Starwood Property Trust (STWD) 10-Q8 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Nov. 03, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		313,226,048
Entity Central Index Key	0001465128
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 195,319	$ 261,061
Restricted cash	235,951	121,072
Loans held-for-investment, net of credit loss allowances of $271,320 and $99,413	17,234,205	18,401,439
Loans held-for-sale, at fair value	2,602,265	2,784,594
Investment securities, net of credit loss allowances of $12,994 and $3,182 ($129,645 and $142,334 held at fair value)	721,593	815,804
Properties, net	1,405,791	1,449,986
Investments in unconsolidated entities	91,924	91,892
Goodwill	259,846	259,846
Intangible assets ($18,188 and $17,790 held at fair value)	65,989	68,773
Derivative assets	133,016	108,621
Accrued interest receivable	173,260	168,521
Other assets	526,442	297,477
Variable interest entity (“VIE”) assets, at fair value	44,668,904	52,453,041
Total Assets	70,293,689	79,043,129
Liabilities:
Dividends payable	152,737	151,511
Derivative liabilities	85,657	91,404
Secured financing agreements, net	13,557,881	14,501,532
Collateralized loan obligations and single asset securitization, net	3,518,274	3,676,224
Unsecured senior notes, net	2,456,583	2,329,211
VIE liabilities, at fair value	42,997,104	50,754,355
Total Liabilities	63,200,233	71,844,422
Commitments and contingencies (Note 22)
Temporary Equity: Redeemable non-controlling interests	409,659	362,790
Starwood Property Trust, Inc. Stockholders’ Equity:
Preferred stock, $0.01 per share, 100,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.01 per share, 500,000,000 shares authorized, 320,664,108 issued and 313,215,417 outstanding as of September 30, 2023 and 318,123,861 issued and 310,675,170 outstanding as of December 31, 2022	3,205	3,181
Additional paid-in capital	5,855,962	5,807,087
Treasury stock (7,448,691 shares)	(138,022)	(138,022)
Retained earnings	585,756	769,237
Accumulated other comprehensive income	14,114	20,955
Total Starwood Property Trust, Inc. Stockholders’ Equity	6,321,015	6,462,438
Non-controlling interests in consolidated subsidiaries	362,782	373,479
Total Permanent Equity	6,683,797	6,835,917
Total Liabilities and Equity	70,293,689	79,043,129
Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	407,715	298,999
Related Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	24,282	41,186
Primary Beneficiary
Assets:
Investments of consolidated affordable housing fund, at fair value	1,979,184	$ 1,761,002
Total Assets	74,800
Liabilities:
Total Liabilities	$ 34,800

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Allowance for credit losses	$ 271,320	$ 99,413
Credit loss allowance	12,994	3,182
Investment securities	129,645	142,334
Intangible assets held at fair value	$ 18,188	$ 17,790
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	320,664,108	318,123,861
Common stock, shares outstanding (in shares)	313,215,417	310,675,170
Treasury stock, shares (in shares)	7,448,691	7,448,691
VIE assets	$ 70,293,689	$ 79,043,129
VIE liabilities	63,200,233	71,844,422
CLOs and SASB
VIE assets	4,300,000	4,500,000
VIE liabilities	$ 3,500,000	$ 3,700,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Interest income from loans	$ 457,299	$ 328,354	$ 1,344,056	$ 823,123
Interest income from investment securities	20,133	19,019	57,689	48,308
Servicing fees	8,630	8,427	22,228	30,972
Rental income	33,091	32,932	97,687	96,036
Other revenues	2,394	1,809	5,970	11,680
Total revenues	521,547	390,541	1,527,630	1,010,119
Costs and expenses:
Management fees	27,143	27,356	97,661	114,275
Interest expense	368,357	222,423	1,066,990	501,492
General and administrative	46,691	45,495	131,955	134,821
Acquisition and investment pursuit costs	211	1,213	625	2,152
Costs of rental operations	11,777	12,206	34,910	32,094
Depreciation and amortization	12,271	12,611	37,010	36,498
Credit loss provision, net	52,634	15,343	217,753	20,123
Other expense	516	0	1,490	1,313
Total costs and expenses	519,600	336,647	1,588,394	842,768
Other income (loss):
Change in net assets related to consolidated VIEs	43,763	37,146	139,024	72,268
Change in fair value of servicing rights	(68)	515	398	1,234
Change in fair value of investment securities, net	283	(83)	353	(1,683)
Change in fair value of mortgage loans, net	(66,806)	(87,474)	(111,247)	(326,737)
(Loss) earnings from unconsolidated entities	(1,309)	(2,044)	11,378	911
Gain on sale of investments and other assets, net	10,616	13,453	15,486	112,059
Gain on derivative financial instruments, net	94,883	206,070	118,431	461,921
Foreign currency loss, net	(56,646)	(107,318)	(18,293)	(213,201)
Loss on extinguishment of debt	(1,072)	(212)	(2,256)	(1,035)
Other loss, net	(2,521)	(56,391)	(31,686)	(90,963)
Total other income	38,031	121,189	375,284	673,507
Income before income taxes	39,978	175,083	314,520	840,858
Income tax benefit	11,399	48,755	18,997	48,999
Net income	51,377	223,838	333,517	889,857
Net income attributable to non-controlling interests	(3,942)	(29,276)	(65,265)	(158,409)
Net income attributable to Starwood Property Trust, Inc.	$ 47,435	$ 194,562	$ 268,252	$ 731,448
Earnings per share data attributable to Starwood Property Trust, Inc.:
Basic (in dollars per share)	$ 0.15	$ 0.62	$ 0.85	$ 2.35
Diluted (in dollars per share)	$ 0.15	$ 0.61	$ 0.85	$ 2.30
Primary Beneficiary
Other income (loss):
Income from affordable housing fund investments	$ 16,908	$ 117,527	$ 253,696	$ 658,733

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 51,377	$ 223,838	$ 333,517	$ 889,857
Other comprehensive loss (net change by component):
Available-for-sale securities	(3,241)	(6,194)	(6,841)	(18,177)
Other comprehensive loss	(3,241)	(6,194)	(6,841)	(18,177)
Comprehensive income	48,136	217,644	326,676	871,680
Less: Comprehensive income attributable to non-controlling interests	(3,942)	(29,276)	(65,265)	(158,409)
Comprehensive income attributable to Starwood Property Trust, Inc.	$ 44,194	$ 188,368	$ 261,411	$ 713,271

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, 2021	$ 214,915
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income	134,298
Distributions to non-controlling interests	(4,840)
Ending balance at Sep. 30, 2022	344,373
Beginning balance (in shares) at Dec. 31, 2021			312,268,944
Beginning balance at Dec. 31, 2021	6,433,892	$ 6,072,536	$ 3,123	$ 5,673,376	$ (138,022)	$ 493,106	$ 40,953	$ 361,356
Beginning balance (in shares) at Dec. 31, 2021					7,448,691
Increase (Decrease) in Stockholders' Equity
Proceeds from ATM Agreement (in shares)			1,415,564
Proceeds from ATM Agreement	33,321	33,321	$ 14	33,307
Proceeds from DRIP Plan (in shares)			33,037
Proceeds from DRIP Plan	770	770		770
Proceeds from employee stock purchase plan (in shares)			34,625
Proceeds from employee stock purchase plan	625	625		625
Equity offering costs	(756)	(756)		(756)
Share-based compensation (in shares)			1,455,814
Share-based compensation	29,703	29,703	$ 15	29,688
Manager fee paid in stock (in shares)			1,824,330
Manager fees paid in stock	42,695	42,695	$ 18	42,677
Net income	755,559	731,448				731,448		24,111
Dividends declared	(445,366)	(445,366)				(445,366)
Other comprehensive loss, net	(18,177)	(18,177)					(18,177)
Contributions from non-controlling interests	21,926							21,926
Distributions to non-controlling interests	(33,007)							(33,007)
Ending balance (in shares) at Sep. 30, 2022			317,032,314
Ending balance at Sep. 30, 2022	6,821,185	6,446,799	$ 3,170	5,779,687	$ (138,022)	779,188	22,776	374,386
Ending balance (in shares) at Sep. 30, 2022					7,448,691
Beginning balance at Jun. 30, 2022	322,753
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income	23,795
Distributions to non-controlling interests	(2,175)
Ending balance at Sep. 30, 2022	344,373
Beginning balance (in shares) at Jun. 30, 2022			316,660,535
Beginning balance at Jun. 30, 2022	6,774,387	6,393,996	$ 3,167	5,766,533	$ (138,022)	733,348	28,970	380,391
Beginning balance (in shares) at Jun. 30, 2022					7,448,691
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan (in shares)			10,568
Proceeds from DRIP Plan	235	235		235
Proceeds from employee stock purchase plan (in shares)			34,625
Proceeds from employee stock purchase plan	625	625		625
Share-based compensation (in shares)			218,212
Share-based compensation	9,703	9,703	$ 2	9,701
Manager fee paid in stock (in shares)			108,374
Manager fees paid in stock	2,594	2,594	$ 1	2,593
Net income	200,043	194,562				194,562		5,481
Dividends declared	(148,722)	(148,722)				(148,722)
Other comprehensive loss, net	(6,194)	(6,194)					(6,194)
Distributions to non-controlling interests	(11,486)							(11,486)
Ending balance (in shares) at Sep. 30, 2022			317,032,314
Ending balance at Sep. 30, 2022	6,821,185	6,446,799	$ 3,170	5,779,687	$ (138,022)	779,188	22,776	374,386
Ending balance (in shares) at Sep. 30, 2022					7,448,691
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	310,675,170		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				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 income	282,455	268,252				268,252		14,203
Dividends declared	(451,733)	(451,733)				(451,733)
Other comprehensive 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	313,215,417		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				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 income	48,263	47,435				47,435		828
Dividends declared	(150,825)	(150,825)				(150,825)
Other comprehensive 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	313,215,417		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				7,448,691

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares				3 Months Ended		9 Months Ended
	Sep. 15, 2023	Jun. 15, 2023	Mar. 16, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.48	$ 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, 2023	Sep. 30, 2022
Cash Flows from Operating Activities:
Net income	$ 333,517	$ 889,857
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred financing costs, premiums and discounts on secured borrowings	38,596	34,705
Amortization of discounts and deferred financing costs on unsecured senior notes	6,978	6,560
Accretion of net discount on investment securities	(7,119)	(9,725)
Accretion of net deferred loan fees and discounts	(51,031)	(47,468)
Share-based compensation	31,055	29,703
Manager fees paid in stock	15,322	42,695
Change in fair value of investment securities	(353)	1,683
Change in fair value of consolidated VIEs	(26,879)	39,138
Change in fair value of servicing rights	(398)	(1,234)
Change in fair value of loans	111,247	326,737
Change in fair value of affordable housing fund investments	(218,182)	(628,956)
Change in fair value of derivatives	(55,990)	(465,986)
Foreign currency loss, net	18,293	213,201
Gain on sale of investments and other assets	(15,486)	(112,059)
Impairment charges on properties and related intangibles	23,856	55
Credit loss provision, net	217,753	20,123
Depreciation and amortization	40,870	39,911
Earnings from unconsolidated entities	(11,378)	(911)
Distributions of earnings from unconsolidated entities	8,049	4,935
Loss on extinguishment of debt	2,256	837
Origination and purchase of loans held-for-sale, net of principal collections	(226,656)	(3,641,067)
Proceeds from sale of loans held-for-sale	294,951	3,992,896
Changes in operating assets and liabilities:
Related-party payable	(16,904)	(50,225)
Accrued and capitalized interest receivable, less purchased interest	(97,034)	(131,678)
Other assets	2,103	(200,496)
Accounts payable, accrued expenses and other liabilities	99,307	491,503
Net cash provided by operating activities	516,743	844,734
Cash Flows from Investing Activities:
Origination, purchase and funding of loans held-for-investment	(1,659,857)	(5,007,398)
Proceeds from principal collections on loans	2,390,121	1,840,317
Proceeds from loans sold	95,282	71,008
Purchase and funding of investment securities	(6,988)	(86,058)
Proceeds from sales and redemptions of investment securities	1,722	0
Proceeds from principal collections on investment securities	87,679	19,431
Proceeds from sales of real estate	60,955	166,424
Purchases and additions to properties and other assets	(19,662)	(17,295)
Investments in unconsolidated entities	(2,514)	(461)
Distribution of capital from unconsolidated entities	4,788	3,375
Cash resulting from initial consolidation of entities	123	617
Payments for purchase or termination of derivatives	(28,220)	(14,965)
Proceeds from termination of derivatives	19,729	168,607
Net cash provided by (used in) investing activities	943,158	(2,856,398)
Cash Flows from Financing Activities:
Proceeds from borrowings	4,934,444	11,603,576
Principal repayments on and repurchases of borrowings	(5,908,393)	(8,751,730)
Payment of deferred financing costs	(13,873)	(48,847)
Proceeds from common stock issuances	2,522	34,716
Payment of equity offering costs	0	(756)
Payment of dividends	(450,507)	(442,794)
Contributions from non-controlling interests	0	21,926
Distributions to non-controlling interests	(29,093)	(37,847)
Repayment of debt of consolidated VIEs	(318)	(290,132)
Distributions of cash from consolidated VIEs	54,071	64,555
Net cash (used in) provided by financing activities	(1,411,147)	2,152,667
Net increase in cash, cash equivalents and restricted cash	48,754	141,003
Cash, cash equivalents and restricted cash, beginning of period	382,133	321,914
Effect of exchange rate changes on cash	383	(1,637)
Cash, cash equivalents and restricted cash, end of period	431,270	461,280
Supplemental disclosure of cash flow information:
Cash paid for interest	1,016,636	423,326
Income taxes paid (refunded), net	1,889	(8,613)
Supplemental disclosure of non-cash investing and financing activities:
Dividends declared, but not yet paid	153,414	150,942
Consolidation of VIEs (VIE asset/liability additions)	0	4,361,325
Deconsolidation of VIEs (VIE asset/liability reductions)	0	730,012
Net assets acquired through foreclosure, control or conversion to equity interest:
Assets acquired, less cash	40,897	145,330
Liabilities assumed	74	95,796
Lease liabilities arising from obtaining right-of-use assets	0	29,821
Loan principal collections temporarily held at master servicer	190,405	3,061
Reclassification of loans held-for-investment to loans held-for-sale	$ 41,392	$ 63,962

Business and Organization

Business and Organization	9 Months Ended
Business and Organization	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Starwood Property Trust, Inc. (“STWD” and, together with its subsidiaries, “we” or the “Company”) is a Maryland corporation that commenced operations in August 2009, upon the completion of our initial public offering. We are focused primarily on originating, acquiring, financing and managing mortgage loans and other real estate investments in the United States (“U.S.”), Europe and Australia. As market conditions change over time, we may adjust our strategy to take advantage of changes in interest rates and credit spreads as well as economic and credit conditions. We have four reportable business segments as of September 30, 2023 and we refer to the investments within these segments as our target assets: • Real estate commercial and residential lending (the “Commercial and Residential Lending Segment”)—engages primarily in originating, acquiring, financing and managing commercial first mortgages, non-agency residential mortgages (“residential loans”), subordinated mortgages, mezzanine loans, preferred equity, commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”) and other real estate and real estate-related debt investments in the U.S., Europe and Australia (including distressed or non-performing loans). Our residential loans are secured by a first mortgage lien on residential property and primarily consist of non-agency residential loans that are not guaranteed by any U.S. Government agency or federally chartered corporation. • Infrastructure lending (the “Infrastructure Lending Segment”)—engages primarily in originating, acquiring, financing and managing infrastructure debt investments. • Real estate property (the “Property Segment”)—engages primarily in acquiring and managing equity interests in stabilized commercial real estate properties, including multifamily properties and commercial properties subject to net leases, that are held for investment. • Real estate investing and servicing (the “Investing and Servicing Segment”)—includes (i) a servicing business in the U.S. that manages and works out problem assets, (ii) an investment business that selectively acquires and manages unrated, investment grade and non-investment grade rated CMBS, including subordinated interests of securitization and resecuritization transactions, (iii) a mortgage loan business which originates conduit loans for the primary purpose of selling these loans into securitization transactions and (iv) an investment business that selectively acquires commercial real estate assets, including properties acquired from CMBS trusts. Our segments exclude the consolidation of securitization variable interest entities (“VIEs”). We are organized and conduct our operations to qualify as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). As such, we will generally not be subject to U.S. federal corporate income tax on that portion of our net income that is distributed to stockholders if we distribute at least 90% of our taxable income to our stockholders by prescribed dates and comply with various other requirements. We are organized as a holding company and conduct our business primarily through our various wholly-owned subsidiaries. We are externally managed and advised by SPT Management, LLC (our “Manager”) pursuant to the terms of a management agreement. Our Manager is controlled by Barry Sternlicht, our Chairman and Chief Executive Officer. Our Manager is an affiliate of Starwood Capital Group Global L.P., a privately-held private equity firm founded by Mr. Sternlicht.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Balance Sheet Presentation of Securitization Variable Interest Entities We operate investment businesses that acquire unrated, investment grade and non-investment grade rated CMBS and RMBS. These securities represent interests in securitization structures (commonly referred to as special purpose entities, or “SPEs”). These SPEs are structured as pass through entities that receive principal and interest on the underlying collateral and distribute those payments to the certificate holders. Under accounting principles generally accepted in the United States of America (“GAAP”), SPEs typically qualify as VIEs. These are entities that, by design, either (1) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. Because we often serve as the special servicer or servicing administrator of the trusts in which we invest, or we have the ability to remove and replace the special servicer without cause, consolidation of these structures is required pursuant to GAAP as outlined in detail below. This results in a consolidated balance sheet which presents the gross assets and liabilities of the VIEs. The assets and other instruments held by these VIEs are restricted and can only be used to fulfill the obligations of the entity. Additionally, the obligations of the VIEs do not have any recourse to the general credit of any other consolidated entities, nor to us as the consolidator of these VIEs. The VIE liabilities initially represent investment securities on our balance sheet (pre-consolidation). Upon consolidation of these VIEs, our associated investment securities are eliminated, as is the interest income related to those securities. Similarly, the fees we earn in our roles as special servicer of the bonds issued by the consolidated VIEs or as collateral administrator of the consolidated VIEs are also eliminated. Finally, a portion of the identified servicing intangible associated with the eliminated fee streams is eliminated in consolidation. Refer to the segment data in Note 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, 2022 (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, 2023 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, 2022 due to a corporate action or increase in the significance of the underlying business activity or (iv) changed upon adoption of an Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). Variable Interest Entities In addition to the securitization VIEs, we have financed pools of our loans through collateralized loan obligations (“CLOs”) and a single asset securitization (“SASB”), which are considered VIEs. We also hold interests in certain other entities which are considered VIEs as the limited partners of those entities with equity at risk do not collectively possess (i) the right to remove the general partner or dissolve the partnership without cause or (ii) the right to participate in significant decisions made by the partnership. We evaluate all of our interests in VIEs for consolidation. When our interests are determined to be variable interests, we assess whether we are deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. Accounting Standards Codification (“ASC”) 810, Consolidation , defines the primary beneficiary as the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the VIE which could be potentially significant. We consider our variable interests as well as any variable interests of our related parties in making this determination. Where both of these factors are present, we are deemed to be the primary beneficiary and we consolidate the VIE. Where either one of these factors is not present, we are not the primary beneficiary and do not consolidate the VIE. To assess whether we have the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, we consider all facts and circumstances, including our role in establishing the VIE and our ongoing rights and responsibilities. This assessment includes: (i) identifying the activities that most significantly impact the VIE’s economic performance; and (ii) identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE or have the right to unilaterally remove those decision makers are deemed to have the power to direct the activities of a VIE. The right to remove the decision maker in a VIE must be exercisable without cause for the decision maker to not be deemed the party that has the power to direct the activities of a VIE. To assess whether we have the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, we consider all of our economic interests, including debt and equity investments, servicing fees and other arrangements deemed to be variable interests in the VIE. This assessment requires that we apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by us. Our purchased investment securities include unrated and non-investment grade rated securities issued by securitization trusts. In certain cases, we may contract to provide special servicing activities for these trusts, or, as holder of the controlling class, we may have the right to name and remove the special servicer for these trusts. In our role as special servicer, we provide services on defaulted loans within the trusts, such as foreclosure or work-out procedures, as permitted by the underlying contractual agreements. In exchange for these services, we receive a fee. These rights give us the ability to direct activities that could significantly impact the trust’s economic performance. However, in those instances where an unrelated third party has the right to unilaterally remove us as special servicer without cause, we do not have the power to direct activities that most significantly impact the trust’s economic performance. We evaluated all of our positions in such investments for consolidation. For securitization VIEs in which we are determined to be the primary beneficiary, all of the underlying assets, liabilities and equity of the structures are recorded on our books, and the initial investment, along with any associated unrealized holding gains and losses, are eliminated in consolidation. Similarly, the interest income earned from these structures, as well as the fees paid by these trusts to us in our capacity as special servicer, are eliminated in consolidation. Further, a portion of the identified servicing intangible asset associated with the servicing fee streams, and the corresponding amortization or change in fair value of the servicing intangible asset, are also eliminated in consolidation. We perform ongoing reassessments of: (i) whether any entities previously evaluated under the majority voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework, and (ii) whether changes in the facts and circumstances regarding our involvement with a VIE causes our consolidation conclusion regarding the VIE to change. We elect the fair value option for initial and subsequent recognition of the assets and liabilities of our consolidated securitization VIEs. Interest income and interest expense associated with these VIEs are no longer relevant on a standalone basis because these amounts are already reflected in the fair value changes. We have elected to present these items in a single line on our condensed consolidated statements of operations. The residual difference shown on our condensed consolidated statements of operations in the line item “Change in net assets related to consolidated VIEs” represents our beneficial interest in the VIEs. We separately present the assets and liabilities of our consolidated securitization VIEs as individual line items on our condensed consolidated balance sheets. The liabilities of our consolidated securitization VIEs consist solely of obligations to the bondholders of the related trusts, and are thus presented as a single line item entitled “VIE liabilities.” The assets of our consolidated securitization VIEs consist principally of loans, but at times, also include foreclosed loans which have been temporarily converted into real estate owned (“REO”). These assets in the aggregate are likewise presented as a single line item entitled “VIE assets.” Loans comprise the vast majority of our securitization VIE assets and are carried at fair value due to the election of the fair value option. When an asset becomes REO, it is due to non-performance of the loan. Because the loan is already at fair value, the carrying value of an REO asset is also initially at fair value. Furthermore, when we consolidate a trust, any existing REO would be consolidated at fair value. Once an asset becomes REO, its disposition time is relatively short. As a result, the carrying value of an REO generally approximates fair value under GAAP. In addition to sharing a similar measurement method as the loans in a trust, the securitization VIE assets as a whole can only be used to settle the obligations of the consolidated VIE. The assets of our securitization VIEs are not individually accessible by the bondholders, which creates inherent limitations from a valuation perspective. Also creating limitations from a valuation perspective is our role as special servicer, which provides us very limited visibility, if any, into the performing loans of a trust. REO assets generally represent a very small percentage of the overall asset pool of a trust. In new issue trusts there are no REO assets. We estimate that REO assets constitute approximately 1% of our consolidated securitization VIE assets, with the remaining 99% representing loans. However, it is important to note that the fair value of our securitization VIE assets is determined by reference to our securitization VIE liabilities as permitted under ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity . In other words, our VIE liabilities are more reliably measurable than the VIE assets, resulting in our current measurement methodology which utilizes this value to determine the fair value of our securitization VIE assets as a whole. As a result, these percentages are not necessarily indicative of the relative fair values of each of these asset categories if the assets were to be valued individually. Due to our accounting policy election under ASU 2014-13, separately presenting two different asset categories would result in an arbitrary assignment of value to each, with one asset category representing a residual amount, as opposed to its fair value. However, as a pool, the fair value of the assets in total is equal to the fair value of the liabilities. For these reasons, the assets of our securitization VIEs are presented in the aggregate. Fair Value Option The guidance in ASC 825, Financial Instruments , provides a fair value option election that allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. The decision to elect the fair value option is determined on an instrument by instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance are required to be reported separately in our consolidated balance sheets from those instruments using another accounting method. We have elected the fair value option for certain eligible financial assets and liabilities of our consolidated securitization VIEs, residential loans held-for-investment, loans held-for-sale originated or acquired for future securitization and purchased CMBS issued by VIEs we could consolidate in the future. The fair value elections for VIE and securitization related items were made in order to mitigate accounting mismatches between the carrying value of the instruments and the related assets and liabilities that we consolidate at fair value. The fair value elections for residential loans held-for-investment were made in order to maintain consistency across all our residential loans. The fair value elections for mortgage loans held-for-sale were made due to the expected short-term holding period of these instruments. Fair Value Measurements We measure our mortgage-backed securities, investments of consolidated affordable housing fund, derivative assets and liabilities, domestic servicing rights intangible asset and any assets or liabilities where we have elected the fair value option at fair value. When actively quoted observable prices are not available, we either use implied pricing from similar assets and liabilities or valuation models based on net present values of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors. As discussed above, we measure the assets and liabilities of consolidated securitization VIEs at fair value pursuant to our election of the fair value option. The securitization VIEs in which we invest are “static”; that is, no reinvestment is permitted, and there is no active management of the underlying assets. In determining the fair value of the assets and liabilities of the securitization VIEs, we maximize the use of observable inputs over unobservable inputs. Refer to Note 20 for further discussion regarding our fair value measurements. Loans Held-for-Investment Loans that are held for investment (“HFI”) are carried at cost, net of unamortized acquisition premiums or discounts, loan fees and origination costs, as applicable, and net of credit loss allowances as discussed below, unless 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. 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, 2023 and 2022, the two-class method resulted in the most dilutive EPS calculation. Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and

Acquisitions and Divestitures

Acquisitions and Divestitures	9 Months Ended
Acquisitions and Divestitures	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Investing and Servicing Segment Property Portfolio ( “ REIS Equity Portfolio ” ) During the three months ended 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 statement 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 three months ended September 30, 2022, we sold an operating property for $19.5 million. In connection with this sale, we recognized a total gain of $13.7 million within gain on sale of investments and other assets in our condensed consolidated statement of operations. During the nine months ended September 30, 2022, we sold two operating properties for $54.0 million. In connection with these sales, we recognized a total gain of $25.4 million within gain on sale of investments and other assets in our condensed consolidated statement of operations, of which $0.6 million was attributable to non-controlling interests. Commercial and Residential Lending Segment During the nine months ended September 30, 2023, we sold four units in a residential conversion project in New York 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. During the nine months ended September 30, 2022, we sold a distribution facility located in Orlando, Florida that was previously acquired in April 2019 through foreclosure of a loan with a carrying value of $18.5 million. The property was sold for $114.8 million and we recognized a gain of $86.6 million within gain on sale of investments and other assets in our condensed consolidated statement of operations.

