain facilities with an outstanding balance of $342.6 million as of September 30, 2024 carry a rolling 12-month term which may reset quarterly with the lender’s consent. These facilities carry no maximum facility size. (f) A facility with an outstanding balance of $300.9 million as of September 30, 2024 has a weighted average fixed annual interest rate of 3.25%. All other facilities are variable rate with a weighted average rate of SOFR + 2.09%. (g) Includes: (i) $300.9 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $30.3 million outstanding on one of our repurchase facilities that represents the 49% pro rata share owed by a non-controlling partner in a consolidated joint venture (see Note 15). (h) The maximum facility size as of September 30, 2024 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 $448.4 million may be increased to $548.4 million, subject to certain conditions. The $548.4 million amount includes such upsizes. (j) Consists of: (i) a $766.8 million term loan facility that matures in July 2026, of which $380.0 million has an annual interest rate of SOFR + 2.60% and $386.8 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 $589.5 million term loan facility that matures in November 2027, with an annual interest rate of SOFR + 2.75%, subject to a 0.50% SOFR floor. These facilities are secured by the equity interests in certain of our subsidiaries which totaled $6.0 billion as of September 30, 2024.
Schedule of Collateralized Loan Obligations	The following table is a summary of our CLOs and our SASB as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 Count Face Carrying Weighted Maturity STWD 2022-FL3 Collateral assets 41 $ 993,891 $ 999,540 SOFR + 3.42% (a) October 2026 (b) Financing 1 834,511 832,752 SOFR + 1.89% (c) November 2038 (d) STWD 2021-HTS Collateral assets 1 191,768 192,818 SOFR + 4.02% (a) April 2026 (b) Financing 1 171,859 171,859 SOFR + 2.65% (c) April 2034 (d) STWD 2021-FL2 Collateral assets 26 1,140,904 1,148,697 SOFR + 3.75% (a) July 2026 (b) Financing 1 922,356 922,130 SOFR + 1.93% (c) April 2038 (d) STWD 2019-FL1 Collateral assets 8 400,852 403,087 SOFR + 3.54% (a) July 2026 (b) Financing 1 237,227 237,227 SOFR + 2.06% (c) July 2038 (d) STWD 2024-SIF3 Collateral assets 31 395,478 414,941 SOFR + 4.02% (a) November 2028 (b) Financing 1 330,000 327,369 SOFR + 2.41% (c) April 2036 (d) STWD 2021-SIF2 Collateral assets 30 500,559 515,266 SOFR + 3.78% (a) January 2029 (b) Financing 1 410,000 408,846 SOFR + 2.11% (c) January 2033 (d) STWD 2021-SIF1 Collateral assets 26 405,583 507,708 SOFR + 3.94% (a) April 2028 (b) Financing 1 402,803 402,066 SOFR + 2.43% (c) April 2032 (d) Total Collateral assets $ 4,029,035 $ 4,182,057 Financing $ 3,308,756 $ 3,302,249 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 ______________________________________________________________________________________________________________________________ (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 September 30, 2024, 4% earned fixed-rate weighted average interest of 7.33%. Of the investments financed by the STWD 2021-SIF1 CLO as of September 30, 2024, 2% earned fixed-rate weighted average interest of 5.69%. (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 CLOs and SASB (a) Total 2024 (remainder of) $ 70,849 $ 6,867 $ 88,662 $ 166,378 2025 1,033,077 163,605 759,101 1,955,783 2026 3,388,655 863,883 1,378,448 5,630,986 2027 2,112,350 997,715 434,830 3,544,895 2028 1,840,818 156,805 268,021 2,265,644 Thereafter 724,308 573,894 379,694 1,677,896 Total $ 9,170,057 $ 2,762,769 $ 3,308,756 $ 15,241,582 ______________________________________________________________________________________________________________________ (a) For the CLOs, the above does not assume utilization of their reinvestment features. The SASB does not have a reinvestment feature.

Unsecured Senior Notes (Tables)

Unsecured Senior Notes (Tables)	9 Months Ended
Unsecured Senior Notes (Tables)	Sep. 30, 2024
Debt Instruments [Abstract]
Schedule of Unsecured Convertible Senior Notes Outstanding	The following table is a summary of our unsecured senior notes outstanding as of September 30, 2024 and December 31, 2023 (dollars in thousands): Coupon Effective Maturity Remaining Carrying Value at September 30, 2024 December 31, 2023 2027 Convertible Notes 6.75 % 7.38 % 7/15/2027 2.8 years 380,750 380,750 2024 Senior Notes 3.75 % 3.94 % 12/31/2024 0.3 years 400,000 400,000 2025 Senior Notes 4.75 % (2) 5.04 % 3/15/2025 (3) 0.5 years 500,000 500,000 2026 Senior Notes 3.63 % 3.77 % 7/15/2026 1.8 years 400,000 400,000 2027 Senior Notes 4.38 % (4) 4.49 % 1/15/2027 2.3 years 500,000 500,000 2029 Senior Notes 7.25 % (5) 7.37 % 4/1/2029 4.5 years 600,000 — Total principal amount 2,780,750 2,180,750 Unamortized discount—Convertible Notes (6,955) (8,570) Unamortized discount—Senior Notes (5,809) (5,445) Unamortized deferred financing costs (10,840) (7,847) Total carrying amount $ 2,757,146 $ 2,158,888 ______________________________________________________________________________________________________________________ (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 + 2.64% effective July 2023. (3) On October 21, 2024, we provided 30 days’ notice to early redeem $250.0 million of our Senior Notes due March 2025. (4) The coupon on the 2027 Senior Notes is 4.375%. At closing, we swapped the notes to a floating rate of SOFR + 2.95%. (5) The coupon on the 2029 Senior Notes is 7.25%. At closing, we swapped the notes to a floating rate of SOFR + 3.25%.
Schedule of Conversion Attributes on Convertible Notes Outstanding	The following table details the conversion attributes of our Convertible Notes outstanding as of September 30, 2024 (amounts in thousands, except rates): September 30, 2024 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 September 30, 2024, the market price of the Company's common stock was $20.38.

Loan Securitization_Sale Acti_2

Loan Securitization/Sale Activities (Tables)	9 Months Ended
Loan Securitization/Sale Activities (Tables)	Sep. 30, 2024
Loan Securitization/Sale Activities
Schedule of Face Amount and Proceeds of Loans	The following summarizes the face amount and proceeds of commercial loans securitized for the three and nine months ended September 30, 2024 and 2023 (amounts in thousands): Commercial Loans Face Amount Proceeds For the Three Months Ended September 30, 2024 $ 622,835 $ 634,235 2023 119,764 123,633 For the Nine Months Ended September 30, 2024 $ 972,305 $ 992,644 2023 292,651 294,951

Derivatives and Hedging Activ_2

Derivatives and Hedging Activity (Tables)	9 Months Ended
Derivatives and Hedging Activity (Tables)	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Non-Designated Derivatives	The following table summarizes our non-designated derivatives as of September 30, 2024 (notional amounts in thousands): Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Buy Euros (“EUR”) 21 371,742 EUR October 2024 - April 2026 Fx contracts – Buy Pounds Sterling (“GBP”) 13 142,674 GBP October 2024 - January 2027 Fx contracts – Buy Australian dollar (“AUD”) 13 923,872 AUD October 2024 - October 2026 Fx contracts – Sell EUR 149 841,627 EUR October 2024 - September 2027 Fx contracts – Sell GBP 199 641,606 GBP October 2024 - September 2027 Fx contracts – Sell AUD 159 1,594,365 AUD October 2024 - July 2027 Fx contracts – Sell Swiss Franc (“CHF”) 51 19,568 CHF November 2024 - November 2025 Interest rate swaps – Paying fixed rates 45 3,732,099 USD October 2024 - October 2033 Interest rate swaps – Receiving fixed rates 5 1,585,880 USD March 2025 - February 2030 Interest rate futures 12 184,000 USD November 2024 Interest rate caps 6 1,113,989 USD November 2024 - May 2026 Credit instruments 5 79,000 USD December 2033 - August 2061 Interest rate swap guarantees 1 92,072 USD June 2025 Total 679
Schedule of Fair Value of Derivatives	The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 (amounts in thousands): Fair Value of Derivatives Fair Value of Derivatives September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Foreign exchange contracts $ 63,451 $ 53,979 $ 90,530 $ 54,066 Interest rate contracts 10,816 8,899 27,349 48,401 Credit instruments 372 559 282 — Total derivatives $ 74,639 $ 63,437 $ 118,161 $ 102,467 ___________________________________________________ (1) Classified as derivative assets in our condensed consolidated balance sheets. (2) Classified as derivative liabilities in our condensed consolidated balance sheets.
Schedule of Effect of Derivative Financial Instruments	The table below presents the effect of our derivative financial instruments on the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 (amounts in thousands): Derivatives Not Designated Location of Gain (Loss) Amount of Gain (Loss) Recognized in Income for the Three Months Ended September 30, Amount of Gain (Loss) Recognized in Income for the Nine Months Ended September 30, 2024 2023 2024 2023 Foreign exchange contracts (Loss) gain on derivative financial instruments, net $ (56,178) $ 48,549 $ (8,823) $ 18,412 Interest rate contracts (Loss) gain on derivative financial instruments, net (27,359) 46,255 28,596 99,788 Credit instruments (Loss) gain on derivative financial instruments, net (404) 79 (789) 231 $ (83,941) $ 94,883 $ 18,984 $ 118,431

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	9 Months Ended
Offsetting Assets and Liabilities (Tables)	Sep. 30, 2024
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 September 30, 2024 Derivative assets $ 74,639 $ — $ 74,639 $ 52,256 $ — $ 22,383 Derivative liabilities $ 118,161 $ — $ 118,161 $ 52,256 $ 65,836 $ 69 Repurchase agreements 9,170,057 — 9,170,057 9,170,057 — — $ 9,288,218 $ — $ 9,288,218 $ 9,222,313 $ 65,836 $ 69 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 $ —

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
Variable Interest Entities (Tables)	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Assets: Cash and cash equivalents $ 132,523 $ 33,175 Loans held-for-investment 4,013,509 4,210,097 Investment securities 8,173 9,946 Accrued interest receivable 25,687 26,355 Other assets 2,165 9,197 Total Assets $ 4,182,057 $ 4,288,770 Liabilities Accounts payable, accrued expenses and other liabilities $ 29,466 $ 21,174 Collateralized loan obligations and single asset securitization, net 3,302,249 3,491,292 Total Liabilities $ 3,331,715 $ 3,512,466

Stockholders' Equity and Non-_2

Stockholders' Equity and Non-Controlling Interests (Tables)	9 Months Ended
Stockholders' Equity and Non-Controlling Interests (Tables)	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Schedule of Common Stock Issued in Public Offering	We issued common stock in a public offering as follows during the three and nine months ended September 30, 2024: Shares issued Price Proceeds Issuance date (in thousands) per share (in thousands) September 2024 20,125 $ 19.50 $ 392,478
Schedule of Dividends Declared by Board of Directors	During the nine months ended September 30, 2024, our board of directors (the “Board”) declared the following dividends: Declaration Date Record Date Payment Date Amount Frequency 7/24/24 9/30/24 10/15/24 0.48 Quarterly 6/13/24 6/28/24 7/15/24 0.48 Quarterly 3/15/24 3/29/24 4/15/24 0.48 Quarterly
Schedule 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 nine months ended September 30, 2024 and 2023 (dollar amounts in thousands): Grant Date Type Amount Granted Grant Date Fair Value Vesting Period March 2024 RSU 1,300,000 $ 26,104 3 years November 2022 RSU 1,500,000 $ 31,605 3 years November 2020 RSU 1,800,000 $ 30,078 3 years
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, 2024 2,571,728 875,000 3,446,728 $ 21.08 Granted 1,833,660 1,300,000 3,133,660 20.23 Vested (1,675,495) (699,999) (2,375,494) 21.05 Forfeited (13,001) — (13,001) 21.52 Balance as of September 30, 2024 2,716,892 1,475,001 4,191,893 20.46 (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.

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
Earnings per Share (Tables)	Sep. 30, 2024
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 Three Months Ended For the Nine Months Ended 2024 2023 2024 2023 Basic Earnings Income attributable to STWD common stockholders $ 76,068 $ 47,435 $ 308,290 $ 268,252 Less: Income attributable to participating shares not already deducted as non-controlling interests (1,747) (1,510) (5,583) (4,962) Basic earnings $ 74,321 $ 45,925 $ 302,707 $ 263,290 Diluted Earnings Income attributable to STWD common stockholders $ 76,068 $ 47,435 $ 308,290 $ 268,252 Less: Income attributable to participating shares not already deducted as non-controlling interests (1,747) (1,510) (5,583) (4,962) Diluted earnings $ 74,321 $ 45,925 $ 302,707 $ 263,290 Number of Shares: Basic — Average shares outstanding 319,690 310,268 315,021 309,471 Effect of dilutive securities — Unvested non-participating shares 89 298 281 267 Diluted — Average shares outstanding 319,779 310,566 315,302 309,738 Earnings Per Share Attributable to STWD Common Stockholders: Basic $ 0.23 $ 0.15 $ 0.96 $ 0.85 Diluted $ 0.23 $ 0.15 $ 0.96 $ 0.85

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
Accumulated Other Comprehensive Income (Tables)	Sep. 30, 2024
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 Three Months Ended September 30, 2024 Balance at July 1, 2024 $ 13,920 OCI before reclassifications 2,336 Amounts reclassified from AOCI — Net period OCI 2,336 Balance at September 30, 2024 $ 16,256 Three Months Ended September 30, 2023 Balance at July 1, 2023 $ 17,355 OCI before reclassifications (3,286) Amounts reclassified from AOCI 45 Net period OCI (3,241) Balance at September 30, 2023 $ 14,114 Nine Months Ended September 30, 2024 Balance at January 1, 2024 $ 15,352 OCI before reclassifications 904 Amounts reclassified from AOCI — Net period OCI 904 Balance at September 30, 2024 $ 16,256 Nine Months Ended September 30, 2023 Balance at January 1, 2023 $ 20,955 OCI before reclassifications (6,886) Amounts reclassified from AOCI 45 Net period OCI (6,841) Balance at September 30, 2023 $ 14,114

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
Fair Value (Tables)	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 Total Level I Level II Level III Financial Assets: Loans under fair value option $ 2,773,379 $ — $ — $ 2,773,379 RMBS 97,486 — — 97,486 CMBS 26,777 — — 26,777 Equity security 5,607 5,607 — — Woodstar Fund investments 1,984,822 — — 1,984,822 Domestic servicing rights 20,166 — — 20,166 Derivative assets 74,639 — 74,639 — VIE assets 39,950,395 — — 39,950,395 Total $ 44,933,271 $ 5,607 $ 74,639 $ 44,853,025 Financial Liabilities: Derivative liabilities $ 118,161 $ — $ 118,161 $ — VIE liabilities 38,334,618 — 33,470,099 4,864,519 Total $ 38,452,779 $ — $ 33,588,260 $ 4,864,519 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
Schedule of Changes in Financial Assets and Liabilities Classified as Level III	The changes in financial assets and liabilities classified as Level III are as follows for the three and nine months ended September 30, 2024 and 2023 (amounts in thousands): Three Months Ended September 30, 2024 Loans at RMBS CMBS Woodstar Domestic VIE Assets VIE Total July 1, 2024 balance $ 2,588,657 $ 98,438 $ 19,992 $ 2,004,983 $ 20,507 $ 39,665,392 $ (5,042,474) $ 39,355,495 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale 114,871 — (1,083) (20,161) (341) (1,455,907) 62,194 (1,300,427) Net accretion — 1,076 — — — — — 1,076 Included in OCI — 2,336 — — — — — 2,336 Purchases / Originations 600,966 — — — — — — 600,966 Sales (471,812) — — — — — — (471,812) Issuances — — — — — — (7,144) (7,144) Cash repayments / receipts (57,951) (4,364) (40) — — — (4,661) (67,016) Transfers into Level III — — 7,908 — — — (256,091) (248,183) Transfers out of Level III (1,352) — — — — — 335,598 334,246 Consolidation of VIEs — — — — — 1,920,430 — 1,920,430 Deconsolidation of VIEs — — — — — (179,520) 48,059 (131,461) September 30, 2024 balance $ 2,773,379 $ 97,486 $ 26,777 $ 1,984,822 $ 20,166 $ 39,950,395 $ (4,864,519) $ 39,988,506 Amount of unrealized gains (losses) attributable to assets still held at September 30, 2024: Included in earnings $ 92,282 $ 1,076 $ 125 $ (20,161) $ (341) $ (1,455,907) $ 62,194 $ (1,320,732) Included in OCI $ — $ 2,336 $ — $ — $ — $ — $ — $ 2,336 Three Months Ended September 30, 2023 Loans at RMBS CMBS Woodstar Fund Investments Domestic VIE Assets VIE Total July 1, 2023 balance $ 2,673,220 $ 107,216 $ 18,603 $ 1,976,985 $ 18,256 $ 46,864,870 $ (5,891,459) $ 45,767,691 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale (66,806) — 241 2,199 (68) (2,195,966) 157,469 (2,102,931) Net accretion — 1,170 — — — — — 1,170 Included in OCI — (3,241) — — — — — (3,241) Purchases / Originations 113,237 — — — — — — 113,237 Sales (63,857) (601) — — — — — (64,458) Cash repayments / receipts (53,265) (2,468) (104) — — — (645) (56,482) Transfers into Level III 20 — — — — — (488,071) (488,051) Transfers out of Level III (284) — — — — — 854,302 854,018 September 30, 2023 balance $ 2,602,265 $ 102,076 $ 18,740 $ 1,979,184 $ 18,188 $ 44,668,904 $ (5,368,404) $ 44,020,953 Amount of unrealized gains (losses) attributable to assets still held at September 30, 2023: Included in earnings $ (73,230) $ 1,170 $ 241 $ 2,199 $ (68) $ (2,195,966) $ 157,469 $ (2,108,185) Included in OCI $ — $ (3,286) $ — $ — $ — $ — $ — $ (3,286) Nine Months Ended September 30, 2024 Loans at RMBS CMBS Woodstar Fund Investments Domestic VIE Assets VIE Total January 1, 2024 balance $ 2,645,637 $ 102,368 $ 18,600 $ 2,012,833 $ 19,384 $ 43,786,356 $ (5,604,796) $ 42,980,382 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale 150,279 — (172) (28,011) 782 (4,864,896) 297,447 (4,444,571) Net accretion — 3,397 — — — — — 3,397 Included in OCI — 904 — — — — — 904 Purchases / Originations 1,206,016 — — — — — — 1,206,016 Sales (830,221) — — — — — — (830,221) Issuances — — — — — — (12,923) (12,923) Cash repayments / receipts (165,610) (9,183) (143) — — — (9,088) (184,024) Transfers into Level III — — 7,908 — — — (948,401) (940,493) Transfers out of Level III (232,722) — — — — — 1,340,427 1,107,705 Consolidation of VIEs — — — — — 1,920,430 — 1,920,430 Deconsolidation of VIEs — — 584 — — (891,495) 72,815 (818,096) September 30, 2024 balance $ 2,773,379 $ 97,486 $ 26,777 $ 1,984,822 $ 20,166 $ 39,950,395 $ (4,864,519) $ 39,988,506 Amount of unrealized gains (losses) attributable to assets still held at September 30, 2024: Included in earnings $ 93,384 $ 3,397 $ 172 $ (28,011) $ 782 $ (4,864,896) $ 297,447 $ (4,497,725) Included in OCI $ — $ 904 $ — $ — $ — $ — $ — $ 904 Nine Months Ended September 30, 2023 Loans at RMBS CMBS Woodstar Fund Investments Domestic VIE Assets VIE Total January 1, 2023 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 (111,247) — 317 218,182 398 (7,784,137) 462,074 (7,214,413) Net accretion — 3,583 — — — — — 3,583 Included in OCI — (6,841) — — — — — (6,841) Purchases / Originations 362,688 — — — — — — 362,688 Sales (235,174) (601) — — — — — (235,775) Cash repayments / receipts (137,916) (7,451) (685) — — — (12,295) (158,347) Transfers into Level III 26 — — — — — (1,687,002) (1,686,976) Transfers out of Level III (60,706) — — — — — 1,374,762 1,314,056 September 30, 2023 balance $ 2,602,265 $ 102,076 $ 18,740 $ 1,979,184 $ 18,188 $ 44,668,904 $ (5,368,404) $ 44,020,953 Amount of unrealized gains (losses) attributable to assets still held at September 30, 2023: Included in earnings $ (133,679) $ 3,552 $ 317 $ 218,182 $ 398 $ (7,784,137) $ 462,074 $ (7,233,293) Included in OCI $ — $ (6,875) $ — $ — $ — $ — $ — $ (6,875)
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): September 30, 2024 December 31, 2023 Carrying Fair Carrying Fair Financial assets not carried at fair value: Loans $ 16,128,765 $ 16,236,852 $ 17,574,249 $ 17,483,058 HTM debt securities 585,932 561,474 606,254 581,160 Financial liabilities not carried at fair value: Secured financing agreements, CLOs and SASB (a) $ 15,156,867 $ 15,197,565 $ 17,552,979 $ 17,466,172 Unsecured senior notes 2,757,146 2,791,332 2,158,888 2,128,835 __________________________________________________ (a) As of December 31, 2023, includes debt related to properties held-for-sale.
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 September 30, 2024 Valuation Unobservable Range (Weighted Average) as of (1) September 30, 2024 December 31, 2023 Loans under fair value option $ 2,773,379 Discounted cash flow, market pricing Coupon (d) 2.8% - 10.5% (4.7%) 2.8% - 9.9% (4.5%) Remaining contractual term (d) 3.5 - 37.8 years (25.3 years) 4.3 - 38.5 years (27.4 years) FICO score (a) 585 - 829 (750) 585 - 900 (749) LTV (b) 4% - 93% (64%) 5% - 140% (68%) Purchase price (d) 80.0% - 106.8% (101.2%) 80.0% - 108.6% (101.4%) RMBS 97,486 Discounted cash flow Constant prepayment rate (a) 2.2% - 9.2% (4.6%) 2.9% - 9.6% (5.2%) Constant default rate (b) 0.9% - 4.2% (1.6%) 1.0% - 4.2% (1.7%) Loss severity (b) 0% - 63% (13%) (f) 0% - 99% (17%) (f) Delinquency rate (c) 9% - 26% (14%) 8% - 25% (14%) Servicer advances (a) 22% - 79% (50%) 30% - 78% (51%) Annual coupon deterioration (b) 0% - 0.26% (0.04%) 0% - 1.30% (0.10%) Putback amount per projected total collateral loss (e) 0% - 1.25% (0.03%) 0% - 7.70% (0.50%) CMBS 26,777 Discounted cash flow Yield (b) 0% - 54.6% (13.0%) 0% - 540.1% (10.6%) Duration (c) 0 - 7.3 years (2.3 years) 0 - 6.7 years (2.4 years) Woodstar Fund investments 1,984,822 Discounted cash flow Discount rate - properties (b) N/A 6.3% - 7.0% (6.7%) Discount rate - debt (a) 3.0% - 6.0% (4.9%) 3.0% - 6.9% (5.4%) Terminal capitalization rate (b) N/A 4.8% - 5.5% (5.2%) Direct capitalization rate (b) 4.60% (4.60%) 4.25% (4.25%) (Implied) Domestic servicing rights 20,166 Discounted cash flow Debt yield (a) 8.50% (8.50%) 8.50% (8.50%) Discount rate (b) 15% (15%) 15% (15%) VIE assets 39,950,395 Discounted cash flow Yield (b) 0% - 649.1% (20.1%) 0% - 691.0% (15.9%) Duration (c) 0 - 9.2 years (2.0 years) 0 - 10.0 years (1.8 years) VIE liabilities 4,864,519 Discounted cash flow Yield (b) 0% - 649.1% (12.3%) 0% - 691.0% (11.4%) Duration (c) 0 - 9.2 years (1.7 years) 0 - 10.0 years (1.7 years) ______________________________________________________________________________________________________________________ (1) Unobservable inputs were weighted by the relative carrying value of the instruments as of September 30, 2024 and December 31, 2023. 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) 3% and 5% of the portfolio falls within a range of 45% - 80% as of September 30, 2024 and December 31, 2023, respectively.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
Income Taxes (Tables)	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Income Tax Rate Reconciliation	The following table is a reconciliation of our U.S. federal income tax provision determined using our statutory federal tax rate to our reported income tax provision (benefit) for the three and nine months ended September 30, 2024 and 2023 (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Federal statutory tax rate $ 17,350 21.0 % $ 8,395 21.0 % $ 70,830 21.0 % $ 66,049 21.0 % REIT and other non-taxable income (9,069) (11.0) % (17,486) (43.7) % (49,091) (14.5) % (81,262) (25.8) % State income taxes 2,721 3.3 % (2,987) (7.5) % 7,143 2.1 % (4,999) (1.6) % Federal benefit of state tax deduction (571) (0.7) % 628 1.6 % (1,500) (0.4) % 1,050 0.3 % Other 18 — % 51 0.1 % 151 — % 165 0.1 % Effective tax rate $ 10,449 12.6 % $ (11,399) (28.5) % $ 27,533 8.2 % $ (18,997) (6.0) %