Loans

Loans	9 Months Ended
Loans	Sep. 30, 2023
Receivables [Abstract]
Loans	Loans Our loans held-for-investment are accounted for at amortized cost and our loans held-for-sale are accounted for at the lower of cost or fair value, unless we have elected the fair value option for either. The following tables summarize our investments in mortgages and loans as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 Carrying Face Weighted Weighted Loans held-for-investment: Commercial loans: First mortgages (3) $ 14,812,543 $ 14,887,200 9.0 % 1.3 Subordinated mortgages (4) 75,097 75,617 14.8 % 1.1 Mezzanine loans (3) 246,968 248,518 13.5 % 1.6 Other 87,193 88,339 9.6 % 1.6 Total commercial loans 15,221,801 15,299,674 Infrastructure first priority loans 2,283,724 2,334,472 9.6 % 4.0 Total loans held-for-investment 17,505,525 17,634,146 Loans held-for-sale: Residential, fair value option 2,499,681 2,954,536 4.5 % N/A (5) Commercial, fair value option 102,584 107,997 7.0 % 6.1 Total loans held-for-sale 2,602,265 3,062,533 Total gross loans 20,107,790 $ 20,696,679 Credit loss allowances: Commercial loans held-for-investment (261,914) Infrastructure loans held-for-investment (9,406) Total allowances (271,320) Total net loans $ 19,836,470 December 31, 2022 Loans held-for-investment: Commercial loans: First mortgages (3) $ 15,562,452 $ 15,648,358 7.9 % 1.7 Subordinated mortgages (4) 71,100 72,118 13.6 % 1.8 Mezzanine loans (3) 445,363 442,339 12.9 % 1.0 Other 58,393 59,393 8.2 % 1.4 Total commercial loans 16,137,308 16,222,208 Infrastructure first priority loans 2,363,544 2,395,762 8.6 % 3.9 Total loans held-for-investment 18,500,852 18,617,970 Loans held-for-sale: Residential, fair value option 2,763,458 3,092,915 4.5 % N/A (5) Commercial, fair value option 21,136 23,900 5.7 % 8.6 Total loans held-for-sale 2,784,594 3,116,815 Total gross loans 21,285,446 $ 21,734,785 Credit loss allowances: Commercial loans held-for-investment (88,801) Infrastructure loans held-for-investment (10,612) Total allowances (99,413) Total net loans $ 21,186,033 ______________________________________________________________________________________________________________________ (1) Calculated using applicable index rates as of September 30, 2023 and December 31, 2022 for variable rate loans and excludes loans for which interest income is not recognized. (2) Represents the WAL of each respective group of loans, excluding loans for which interest income is not recognized, as of the respective balance sheet date. The WAL of each individual loan is calculated using amounts and timing of future principal payments, as projected at origination or acquisition. (3) First mortgages include first mortgage loans and any contiguous mezzanine loan components because as a whole, the expected credit quality of these loans is more similar to that of a first mortgage loan. The application of this methodology resulted in mezzanine loans with carrying values of $1.1 billion and $1.3 billion being classified as first mortgages as of September 30, 2023 and December 31, 2022, respectively. (4) Subordinated mortgages include B-Notes and junior participation in first mortgages where we do not own the senior A-Note or senior participation. If we own both the A-Note and B-Note, we categorize the loan as a first mortgage loan. (5) Residential loans have a weighted average remaining contractual life of 28.0 years and 28.8 years as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023, our variable rate loans held-for-investment, excluding loans for which interest income is not recognized, were as follows (dollars in thousands): September 30, 2023 Carrying Weighted-average Commercial loans $ 14,532,060 4.0 % Infrastructure loans 2,281,923 4.1 % Total variable rate loans held-for-investment $ 16,813,983 4.0 % 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. We have also selected a more adverse macroeconomic recovery forecast for those properties which are experiencing more challenges than their general property type or asset class. For our infrastructure loans, we utilize a database of historical infrastructure loan performance that is shared among a consortium of banks and other lenders and compiled by a major bond credit rating agency. The database is representative of industry-wide project finance activity dating back to 1983. We derive historical loss rates from the database filtered by industry, sub-industry, term and construction status for each of our infrastructure loans. Those historical loss rates reflect global economic cycles over a long period of time as well as average recovery rates. We categorize the results principally between the power and oil and gas industries, which we consider the most significant indicator of credit quality for our infrastructure loans, as set forth in the credit quality indicator table below. As discussed in Note 2, we use a discounted cash flow or collateral value approach, rather than the industry loan loss approach described above, to determine credit loss allowances for any credit deteriorated loans. We regularly evaluate the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral, as well as the financial and operating capability of the borrower. Specifically, the collateral’s operating results and any cash reserves are analyzed and used to assess (i) whether cash flow from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and/or (iii) the collateral’s liquidation value. We also evaluate the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the collateral. In addition, we consider the overall economic environment, real estate or industry sector, and geographic sub-market in which the borrower operates. Such analyses are completed and reviewed by asset management and finance personnel who utilize various data sources, including (i) periodic financial data such as property operating statements, occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections and (iii) current credit spreads and discussions with market participants. The significant credit quality indicators for our loans measured at amortized cost, which excludes loans held-for-sale, were as follows as of September 30, 2023 (dollars in thousands): Term Loans Revolving Loans Total Credit As of September 30, 2023 2023 2022 2021 2020 2019 Prior Commercial loans: Credit quality indicator: LTV < 60% $ 265,245 $ 1,937,607 $ 3,101,829 $ 188,077 $ 991,760 $ 206,365 $ — $ 6,690,883 $ 24,768 LTV 60% - 70% 85,019 1,911,675 3,526,879 94,397 102,782 386,971 — 6,107,723 73,696 LTV > 70% 40,008 102,433 653,348 440,349 433,034 637,766 — 2,306,938 158,525 Credit deteriorated — — — — — 29,065 — 29,065 4,925 Defeased and other 30,374 41,543 — — — 15,275 — 87,192 — Total commercial $ 420,646 $ 3,993,258 $ 7,282,056 $ 722,823 $ 1,527,576 $ 1,275,442 $ — $ 15,221,801 $ 261,914 Infrastructure loans: Credit quality indicator: Power $ 288,797 $ — $ 107,644 $ 75,616 $ 278,309 $ 465,377 $ 5,757 $ 1,221,500 $ 3,722 Oil and gas 216,509 123,212 346,269 — 188,682 134,959 2,048 1,011,679 5,483 Other 48,744 — — — — — — 48,744 201 Credit deteriorated — — — — — 1,801 — 1,801 — Total infrastructure $ 554,050 $ 123,212 $ 453,913 $ 75,616 $ 466,991 $ 602,137 $ 7,805 $ 2,283,724 $ 9,406 Loans held-for-sale 2,602,265 — Total gross loans $ 20,107,790 $ 271,320 Non-Credit Deteriorated Loans As of September 30, 2023, we had the following loans with a combined amortized cost basis of $229.9 million that were 90 days or greater past due at September 30, 2023: (i) a $122.2 million senior mortgage loan on an office building in Washington, DC; (ii) a $37.8 million leasehold mortgage loan on a luxury resort in California destroyed by wildfire; (iii) $60.7 million of residential loans; and (iv) a $9.2 million loan on a hospitality asset in New York City that our Investing and Servicing Segment acquired as nonperforming in October 2021. All of these loans were on nonaccrual as of September 30, 2023. We also had the following loans on nonaccrual that were not 90 days or greater past due as of September 30, 2023: (i) a $220.1 million senior loan on a retail and entertainment project in New Jersey, of which $7.3 million was previously converted into equity interests (see Note 8); and (ii) a $60.8 million mortgage and mezzanine loan on a multifamily property in Portland, Oregon. The loans were not considered credit deteriorated as we presently expect to recover all amounts due. Credit Deteriorated Loans As of September 30, 2023, we had the following loans that were deemed credit deteriorated: (i) a $38.8 million commercial mortgage loan on an office and retail complex in Arizona for which we provided a $14.7 million specific credit loss allowance during the three months ended June 30, 2023, which was charged off in the same period; (ii) a $12.9 million infrastructure loan participation collateralized by a first priority lien on two natural gas fired power plants near Chicago for which we provided an $11.1 million specific credit loss allowance during the six months ended June 30, 2023, which was charged off during the three months ended September 30, 2023; and (iii) a $4.9 million commercial subordinated loan secured by a department store in Chicago which was fully reserved in prior years. All of these loans are on nonaccrual under the cost recovery method as of September 30, 2023. Foreclosures In May 2023, we obtained a deed in lieu of foreclosure on a mortgage loan on the retail portion of a hotel located in Chicago, which resulted in our obtaining physical possession of the underlying collateral. The carrying value of the loan was $41.1 million. In connection therewith, we reclassified the carrying value of the loan (representing our acquisition cost of the underlying land, building and in-place leases) to properties ($36.8 million) and lease intangible assets ($4.3 million) in accordance with the asset acquisition provisions of ASC 805. Loan Modifications We may amend or modify a loan based on its specific facts and circumstances. These modifications are often in the form of a term extension to provide the borrower additional time to refinance or sell the collateral property in order to repay the principal balance of the loan. Such extensions are generally made at the loan’s contractual interest rate and may require an extension fee be paid to us. During the three and nine months ended September 30, 2023, we made one such modification which is disclosable under ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures , as it was considered an other-than-insignificant payment delay for a borrower experiencing financial difficulty. In this instance we granted a 19-month term extension for a fully funded mortgage loan on an office park in Irvine, CA which had an amortized cost basis of $197.2 million, representing 1.3% of our commercial loans as of September 30, 2023. In connection therewith, we also provided a $25.1 million preferred equity commitment (of which $19.6 million was unfunded as of September 30, 2023), principally to fund property improvements and lease-up costs prior to the loan’s extended maturity. The loan has paid all contractual interest due as of September 30, 2023 and its modified terms, including the preferred equity commitment, were included in the determination of our general CECL reserve. The following tables present the activity in our credit loss allowance for funded loans and unfunded commitments (amounts in thousands): Funded Commitments Credit Loss Allowance Loans Held-for-Investment Total Nine Months Ended September 30, 2023 Commercial Infrastructure Credit loss allowance at December 31, 2022 $ 88,801 $ 10,612 $ 99,413 Credit loss provision, net 187,775 9,900 197,675 Charge-offs (1) (14,662) (11,106) (25,768) Credit loss allowance at September 30, 2023 $ 261,914 $ 9,406 $ 271,320 _____________________________________________________________________________________________________________________ (1) Represents the charge-off of (i) a $14.7 million credit loss allowance related to the portion of a credit deteriorated commercial mortgage loan on an office and retail complex in Arizona deemed uncollectible and (ii) an $11.1 million credit loss allowance related to the portion of a credit deteriorated infrastructure loan participation collateralized by a first priority lien on two natural gas fired power plants near Chicago, which was deemed uncollectible due to a third party’s nearly complete acquisition of the power plants (see discussion of both above). Such loans were originated in 2015 and 2017, respectively, with the infrastructure loan acquired as part of the Infrastructure Lending Segment acquisition in 2018. Unfunded Commitments Credit Loss Allowance (1) Loans Held-for-Investment HTM Preferred Nine Months Ended September 30, 2023 Commercial Infrastructure Interests (2) CMBS (2) Total Credit loss allowance at December 31, 2022 $ 9,749 $ 72 $ — $ 52 $ 9,873 Credit loss provision, net 3,141 342 6,695 88 10,266 Credit loss allowance at September 30, 2023 $ 12,890 $ 414 $ 6,695 $ 140 $ 20,139 Memo: Unfunded commitments as of September 30, 2023 (3) $ 1,362,554 $ 46,183 $ 19,543 $ 33,806 $ 1,462,086 ______________________________________________________________________________________________________________________ (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, 2023 Commercial Infrastructure Residential Held-for-Sale Loans Total Loans Balance at December 31, 2022 $ 16,048,507 $ 2,352,932 $ — $ 2,784,594 $ 21,186,033 Acquisitions/originations/additional funding 1,053,627 605,397 — 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 loss, net (48,362) (1,745) — — (50,107) Credit loss provision, net (187,775) (9,900) — — (197,675) Loan foreclosure (41,071) — — (929) (42,000) (3) 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 Held-for-Investment Loans Nine Months Ended September 30, 2022 Commercial Infrastructure Residential Held-for-Sale Loans Total Loans Balance at December 31, 2021 $ 13,450,198 $ 2,027,426 $ 59,225 $ 2,876,800 $ 18,413,649 Acquisitions/originations/additional funding 4,410,306 597,092 — 3,793,467 8,800,865 Capitalized interest (1) 85,454 373 1,445 402 87,674 Basis of loans sold (2) (6,330) — — (4,056,511) (4,062,841) Loan maturities/principal repayments (1,558,907) (246,127) (6,663) (146,184) (1,957,881) Discount accretion/premium amortization 40,179 7,289 — — 47,468 Changes in fair value — — (485) (326,252) (326,737) Foreign currency translation loss, net (612,669) (4,530) — — (617,199) Credit loss provision, net (18,262) (7,079) — — (25,341) Loan foreclosure and equity control (50,151) — — — (50,151) (4) Transfer to/from other asset classifications or between segments (63,616) — (346) 63,962 — Balance at September 30, 2022 $ 15,676,202 $ 2,374,444 $ 53,176 $ 2,205,684 $ 20,309,506 ______________________________________________________________________________________________________________________ (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 the $41.1 million carrying value of a mortgage loan on the retail portion of a hotel located in Chicago foreclosed in May 2023 (see discussion above) and $0.9 million in residential mortgage loans foreclosed. (4) Represents the net carrying value of first mortgage and contiguous mezzanine loans related to an office building in Texas that is eliminated as a result of consolidating the net assets of the mezzanine borrower entity upon obtaining control over its pledged equity interests in May 2022.

Investment Securities

Investment Securities	9 Months Ended
Investment Securities	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Investment Securities Investment securities were comprised of the following as of September 30, 2023 and December 31, 2022 (amounts in thousands): Carrying Value as of September 30, 2023 December 31, 2022 RMBS, available-for-sale $ 102,076 $ 113,386 RMBS, fair value option (1) 451,191 423,183 CMBS, fair value option (1), (2) 1,209,336 1,262,846 HTM debt securities, amortized cost net of credit loss allowance of $12,994 and $3,182 591,948 673,470 Equity security, fair value 8,829 9,840 Subtotal — Investment securities 2,363,380 2,482,725 VIE eliminations (1) (1,641,787) (1,666,921) Total investment securities $ 721,593 $ 815,804 ______________________________________________________________________________________________________________________ (1) Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. (2) Includes $187.3 million and $198.9 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of September 30, 2023 and December 31, 2022, 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, 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 Three Months Ended September 30, 2022 Purchases/fundings $ — $ — $ — $ — $ — $ — $ — Sales and redemptions — — — — — — Principal collections 3,412 16,914 5,118 609 — (21,802) 4,251 RMBS, RMBS, fair CMBS, fair HTM Equity Securitization Total 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 Nine Months Ended September 30, 2022 Purchases/fundings $ — $ 226,152 $ 63,681 $ 86,058 $ — $ (289,833) $ 86,058 Sales and redemptions — — — — — — — Principal collections 16,200 58,843 6,394 2,549 — (64,555) 19,431 _________________________________________________________________________________________________________________ (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, 2023 and December 31, 2022. These RMBS are reported at fair value in the balance sheet with changes in fair value recorded in accumulated other comprehensive income (“AOCI”). The tables below summarize various attributes of our investments in available-for-sale RMBS as of September 30, 2023 and December 31, 2022 (amounts in thousands): Unrealized Gains or (Losses) Amortized Credit Net Gross Gross Net Fair Value September 30, 2023 RMBS $ 87,962 $ — $ 87,962 $ 17,182 $ (3,068) $ 14,114 $ 102,076 December 31, 2022 RMBS $ 92,431 $ — $ 92,431 $ 21,765 $ (810) $ 20,955 $ 113,386 Weighted Average Coupon (1) WAL September 30, 2023 RMBS 5.8 % 7.4 ______________________________________________________________________________________________________________________ (1) Calculated using the September 30, 2023 SOFR rate of 5.319% 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, 2023, approximately $91.1 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, 2023 and 2022, and $0.6 million and $0.8 million for the nine months ended September 30, 2023 and 2022, respectively, 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, 2023 and December 31, 2022, and for which an allowance for credit losses has not been recorded (amounts in thousands): Estimated Fair Value Unrealized Losses Securities with a Securities with a Securities with a Securities with a As of September 30, 2023 RMBS $ 11,098 $ 6,077 $ (1,626) $ (1,442) As of December 31, 2022 RMBS $ 6,961 $ 1,889 $ (502) $ (308) As of September 30, 2023 and December 31, 2022, there were fourteen securities and ten 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, 2023, the fair value and unpaid principal balance of CMBS where we have elected the fair value option, excluding the notional value of interest-only securities and before consolidation of securitization VIEs, were $1.2 billion and $2.8 billion, respectively. As of September 30, 2023, the fair value and unpaid principal balance of RMBS where we have elected the fair value option, excluding the notional value of interest-only securities and before consolidation of securitization VIEs, were $451.2 million and $326.3 million, respectively. The $1.7 billion total fair value balance of CMBS and RMBS represents our economic interests in these assets. However, as a result of our consolidation of securitization VIEs, the vast majority of this fair value (all except $18.7 million at September 30, 2023) is eliminated against VIE liabilities before arriving at our GAAP balance for fair value option investment securities. As of September 30, 2023, $102.9 million of our CMBS were variable rate and none of our RMBS were variable rate. HTM Debt Securities, Amortized Cost The table below summarizes our investments in HTM debt securities as of September 30, 2023 and December 31, 2022 (amounts in thousands): Amortized Credit Loss Net Carrying Gross Unrealized Gross Unrealized Fair Value September 30, 2023 CMBS $ 569,867 $ (492) $ 569,375 $ 79 $ (28,474) $ 540,980 Preferred interests 5,411 (2,420) 2,991 125 (1,170) 1,946 Infrastructure bonds 29,664 (10,082) 19,582 33 (18) 19,597 Total $ 604,942 $ (12,994) $ 591,948 $ 237 $ (29,662) $ 562,523 December 31, 2022 CMBS $ 577,681 $ (172) $ 577,509 $ 30 $ (30,424) $ 547,115 Preferred interests 29,757 — 29,757 125 (4,863) 25,019 Infrastructure bonds 69,214 (3,010) 66,204 47 (1,110) 65,141 Total $ 676,652 $ (3,182) $ 673,470 $ 202 $ (36,397) $ 637,275 The following table presents the activity in our credit loss allowance for HTM debt securities (amounts in thousands): CMBS Preferred Infrastructure Total HTM Nine Months Ended September 30, 2023 Credit loss allowance at December 31, 2022 $ 172 $ — $ 3,010 $ 3,182 Credit loss provision, net 320 2,420 7,072 9,812 Credit loss allowance at September 30, 2023 $ 492 $ 2,420 $ 10,082 $ 12,994 During the nine months ended September 30, 2023, we provided an additional $7.2 million specific credit loss allowance, bringing the total to $10.0 million, on a $19.2 million infrastructure bond that is collateralized by a first priority lien on a coal-fired power plant in Mississippi. It was deemed credit deteriorated when we acquired the Infrastructure Lending Segment in 2018. It has been placed on nonaccrual under the cost recovery method due to a forbearance and restructuring plan agreed between the lenders and borrower that was necessitated by operating shortfalls at the plant. The table below summarizes the maturities of our HTM debt securities by type as of September 30, 2023 (amounts in thousands): CMBS Preferred Infrastructure Total Less than one year $ 96,520 $ — $ — $ 96,520 One to three years 428,684 2,991 332 432,007 Three to five years 44,171 — 10,136 54,307 Thereafter — — 9,114 9,114 Total $ 569,375 $ 2,991 $ 19,582 $ 591,948 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, 2023, 672,166 and 895,182 shares were redeemed by SEREF, for proceeds of $0.9 million and $1.2 million, respectively, leaving 8,244,818 held as of September 30, 2023. The fair value of the investment remeasured in USD was $8.8 million and $9.8 million as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023, our shares represent an approximate 2% interest in SEREF.