Segment Data (Tables)

Segment Data (Tables)	9 Months Ended
Segment Data (Tables)	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Results of Operations by Business Segment	The table below presents our results of operations for the three months ended September 30, 2024 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 349,589 $ 63,910 $ — $ 5,258 $ — $ 418,757 $ — $ 418,757 Interest income from investment securities 29,392 123 — 24,882 — 54,397 (37,170) 17,227 Servicing fees 109 — — 15,448 — 15,557 (3,730) 11,827 Rental income 4,267 — 16,352 5,360 — 25,979 — 25,979 Other revenues 2,149 1,410 212 1,338 641 5,750 — 5,750 Total revenues 385,506 65,443 16,564 52,286 641 520,440 (40,900) 479,540 Costs and expenses: Management fees 185 — — — 27,254 27,439 — 27,439 Interest expense 209,464 38,381 10,375 10,160 69,687 338,067 (208) 337,859 General and administrative 14,430 4,440 1,236 24,249 3,699 48,054 — 48,054 Costs of rental operations 3,140 — 6,057 2,936 — 12,133 — 12,133 Depreciation and amortization 2,264 14 5,914 1,745 251 10,188 — 10,188 Credit loss provision, net 65,021 1,406 — — — 66,427 — 66,427 Other expense 15 175 — 285 — 475 — 475 Total costs and expenses 294,519 44,416 23,582 39,375 100,891 502,783 (208) 502,575 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 16,570 16,570 Change in fair value of servicing rights — — — 975 — 975 (1,316) (341) Change in fair value of investment securities, net 2,913 — — (29,277) — (26,364) 25,586 (778) Change in fair value of mortgage loans, net 95,747 — — 19,124 — 114,871 — 114,871 Loss from affordable housing fund investments — — (5,590) — — (5,590) — (5,590) Earnings (loss) from unconsolidated entities 1,277 (963) — 183 — 497 (148) 349 Gain on sale of investments and other assets, net — — — 8,316 — 8,316 — 8,316 (Loss) gain on derivative financial instruments, net (108,436) (104) (546) (3,592) 28,737 (83,941) — (83,941) Foreign currency gain (loss), net 58,930 546 (55) — — 59,421 — 59,421 Loss on extinguishment of debt (142) — — (100) — (242) — (242) Other (loss) income, net (2,146) — (879) 44 — (2,981) — (2,981) Total other income (loss) 48,143 (521) (7,070) (4,327) 28,737 64,962 40,692 105,654 Income (loss) before income taxes 139,130 20,506 (14,088) 8,584 (71,513) 82,619 — 82,619 Income tax (provision) benefit (7,422) 156 — (3,183) — (10,449) — (10,449) Net income (loss) 131,708 20,662 (14,088) 5,401 (71,513) 72,170 — 72,170 Net (income) loss attributable to non-controlling interests (3) — (3,148) 7,049 — 3,898 — 3,898 Net income (loss) attributable to Starwood Property Trust, Inc . $ 131,705 $ 20,662 $ (17,236) $ 12,450 $ (71,513) $ 76,068 $ — $ 76,068 The table below presents our results of operations for the three months ended September 30, 2023 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 397,045 $ 58,628 $ — $ 1,626 $ — $ 457,299 $ — $ 457,299 Interest income from investment securities 36,178 155 — 25,133 — 61,466 (41,333) 20,133 Servicing fees 147 — — 11,228 — 11,375 (2,745) 8,630 Rental income 2,470 — 23,567 7,054 — 33,091 — 33,091 Other revenues 822 469 193 407 503 2,394 — 2,394 Total revenues 436,662 59,252 23,760 45,448 503 565,625 (44,078) 521,547 Costs and expenses: Management fees 199 — — — 26,944 27,143 — 27,143 Interest expense 247,727 34,887 14,161 8,448 63,346 368,569 (212) 368,357 General and administrative 15,659 3,822 1,021 21,365 4,824 46,691 — 46,691 Costs of rental operations 2,475 — 6,039 3,263 — 11,777 — 11,777 Depreciation and amortization 1,912 27 7,930 2,402 — 12,271 — 12,271 Credit loss provision, net 51,487 1,147 — — — 52,634 — 52,634 Other expense 723 4 — — — 727 — 727 Total costs and expenses 320,182 39,887 29,151 35,478 95,114 519,812 (212) 519,600 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 43,763 43,763 Change in fair value of servicing rights — — — (983) — (983) 915 (68) Change in fair value of investment securities, net 21,456 — — (20,753) — 703 (420) 283 Change in fair value of mortgage loans, net (68,450) — — 1,644 — (66,806) — (66,806) Income from affordable housing fund investments — — 16,908 — — 16,908 — 16,908 Earnings (loss) from unconsolidated entities 1,142 (2,459) — 400 — (917) (392) (1,309) (Loss) gain on sale of investments and other assets, net (52) — — 10,668 — 10,616 — 10,616 Gain (loss) on derivative financial instruments, net 99,735 98 557 4,116 (9,623) 94,883 — 94,883 Foreign currency (loss) gain, net (56,309) (382) 45 — — (56,646) — (56,646) Loss on extinguishment of debt (757) — — (315) — (1,072) — (1,072) Other (loss) income, net (2,527) (6) — 12 — (2,521) — (2,521) Total other income (loss) (5,762) (2,749) 17,510 (5,211) (9,623) (5,835) 43,866 38,031 Income (loss) before income taxes 110,718 16,616 12,119 4,759 (104,234) 39,978 — 39,978 Income tax benefit 9,823 243 — 1,333 — 11,399 — 11,399 Net income (loss) 120,541 16,859 12,119 6,092 (104,234) 51,377 — 51,377 Net income attributable to non-controlling interests (3) — (7,812) 3,873 — (3,942) — (3,942) Net income (loss) attributable to Starwood Property Trust, Inc . $ 120,538 $ 16,859 $ 4,307 $ 9,965 $ (104,234) $ 47,435 $ — $ 47,435 The table below presents our results of operations for the nine months ended September 30, 2024 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 1,102,810 $ 194,526 $ — $ 12,345 $ — $ 1,309,681 $ — $ 1,309,681 Interest income from investment securities 90,170 391 — 70,663 — 161,224 (108,791) 52,433 Servicing fees 361 — — 48,512 — 48,873 (11,324) 37,549 Rental income 11,819 — 52,863 15,603 — 80,285 — 80,285 Other revenues 4,455 2,690 574 2,836 1,951 12,506 — 12,506 Total revenues 1,209,615 197,607 53,437 149,959 1,951 1,612,569 (120,115) 1,492,454 Costs and expenses: Management fees 569 — — — 103,401 103,970 — 103,970 Interest expense 662,124 115,229 35,325 26,952 199,200 1,038,830 (626) 1,038,204 General and administrative 49,003 14,625 3,701 71,407 11,063 149,799 — 149,799 Costs of rental operations 8,577 — 17,309 8,661 — 34,547 — 34,547 Depreciation and amortization 6,349 43 17,695 5,289 754 30,130 — 30,130 Credit loss provision, net 142,993 1,982 — — — 144,975 — 144,975 Other expense 771 175 35 453 — 1,434 — 1,434 Total costs and expenses 870,386 132,054 74,065 112,762 314,418 1,503,685 (626) 1,503,059 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 43,836 43,836 Change in fair value of servicing rights — — — (1,521) — (1,521) 2,303 782 Change in fair value of investment securities, net (4,352) — — (69,445) — (73,797) 74,301 504 Change in fair value of mortgage loans, net 102,781 — — 47,498 — 150,279 — 150,279 Income from affordable housing fund investments — — 10,304 — — 10,304 — 10,304 Earnings (loss) from unconsolidated entities 10,293 (694) — 1,046 — 10,645 (951) 9,694 (Loss) gain on sale of investments and other assets, net (41) — 92,003 8,316 — 100,278 — 100,278 Gain on derivative financial instruments, net 11,636 59 1,442 129 5,718 18,984 — 18,984 Foreign currency gain (loss), net 23,970 479 (13) — — 24,436 — 24,436 Gain (loss) on extinguishment of debt 173 (620) (2,254) (100) — (2,801) — (2,801) Other (loss) income, net (7,337) 40 (1,156) 50 — (8,403) — (8,403) Total other income (loss) 137,123 (736) 100,326 (14,027) 5,718 228,404 119,489 347,893 Income (loss) before income taxes 476,352 64,817 79,698 23,170 (306,749) 337,288 — 337,288 Income tax (provision) benefit (18,930) 414 — (9,017) — (27,533) — (27,533) Net income (loss) 457,422 65,231 79,698 14,153 (306,749) 309,755 — 309,755 Net (income) loss attributable to non-controlling interests (10) — (15,010) 13,555 — (1,465) — (1,465) Net income (loss) attributable to Starwood Property Trust, Inc . $ 457,412 $ 65,231 $ 64,688 $ 27,708 $ (306,749) $ 308,290 $ — $ 308,290 The table below presents our results of operations for the nine months ended September 30, 2023 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 1,166,758 $ 172,969 $ — $ 4,329 $ — $ 1,344,056 $ — $ 1,344,056 Interest income from investment securities 102,462 1,658 — 69,521 — 173,641 (115,952) 57,689 Servicing fees 441 — — 30,472 — 30,913 (8,685) 22,228 Rental income 6,410 — 70,587 20,690 — 97,687 — 97,687 Other revenues 2,007 995 494 1,302 1,172 5,970 — 5,970 Total revenues 1,278,078 175,622 71,081 126,314 1,172 1,652,267 (124,637) 1,527,630 Costs and expenses: Management fees 629 — — — 97,032 97,661 — 97,661 Interest expense 724,452 103,188 40,229 24,752 175,002 1,067,623 (633) 1,066,990 General and administrative 42,117 11,520 2,966 62,052 13,300 131,955 — 131,955 Costs of rental operations 7,505 — 17,034 10,371 — 34,910 — 34,910 Depreciation and amortization 5,262 84 24,061 7,603 — 37,010 — 37,010 Credit loss provision, net 200,439 17,314 — — — 217,753 — 217,753 Other expense 2,116 17 23 (41) — 2,115 — 2,115 Total costs and expenses 982,520 132,123 84,313 104,737 285,334 1,589,027 (633) 1,588,394 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 139,024 139,024 Change in fair value of servicing rights — — — (2,684) — (2,684) 3,082 398 Change in fair value of investment securities, net 62,766 — — (46,213) — 16,553 (16,200) 353 Change in fair value of mortgage loans, net (125,390) — — 14,143 — (111,247) — (111,247) Income from affordable housing fund investments — — 253,696 — — 253,696 — 253,696 Earnings (loss) from unconsolidated entities 3,563 1,324 — 8,393 — 13,280 (1,902) 11,378 (Loss) gain on sale of investments and other assets, net (140) — — 15,626 — 15,486 — 15,486 Gain (loss) on derivative financial instruments, net 132,686 244 4,448 4,469 (23,416) 118,431 — 118,431 Foreign currency (loss) gain, net (18,118) (225) 50 — — (18,293) — (18,293) Loss on extinguishment of debt (1,822) — — (434) — (2,256) — (2,256) Other (loss) income, net (31,693) — (5) 12 — (31,686) — (31,686) Total other income (loss) 21,852 1,343 258,189 (6,688) (23,416) 251,280 124,004 375,284 Income (loss) before income taxes 317,410 44,842 244,957 14,889 (307,578) 314,520 — 314,520 Income tax benefit 15,981 581 — 2,435 — 18,997 — 18,997 Net income (loss) 333,391 45,423 244,957 17,324 (307,578) 333,517 — 333,517 Net income attributable to non-controlling interests (10) — (65,149) (106) — (65,265) — (65,265) Net income (loss) attributable to Starwood Property Trust, Inc . $ 333,381 $ 45,423 $ 179,808 $ 17,218 $ (307,578) $ 268,252 $ — $ 268,252
Schedule of Consolidated Balance Sheet by Business Segment	The table below presents our consolidated balance sheet as of September 30, 2024 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Assets: Cash and cash equivalents $ 11,235 $ 174,581 $ 35,527 $ 13,692 $ 122,818 $ 357,853 $ — $ 357,853 Restricted cash 93,839 19,825 1,057 4,627 32,935 152,283 — 152,283 Loans held-for-investment, net 13,713,603 2,415,162 — — — 16,128,765 — 16,128,765 Loans held-for-sale 2,540,411 — — 232,968 — 2,773,379 — 2,773,379 Investment securities 1,094,588 17,275 — 1,189,930 — 2,301,793 (1,585,991) 715,802 Properties, net 476,951 — 659,351 58,288 — 1,194,590 — 1,194,590 Investments of consolidated affordable housing fund — — 1,984,822 — — 1,984,822 — 1,984,822 Investments in unconsolidated entities 26,407 51,997 — 27,270 — 105,674 (14,665) 91,009 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Intangible assets 11,373 — 22,770 61,577 — 95,720 (35,561) 60,159 Derivative assets 67,220 — 544 1,799 5,076 74,639 — 74,639 Accrued interest receivable 179,174 16,572 224 964 212 197,146 — 197,146 Other assets 150,882 7,247 52,816 8,646 73,571 293,162 — 293,162 VIE assets, at fair value — — — — — — 39,950,395 39,950,395 Total Assets $ 18,365,683 $ 2,822,068 $ 2,757,111 $ 1,740,198 $ 234,612 $ 25,919,672 $ 38,314,178 $ 64,233,850 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 184,956 $ 63,422 $ 12,584 $ 44,583 $ 89,689 $ 395,234 $ — $ 395,234 Related-party payable — — — — 25,542 25,542 — 25,542 Dividends payable — — — — 163,669 163,669 — 163,669 Derivative liabilities 90,530 — — 69 27,562 118,161 — 118,161 Secured financing agreements, net 8,628,342 796,183 479,138 639,323 1,332,072 11,875,058 (20,440) 11,854,618 Collateralized loan obligations and single asset securitization, net 2,163,968 1,138,281 — — — 3,302,249 — 3,302,249 Unsecured senior notes, net — — — — 2,757,146 2,757,146 — 2,757,146 VIE liabilities, at fair value — — — — — — 38,334,618 38,334,618 Total Liabilities 11,067,796 1,997,886 491,722 683,975 4,395,680 18,637,059 38,314,178 56,951,237 Temporary Equity: Redeemable non-controlling interests — — 410,799 — — 410,799 — 410,799 Permanent Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 3,447 3,447 — 3,447 Additional paid-in capital 1,309,195 586,273 (391,883) (652,611) 5,460,889 6,311,863 — 6,311,863 Treasury stock — — — — (138,022) (138,022) — (138,022) Retained earnings (accumulated deficit) 5,972,318 237,909 2,039,228 1,584,106 (9,487,382) 346,179 — 346,179 Accumulated other comprehensive income 16,256 — — — — 16,256 — 16,256 Total Starwood Property Trust, Inc. Stockholders’ Equity 7,297,769 824,182 1,647,345 931,495 (4,161,068) 6,539,723 — 6,539,723 Non-controlling interests in consolidated subsidiaries 118 — 207,245 124,728 — 332,091 — 332,091 Total Permanent Equity 7,297,887 824,182 1,854,590 1,056,223 (4,161,068) 6,871,814 — 6,871,814 Total Liabilities and Equity $ 18,365,683 $ 2,822,068 $ 2,757,111 $ 1,740,198 $ 234,612 $ 25,919,672 $ 38,314,178 $ 64,233,850 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

Business and Organization (Deta

Business and Organization (Details)	9 Months Ended
Business and Organization (Details)	Sep. 30, 2024 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)			9 Months Ended
Summary of Significant Accounting Policies (Details)	Nov. 06, 2021 USD ($)	Nov. 05, 2021 USD ($) unit property	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
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			$ 3,786,000	$ 0
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)		3 Months Ended		9 Months Ended
Acquisitions and Divestitures (Details)	Feb. 29, 2024 USD ($) property	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property
Business Acquisition [Line Items]
Proceeds from sales of real estate, net of debt assumed by purchaser				$ 216,825,000	$ 60,955,000
Loss on extinguishment of debt		$ 242,000	$ 1,072,000	2,801,000	$ 2,256,000
Master Lease Portfolio \| Property Segment
Business Acquisition [Line Items]
Number of properties sold \| property	16
Proceeds from sale of operating properties	$ 387,100,000
Mortgage debt	194,900,000
Proceeds from sales of real estate, net of debt assumed by purchaser	$ 188,000,000
Net of selling costs				92,000,000
Loss on extinguishment of debt				1,200,000
Operating Properties \| Investing and Servicing Segment
Business Acquisition [Line Items]
Number of properties sold \| property			2		3
Proceeds from sale of operating properties		18,200,000	$ 34,600,000	18,200,000	$ 50,900,000
Gain on sale of property		8,300,000	10,600,000	8,300,000	15,400,000
Gain on sale of property attributable to noncontrolling interest		2,500,000		2,500,000
Residential Units \| Commercial and Residential Lending Segment
Business Acquisition [Line Items]
Proceeds from sale of operating properties			9,100,000	12,100,000	12,100,000
Gain on sale of property		$ 0	$ 0	$ 0	$ 0
Number of residential units sold \| property			3	3	4

Loans - Held for Investment (De

Loans - Held for Investment (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Investments in loans
Carrying Value	$ 19,307,068	$ 20,528,925
Face Amount	19,586,873	20,934,221
Credit loss allowances	(404,924)	(309,039)
Total net loans	$ 18,902,144	$ 20,219,886	$ 19,836,470	$ 21,186,033
Residential, fair value option
Investments in loans
Weighted Average Life	27 years 1 month 6 days	27 years 9 months 18 days
Commercial loans:
Investments in loans
Carrying Value	$ 14,108,393
Credit loss allowances	(394,790)
Infrastructure loans:
Investments in loans
Carrying Value	2,425,296
Credit loss allowances	(10,134)
Loans held for investment
Investments in loans
Carrying Value	16,533,689	$ 17,883,288
Face Amount	16,606,672	17,979,695
Credit loss allowances	(404,924)	(309,039)
Loans held for investment \| Commercial loans:
Investments in loans
Carrying Value	14,108,393	15,377,364
Face Amount	14,140,656	15,429,451
Credit loss allowances	(394,790)	(298,775)
Total net loans	13,713,603	15,078,589	14,959,887	16,048,507
Loans held for investment \| Infrastructure loans:
Investments in loans
Carrying Value	2,425,296	2,505,924
Face Amount	$ 2,466,016	$ 2,550,244
Weighted Average Life	4 years 1 month 6 days	3 years 10 months 24 days
Credit loss allowances	$ (10,134)	$ (10,264)
Total net loans	$ 2,415,162	$ 2,495,660	2,274,318	2,352,932
Loans held for investment \| Weighted-average \| Infrastructure loans:
Investments in loans
Weighted Average Coupon	8.80%	9.50%
Loans under fair value option
Investments in loans
Carrying Value	$ 2,773,379	$ 2,645,637
Face Amount	2,980,201	2,954,526
Credit loss allowances	0
Total net loans	2,773,379	2,645,637	$ 2,602,265	$ 2,784,594
Loans under fair value option \| Residential, fair value option
Investments in loans
Carrying Value	2,540,411	2,604,594
Face Amount	2,741,791	2,909,126
Loans under fair value option \| Commercial, fair value option
Investments in loans
Carrying Value	232,968	41,043
Face Amount	$ 238,410	$ 45,400
Weighted Average Life	6 years 10 months 24 days	5 years 2 months 12 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	6.70%	5.50%
First Mortgage \| Loans held for investment
Investments in loans
Carrying Value	$ 13,693,233	$ 14,956,646
Face Amount	$ 13,723,617	$ 15,005,827
Weighted Average Life	2 years 6 months	2 years 9 months 18 days
First Mortgage \| Loans held for investment \| Weighted-average
Investments in loans
Weighted Average Coupon	8.50%	9%
Subordinated Mortgages \| Loans held for investment
Investments in loans
Carrying Value	$ 36,552	$ 76,560
Face Amount	$ 36,365	$ 76,882
Weighted Average Life	1 year 8 months 12 days	2 years 2 months 12 days
Subordinated Mortgages \| Loans held for investment \| Weighted-average
Investments in loans
Weighted Average Coupon	15%	14.80%
Mezzanine Loans
Investments in loans
Total net loans	$ 1,000,000	$ 1,000,000
Mezzanine Loans \| Loans held for investment
Investments in loans
Carrying Value	331,515	273,146
Face Amount	$ 332,986	$ 274,899
Weighted Average Life	2 years 1 month 6 days	2 years 8 months 12 days
Mezzanine Loans \| Loans held for investment \| Weighted-average
Investments in loans
Weighted Average Coupon	13.30%	13.70%
Other \| Loans held for investment
Investments in loans
Carrying Value	$ 47,093	$ 71,012
Face Amount	$ 47,688	$ 71,843
Weighted Average Life	4 years	1 year 9 months 18 days
Other \| Loans held for investment \| Weighted-average
Investments in loans
Weighted Average Coupon	13.20%	9.60%