Properties

Properties	9 Months Ended
Properties	Sep. 30, 2023
Real Estate [Abstract]
Properties	Properties Our properties are held within the following portfolios: Medical Office Portfolio The Medical Office Portfolio is comprised of 34 medical office buildings acquired during the year ended December 31, 2016. These properties, which collectively comprise 1.9 million square feet, are geographically dispersed throughout the U.S. and primarily affiliated with major hospitals or located on or adjacent to major hospital campuses. The Medical Office Portfolio includes total gross properties and lease intangibles of $776.4 million and debt of $597.9 million as of September 30, 2023. Master Lease Portfolio The Master Lease Portfolio is comprised of 16 retail properties geographically dispersed throughout the U.S., with more than 50% of the portfolio, by carrying value, located in Florida, Texas and Minnesota. These properties, which we acquired in September 2017, collectively comprise 1.9 million square feet and were leased back to the seller under corporate guaranteed master net lease agreements with initial terms of 24.6 years and periodic rent escalations. The Master Lease Portfolio includes total gross properties of $343.8 million and debt of $193.6 million as of September 30, 2023. Investing and Servicing Segment Property Portfolio The REIS Equity Portfolio is comprised of 7 commercial real estate properties which were acquired from CMBS trusts over time. The REIS Equity Portfolio includes total gross properties and lease intangibles of $142.9 million and debt of $93.1 million as of September 30, 2023. Commercial and Residential Lending Segment Property Portfolio The Commercial and Residential Lending Segment Portfolio represents properties acquired through loan foreclosure or exercise of control over a mezzanine loan borrower’s pledged equity interests. This portfolio includes total gross properties and lease intangibles of $494.4 million and debt of $204.4 million as of September 30, 2023. Woodstar Portfolios Refer to Note 7 for a discussion of our Woodstar I and Woodstar II Portfolios which are not included in the table below. The table below summarizes our properties held as of September 30, 2023 and December 31, 2022 (dollars in thousands): Depreciable Life September 30, 2023 December 31, 2022 Property Segment Land and land improvements 0 - 15 years $ 176,140 $ 176,029 Buildings and building improvements 0 - 45 years 864,314 856,411 Furniture & fixtures 3 - 5 years 606 446 Investing and Servicing Segment Land and land improvements 0 - 15 years 27,334 34,613 Buildings and building improvements 3 - 40 years 89,434 122,384 Furniture & fixtures 2 - 5 years 2,858 3,207 Commercial and Residential Lending Segment Land and land improvements N/A 95,603 99,043 Buildings and building improvements 0 - 50 years 113,467 79,661 Construction in progress N/A 266,833 287,701 Properties, cost 1,636,589 1,659,495 Less: accumulated depreciation (230,798) (209,509) Properties, net $ 1,405,791 $ 1,449,986 During the nine months ended September 30, 2023, we recognized a $23.8 million property impairment loss within other loss, net in our condensed consolidated statement of operations. The loss related to a vacant building in California which had been acquired by our Commercial and Residential Lending Segment through a loan foreclosure in December 2022. Management continues to evaluate a variety of potential sale and redevelopment opportunities related to the property. Given the current range of these potential outcomes, we determined that our basis may not be fully recoverable. The estimated fair value of the property was based on a third party appraisal obtained earlier this year. 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 statement of operations. During the nine months ended September 30, 2023 we sold three operating properties within the REIS Equity Portfolio for $50.9 million. 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 three months ended September 30, 2022, we sold an operating property for $19.5 million. In connection with this sale, we recognized a total gain of $13.7 million within gain on sale of investments and other assets in our condensed consolidated statement of operations. During the nine months ended September 30, 2022, we sold two operating properties within the REIS Equity Portfolio for $54.0 million and recognized a total gain of $25.4 million within gain on sale of investments and other assets in our condensed consolidated statement of operations, of which $0.6 million was attributable to non-controlling interests.

Investments of Consolidated Aff

Investments of Consolidated Affordable Housing Fund	9 Months Ended
Investments of Consolidated Affordable Housing Fund	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments of Consolidated Affordable Housing Fund	Investments of Consolidated Affordable Housing Fund As discussed in Note 2, we established the Woodstar Fund effective November 5, 2021, an investment fund which holds our Woodstar multifamily affordable housing portfolios. The Woodstar portfolios consist of the following: Woodstar I Portfolio The Woodstar I Portfolio is comprised of 32 affordable housing communities with 8,948 units concentrated primarily in the Tampa, Orlando and West Palm Beach metropolitan areas. During the year ended December 31, 2015, we acquired 18 of the 32 affordable housing communities of the Woodstar I Portfolio, with the final 14 communities acquired during the year ended December 31, 2016. The Woodstar I Portfolio includes properties at fair value of $1.8 billion and debt at fair value of $728.8 million as of September 30, 2023. Woodstar II Portfolio The Woodstar II Portfolio is comprised of 27 affordable housing communities with 6,109 units concentrated primarily in Central and South Florida. We acquired eight of the 27 affordable housing communities in December 2017, with the final 19 communities acquired during the year ended December 31, 2018. The Woodstar II Portfolio includes properties at fair value of $1.4 billion and debt at fair value of $475.6 million as of September 30, 2023. Income from the Woodstar Fund’s investments reflects the following components for the three and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Distributions from affordable housing fund investments $ 14,709 $ 7,112 $ 35,514 $ 29,777 Unrealized change in fair value of investments (1) 2,199 110,415 218,182 628,956 Income from affordable housing fund investments $ 16,908 $ 117,527 $ 253,696 $ 658,733 ______________________________________________________________________________________________________________________ (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, 2023
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, 2023 and December 31, 2022 (dollars in thousands): Participation / Carrying value as of September 30, 2023 December 31, 2022 Equity method investments: Equity interest in two natural gas power plants 10% - 12% $ 47,763 $ 46,618 Investor entity which owns equity in an online real estate company 50% 5,495 5,457 Equity interest in a residential mortgage originator (2) N/A — 1,449 Various 20% - 50% 16,796 15,377 70,054 68,901 Other equity investments: Equity interest in a servicing and advisory business 2% 12,955 12,955 Investment funds which own equity in a loan servicer and other real estate assets 4% - 6% 940 940 Investor entities which own equity interests in two entertainment and retail centers (3) 15% 6,201 7,322 Various 1% - 3% 1,774 1,774 21,870 22,991 $ 91,924 $ 91,892 ______________________________________________________________________________________________________________________ (1) None of these investments are publicly traded and therefore quoted market prices are not available. (2) In January 2023, we sold our ownership interest to an unaffiliated third party. (3) In March 2021, we obtained equity interests in two investor entities that own interests in two entertainment and retail centers in satisfaction of $7.3 million principal amount of a commercial loan. The interests were obtained in order to facilitate repayment of a portion of that loan for which these interests represented underlying collateral. The interests are entitled to preferred treatment in the distribution waterfall and are intended to repay us the $7.3 million principal amount of the loan plus interest. During the nine months ended September 30, 2023, we received a $1.1 million distribution from an investor entity which was considered a return of capital and reduced the carrying value of that investment. See further discussion in Notes 4 and 24. 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, 2023. During the three and nine months ended September 30, 2023, we did not become aware of (i) any observable price changes in our other equity investments accounted for under the fair value practicability election or (ii) any indicators of impairment.

Goodwill and Intangibles

Goodwill and Intangibles	9 Months Ended
Goodwill and Intangibles	Sep. 30, 2023
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, 2023 and December 31, 2022 represents the excess of consideration transferred over the fair value of net assets acquired on September 19, 2018 and October 15, 2018. The goodwill recognized is attributable to value embedded in the acquired Infrastructure Lending Segment’s lending platform. LNR Property LLC (“LNR”) The Investing and Servicing Segment’s goodwill of $140.4 million at both September 30, 2023 and December 31, 2022 represents the excess of consideration transferred over the fair value of net assets of LNR acquired on April 19, 2013. The goodwill recognized is attributable to value embedded in LNR’s existing platform, which includes a network of commercial real estate asset managers, work-out specialists, underwriters and administrative support professionals as well as proprietary historical performance data on commercial real estate assets. 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, 2023 and December 31, 2022, the balance of the domestic servicing intangible was net of $36.0 million and $39.1 million, respectively, which was eliminated in consolidation pursuant to ASC 810 against VIE assets in connection with our consolidation of securitization VIEs. Before VIE consolidation, as of September 30, 2023 and December 31, 2022, the domestic servicing intangible had a balance of $54.2 million and $56.8 million, respectively, which represents our economic interest in this asset. Lease Intangibles In connection with our acquisitions of commercial real estate, we recognized in-place lease intangible assets and favorable lease intangible assets associated with certain non-cancelable operating leases of the acquired properties. The following table summarizes our intangible assets, which are comprised of servicing rights intangibles and lease intangibles, as of September 30, 2023 and December 31, 2022 (amounts in thousands): As of September 30, 2023 As of December 31, 2022 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Domestic servicing rights, at fair value $ 18,188 $ — $ 18,188 $ 17,790 $ — $ 17,790 In-place lease intangible assets 97,913 (67,548) 30,365 98,622 (64,246) 34,376 Favorable lease intangible assets 28,859 (11,423) 17,436 26,649 (10,042) 16,607 Total net intangible assets $ 144,960 $ (78,971) $ 65,989 $ 143,061 $ (74,288) $ 68,773 The following table summarizes the activity within intangible assets for the nine months ended September 30, 2023 (amounts in thousands): Domestic In-place Lease Favorable Lease Total Balance as of January 1, 2023 $ 17,790 $ 34,376 $ 16,607 $ 68,773 Acquisition (1) — 2,061 2,280 4,341 Amortization — (5,221) (1,451) (6,672) Sales — (851) — (851) Changes in fair value due to changes in inputs and assumptions 398 — — 398 Balance as of September 30, 2023 $ 18,188 $ 30,365 $ 17,436 $ 65,989 ______________________________________________ (1) Represents lease intangibles related to a deed in lieu of foreclosure on a mortgage loan on the retail portion of a hotel located in Chicago in May 2023 (see Note 4). The following table sets forth the estimated aggregate amortization of our in-place lease intangible assets and favorable lease intangible assets for the next five years and thereafter (amounts in thousands): 2023 (remainder of) $ 2,071 2024 7,241 2025 6,136 2026 4,610 2027 4,116 Thereafter 23,627 Total $ 47,801

Secured Borrowings

Secured Borrowings	9 Months Ended
Secured Borrowings	Sep. 30, 2023
Secured Debt [Abstract]
Secured Borrowings	Secured Borrowings Secured Financing Agreements The following table is a summary of our secured financing agreements in place as of September 30, 2023 and December 31, 2022 (dollars in thousands): Outstanding Balance at Current Extended Maturity (a) Weighted Average Pledged Asset Maximum September 30, 2023 December 31, 2022 Repurchase Agreements: Commercial Loans Oct 2023 to Jun 2028 (b) Oct 2025 to Dec 2030 (b) Index + 2.02% (c) $ 10,197,141 $ 12,039,568 (d) $ 6,768,758 $ 7,746,867 Residential Loans Dec 2023 to Sep 2025 Mar 2024 to Sep 2025 SOFR + 1.97% 2,509,325 3,200,000 2,321,057 1,912,774 Infrastructure Loans Sep 2024 Sep 2026 SOFR + 2.07% 397,130 650,000 333,119 290,431 Conduit Loans Dec 2023 to Jun 2026 Dec 2024 to Jun 2027 SOFR + 2.07% 68,058 388,937 53,059 8,423 CMBS/RMBS Jun 2024 to Apr 2032 (e) Sep 2024 to Oct 2032 (e) (f) 1,481,324 1,061,603 757,089 (g) 840,625 Total Repurchase Agreements 14,652,978 17,340,108 10,233,082 10,799,120 Other Secured Financing: Borrowing Base Facility Nov 2024 Oct 2026 SOFR + 2.11% 47,724 750,000 (h) 3,920 — Commercial Financing Facilities Dec 2023 to Aug 2028 Jul 2025 to Dec 2030 Index + 2.16% 502,694 553,319 (i) 355,962 311,825 Residential Financing Facility N/A N/A N/A — — — 244,418 Infrastructure Financing Facilities Jun 2025 to Oct 2025 Jun 2027 to Jul 2032 Index + 2.14% 857,350 1,550,000 608,847 765,265 Property Mortgages - Fixed rate Oct 2025 to Oct 2027 (j) N/A 4.40% 326,161 224,898 224,898 261,100 Property Mortgages - Variable rate Nov 2024 to Dec 2027 N/A (k) 965,870 849,328 846,946 847,633 Term Loans and Revolver (l) N/A (l) N/A (l) 1,520,275 1,370,275 1,380,766 Total Other Secured Financing 2,699,799 5,447,820 3,410,848 3,811,007 $ 17,352,777 $ 22,787,928 13,643,930 14,610,127 Unamortized net discount (26,039) (30,320) Unamortized deferred financing costs (60,010) (78,275) $ 13,557,881 $ 14,501,532 ______________________________________________________________________________________________________________________ (a) Subject to certain conditions as defined in the respective facility agreement. (b) For certain facilities, borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions. (c) Certain facilities with an outstanding balance of $2.7 billion as of September 30, 2023 are indexed to EURIBOR, BBSY, SARON and SONIA. The remainder are indexed to SOFR. (d) Certain facilities with an aggregate initial maximum facility size of $11.9 billion may be increased to $12.0 billion, subject to certain conditions. The $12.0 billion amount includes such upsizes. (e) Certain facilities with an outstanding balance of $348.0 million as of September 30, 2023 carry a rolling 11-month or 12-month term which may reset monthly or quarterly with the lender’s consent. These facilities carry no maximum facility size. (f) A facility with an outstanding balance of $259.5 million as of September 30, 2023 has a weighted average fixed annual interest rate of 3.27%. All other facilities are variable rate with a weighted average rate of SOFR + 2.21%. (g) Includes: (i) $259.5 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $40.6 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, 2023 of $450.0 million may be increased to $750.0 million, subject to certain conditions. (i) Certain facilities with an aggregate initial maximum facility size of $453.3 million may be increased to $553.3 million, subject to certain conditions. The $553.3 million amount includes such upsizes. (j) The weighted average maturity is 3.8 years as of September 30, 2023. (k) Includes a $600.0 million first mortgage and mezzanine loan secured by our Medical Office Portfolio. This debt has a weighted average interest rate of SOFR + 2.07% that we swapped to a fixed rate of 3.34%. The remainder have a weighted average rate of SOFR + 3.36%. (l) Consists of: (i) a $774.8 million term loan facility that matures in July 2026, of which $384.0 million has an annual interest rate of SOFR + 2.60% and $390.8 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 $595.5 million term loan facility that matures in November 2027, with an annual interest rate of SOFR + 3.25%, subject to a 0.50% SOFR floor. These facilities are secured by the equity interests in certain of our subsidiaries which totaled $5.7 billion as of September 30, 2023. 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. During the nine months ended September 30, 2023, we entered into Residential Loans facilities of $1.8 billion and amended or terminated several Residential Loans facilities, resulting in an aggregate net downsize of $337.9 million. The weighted average spread on the new facilities was 39 bps lower than the facilities that were repaid. During the nine months ended September 30, 2023, we entered into a commercial credit facility of $63.4 million. In addition, we amended several Commercial Loans facilities resulting in an aggregate upsize of $200.0 million. 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. Our secured financing agreements contain certain financial tests and covenants. As of September 30, 2023, we were in compliance with all such covenants. We seek to mitigate risks associated with our repurchase agreements by managing risk related to the credit quality of our assets, interest rates, liquidity, prepayment speeds and market value. The margin call provisions under the majority of our repurchase facilities, consisting of 69% of these agreements, do not permit valuation adjustments based on capital market events and are limited to collateral-specific credit marks generally determined on a commercially reasonable basis. To monitor credit risk associated with the performance and value of our loans and investments, our asset management team regularly reviews our investment portfolios and is in regular contact with our borrowers, monitoring performance of the collateral and enforcing our rights as necessary. For the 31% of repurchase agreements which do permit valuation adjustments based on capital market events, approximately 7% of these pertain to our loans held-for-sale, for which we manage credit risk through the purchase of credit instruments. We further seek to manage risks associated with our repurchase agreements by matching the maturities and interest rate characteristics of our loans with the related repurchase agreement. For the three 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. For the three and nine months ended September 30, 2022, approximately $9.5 million and $28.3 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, 2023, Morgan Stanley Bank, N.A., Wells Fargo Bank, N.A., and Goldman Sachs Bank USA held collateral sold under certain of our repurchase agreements with carrying values that exceeded the respective repurchase obligations by $775.9 million, $733.0 million, and $702.9 million, respectively. The weighted average extended maturity of those repurchase agreements is 3.1 years, 7.0 years, and 3.5 years, respectively. Collateralized Loan Obligations and Single Asset Securitization Commercial and Residential Lending Segment In February 2022, we refinanced a pool of our commercial loans held-for-investment through a CLO, STWD 2022-FL3. On the closing date, the CLO issued $1.0 billion of notes and preferred shares, of which $842.5 million of notes were purchased by third party investors. We retained $82.5 million of notes along with preferred shares with a liquidation preference of $75.0 million. The CLO contains a reinvestment feature that, subject to certain eligibility criteria, allows us to contribute new loans or participation interests in loans to the CLO for a period of two years. During the nine months ended September 30, 2023, we utilized the reinvestment feature, contributing $50.2 million of additional interests into the CLO. In July 2021, we contributed into a single asset securitization, STWD 2021-HTS, a previously originated $230.0 million first mortgage and mezzanine loan on a portfolio of 41 extended stay hotels with $210.1 million of third party financing. In May 2021, we refinanced a pool of our commercial loans held-for-investment through a CLO, STWD 2021-FL2. On the closing date, the CLO issued $1.3 billion of notes and preferred shares, of which $1.1 billion of notes were purchased by third party investors. We retained $70.1 million of notes, along with preferred shares with a liquidation preference of $127.5 million. The CLO contains a reinvestment feature that, subject to certain eligibility criteria, allows us to contribute new loans or participation interests in loans to the CLO in exchange for cash. During the nine months ended September 30, 2023, we utilized the reinvestment feature, contributing $93.7 million of additional interests into the CLO. In August 2019, we refinanced a pool of our commercial loans held-for-investment through a CLO, STWD 2019-FL1. On the closing date, the CLO issued $1.1 billion of notes and preferred shares, of which $936.4 million of notes 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. The reinvestment period expired during 2022 and during the nine months ended September 30, 2023, we repaid CLO debt in the amount of $161.2 million. Infrastructure Lending Segment In January 2022, we refinanced a pool of our infrastructure loans held-for-investment through a CLO, STWD 2021-SIF2. On the closing date, the CLO issued $500.0 million of notes and preferred shares, of which $410.0 million of notes were purchased by third party investors. We retained preferred shares with a liquidation preference of $90.0 million. The CLO contains a reinvestment feature that, subject to certain eligibility criteria, allows us to contribute new loans or participation interests in loans to the CLO for a period of three years. During the nine months ended September 30, 2023, we utilized the reinvestment feature, contributing $154.4 million of additional interests into the CLO. In April 2021, we refinanced a pool of our infrastructure loans held-for-investment through a CLO, STWD 2021-SIF1. On the closing date, the CLO issued $500.0 million of notes and preferred shares, of which $410.0 million of notes were purchased by third party investors. We retained preferred shares with a liquidation preference of $90.0 million. The CLO contains a reinvestment feature that, subject to certain eligibility criteria, allows us to contribute new loans or participation interests in loans to the CLO for a period of three years. During the nine months ended September 30, 2023, we utilized the reinvestment feature, contributing $159.1 million of additional interests into the CLO. The following table is a summary of our CLOs and our SASB as of September 30, 2023 and December 31, 2022 (amounts in thousands): September 30, 2023 Count Face Carrying Weighted Maturity STWD 2022-FL3 Collateral assets 50 $ 999,998 $ 1,009,424 SOFR + 3.53% (a) April 2026 (b) Financing 1 842,500 840,414 SOFR + 1.93% (c) November 2038 (d) STWD 2021-HTS Collateral assets 1 230,000 231,293 SOFR + 3.87% (a) April 2026 (b) Financing 1 210,091 209,639 SOFR + 2.75% (c) April 2034 (d) STWD 2021-FL2 Collateral assets 36 1,275,042 1,288,073 Index + 3.94% (a) November 2025 (b) Financing 1 1,077,375 1,074,437 SOFR + 1.85% (c) April 2038 (d) STWD 2019-FL1 Collateral assets 14 737,444 747,484 Index + 3.49% (a) April 2025 (b) Financing 1 578,016 578,016 SOFR + 1.64% (c) July 2038 (d) STWD 2021-SIF2 Collateral assets 30 498,888 513,296 SOFR + 3.87% (a) January 2028 (b) Financing 1 410,000 407,940 SOFR + 2.11% (c) January 2033 (d) STWD 2021-SIF1 Collateral assets 31 499,203 513,618 SOFR + 3.98% (a) August 2027 (b) Financing 1 410,000 407,828 SOFR + 2.22% (c) April 2032 (d) Total Collateral assets $ 4,240,575 $ 4,303,188 Financing $ 3,527,982 $ 3,518,274 December 31, 2022 Count Face Carrying Weighted Maturity STWD 2022-FL3 Collateral assets 51 $ 1,000,000 $ 1,010,051 Index + 3.52% (a) February 2026 (b) Financing 1 842,500 842,374 SOFR + 1.93% (c) November 2038 (d) STWD 2021-HTS Collateral assets 1 230,000 231,186 LIBOR + 3.85% (a) April 2026 (b) Financing 1 210,091 208,961 LIBOR + 2.71% (c) April 2034 (d) STWD 2021-FL2 Collateral assets 36 1,277,474 1,284,240 Index + 4.04% (a) June 2025 (b) Financing 1 1,077,375 1,072,403 LIBOR + 1.80% (c) April 2038 (d) STWD 2019-FL1 Collateral assets 16 902,799 906,409 Index + 3.67% (a) December 2024 (b) Financing 1 739,174 738,473 SOFR + 1.64% (c) July 2038 (d) STWD 2021-SIF2 Collateral assets 31 495,587 510,730 Index + 3.73% (a) February 2027 (b) Financing 1 410,000 407,260 SOFR + 2.11% (c) January 2033 (d) STWD 2021-SIF1 Collateral assets 31 495,781 511,471 Index + 3.76% (a) November 2026 (b) Financing 1 410,000 406,753 LIBOR + 2.15% (c) April 2032 (d) Total Collateral assets $ 4,401,641 $ 4,454,087 Financing $ 3,689,140 $ 3,676,224 ______________________________________________________________________________________________________________________________ (a) Represents the weighted-average coupon earned on variable rate loans during the respective year-to-date period. Of the loans financed by the STWD 2021-FL2 CLO as of September 30, 2023, 6% earned fixed-rate weighted average interest of 7.40%. Of the investments financed by the STWD 2021-SIF1 CLO as of September 30, 2023, 2% earned fixed-rate weighted average interest of 5.70%. (b) Represents the weighted-average maturity, assuming the extended contractual maturity of the collateral assets. (c) Represents the weighted-average cost of financing incurred during the respective year-to-date period, inclusive of deferred issuance costs. (d) Repayments of the CLOs and SASB are tied to timing of the related collateral asset repayments. The term of the CLOs and SASB financing obligations represents the legal final maturity date. We incurred $37.9 million of issuance costs in connection with the CLOs and SASB, which are amortized on an effective yield basis over the estimated life of the CLOs and SASB. For the 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. For the three and nine months ended September 30, 2022, approximately $2.7 million and $7.8 million, respectively, of amortization of deferred financing costs was included in interest expense on our condensed consolidated statements of operations. As of September 30, 2023 and December 31, 2022, our unamortized issuance costs were $11.5 million and $18.2 million, respectively. The CLOs and SASB are considered VIEs, for which we are deemed the primary beneficiary. We therefore consolidate the CLOs and SASB. Refer to Note 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 2023 (remainder of) $ 284,742 $ 6,137 $ 212,438 $ 503,317 2024 2,025,069 628,757 301,307 2,955,133 2025 2,073,125 291,132 1,015,613 3,379,870 2026 2,146,190 871,513 1,679,387 4,697,090 2027 3,283,708 1,426,009 123,920 4,833,637 Thereafter 420,248 187,300 195,317 802,865 Total $ 10,233,082 $ 3,410,848 $ 3,527,982 $ 17,171,912 ______________________________________________________________________________________________________________________ (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, 2023 and December 31, 2022 (dollars in thousands): Coupon Effective Maturity Remaining Carrying Value at September 30, 2023 December 31, 2022 2023 Convertible Notes 4.38 % 4.57 % 4/1/2023 0.0 years — 250,000 2027 Convertible Notes 6.75 % 7.48 % 7/15/2027 3.8 years 380,750 — 2023 Senior Notes 5.50 % 5.71 % 11/1/2023 0.1 years 300,000 300,000 2024 Senior Notes 3.75 % 3.94 % 12/31/2024 1.3 years 400,000 400,000 2025 Senior Notes 4.75 % (2) 5.04 % 3/15/2025 1.5 years 500,000 500,000 2026 Senior Notes 3.63 % 3.77 % 7/15/2026 2.8 years 400,000 400,000 2027 Senior Notes 4.38 % (3) 4.49 % 1/15/2027 3.3 years 500,000 500,000 Total principal amount 2,480,750 2,350,000 Unamortized discount—Convertible Notes (9,085) (118) Unamortized discount—Senior Notes (6,276) (9,051) Unamortized deferred financing costs (8,806) (11,620) Total carrying amount $ 2,456,583 $ 2,329,211 ______________________________________________________________________________________________________________________ (1) Effective rate includes the effects of underwriter purchase discount. (2) The coupon on the 2025 Senior Notes is 4.75%. At closing, we swapped $470.0 million of the notes to a floating rate of LIBOR + 2.53% , which was converted to SOFR + 2.53% effective July 2023. (3) The coupon on the 2027 Senior Notes is 4.375%. At closing, we swapped the notes to a floating rate of SOFR + 2.95%. Our unsecured senior notes contain certain financial tests and covenants. As of September 30, 2023, we were in compliance with all such covenants. Convertible Notes In July 2023, we issued $380.8 million of 6.750% Convertible Senior Notes due 2027 (the "2027 Convertible Notes") for net proceeds of $371.2 million. The notes mature on July 15, 2027. In March 2017, we issued $250.0 million of 4.375% Convertible Senior Notes due 2023 (the “2023 Convertible Notes”). The entire $250.0 million principal balance of the 2023 Convertible Notes matured and was repaid in cash on April 1, 2023. We recognized interest expense of $6.7 million and $9.7 million during the three and nine months ended September 30, 2023 from our Convertible Notes. We recognized interest expense of $2.9 million and $8.7 million during the three and nine months ended September 30, 2022 from our Convertible Notes. The following table details the conversion attributes of our Convertible Notes outstanding as of September 30, 2023 (amounts in thousands, except rates): September 30, 2023 Conversion Conversion Rate (1) Price (2) 2027 Convertible Notes 48.1783 $ 20.76 (1) The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount of 2027 Convertible Notes converted, as adjusted in accordance with the indenture governing the 2027 Convertible Notes (including the applicable supplemental indenture). (2) As of September 30, 2023, the market price of the Company's common stock was $19.35. The if-converted value of the 2027 Convertible Notes was less than their principal amount by $25.8 million at September 30, 2023 as the closing market price of the Company’s common stock of $19.35 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 $355.0 million as of September 30, 2023. As of September 30, 2023, the net carrying amount and fair value of the 2027 Convertible Notes was $371.0 million and $359.7 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, 2023
Debt Instruments [Abstract]
Unsecured Senior Notes	Secured Borrowings Secured Financing Agreements The following table is a summary of our secured financing agreements in place as of September 30, 2023 and December 31, 2022 (dollars in thousands): Outstanding Balance at Current Extended Maturity (a) Weighted Average Pledged Asset Maximum September 30, 2023 December 31, 2022 Repurchase Agreements: Commercial Loans Oct 2023 to Jun 2028 (b) Oct 2025 to Dec 2030 (b) Index + 2.02% (c) $ 10,197,141 $ 12,039,568 (d) $ 6,768,758 $ 7,746,867 Residential Loans Dec 2023 to Sep 2025 Mar 2024 to Sep 2025 SOFR + 1.97% 2,509,325 3,200,000 2,321,057 1,912,774 Infrastructure Loans Sep 2024 Sep 2026 SOFR + 2.07% 397,130 650,000 333,119 290,431 Conduit Loans Dec 2023 to Jun 2026 Dec 2024 to Jun 2027 SOFR + 2.07% 68,058 388,937 53,059 8,423 CMBS/RMBS Jun 2024 to Apr 2032 (e) Sep 2024 to Oct 2032 (e) (f) 1,481,324 1,061,603 757,089 (g) 840,625 Total Repurchase Agreements 14,652,978 17,340,108 10,233,082 10,799,120 Other Secured Financing: Borrowing Base Facility Nov 2024 Oct 2026 SOFR + 2.11% 47,724 750,000 (h) 3,920 — Commercial Financing Facilities Dec 2023 to Aug 2028 Jul 2025 to Dec 2030 Index + 2.16% 502,694 553,319 (i) 355,962 311,825 Residential Financing Facility N/A N/A N/A — — — 244,418 Infrastructure Financing Facilities Jun 2025 to Oct 2025 Jun 2027 to Jul 2032 Index + 2.14% 857,350 1,550,000 608,847 765,265 Property Mortgages - Fixed rate Oct 2025 to Oct 2027 (j) N/A 4.40% 326,161 224,898 224,898 261,100 Property Mortgages - Variable rate Nov 2024 to Dec 2027 N/A (k) 965,870 849,328 846,946 847,633 Term Loans and Revolver (l) N/A (l) N/A (l) 1,520,275 1,370,275 1,380,766 Total Other Secured Financing 2,699,799 5,447,820 3,410,848 3,811,007 $ 17,352,777 $ 22,787,928 13,643,930 14,610,127 Unamortized net discount (26,039) (30,320) Unamortized deferred financing costs (60,010) (78,275) $ 13,557,881 $ 14,501,532 ______________________________________________________________________________________________________________________ (a) Subject to certain conditions as defined in the respective facility agreement. (b) For certain facilities, borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions. (c) Certain facilities with an outstanding balance of $2.7 billion as of September 30, 2023 are indexed to EURIBOR, BBSY, SARON and SONIA. The remainder are indexed to SOFR. (d) Certain facilities with an aggregate initial maximum facility size of $11.9 billion may be increased to $12.0 billion, subject to certain conditions. The $12.0 billion amount includes such upsizes. (e) Certain facilities with an outstanding balance of $348.0 million as of September 30, 2023 carry a rolling 11-month or 12-month term which may reset monthly or quarterly with the lender’s consent. These facilities carry no maximum facility size. (f) A facility with an outstanding balance of $259.5 million as of September 30, 2023 has a weighted average fixed annual interest rate of 3.27%. All other facilities are variable rate with a weighted average rate of SOFR + 2.21%. (g) Includes: (i) $259.5 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $40.6 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, 2023 of $450.0 million may be increased to $750.0 million, subject to certain conditions. (i) Certain facilities with an aggregate initial maximum facility size of $453.3 million may be increased to $553.3 million, subject to certain conditions. The $553.3 million amount includes such upsizes. (j) The weighted average maturity is 3.8 years as of September 30, 2023. (k) Includes a $600.0 million first mortgage and mezzanine loan secured by our Medical Office Portfolio. This debt has a weighted average interest rate of SOFR + 2.07% that we swapped to a fixed rate of 3.34%. The remainder have a weighted average rate of SOFR + 3.36%. (l) Consists of: (i) a $774.8 million term loan facility that matures in July 2026, of which $384.0 million has an annual interest rate of SOFR + 2.60% and $390.8 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 $595.5 million term loan facility that matures in November 2027, with an annual interest rate of SOFR + 3.25%, subject to a 0.50% SOFR floor. These facilities are secured by the equity interests in certain of our subsidiaries which totaled $5.7 billion as of September 30, 2023. 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. During the nine months ended September 30, 2023, we entered into Residential Loans facilities of $1.8 billion and amended or terminated several Residential Loans facilities, resulting in an aggregate net downsize of $337.9 million. The weighted average spread on the new facilities was 39 bps lower than the facilities that were repaid. During the nine months ended September 30, 2023, we entered into a commercial credit facility of $63.4 million. In addition, we amended several Commercial Loans facilities resulting in an aggregate upsize of $200.0 million. 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. Our secured financing agreements contain certain financial tests and covenants. As of September 30, 2023, we were in compliance with all such covenants. We seek to mitigate risks associated with our repurchase agreements by managing risk related to the credit quality of our assets, interest rates, liquidity, prepayment speeds and market value. The margin call provisions under the majority of our repurchase facilities, consisting of 69% of these agreements, do not permit valuation adjustments based on capital market events and are limited to collateral-specific credit marks generally determined on a commercially reasonable basis. To monitor credit risk associated with the performance and value of our loans and investments, our asset management team regularly reviews our investment portfolios and is in regular contact with our borrowers, monitoring performance of the collateral and enforcing our rights as necessary. For the 31% of repurchase agreements which do permit valuation adjustments based on capital market events, approximately 7% of these pertain to our loans held-for-sale, for which we manage credit risk through the purchase of credit instruments. We further seek to manage risks associated with our repurchase agreements by matching the maturities and interest rate characteristics of our loans with the related repurchase agreement. For the three 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. For the three and nine months ended September 30, 2022, approximately $9.5 million and $28.3 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, 2023, Morgan Stanley Bank, N.A., Wells Fargo Bank, N.A., and Goldman Sachs Bank USA held collateral sold under certain of our repurchase agreements with carrying values that exceeded the respective repurchase obligations by $775.9 million, $733.0 million, and $702.9 million, respectively. The weighted average extended maturity of those repurchase agreements is 3.1 years, 7.0 years, and 3.5 years, respectively. Collateralized Loan Obligations and Single Asset Securitization Commercial and Residential Lending Segment In February 2022, we refinanced a pool of our commercial loans held-for-investment through a CLO, STWD 2022-FL3. On the closing date, the CLO issued $1.0 billion of notes and preferred shares, of which $842.5 million of notes were purchased by third party investors. We retained $82.5 million of notes along with preferred shares with a liquidation preference of $75.0 million. The CLO contains a reinvestment feature that, subject to certain eligibility criteria, allows us to contribute new loans or participation interests in loans to the CLO for a period of two years. During the nine months ended September 30, 2023, we utilized the reinvestment feature, contributing $50.2 million of additional interests into the CLO. In July 2021, we contributed into a single asset securitization, STWD 2021-HTS, a previously originated $230.0 million first mortgage and mezzanine loan on a portfolio of 41 extended stay hotels with $210.1 million of third party financing. In May 2021, we refinanced a pool of our commercial loans held-for-investment through a CLO, STWD 2021-FL2. On the closing date, the CLO issued $1.3 billion of notes and preferred shares, of which $1.1 billion of notes were purchased by third party investors. We retained $70.1 million of notes, along with preferred shares with a liquidation preference of $127.5 million. The CLO contains a reinvestment feature that, subject to certain eligibility criteria, allows us to contribute new loans or participation interests in loans to the CLO in exchange for cash. During the nine months ended September 30, 2023, we utilized the reinvestment feature, contributing $93.7 million of additional interests into the CLO. In August 2019, we refinanced a pool of our commercial loans held-for-investment through a CLO, STWD 2019-FL1. On the closing date, the CLO issued $1.1 billion of notes and preferred shares, of which $936.4 million of notes 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. The reinvestment period expired during 2022 and during the nine months ended September 30, 2023, we repaid CLO debt in the amount of $161.2 million. Infrastructure Lending Segment In January 2022, we refinanced a pool of our infrastructure loans held-for-investment through a CLO, STWD 2021-SIF2. On the closing date, the CLO issued $500.0 million of notes and preferred shares, of which $410.0 million of notes were purchased by third party investors. We retained preferred shares with a liquidation preference of $90.0 million. The CLO contains a reinvestment feature that, subject to certain eligibility criteria, allows us to contribute new loans or participation interests in loans to the CLO for a period of three years. During the nine months ended September 30, 2023, we utilized the reinvestment feature, contributing $154.4 million of additional interests into the CLO. In April 2021, we refinanced a pool of our infrastructure loans held-for-investment through a CLO, STWD 2021-SIF1. On the closing date, the CLO issued $500.0 million of notes and preferred shares, of which $410.0 million of notes were purchased by third party investors. We retained preferred shares with a liquidation preference of $90.0 million. The CLO contains a reinvestment feature that, subject to certain eligibility criteria, allows us to contribute new loans or participation interests in loans to the CLO for a period of three years. During the nine months ended September 30, 2023, we utilized the reinvestment feature, contributing $159.1 million of additional interests into the CLO. The following table is a summary of our CLOs and our SASB as of September 30, 2023 and December 31, 2022 (amounts in thousands): September 30, 2023 Count Face Carrying Weighted Maturity STWD 2022-FL3 Collateral assets 50 $ 999,998 $ 1,009,424 SOFR + 3.53% (a) April 2026 (b) Financing 1 842,500 840,414 SOFR + 1.93% (c) November 2038 (d) STWD 2021-HTS Collateral assets 1 230,000 231,293 SOFR + 3.87% (a) April 2026 (b) Financing 1 210,091 209,639 SOFR + 2.75% (c) April 2034 (d) STWD 2021-FL2 Collateral assets 36 1,275,042 1,288,073 Index + 3.94% (a) November 2025 (b) Financing 1 1,077,375 1,074,437 SOFR + 1.85% (c) April 2038 (d) STWD 2019-FL1 Collateral assets 14 737,444 747,484 Index + 3.49% (a) April 2025 (b) Financing 1 578,016 578,016 SOFR + 1.64% (c) July 2038 (d) STWD 2021-SIF2 Collateral assets 30 498,888 513,296 SOFR + 3.87% (a) January 2028 (b) Financing 1 410,000 407,940 SOFR + 2.11% (c) January 2033 (d) STWD 2021-SIF1 Collateral assets 31 499,203 513,618 SOFR + 3.98% (a) August 2027 (b) Financing 1 410,000 407,828 SOFR + 2.22% (c) April 2032 (d) Total Collateral assets $ 4,240,575 $ 4,303,188 Financing $ 3,527,982 $ 3,518,274 December 31, 2022 Count Face Carrying Weighted Maturity STWD 2022-FL3 Collateral assets 51 $ 1,000,000 $ 1,010,051 Index + 3.52% (a) February 2026 (b) Financing 1 842,500 842,374 SOFR + 1.93% (c) November 2038 (d) STWD 2021-HTS Collateral assets 1 230,000 231,186 LIBOR + 3.85% (a) April 2026 (b) Financing 1 210,091 208,961 LIBOR + 2.71% (c) April 2034 (d) STWD 2021-FL2 Collateral assets 36 1,277,474 1,284,240 Index + 4.04% (a) June 2025 (b) Financing 1 1,077,375 1,072,403 LIBOR + 1.80% (c) April 2038 (d) STWD 2019-FL1 Collateral assets 16 902,799 906,409 Index + 3.67% (a) December 2024 (b) Financing 1 739,174 738,473 SOFR + 1.64% (c) July 2038 (d) STWD 2021-SIF2 Collateral assets 31 495,587 510,730 Index + 3.73% (a) February 2027 (b) Financing 1 410,000 407,260 SOFR + 2.11% (c) January 2033 (d) STWD 2021-SIF1 Collateral assets 31 495,781 511,471 Index + 3.76% (a) November 2026 (b) Financing 1 410,000 406,753 LIBOR + 2.15% (c) April 2032 (d) Total Collateral assets $ 4,401,641 $ 4,454,087 Financing $ 3,689,140 $ 3,676,224 ______________________________________________________________________________________________________________________________ (a) Represents the weighted-average coupon earned on variable rate loans during the respective year-to-date period. Of the loans financed by the STWD 2021-FL2 CLO as of September 30, 2023, 6% earned fixed-rate weighted average interest of 7.40%. Of the investments financed by the STWD 2021-SIF1 CLO as of September 30, 2023, 2% earned fixed-rate weighted average interest of 5.70%. (b) Represents the weighted-average maturity, assuming the extended contractual maturity of the collateral assets. (c) Represents the weighted-average cost of financing incurred during the respective year-to-date period, inclusive of deferred issuance costs. (d) Repayments of the CLOs and SASB are tied to timing of the related collateral asset repayments. The term of the CLOs and SASB financing obligations represents the legal final maturity date. We incurred $37.9 million of issuance costs in connection with the CLOs and SASB, which are amortized on an effective yield basis over the estimated life of the CLOs and SASB. For the 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. For the three and nine months ended September 30, 2022, approximately $2.7 million and $7.8 million, respectively, of amortization of deferred financing costs was included in interest expense on our condensed consolidated statements of operations. As of September 30, 2023 and December 31, 2022, our unamortized issuance costs were $11.5 million and $18.2 million, respectively. The CLOs and SASB are considered VIEs, for which we are deemed the primary beneficiary. We therefore consolidate the CLOs and SASB. Refer to Note 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 2023 (remainder of) $ 284,742 $ 6,137 $ 212,438 $ 503,317 2024 2,025,069 628,757 301,307 2,955,133 2025 2,073,125 291,132 1,015,613 3,379,870 2026 2,146,190 871,513 1,679,387 4,697,090 2027 3,283,708 1,426,009 123,920 4,833,637 Thereafter 420,248 187,300 195,317 802,865 Total $ 10,233,082 $ 3,410,848 $ 3,527,982 $ 17,171,912 ______________________________________________________________________________________________________________________ (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, 2023 and December 31, 2022 (dollars in thousands): Coupon Effective Maturity Remaining Carrying Value at September 30, 2023 December 31, 2022 2023 Convertible Notes 4.38 % 4.57 % 4/1/2023 0.0 years — 250,000 2027 Convertible Notes 6.75 % 7.48 % 7/15/2027 3.8 years 380,750 — 2023 Senior Notes 5.50 % 5.71 % 11/1/2023 0.1 years 300,000 300,000 2024 Senior Notes 3.75 % 3.94 % 12/31/2024 1.3 years 400,000 400,000 2025 Senior Notes 4.75 % (2) 5.04 % 3/15/2025 1.5 years 500,000 500,000 2026 Senior Notes 3.63 % 3.77 % 7/15/2026 2.8 years 400,000 400,000 2027 Senior Notes 4.38 % (3) 4.49 % 1/15/2027 3.3 years 500,000 500,000 Total principal amount 2,480,750 2,350,000 Unamortized discount—Convertible Notes (9,085) (118) Unamortized discount—Senior Notes (6,276) (9,051) Unamortized deferred financing costs (8,806) (11,620) Total carrying amount $ 2,456,583 $ 2,329,211 ______________________________________________________________________________________________________________________ (1) Effective rate includes the effects of underwriter purchase discount. (2) The coupon on the 2025 Senior Notes is 4.75%. At closing, we swapped $470.0 million of the notes to a floating rate of LIBOR + 2.53% , which was converted to SOFR + 2.53% effective July 2023. (3) The coupon on the 2027 Senior Notes is 4.375%. At closing, we swapped the notes to a floating rate of SOFR + 2.95%. Our unsecured senior notes contain certain financial tests and covenants. As of September 30, 2023, we were in compliance with all such covenants. Convertible Notes In July 2023, we issued $380.8 million of 6.750% Convertible Senior Notes due 2027 (the "2027 Convertible Notes") for net proceeds of $371.2 million. The notes mature on July 15, 2027. In March 2017, we issued $250.0 million of 4.375% Convertible Senior Notes due 2023 (the “2023 Convertible Notes”). The entire $250.0 million principal balance of the 2023 Convertible Notes matured and was repaid in cash on April 1, 2023. We recognized interest expense of $6.7 million and $9.7 million during the three and nine months ended September 30, 2023 from our Convertible Notes. We recognized interest expense of $2.9 million and $8.7 million during the three and nine months ended September 30, 2022 from our Convertible Notes. The following table details the conversion attributes of our Convertible Notes outstanding as of September 30, 2023 (amounts in thousands, except rates): September 30, 2023 Conversion Conversion Rate (1) Price (2) 2027 Convertible Notes 48.1783 $ 20.76 (1) The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount of 2027 Convertible Notes converted, as adjusted in accordance with the indenture governing the 2027 Convertible Notes (including the applicable supplemental indenture). (2) As of September 30, 2023, the market price of the Company's common stock was $19.35. The if-converted value of the 2027 Convertible Notes was less than their principal amount by $25.8 million at September 30, 2023 as the closing market price of the Company’s common stock of $19.35 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 $355.0 million as of September 30, 2023. As of September 30, 2023, the net carrying amount and fair value of the 2027 Convertible Notes was $371.0 million and $359.7 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, 2023
Loan Securitization/Sale Activities
Loan Securitization/Sale Activities	Loan Securitization/Sale Activities As described below, we regularly sell loans and notes under various strategies. We evaluate such sales as to whether they meet the criteria for treatment as a sale—legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint and transfer of control. Loan Securitizations Within the Investing and Servicing Segment, we originate commercial mortgage loans with the intent to sell these mortgage loans to VIEs for the purposes of securitization. These VIEs then issue CMBS that are collateralized in part by these assets, as well as other assets transferred to the VIE by third parties. Within the Commercial and Residential Lending Segment, we acquire residential loans with the intent to sell these mortgage loans to VIEs for the purpose of securitization. These VIEs then issue RMBS that are collateralized by these assets. In certain instances, we retain an interest in the CMBS or RMBS VIE and serve as special servicer or servicing administrator for the VIE. In these circumstances, we generally consolidate the VIE into which the loans were sold. The securitizations are subject to optional redemption after a certain period of time or when the pool balance falls below a specified threshold. The following summarizes the face amount and proceeds of commercial and residential loans securitized for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands): Commercial Loans Residential Loans Face Amount Proceeds Face Amount Proceeds For the Three Months Ended September 30, 2023 $ 119,764 $ 123,633 $ — $ — 2022 33,000 30,957 — — For the Nine Months Ended September 30, 2023 $ 292,651 $ 294,951 $ — $ — 2022 1,038,889 1,022,754 1,905,829 1,913,459 The securitization of these commercial and residential loans does not result in a discrete gain or loss since they are carried under the fair value option. Our securitizations have each been structured as bankruptcy-remote entities whose assets are not intended to be available to the creditors of any other party. Commercial and Residential Loan Sales Within the Commercial and Residential Lending Segment, we originate or acquire commercial mortgage loans, subsequently selling all or a portion thereof. Typically, our motivation for entering into these transactions is to effectively create leverage on the subordinated position that we will retain and hold for investment. We also may sell certain of our previously-acquired residential loans to third parties outside a securitization. The following table summarizes our loans sold by the Commercial and Residential Lending Segment, net of expenses (amounts in thousands): Loan Transfers Accounted for as Sales Commercial Loans Residential Loans For the Three Months Ended September 30, Face amount (1) Proceeds (1) Face Amount Proceeds 2023 $ 42,496 $ 42,370 $ — $ — 2022 63,656 64,539 1,152 1,141 For the Nine Months Ended September 30, 2023 $ 95,496 $ 95,282 $ — $ — 2022 70,636 71,008 1,057,013 1,056,683 ______________________________________________________________________________________________________________________ (1) 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, 2022, we sold $63.7 million of whole loan interests for proceeds of $64.5 million. During the nine months ended September 30, 2022, we also sold $7.0 million of senior interests in first mortgage loans for proceeds of $6.5 million. During the three and nine months ended September 30, 2023, there were no gains or losses recognized by the Commercial and Residential Lending Segment on sales of commercial loans. During the three and nine months ended September 30, 2022, losses recognized by the Commercial and Residential Lending Segment on sales of commercial loans were $0.3 million and $0.1 million, respectively. Infrastructure Loan Sales