Loans - Variable Rate Loans Hel

Loans - Variable Rate Loans Held for Investment (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Variable rate loans held-for-investment
Carrying Value	$ 15,606,744
Weighted-average Spread Above Index	3.80%
Commercial loans
Variable rate loans held-for-investment
Carrying Value	$ 13,181,448
Weighted-average Spread Above Index	3.80%
Infrastructure loans
Variable rate loans held-for-investment
Carrying Value	$ 2,425,296
Weighted-average Spread Above Index	3.90%

Loans - Risk Ratings by Class o

Loans - Risk Ratings by Class of Loan (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investments in loans
Total Amortized Cost Basis	$ 19,307,068	$ 20,528,925
Credit Loss Allowance	404,924	309,039
Loans held-for-sale
Investments in loans
Total Amortized Cost Basis	2,773,379	$ 2,645,637
Credit Loss Allowance	0
Commercial loans:
Investments in loans
2024	675,490
2023	946,110
2022	4,161,861
2021	5,821,690
2020	505,053
Prior	1,998,189
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	14,108,393
Credit Loss Allowance	394,790
Commercial loans: \| LTV less than 60%
Investments in loans
2024	296,962
2023	124,562
2022	2,023,195
2021	2,019,035
2020	187,223
Prior	636,466
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	5,287,443
Credit Loss Allowance	13,003
Commercial loans: \| LTV 60% - 70%
Investments in loans
2024	111,237
2023	752,615
2022	1,687,129
2021	2,722,361
2020	91,971
Prior	238,648
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	5,603,961
Credit Loss Allowance	80,655
Commercial loans: \| LTV > 70%
Investments in loans
2024	267,291
2023	63,383
2022	409,994
2021	1,080,294
2020	225,859
Prior	1,118,150
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	3,164,971
Credit Loss Allowance	296,207
Commercial loans: \| Credit deteriorated
Investments in loans
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	4,925
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	4,925
Credit Loss Allowance	4,925
Commercial loans: \| Defeased and other
Investments in loans
2024	0
2023	5,550
2022	41,543
2021	0
2020	0
Prior	0
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	47,093
Credit Loss Allowance	0
Infrastructure loans:
Investments in loans
2024	581,102
2023	805,081
2022	57,839
2021	286,205
2020	35,733
Prior	655,281
Revolving Loans Amortized Cost Total	4,055
Total Amortized Cost Basis	2,425,296
Credit Loss Allowance	10,134
Infrastructure loans: \| Power
Investments in loans
2024	438,270
2023	372,358
2022	0
2021	103,228
2020	0
Prior	413,213
Revolving Loans Amortized Cost Total	4,055
Total Amortized Cost Basis	1,331,124
Credit Loss Allowance	4,398
Infrastructure loans: \| Oil and gas
Investments in loans
2024	142,832
2023	432,723
2022	57,839
2021	182,977
2020	35,733
Prior	242,068
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	1,094,172
Credit Loss Allowance	$ 5,736

Loans - Narrative (Details)

Loans - Narrative (Details) $ in Thousands	1 Months Ended			3 Months Ended	6 Months Ended	9 Months Ended
Loans - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($)	May 31, 2024 USD ($)	May 31, 2023 USD ($)	Sep. 30, 2024 USD ($) unit extension	Jun. 30, 2024 USD ($) extension	Sep. 30, 2024 USD ($) unit loan	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value				$ 19,307,068		$ 19,307,068		$ 20,528,925
Loan foreclosure						176,231	$ 42,000
Properties, net				1,194,590		1,194,590		$ 1,046,384
Other Modifications
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized cost basis of loans modified				541,700		$ 541,700
Number of loans modified \| loan						9
Commercial loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value				14,108,393		$ 14,108,393
Amortized cost basis of loans modified				$ 1,200,000		$ 1,200,000
Percentage of commercial loans amortized cost basis				8%		8%
Infrastructure loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value				$ 2,425,296		$ 2,425,296
New York \| Commercial loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan foreclosure	$ 9,200
Mortgage Loan \| ARIZONA \| Commercial loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value				45,000		45,000
Interest not yet received				2,400		2,400
Mortgage Loan \| Texas \| Commercial loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	252,000				$ 252,000
Unfunded commitments	22,900				$ 22,900
Granted team extension period					28 months
Number of extension options \| extension					2
Extension term					1 year
Preferred equity commitment	30,000				$ 30,000
First mortgage loan participation \| Residential Loans \| Development and Recapitalization of Luxury Rental Cabins \| Affiliated Entity
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	148,900				148,900
Unfunded commitments	50,200				$ 50,200
Granted team extension period					8 months
Extension term					1 year
First mortgage loan participation \| MICHIGAN \| Commercial loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	53,900				$ 53,900
Unfunded commitments	$ 5,100				$ 5,100
Granted team extension period					29 months
Decrease in interest rate					1%
Basis spread	2.45%				2.45%
Senior Loans \| Chicago \| Commercial loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan foreclosure			$ 41,100
Senior Loans \| Washington \| Commercial loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan foreclosure		$ 114,200
Credit loss allowance, net	$ 9,800				$ 9,800
Properties, net		114,700
Net liabilities		(500)
First Mortgage and Mezzanine \| New York \| Commercial loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value				277,000		277,000
Unfunded commitments				23,700		23,700
First Mortgage and Mezzanine \| New York \| Commercial loans: \| College Unit
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value				$ 152,300		$ 152,300
Remaining lease term				27 years
Granted team extension period				24 months
Decrease in interest rate				2.03%
Basis spread				1.57%		1.57%
Exit fee percentage				3.40%
First Mortgage and Mezzanine \| New York \| Commercial loans: \| Office Unit
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value				$ 124,700		$ 124,700
Granted team extension period				3 months
Decrease in interest rate				2.03%
Basis spread				1.57%		1.57%
First Mortgage and Mezzanine \| New York \| Commercial loans: \| Floor Rate \| College Unit
Financing Receivable, Allowance for Credit Loss [Line Items]
Basis spread				4.40%		4.40%
First Mortgage and Mezzanine \| New York \| Commercial loans: \| Floor Rate \| Office Unit
Financing Receivable, Allowance for Credit Loss [Line Items]
Basis spread				4.40%		4.40%
First Mortgage and Mezzanine \| Washington, DC \| Commercial loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	$ 324,700				$ 324,700
Granted team extension period					24 months
Decrease in interest rate					2.85%
First Mortgage and Mezzanine \| Washington, DC \| Commercial loans: \| Floor Rate
Financing Receivable, Allowance for Credit Loss [Line Items]
Basis spread	5%				5%
First Mortgage and Mezzanine \| Washington, DC \| Commercial loans: \| SOFR
Financing Receivable, Allowance for Credit Loss [Line Items]
Basis spread	1%				1%
First Mortgage and Mezzanine \| TENNESSEE \| Commercial loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan foreclosure		52,700
Properties, net		51,300
Working capital		$ 1,400
First Mortgage and Mezzanine \| GEORGIA \| Commercial loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value				$ 103,200		$ 103,200
Unfunded commitments				$ 6,500		6,500
Granted team extension period				24 months
Number of extension options \| extension				2
Extension term				1 year
Decrease in interest rate				2.50%
Preferred equity commitment				$ 12,400		$ 12,400
First Mortgage and Mezzanine \| GEORGIA \| Commercial loans: \| Floor Rate
Financing Receivable, Allowance for Credit Loss [Line Items]
Basis spread				5%		5%
First Mortgage and Mezzanine \| GEORGIA \| Commercial loans: \| SOFR
Financing Receivable, Allowance for Credit Loss [Line Items]
Basis spread				1%		1%
Junior Mezzanine Loan \| Washington, DC \| Commercial loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value	$ 18,200				$ 18,200
Amount funded	8,200				8,200
Non-Credit Deterioration \| New York \| Infrastructure loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Properties, net	10,100				10,100
Credit deteriorated \| Commercial loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value				$ 4,925		$ 4,925
Credit deteriorated \| New York \| Commercial loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Properties, net	$ 10,100				$ 10,100
Credit deteriorated \| Senior Loans \| Chicago \| Commercial loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value				4,900		4,900
90 days or greater past due \| Non-Credit Deterioration
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value				439,600		439,600
90 days or greater past due \| Non-Credit Deterioration \| Residential Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value				88,200		88,200
90 days or greater past due \| Non-Credit Deterioration \| Mortgage Loan \| VIRGINIA \| Commercial loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value				125,100		125,100
90 days or greater past due \| Non-Credit Deterioration \| First mortgage loan participation \| Dallas, Texas \| Commercial loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value				$ 88,400		$ 88,400
Number of units \| unit				500		500
90 days or greater past due \| Non-Credit Deterioration \| First mortgage loan participation \| Fort Worth, Texas \| Commercial loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value				$ 55,100		$ 55,100
Number of units \| unit				264		264
90 days or greater past due \| Non-Credit Deterioration \| First mortgage loan participation \| ARIZONA \| Commercial loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value				$ 45,000		$ 45,000
Number of units \| unit				256		256
90 days or greater past due \| Non-Credit Deterioration \| Leasehold Mortgage Loan \| California \| Commercial loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value				$ 37,800		$ 37,800
Not 90 days or greater past due \| Non-Credit Deterioration \| Senior Loans \| New Jersey \| Commercial loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value				184,800		184,800
Not 90 days or greater past due \| Non-Credit Deterioration \| First Mortgage and Mezzanine \| New York \| Commercial loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value				124,700		124,700
Not 90 days or greater past due \| Non-Credit Deterioration \| Junior Mezzanine Loan \| Washington, DC \| Commercial loans:
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value				8,200		8,200
Mortgage loans on real estate commitment				$ 18,200		$ 18,200

Loans - Activity in Portfolio (

Loans - Activity in Portfolio (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended
	Jun. 30, 2024	May 31, 2024	May 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						$ 309,039
Credit loss provision (reversal), net						107,242	$ 197,675
Credit loss allowance at the end of the period				$ 404,924		404,924
Activity in loan portfolio
Balance at the beginning of the period						20,219,886	21,186,033
Acquisitions/originations/additional funding						3,275,892	2,022,544
Capitalized interest						68,109	92,202
Basis of loans sold						(1,108,740)	(390,321)
Loan maturities/principal repayments						(3,573,271)	(2,723,990)
Discount accretion/premium amortization						49,431	51,031
Changes in fair value				114,871	$ (66,806)	150,279	(111,247)
Foreign currency translation gain (loss), net						104,031	(50,107)
Credit loss (provision) reversal, net						(107,242)	(197,675)
Loan foreclosure						(176,231)	(42,000)
Transfer to/from other asset classifications or between segments						0	0
Balance at the end of the period				18,902,144	19,836,470	18,902,144	19,836,470
Funded Commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						309,039
Credit loss provision (reversal), net						105,696
Charge-offs						(9,811)
Credit loss allowance at the end of the period				404,924		404,924
Activity in loan portfolio
Credit loss (provision) reversal, net						(105,696)
Unfunded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						10,928
Credit loss provision (reversal), net						27,699
Credit loss allowance at the end of the period				38,627		38,627
Unfunded commitments				1,276,457		1,276,457
Activity in loan portfolio
Credit loss (provision) reversal, net						(27,699)
HTM Preferred Intrests
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						1,548
Credit loss provision (reversal), net						13,163
Credit loss allowance at the end of the period				14,711		14,711
Unfunded commitments				42,733		42,733
Activity in loan portfolio
Credit loss (provision) reversal, net						(13,163)
CMBS
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						74
Credit loss provision (reversal), net						(15)
Credit loss allowance at the end of the period				59		59
Unfunded commitments				31,628		31,628
Activity in loan portfolio
Credit loss (provision) reversal, net						15
Held-for-Investment Loans
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						309,039
Credit loss allowance at the end of the period				404,924		404,924
Held-for-Sale Loans
Activity in allowance for loan losses
Credit loss provision (reversal), net						1,546	0
Credit loss allowance at the end of the period				0		0
Activity in loan portfolio
Balance at the beginning of the period						2,645,637	2,784,594
Acquisitions/originations/additional funding						1,206,016	363,520
Capitalized interest						0	172
Basis of loans sold						(1,108,740)	(337,321)
Loan maturities/principal repayments						(165,610)	(137,916)
Discount accretion/premium amortization						0	0
Changes in fair value						150,279	(111,247)
Foreign currency translation gain (loss), net						0	0
Credit loss (provision) reversal, net						(1,546)	0
Loan foreclosure						(1,352)	(929)
Transfer to/from other asset classifications or between segments						48,695	41,392
Balance at the end of the period				2,773,379	2,602,265	2,773,379	2,602,265
Commercial loans:
Activity in allowance for loan losses
Credit loss allowance at the end of the period				394,790		394,790
Commercial loans: \| New York
Activity in loan portfolio
Loan foreclosure	$ (9,200)
Commercial loans: \| Senior Loans \| Washington
Activity in loan portfolio
Loan foreclosure		$ (114,200)
Commercial loans: \| Senior Loans \| Chicago
Activity in loan portfolio
Loan foreclosure			$ (41,100)
Commercial loans: \| Funded Commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						298,775
Credit loss provision (reversal), net						105,826
Charge-offs						(9,811)
Credit loss allowance at the end of the period				394,790		394,790
Activity in loan portfolio
Credit loss (provision) reversal, net						(105,826)
Commercial loans: \| Funded Commitments \| Washington
Activity in allowance for loan losses
Charge-offs				(9,800)
Commercial loans: \| Loans Held-for-Investment
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						8,742
Credit loss provision (reversal), net						13,974
Credit loss allowance at the end of the period				22,716		22,716
Unfunded commitments				1,074,569		1,074,569
Activity in loan portfolio
Credit loss (provision) reversal, net						(13,974)
Commercial loans: \| Held-for-Investment Loans
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						298,775
Credit loss provision (reversal), net						105,826	187,775
Credit loss allowance at the end of the period				394,790		394,790
Activity in loan portfolio
Balance at the beginning of the period						15,078,589	16,048,507
Acquisitions/originations/additional funding						1,237,827	1,053,627
Capitalized interest						68,109	91,641
Basis of loans sold						0	(53,000)
Loan maturities/principal repayments						(2,523,781)	(1,903,021)
Discount accretion/premium amortization						32,144	40,733
Changes in fair value						0	0
Foreign currency translation gain (loss), net						101,420	(48,362)
Credit loss (provision) reversal, net						(105,826)	(187,775)
Loan foreclosure						(174,879)	(41,071)
Transfer to/from other asset classifications or between segments						0	(41,392)
Balance at the end of the period				13,713,603	14,959,887	13,713,603	14,959,887
Infrastructure loans:
Activity in allowance for loan losses
Credit loss allowance at the end of the period				10,134		10,134
Infrastructure loans: \| Funded Commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						10,264
Credit loss provision (reversal), net						(130)
Charge-offs						0
Credit loss allowance at the end of the period				10,134		10,134
Activity in loan portfolio
Credit loss (provision) reversal, net						130
Infrastructure loans: \| Loans Held-for-Investment
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						564
Credit loss provision (reversal), net						577
Credit loss allowance at the end of the period				1,141		1,141
Unfunded commitments				127,527		127,527
Activity in loan portfolio
Credit loss (provision) reversal, net						(577)
Infrastructure loans: \| Held-for-Investment Loans
Activity in allowance for loan losses
Credit loss allowance at beginning of the period						10,264
Credit loss provision (reversal), net						(130)	9,900
Credit loss allowance at the end of the period				10,134		10,134
Activity in loan portfolio
Balance at the beginning of the period						2,495,660	2,352,932
Acquisitions/originations/additional funding						832,049	605,397
Capitalized interest						0	389
Basis of loans sold						0	0
Loan maturities/principal repayments						(883,880)	(683,053)
Discount accretion/premium amortization						17,287	10,298
Changes in fair value						0	0
Foreign currency translation gain (loss), net						2,611	(1,745)
Credit loss (provision) reversal, net						130	(9,900)
Loan foreclosure						0	0
Transfer to/from other asset classifications or between segments						(48,695)	0
Balance at the end of the period				$ 2,415,162	$ 2,274,318	2,415,162	2,274,318
Residential Loans \| First Mortgage And Mezzanine Loan \| Nashville, Tennessee
Activity in loan portfolio
Loan foreclosure		$ (51,500)
Residential Loans \| Residential Loans
Activity in loan portfolio
Loan foreclosure						$ (1,300)	$ (900)

Investment Securities - Investm

Investment Securities - Investment Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	$ 97,486	$ 102,368
Credit loss allowance	23,177	13,143
HTM debt securities	609,109	619,397
Total investment securities	715,802	735,562
VIE eliminations
Debt Securities, Available-for-sale [Line Items]
Equity security	(1,585,991)	(1,578,859)
CMBS
Debt Securities, Available-for-sale [Line Items]
Credit loss allowance	209	164
HTM debt securities	558,919	580,704
CMBS \| Non- Controlling Interests
Debt Securities, Available-for-sale [Line Items]
Equity security	151,100	177,300
Before consolidation of securitization VIEs
Debt Securities, Available-for-sale [Line Items]
HTM debt securities	585,932	606,254
Equity security, fair value	5,607	8,340
Total investment securities	2,301,793	2,314,421
Before consolidation of securitization VIEs \| RMBS
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	97,486	102,368
Equity security	422,838	449,909
Before consolidation of securitization VIEs \| CMBS
Debt Securities, Available-for-sale [Line Items]
Equity security	$ 1,189,930	$ 1,147,550

Investment Securities - Purchas

Investment Securities - Purchases, Sales and Redemptions, and Principal Collections for All Investment Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	$ 45,778	$ 5,536	$ 64,486	$ 6,988
Sales and redemptions	2,376	1,427	3,690	1,722
Principal collections	5,016	36,331	82,317	87,679
Securitization VIEs
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	(126,071)	0	(126,071)	0
Sales and redemptions	(7,144)	0	(12,923)	0
Principal collections	(15,779)	(13,624)	(43,972)	(54,071)
HTM Securities
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	45,778	5,536	56,578	6,988
Sales and redemptions	0		0	0
Principal collections	611	33,762	72,991	79,543
Equity Security
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	0	0	0	0
Sales and redemptions	2,376	878	3,690	1,173
Principal collections	0	0	0	0
RMBS \| Available-for-sale
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	0	0	0	0
Sales and redemptions	0	549	0	549
Principal collections	4,364	2,468	9,183	7,451
RMBS \| Fair value option
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	0	0	0	0
Sales and redemptions	0	0	0	0
Principal collections	11,118	12,979	34,884	41,776
CMBS \| Fair value option
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	126,071	0	133,979	0
Sales and redemptions	7,144	0	12,923	0
Principal collections	$ 4,702	$ 746	$ 9,231	$ 12,980

Investment Securities - Availab

Investment Securities - Available-for-Sale RMBS (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 81,230	$ 87,016
Credit Loss Allowance	0	0
Net Basis	81,230	87,016
Gross Unrealized Gains	17,669	18,092
Gross Unrealized Losses	(1,413)	(2,740)
Net Fair Value Adjustment	16,256	15,352
Fair Value	$ 97,486	$ 102,368
Effective variable rate basis	4.846%
RMBS \| B- Rating
Debt Securities, Available-for-sale [Line Items]
Weighted Average Coupon	5.50%
WAL (Years)	7 years 9 months 18 days