Derivatives and Hedging Activit

Derivatives and Hedging Activity	9 Months Ended
Derivatives and Hedging Activity	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activity	Derivatives and Hedging Activity Risk Management Objective of Using Derivatives We are exposed to certain risks arising from both our business operations and economic conditions. 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, 2023 and December 31, 2022, 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, 2023 (notional amounts in thousands): Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Buy Euros (“EUR”) 11 45,627 EUR October 2023 - April 2026 Fx contracts – Buy Pounds Sterling (“GBP”) 18 122,142 GBP October 2023 - January 2027 Fx contracts – Buy Australian dollar (“AUD”) 5 379,571 AUD October 2024 - January 2026 Fx contracts – Sell EUR 194 824,687 EUR October 2023 - February 2027 Fx contracts – Sell GBP 205 648,549 GBP October 2023 - April 2027 Fx contracts – Sell AUD 110 1,070,581 AUD October 2023 - October 2026 Fx contracts – Sell Swiss Franc (“CHF”) 73 20,891 CHF November 2023 - November 2025 Interest rate swaps – Paying fixed rates 56 4,385,516 USD April 2024 - September 2033 Interest rate swaps – Receiving fixed rates 2 970,000 USD March 2025 - January 2027 Interest rate caps 4 624,666 USD November 2023 - April 2025 Interest rate caps 1 61,000 GBP April 2024 Credit instruments 3 49,000 USD September 2058 - August 2061 Interest rate swap guarantees 1 102,331 USD June 2025 Total 683 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, 2023 and December 31, 2022 (amounts in thousands): Fair Value of Derivatives Fair Value of Derivatives September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Interest rate contracts $ 12,070 $ 10,756 $ 69,756 $ 69,776 Foreign exchange contracts 119,908 97,289 15,901 21,628 Credit instruments 1,038 576 — — Total derivatives $ 133,016 $ 108,621 $ 85,657 $ 91,404 ___________________________________________________ (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, 2023 and 2022 (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, 2023 2022 2023 2022 Interest rate contracts Gain on derivative financial instruments, net $ 46,255 $ 78,508 $ 99,788 $ 218,698 Interest rate swap guarantees Gain on derivative financial instruments, net — — — 260 Foreign exchange contracts Gain on derivative financial instruments, net 48,549 127,358 18,412 242,042 Credit instruments Gain on derivative financial instruments, net 79 204 231 921 $ 94,883 $ 206,070 $ 118,431 $ 461,921

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	9 Months Ended
Offsetting Assets and Liabilities	Sep. 30, 2023
Offsetting [Abstract]
Offsetting Assets and Liabilities	Offsetting Assets and Liabilities The following tables present the potential effects of netting arrangements on our financial position for financial assets and liabilities within the scope of ASC 210-20, Balance Sheet—Offsetting , which for us are derivative assets and liabilities as well as repurchase agreement liabilities (amounts in thousands): (ii) (iii) = (i) - (ii) (iv) (i) Financial Cash Collateral (v) = (iii) - (iv) As of September 30, 2023 Derivative assets $ 133,016 $ — $ 133,016 $ 82,124 $ — $ 50,892 Derivative liabilities $ 85,657 $ — $ 85,657 $ 82,124 $ 3,533 $ — Repurchase agreements 10,233,082 — 10,233,082 10,233,082 — — $ 10,318,739 $ — $ 10,318,739 $ 10,315,206 $ 3,533 $ — As of December 31, 2022 Derivative assets $ 108,621 $ — $ 108,621 $ 69,221 $ — $ 39,400 Derivative liabilities $ 91,404 $ — $ 91,404 $ 69,221 $ 22,183 $ — Repurchase agreements 10,799,120 — 10,799,120 10,799,120 — — $ 10,890,524 $ — $ 10,890,524 $ 10,868,341 $ 22,183 $ —

Variable Interest Entities

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Sep. 30, 2023
Variable Interest Entities
Variable Interest Entities	Variable Interest Entities Investment Securities As discussed in Note 2, we evaluate all of our investments and other interests in entities for consolidation, including our investments in CMBS, RMBS and our retained interests in securitization transactions we initiated, all of which are generally considered to be variable interests in VIEs. Securitization VIEs consolidated in accordance with ASC 810 are structured as pass through entities that receive principal and interest on the underlying collateral and distribute those payments to the certificate holders. The assets and other instruments held by these securitization entities are restricted and can only be used to fulfill the obligations of the entity. Additionally, the obligations of the securitization entities do not have any recourse to the general credit of any other consolidated entities, nor to us as the primary beneficiary. The VIE liabilities initially represent investment securities on our balance sheet (pre-consolidation). Upon consolidation of these VIEs, our associated investment securities are eliminated, as is the interest income related to those securities. Similarly, the fees we earn in our roles as special servicer of the bonds issued by the consolidated VIEs or as collateral administrator of the consolidated VIEs are also eliminated. Finally, a portion of the identified servicing intangible associated with the eliminated fee streams is eliminated in consolidation. VIEs in which we are the Primary Beneficiary The inclusion of the assets and liabilities of securitization VIEs in which we are deemed the primary beneficiary has no economic effect on us. Our exposure to the obligations of securitization VIEs is generally limited to our investment in these entities. We are not obligated to provide, nor have we provided, any financial support for any of these consolidated structures. As discussed in Note 10, we have refinanced various pools of our commercial and infrastructure loans held-for-investment through five CLOs and one SASB, which are considered to be VIEs. We are the primary beneficiary of, and therefore consolidate, the CLOs and SASB in our financial statements as we have both (i) the power to direct the activities in our role as collateral manager, collateral advisor, or controlling class representative that most significantly impact the CLOs’ and SASB's economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the CLOs and SASB that could be potentially significant through the subordinate interests we own. The following table details the assets and liabilities of our consolidated CLOs and SASB as of September 30, 2023 and December 31, 2022 (amounts in thousands): September 30, 2023 December 31, 2022 Assets: Cash and cash equivalents $ 34,825 $ 31,611 Loans held-for-investment 4,223,445 4,365,791 Investment securities 10,487 36,466 Accrued interest receivable 25,894 20,088 Other assets 8,537 131 Total Assets $ 4,303,188 $ 4,454,087 Liabilities Accounts payable, accrued expenses and other liabilities $ 20,382 $ 17,737 Collateralized loan obligations and single asset securitization, net 3,518,274 3,676,224 Total Liabilities $ 3,538,656 $ 3,693,961 Assets held by the CLOs and SASB are restricted and can be used only to settle obligations of the CLOs and SASB, including the subordinate interests owned by us. The liabilities of the CLOs and SASB are non-recourse to us and can only be satisfied from the assets of the CLOs and SASB. We also hold controlling interests in other non-securitization entities that are considered VIEs. The Woodstar Fund, Woodstar Feeder Fund, L.P. and one of the Woodstar Fund’s indirect investees, SPT Dolphin Intermediate LLC (“SPT Dolphin”), the entity which holds the Woodstar II Portfolio, are each VIEs because the third party interest holders do not carry kick-out rights or substantive participating rights. We were deemed to be the primary beneficiary of those VIEs because we possess both the power to direct the activities of the VIEs that most significantly impact their economic performance and a significant economic interest in each entity. The Woodstar Fund had total assets of $2.0 billion, including its indirect investment in SPT Dolphin, and no significant liabilities as of September 30, 2023. As of September 30, 2023, Woodstar Feeder Fund, L.P. and its consolidated subsidiary which is also considered a VIE, Woodstar Feeder REIT, LLC, had a $0.6 billion investment in the Woodstar Fund, had no significant liabilities and had temporary equity of $0.4 billion consisting of the contingently redeemable non-controlling interests of the third party investors (see Note 17). We also hold a 51% controlling interest in a joint venture (the “CMBS JV”) within our Investing and Servicing Segment, which is considered a VIE because the third party interest holder does not carry kick-out rights or substantive participating rights. We are deemed the primary beneficiary of the CMBS JV. This VIE had total assets of $341.3 million and liabilities of $83.9 million as of September 30, 2023. Refer to Note 17 for further discussion. In addition to the above non-securitization entities, we have smaller VIEs with total assets of $74.8 million and liabilities of $34.8 million as of September 30, 2023. VIEs in which we are not the Primary Beneficiary In certain instances, we hold a variable interest in a VIE in the form of CMBS, but either (i) we are not appointed, or do not serve as, special servicer or servicing administrator or (ii) an unrelated third party has the rights to unilaterally remove us as special servicer without cause. In these instances, we do not have the power to direct activities that most significantly impact the VIE’s economic performance. In other cases, the variable interest we hold does not obligate us to absorb losses or provide us with the right to receive benefits from the VIE which could potentially be significant. For these structures, we are not deemed to be the primary beneficiary of the VIE, and we do not consolidate these VIEs. As noted above, we are not obligated to provide, nor have we provided, any financial support for any of our securitization VIEs, whether or not we are deemed to be the primary beneficiary. As such, the risk associated with our involvement in these VIEs is limited to the carrying value of our investment in the entity. As of September 30, 2023, our maximum risk of loss related to securitization VIEs in which we were not the primary beneficiary was $18.7 million on a fair value basis. As of September 30, 2023, the securitization VIEs which we do not consolidate had debt obligations to beneficial interest holders with unpaid principal balances, excluding the notional value of interest-only securities, of $4.5 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 $0.9 million as of September 30, 2023, within investments in unconsolidated entities on our consolidated balance sheet. Our maximum risk of loss is limited to our carrying value of the investments.

Related-Party Transactions

Related-Party Transactions	9 Months Ended
Related-Party Transactions	Sep. 30, 2023
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions Management Agreement We are party to a management agreement (the “Management Agreement”) with our Manager. Under the Management Agreement, our Manager, subject to the oversight of our board of directors, is required to manage our day to day activities, for which our Manager receives a base management fee and is eligible for an incentive fee and stock awards. Our Manager’s personnel perform certain due diligence, legal, management and other services that outside professionals or consultants would otherwise perform. As such, in accordance with the terms of our Management Agreement, our Manager is paid or reimbursed for the documented costs of performing such tasks, provided that such costs and reimbursements are in amounts no greater than those which would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis. 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, 2023 and 2022, approximately $21.8 million and $21.7 million, respectively, was incurred for base management fees. For the nine months ended September 30, 2023 and 2022, approximately $65.5 million and $64.9 million, respectively, was incurred for base management fees. As of both September 30, 2023 and December 31, 2022, there were $21.8 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, 2023. For the three months ended September 30, 2022, $0.9 million was incurred for incentive fees. For the nine months ended September 30, 2023 and 2022, approximately $16.2 million and $35.1 million, respectively, was incurred for incentive fees. As of December 31, 2022, there were $14.5 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, 2023. Expense Reimbursement. For the three months ended September 30, 2023 and 2022, approximately $2.4 million and $2.8 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, 2023 and 2022, approximately $6.0 million and $6.4 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. As of September 30, 2023 and December 31, 2022, there were $2.5 million and $4.9 million, respectively, of unpaid reimbursable executive compensation and other expenses included in related-party payable in our condensed consolidated balance sheets. Equity Awards. In certain instances, we issue RSAs to certain employees of affiliates of our Manager who perform services for us. There were no RSAs granted during the three months ended September 30, 2023 and 2022. Expenses related to the vesting of awards to employees of affiliates of our Manager were $2.2 million and $1.9 million during the three months ended September 30, 2023 and 2022, respectively, and are reflected in general and administrative expenses in our condensed consolidated statements of operations. During the nine months ended September 30, 2023 and 2022, we granted 226,955 and 200,972 RSAs, respectively, at grant date fair values of $4.3 million and $4.8 million, respectively. Expenses related to the vesting of awards to employees of affiliates of our Manager were $6.5 million and $6.8 million during the nine months ended September 30, 2023 and 2022, 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 were not material during the three and nine months ended September 30, 2023 and 2022, and are 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 November 2022, we granted 1,500,000 RSUs to our Manager under the 2022 Manager Equity Plan. In November 2020, we granted 1,800,000 RSUs to our Manager under the 2017 Manager Equity Plan. In September 2019, we granted 1,200,000 RSUs to our Manager under the 2017 Manager Equity Plan. In connection with these grants and prior similar grants, we recognized share-based compensation expense of $5.1 million and $4.5 million within management fees in our condensed consolidated statements of operations for the three months ended September 30, 2023 and 2022, respectively. For the nine months ended September 30, 2023 and 2022, we recognized $15.4 million and $13.5 million, respectively, related to these awards. Refer to Note 17 for further discussion. Investments in Loans and Securities In March 2022, we originated a new loan on the development and recapitalization of luxury rental cabins with a total commitment of $200.0 million, of which $148.6 million was outstanding as of September 30, 2023. The loan bears interest at SOFR + 6.50% plus fees and has a term of 24 months with three one-year extension options. Certain members of our executive team and board of directors own equity interests in the borrower. In July 2023, we agreed to a 10-month 300 bps interest payment deferral, which during the three months ended September 30, 2023 amounted to $1.1 million. In August 2023, the Company received a $29.4 million final repayment on a $339.2 million first mortgage and mezzanine loan that was originated in August 2017 related to an office campus located in Irvine, California. An affiliate of our Manager has a non-controlling equity interest in the borrower. In 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, 2023, 672,166 and 895,182 shares were redeemed by SEREF, for proceeds of $0.9 million and $1.2 million, respectively, leaving 8,244,818 held as of September 30, 2023. As of September 30, 2023, our shares represent an approximate 2% interest in SEREF. Refer to Note 5 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 anniversary following commencement, plus our pro rata share of building operating expenses. Prior to the execution of this lease, we engaged an independent third party leasing firm and external counsel to advise the independent directors of our board of directors on market terms for the lease. The terms of the lease and subsequent amendment were approved by our independent directors. In April 2020, we provided a $1.9 million cash security deposit to the landlord. During the three and nine months ended September 30, 2023, we made payments to the landlord under the terms of the lease of $1.1 million and $4.0 million, respectively, for rent, parking and our pro rata share of building operating expenses. During three and nine months ended September 30, 2023, we also paid $0.5 million and $0.8 million, respectively, for reimbursements relating to tenant improvements. 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 within general and administrative expenses in our condensed consolidated statements of operations. During the three and nine months ended September 30, 2022, we paid $1.0 million and $2.9 million, respectively, for reimbursements relating to tenant improvements. During both the three and nine months ended September 30, 2022, we recognized $1.0 million of expenses with respect to this lease within general and administrative expenses in our 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, 2023 and 2022, property management fees to Highmark of $1.5 million and $1.4 million, respectively, were recognized within our Woodstar Portfolios. During the nine months ended September 30, 2023 and 2022, property management fees to Highmark were $4.4 million and $4.1 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, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity and Non-Controlling Interests	Stockholders’ Equity and Non-Controlling Interests During the nine months ended September 30, 2023, our board of directors declared the following dividends: Declaration Date Record Date Ex-Dividend Date Payment Date Amount Frequency 9/15/23 9/30/23 9/29/23 10/16/23 $ 0.48 Quarterly 6/15/23 6/30/23 6/29/23 7/17/23 0.48 Quarterly 3/16/23 3/31/23 3/30/23 4/14/23 0.48 Quarterly ATM Agreement In May 2022, we entered into a Starwood Property Trust, Inc. Common Stock Sales Agreement (the “ATM Agreement”) with a syndicate of financial institutions to sell shares of the Company’s common stock of up to $500.0 million from time to time, through an “at the market” equity offering program. Sales of shares under the ATM Agreement are made by means of ordinary brokers’ transactions on the New York Stock Exchange or otherwise at market prices prevailing at the time of sale or at negotiated prices. The ATM Agreement replaces a similar agreement previously entered into in May 2014 with a financial institution. There were no shares issued under the ATM Agreement during the three and nine months ended September 30, 2023. During the nine months ended September 30, 2022, we issued 1,415,564 shares of common stock under the ATM Agreement for gross proceeds of $33.3 million at an average share price of $23.54 and paid related commission costs of $0.7 million. Dividend Reinvestment and Direct Stock Purchase Plan During the nine months ended September 30, 2023 and 2022, 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 months ended September 30, 2023, 21,088 shares of common stock were purchased by participants at a weighted average discounted purchase price of $16.51. During the nine months ended September 30, 2023, 110,112 shares of common stock were purchased by participants at a weighted average discounted purchase price of $15.17 per share. During the three and nine months ended September 30, 2022, 34,625 shares of common stock were purchased by participants at a weighted average discounted purchase price of $18.04 per share. 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 based on the estimated fair value of the discounted purchase options granted to the participants as of the beginning of the quarterly offering period determined using the Black-Scholes option pricing model. During the three and nine months ended September 30, 2022, the Company recognized $0.1 million of compensation expense related to its ESPP. As of September 30, 2023, there were 1.8 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, 2023 and 2022 (dollar amounts in thousands): Grant Date Type Amount Granted Grant Date Fair Value Vesting Period November 2022 RSU 1,500,000 $ 31,605 3 years November 2020 RSU 1,800,000 $ 30,078 3 years September 2019 RSU 1,200,000 29,484 (1) ______________________________________________________________________________________________________________________ (1) Of the amount granted, 218,898 vested immediately on the grant date and the remaining amount vests over a three-year period. Schedule of Non-Vested Shares and Share Equivalents (1) Equity Plan Manager Total Weighted Average Balance as of January 1, 2023 2,513,847 1,825,000 4,338,847 $ 20.65 Granted 914,694 — 914,694 18.93 Vested (687,743) (825,000) (1,512,743) 18.35 Forfeited (169,070) — (169,070) 22.76 Balance as of September 30, 2023 2,571,728 1,000,000 3,571,728 21.08 (1) Equity-based award activity for awards granted under the 2017 and 2022 Equity Plans is reflected within the Equity Plan column, and for awards granted under the 2017 and 2022 Manager Equity Plans, within the Manager Equity Plan column. As of September 30, 2023, there were 16.5 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, 2023, net income attributable to these non-controlling interests was $3.1 million and $51.1 million, respectively. During the three and nine months ended September 30, 2022, net income attributable to these non-controlling interests was $23.8 million and $134.3 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, 2023, all of the 1.9 million contingent Class A Units were issued. The Class A Units are redeemable for consideration equal to the current share price of the Company’s common stock on a one-for-one basis, with the consideration paid in either cash or the Company’s common stock, at the determination of the Company. There were 9.8 million Class A Units outstanding as of September 30, 2023. The outstanding Class A Units are reflected as non-controlling interests in consolidated subsidiaries on our consolidated balance sheets, the balance of which was $208.5 million as of both September 30, 2023 and December 31, 2022. To the extent SPT Dolphin has sufficient cash available, the Class A Units earn a preferred return indexed to the dividend rate of the Company’s common stock. Any distributions made pursuant to this waterfall are recognized within net income attributable to non-controlling interests in our condensed consolidated statements of operations. 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, associated with these Class A Units, the same as recognized during the three and nine months ended September 30, 2022.