Investment Securities - Narrati

Investment Securities - Narrative (Details)	3 Months Ended		9 Months Ended		12 Months Ended
Investment Securities - Narrative (Details)	Sep. 30, 2024 USD ($) security shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) security shares	Sep. 30, 2023 USD ($)	Dec. 31, 2012 shares	Dec. 31, 2023 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Cost of third party management	$ 200,000	$ 200,000	$ 600,000	$ 600,000
Number of securities with unrealized losses \| security	13		13			14
Amortized cost basis	$ 609,109,000		$ 609,109,000			$ 619,397,000
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	1,761,690		2,767,038
Proceeds from shares redeemed	$ 2,400,000		$ 3,700,000
Remaining held (in shares) \| shares	4,480,649		4,480,649
Equity security, fair value	$ 5,600,000		$ 5,600,000			8,300,000
Ownership percentage			2.30%
VIE eliminations
Debt Securities, Available-for-sale [Line Items]
Fair value of investment securities before consolidation of VIEs eliminated against VIE liabilities	26,800,000		$ 26,800,000
Fair Value Option
Debt Securities, Available-for-sale [Line Items]
Fair value of mortgage backed securities	1,600,000,000		1,600,000,000
RMBS
Debt Securities, Available-for-sale [Line Items]
Portion of securities with variable rate	$ 86,600,000		$ 86,600,000
RMBS \| Available-for-sale
Debt Securities, Available-for-sale [Line Items]
Portion of securities with variable rate (as a percent)	89%		89%
RMBS \| Fair Value Option
Debt Securities, Available-for-sale [Line Items]
Portion of securities with variable rate	$ 0		$ 0
Fair value of investment securities before consolidation of VIEs	422,800,000		422,800,000
Unpaid principal balance of investment securities before consolidation of VIEs	326,300,000		326,300,000
CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized cost basis	558,919,000		558,919,000			580,704,000
CMBS \| Fair Value Option
Debt Securities, Available-for-sale [Line Items]
Portion of securities with variable rate	0		0
Fair value of investment securities before consolidation of VIEs	1,200,000,000		1,200,000,000
Unpaid principal balance of investment securities before consolidation of VIEs	2,800,000,000		2,800,000,000
Infrastructure bonds
Debt Securities, Available-for-sale [Line Items]
Amortized cost basis	27,344,000		27,344,000			29,123,000
Infrastructure bonds \| Choctaw, Mississippi \| Infrastructure loans: \| Credit deteriorated
Debt Securities, Available-for-sale [Line Items]
Credit loss allowance	10,000,000		10,000,000
Amortized cost basis	19,200,000		19,200,000
Preferred interests
Debt Securities, Available-for-sale [Line Items]
Amortized cost basis	22,846,000		22,846,000			$ 9,570,000
Preferred interests \| California
Debt Securities, Available-for-sale [Line Items]
Debt securities, held-to-maturity, nonaccrual	15,800,000		15,800,000
Preferred interests \| Texas
Debt Securities, Available-for-sale [Line Items]
Debt securities, held-to-maturity, nonaccrual	$ 7,100,000		$ 7,100,000

Investment Securities - AFS and

Investment Securities - AFS and Fair Value Option (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Estimated Fair Value
Securities with a loss less than 12 months	$ 2,133	$ 10,687
Securities with a loss greater than 12 months	9,909	6,361
Unrealized Losses
Securities with a loss less than 12 months	(119)	(1,322)
Securities with a loss greater than 12 months	$ (1,294)	$ (1,418)

Investment Securities - HTM Deb

Investment Securities - HTM Debt Securities, Amortized Cost (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
HTM Securities
Amortized Cost Basis	$ 609,109	$ 619,397
Credit Loss Allowance	(23,177)	(13,143)
Net Carrying Amount	585,932	606,254
Gross Unrealized Holding Gains	973	75
Gross Unrealized Holding Losses	(25,431)	(25,169)
Fair Value	561,474	581,160
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at beginning	13,143
Credit loss provision (reversal), net	10,034
Credit loss allowance at ending	23,177
HTM preferred equity interests
Less than one year	275,128
One to three years	290,583
Three to five years	11,108
Thereafter	9,113
Total	585,932
CMBS
HTM Securities
Amortized Cost Basis	558,919	580,704
Credit Loss Allowance	(209)	(164)
Net Carrying Amount	558,710	580,540
Gross Unrealized Holding Gains	952	43
Gross Unrealized Holding Losses	(23,691)	(24,835)
Fair Value	535,971	555,748
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at beginning	164
Credit loss provision (reversal), net	45
Credit loss allowance at ending	209
HTM preferred equity interests
Less than one year	268,354
One to three years	290,356
Three to five years	0
Thereafter	0
Total	558,710
Preferred interests
HTM Securities
Amortized Cost Basis	22,846	9,570
Credit Loss Allowance	(12,898)	(2,898)
Net Carrying Amount	9,948	6,672
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	(1,729)	(318)
Fair Value	8,219	6,354
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at beginning	2,898
Credit loss provision (reversal), net	10,000
Credit loss allowance at ending	12,898
HTM preferred equity interests
Less than one year	6,774
One to three years	0
Three to five years	3,174
Thereafter	0
Total	9,948
Infrastructure bonds
HTM Securities
Amortized Cost Basis	27,344	29,123
Credit Loss Allowance	(10,070)	(10,081)
Net Carrying Amount	17,274	19,042
Gross Unrealized Holding Gains	21	32
Gross Unrealized Holding Losses	(11)	(16)
Fair Value	17,284	$ 19,058
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at beginning	10,081
Credit loss provision (reversal), net	(11)
Credit loss allowance at ending	10,070
HTM preferred equity interests
Less than one year	0
One to three years	227
Three to five years	7,934
Thereafter	9,113
Total	$ 17,274

Properties - Narrative (Details

Properties - Narrative (Details) ft² in Millions		3 Months Ended		9 Months Ended		12 Months Ended
Properties - Narrative (Details) ft² in Millions	Feb. 29, 2024 USD ($) property	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Dec. 31, 2016 ft² building	Dec. 31, 2023 USD ($)
Real Estate Properties [Line Items]
Proceeds from sales of real estate, net of debt assumed by purchaser				$ 216,825,000	$ 60,955,000
Loss on extinguishment of debt		$ 242,000	$ 1,072,000	2,801,000	$ 2,256,000
Property Segment
Real Estate Properties [Line Items]
Construction in progress		88,815,000		88,815,000			$ 0
Land and land improvements		95,581,000		95,581,000			68,923,000
Investing and Servicing Segment
Real Estate Properties [Line Items]
Land and land improvements		20,580,000		20,580,000			20,229,000
Commercial and Residential Lending Segment
Real Estate Properties [Line Items]
Construction in progress		217,508,000		217,508,000			218,205,000
Land and land improvements		83,781,000		83,781,000			$ 79,361,000
Master Lease Portfolio \| Property Segment
Real Estate Properties [Line Items]
Number of retail properties sold \| property	16
Proceeds from sale of operating properties	$ 387,100,000
Mortgage debt	194,900,000
Proceeds from sales of real estate, net of debt assumed by purchaser	$ 188,000,000
Net of selling costs				92,000,000
Loss on extinguishment of debt				1,200,000
Operating Properties \| Investing and Servicing Segment
Real Estate Properties [Line Items]
Number of retail properties sold \| property			2		3
Proceeds from sale of operating properties		18,200,000	$ 34,600,000	18,200,000	$ 50,900,000
Gain on sale of property		8,300,000	10,600,000	8,300,000	15,400,000
Gain on sale of property attributable to noncontrolling interest		2,500,000		2,500,000
Residential Units \| Commercial and Residential Lending Segment
Real Estate Properties [Line Items]
Proceeds from sale of operating properties			9,100,000	12,100,000	12,100,000
Gain on sale of property		0	$ 0	$ 0	$ 0
Number of residential units sold \| property			3	3	4
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		782,700,000		$ 782,700,000
Debt		479,100,000		479,100,000
Multifamily Conversion Property
Real Estate Properties [Line Items]
Total gross properties and lease intangibles		114,900,000		114,900,000
Construction in progress		88,800,000		88,800,000
Land and land improvements		26,100,000		26,100,000
Debt		0		0
REIS Equity Portfolio
Real Estate Properties [Line Items]
Total gross properties and lease intangibles		107,200,000		107,200,000
Debt		58,600,000		$ 58,600,000
Number of retail properties acquired \| property				6
Commercial and Residential Lending Segment Property Portfolio
Real Estate Properties [Line Items]
Total gross properties and lease intangibles		507,100,000		$ 507,100,000
Debt		$ 87,800,000		$ 87,800,000

Properties - Properties Held (D

Properties - Properties Held (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Real Estate Properties [Line Items]
Properties, cost	$ 1,395,846	$ 1,226,710
Less: accumulated depreciation	(201,256)	(180,326)
Properties, net	1,194,590	1,046,384
Property Segment
Real Estate Properties [Line Items]
Land and land improvements	95,581	68,923
Buildings and building improvements	632,919	629,511
Construction in progress	88,815	0
Furniture & fixtures	$ 1,067	608
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	40 years
Furniture & fixtures, Depreciable Life	5 years
Investing and Servicing Segment
Real Estate Properties [Line Items]
Land and land improvements	$ 20,580	20,229
Buildings and building improvements	64,176	65,433
Furniture & fixtures	$ 2,998	2,899
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	$ 83,781	79,361
Buildings and building improvements	186,418	139,538
Construction in progress	$ 217,508	218,205
Furniture & fixtures, Depreciable Life	5 years
Furniture & fixtures	$ 2,003	$ 2,003
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

Investments of Consolidated A_3

Investments of Consolidated Affordable Housing Fund - Narrative (Details) - Primary Beneficiary $ in Thousands	1 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2017 affordable_housing_community	Sep. 30, 2024 USD ($) affordable_housing_community affordable_housing_unit	Dec. 31, 2018 affordable_housing_community	Dec. 31, 2016 affordable_housing_community	Dec. 31, 2015 affordable_housing_community	Dec. 31, 2023 USD ($)
Investments in and Advances to Affiliates [Line Items]
Investments of consolidated affordable housing fund, at fair value		$ 1,984,822				$ 2,012,833
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		$ 737,400
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		$ 487,900

Investments of Consolidated A_4

Investments of Consolidated Affordable Housing Fund - Schedule of Investment Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments in and Advances to Affiliates [Line Items]
Unrealized change in fair value of investments	$ (20,161)	$ 2,199	$ (28,011)	$ 218,182
Primary Beneficiary
Investments in and Advances to Affiliates [Line Items]
Distributions from affordable housing fund investments	14,571	14,709	38,315	35,514
(Loss) income from affordable housing fund investments	$ (5,590)	$ 16,908	$ 10,304	$ 253,696

Investments in Unconsolidated_3

Investments in Unconsolidated Entities (Details)	1 Months Ended	3 Months Ended
Investments in Unconsolidated Entities (Details)	Mar. 31, 2021 retail_center entity	Sep. 30, 2024 USD ($) investment power_plant	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) power_plant
Equity method investments:
Equity method, carrying value		$ 74,426,000		$ 74,659,000
Other equity investments:
Other equity investments, carrying value		16,583,000		15,717,000
Investment in unconsolidated entities		$ 91,009,000		$ 90,376,000
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 plant \| power_plant		2		2
Equity method, carrying value		$ 51,536,000		$ 52,230,000
Investor entity which owns equity in an online real estate company
Equity method investments:
Equity method, Participation / Ownership %		50%
Equity method, carrying value		$ 5,143,000		5,575,000
Various
Equity method investments:
Equity method, carrying value		$ 17,747,000		16,854,000
Equity interest in a servicing and advisory business
Other equity investments:
Cost method, Participation / Ownership %		2%
Other equity investments, carrying value		$ 7,462,000		12,955,000
Increase (decrease) in carrying value resulting from an observable price change		$ (5,500,000)
Equity interest in a data center business in Ireland
Other equity investments:
Cost method, Participation / Ownership %		0.72%
Other equity investments, carrying value		$ 7,672,000		1,313,000
Increase (decrease) in carrying value resulting from an observable price change		300,000	$ 6,000,000
Threshold percentage of interest acquired by related parties			50%
Investment funds which own equity in a loan servicer and other real estate assets
Other equity investments:
Other equity investments, carrying value		842,000		842,000
Various
Other equity investments:
Other equity investments, carrying value		607,000		$ 607,000
Number of investor entities \| entity	2
Number of shopping malls \| retail_center	2
Received a capital distribution		$ 1,900,000
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 \| Investment funds which own equity in a loan servicer and other real estate assets
Other equity investments:
Cost method, Participation / Ownership %		4%
Minimum \| Various
Other equity investments:
Cost method, Participation / Ownership %		3%
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 \| Investment funds which own equity in a loan servicer and other real estate assets
Other equity investments:
Cost method, Participation / Ownership %		6%
Maximum \| Various
Other equity investments:
Cost method, Participation / Ownership %		15%

Goodwill and Intangibles - Narr

Goodwill and Intangibles - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 259,846	$ 259,846
Domestic servicing rights, at fair value \| Before consolidation of securitization VIEs
Goodwill [Line Items]
Servicing rights intangibles	55,700	57,200
VIE eliminations \| Domestic servicing rights, at fair value
Goodwill [Line Items]
Servicing rights intangibles	35,600	37,900
Infrastructure Lending Segment
Goodwill [Line Items]
Goodwill	119,400	119,400
Investing and Servicing Segment
Goodwill [Line Items]
Goodwill	$ 140,400	$ 140,400

Goodwill and Intangibles - Sche

Goodwill and Intangibles - Schedule of Intangibles Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill [Line Items]
Gross Carrying Value	$ 141,789	$ 143,470
Accumulated Amortization	(81,630)	(78,503)
Net Carrying Value	60,159	64,967
In-place lease intangible assets
Goodwill [Line Items]
Gross Carrying Value	93,825	96,158
Accumulated Amortization	(69,334)	(67,420)
Net Carrying Value	24,491	28,738
Favorable lease intangible assets
Goodwill [Line Items]
Gross Carrying Value	27,798	27,928
Accumulated Amortization	(12,296)	(11,083)
Net Carrying Value	15,502	16,845
Domestic servicing rights, at fair value
Goodwill [Line Items]
Gross Carrying Value	20,166	19,384
Net Carrying Value	$ 20,166	$ 19,384

Goodwill and Intangibles - Sc_2

Goodwill and Intangibles - Schedule of Activity within Intangible Assets (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Intangible Assets, Net (Excluding Goodwill) [Roll Forward]
Beginning balance	$ 64,967
Amortization	(5,590)
Changes in fair value due to changes in inputs and assumptions	782
Ending balance	60,159
In-place Lease Intangible Assets
Intangible Assets, Net (Excluding Goodwill) [Roll Forward]
Beginning balance	28,738
Amortization	(4,247)
Changes in fair value due to changes in inputs and assumptions	0
Ending balance	24,491
Favorable Lease Intangible Assets
Intangible Assets, Net (Excluding Goodwill) [Roll Forward]
Beginning balance	16,845
Amortization	(1,343)
Changes in fair value due to changes in inputs and assumptions	0
Ending balance	15,502
Domestic servicing rights
Intangible Assets, Net (Excluding Goodwill) [Roll Forward]
Beginning balance	19,384
Amortization	0
Changes in fair value due to changes in inputs and assumptions	782
Ending balance	$ 20,166

Goodwill and Intangibles - Sc_3

Goodwill and Intangibles - Schedule of Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remainder of)	$ 1,605
2025	6,099
2026	4,573
2027	4,089
2028	3,943
Thereafter	19,684
Total	$ 39,993

Secured Borrowings - Secured Fi

Secured Borrowings - Secured Financing Agreements (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Secured Borrowings
Pledged Asset Carrying Value	$ 97,486	$ 102,368
Secured financing agreements, net	11,854,618	13,867,996
Revolving Credit Facility
Secured Borrowings
Maximum borrowing capacity	150,000
Equity interests in certain subsidiaries used to secure facilities	6,000,000
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	448,400
Term Loan Facility
Secured Borrowings
Maximum borrowing capacity	766,800
Term Loan Facility Maturing November 2027
Secured Borrowings
Maximum borrowing capacity	$ 589,500
Floor interest rate (as a percent)	0.50%
SOFR \| Revolving Credit Facility
Secured Borrowings
Coupon Rate	2.60%
SOFR \| Term Loan Facility
Secured Borrowings
Floor interest rate (as a percent)	0.75%
SOFR \| Term Loan Facility Maturing November 2027
Secured Borrowings
Pricing margin (as a percent)	2.75%
SOFR + 2.60% \| Term Loan Facility
Secured Borrowings
Pricing margin (as a percent)	2.60%
Maximum borrowing capacity	$ 380,000
SOFR + 3.35% \| Term Loan Facility
Secured Borrowings
Pricing margin (as a percent)	3.35%
Maximum borrowing capacity	$ 386,800
Secured Borrowings
Secured Borrowings
Maximum Facility Size	21,782,123
Long-term debt, gross	11,932,826	13,948,828
Unamortized net discount	(20,586)	(24,975)
Unamortized deferred financing costs	(57,622)	(55,857)
Secured financing agreements, net	11,854,618	13,867,996
Secured Borrowings \| Borrowing Base Facility
Secured Borrowings
Maximum Facility Size	750,000
Long-term debt, gross	29,561	27,639
Secured Borrowings \| Commercial Financing Facilities
Secured Borrowings
Maximum Facility Size	548,363
Long-term debt, gross	306,849	387,822
Secured Borrowings \| Infrastructure Financing Facilities
Secured Borrowings
Maximum Facility Size	1,300,000
Long-term debt, gross	454,075	631,187
Secured Borrowings \| Property Mortgages - Variable rate
Secured Borrowings
Maximum Facility Size	597,941
Long-term debt, gross	$ 595,735	853,145
Secured Borrowings \| Property Mortgages - Fixed rate
Secured Borrowings
Coupon Rate	4.51%
Maximum Facility Size	$ 20,261
Long-term debt, gross	20,261	29,898
Secured Borrowings \| Term Loans and Revolver
Secured Borrowings
Maximum Facility Size	1,506,288
Long-term debt, gross	1,356,288	1,366,778
Secured Borrowings \| Total Other Secured Financing
Secured Borrowings
Maximum Facility Size	4,722,853
Long-term debt, gross	2,762,769	3,296,469
Secured Borrowings \| Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value	15,909,458
Secured Borrowings \| Asset Pledged as Collateral \| Borrowing Base Facility
Secured Borrowings
Pledged Asset Carrying Value	127,088
Secured Borrowings \| Asset Pledged as Collateral \| Commercial Financing Facilities
Secured Borrowings
Pledged Asset Carrying Value	442,826
Secured Borrowings \| Asset Pledged as Collateral \| Infrastructure Financing Facilities
Secured Borrowings
Pledged Asset Carrying Value	633,022
Secured Borrowings \| Asset Pledged as Collateral \| Property Mortgages - Variable rate
Secured Borrowings
Pledged Asset Carrying Value	665,086
Secured Borrowings \| Asset Pledged as Collateral \| Property Mortgages - Fixed rate
Secured Borrowings
Pledged Asset Carrying Value	23,014
Secured Borrowings \| Asset Pledged as Collateral \| Total Other Secured Financing
Secured Borrowings
Pledged Asset Carrying Value	$ 1,891,036
Secured Borrowings \| Index \| Commercial Financing Facilities
Secured Borrowings
Pricing margin (as a percent)	1.99%
Secured Borrowings \| Index \| Infrastructure Financing Facilities
Secured Borrowings
Pricing margin (as a percent)	2.09%
Secured Borrowings \| SOFR \| Borrowing Base Facility
Secured Borrowings
Pricing margin (as a percent)	2.11%
Secured Borrowings \| SOFR \| Property Mortgages - Variable rate
Secured Borrowings
Pricing margin (as a percent)	2.56%
Line of Credit \| Commercial Financing Facilities
Secured Borrowings
Line of credit capacity if conditions are met	$ 548,400
Commercial Loans
Secured Borrowings
Maximum Facility Size	11,100,000
Secured financing agreements, net	2,500,000
Line of credit capacity if conditions are met	11,500,000
Commercial Loans \| Secured Borrowings
Secured Borrowings
Maximum Facility Size	11,481,510
Long-term debt, gross	5,748,354	7,170,389
Commercial Loans \| Secured Borrowings \| Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value	$ 9,527,101
Commercial Loans \| Secured Borrowings \| Index
Secured Borrowings
Pricing margin (as a percent)	2.09%
Residential Loans \| Secured Borrowings
Secured Borrowings
Maximum Facility Size	$ 3,450,000
Long-term debt, gross	2,244,618	2,287,655
Residential Loans \| Secured Borrowings \| Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value	$ 2,538,176
Residential Loans \| Secured Borrowings \| SOFR
Secured Borrowings
Pricing margin (as a percent)	1.85%
Infrastructure Loans \| Secured Borrowings
Secured Borrowings
Maximum Facility Size	$ 650,000
Long-term debt, gross	319,247	453,217
Infrastructure Loans \| Secured Borrowings \| Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value	$ 384,554
Infrastructure Loans \| Secured Borrowings \| SOFR
Secured Borrowings
Pricing margin (as a percent)	2.17%
Conduit Loans \| Secured Borrowings
Secured Borrowings
Maximum Facility Size	$ 475,000
Long-term debt, gross	158,678	26,930
Conduit Loans \| Secured Borrowings \| Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value	$ 201,645
Conduit Loans \| Secured Borrowings \| SOFR
Secured Borrowings
Pricing margin (as a percent)	2.22%
CMBS/RMBS
Secured Borrowings
Coupon Rate	3.25%
Secured financing agreements, net	$ 300,900
Amount outstanding on a repurchase facility not subject to margin calls	300,900
Amount outstanding on repurchase facility	$ 30,300
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	$ 342,600
Rolling maturity period	12 months
CMBS/RMBS \| SOFR \| Weighted Average
Secured Borrowings
Coupon Rate	2.09%
CMBS/RMBS \| Secured Borrowings
Secured Borrowings
Maximum Facility Size	$ 1,002,760
Long-term debt, gross	699,160	714,168
CMBS/RMBS \| Secured Borrowings \| Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value	1,366,946
Total Repurchase Agreements \| Secured Borrowings
Secured Borrowings
Maximum Facility Size	17,059,270
Long-term debt, gross	9,170,057	$ 10,652,359
Total Repurchase Agreements \| Secured Borrowings \| Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value	$ 14,018,422

Secured Borrowings - Narrative

Secured Borrowings - Narrative (Details) $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

May 31, 2024 USD ($) extension

Aug. 31, 2024 extension

Jun. 30, 2024 USD ($)

May 31, 2024 USD ($) extension

Feb. 28, 2022 USD ($)

Jan. 31, 2022 USD ($)

Jul. 31, 2021 USD ($) hotel

Apr. 30, 2021 USD ($)

Sep. 30, 2024 USD ($)

Sep. 30, 2023 USD ($)

Sep. 30, 2024 USD ($)

Sep. 30, 2023 USD ($)

Dec. 31, 2023 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

Morgan Stanley Bank, N.A.

Secured Borrowings

Amount at risk

$ 973,600

Weighted average extended maturities

3 years 7 months 6 days

JPMorgan Chase Bank N.A.