Earnings per Share

Earnings per Share	9 Months Ended
Earnings per Share	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table provides a reconciliation of net income and the number of shares of common stock used in the computation of basic EPS and diluted EPS (amounts in thousands, except per share amounts): For the Three Months Ended For the Nine Months Ended 2023 2022 2023 2022 Basic Earnings Income attributable to STWD common stockholders $ 47,435 $ 194,562 $ 268,252 $ 731,448 Less: Income attributable to participating shares not already deducted as non-controlling interests (1,510) (2,929) (4,962) (15,673) Basic earnings $ 45,925 $ 191,633 $ 263,290 $ 715,775 Diluted Earnings Income attributable to STWD common stockholders $ 47,435 $ 194,562 $ 268,252 $ 731,448 Less: Income attributable to participating shares not already deducted as non-controlling interests (1,510) (2,929) (4,962) (15,673) Add: Interest expense on Convertible Notes * 2,906 * 8,724 Add: Undistributed earnings to participating shares — 1,818 — 11,629 Less: Undistributed earnings reallocated to participating shares — (1,763) — (11,280) Diluted earnings $ 45,925 $ 194,594 $ 263,290 $ 724,848 Number of Shares: Basic — Average shares outstanding 310,268 306,704 309,471 304,908 Effect of dilutive securities — Convertible Notes * 9,649 * 9,649 Effect of dilutive securities — Contingently issuable shares — 23 — 23 Effect of dilutive securities — Unvested non-participating shares 298 199 267 161 Diluted — Average shares outstanding 310,566 316,575 309,738 314,741 Earnings Per Share Attributable to STWD Common Stockholders: Basic $ 0.15 $ 0.62 $ 0.85 $ 2.35 Diluted $ 0.15 $ 0.61 $ 0.85 $ 2.30 ___________________________________________________ * Our Convertible Notes were not dilutive for the three and nine months ended September 30, 2023. As of September 30, 2023 and 2022, participating shares of 12.9 million and 12.4 million, respectively, were excluded from the computation of diluted shares as their effect was already considered under the more dilutive two-class method used above. Such participating shares at both September 30, 2023 and 2022 included 9.8 million potential shares of our common stock issuable upon redemption of the Class A Units in SPT Dolphin, as discussed in Note 17.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
Accumulated Other Comprehensive Income	Sep. 30, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income The changes in AOCI by component are as follows (amounts in thousands): Cumulative 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 Three Months Ended September 30, 2022 Balance at July 1, 2022 $ 28,970 OCI before reclassifications (6,194) Amounts reclassified from AOCI — Net period OCI (6,194) Balance at September 30, 2022 $ 22,776 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 Nine Months Ended September 30, 2022 Balance at January 1, 2022 $ 40,953 OCI before reclassifications (18,177) Amounts reclassified from AOCI — Net period OCI (18,177) Balance at September 30, 2022 $ 22,776

Fair Value

Fair Value	9 Months Ended
Fair Value	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value	Fair Value GAAP establishes a hierarchy of valuation techniques based on the observability of inputs utilized in measuring financial assets and liabilities at fair value. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: Level I —Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level II —Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level III —Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation Process We have valuation control processes in place to validate the fair value of the Company’s financial assets and liabilities measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable. Pricing Verification —We use recently executed transactions, other observable market data such as exchange data, broker/dealer quotes, third party pricing vendors and aggregation services for validating the fair values generated using valuation models. Pricing data provided by approved external sources is evaluated using a number of approaches; for example, by corroborating the external sources’ prices to executed trades, analyzing the methodology and assumptions used by the external source to generate a price and/or by evaluating how active the third party pricing source (or originating sources used by the third party pricing source) is in the market. Unobservable Inputs —Where inputs are not observable, we review the appropriateness of the proposed valuation methodology to ensure it is consistent with how a market participant would arrive at the unobservable input. The valuation methodologies utilized in the absence of observable inputs may include extrapolation techniques and the use of comparable observable inputs. Any changes to the valuation methodology will be reviewed by our management to ensure the changes are appropriate. The methods used may produce a fair value calculation that is not indicative of net realizable value or reflective of future fair values. Furthermore, while we anticipate that our valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value could result in a different estimate of fair value at the reporting date. Fair Value on a Recurring Basis We determine the fair value of our financial assets and liabilities measured at fair value on a recurring basis as follows: Loans held-for-sale, commercial We measure the fair value of our commercial mortgage loans held-for-sale using a discounted cash flow analysis unless observable market data (i.e., securitized pricing) is available. A discounted cash flow analysis requires management to make estimates regarding future interest rates and credit spreads. The most significant of these inputs relates to credit spreads and is unobservable. Thus, we have determined that the fair values of mortgage loans valued using a discounted cash flow analysis should be classified in Level III of the fair value hierarchy, while mortgage loans valued using securitized pricing should be classified in Level II of the fair value hierarchy. Mortgage loans classified in Level III are transferred to Level II if securitized pricing becomes available. Loans held-for-sale, residential We measure the fair value of our residential loans held-for-sale based on the net present value of expected future cash flows using a combination of observable and unobservable inputs. Observable market participant assumptions include pricing related to trades of residential loans with similar characteristics. Unobservable inputs include the expectation of future cash flows, which involves judgments about the underlying collateral, the creditworthiness of the borrower, estimated prepayment speeds, estimated future credit losses, forward interest rates, investor yield requirements and certain other factors. At each measurement date, we consider both the observable and unobservable valuation inputs in the determination of fair value. However, given the significance of the unobservable inputs, these loans have been classified within Level III. RMBS RMBS are valued utilizing observable and unobservable market inputs. The observable market inputs include recent transactions, broker quotes and vendor prices (“market data”). However, given the implied price dispersion amongst the market data, the fair value determination for RMBS has also utilized significant unobservable inputs in discounted cash flow models including prepayments, default and severity estimates based on the recent performance of the collateral, the underlying collateral characteristics, industry trends, as well as expectations of macroeconomic events (e.g., housing price curves, interest rate curves, etc.). At each measurement date, we consider both the observable and unobservable valuation inputs in the determination of fair value. However, given the significance of the unobservable inputs these securities have been classified within Level III. CMBS CMBS are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, recent trades of similar securities and the spreads used in the prior valuation. We obtain current market spread information where available and use this information in evaluating and validating the market price of all CMBS. Depending upon the significance of the fair value inputs used in determining these fair values, these securities are classified in either Level II or Level III of the fair value hierarchy. CMBS may shift between Level II and Level III of the fair value hierarchy if the significant fair value inputs used to price the CMBS become or cease to be observable. Equity security The equity security is publicly registered and traded in the U.S. and its market price is listed on the London Stock Exchange. The security has been classified within Level I. Woodstar Fund Investments The fair value of investments held by the Woodstar Fund is determined based on observable and unobservable market inputs. The initial fair value of the Woodstar Fund’s investments at its November 5, 2021 establishment date was determined by reference to the purchase price paid by third party investors, which was consistent with both a recent external appraisal as well as our extensive marketing efforts to sell interests in the Woodstar Fund, plus working capital. The fair value of the Woodstar Fund’s investments as of December 31, 2022 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, the third party appraisal discounted the contractual cash flows at the interest rate at which such arrangements would bear if executed in the current market. The fair value of investment level working capital is assumed to approximate carrying value due to its primarily short-term monetary nature. The fair value of interest rate derivatives is determined using the methodology described in the Derivatives discussion below. Internal valuations at interim quarter ends, including September 30, 2023, 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, 2023 and December 31, 2022, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level II of the fair value hierarchy. Liabilities of consolidated VIEs Our consolidated VIE liabilities generally represent bonds that are not owned by us. The majority of these are either traded in the marketplace or can be analogized to similar securities that are traded in the marketplace. For these liabilities, pricing is considered to be Level II, where the valuation is based upon quoted prices for similar instruments traded in active markets. We generally utilize third party pricing service providers for valuing these liabilities. In order to determine whether to utilize the valuations provided by third parties, we conduct an ongoing evaluation of their valuation methodologies and processes, as well as a review of the individual valuations themselves. In evaluating third party pricing for reasonableness, we consider a variety of factors, including market transaction information for the particular bond, market transaction information for bonds within the same trust, market transaction information for similar bonds, the bond’s ratings and the bond’s subordination levels. For the minority portion of our consolidated VIE liabilities which consist of unrated or non-investment grade bonds that are not owned by us, pricing may be either Level II or Level III. If independent third party pricing similar to that noted above is available, we consider the valuation to be Level II. If such third party pricing is not available, the valuation is generated from model-based techniques that use significant unobservable assumptions, and we consider the valuation to be Level III. For VIE liabilities classified as Level III, valuation is determined based on discounted expected future cash flows which take into consideration expected duration and yields based on market transaction information, ratings, subordination levels, vintage and current market spread. VIE liabilities may shift between Level II and Level III of the fair value hierarchy if the significant fair value inputs used to price the VIE liabilities become or cease to be observable. Assets of consolidated VIEs The securitization VIEs in which we invest are “static”; that is, no reinvestment is permitted, and there is no active management of the underlying assets. In determining the fair value of the assets of the VIE, we maximize the use of observable inputs over unobservable inputs. The individual assets of a VIE are inherently incapable of precise measurement given their illiquid nature and the limitations on available information related to these assets. Because our methodology for valuing these assets does not value the individual assets of a VIE, but rather uses the value of the VIE liabilities as an indicator of the fair value of VIE assets as a whole, we have determined that our valuations of VIE assets in their entirety should be classified in Level III of the fair value hierarchy. Fair Value Only Disclosed We determine the fair value of our financial instruments and assets where fair value is disclosed as follows: Loans held-for-investment We estimate the fair values of our loans not carried at fair value on a recurring basis by discounting their expected cash flows at a rate we estimate would be demanded by the market participants that are most likely to buy our loans. The expected cash flows used are generally the same as those used to calculate our level yield income in the financial statements. Since these inputs are unobservable, we have determined that the fair value of these loans in their entirety would be classified in Level III of the fair value hierarchy. HTM debt securities We estimate the fair value of our mandatorily redeemable preferred equity interests in commercial real estate companies and infrastructure bonds using the same methodology described for our loans held-for-investment. We estimate the fair value of our HTM CMBS using the same methodology described for our CMBS carried at fair value on a recurring basis. Secured financing agreements, CLOs and SASB The fair value of the secured financing agreements, CLOs and SASB are determined by discounting the contractual cash flows at the interest rate we estimate such arrangements would bear if executed in the current market. We have determined that our valuation of these instruments should be classified in Level III of the fair value hierarchy. Unsecured senior notes The fair value of our unsecured senior notes is determined based on the last available bid price for the respective notes in the current market. As these prices represent observable market data, we have determined that the fair value of these instruments would be classified in Level II of the fair value hierarchy. Fair Value Disclosures The following tables present our financial assets and liabilities carried at fair value on a recurring basis in the consolidated balance sheets by their level in the fair value hierarchy as of September 30, 2023 and December 31, 2022 (amounts in thousands): September 30, 2023 Total Level I Level II Level III Financial Assets: Loans under fair value option $ 2,602,265 $ — $ — $ 2,602,265 RMBS 102,076 — — 102,076 CMBS 18,740 — — 18,740 Equity security 8,829 8,829 — — Woodstar Fund investments 1,979,184 — — 1,979,184 Domestic servicing rights 18,188 — — 18,188 Derivative assets 133,016 — 133,016 — VIE assets 44,668,904 — — 44,668,904 Total $ 49,531,202 $ 8,829 $ 133,016 $ 49,389,357 Financial Liabilities: Derivative liabilities $ 85,657 $ — $ 85,657 $ — VIE liabilities 42,997,104 — 37,628,700 5,368,404 Total $ 43,082,761 $ — $ 37,714,357 $ 5,368,404 December 31, 2022 Total Level I Level II Level III Financial Assets: Loans under fair value option $ 2,784,594 $ — $ — $ 2,784,594 RMBS 113,386 — — 113,386 CMBS 19,108 — — 19,108 Equity security 9,840 9,840 — — Woodstar Fund investments 1,761,002 — — 1,761,002 Domestic servicing rights 17,790 — — 17,790 Derivative assets 108,621 — 108,621 — VIE assets 52,453,041 — — 52,453,041 Total $ 57,267,382 $ 9,840 $ 108,621 $ 57,148,921 Financial Liabilities: Derivative liabilities $ 91,404 $ — $ 91,404 $ — VIE liabilities 50,754,355 — 45,248,412 5,505,943 Total $ 50,845,759 $ — $ 45,339,816 $ 5,505,943 The changes in financial assets and liabilities classified as Level III are as follows for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands): Three Months Ended September 30, 2023 Loans at RMBS CMBS Woodstar 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) Three Months Ended September 30, 2022 Loans at RMBS CMBS Woodstar Fund Investments Domestic VIE Assets VIE Total July 1, 2022 balance $ 2,197,501 $ 124,439 $ 20,965 $ 1,558,850 $ 17,499 $ 57,993,563 $ (5,980,634) $ 55,932,183 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale (87,474) — (84) 110,415 515 (3,778,193) 824,214 (2,930,607) Net accretion — 1,744 — — — — — 1,744 Included in OCI — (6,194) — — — — — (6,194) Purchases / Originations 186,397 — — — — — — 186,397 Sales (1,266) — — — — — — (1,266) Cash repayments / receipts (37,998) (3,412) (229) — — — (4,887) (46,526) Transfers into Level III 1,700 — — — — — (573,303) (571,603) Transfers out of Level III (70,389) — — — — — 241,613 171,224 September 30, 2022 balance $ 2,188,471 $ 116,577 $ 20,652 $ 1,669,265 $ 18,014 $ 54,215,370 $ (5,492,997) $ 52,735,352 Amount of unrealized gains (losses) attributable to assets still held at September 30, 2022: Included in earnings $ (92,162) $ 1,744 $ (84) $ 110,415 $ 515 $ (3,778,193) $ 824,214 $ (2,933,551) Included in OCI $ — $ (6,194) $ — $ — $ — $ — $ — $ (6,194) 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) Nine Months Ended September 30, 2022 Loans at RMBS CMBS Woodstar Fund Investments Domestic VIE Assets VIE Total January 1, 2022 balance $ 2,936,025 $ 143,980 $ 22,244 $ 1,040,309 $ 16,780 $ 61,280,543 $ (4,780,221) $ 60,659,660 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale (326,737) — (1,441) 628,956 1,234 (10,696,486) 1,746,436 (8,648,038) Net accretion — 6,974 — — — — — 6,974 Included in OCI — (18,177) — — — — — (18,177) Purchases / Originations 3,793,467 — — — — — — 3,793,467 Sales (3,588,953) — — — — — — (3,588,953) Cash repayments / receipts (152,847) (16,200) (681) — — — (5,712) (175,440) Transfers into Level III 1,847 — — — — — (1,203,420) (1,201,573) Transfers out of Level III (474,331) — — — — — 559,062 84,731 Consolidation of VIEs — — — — — 4,361,325 (1,810,101) 2,551,224 Deconsolidation of VIEs — — 530 — — (730,012) 959 (728,523) September 30, 2022 balance $ 2,188,471 $ 116,577 $ 20,652 $ 1,669,265 $ 18,014 $ 54,215,370 $ (5,492,997) $ 52,735,352 Amount of unrealized gains (losses) attributable to assets still held at September 30, 2022: Included in earnings $ (258,652) $ 6,641 $ (911) $ 628,956 $ 1,234 $ (10,696,486) $ 1,746,436 $ (8,572,782) Included in OCI $ — $ (17,771) $ — $ — $ — $ — $ — $ (17,771) 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, 2023 December 31, 2022 Carrying Fair Carrying Fair Financial assets not carried at fair value: Loans $ 17,234,205 $ 17,185,073 $ 18,401,439 $ 18,215,072 HTM debt securities 591,948 562,523 673,470 637,275 Financial liabilities not carried at fair value: Secured financing agreements, CLOs and SASB $ 17,076,155 $ 16,926,451 $ 18,177,756 $ 18,017,651 Unsecured senior notes 2,456,583 2,314,681 2,329,211 2,199,135 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, 2023 Valuation Unobservable Range (Weighted Average) as of (1) September 30, 2023 December 31, 2022 Loans under fair value option $ 2,602,265 Discounted cash flow, market pricing Coupon (d) 2.8% - 9.9% (4.6%) 2.8% - 9.3% (4.5%) Remaining contractual term (d) 4.5 - 38.8 years (27.1 years) 5.3 - 39.5 years (28.6 years) FICO score (a) 585 - 900 (749) 585 - 900 (749) LTV (b) 0% - 138% (66%) 4% - 92% (67%) Purchase price (d) 80.0% - 114.1% (101.3%) 80.0% - 108.6% (101.4%) RMBS 102,076 Discounted cash flow Constant prepayment rate (a) 2.7% - 10.0% (5.0%) 2.8% - 12.0% (5.5%) Constant default rate (b) 1.0% - 4.2% (1.8%) 1.1% - 4.4% (2.0%) Loss severity (b) 0% - 91% (20%) (f) 0% - 109% (24%) (f) Delinquency rate (c) 8% - 24% (14%) 6% - 29% (16%) Servicer advances (a) 27% - 78% (51%) 31% - 77.7% (53%) Annual coupon deterioration (b) 0% - 3.2% (0.1%) 0% - 2.6% (0.1%) Putback amount per projected total collateral loss (e) 0% - 8% (0.5%) 0% - 8% (0.5%) CMBS 18,740 Discounted cash flow Yield (b) 0% - 663.2% (10.7%) 0% - 117.5% (10.1%) Duration (c) 0 - 6.9 years (2.6 years) 0 - 7.7 years (3.0 years) Woodstar Fund investments 1,979,184 Discounted cash flow Discount rate - properties (b) N/A 6.3% - 6.8% (6.5%) Discount rate - debt (a) 5.7% - 7.7% (6.3%) 5.6% - 6.7% (6.1%) Terminal capitalization rate (b) N/A 5.0% - 5.5% (5.1%) Direct capitalization rate (b) 4.2% (4.2%) 4.2% (4.2%) (Implied) Domestic servicing rights 18,188 Discounted cash flow Debt yield (a) 8.50% (8.50%) 8.25% (8.25%) Discount rate (b) 15% (15%) 15% (15%) VIE assets 44,668,904 Discounted cash flow Yield (b) 0% - 420.1% (16.8%) 0% - 453.6% (15.3%) Duration (c) 0 - 10.2 years (2.4 years) 0 - 11.0 years (2.4 years) VIE liabilities 5,368,404 Discounted cash flow Yield (b) 0% - 420.1% (11.8%) 0% - 453.6% (10.4%) Duration (c) 0 - 10.2 years (2.1 years) 0 - 11.0 years (1.8 years) ______________________________________________________________________________________________________________________ (1) Unobservable inputs were weighted by the relative carrying value of the instruments as of September 30, 2023 and December 31, 2022. Information about Uncertainty of Fair Value Measurements (a) Significant increase (decrease) in the unobservable input in isolation would result in a significantly higher (lower) fair value measurement. (b) Significant increase (decrease) in the unobservable input in isolation would result in a significantly lower (higher) fair value measurement. (c) Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (higher or lower) fair value measurement depending on the structural features of the security in question. (d) This unobservable input is not subject to variability as of the respective reporting dates. (e) Any delay in the putback recovery date leads to a decrease in fair value for the majority of securities in our RMBS portfolio. (f) 7% and 10% of the portfolio falls within a range of 45% - 80% as of September 30, 2023 and December 31, 2022, respectively.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Certain of our domestic subsidiaries have elected to be treated as taxable REIT subsidiaries (“TRSs”). TRSs permit us to participate in certain activities from which REITs are generally precluded, as long as these activities meet specific criteria, are conducted within the parameters of certain limitations established by the Code and are conducted in entities which elect to be treated as taxable subsidiaries under the Code. To the extent these criteria are met, we will continue to maintain our qualification as a REIT. Our TRSs engage in various real estate-related operations, including special servicing of commercial real estate, originating and securitizing mortgage loans, and investing in entities which engage in real estate-related operations. As of September 30, 2023 and December 31, 2022, approximately $3.1 billion and $3.2 billion, respectively, of assets were owned by TRS entities. Our TRSs are not consolidated for U.S. federal income tax purposes, but are instead taxed as corporations. For financial reporting purposes, a provision for current and deferred taxes is established for the portion of earnings recognized by us with respect to our interest in TRSs. The following table is a reconciliation of our U.S. federal income tax provision determined using our statutory federal tax rate to our reported income tax (benefit) for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Federal statutory tax rate $ 8,395 21.0 % $ 36,768 21.0 % $ 66,049 21.0 % $ 176,580 21.0 % REIT and other non-taxable income (17,486) (43.7) % (75,642) (43.1) % (81,262) (25.8) % (213,073) (25.3) % State income taxes (2,987) (7.5) % (12,772) (7.3) % (4,999) (1.6) % (11,990) (1.4) % Federal benefit of state tax deduction 628 1.6 % 2,682 1.5 % 1,050 0.3 % 2,518 0.3 % Intra-entity transfers — — % — — % — — % (3,868) (0.5) % Other 51 0.1 % 209 0.1 % 165 0.1 % 834 0.1 % Effective tax rate $ (11,399) (28.5) % $ (48,755) (27.8) % $ (18,997) (6.0) % $ (48,999) (5.8) %