Secured Borrowings

Amount at risk

772,000

$ 772,000

Weighted average extended maturities

5 years 1 month 6 days

Wells Fargo Bank, N.A.

Secured Borrowings

Amount at risk

768,500

$ 768,500

Weighted average extended maturities

6 years 3 months 18 days

Secured Borrowings

Long-term debt, gross

11,932,826

$ 11,932,826

$ 13,948,828

Amortization of deferred financing costs

$ 9,000

$ 10,300

$ 28,100

$ 31,100

Secured Borrowings | Medical Office Portfolio

Secured Borrowings

Maturity period

2 years

Number of extension options | extension

Extension term

1 year

Pricing margin (as a percent)

2.52%

Repurchase Agreements

Secured Borrowings

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

64%

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

36%

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

Secured Borrowings | Line of Credit

Secured Borrowings

Pricing margin (as a percent)

3.25%

2.75%

Infrastructure Credit Facility | Line of Credit

Secured Borrowings

Maximum borrowing capacity

$ 250,000

Maturity period

4 years

Number of extension options | extension

Extension term

1 year

Term Loan Facility

Secured Borrowings

Maximum borrowing capacity

766,800

Term Loan Facility | Secured Borrowings | Line of Credit

Secured Borrowings

Face Amount

$ 591,000

Decrease in basis spread

0.50%

First Mortgage and Mezzanine | Secured Borrowings | Medical Office Portfolio

Secured Borrowings

Long-term debt, gross

$ 600,000

Senior Securitized Mortgage Debt | Secured Borrowings | Medical Office Portfolio

Secured Borrowings

Long-term debt, gross

450,500

Mezzanine Loans | Secured Borrowings | Medical Office Portfolio

Secured Borrowings

Long-term debt, gross

39,500

STWD 2022-FL3

Secured Borrowings

Face Amount

$ 1,000,000

Long-term debt, gross

82,500

Principal amount of notes purchased by third-party investors

842,500

Liquidation preference

$ 75,000

CLO contribution period

2 years

Additional contribution to CLO

106,700

Repayments of debt

6,100

STWD 2021-FL2

Secured Borrowings

Face Amount

$ 1,300,000

Long-term debt, gross

70,100

Principal amount of notes purchased by third-party investors

1,100,000

Liquidation preference

$ 127,500

Repayments of debt

139,900

STWD 2019-FL1

Secured Borrowings

Face Amount

$ 1,100,000

Long-term debt, gross

86,600

Principal amount of notes purchased by third-party investors

936,400

Liquidation preference

$ 77,000

Repayments of debt

333,300

STWD 2024-SIF3

Secured Borrowings

Face Amount

400,000

Long-term debt, gross

70,000

Principal amount of notes purchased by third-party investors

$ 330,000

CLO contribution period

3 years

Additional contribution to CLO

86,900

Additional assets obtained by collateralized loan obligations

56,900

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

190,400

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

158,600

CLOs and SASB

Secured Borrowings

Amortization of deferred financing costs

2,000

$ 2,000

5,900

$ 6,700

Incurred debt issuance costs

40,800

Deferred financing costs, net of amortization

$ 6,500

$ 9,500

Secured Borrowings - Collateral

Secured Borrowings - Collateralized Loan Obligations (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security	May 31, 2024 USD ($)	Feb. 28, 2022 USD ($)	Jan. 31, 2022 USD ($)	May 31, 2021 USD ($)	Apr. 30, 2021 USD ($)	Aug. 31, 2019 USD ($)
Summary of CLO
Carrying Value	$ 3,302,249	$ 3,491,292
Collateral assets
Summary of CLO
Face Amount	4,029,035	4,226,614
Carrying Value	4,182,057	4,288,770
Financing
Summary of CLO
Face Amount	3,308,756	3,500,163
Carrying Value	$ 3,302,249	$ 3,491,292
STWD 2022-FL3
Summary of CLO
Face Amount				$ 1,000,000
STWD 2022-FL3 \| Collateral assets
Summary of CLO
Count \| security	41	48
Face Amount	$ 993,891	$ 997,569
Carrying Value	$ 999,540	$ 1,007,532
Weighted Average Spread	3.42%	3.53%
STWD 2022-FL3 \| Financing
Summary of CLO
Count \| security	1	1
Face Amount	$ 834,511	$ 840,620
Carrying Value	$ 832,752	$ 837,881
Weighted Average Spread	1.89%	1.89%
STWD 2021-HTS \| Collateral assets
Summary of CLO
Count \| security	1	1
Face Amount	$ 191,768	$ 223,193
Carrying Value	$ 192,818	$ 224,509
Weighted Average Spread	4.02%	3.87%
STWD 2021-HTS \| Financing
Summary of CLO
Count \| security	1	1
Face Amount	$ 171,859	$ 203,284
Carrying Value	$ 171,859	$ 203,058
Weighted Average Spread	2.65%	2.82%
STWD 2021-FL2
Summary of CLO
Face Amount						$ 1,300,000
Percent of outstanding loan	4%
Debt, weighted average interest rate	7.33%
STWD 2021-FL2 \| Collateral assets
Summary of CLO
Count \| security	26	34
Face Amount	$ 1,140,904	$ 1,272,585
Carrying Value	$ 1,148,697	$ 1,288,165
Weighted Average Spread	3.75%	3.95%
STWD 2021-FL2 \| Financing
Summary of CLO
Count \| security	1	1
Face Amount	$ 922,356	$ 1,065,713
Carrying Value	$ 922,130	$ 1,063,454
Weighted Average Spread	1.93%	1.85%
STWD 2019-FL1
Summary of CLO
Face Amount								$ 1,100,000
STWD 2019-FL1 \| Collateral assets
Summary of CLO
Count \| security	8	14
Face Amount	$ 400,852	$ 734,099
Carrying Value	$ 403,087	$ 739,684
Weighted Average Spread	3.54%	3.51%
STWD 2019-FL1 \| Financing
Summary of CLO
Count \| security	1	1
Face Amount	$ 237,227	$ 570,546
Carrying Value	$ 237,227	$ 570,546
Weighted Average Spread	2.06%	1.62%
STWD 2024-SIF3
Summary of CLO
Face Amount			$ 400,000
STWD 2024-SIF3 \| Collateral assets
Summary of CLO
Count \| security	31
Face Amount	$ 395,478
Carrying Value	$ 414,941
Weighted Average Spread	4.02%
STWD 2024-SIF3 \| Financing
Summary of CLO
Count \| security	1
Face Amount	$ 330,000
Carrying Value	$ 327,369
Weighted Average Spread	2.41%
STWD 2021-SIF2
Summary of CLO
Face Amount					$ 500,000
STWD 2021-SIF2 \| Collateral assets
Summary of CLO
Count \| security	30	30
Face Amount	$ 500,559	$ 499,401
Carrying Value	$ 515,266	$ 514,286
Weighted Average Spread	3.78%	3.87%
STWD 2021-SIF2 \| Financing
Summary of CLO
Count \| security	1	1
Face Amount	$ 410,000	$ 410,000
Carrying Value	$ 408,846	$ 408,166
Weighted Average Spread	2.11%	2.11%
STWD 2021-SIF1
Summary of CLO
Face Amount							$ 500,000
Percent of outstanding loan	2%
Debt, weighted average interest rate	5.69%
STWD 2021-SIF1 \| Collateral assets
Summary of CLO
Count \| security	26	32
Face Amount	$ 405,583	$ 499,767
Carrying Value	$ 507,708	$ 514,594
Weighted Average Spread	3.94%	3.97%
STWD 2021-SIF1 \| Financing
Summary of CLO
Count \| security	1	1
Face Amount	$ 402,803	$ 410,000
Carrying Value	$ 402,066	$ 408,187
Weighted Average Spread	2.43%	2.42%

Secured Borrowings - Principal

Secured Borrowings - Principal Repayments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
CLOs and SASB
Repayment of secured financings
2024 (remainder of)	$ 88,662
2025	759,101
2026	1,378,448
2027	434,830
2028	268,021
Thereafter	379,694
Total	3,308,756
Secured Borrowings
Repayment of secured financings
2024 (remainder of)	166,378
2025	1,955,783
2026	5,630,986
2027	3,544,895
2028	2,265,644
Thereafter	1,677,896
Total	15,241,582
Repurchase Agreements
Repayment of secured financings
2024 (remainder of)	70,849
2025	1,033,077
2026	3,388,655
2027	2,112,350
2028	1,840,818
Thereafter	724,308
Total	9,170,057
Other Secured Financing
Repayment of secured financings
2024 (remainder of)	6,867
2025	163,605
2026	863,883
2027	997,715
2028	156,805
Thereafter	573,894
Total	$ 2,762,769

Unsecured Senior Notes - Schedu

Unsecured Senior Notes - Schedule of Unsecured Convertible Senior Notes Outstanding (Details) - USD ($) $ in Thousands		6 Months Ended	9 Months Ended	15 Months Ended
	Oct. 21, 2024	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2024	Mar. 27, 2024	Dec. 31, 2023	Jul. 31, 2023
Unsecured Senior Notes
Unsecured Senior Notes
Long-term debt, gross			$ 2,780,750	$ 2,780,750		$ 2,180,750
Unamortized deferred financing costs			(10,840)	(10,840)		(7,847)
Total carrying amount			2,757,146	2,757,146		2,158,888
Unamortized discount—Convertible Notes
Unsecured Senior Notes
Unamortized discount			(6,955)	(6,955)		(8,570)
Unamortized discount—Senior Notes
Unsecured Senior Notes
Unamortized discount			$ (5,809)	$ (5,809)		(5,445)
2027 Convertible Notes
Unsecured Senior Notes
Coupon Rate			6.75%	6.75%			6.75%
Effective Rate			7.38%	7.38%
Remaining Period of Amortization			2 years 9 months 18 days
Long-term debt, gross			$ 380,750	$ 380,750		380,750
2024 Senior Notes
Unsecured Senior Notes
Coupon Rate			3.75%	3.75%
Effective Rate			3.94%	3.94%
Remaining Period of Amortization			3 months 18 days
Long-term debt, gross			$ 400,000	$ 400,000		400,000
2025 Senior Notes
Unsecured Senior Notes
Coupon Rate			4.75%	4.75%
Effective Rate			5.04%	5.04%
Remaining Period of Amortization			6 months
Long-term debt, gross			$ 500,000	$ 500,000		500,000
2025 Senior Notes \| Subsequent Event
Unsecured Senior Notes
Early redemption notice period	30 days
Early redemption of debt	$ 250,000
2025 Senior Notes \| LIBOR
Unsecured Senior Notes
Long-term debt, gross			$ 470,000	$ 470,000
Pricing margin (as a percent)		2.53%
2025 Senior Notes \| SOFR
Unsecured Senior Notes
Pricing margin (as a percent)				2.64%
2026 Senior Notes
Unsecured Senior Notes
Coupon Rate			3.63%	3.63%
Effective Rate			3.77%	3.77%
Remaining Period of Amortization			1 year 9 months 18 days
Long-term debt, gross			$ 400,000	$ 400,000		400,000
2027 Senior Notes
Unsecured Senior Notes
Coupon Rate			4.375%	4.375%
Effective Rate			4.49%	4.49%
Remaining Period of Amortization			2 years 3 months 18 days
Long-term debt, gross			$ 500,000	$ 500,000		500,000
2027 Senior Notes \| SOFR
Unsecured Senior Notes
Pricing margin (as a percent)			2.95%
2029 Senior Notes
Unsecured Senior Notes
Coupon Rate			7.25%	7.25%	7.25%
Effective Rate			7.37%	7.37%
Remaining Period of Amortization			4 years 6 months
Long-term debt, gross			$ 600,000	$ 600,000		$ 0
2029 Senior Notes \| SOFR
Unsecured Senior Notes
Pricing margin (as a percent)			3.25%

Unsecured Senior Notes - Narrat

Unsecured Senior Notes - Narrative (Details)		1 Months Ended	3 Months Ended		9 Months Ended
Unsecured Senior Notes - Narrative (Details)	Mar. 27, 2024 USD ($)	Jul. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) condition $ / shares	Sep. 30, 2023 USD ($)
Unsecured Senior Notes
Closing share price (in dollars per share) \| $ / shares			$ 20.38		$ 20.38
Convertible Senior Notes
Unsecured Senior Notes
Interest expense, debt			$ 7,000,000	$ 6,700,000	$ 21,000,000	$ 9,700,000
2029 Senior Notes
Unsecured Senior Notes
Face amount	$ 600,000,000
Coupon rate (as a percent)	7.25%		7.25%		7.25%
2029 Senior Notes \| Redemption period one
Unsecured Senior Notes
Redemption percentage	100%
2029 Senior Notes \| Redemption period two
Unsecured Senior Notes
Redemption percentage	100%
2029 Senior Notes \| Redemption period three
Unsecured Senior Notes
Redemption percentage	40%
2027 Convertible Notes
Unsecured Senior Notes
Face amount		$ 380,800,000
Coupon rate (as a percent)		6.75%	6.75%		6.75%
Proceeds from convertible debt		$ 371,200,000
Amount by which if-converted value of the notes are less than principal amount					$ 6,900,000
Conversion price (in dollars per share) \| $ / shares			$ 20.76		$ 20.76
If-converted value			$ 373,800,000		$ 373,800,000
Convertible notes carrying value			373,200,000		373,200,000
Convertible notes fair value			$ 393,300,000		$ 393,300,000
Minimum number of conditions to be satisfied for conversion of debt \| condition					1
2027 Convertible Notes \| Conversion upon satisfaction of closing market price condition
Unsecured Senior Notes
Minimum trading period as a basis for debt conversion					20 days
Consecutive trading period as a basis for debt conversion					30 days
2027 Convertible Notes \| Conversion upon satisfaction of trading price condition
Unsecured Senior Notes
Consecutive trading period as a basis for debt conversion					5 days
2027 Convertible Notes \| Minimum \| Conversion upon satisfaction of closing market price condition
Unsecured Senior Notes
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
Unsecured Senior Notes
Percentage of conversion price and last reported sales price as a basis for debt conversion					98%

Unsecured Senior Notes - Sche_2

Unsecured Senior Notes - Schedule of Conversion Attributes on Convertible Notes Outstanding (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares
Unsecured Senior Notes
Closing share price (in dollars per share)	$ 20.38
2027 Convertible Notes
Unsecured Senior Notes
Conversion rate	0.0481783
Conversion price (in dollars per share)	$ 20.76

Loan Securitization_Sale Acti_3

Loan Securitization/Sale Activities - Loans (Details) - Commercial Loans - Commercial Loans - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Loan Transfer Activities
Face Amount	$ 622,835	$ 119,764	$ 972,305	$ 292,651
Proceeds	$ 634,235	$ 123,633	$ 992,644	$ 294,951

Loan Securitization_Sale Acti_4

Loan Securitization/Sale Activities - Narrative (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investing and Servicing Segment \| Residential Loans
Loan Transfer Activities
Loans held-for-sale face amount	$ 0		$ 0	$ 0	$ 0
Commercial and Residential Lending Segment
Loan Transfer Activities
Loans held-for-sale face amount	0		42,500,000	0	95,500,000
Net gains (losses) on the sale of loan qualifying for sales treatment	0		0	0	0
Investing and Servicing Loan Sales
Loan Transfer Activities
Loans held-for-sale face amount	70,900,000		0	70,900,000	0
Proceeds	68,900,000			68,900,000
Infrastructure Lending Segment
Loan Transfer Activities
Loans held-for-sale face amount	$ 0		$ 0	49,500,000	$ 0
Proceeds				$ 47,100,000
Loans held for sale Sold fair value adjustment		$ 1,500,000

Derivatives and Hedging Activ_3

Derivatives and Hedging Activity - Schedule of Non-Designated Derivatives (Details) € in Thousands, £ in Thousands, SFr in Thousands, $ in Thousands, $ in Thousands	Sep. 30, 2024 EUR (€) contract	Sep. 30, 2024 GBP (£) contract	Sep. 30, 2024 AUD ($) contract	Sep. 30, 2024 CHF (SFr) contract	Sep. 30, 2024 USD ($) contract
Derivatives
Number of Contracts	679	679	679	679	679
Foreign exchange contracts \| Long \| EUR
Derivatives
Number of Contracts	21	21	21	21	21
Aggregate Notional Amount \| €	€ 371,742
Foreign exchange contracts \| Long \| GBP
Derivatives
Number of Contracts	13	13	13	13	13
Aggregate Notional Amount \| £		£ 142,674
Foreign exchange contracts \| Long \| AUD
Derivatives
Number of Contracts	13	13	13	13	13
Aggregate Notional Amount \| $			$ 923,872
Foreign exchange contracts \| Short \| EUR
Derivatives
Number of Contracts	149	149	149	149	149
Aggregate Notional Amount \| €	€ 841,627
Foreign exchange contracts \| Short \| GBP
Derivatives
Number of Contracts	199	199	199	199	199
Aggregate Notional Amount \| £		£ 641,606
Foreign exchange contracts \| Short \| AUD
Derivatives
Number of Contracts	159	159	159	159	159
Aggregate Notional Amount \| $			$ 1,594,365
Foreign exchange contracts \| Short \| CHF
Derivatives
Number of Contracts	51	51	51	51	51
Aggregate Notional Amount \| SFr				SFr 19,568
Interest rate swaps – Paying fixed rates \| USD
Derivatives
Number of Contracts	45	45	45	45	45
Aggregate Notional Amount \| $					$ 3,732,099
Interest rate swaps – Receiving fixed rates \| USD
Derivatives
Number of Contracts	5	5	5	5	5
Aggregate Notional Amount \| $					$ 1,585,880
Interest rate futures \| USD
Derivatives
Number of Contracts	12	12	12	12	12
Aggregate Notional Amount \| $					$ 184,000
Interest rate caps \| USD
Derivatives
Number of Contracts	6	6	6	6	6
Aggregate Notional Amount \| $					$ 1,113,989
Credit instruments \| USD
Derivatives
Number of Contracts	5	5	5	5	5
Aggregate Notional Amount \| $					$ 79,000
Interest rate swap guarantees \| USD
Derivatives
Number of Contracts	1	1	1	1	1
Aggregate Notional Amount \| $					$ 92,072

Derivatives and Hedging Activ_4

Derivatives and Hedging Activity - Narrative (Details) $ in Millions	3 Months Ended
	Sep. 30, 2024 USD ($)
Reverse Interest Rate Swap And Forward Starting Swap
Derivatives
Derivative, notional amount	$ 3,400
Reverse Interest Rate Swap \| Remainder of 2024
Derivatives
Percentage of payments offset	100%
Reverse Interest Rate Swap \| 2025 Through 2nd Quarter of 2027
Derivatives
Percentage of payments offset	80%
Forward Starting Swap
Derivatives
Derivative term	4 years
Interest rate contracts
Derivatives
Notional amount of swaps not yet effective	$ 526.8

Derivatives and Hedging Activ_5

Derivatives and Hedging Activity - Schedule of Fair Value of Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	$ 74,639	$ 63,437
Fair Value of Derivatives in a Liability Position	118,161	102,467
Foreign exchange contracts
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	63,451	53,979
Fair Value of Derivatives in a Liability Position	90,530	54,066
Interest rate contracts
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	10,816	8,899
Fair Value of Derivatives in a Liability Position	27,349	48,401
Credit instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	372	559
Fair Value of Derivatives in a Liability Position	$ 282	$ 0

Derivatives and Hedging Activ_6

Derivatives and Hedging Activity - Schedule of Effect of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivatives
Gain (Loss) Recognized in Income	$ (83,941)	$ 94,883	$ 18,984	$ 118,431
Foreign exchange contracts
Derivatives
Gain (Loss) Recognized in Income	(56,178)	48,549	(8,823)	18,412
Interest rate contracts
Derivatives
Gain (Loss) Recognized in Income	(27,359)	46,255	28,596	99,788
Credit instruments
Derivatives
Gain (Loss) Recognized in Income	$ (404)	$ 79	$ (789)	$ 231

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative assets
Gross Amounts Recognized	$ 74,639	$ 63,437
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	74,639	63,437
Derivative assets, Gross Amounts Not Offset in the Statements of Financial Position, Financial Instruments	52,256	41,341
Derivative assets, Gross Amounts Not Offset in the Statements of Financial Position, Cash Collateral Received/Pledged	0	0
Total net derivative assets	22,383	22,096
Derivative liabilities
Gross Amounts Recognized	118,161	102,467
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	118,161	102,467
Derivative liabilities, Gross Amounts Not Offset in the Statements of Financial Position, Financial Instruments	52,256	41,340
Derivative liabilities, Gross Amounts Not Offset in the Statements of Financial Position, Cash Collateral Received/Pledged	65,836	61,127
Total net derivative liabilities	69	0
Repurchase agreements
Gross Amounts Recognized	9,170,057	10,652,359
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	9,170,057	10,652,359
Repurchase agreements, Gross Amounts Not Offset in the Statements of Financial Position, Financial Instruments	9,170,057	10,652,359
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	9,288,218	10,754,826
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	9,288,218	10,754,826
Liabilities, Gross Amounts Not Offset in the Statements of Financial Position, Financial Instruments	9,222,313	10,693,699
Liabilities, Gross Amounts Not Offset in the Statements of Financial Position, Cash Collateral Received/Pledged	65,836	61,127
Total net liabilities	$ 69	$ 0

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details)	9 Months Ended
Variable Interest Entities - Narrative (Details)	Sep. 30, 2024 USD ($) collateralized_loan_obligation loan	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Variable interest entities
Number of CLOs \| collateralized_loan_obligation	6
Number of SASBs \| loan	1
VIE assets	$ 64,233,850,000		$ 69,504,196,000
VIE liabilities	56,951,237,000		62,481,214,000
Temporary equity	410,799,000	$ 414,095,000	414,348,000	$ 409,659,000	$ 408,034,000	$ 362,790,000
Investments in unconsolidated entities	$ 91,009,000		$ 90,376,000
CMBS JV
Variable interest entities
Ownership percentage	51%
Primary Beneficiary
Variable interest entities
VIE assets	$ 58,000,000
VIE liabilities	100,000
Primary Beneficiary \| CMBS Venture Holdings
Variable interest entities
VIE assets	253,400,000
VIE liabilities	63,000,000
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	400,000,000
Not primary beneficiary
Variable interest entities
Maximum risk of loss related to VIEs, on fair value basis	26,800,000
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	$ 5,000,000,000

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Consolidated CLO (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents	$ 357,853	$ 194,660
Loans held-for-investment	16,128,765	17,574,249
Investment securities	715,802	735,562
Accrued interest receivable	197,146	200,867
Other assets	293,162	420,773
Total Assets	64,233,850	69,504,196
Liabilities
Collateralized loan obligations and single asset securitization, net	3,302,249	3,491,292
Total Liabilities	56,951,237	62,481,214
Primary Beneficiary
Assets:
Total Assets	58,000
Liabilities
Total Liabilities	100
CLOs and SASB \| Primary Beneficiary
Assets:
Cash and cash equivalents	132,523	33,175
Investment securities	8,173	9,946
Accrued interest receivable	25,687	26,355
Other assets	2,165	9,197
Total Assets	4,182,057	4,288,770
Liabilities
Accounts payable, accrued expenses and other liabilities	29,466	21,174
Collateralized loan obligations and single asset securitization, net	3,302,249	3,491,292
Total Liabilities	3,331,715	3,512,466
CLOs and SASB \| Primary Beneficiary \| Loans held for investment
Assets:
Loans held-for-investment	$ 4,013,509	$ 4,210,097

Related-Party Transactions - Ma

Related-Party Transactions - Management Agreement (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related-Party Transactions
Granted (in shares)			3,133,660
Manager Equity Plan
Related-Party Transactions
Granted (in shares)			1,300,000
Employee Stock
Related-Party Transactions
Share-based expense	$ 0.1	$ 0.1	$ 0.4	$ 0.4
S P T Management L L C
Related-Party Transactions
Management fee expense	22.4	21.8	66.3	65.5
Base management fee payable	22.4		22.4		$ 21.9
Accrued incentive fee	0	0	22.6	16.2
Unpaid incentive fee	0		0		19.5
Executive compensation expense	1.5	$ 2.4	3.6	$ 6
Unpaid reimbursable compensation	$ 3.1		$ 3.1		$ 3.4
S P T Management L L C \| Restricted Stock Awards
Related-Party Transactions
Granted (in shares)	0	0	924,092	226,955
Share-based expense	$ 2.3	$ 2.2	$ 6	$ 6.5
Grant date values			$ 18.8	4.3
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	$ 0	$ 0	$ 0

Related-Party Transactions - _2

Related-Party Transactions - Manager Equity Plan (Details) - USD ($) $ in Millions	1 Months Ended			3 Months Ended		9 Months Ended
	Mar. 31, 2024	Nov. 30, 2022	Nov. 30, 2020	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related-Party Transactions
Granted (in shares)						3,133,660
Manager Equity Plan
Related-Party Transactions
Granted (in shares)						1,300,000
Restricted stock units \| Manager Equity Plan
Related-Party Transactions
Granted (in shares)	1,300,000	1,500,000	1,800,000
Share-based expense				$ 4.8	$ 5.1	$ 14.5	$ 15.4

Related-Party Transactions - Lo

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

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Jun. 30, 2024

May 31, 2024 USD ($) extension

Apr. 30, 2024 USD ($) extension

Jul. 31, 2023

Mar. 31, 2022 USD ($) Item

Jul. 31, 2019 USD ($)

Apr. 30, 2019 USD ($)

Feb. 28, 2019 USD ($) powerPlant

Dec. 31, 2012 USD ($) shares

Sep. 30, 2024 USD ($) shares

Mar. 31, 2024 USD ($)

Sep. 30, 2024 USD ($) transaction shares

Sep. 30, 2023 USD ($)

Dec. 31, 2012 USD ($) shares

Sep. 30, 2024 GBP (£) shares

Jul. 31, 2024 USD ($) mortgageLoan

Apr. 30, 2024 GBP (£)

Dec. 31, 2023 USD ($)

Related-Party Transactions

Loans

$ 16,128,765

$ 17,574,249

Basis spread on variable rate

3.80%

Acquisitions/originations/additional funding

$ 3,275,892

$ 2,022,544

Number of related-party loan transactions | transaction

Other equity investments, carrying value

$ 16,583

15,717

SEREF

Related-Party Transactions

Number of shares acquired (in shares) | shares

9,140,000

Number of shares redeemed (in shares) | shares

1,761,690

2,767,038

Proceeds from shares redeemed

$ 2,400

$ 3,700

Remaining held (in shares) | shares

4,480,649

Ownership percentage

2.30%

Equity interest in a data center business in Ireland

Related-Party Transactions

Cost method, Participation / Ownership %

0.72%

Other equity investments, carrying value

$ 7,672

$ 1,313

Cost method investments percentage of voting interest acquired

50%

Increase (decrease) in carrying value resulting from an observable price change

$ 300

$ 6,000

Affiliated Entity | SEREF

Related-Party Transactions

Number of shares acquired (in shares) | shares

9,140,000

Investment securities value at acquisition

$ 14,700

Investment in equity securities percentage ownership acquired

Number of shares redeemed (in shares) | shares

1,761,690

2,767,038

Proceeds from shares redeemed

$ 2,400

$ 3,700

Remaining held (in shares) | shares

4,480,649

Ownership percentage

2.30%

Newly Formed FREMF 2024-KF163 Trust | Affiliated Entity | Primary Beneficiary

Related-Party Transactions

Loans

$ 1,000,000

Number of mortgage loans | mortgageLoan

Newly Formed FREMF 2024-KF163 Trust | Affiliates Of Manager | Primary Beneficiary

Related-Party Transactions

Loans

$ 495,000

Number of mortgage loans | mortgageLoan

Purchase Of FREMF 2024-KF163 | Affiliated Entity | Primary Beneficiary

Related-Party Transactions

Loans

$ 77,100

Basis spread on variable rate

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

Related-Party Transactions

Acquisitions/originations/additional funding

$ 16,000

$ 5,000

$ 60,000

First priority term loan

$ 925,000

Upsize to term loan

$ 350,000

Number of domestic natural gas power plants | powerPlant

Refinancing of Medical Office Portfolio | Affiliated Entity

Related-Party Transactions

Loan number of extension options | extension

Loan extension term

1 year

Refinancing of Medical Office Portfolio | Affiliated Entity | SOFR

Related-Party Transactions

Loans payable, basis spread

5.50%

Vacation Cottages, Caravan Homes, and Resorts Portfolio Acquisition | Affiliated Entity

Related-Party Transactions

Loan number of extension options | extension

Loan extension term

1 year

Loans payable

$ 705,900

£ 528

£ 352

Vacation Cottages, Caravan Homes, and Resorts Portfolio Acquisition | Affiliated Entity | SONIA

Related-Party Transactions

Loans payable, basis spread

5.40%

Development and Recapitalization of Luxury Rental Cabins | Affiliated Entity

Related-Party Transactions

Loan number of extension options | Item

Loan extension term

1 year

Loans payable

$ 147,800

147,800

Loan payable, payment deferral term

10 months

Loan payable, payment deferral interest rate

Loans payable, payment deferral, interest

$ 11,200

Development and Recapitalization of Luxury Rental Cabins | Affiliated Entity | SOFR

Related-Party Transactions

Loans payable, basis spread

6.50%

Loans Payable | Refinancing of Medical Office Portfolio | Affiliated Entity

Related-Party Transactions

Face amount

$ 39,500

Maturity period

2 years

Loans Payable | Vacation Cottages, Caravan Homes, and Resorts Portfolio Acquisition | Affiliated Entity

Related-Party Transactions

Face amount

$ 219,800

£ 176

Discount percentage

Loans Payable | Development and Recapitalization of Luxury Rental Cabins | Affiliated Entity

Related-Party Transactions

Face amount

$ 200,000

Maturity period

24 months

MED 2024-MOB | Secured Borrowings | Refinancing of Medical Office Portfolio | Affiliated Entity

Related-Party Transactions

Face amount

$ 450,500

Horizontal Risk Retention Certificates | Refinancing of Medical Office Portfolio | Affiliated Entity

Related-Party Transactions

Face amount

$ 23,000

Related-Party Transactions - Le

Related-Party Transactions - Lease Arrangements (Details) - Office Lease Agreement with Affiliate of Chairman and CEO - Affiliates of Chairman and CEO $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2022 ft² $ / sqft	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Apr. 30, 2020 USD ($)
Related-Party Transactions
Area of office space \| ft²	64,424
Term of master lease agreements	15 years
Annual base rent (in dollars per sq ft) \| $ / sqft	52
Percent increase in base rent	3%
Security deposit						$ 1.9
Rent payments		$ 1.6	$ 1.1	$ 4.9	$ 4
Rent expense		$ 1.8	$ 2.1	$ 5.3	$ 5.4

Related-Party Transactions - Ot

Related-Party Transactions - Other Related-Party Arrangements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Highmark Residential
Related-Party Transactions
Amounts of transaction	$ 1.7	$ 1.5	$ 4.8	$ 4.4

Stockholders' Equity and Non-_3

Stockholders' Equity and Non-Controlling Interests - Schedule Of Issuance In common Stock, Public Offering (Details) - Public Offering $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares) \| shares	20,125
Price (in dollars per share) \| $ / shares	$ 19.50
Proceeds \| $	$ 392,478

Stockholders' Equity and Non-_4

Stockholders' Equity and Non-Controlling Interests - Schedule of Dividends Declared by Board of Directors (Details) - $ / shares	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 1.44	$ 1.44

Stockholders' Equity and Non-_5

Stockholders' Equity and Non-Controlling Interests - Narrative (Details) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended					9 Months Ended		12 Months Ended
	Nov. 06, 2021 USD ($)	Nov. 05, 2021 USD ($)	Apr. 30, 2022 USD ($) shares	Dec. 31, 2024 $ / shares	Sep. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2024 $ / shares	Mar. 31, 2024 $ / shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) extension $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)	May 31, 2022 USD ($)
Equity Incentive Plans
Dividends declared per common share (in dollars per share) \| $ / shares					$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 1.44	$ 1.44
Contributions from non-controlling interests									$ 3,786	$ 0
Net (loss) income					$ (1,513)			$ 3,114	1,024	51,062
Net income (loss) attributable to non-controlling interests					$ (3,898)			3,942	$ 1,465	65,265
CMBS JV
Equity Incentive Plans
Participation / Ownership %					51%				51%
Class A Units
Equity Incentive Plans
Number of units outstanding (in shares) \| shares					9,700,000				9,700,000
Woodstar II Portfolio \| Class A Units
Equity Incentive Plans
Net income (loss) attributable to non-controlling interests					$ 4,700			4,700	$ 14,000	14,100
Subsidiaries \| Woodstar II Portfolio
Equity Incentive Plans
Conversion of stock ratio									1
Subsidiaries \| Woodstar II Portfolio \| Class A Units
Equity Incentive Plans
Shares issued (in shares) \| shares									10,200,000
Right to receive additional shares (in shares) \| shares									1,900,000
Subsidiaries \| Woodstar II Portfolio \| Class A Units \| Non- Controlling Interests
Equity Incentive Plans
Redemption of units									$ 207,100		$ 207,100
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					$ 101,200				$ 101,200		$ 129,200
CMBS JV \| Joint Venture Partner
Equity Incentive Plans
Ownership percentage					49%				49%
CMBS JV \| Woodstar II Portfolio \| Class A Units
Equity Incentive Plans
Net income (loss) attributable to non-controlling interests					$ (10,800)			$ (4,500)	$ (18,400)	$ (1,600)
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
Common stock available for future grants (in shares) \| shares					13,400,000				13,400,000
Employee Stock
Equity Incentive Plans
Purchase price of fair market value (as a percent)			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					16,621			21,088	99,997	110,112
Purchase price (in dollars per share) \| $ / shares					$ 16.36			$ 16.51	$ 16.85	$ 15.17
Share-based expense					$ 100			$ 100	$ 400	$ 400
Common stock available for future issuance (in shares) \| shares					1,700,000				1,700,000
ATM Agreement
Equity Incentive Plans
Authorized value of stock under ATM agreement												$ 500,000
Number of shares issued (in shares) \| shares					0			0	0	0
Forecast
Equity Incentive Plans
Dividends declared per common share (in dollars per share) \| $ / shares				$ 0.48

Stockholders' Equity and Non-_6

Stockholders' Equity and Non-Controlling Interests - Schedule of Share Awards Granted Under the Manager Equity Plan (Details) - USD ($) $ in Thousands	1 Months Ended			9 Months Ended
	Mar. 31, 2024	Nov. 30, 2022	Nov. 30, 2020	Sep. 30, 2024
Equity Incentive Plans
Amount Granted				3,133,660
Manager Equity Plan
Equity Incentive Plans
Amount Granted				1,300,000
Restricted stock units \| Manager Equity Plan
Equity Incentive Plans
Amount Granted	1,300,000	1,500,000	1,800,000
Grant Date Fair Value	$ 26,104	$ 31,605	$ 30,078
Vesting Period	3 years	3 years	3 years

Stockholders' Equity and Non-_7

Stockholders' Equity and Non-Controlling Interests - Schedule of Non-Vested Shares and Share Equivalents (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	3,446,728
Granted (in shares)	3,133,660
Vested (in shares)	(2,375,494)
Forfeited (in shares)	(13,001)
Balance at the end of the period (in shares)	4,191,893
Weighted Average Grant Date Fair Value (per share)
Balance at the beginning of period (in dollars per share) \| $ / shares	$ 21.08
Granted (in dollars per share) \| $ / shares	20.23
Vested (in dollars per share) \| $ / shares	21.05
Forfeited (in dollars per share) \| $ / shares	21.52
Balance at the end of period (in dollars per share) \| $ / shares	$ 20.46
Equity Plan
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	2,571,728
Granted (in shares)	1,833,660
Vested (in shares)	(1,675,495)
Forfeited (in shares)	(13,001)
Balance at the end of the period (in shares)	2,716,892
Manager Equity Plan
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	875,000
Granted (in shares)	1,300,000
Vested (in shares)	(699,999)
Forfeited (in shares)	0
Balance at the end of the period (in shares)	1,475,001

Earnings per Share - Schedule o

Earnings per Share - Schedule of 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	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic Earnings
Income attributable to STWD common stockholders	$ 76,068	$ 47,435	$ 308,290	$ 268,252
Less: Income attributable to participating shares not already deducted as non-controlling interests	(1,747)	(1,510)	(5,583)	(4,962)
Basic earnings	74,321	45,925	302,707	263,290
Diluted Earnings
Income attributable to STWD common stockholders	76,068	47,435	308,290	268,252
Less: Income attributable to participating shares not already deducted as non-controlling interests	(1,747)	(1,510)	(5,583)	(4,962)
Diluted earnings	$ 74,321	$ 45,925	$ 302,707	$ 263,290
Number of Shares:
Basic - Average shares outstanding (in shares)	319,690	310,268	315,021	309,471
Effect of dilutive securities - Unvested non-participating shares (in shares)	89	298	281	267
Diluted - Average shares outstanding (in shares)	319,779	310,566	315,302	309,738
Earnings Per Share Attributable to STWD Common Stockholders:
Basic (in dollars per share)	$ 0.23	$ 0.15	$ 0.96	$ 0.85
Diluted (in dollars per share)	$ 0.23	$ 0.15	$ 0.96	$ 0.85

Earnings per Share - Narrative

Earnings per Share - Narrative (Details) - shares shares in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
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
Restricted Stock
Antidilutive securities and effect of dilutive securities
Number of anti-dilutive common shares excluded from the calculation of diluted income per share (in shares)	13.3	12.9

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Changes in AOCI by component
Beginning balance	$ 6,559,678	$ 6,784,943	$ 6,608,634	$ 6,835,917
Ending balance	6,871,814	6,683,797	6,871,814	6,683,797
Cumulative Unrealized Gain (Loss) on Available-for- Sale Securities
Changes in AOCI by component
Beginning balance	13,920	17,355	15,352	20,955
OCI before reclassifications	2,336	(3,286)	904	(6,886)
Amounts reclassified from AOCI	0	45	0	45
Net period OCI	2,336	(3,241)	904	(6,841)
Ending balance	$ 16,256	$ 14,114	$ 16,256	$ 14,114

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 - Schedule of Financ

Fair Value - Schedule of Financial Assets and Liabilities Carried at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial Assets:
Available-for-sale securities	$ 97,486	$ 102,368
Domestic servicing rights	20,166	19,384
Derivative assets	74,639	63,437
VIE assets	64,233,850	69,504,196
Financial Liabilities:
Derivative liabilities	118,161	102,467
VIE liabilities	56,951,237	62,481,214
Primary Beneficiary
Financial Assets:
Woodstar Fund investments	1,984,822	2,012,833
VIE assets	58,000
Financial Liabilities:
VIE liabilities	100
Fair value measurements on recurring basis
Financial Assets:
Equity security	5,607	8,340
Derivative assets	74,639	63,437
Total	44,933,271	48,656,955
Financial Liabilities:
Derivative liabilities	118,161	102,467
Total	38,452,779	42,278,201
Fair value measurements on recurring basis \| Loans under fair value option
Financial Assets:
Loans under fair value option	2,773,379	2,645,637
Fair value measurements on recurring basis \| RMBS
Financial Assets:
Available-for-sale securities	97,486	102,368
Fair value measurements on recurring basis \| CMBS
Financial Assets:
Available-for-sale securities	26,777	18,600
Fair value measurements on recurring basis \| Woodstar Fund investments
Financial Assets:
Woodstar Fund investments	1,984,822	2,012,833
Fair value measurements on recurring basis \| Domestic servicing rights
Financial Assets:
Domestic servicing rights	20,166	19,384
Fair value measurements on recurring basis \| VIE assets \| Primary Beneficiary
Financial Assets:
VIE assets	39,950,395	43,786,356
Fair value measurements on recurring basis \| VIE liabilities \| Primary Beneficiary
Financial Liabilities:
VIE liabilities	38,334,618	42,175,734
Fair value measurements on recurring basis \| Level I
Financial Assets:
Equity security	5,607	8,340
Derivative assets	0	0
Total	5,607	8,340
Financial Liabilities:
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
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
Financial Liabilities:
VIE liabilities	0	0
Fair value measurements on recurring basis \| Level II
Financial Assets:
Equity security	0	0
Derivative assets	74,639	63,437
Total	74,639	63,437
Financial Liabilities:
Derivative liabilities	118,161	102,467
Total	33,588,260	36,673,405
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
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
Financial Liabilities:
VIE liabilities	33,470,099	36,570,938
Fair value measurements on recurring basis \| Level III
Financial Assets:
Equity security	0	0
Derivative assets	0	0
Total	44,853,025	48,585,178
Financial Liabilities:
Derivative liabilities	0	0
Total	4,864,519	5,604,796
Fair value measurements on recurring basis \| Level III \| Loans under fair value option
Financial Assets:
Loans under fair value option	2,773,379	2,645,637
Fair value measurements on recurring basis \| Level III \| RMBS
Financial Assets:
Available-for-sale securities	97,486	102,368
Fair value measurements on recurring basis \| Level III \| CMBS
Financial Assets:
Available-for-sale securities	26,777	18,600
Fair value measurements on recurring basis \| Level III \| Woodstar Fund investments
Financial Assets:
Woodstar Fund investments	1,984,822	2,012,833
Fair value measurements on recurring basis \| Level III \| Domestic servicing rights
Financial Assets:
Domestic servicing rights	20,166	19,384
Fair value measurements on recurring basis \| Level III \| VIE assets \| Primary Beneficiary
Financial Assets:
VIE assets	39,950,395	43,786,356
Fair value measurements on recurring basis \| Level III \| VIE liabilities \| Primary Beneficiary
Financial Liabilities:
VIE liabilities	$ 4,864,519	$ 5,604,796