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of September 30, 2023, our Commercial and Residential Lending Segment had future commercial loan funding commitments totaling $1.8 billion, of which we expect to fund $1.4 billion. These future funding commitments primarily relate to construction projects, capital improvements, tenant improvements and leasing commissions. As of September 30, 2023, our Infrastructure Lending Segment had future infrastructure loan funding commitments totaling $167.3 million, including $121.1 million under revolvers and letters of credit (“LCs”), and $46.2 million under delayed draw term loans. As of September 30, 2023, $8.5 million of revolvers and LCs were outstanding. 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, 2023
Segment Reporting [Abstract]
Segment Data	Segment DataIn its operation of the business, management, including our chief operating decision maker, who is our Chief Executive Officer, reviews certain financial information, including segmented internal profit and loss statements prepared on a basis prior to the impact of consolidating securitization VIEs under ASC 810. The segment information within this Note is reported on that basis. The table below presents our results of operations for the three months ended 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 Acquisition and investment pursuit costs 207 4 — — — 211 — 211 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 516 — — — — 516 — 516 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 three months ended September 30, 2022 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 284,197 $ 43,018 $ — $ 1,139 $ — $ 328,354 $ — $ 328,354 Interest income from investment securities 28,560 1,204 — 27,585 — 57,349 (38,330) 19,019 Servicing fees 142 — — 11,830 — 11,972 (3,545) 8,427 Rental income 1,944 — 22,886 8,102 — 32,932 — 32,932 Other revenues 138 129 54 1,491 — 1,812 (3) 1,809 Total revenues 314,981 44,351 22,940 50,147 — 432,419 (41,878) 390,541 Costs and expenses: Management fees 227 — — — 27,129 27,356 — 27,356 Interest expense 145,107 22,500 9,266 6,601 39,166 222,640 (217) 222,423 General and administrative 16,458 3,588 933 20,046 4,384 45,409 86 45,495 Acquisition and investment pursuit costs 1,164 2 — 47 — 1,213 — 1,213 Costs of rental operations 2,633 — 5,793 3,780 — 12,206 — 12,206 Depreciation and amortization 1,629 101 8,161 2,720 — 12,611 — 12,611 Credit loss provision, net 8,401 6,942 — — — 15,343 — 15,343 Total costs and expenses 175,619 33,133 24,153 33,194 70,679 336,778 (131) 336,647 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 37,146 37,146 Change in fair value of servicing rights — — — 357 — 357 158 515 Change in fair value of investment securities, net 16,398 — — (21,412) — (5,014) 4,931 (83) Change in fair value of mortgage loans, net (90,159) — — 2,685 — (87,474) — (87,474) Income from affordable housing fund investments — — 117,527 — — 117,527 — 117,527 (Loss) earnings from unconsolidated entities (4,044) 1,892 — 602 — (1,550) (494) (2,044) (Loss) gain on sale of investments and other assets, net (288) — — 13,741 — 13,453 — 13,453 Gain (loss) on derivative financial instruments, net 220,296 331 10,262 6,849 (31,668) 206,070 — 206,070 Foreign currency (loss) gain, net (107,087) (253) 22 — — (107,318) — (107,318) Loss on extinguishment of debt — — — (212) — (212) — (212) Other loss, net (56,391) — — — — (56,391) — (56,391) Total other income (loss) (21,275) 1,970 127,811 2,610 (31,668) 79,448 41,741 121,189 Income (loss) before income taxes 118,087 13,188 126,598 19,563 (102,347) 175,089 (6) 175,083 Income tax benefit (provision) 53,099 2 — (4,346) — 48,755 — 48,755 Net income (loss) 171,186 13,190 126,598 15,217 (102,347) 223,844 (6) 223,838 Net income attributable to non-controlling interests (3) — (28,486) (793) — (29,282) 6 (29,276) Net income (loss) attributable to Starwood Property Trust, Inc . $ 171,183 $ 13,190 $ 98,112 $ 14,424 $ (102,347) $ 194,562 $ — $ 194,562 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 Acquisition and investment pursuit costs 665 17 — (57) — 625 — 625 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 1,451 — 23 16 — 1,490 — 1,490 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 results of operations for the nine months ended September 30, 2022 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 714,222 $ 100,097 $ — $ 8,804 $ — $ 823,123 $ — $ 823,123 Interest income from investment securities 71,987 3,124 — 75,964 — 151,075 (102,767) 48,308 Servicing fees 420 — — 41,517 — 41,937 (10,965) 30,972 Rental income 4,674 — 67,879 23,483 — 96,036 — 96,036 Other revenues 251 287 152 10,999 3 11,692 (12) 11,680 Total revenues 791,554 103,508 68,031 160,767 3 1,123,863 (113,744) 1,010,119 Costs and expenses: Management fees 758 — — — 113,517 114,275 — 114,275 Interest expense 301,935 49,431 22,421 19,202 109,150 502,139 (647) 501,492 General and administrative 39,905 10,730 2,964 66,603 14,354 134,556 265 134,821 Acquisition and investment pursuit costs 2,401 3 7 (259) — 2,152 — 2,152 Costs of rental operations 4,978 — 16,010 11,106 — 32,094 — 32,094 Depreciation and amortization 3,106 310 24,559 8,523 — 36,498 — 36,498 Credit loss provision, net 13,027 7,096 — — — 20,123 — 20,123 Other expense 1,251 — 55 7 — 1,313 — 1,313 Total costs and expenses 367,361 67,570 66,016 105,182 237,021 843,150 (382) 842,768 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 72,268 72,268 Change in fair value of servicing rights — — — 683 — 683 551 1,234 Change in fair value of investment securities, net (5,019) — — (38,853) — (43,872) 42,189 (1,683) Change in fair value of mortgage loans, net (327,743) — — 1,006 — (326,737) — (326,737) Income from affordable housing fund investments — — 658,733 — — 658,733 — 658,733 (Loss) earnings from unconsolidated entities (2,598) 2,631 — 2,501 — 2,534 (1,623) 911 Gain on sale of investments and other assets, net 86,460 — — 25,599 — 112,059 — 112,059 Gain (loss) on derivative financial instruments, net 465,831 1,228 33,162 43,719 (82,019) 461,921 — 461,921 Foreign currency (loss) gain, net (212,672) (570) 41 — — (213,201) — (213,201) Loss on extinguishment of debt (206) (469) — (360) — (1,035) — (1,035) Other (loss) income, net (90,988) — — — — (90,988) 25 (90,963) Total other income (loss) (86,935) 2,820 691,936 34,295 (82,019) 560,097 113,410 673,507 Income (loss) before income taxes 337,258 38,758 693,951 89,880 (319,037) 840,810 48 840,858 Income tax benefit (provision) 57,682 7 — (8,690) — 48,999 — 48,999 Net income (loss) 394,940 38,765 693,951 81,190 (319,037) 889,809 48 889,857 Net income attributable to non-controlling interests (10) — (148,379) (9,972) — (158,361) (48) (158,409) Net income (loss) attributable to Starwood Property Trust, Inc . $ 394,930 $ 38,765 $ 545,572 $ 71,218 $ (319,037) $ 731,448 $ — $ 731,448 The table below presents our consolidated balance sheet as of September 30, 2023 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Assets: Cash and cash equivalents $ 7,078 $ 35,247 $ 37,281 $ 9,840 $ 105,873 $ 195,319 $ — $ 195,319 Restricted cash 29,474 22,178 997 4,746 178,556 235,951 — 235,951 Loans held-for-investment, net 14,950,568 2,274,318 — 9,319 — 17,234,205 — 17,234,205 Loans held-for-sale 2,499,681 — — 102,584 — 2,602,265 — 2,602,265 Investment securities 1,237,362 19,582 — 1,106,436 — 2,363,380 (1,641,787) 721,593 Properties, net 469,343 — 851,713 84,735 — 1,405,791 — 1,405,791 Investments of consolidated affordable housing fund — — 1,979,184 — — 1,979,184 — 1,979,184 Investments in unconsolidated entities 25,207 48,224 — 33,050 — 106,481 (14,557) 91,924 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Intangible assets 14,153 — 26,375 61,435 — 101,963 (35,974) 65,989 Derivative assets 123,662 134 2,640 6,580 — 133,016 — 133,016 Accrued interest receivable 160,815 9,574 1,298 1,770 88 173,545 (285) 173,260 Other assets 394,099 6,306 51,914 19,533 54,590 526,442 — 526,442 VIE assets, at fair value — — — — — — 44,668,904 44,668,904 Total Assets $ 19,911,442 $ 2,534,972 $ 2,951,402 $ 1,580,465 $ 339,107 $ 27,317,388 $ 42,976,301 $ 70,293,689 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 266,031 $ 21,885 $ 12,724 $ 35,998 $ 71,077 $ 407,715 $ — $ 407,715 Related-party payable — — — — 24,282 24,282 — 24,282 Dividends payable — — — — 152,737 152,737 — 152,737 Derivative liabilities 15,901 — — — 69,756 85,657 — 85,657 Secured financing agreements, net 9,974,212 935,043 791,461 539,820 1,338,203 13,578,739 (20,858) 13,557,881 Collateralized loan obligations and single asset securitization, net 2,702,506 815,768 — — — 3,518,274 — 3,518,274 Unsecured senior notes, net — — — — 2,456,583 2,456,583 — 2,456,583 VIE liabilities, at fair value — — — — — — 42,997,104 42,997,104 Total Liabilities 12,958,650 1,772,696 804,185 575,818 4,112,638 20,223,987 42,976,246 63,200,233 Temporary Equity: Redeemable non-controlling interests — — 409,659 — — 409,659 — 409,659 Permanent Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 3,205 3,205 — 3,205 Additional paid-in capital 1,522,081 616,063 (428,536) (680,659) 4,827,013 5,855,962 — 5,855,962 Treasury stock — — — — (138,022) (138,022) — (138,022) Retained earnings (accumulated deficit) 5,416,479 146,213 1,957,453 1,531,338 (8,465,727) 585,756 — 585,756 Accumulated other comprehensive income 14,114 — — — — 14,114 — 14,114 Total Starwood Property Trust, Inc. Stockholders’ Equity 6,952,674 762,276 1,528,917 850,679 (3,773,531) 6,321,015 — 6,321,015 Non-controlling interests in consolidated subsidiaries 118 — 208,641 153,968 — 362,727 55 362,782 Total Permanent Equity 6,952,792 762,276 1,737,558 1,004,647 (3,773,531) 6,683,742 55 6,683,797 Total Liabilities and Equity $ 19,911,442 $ 2,534,972 $ 2,951,402 $ 1,580,465 $ 339,107 $ 27,317,388 $ 42,976,301 $ 70,293,689 The table below presents our consolidated balance sheet as of December 31, 2022 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Assets: Cash and cash equivalents $ 68,593 $ 31,153 $ 31,194 $ 39,023 $ 91,098 $ 261,061 $ — $ 261,061 Restricted cash 18,556 31,133 981 5,259 65,143 121,072 — 121,072 Loans held-for-investment, net 16,038,930 2,352,932 — 9,577 — 18,401,439 — 18,401,439 Loans held-for-sale 2,763,458 — — 21,136 — 2,784,594 — 2,784,594 Investment securities 1,250,893 66,204 — 1,165,628 — 2,482,725 (1,666,921) 815,804 Properties, net 463,492 — 864,778 121,716 — 1,449,986 — 1,449,986 Investments of consolidated affordable housing fund — — 1,761,002 — — 1,761,002 — 1,761,002 Investments in unconsolidated entities 25,326 47,078 — 33,030 — 105,434 (13,542) 91,892 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Intangible assets 11,908 — 29,613 66,310 — 107,831 (39,058) 68,773 Derivative assets 101,082 122 1,803 5,614 — 108,621 — 108,621 Accrued interest receivable 151,852 9,856 863 1,105 5,120 168,796 (275) 168,521 Other assets 170,177 3,614 54,313 12,929 56,444 297,477 — 297,477 VIE assets, at fair value — — — — — — 52,453,041 52,453,041 Total Assets $ 21,064,267 $ 2,661,501 $ 2,744,547 $ 1,621,764 $ 217,805 $ 28,309,884 $ 50,733,245 $ 79,043,129 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 146,897 $ 20,656 $ 11,716 $ 46,377 $ 73,353 $ 298,999 $ — $ 298,999 Related-party payable — — — — 41,186 41,186 — 41,186 Dividends payable — — — — 151,511 151,511 — 151,511 Derivative liabilities 21,523 105 — — 69,776 91,404 — 91,404 Secured financing agreements, net 10,804,970 1,042,679 789,719 543,256 1,342,074 14,522,698 (21,166) 14,501,532 Collateralized loan obligations and single asset securitization, net 2,862,211 814,013 — — — 3,676,224 — 3,676,224 Unsecured senior notes, net — — — — 2,329,211 2,329,211 — 2,329,211 VIE liabilities, at fair value — — — — — — 50,754,355 50,754,355 Total Liabilities 13,835,601 1,877,453 801,435 589,633 4,007,111 21,111,233 50,733,189 71,844,422 Temporary Equity: Redeemable non-controlling interests — — 362,790 — — 362,790 — 362,790 Permanent Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 3,181 3,181 — 3,181 Additional paid-in capital 2,124,496 683,258 (405,955) (646,662) 4,051,950 5,807,087 — 5,807,087 Treasury stock — — — — (138,022) (138,022) — (138,022) Retained earnings (accumulated deficit) 5,083,100 100,790 1,777,643 1,514,119 (7,706,415) 769,237 — 769,237 Accumulated other comprehensive income 20,955 — — — — 20,955 — 20,955 Total Starwood Property Trust, Inc. Stockholders’ Equity 7,228,551 784,048 1,371,688 867,457 (3,789,306) 6,462,438 — 6,462,438 Non-controlling interests in consolidated subsidiaries 115 — 208,634 164,674 — 373,423 56 373,479 Total Permanent Equity 7,228,666 784,048 1,580,322 1,032,131 (3,789,306) 6,835,861 56 6,835,917 Total Liabilities and Equity $ 21,064,267 $ 2,661,501 $ 2,744,547 $ 1,621,764 $ 217,805 $ 28,309,884 $ 50,733,245 $ 79,043,129

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Our significant events subsequent to September 30, 2023 were as follows: New Jersey Retail and Entertainment Loan During October 2023, we received distributions totaling $52.3 million from an unconsolidated investee that owns an equity interest in an entertainment and retail center. This equity interest was originally obtained in 2021 in order to facilitate repayment of a senior loan on a retail and entertainment project in New Jersey which had a balance of $220.1 million at September 30, 2023 prior to the receipt of these distributions. The loan has been on nonaccrual status since 2021. These distributions will reduce our carrying value of the loan and related equity interest. 2023 Senior Notes On November 1, 2023, we repaid the entire $300.0 million of our 2023 Senior Notes upon maturity.

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 47,435	$ 194,562	$ 268,252	$ 731,448

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2023 shares	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Jeffrey F. DiModica [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On September 28, 2023, Jeffrey F. DiModica, the President of the Company, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c). Mr. DiModica’s trading plan provides for the sale of up to a maximum of 100,000 shares of Company common stock at price and volume thresholds set forth in the plan during specified trading periods between December 26, 2023 and June 28, 2024, the plan's termination date.
Name	Jeffrey F. DiModica
Title	President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 28, 2023
Arrangement Duration	185 days
Aggregate Available	100,000	100,000

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Balance Sheet Presentation of Securitization Variable Interest Entities	Balance Sheet Presentation of Securitization Variable Interest Entities We operate investment businesses that acquire unrated, investment grade and non-investment grade rated CMBS and RMBS. These securities represent interests in securitization structures (commonly referred to as special purpose entities, or “SPEs”). These SPEs are structured as pass through entities that receive principal and interest on the underlying collateral and distribute those payments to the certificate holders. Under accounting principles generally accepted in the United States of America (“GAAP”), SPEs typically qualify as VIEs. These are entities that, by design, either (1) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. Because we often serve as the special servicer or servicing administrator of the trusts in which we invest, or we have the ability to remove and replace the special servicer without cause, consolidation of these structures is required pursuant to GAAP as outlined in detail below. This results in a consolidated balance sheet which presents the gross assets and liabilities of the VIEs. The assets and other instruments held by these VIEs are restricted and can only be used to fulfill the obligations of the entity. Additionally, the obligations of the VIEs do not have any recourse to the general credit of any other consolidated entities, nor to us as the consolidator of these VIEs. The VIE liabilities initially represent investment securities on our balance sheet (pre-consolidation). Upon consolidation of these VIEs, our associated investment securities are eliminated, as is the interest income related to those securities. Similarly, the fees we earn in our roles as special servicer of the bonds issued by the consolidated VIEs or as collateral administrator of the consolidated VIEs are also eliminated. Finally, a portion of the identified servicing intangible associated with the eliminated fee streams is eliminated in consolidation.
Basis of Accounting and Principles of Consolidation	Basis of Accounting and Principles of Consolidation The accompanying 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, 2022 (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, 2023 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, 2022 due to a corporate action or increase in the significance of the underlying business activity or (iv) changed upon adoption of an Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”).
Variable Interest Entities	Variable Interest Entities In addition to the securitization VIEs, we have financed pools of our loans through collateralized loan obligations (“CLOs”) and a single asset securitization (“SASB”), which are considered VIEs. We also hold interests in certain other entities which are considered VIEs as the limited partners of those entities with equity at risk do not collectively possess (i) the right to remove the general partner or dissolve the partnership without cause or (ii) the right to participate in significant decisions made by the partnership. We evaluate all of our interests in VIEs for consolidation. When our interests are determined to be variable interests, we assess whether we are deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. Accounting Standards Codification (“ASC”) 810, Consolidation , defines the primary beneficiary as the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the VIE which could be potentially significant. We consider our variable interests as well as any variable interests of our related parties in making this determination. Where both of these factors are present, we are deemed to be the primary beneficiary and we consolidate the VIE. Where either one of these factors is not present, we are not the primary beneficiary and do not consolidate the VIE. To assess whether we have the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, we consider all facts and circumstances, including our role in establishing the VIE and our ongoing rights and responsibilities. This assessment includes: (i) identifying the activities that most significantly impact the VIE’s economic performance; and (ii) identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE or have the right to unilaterally remove those decision makers are deemed to have the power to direct the activities of a VIE. The right to remove the decision maker in a VIE must be exercisable without cause for the decision maker to not be deemed the party that has the power to direct the activities of a VIE. To assess whether we have the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, we consider all of our economic interests, including debt and equity investments, servicing fees and other arrangements deemed to be variable interests in the VIE. This assessment requires that we apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by us. Our purchased investment securities include unrated and non-investment grade rated securities issued by securitization trusts. In certain cases, we may contract to provide special servicing activities for these trusts, or, as holder of the controlling class, we may have the right to name and remove the special servicer for these trusts. In our role as special servicer, we provide services on defaulted loans within the trusts, such as foreclosure or work-out procedures, as permitted by the underlying contractual agreements. In exchange for these services, we receive a fee. These rights give us the ability to direct activities that could significantly impact the trust’s economic performance. However, in those instances where an unrelated third party has the right to unilaterally remove us as special servicer without cause, we do not have the power to direct activities that most significantly impact the trust’s economic performance. We evaluated all of our positions in such investments for consolidation. For securitization VIEs in which we are determined to be the primary beneficiary, all of the underlying assets, liabilities and equity of the structures are recorded on our books, and the initial investment, along with any associated unrealized holding gains and losses, are eliminated in consolidation. Similarly, the interest income earned from these structures, as well as the fees paid by these trusts to us in our capacity as special servicer, are eliminated in consolidation. Further, a portion of the identified servicing intangible asset associated with the servicing fee streams, and the corresponding amortization or change in fair value of the servicing intangible asset, are also eliminated in consolidation. We perform ongoing reassessments of: (i) whether any entities previously evaluated under the majority voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework, and (ii) whether changes in the facts and circumstances regarding our involvement with a VIE causes our consolidation conclusion regarding the VIE to change. We elect the fair value option for initial and subsequent recognition of the assets and liabilities of our consolidated securitization VIEs. Interest income and interest expense associated with these VIEs are no longer relevant on a standalone basis because these amounts are already reflected in the fair value changes. We have elected to present these items in a single line on our condensed consolidated statements of operations. The residual difference shown on our condensed consolidated statements of operations in the line item “Change in net assets related to consolidated VIEs” represents our beneficial interest in the VIEs. We separately present the assets and liabilities of our consolidated securitization VIEs as individual line items on our condensed consolidated balance sheets. The liabilities of our consolidated securitization VIEs consist solely of obligations to the bondholders of the related trusts, and are thus presented as a single line item entitled “VIE liabilities.” The assets of our consolidated securitization VIEs consist principally of loans, but at times, also include foreclosed loans which have been temporarily converted into real estate owned (“REO”). These assets in the aggregate are likewise presented as a single line item entitled “VIE assets.” Loans comprise the vast majority of our securitization VIE assets and are carried at fair value due to the election of the fair value option. When an asset becomes REO, it is due to non-performance of the loan. Because the loan is already at fair value, the carrying value of an REO asset is also initially at fair value. Furthermore, when we consolidate a trust, any existing REO would be consolidated at fair value. Once an asset becomes REO, its disposition time is relatively short. As a result, the carrying value of an REO generally approximates fair value under GAAP. In addition to sharing a similar measurement method as the loans in a trust, the securitization VIE assets as a whole can only be used to settle the obligations of the consolidated VIE. The assets of our securitization VIEs are not individually accessible by the bondholders, which creates inherent limitations from a valuation perspective. Also creating limitations from a valuation perspective is our role as special servicer, which provides us very limited visibility, if any, into the performing loans of a trust. REO assets generally represent a very small percentage of the overall asset pool of a trust. In new issue trusts there are no REO assets. We estimate that REO assets constitute approximately 1% of our consolidated securitization VIE assets, with the remaining 99% representing loans. However, it is important to note that the fair value of our securitization VIE assets is determined by reference to our securitization VIE liabilities as permitted under ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity . In other words, our VIE liabilities are more reliably measurable than the VIE assets, resulting in our current measurement methodology which utilizes this value to determine the fair value of our securitization VIE assets as a whole. As a result, these percentages are not necessarily indicative of the relative fair values of each of these asset categories if the assets were to be valued individually. Due to our accounting policy election under ASU 2014-13, separately presenting two different asset categories would result in an arbitrary assignment of value to each, with one asset category representing a residual amount, as opposed to its fair value. However, as a pool, the fair value of the assets in total is equal to the fair value of the liabilities. For these reasons, the assets of our securitization VIEs are presented in the aggregate.
Fair Value Option	Fair Value Option The guidance in ASC 825, Financial Instruments , provides a fair value option election that allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. The decision to elect the fair value option is determined on an instrument by instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance are required to be reported separately in our consolidated balance sheets from those instruments using another accounting method. We have elected the fair value option for certain eligible financial assets and liabilities of our consolidated securitization VIEs, residential loans held-for-investment, loans held-for-sale originated or acquired for future securitization and purchased CMBS issued by VIEs we could consolidate in the future. The fair value elections for VIE and securitization related items were made in order to mitigate accounting mismatches between the carrying value of the instruments and the related assets and liabilities that we consolidate at fair value. The fair value elections for residential loans held-for-investment were made in order to maintain consistency across all our residential loans. The fair value elections for mortgage loans held-for-sale were made due to the expected short-term holding period of these instruments.
Fair Value Measurements	Fair Value Measurements We measure our mortgage-backed securities, investments of consolidated affordable housing fund, derivative assets and liabilities, domestic servicing rights intangible asset and any assets or liabilities where we have elected the fair value option at fair value. When actively quoted observable prices are not available, we either use implied pricing from similar assets and liabilities or valuation models based on net present values of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors. As discussed above, we measure the assets and liabilities of consolidated securitization VIEs at fair value pursuant to our election of the fair value option. The securitization VIEs in which we invest are “static”; that is, no reinvestment is permitted, and there is no active management of the underlying assets. In determining the fair value of the assets and liabilities of the securitization VIEs, we maximize the use of observable inputs over unobservable inputs. Refer to Note 20 for further discussion regarding our fair value measurements. Valuation Process We have valuation control processes in place to validate the fair value of the Company’s financial assets and liabilities measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable. Pricing Verification —We use recently executed transactions, other observable market data such as exchange data, broker/dealer quotes, third party pricing vendors and aggregation services for validating the fair values generated using valuation models. Pricing data provided by approved external sources is evaluated using a number of approaches; for example, by corroborating the external sources’ prices to executed trades, analyzing the methodology and assumptions used by the external source to generate a price and/or by evaluating how active the third party pricing source (or originating sources used by the third party pricing source) is in the market. Unobservable Inputs —Where inputs are not observable, we review the appropriateness of the proposed valuation methodology to ensure it is consistent with how a market participant would arrive at the unobservable input. The valuation methodologies utilized in the absence of observable inputs may include extrapolation techniques and the use of comparable observable inputs. Any changes to the valuation methodology will be reviewed by our management to ensure the changes are appropriate. The methods used may produce a fair value calculation that is not indicative of net realizable value or reflective of future fair values. Furthermore, while we anticipate that our valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value could result in a different estimate of fair value at the reporting date. Fair Value on a Recurring Basis We determine the fair value of our financial assets and liabilities measured at fair value on a recurring basis as follows: Loans held-for-sale, commercial We measure the fair value of our commercial mortgage loans held-for-sale using a discounted cash flow analysis unless observable market data (i.e., securitized pricing) is available. A discounted cash flow analysis requires management to make estimates regarding future interest rates and credit spreads. The most significant of these inputs relates to credit spreads and is unobservable. Thus, we have determined that the fair values of mortgage loans valued using a discounted cash flow analysis should be classified in Level III of the fair value hierarchy, while mortgage loans valued using securitized pricing should be classified in Level II of the fair value hierarchy. Mortgage loans classified in Level III are transferred to Level II if securitized pricing becomes available. Loans held-for-sale, residential We measure the fair value of our residential loans held-for-sale based on the net present value of expected future cash flows using a combination of observable and unobservable inputs. Observable market participant assumptions include pricing related to trades of residential loans with similar characteristics. Unobservable inputs include the expectation of future cash flows, which involves judgments about the underlying collateral, the creditworthiness of the borrower, estimated prepayment speeds, estimated future credit losses, forward interest rates, investor yield requirements and certain other factors. At each measurement date, we consider both the observable and unobservable valuation inputs in the determination of fair value. However, given the significance of the unobservable inputs, these loans have been classified within Level III. RMBS RMBS are valued utilizing observable and unobservable market inputs. The observable market inputs include recent transactions, broker quotes and vendor prices (“market data”). However, given the implied price dispersion amongst the market data, the fair value determination for RMBS has also utilized significant unobservable inputs in discounted cash flow models including prepayments, default and severity estimates based on the recent performance of the collateral, the underlying collateral characteristics, industry trends, as well as expectations of macroeconomic events (e.g., housing price curves, interest rate curves, etc.). At each measurement date, we consider both the observable and unobservable valuation inputs in the determination of fair value. However, given the significance of the unobservable inputs these securities have been classified within Level III. CMBS CMBS are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, recent trades of similar securities and the spreads used in the prior valuation. We obtain current market spread information where available and use this information in evaluating and validating the market price of all CMBS. Depending upon the significance of the fair value inputs used in determining these fair values, these securities are classified in either Level II or Level III of the fair value hierarchy. CMBS may shift between Level II and Level III of the fair value hierarchy if the significant fair value inputs used to price the CMBS become or cease to be observable. Equity security The equity security is publicly registered and traded in the U.S. and its market price is listed on the London Stock Exchange. The security has been classified within Level I. Woodstar Fund Investments The fair value of investments held by the Woodstar Fund is determined based on observable and unobservable market inputs. The initial fair value of the Woodstar Fund’s investments at its November 5, 2021 establishment date was determined by reference to the purchase price paid by third party investors, which was consistent with both a recent external appraisal as well as our extensive marketing efforts to sell interests in the Woodstar Fund, plus working capital. The fair value of the Woodstar Fund’s investments as of December 31, 2022 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, the third party appraisal discounted the contractual cash flows at the interest rate at which such arrangements would bear if executed in the current market. The fair value of investment level working capital is assumed to approximate carrying value due to its primarily short-term monetary nature. The fair value of interest rate derivatives is determined using the methodology described in the Derivatives discussion below. Internal valuations at interim quarter ends, including September 30, 2023, 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, 2023 and December 31, 2022, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level II of the fair value hierarchy. Liabilities of consolidated VIEs Our consolidated VIE liabilities generally represent bonds that are not owned by us. The majority of these are either traded in the marketplace or can be analogized to similar securities that are traded in the marketplace. For these liabilities, pricing is considered to be Level II, where the valuation is based upon quoted prices for similar instruments traded in active markets. We generally utilize third party pricing service providers for valuing these liabilities. In order to determine whether to utilize the valuations provided by third parties, we conduct an ongoing evaluation of their valuation methodologies and processes, as well as a review of the individual valuations themselves. In evaluating third party pricing for reasonableness, we consider a variety of factors, including market transaction information for the particular bond, market transaction information for bonds within the same trust, market transaction information for similar bonds, the bond’s ratings and the bond’s subordination levels. For the minority portion of our consolidated VIE liabilities which consist of unrated or non-investment grade bonds that are not owned by us, pricing may be either Level II or Level III. If independent third party pricing similar to that noted above is available, we consider the valuation to be Level II. If such third party pricing is not available, the valuation is generated from model-based techniques that use significant unobservable assumptions, and we consider the valuation to be Level III. For VIE liabilities classified as Level III, valuation is determined based on discounted expected future cash flows which take into consideration expected duration and yields based on market transaction information, ratings, subordination levels, vintage and current market spread. VIE liabilities may shift between Level II and Level III of the fair value hierarchy if the significant fair value inputs used to price the VIE liabilities become or cease to be observable. Assets of consolidated VIEs The securitization VIEs in which we invest are “static”; that is, no reinvestment is permitted, and there is no active management of the underlying assets. In determining the fair value of the assets of the VIE, we maximize the use of observable inputs over unobservable inputs. The individual assets of a VIE are inherently incapable of precise measurement given their illiquid nature and the limitations on available information related to these assets. Because our methodology for valuing these assets does not value the individual assets of a VIE, but rather uses the value of the VIE liabilities as an indicator of the fair value of VIE assets as a whole, we have determined that our valuations of VIE assets in their entirety should be classified in Level III of the fair value hierarchy. Fair Value Only Disclosed We determine the fair value of our financial instruments and assets where fair value is disclosed as follows: Loans held-for-investment We estimate the fair values of our loans not carried at fair value on a recurring basis by discounting their expected cash flows at a rate we estimate would be demanded by the market participants that are most likely to buy our loans. The expected cash flows used are generally the same as those used to calculate our level yield income in the financial statements. Since these inputs are unobservable, we have determined that the fair value of these loans in their entirety would be classified in Level III of the fair value hierarchy. HTM debt securities We estimate the fair value of our mandatorily redeemable preferred equity interests in commercial real estate companies and infrastructure bonds using the same methodology described for our loans held-for-investment. We estimate the fair value of our HTM CMBS using the same methodology described for our CMBS carried at fair value on a recurring basis. Secured financing agreements, CLOs and SASB The fair value of the secured financing agreements, CLOs and SASB are determined by discounting the contractual cash flows at the interest rate we estimate such arrangements would bear if executed in the current market. We have determined that our valuation of these instruments should be classified in Level III of the fair value hierarchy. Unsecured senior notes The fair value of our unsecured senior notes is determined based on the last available bid price for the respective notes in the current market. As these prices represent observable market data, we have determined that the fair value of these instruments would be classified in Level II of the fair value hierarchy.
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. 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
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, 2023 and 2022, 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, 2023. Actual results may ultimately differ from those estimates.
Recent Accounting Developments	Recent Accounting Developments On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting, and on January 11, 2021, issued ASU 2021-01, Reference Rate Reform (Topic 848) – Scope, both of which provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or other reference rates expected to be discontinued because of reference rate reform. These ASUs are effective through December 31, 2024, as extended by ASU 2022-06, Deferral of the Sunset Date of Topic 848, issued by the FASB on December 21, 2022. The Company has not adopted any of the optional expedients or exceptions through September 30, 2023.