Fair Value - Schedule of Change

Fair Value - Schedule of Changes in Financial Assets and Liabilities Classified as Level III (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Changes in financial assets classified as Level III
Balance at the beginning of the period	$ 39,355,495	$ 45,767,691	$ 42,980,382	$ 51,642,978
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	(1,300,427)	(2,102,931)	(4,444,571)	(7,214,413)
Net accretion	$ 1,076	$ 1,170	$ 3,397	$ 3,583
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	Available-for-sale securities	Available-for-sale securities
Included in OCI	$ 2,336	$ (3,241)	$ 904	$ (6,841)
Purchases / Originations	600,966	113,237	1,206,016	362,688
Sales	(471,812)	(64,458)	(830,221)	(235,775)
Issuances	(7,144)		(12,923)
Cash repayments / receipts	(67,016)	(56,482)	(184,024)	(158,347)
Transfers into Level III	(248,183)	(488,051)	(940,493)	(1,686,976)
Transfers out of Level III	334,246		1,107,705	1,314,056
Transfers out of Level III		854,018
Consolidation of VIEs	1,920,430		1,920,430
Deconsolidation of VIEs	(131,461)		(818,096)
Balance at the end of the period	39,988,506	44,020,953	39,988,506	44,020,953
Amount of unrealized gains (losses) attributable to assets
Included in earnings	(1,320,732)	(2,108,185)	(4,497,725)	(7,233,293)
Included in OCI	2,336	(3,286)	904	(6,875)
Loans under fair value option
Changes in financial assets classified as Level III
Balance at the beginning of the period	2,588,657	2,673,220	2,645,637	2,784,594
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	114,871	(66,806)	150,279	(111,247)
Net accretion	0	0	0	0
Included in OCI	0	0	0	0
Purchases / Originations	600,966	113,237	1,206,016	362,688
Sales	(471,812)	(63,857)	(830,221)	(235,174)
Issuances	0		0
Cash repayments / receipts	(57,951)	(53,265)	(165,610)	(137,916)
Transfers into Level III	0	20	0	26
Transfers out of Level III	(1,352)		(232,722)	(60,706)
Transfers out of Level III		(284)
Consolidation of VIEs	0		0
Deconsolidation of VIEs	0		0
Balance at the end of the period	2,773,379	2,602,265	2,773,379	2,602,265
Amount of unrealized gains (losses) attributable to assets
Included in earnings	92,282	(73,230)	93,384	(133,679)
Included in OCI	0	0	0	0
RMBS
Changes in financial assets classified as Level III
Balance at the beginning of the period	98,438	107,216	102,368	113,386
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	0	0	0	0
Net accretion	1,076	1,170	3,397	3,583
Included in OCI	2,336	(3,241)	904	(6,841)
Purchases / Originations	0	0	0	0
Sales	0	(601)	0	(601)
Issuances	0		0
Cash repayments / receipts	(4,364)	(2,468)	(9,183)	(7,451)
Transfers into Level III	0	0	0	0
Transfers out of Level III	0		0	0
Transfers out of Level III		0
Consolidation of VIEs	0		0
Deconsolidation of VIEs	0		0
Balance at the end of the period	97,486	102,076	97,486	102,076
Amount of unrealized gains (losses) attributable to assets
Included in earnings	1,076	1,170	3,397	3,552
Included in OCI	2,336	(3,286)	904	(6,875)
CMBS
Changes in financial assets classified as Level III
Balance at the beginning of the period	19,992	18,603	18,600	19,108
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	(1,083)	241	(172)	317
Net accretion	0	0	0	0
Included in OCI	0	0	0	0
Purchases / Originations	0	0	0	0
Sales	0	0	0	0
Issuances	0		0
Cash repayments / receipts	(40)	(104)	(143)	(685)
Transfers into Level III	7,908	0	7,908	0
Transfers out of Level III	0		0	0
Transfers out of Level III		0
Consolidation of VIEs	0		0
Deconsolidation of VIEs	0		584
Balance at the end of the period	26,777	18,740	26,777	18,740
Amount of unrealized gains (losses) attributable to assets
Included in earnings	125	241	172	317
Included in OCI	0	0	0	0
Woodstar Fund investments
Changes in financial assets classified as Level III
Balance at the beginning of the period	2,004,983	1,976,985	2,012,833	1,761,002
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	(20,161)	2,199	(28,011)	218,182
Net accretion	0	0	0	0
Included in OCI	0	0	0	0
Purchases / Originations	0	0	0	0
Sales	0	0	0	0
Issuances	0		0
Cash repayments / receipts	0	0	0	0
Transfers into Level III	0	0	0	0
Transfers out of Level III	0		0	0
Transfers out of Level III		0
Consolidation of VIEs	0		0
Deconsolidation of VIEs	0		0
Balance at the end of the period	1,984,822	1,979,184	1,984,822	1,979,184
Amount of unrealized gains (losses) attributable to assets
Included in earnings	(20,161)	2,199	(28,011)	218,182
Included in OCI	0	0	0	0
Domestic servicing rights
Changes in financial assets classified as Level III
Balance at the beginning of the period	20,507	18,256	19,384	17,790
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	(341)	(68)	782	398
Net accretion	0	0	0	0
Included in OCI	0	0	0	0
Purchases / Originations	0	0	0	0
Sales	0	0	0	0
Issuances	0		0
Cash repayments / receipts	0	0	0	0
Transfers into Level III	0	0	0	0
Transfers out of Level III	0		0	0
Transfers out of Level III		0
Consolidation of VIEs	0		0
Deconsolidation of VIEs	0		0
Balance at the end of the period	20,166	18,188	20,166	18,188
Amount of unrealized gains (losses) attributable to assets
Included in earnings	(341)	(68)	782	398
Included in OCI	0	0	0	0
VIE Assets
Changes in financial assets classified as Level III
Balance at the beginning of the period	39,665,392	46,864,870	43,786,356	52,453,041
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	(1,455,907)	(2,195,966)	(4,864,896)	(7,784,137)
Net accretion	0	0	0	0
Included in OCI	0	0	0	0
Purchases / Originations	0	0	0	0
Sales	0	0	0	0
Issuances	0		0
Cash repayments / receipts	0	0	0	0
Transfers into Level III	0	0	0	0
Transfers out of Level III	0		0	0
Transfers out of Level III		0
Consolidation of VIEs	1,920,430		1,920,430
Deconsolidation of VIEs	(179,520)		(891,495)
Balance at the end of the period	39,950,395	44,668,904	39,950,395	44,668,904
Amount of unrealized gains (losses) attributable to assets
Included in earnings	(1,455,907)	(2,195,966)	(4,864,896)	(7,784,137)
Included in OCI	0	0	0	0
VIE Liabilities
Changes in financial assets classified as Level III
Balance at the beginning of the period	(5,042,474)	(5,891,459)	(5,604,796)	(5,505,943)
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	62,194	157,469	297,447	462,074
Net accretion	0	0	0	0
Included in OCI	0	0	0	0
Purchases / Originations	0	0	0	0
Sales	0	0	0	0
Issuances	(7,144)		(12,923)
Cash repayments / receipts	(4,661)	(645)	(9,088)	(12,295)
Transfers into Level III	(256,091)	(488,071)	(948,401)	(1,687,002)
Transfers out of Level III	335,598		1,340,427	1,374,762
Transfers out of Level III		854,302
Consolidation of VIEs	0		0
Deconsolidation of VIEs	48,059		72,815
Balance at the end of the period	(4,864,519)	(5,368,404)	(4,864,519)	(5,368,404)
Amount of unrealized gains (losses) attributable to assets
Included in earnings	62,194	157,469	297,447	462,074
Included in OCI	$ 0	$ 0	$ 0	$ 0

Fair Value - Schedule of Fair V

Fair Value - Schedule of Fair Value of Financial Instruments not Carried at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial assets not carried at fair value:
Loans	$ 16,128,765	$ 17,574,249
HTM debt securities	609,109	619,397
Carrying Value
Financial assets not carried at fair value:
Loans	16,128,765	17,574,249
HTM debt securities	585,932	606,254
Financial liabilities not carried at fair value:
Secured financing agreements, CLOs and SASB	15,156,867	17,552,979
Unsecured senior notes	2,757,146	2,158,888
Fair Value
Financial assets not carried at fair value:
Loans	16,236,852	17,483,058
HTM debt securities	561,474	581,160
Financial liabilities not carried at fair value:
Secured financing agreements, CLOs and SASB	15,197,565	17,466,172
Unsecured senior notes	$ 2,791,332	$ 2,128,835

Fair Value - Schedule of Quanti

Fair Value - Schedule of Quantitative Information for Level 3 Measurements for Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities	$ 97,486	$ 102,368
Domestic servicing rights	20,166	19,384
VIE assets	64,233,850	69,504,196
VIE liabilities	56,951,237	62,481,214
Primary Beneficiary
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Woodstar Fund investments	1,984,822	2,012,833
VIE assets	58,000
VIE liabilities	100
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	2,773,379	2,645,637
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	97,486	102,368
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	26,777	18,600
Fair value measurements on recurring basis \| Woodstar Fund investments
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Woodstar Fund investments	1,984,822	2,012,833
Fair value measurements on recurring basis \| Domestic servicing rights
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Domestic servicing rights	20,166	19,384
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	39,950,395	43,786,356
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	38,334,618	42,175,734
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	$ 2,773,379	$ 2,645,637
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	3 years 6 months	4 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	0.04	0.05
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	37 years 9 months 18 days	38 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	0.105	0.099
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	829	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	0.93	1.40
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	1.068	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	25 years 3 months 18 days	27 years 4 months 24 days
Fair value measurements on recurring basis \| Level III \| Loans under fair value option \| Weighted-average \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	0.047	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	750	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	0.64	0.68
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	1.012	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	$ 97,486	$ 102,368
Loss severity for specified percentage of portfolio (as a percent)	3%	5%
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	0.022	0.029
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	0.009	0.010
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	0.09	0.08
Fair value measurements on recurring basis \| Level III \| RMBS \| Minimum \| Servicer advances
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.22	0.30
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	0.092	0.096
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	0.042
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	0.63	0.99
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	0.26	0.25
Fair value measurements on recurring basis \| Level III \| RMBS \| Maximum \| Servicer advances
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.79	0.78
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	0.0026	0.0130
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	0.0125	0.0770
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	0.046	0.052
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	0.016	0.017
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	0.13	0.17
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	0.14
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	0.50	0.51
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	0.0004	0.0010
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	0.0003	0.0050
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	$ 26,777	$ 18,600
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	7 years 3 months 18 days	6 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	0.546	5.401
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 3 months 18 days	2 years 4 months 24 days
Fair value measurements on recurring basis \| Level III \| CMBS \| Weighted-average \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.130	0.106
Fair value measurements on recurring basis \| Level III \| Woodstar Fund investments
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Woodstar Fund investments	$ 1,984,822	$ 2,012,833
Fair value measurements on recurring basis \| Level III \| Woodstar Fund investments \| 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	0.0460
Fair value measurements on recurring basis \| Level III \| Woodstar Fund investments \| Implied 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
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
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	0.030
Fair value measurements on recurring basis \| Level III \| Woodstar Fund investments \| Minimum \| Terminal capitalization rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input		0.048
Fair value measurements on recurring basis \| Level III \| Woodstar Fund investments \| Maximum \| Discount rate - properties
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input		0.070
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	0.060	0.069
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
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
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	0.049	0.054
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
Fair value measurements on recurring basis \| Level III \| Woodstar Fund investments \| Weighted-average \| Direct capitalization rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.0460
Fair value measurements on recurring basis \| Level III \| Woodstar Fund investments \| Weighted-average \| Implied 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
Fair value measurements on recurring basis \| Level III \| Domestic servicing rights
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Domestic servicing rights	$ 20,166	$ 19,384
Fair value measurements on recurring basis \| Level III \| Domestic servicing rights \| 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	0.0850
Fair value measurements on recurring basis \| Level III \| Domestic servicing rights \| 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 \| 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	0.0850
Fair value measurements on recurring basis \| Level III \| Domestic servicing rights \| 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
Derivative term	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
Derivative term	9 years 2 months 12 days	10 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	6.491	6.910
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
Derivative term	2 years	1 year 9 months 18 days
Fair value measurements on recurring basis \| Level III \| VIE assets \| Weighted-average \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE assets	0.201	0.159
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	$ 39,950,395	$ 43,786,356
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
Derivative term	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
Derivative term	9 years 2 months 12 days	10 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	6.491	6.910
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
Derivative term	1 year 8 months 12 days	1 year 8 months 12 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	0.123	0.114
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	$ 4,864,519	$ 5,604,796

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Income Taxes
VIE assets	$ 64,233,850	$ 69,504,196
Investing and Servicing Segment \| TRS entities
Income Taxes
VIE assets	$ 3,200,000	$ 3,100,000

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reconciliation of statutory tax to effective tax
Federal statutory tax rate	$ 17,350	$ 8,395	$ 70,830	$ 66,049
REIT and other non-taxable income	(9,069)	(17,486)	(49,091)	(81,262)
State income taxes	2,721	(2,987)	7,143	(4,999)
Federal benefit of state tax deduction	(571)	628	(1,500)	1,050
Other	18	51	151	165
Effective tax rate	$ 10,449	$ (11,399)	$ 27,533	$ (18,997)
Reconciliation of statutory tax rate to effective tax rate
Federal statutory tax rate	21%	21%	21%	21%
REIT and other non-taxable income	(11.00%)	(43.70%)	(14.50%)	(25.80%)
State income taxes	3.30%	(7.50%)	2.10%	(1.60%)
Federal benefit of state tax deduction	(0.70%)	1.60%	(0.40%)	0.30%
Other	0%	0.10%	0%	0.10%
Effective tax rate	12.60%	(28.50%)	8.20%	(6.00%)

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Carrying Value	$ 19,307,068		$ 20,528,925
Commercial loans:
Property, Plant and Equipment [Line Items]
Carrying Value	$ 14,108,393
Los Angeles \| Commercial loans:
Property, Plant and Equipment [Line Items]
Loan extension term	3 years
Mortgage Loan \| Los Angeles \| Commercial loans:
Property, Plant and Equipment [Line Items]
Carrying Value	$ 433,100
Potential foreclosure payment	86,000	$ 79,800
Increase in potential foreclosure payment	6,200
CECL allowance	31,200
Mezzanine Loans \| Los Angeles \| Commercial loans:
Property, Plant and Equipment [Line Items]
Carrying Value	82,300
Loan Funding Commitments \| Commercial and Residential Lending Segment
Property, Plant and Equipment [Line Items]
Value of loans with future funding commitments	1,300,000
Value of loans with future funding commitments expected to fund	1,100,000
Loan Funding Commitments \| Infrastructure Lending Segment
Property, Plant and Equipment [Line Items]
Value of loans with future funding commitments	165,200
Revolvers and Letters of Credit \| Infrastructure Lending Segment
Property, Plant and Equipment [Line Items]
Value of loans with future funding commitments	37,700
Debt related to properties held-for-sale	2,900
Delayed Draw Term Loans \| Infrastructure Lending Segment
Property, Plant and Equipment [Line Items]
Value of loans with future funding commitments	127,500
Loan Purchase Commitments \| Infrastructure Lending Segment
Property, Plant and Equipment [Line Items]
Outstanding loan purchase commitment	$ 351,300

Segment Data - Schedule of Resu

Segment Data - Schedule of Results of Operations by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Interest income from loans	$ 418,757	$ 457,299	$ 1,309,681	$ 1,344,056
Interest income from investment securities	17,227	20,133	52,433	57,689
Servicing fees	11,827	8,630	37,549	22,228
Rental income	25,979	33,091	80,285	97,687
Other revenues	5,750	2,394	12,506	5,970
Total revenues	479,540	521,547	1,492,454	1,527,630
Costs and expenses:
Management fees	27,439	27,143	103,970	97,661
Interest expense	337,859	368,357	1,038,204	1,066,990
General and administrative	48,054	46,691	149,799	131,955
Costs of rental operations	12,133	11,777	34,547	34,910
Depreciation and amortization	10,188	12,271	30,130	37,010
Credit loss provision, net	66,427	52,634	144,975	217,753
Other expense	475	727	1,434	2,115
Total costs and expenses	502,575	519,600	1,503,059	1,588,394
Other income (loss):
Change in net assets related to consolidated VIEs	16,570	43,763	43,836	139,024
Change in fair value of servicing rights	(341)	(68)	782	398
Change in fair value of investment securities, net	(778)	283	504	353
Change in fair value of mortgage loans, net	114,871	(66,806)	150,279	(111,247)
Earnings (loss) from unconsolidated entities	349	(1,309)	9,694	11,378
Gain (Loss) on sale of investments and other assets, net	8,316	10,616	100,278	15,486
(Loss) gain on derivative financial instruments, net	(83,941)	94,883	18,984	118,431
Foreign currency gain (loss), net	59,421	(56,646)	24,436	(18,293)
Loss on extinguishment of debt	(242)	(1,072)	(2,801)	(2,256)
Other (loss) income, net	(2,981)	(2,521)	(8,403)	(31,686)
Total other income (loss)	105,654	38,031	347,893	375,284
Income (loss) before income taxes	82,619	39,978	337,288	314,520
Income tax (provision) benefit	(10,449)	11,399	(27,533)	18,997
Net income	72,170	51,377	309,755	333,517
Net (income) loss attributable to non-controlling interests	3,898	(3,942)	(1,465)	(65,265)
Net income (loss) attributable to Starwood Property Trust, Inc.	76,068	47,435	308,290	268,252
Primary Beneficiary
Other income (loss):
(Loss) income from affordable housing fund investments	(5,590)	16,908	10,304	253,696
Subtotal
Revenues:
Interest income from loans	418,757	457,299	1,309,681	1,344,056
Interest income from investment securities	54,397	61,466	161,224	173,641
Servicing fees	15,557	11,375	48,873	30,913
Rental income	25,979	33,091	80,285	97,687
Other revenues	5,750	2,394	12,506	5,970
Total revenues	520,440	565,625	1,612,569	1,652,267
Costs and expenses:
Management fees	27,439	27,143	103,970	97,661
Interest expense	338,067	368,569	1,038,830	1,067,623
General and administrative	48,054	46,691	149,799	131,955
Costs of rental operations	12,133	11,777	34,547	34,910
Depreciation and amortization	10,188	12,271	30,130	37,010
Credit loss provision, net	66,427	52,634	144,975	217,753
Other expense	475	727	1,434	2,115
Total costs and expenses	502,783	519,812	1,503,685	1,589,027
Other income (loss):
Change in net assets related to consolidated VIEs	0	0	0	0
Change in fair value of servicing rights	975	(983)	(1,521)	(2,684)
Change in fair value of investment securities, net	(26,364)	703	(73,797)	16,553
Change in fair value of mortgage loans, net	114,871	(66,806)	150,279	(111,247)
Earnings (loss) from unconsolidated entities	497	(917)	10,645	13,280
Gain (Loss) on sale of investments and other assets, net	8,316	10,616	100,278	15,486
(Loss) gain on derivative financial instruments, net	(83,941)	94,883	18,984	118,431
Foreign currency gain (loss), net	59,421	(56,646)	24,436	(18,293)
Loss on extinguishment of debt	(242)	(1,072)	(2,801)	(2,256)
Other (loss) income, net	(2,981)	(2,521)	(8,403)	(31,686)
Total other income (loss)	64,962	(5,835)	228,404	251,280
Income (loss) before income taxes	82,619	39,978	337,288	314,520
Income tax (provision) benefit	(10,449)	11,399	(27,533)	18,997
Net income	72,170	51,377	309,755	333,517
Net (income) loss attributable to non-controlling interests	3,898	(3,942)	(1,465)	(65,265)
Net income (loss) attributable to Starwood Property Trust, Inc.	76,068	47,435	308,290	268,252
Subtotal \| Primary Beneficiary
Other income (loss):
(Loss) income from affordable housing fund investments	(5,590)	16,908	10,304	253,696
Operating segment \| Commercial and Residential Lending Segment
Revenues:
Interest income from loans	349,589	397,045	1,102,810	1,166,758
Interest income from investment securities	29,392	36,178	90,170	102,462
Servicing fees	109	147	361	441
Rental income	4,267	2,470	11,819	6,410
Other revenues	2,149	822	4,455	2,007
Total revenues	385,506	436,662	1,209,615	1,278,078
Costs and expenses:
Management fees	185	199	569	629
Interest expense	209,464	247,727	662,124	724,452
General and administrative	14,430	15,659	49,003	42,117
Costs of rental operations	3,140	2,475	8,577	7,505
Depreciation and amortization	2,264	1,912	6,349	5,262
Credit loss provision, net	65,021	51,487	142,993	200,439
Other expense	15	723	771	2,116
Total costs and expenses	294,519	320,182	870,386	982,520
Other income (loss):
Change in net assets related to consolidated VIEs	0	0	0	0
Change in fair value of servicing rights	0	0	0	0
Change in fair value of investment securities, net	2,913	21,456	(4,352)	62,766
Change in fair value of mortgage loans, net	95,747	(68,450)	102,781	(125,390)
Earnings (loss) from unconsolidated entities	1,277	1,142	10,293	3,563
Gain (Loss) on sale of investments and other assets, net	0	(52)	(41)	(140)
(Loss) gain on derivative financial instruments, net	(108,436)	99,735	11,636	132,686
Foreign currency gain (loss), net	58,930	(56,309)	23,970	(18,118)
Loss on extinguishment of debt	(142)	(757)	173	(1,822)
Other (loss) income, net	(2,146)	(2,527)	(7,337)	(31,693)
Total other income (loss)	48,143	(5,762)	137,123	21,852
Income (loss) before income taxes	139,130	110,718	476,352	317,410
Income tax (provision) benefit	(7,422)	9,823	(18,930)	15,981
Net income	131,708	120,541	457,422	333,391
Net (income) loss attributable to non-controlling interests	(3)	(3)	(10)	(10)
Net income (loss) attributable to Starwood Property Trust, Inc.	131,705	120,538	457,412	333,381
Operating segment \| Commercial and Residential Lending Segment \| Primary Beneficiary
Other income (loss):
(Loss) income from affordable housing fund investments	0	0	0	0
Operating segment \| Infrastructure Lending Segment
Revenues:
Interest income from loans	63,910	58,628	194,526	172,969
Interest income from investment securities	123	155	391	1,658
Servicing fees	0	0	0	0
Rental income	0	0	0	0
Other revenues	1,410	469	2,690	995
Total revenues	65,443	59,252	197,607	175,622
Costs and expenses:
Management fees	0	0	0	0
Interest expense	38,381	34,887	115,229	103,188
General and administrative	4,440	3,822	14,625	11,520
Costs of rental operations	0	0	0	0
Depreciation and amortization	14	27	43	84
Credit loss provision, net	1,406	1,147	1,982	17,314
Other expense	175	4	175	17
Total costs and expenses	44,416	39,887	132,054	132,123
Other income (loss):
Change in net assets related to consolidated VIEs	0	0	0	0
Change in fair value of servicing rights	0	0	0	0
Change in fair value of investment securities, net	0	0	0	0
Change in fair value of mortgage loans, net	0	0	0	0
Earnings (loss) from unconsolidated entities	(963)	(2,459)	(694)	1,324
Gain (Loss) on sale of investments and other assets, net	0	0	0	0
(Loss) gain on derivative financial instruments, net	(104)	98	59	244
Foreign currency gain (loss), net	546	(382)	479	(225)
Loss on extinguishment of debt	0	0	(620)	0
Other (loss) income, net	0	(6)	40	0
Total other income (loss)	(521)	(2,749)	(736)	1,343
Income (loss) before income taxes	20,506	16,616	64,817	44,842
Income tax (provision) benefit	156	243	414	581
Net income	20,662	16,859	65,231	45,423
Net (income) loss attributable to non-controlling interests	0	0	0	0
Net income (loss) attributable to Starwood Property Trust, Inc.	20,662	16,859	65,231	45,423
Operating segment \| Infrastructure Lending Segment \| Primary Beneficiary
Other income (loss):
(Loss) income from affordable housing fund investments	0	0	0	0
Operating segment \| Property Segment
Revenues:
Interest income from loans	0	0	0	0
Interest income from investment securities	0	0	0	0
Servicing fees	0	0	0	0
Rental income	16,352	23,567	52,863	70,587
Other revenues	212	193	574	494
Total revenues	16,564	23,760	53,437	71,081
Costs and expenses:
Management fees	0	0	0	0
Interest expense	10,375	14,161	35,325	40,229
General and administrative	1,236	1,021	3,701	2,966
Costs of rental operations	6,057	6,039	17,309	17,034
Depreciation and amortization	5,914	7,930	17,695	24,061
Credit loss provision, net	0	0	0	0
Other expense	0	0	35	23
Total costs and expenses	23,582	29,151	74,065	84,313
Other income (loss):
Change in net assets related to consolidated VIEs	0	0	0	0
Change in fair value of servicing rights	0	0	0	0
Change in fair value of investment securities, net	0	0	0	0
Change in fair value of mortgage loans, net	0	0	0	0
Earnings (loss) from unconsolidated entities	0	0	0	0
Gain (Loss) on sale of investments and other assets, net	0	0	92,003	0
(Loss) gain on derivative financial instruments, net	(546)	557	1,442	4,448
Foreign currency gain (loss), net	(55)	45	(13)	50
Loss on extinguishment of debt	0	0	(2,254)	0
Other (loss) income, net	(879)	0	(1,156)	(5)
Total other income (loss)	(7,070)	17,510	100,326	258,189
Income (loss) before income taxes	(14,088)	12,119	79,698	244,957
Income tax (provision) benefit	0	0	0	0
Net income	(14,088)	12,119	79,698	244,957
Net (income) loss attributable to non-controlling interests	(3,148)	(7,812)	(15,010)	(65,149)
Net income (loss) attributable to Starwood Property Trust, Inc.	(17,236)	4,307	64,688	179,808
Operating segment \| Property Segment \| Primary Beneficiary
Other income (loss):
(Loss) income from affordable housing fund investments	(5,590)	16,908	10,304	253,696
Operating segment \| Investing and Servicing Segment
Revenues:
Interest income from loans	5,258	1,626	12,345	4,329
Interest income from investment securities	24,882	25,133	70,663	69,521
Servicing fees	15,448	11,228	48,512	30,472
Rental income	5,360	7,054	15,603	20,690
Other revenues	1,338	407	2,836	1,302
Total revenues	52,286	45,448	149,959	126,314
Costs and expenses:
Management fees	0	0	0	0
Interest expense	10,160	8,448	26,952	24,752
General and administrative	24,249	21,365	71,407	62,052
Costs of rental operations	2,936	3,263	8,661	10,371
Depreciation and amortization	1,745	2,402	5,289	7,603
Credit loss provision, net	0	0	0	0
Other expense	285	0	453	(41)
Total costs and expenses	39,375	35,478	112,762	104,737
Other income (loss):
Change in net assets related to consolidated VIEs	0	0	0	0
Change in fair value of servicing rights	975	(983)	(1,521)	(2,684)
Change in fair value of investment securities, net	(29,277)	(20,753)	(69,445)	(46,213)
Change in fair value of mortgage loans, net	19,124	1,644	47,498	14,143
Earnings (loss) from unconsolidated entities	183	400	1,046	8,393
Gain (Loss) on sale of investments and other assets, net	8,316	10,668	8,316	15,626
(Loss) gain on derivative financial instruments, net	(3,592)	4,116	129	4,469
Foreign currency gain (loss), net	0	0	0	0
Loss on extinguishment of debt	(100)	(315)	(100)	(434)
Other (loss) income, net	44	12	50	12
Total other income (loss)	(4,327)	(5,211)	(14,027)	(6,688)
Income (loss) before income taxes	8,584	4,759	23,170	14,889
Income tax (provision) benefit	(3,183)	1,333	(9,017)	2,435
Net income	5,401	6,092	14,153	17,324
Net (income) loss attributable to non-controlling interests	7,049	3,873	13,555	(106)
Net income (loss) attributable to Starwood Property Trust, Inc.	12,450	9,965	27,708	17,218
Operating segment \| Investing and Servicing Segment \| Primary Beneficiary
Other income (loss):
(Loss) income from affordable housing fund investments	0	0	0	0
Corporate
Revenues:
Interest income from loans	0	0	0	0
Interest income from investment securities	0	0	0	0
Servicing fees	0	0	0	0
Rental income	0	0	0	0
Other revenues	641	503	1,951	1,172
Total revenues	641	503	1,951	1,172
Costs and expenses:
Management fees	27,254	26,944	103,401	97,032
Interest expense	69,687	63,346	199,200	175,002
General and administrative	3,699	4,824	11,063	13,300
Costs of rental operations	0	0	0	0
Depreciation and amortization	251	0	754	0
Credit loss provision, net	0	0	0	0
Other expense	0	0	0	0
Total costs and expenses	100,891	95,114	314,418	285,334
Other income (loss):
Change in net assets related to consolidated VIEs	0	0	0	0
Change in fair value of servicing rights	0	0	0	0
Change in fair value of investment securities, net	0	0	0	0
Change in fair value of mortgage loans, net	0	0	0	0
Earnings (loss) from unconsolidated entities	0	0	0	0
Gain (Loss) on sale of investments and other assets, net	0	0	0	0
(Loss) gain on derivative financial instruments, net	28,737	(9,623)	5,718	(23,416)
Foreign currency gain (loss), net	0	0	0	0
Loss on extinguishment of debt	0	0	0	0
Other (loss) income, net	0	0	0	0
Total other income (loss)	28,737	(9,623)	5,718	(23,416)
Income (loss) before income taxes	(71,513)	(104,234)	(306,749)	(307,578)
Income tax (provision) benefit	0	0	0	0
Net income	(71,513)	(104,234)	(306,749)	(307,578)
Net (income) loss attributable to non-controlling interests	0	0	0	0
Net income (loss) attributable to Starwood Property Trust, Inc.	(71,513)	(104,234)	(306,749)	(307,578)
Corporate \| Primary Beneficiary
Other income (loss):
(Loss) income from affordable housing fund investments	0	0	0	0
Securitization VIEs
Revenues:
Interest income from loans	0	0	0	0
Interest income from investment securities	(37,170)	(41,333)	(108,791)	(115,952)
Servicing fees	(3,730)	(2,745)	(11,324)	(8,685)
Rental income	0	0	0	0
Other revenues	0	0	0	0
Total revenues	(40,900)	(44,078)	(120,115)	(124,637)
Costs and expenses:
Management fees	0	0	0	0
Interest expense	(208)	(212)	(626)	(633)
General and administrative	0	0	0	0
Costs of rental operations	0	0	0	0
Depreciation and amortization	0	0	0	0
Credit loss provision, net	0	0	0	0
Other expense	0	0	0	0
Total costs and expenses	(208)	(212)	(626)	(633)
Other income (loss):
Change in net assets related to consolidated VIEs	16,570	43,763	43,836	139,024
Change in fair value of servicing rights	(1,316)	915	2,303	3,082
Change in fair value of investment securities, net	25,586	(420)	74,301	(16,200)
Change in fair value of mortgage loans, net	0	0	0	0
Earnings (loss) from unconsolidated entities	(148)	(392)	(951)	(1,902)
Gain (Loss) on sale of investments and other assets, net	0	0	0	0
(Loss) gain on derivative financial instruments, net	0	0	0	0
Foreign currency gain (loss), net	0	0	0	0
Loss on extinguishment of debt	0	0	0	0
Other (loss) income, net	0	0	0	0
Total other income (loss)	40,692	43,866	119,489	124,004
Income (loss) before income taxes	0	0	0	0
Income tax (provision) benefit	0	0	0	0
Net income	0	0	0	0
Net (income) loss attributable to non-controlling interests	0	0	0	0
Net income (loss) attributable to Starwood Property Trust, Inc.	0	0	0	0
Securitization VIEs \| Primary Beneficiary
Other income (loss):
(Loss) income from affordable housing fund investments	$ 0	$ 0	$ 0	$ 0

Segment Data - Schedule of Cons

Segment Data - Schedule of Consolidated Balance Sheet by Business Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 357,853		$ 194,660
Restricted cash	152,283		117,312
Loans held-for-investment	16,128,765		17,574,249
Loans held-for-sale	2,773,379		2,645,637
Investment securities	715,802		735,562
Properties, net	1,194,590		1,046,384
Properties held-for-sale, net	0		290,937
Investments in unconsolidated entities	91,009		90,376
Goodwill	259,846		259,846
Intangible assets	60,159		64,967
Derivative assets	74,639		63,437
Accrued interest receivable	197,146		200,867
Other assets	293,162		420,773
VIE assets, at fair value	39,950,395		43,786,356
Total Assets	64,233,850		69,504,196
Liabilities:
Dividends payable	163,669		152,888
Derivative liabilities	118,161		102,467
Secured financing agreements, net	11,854,618		13,867,996
Collateralized loan obligations and single asset securitization, net	3,302,249		3,491,292
Unsecured senior notes, net	2,757,146		2,158,888
Debt related to properties held for sale	0		193,691
VIE liabilities, at fair value	38,334,618		42,175,734
Total Liabilities	56,951,237		62,481,214
Temporary Equity: Redeemable non-controlling interests	410,799		414,348
Starwood Property Trust, Inc. Stockholders’ Equity:
Proceeds	3,447		3,208
Additional paid-in capital	6,311,863		5,864,670
Treasury stock	(138,022)		(138,022)
Retained earnings (accumulated deficit)	346,179		505,881
Accumulated other comprehensive income	16,256		15,352
Total Starwood Property Trust, Inc. Stockholders’ Equity	6,539,723		6,251,089
Non-controlling interests in consolidated subsidiaries	332,091		357,545
Total Permanent Equity	6,871,814	$ 6,559,678	6,608,634	$ 6,683,797	$ 6,784,943	$ 6,835,917
Total Liabilities and Equity	64,233,850		69,504,196
Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	395,234		293,442
Related Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	25,542		44,816
Primary Beneficiary
Assets:
Investments of consolidated affordable housing fund	1,984,822		2,012,833
Total Assets	58,000
Liabilities:
Total Liabilities	100
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	357,853		194,660
Restricted cash	152,283		117,312
Loans held-for-investment	16,128,765		17,574,249
Loans held-for-sale	2,773,379		2,645,637
Investment securities	2,301,793		2,314,421
Properties, net	1,194,590		1,046,384
Properties held-for-sale, net			290,937
Investments in unconsolidated entities	105,674		104,976
Goodwill	259,846		259,846
Intangible assets	95,720		102,832
Derivative assets	74,639		63,437
Accrued interest receivable	197,146		200,867
Other assets	293,162		420,773
VIE assets, at fair value	0		0
Total Assets	25,919,672		27,349,164
Liabilities:
Dividends payable	163,669		152,888
Derivative liabilities	118,161		102,467
Secured financing agreements, net	11,875,058		13,888,753
Collateralized loan obligations and single asset securitization, net	3,302,249		3,491,292
Unsecured senior notes, net	2,757,146		2,158,888
Debt related to properties held for sale			193,691
VIE liabilities, at fair value	0		0
Total Liabilities	18,637,059		20,326,237
Temporary Equity: Redeemable non-controlling interests	410,799		414,348
Starwood Property Trust, Inc. Stockholders’ Equity:
Proceeds	3,447		3,208
Additional paid-in capital	6,311,863		5,864,670
Treasury stock	(138,022)		(138,022)
Retained earnings (accumulated deficit)	346,179		505,881
Accumulated other comprehensive income	16,256		15,352
Total Starwood Property Trust, Inc. Stockholders’ Equity	6,539,723		6,251,089
Non-controlling interests in consolidated subsidiaries	332,091		357,490
Total Permanent Equity	6,871,814		6,608,579
Total Liabilities and Equity	25,919,672		27,349,164
Subtotal \| Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	395,234		293,442
Subtotal \| Related Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	25,542		44,816
Subtotal \| Primary Beneficiary
Assets:
Investments of consolidated affordable housing fund	1,984,822		2,012,833
Operating segment \| Commercial and Residential Lending Segment
Assets:
Cash and cash equivalents	11,235		8,823
Restricted cash	93,839		23,902
Loans held-for-investment	13,713,603		15,069,389
Loans held-for-sale	2,540,411		2,604,594
Investment securities	1,094,588		1,147,829
Properties, net	476,951		431,155
Properties held-for-sale, net			0
Investments in unconsolidated entities	26,407		19,151
Goodwill	0		0
Intangible assets	11,373		13,415
Derivative assets	67,220		55,559
Accrued interest receivable	179,174		180,441
Other assets	150,882		301,436
VIE assets, at fair value	0		0
Total Assets	18,365,683		19,855,694
Liabilities:
Dividends payable	0		0
Derivative liabilities	90,530		54,066
Secured financing agreements, net	8,628,342		10,368,668
Collateralized loan obligations and single asset securitization, net	2,163,968		2,674,938
Unsecured senior notes, net	0		0
Debt related to properties held for sale			0
VIE liabilities, at fair value	0		0
Total Liabilities	11,067,796		13,203,908
Temporary Equity: Redeemable non-controlling interests	0		0
Starwood Property Trust, Inc. Stockholders’ Equity:
Proceeds	0		0
Additional paid-in capital	1,309,195		1,121,413
Treasury stock	0		0
Retained earnings (accumulated deficit)	5,972,318		5,514,906
Accumulated other comprehensive income	16,256		15,352
Total Starwood Property Trust, Inc. Stockholders’ Equity	7,297,769		6,651,671
Non-controlling interests in consolidated subsidiaries	118		115
Total Permanent Equity	7,297,887		6,651,786
Total Liabilities and Equity	18,365,683		19,855,694
Operating segment \| Commercial and Residential Lending Segment \| Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	184,956		106,236
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		0
Operating segment \| Infrastructure Lending Segment
Assets:
Cash and cash equivalents	174,581		56,300
Restricted cash	19,825		28,693
Loans held-for-investment	2,415,162		2,495,660
Loans held-for-sale	0		0
Investment securities	17,275		19,042
Properties, net	0		0
Properties held-for-sale, net			0
Investments in unconsolidated entities	51,997		52,691
Goodwill	119,409		119,409
Intangible assets	0		0
Derivative assets	0		84
Accrued interest receivable	16,572		12,485
Other assets	7,247		3,486
VIE assets, at fair value	0		0
Total Assets	2,822,068		2,787,850
Liabilities:
Dividends payable	0		0
Derivative liabilities	0		0
Secured financing agreements, net	796,183		1,088,965
Collateralized loan obligations and single asset securitization, net	1,138,281		816,354
Unsecured senior notes, net	0		0
Debt related to properties held for sale			0
VIE liabilities, at fair value	0		0
Total Liabilities	1,997,886		1,950,551
Temporary Equity: Redeemable non-controlling interests	0		0
Starwood Property Trust, Inc. Stockholders’ Equity:
Proceeds	0		0
Additional paid-in capital	586,273		664,621
Treasury stock	0		0
Retained earnings (accumulated deficit)	237,909		172,678
Accumulated other comprehensive income	0		0
Total Starwood Property Trust, Inc. Stockholders’ Equity	824,182		837,299
Non-controlling interests in consolidated subsidiaries	0		0
Total Permanent Equity	824,182		837,299
Total Liabilities and Equity	2,822,068		2,787,850
Operating segment \| Infrastructure Lending Segment \| Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	63,422		45,232
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		0
Operating segment \| Property Segment
Assets:
Cash and cash equivalents	35,527		19,957
Restricted cash	1,057		1,016
Loans held-for-investment	0		0
Loans held-for-sale	0		0
Investment securities	0		0
Properties, net	659,351		555,455
Properties held-for-sale, net			290,937
Investments in unconsolidated entities	0		0
Goodwill	0		0
Intangible assets	22,770		25,432
Derivative assets	544		5,638
Accrued interest receivable	224		1,502
Other assets	52,816		50,459
VIE assets, at fair value	0		0
Total Assets	2,757,111		2,963,229
Liabilities:
Dividends payable	0		0
Derivative liabilities	0		0
Secured financing agreements, net	479,138		598,350
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	491,722		804,266
Temporary Equity: Redeemable non-controlling interests	410,799		414,348
Starwood Property Trust, Inc. Stockholders’ Equity:
Proceeds	0		0
Additional paid-in capital	(391,883)		(437,169)
Treasury stock	0		0
Retained earnings (accumulated deficit)	2,039,228		1,974,539
Accumulated other comprehensive income	0		0
Total Starwood Property Trust, Inc. Stockholders’ Equity	1,647,345		1,537,370
Non-controlling interests in consolidated subsidiaries	207,245		207,245
Total Permanent Equity	1,854,590		1,744,615
Total Liabilities and Equity	2,757,111		2,963,229
Operating segment \| Property Segment \| Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	12,584		12,225
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	1,984,822		2,012,833
Operating segment \| Investing and Servicing Segment
Assets:
Cash and cash equivalents	13,692		22,011
Restricted cash	4,627		5,175
Loans held-for-investment	0		9,200
Loans held-for-sale	232,968		41,043
Investment securities	1,189,930		1,147,550
Properties, net	58,288		59,774
Properties held-for-sale, net			0
Investments in unconsolidated entities	27,270		33,134
Goodwill	140,437		140,437
Intangible assets	61,577		63,985
Derivative assets	1,799		2,156
Accrued interest receivable	964		1,369
Other assets	8,646		15,828
VIE assets, at fair value	0		0
Total Assets	1,740,198		1,541,662
Liabilities:
Dividends payable	0		0
Derivative liabilities	69		0
Secured financing agreements, net	639,323		495,857
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	683,975		540,309
Temporary Equity: Redeemable non-controlling interests	0		0
Starwood Property Trust, Inc. Stockholders’ Equity:
Proceeds	0		0
Additional paid-in capital	(652,611)		(705,176)
Treasury stock	0		0
Retained earnings (accumulated deficit)	1,584,106		1,556,399
Accumulated other comprehensive income	0		0
Total Starwood Property Trust, Inc. Stockholders’ Equity	931,495		851,223
Non-controlling interests in consolidated subsidiaries	124,728		150,130
Total Permanent Equity	1,056,223		1,001,353
Total Liabilities and Equity	1,740,198		1,541,662
Operating segment \| Investing and Servicing Segment \| Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	44,583		44,452
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		0
Corporate
Assets:
Cash and cash equivalents	122,818		87,569
Restricted cash	32,935		58,526
Loans held-for-investment	0		0
Loans held-for-sale	0		0
Investment securities	0		0
Properties, net	0		0
Properties held-for-sale, net			0
Investments in unconsolidated entities	0		0
Goodwill	0		0
Intangible assets	0		0
Derivative assets	5,076		0
Accrued interest receivable	212		5,070
Other assets	73,571		49,564
VIE assets, at fair value	0		0
Total Assets	234,612		200,729
Liabilities:
Dividends payable	163,669		152,888
Derivative liabilities	27,562		48,401
Secured financing agreements, net	1,332,072		1,336,913
Collateralized loan obligations and single asset securitization, net	0		0
Unsecured senior notes, net	2,757,146		2,158,888
Debt related to properties held for sale			0
VIE liabilities, at fair value	0		0
Total Liabilities	4,395,680		3,827,203
Temporary Equity: Redeemable non-controlling interests	0		0
Starwood Property Trust, Inc. Stockholders’ Equity:
Proceeds	3,447		3,208
Additional paid-in capital	5,460,889		5,220,981
Treasury stock	(138,022)		(138,022)
Retained earnings (accumulated deficit)	(9,487,382)		(8,712,641)
Accumulated other comprehensive income	0		0
Total Starwood Property Trust, Inc. Stockholders’ Equity	(4,161,068)		(3,626,474)
Non-controlling interests in consolidated subsidiaries	0		0
Total Permanent Equity	(4,161,068)		(3,626,474)
Total Liabilities and Equity	234,612		200,729
Corporate \| Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	89,689		85,297
Corporate \| Related Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	25,542		44,816
Corporate \| Primary Beneficiary
Assets:
Investments of consolidated affordable housing fund	0		0
Securitization VIEs
Assets:
Cash and cash equivalents	0		0
Restricted cash	0		0
Loans held-for-investment	0		0
Loans held-for-sale	0		0
Investment securities	(1,585,991)		(1,578,859)
Properties, net	0		0
Properties held-for-sale, net			0
Investments in unconsolidated entities	(14,665)		(14,600)
Goodwill	0		0
Intangible assets	(35,561)		(37,865)
Derivative assets	0		0
Accrued interest receivable	0		0
Other assets	0		0
VIE assets, at fair value	39,950,395		43,786,356
Total Assets	38,314,178		42,155,032
Liabilities:
Dividends payable	0		0
Derivative liabilities	0		0
Secured financing agreements, net	(20,440)		(20,757)
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	38,334,618		42,175,734
Total Liabilities	38,314,178		42,154,977
Temporary Equity: Redeemable non-controlling interests	0		0
Starwood Property Trust, Inc. Stockholders’ Equity:
Proceeds	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	0		55
Total Permanent Equity	0		55
Total Liabilities and Equity	38,314,178		42,155,032
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		$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)				1 Months Ended	9 Months Ended	12 Months Ended
Subsequent Events (Details) - USD ($)	Oct. 21, 2024	Oct. 11, 2024	Oct. 10, 2024	Apr. 30, 2021	Sep. 30, 2024	Dec. 31, 2023	Jul. 31, 2021
Subsequent Events
Principal amount of notes purchased by third-party investors							$ 210,100,000
STWD 2024-SIF4 \| Subsequent Event
Subsequent Events
Face amount		$ 600,000,000
Principal amount of notes purchased by third-party investors		$ 496,200,000
Weighted average coupon rate		1.93%
CLO contribution period		3 years
STWD 2021-SIF1
Subsequent Events
Face amount				$ 500,000,000
Principal amount of notes purchased by third-party investors				$ 410,000,000
CLO contribution period				3 years
2030 Senior Notes \| Subsequent Event
Subsequent Events
Face amount			$ 400,000,000
Weighted average coupon rate			2.70%
Coupon rate (as a percent)			6%
2025 Senior Notes
Subsequent Events
Coupon rate (as a percent)					4.75%
2025 Senior Notes \| Subsequent Event
Subsequent Events
Early redemption notice period	30 days
Early redemption of debt	$ 250,000,000
Financing
Subsequent Events
Face amount					$ 3,308,756,000	$ 3,500,163,000
Financing \| STWD 2021-SIF1
Subsequent Events
Face amount					$ 402,803,000	$ 410,000,000
Weighted average coupon rate					2.43%	2.42%
Financing \| STWD 2021-SIF1 \| Subsequent Event
Subsequent Events
Face amount		$ 402,800,000