Loans (Tables)

Loans (Tables)	9 Months Ended
Loans (Tables)	Sep. 30, 2023
Receivables [Abstract]
Schedule of Investments in Mortgages and Loans by Subordination Class	The following tables summarize our investments in mortgages and loans as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 Carrying Face Weighted Weighted Loans held-for-investment: Commercial loans: First mortgages (3) $ 14,812,543 $ 14,887,200 9.0 % 1.3 Subordinated mortgages (4) 75,097 75,617 14.8 % 1.1 Mezzanine loans (3) 246,968 248,518 13.5 % 1.6 Other 87,193 88,339 9.6 % 1.6 Total commercial loans 15,221,801 15,299,674 Infrastructure first priority loans 2,283,724 2,334,472 9.6 % 4.0 Total loans held-for-investment 17,505,525 17,634,146 Loans held-for-sale: Residential, fair value option 2,499,681 2,954,536 4.5 % N/A (5) Commercial, fair value option 102,584 107,997 7.0 % 6.1 Total loans held-for-sale 2,602,265 3,062,533 Total gross loans 20,107,790 $ 20,696,679 Credit loss allowances: Commercial loans held-for-investment (261,914) Infrastructure loans held-for-investment (9,406) Total allowances (271,320) Total net loans $ 19,836,470 December 31, 2022 Loans held-for-investment: Commercial loans: First mortgages (3) $ 15,562,452 $ 15,648,358 7.9 % 1.7 Subordinated mortgages (4) 71,100 72,118 13.6 % 1.8 Mezzanine loans (3) 445,363 442,339 12.9 % 1.0 Other 58,393 59,393 8.2 % 1.4 Total commercial loans 16,137,308 16,222,208 Infrastructure first priority loans 2,363,544 2,395,762 8.6 % 3.9 Total loans held-for-investment 18,500,852 18,617,970 Loans held-for-sale: Residential, fair value option 2,763,458 3,092,915 4.5 % N/A (5) Commercial, fair value option 21,136 23,900 5.7 % 8.6 Total loans held-for-sale 2,784,594 3,116,815 Total gross loans 21,285,446 $ 21,734,785 Credit loss allowances: Commercial loans held-for-investment (88,801) Infrastructure loans held-for-investment (10,612) Total allowances (99,413) Total net loans $ 21,186,033 ______________________________________________________________________________________________________________________ (1) Calculated using applicable index rates as of September 30, 2023 and December 31, 2022 for variable rate loans and excludes loans for which interest income is not recognized. (2) Represents the WAL of each respective group of loans, excluding loans for which interest income is not recognized, as of the respective balance sheet date. The WAL of each individual loan is calculated using amounts and timing of future principal payments, as projected at origination or acquisition. (3) First mortgages include first mortgage loans and any contiguous mezzanine loan components because as a whole, the expected credit quality of these loans is more similar to that of a first mortgage loan. The application of this methodology resulted in mezzanine loans with carrying values of $1.1 billion and $1.3 billion being classified as first mortgages as of September 30, 2023 and December 31, 2022, respectively. (4) Subordinated mortgages include B-Notes and junior participation in first mortgages where we do not own the senior A-Note or senior participation. If we own both the A-Note and B-Note, we categorize the loan as a first mortgage loan.
Schedule of Variable Rate Loans Held-for-Investment	As of September 30, 2023, our variable rate loans held-for-investment, excluding loans for which interest income is not recognized, were as follows (dollars in thousands): September 30, 2023 Carrying Weighted-average Commercial loans $ 14,532,060 4.0 % Infrastructure loans 2,281,923 4.1 % Total variable rate loans held-for-investment $ 16,813,983 4.0 %
Schedule of Risk Ratings by Class of Loan	The significant credit quality indicators for our loans measured at amortized cost, which excludes loans held-for-sale, were as follows as of September 30, 2023 (dollars in thousands): Term Loans Revolving Loans Total Credit As of September 30, 2023 2023 2022 2021 2020 2019 Prior Commercial loans: Credit quality indicator: LTV < 60% $ 265,245 $ 1,937,607 $ 3,101,829 $ 188,077 $ 991,760 $ 206,365 $ — $ 6,690,883 $ 24,768 LTV 60% - 70% 85,019 1,911,675 3,526,879 94,397 102,782 386,971 — 6,107,723 73,696 LTV > 70% 40,008 102,433 653,348 440,349 433,034 637,766 — 2,306,938 158,525 Credit deteriorated — — — — — 29,065 — 29,065 4,925 Defeased and other 30,374 41,543 — — — 15,275 — 87,192 — Total commercial $ 420,646 $ 3,993,258 $ 7,282,056 $ 722,823 $ 1,527,576 $ 1,275,442 $ — $ 15,221,801 $ 261,914 Infrastructure loans: Credit quality indicator: Power $ 288,797 $ — $ 107,644 $ 75,616 $ 278,309 $ 465,377 $ 5,757 $ 1,221,500 $ 3,722 Oil and gas 216,509 123,212 346,269 — 188,682 134,959 2,048 1,011,679 5,483 Other 48,744 — — — — — — 48,744 201 Credit deteriorated — — — — — 1,801 — 1,801 — Total infrastructure $ 554,050 $ 123,212 $ 453,913 $ 75,616 $ 466,991 $ 602,137 $ 7,805 $ 2,283,724 $ 9,406 Loans held-for-sale 2,602,265 — Total gross loans $ 20,107,790 $ 271,320
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, 2023 Commercial Infrastructure Credit loss allowance at December 31, 2022 $ 88,801 $ 10,612 $ 99,413 Credit loss provision, net 187,775 9,900 197,675 Charge-offs (1) (14,662) (11,106) (25,768) Credit loss allowance at September 30, 2023 $ 261,914 $ 9,406 $ 271,320 _____________________________________________________________________________________________________________________ (1) Represents the charge-off of (i) a $14.7 million credit loss allowance related to the portion of a credit deteriorated commercial mortgage loan on an office and retail complex in Arizona deemed uncollectible and (ii) an $11.1 million credit loss allowance related to the portion of a credit deteriorated infrastructure loan participation collateralized by a first priority lien on two natural gas fired power plants near Chicago, which was deemed uncollectible due to a third party’s nearly complete acquisition of the power plants (see discussion of both above). Such loans were originated in 2015 and 2017, respectively, with the infrastructure loan acquired as part of the Infrastructure Lending Segment acquisition in 2018. Unfunded Commitments Credit Loss Allowance (1) Loans Held-for-Investment HTM Preferred Nine Months Ended September 30, 2023 Commercial Infrastructure Interests (2) CMBS (2) Total Credit loss allowance at December 31, 2022 $ 9,749 $ 72 $ — $ 52 $ 9,873 Credit loss provision, net 3,141 342 6,695 88 10,266 Credit loss allowance at September 30, 2023 $ 12,890 $ 414 $ 6,695 $ 140 $ 20,139 Memo: Unfunded commitments as of September 30, 2023 (3) $ 1,362,554 $ 46,183 $ 19,543 $ 33,806 $ 1,462,086 ______________________________________________________________________________________________________________________ (1) Included in accounts payable, accrued expenses and other liabilities in our consolidated balance sheets. (2) See Note 5 for further details.
Schedule of Activity in Loan Portfolio	The activity in our loan portfolio was as follows (amounts in thousands): Held-for-Investment Loans Nine Months Ended September 30, 2023 Commercial Infrastructure Residential Held-for-Sale Loans Total Loans Balance at December 31, 2022 $ 16,048,507 $ 2,352,932 $ — $ 2,784,594 $ 21,186,033 Acquisitions/originations/additional funding 1,053,627 605,397 — 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 loss, net (48,362) (1,745) — — (50,107) Credit loss provision, net (187,775) (9,900) — — (197,675) Loan foreclosure (41,071) — — (929) (42,000) (3) 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 Held-for-Investment Loans Nine Months Ended September 30, 2022 Commercial Infrastructure Residential Held-for-Sale Loans Total Loans Balance at December 31, 2021 $ 13,450,198 $ 2,027,426 $ 59,225 $ 2,876,800 $ 18,413,649 Acquisitions/originations/additional funding 4,410,306 597,092 — 3,793,467 8,800,865 Capitalized interest (1) 85,454 373 1,445 402 87,674 Basis of loans sold (2) (6,330) — — (4,056,511) (4,062,841) Loan maturities/principal repayments (1,558,907) (246,127) (6,663) (146,184) (1,957,881) Discount accretion/premium amortization 40,179 7,289 — — 47,468 Changes in fair value — — (485) (326,252) (326,737) Foreign currency translation loss, net (612,669) (4,530) — — (617,199) Credit loss provision, net (18,262) (7,079) — — (25,341) Loan foreclosure and equity control (50,151) — — — (50,151) (4) Transfer to/from other asset classifications or between segments (63,616) — (346) 63,962 — Balance at September 30, 2022 $ 15,676,202 $ 2,374,444 $ 53,176 $ 2,205,684 $ 20,309,506 ______________________________________________________________________________________________________________________ (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 the $41.1 million carrying value of a mortgage loan on the retail portion of a hotel located in Chicago foreclosed in May 2023 (see discussion above) and $0.9 million in residential mortgage loans foreclosed. (4) Represents the net carrying value of first mortgage and contiguous mezzanine loans related to an office building in Texas that is eliminated as a result of consolidating the net assets of the mezzanine borrower entity upon obtaining control over its pledged equity interests in May 2022.

Investment Securities (Tables)

Investment Securities (Tables)	9 Months Ended
Investment Securities (Tables)	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Investment Securities	Investment securities were comprised of the following as of September 30, 2023 and December 31, 2022 (amounts in thousands): Carrying Value as of September 30, 2023 December 31, 2022 RMBS, available-for-sale $ 102,076 $ 113,386 RMBS, fair value option (1) 451,191 423,183 CMBS, fair value option (1), (2) 1,209,336 1,262,846 HTM debt securities, amortized cost net of credit loss allowance of $12,994 and $3,182 591,948 673,470 Equity security, fair value 8,829 9,840 Subtotal — Investment securities 2,363,380 2,482,725 VIE eliminations (1) (1,641,787) (1,666,921) Total investment securities $ 721,593 $ 815,804 ______________________________________________________________________________________________________________________ (1) Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. (2) Includes $187.3 million and $198.9 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of September 30, 2023 and December 31, 2022, 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, 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 Three Months Ended September 30, 2022 Purchases/fundings $ — $ — $ — $ — $ — $ — $ — Sales and redemptions — — — — — — Principal collections 3,412 16,914 5,118 609 — (21,802) 4,251 RMBS, RMBS, fair CMBS, fair HTM Equity Securitization Total 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 Nine Months Ended September 30, 2022 Purchases/fundings $ — $ 226,152 $ 63,681 $ 86,058 $ — $ (289,833) $ 86,058 Sales and redemptions — — — — — — — Principal collections 16,200 58,843 6,394 2,549 — (64,555) 19,431 _________________________________________________________________________________________________________________ (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, 2023 and December 31, 2022 (amounts in thousands): Unrealized Gains or (Losses) Amortized Credit Net Gross Gross Net Fair Value September 30, 2023 RMBS $ 87,962 $ — $ 87,962 $ 17,182 $ (3,068) $ 14,114 $ 102,076 December 31, 2022 RMBS $ 92,431 $ — $ 92,431 $ 21,765 $ (810) $ 20,955 $ 113,386 Weighted Average Coupon (1) WAL September 30, 2023 RMBS 5.8 % 7.4 ______________________________________________________________________________________________________________________ (1) Calculated using the September 30, 2023 SOFR rate of 5.319% 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, 2023 and December 31, 2022, and for which an allowance for credit losses has not been recorded (amounts in thousands): Estimated Fair Value Unrealized Losses Securities with a Securities with a Securities with a Securities with a As of September 30, 2023 RMBS $ 11,098 $ 6,077 $ (1,626) $ (1,442) As of December 31, 2022 RMBS $ 6,961 $ 1,889 $ (502) $ (308)
Schedule of Investments in HTM Securities	The table below summarizes our investments in HTM debt securities as of September 30, 2023 and December 31, 2022 (amounts in thousands): Amortized Credit Loss Net Carrying Gross Unrealized Gross Unrealized Fair Value September 30, 2023 CMBS $ 569,867 $ (492) $ 569,375 $ 79 $ (28,474) $ 540,980 Preferred interests 5,411 (2,420) 2,991 125 (1,170) 1,946 Infrastructure bonds 29,664 (10,082) 19,582 33 (18) 19,597 Total $ 604,942 $ (12,994) $ 591,948 $ 237 $ (29,662) $ 562,523 December 31, 2022 CMBS $ 577,681 $ (172) $ 577,509 $ 30 $ (30,424) $ 547,115 Preferred interests 29,757 — 29,757 125 (4,863) 25,019 Infrastructure bonds 69,214 (3,010) 66,204 47 (1,110) 65,141 Total $ 676,652 $ (3,182) $ 673,470 $ 202 $ (36,397) $ 637,275
Schedule of Activity in Credit Loss Allowance for HTM Debt Securities	The following table presents the activity in our credit loss allowance for HTM debt securities (amounts in thousands): CMBS Preferred Infrastructure Total HTM Nine Months Ended September 30, 2023 Credit loss allowance at December 31, 2022 $ 172 $ — $ 3,010 $ 3,182 Credit loss provision, net 320 2,420 7,072 9,812 Credit loss allowance at September 30, 2023 $ 492 $ 2,420 $ 10,082 $ 12,994
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, 2023 (amounts in thousands): CMBS Preferred Infrastructure Total Less than one year $ 96,520 $ — $ — $ 96,520 One to three years 428,684 2,991 332 432,007 Three to five years 44,171 — 10,136 54,307 Thereafter — — 9,114 9,114 Total $ 569,375 $ 2,991 $ 19,582 $ 591,948

Properties (Tables)

Properties (Tables)	9 Months Ended
Properties (Tables)	Sep. 30, 2023
Real Estate [Abstract]
Schedule of Properties	The table below summarizes our properties held as of September 30, 2023 and December 31, 2022 (dollars in thousands): Depreciable Life September 30, 2023 December 31, 2022 Property Segment Land and land improvements 0 - 15 years $ 176,140 $ 176,029 Buildings and building improvements 0 - 45 years 864,314 856,411 Furniture & fixtures 3 - 5 years 606 446 Investing and Servicing Segment Land and land improvements 0 - 15 years 27,334 34,613 Buildings and building improvements 3 - 40 years 89,434 122,384 Furniture & fixtures 2 - 5 years 2,858 3,207 Commercial and Residential Lending Segment Land and land improvements N/A 95,603 99,043 Buildings and building improvements 0 - 50 years 113,467 79,661 Construction in progress N/A 266,833 287,701 Properties, cost 1,636,589 1,659,495 Less: accumulated depreciation (230,798) (209,509) Properties, net $ 1,405,791 $ 1,449,986

Investments of Consolidated A_2

Investments of Consolidated Affordable Housing Fund (Tables)	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investment Income	Income from the Woodstar Fund’s investments reflects the following components for the three and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Distributions from affordable housing fund investments $ 14,709 $ 7,112 $ 35,514 $ 29,777 Unrealized change in fair value of investments (1) 2,199 110,415 218,182 628,956 Income from affordable housing fund investments $ 16,908 $ 117,527 $ 253,696 $ 658,733 ______________________________________________________________________________________________________________________ (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, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Unconsolidated Entities	The table below summarizes our investments in unconsolidated entities as of September 30, 2023 and December 31, 2022 (dollars in thousands): Participation / Carrying value as of September 30, 2023 December 31, 2022 Equity method investments: Equity interest in two natural gas power plants 10% - 12% $ 47,763 $ 46,618 Investor entity which owns equity in an online real estate company 50% 5,495 5,457 Equity interest in a residential mortgage originator (2) N/A — 1,449 Various 20% - 50% 16,796 15,377 70,054 68,901 Other equity investments: Equity interest in a servicing and advisory business 2% 12,955 12,955 Investment funds which own equity in a loan servicer and other real estate assets 4% - 6% 940 940 Investor entities which own equity interests in two entertainment and retail centers (3) 15% 6,201 7,322 Various 1% - 3% 1,774 1,774 21,870 22,991 $ 91,924 $ 91,892 ______________________________________________________________________________________________________________________ (1) None of these investments are publicly traded and therefore quoted market prices are not available. (2) In January 2023, we sold our ownership interest to an unaffiliated third party.

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	9 Months Ended
Goodwill and Intangibles (Tables)	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangibles Assets	The following table summarizes our intangible assets, which are comprised of servicing rights intangibles and lease intangibles, as of September 30, 2023 and December 31, 2022 (amounts in thousands): As of September 30, 2023 As of December 31, 2022 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Domestic servicing rights, at fair value $ 18,188 $ — $ 18,188 $ 17,790 $ — $ 17,790 In-place lease intangible assets 97,913 (67,548) 30,365 98,622 (64,246) 34,376 Favorable lease intangible assets 28,859 (11,423) 17,436 26,649 (10,042) 16,607 Total net intangible assets $ 144,960 $ (78,971) $ 65,989 $ 143,061 $ (74,288) $ 68,773
Schedule of Activity within Intangible Assets	The following table summarizes the activity within intangible assets for the nine months ended September 30, 2023 (amounts in thousands): Domestic In-place Lease Favorable Lease Total Balance as of January 1, 2023 $ 17,790 $ 34,376 $ 16,607 $ 68,773 Acquisition (1) — 2,061 2,280 4,341 Amortization — (5,221) (1,451) (6,672) Sales — (851) — (851) Changes in fair value due to changes in inputs and assumptions 398 — — 398 Balance as of September 30, 2023 $ 18,188 $ 30,365 $ 17,436 $ 65,989 ______________________________________________ (1) Represents lease intangibles related to a deed in lieu of foreclosure on a mortgage loan on the retail portion of a hotel located in Chicago in May 2023 (see Note 4).
Schedule of Future Amortization Expense	The following table sets forth the estimated aggregate amortization of our in-place lease intangible assets and favorable lease intangible assets for the next five years and thereafter (amounts in thousands): 2023 (remainder of) $ 2,071 2024 7,241 2025 6,136 2026 4,610 2027 4,116 Thereafter 23,627 Total $ 47,801

Secured Borrowings (Tables)

Secured Borrowings (Tables)	9 Months Ended
Secured Borrowings (Tables)	Sep. 30, 2023
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, 2023 and December 31, 2022 (dollars in thousands): Outstanding Balance at Current Extended Maturity (a) Weighted Average Pledged Asset Maximum September 30, 2023 December 31, 2022 Repurchase Agreements: Commercial Loans Oct 2023 to Jun 2028 (b) Oct 2025 to Dec 2030 (b) Index + 2.02% (c) $ 10,197,141 $ 12,039,568 (d) $ 6,768,758 $ 7,746,867 Residential Loans Dec 2023 to Sep 2025 Mar 2024 to Sep 2025 SOFR + 1.97% 2,509,325 3,200,000 2,321,057 1,912,774 Infrastructure Loans Sep 2024 Sep 2026 SOFR + 2.07% 397,130 650,000 333,119 290,431 Conduit Loans Dec 2023 to Jun 2026 Dec 2024 to Jun 2027 SOFR + 2.07% 68,058 388,937 53,059 8,423 CMBS/RMBS Jun 2024 to Apr 2032 (e) Sep 2024 to Oct 2032 (e) (f) 1,481,324 1,061,603 757,089 (g) 840,625 Total Repurchase Agreements 14,652,978 17,340,108 10,233,082 10,799,120 Other Secured Financing: Borrowing Base Facility Nov 2024 Oct 2026 SOFR + 2.11% 47,724 750,000 (h) 3,920 — Commercial Financing Facilities Dec 2023 to Aug 2028 Jul 2025 to Dec 2030 Index + 2.16% 502,694 553,319 (i) 355,962 311,825 Residential Financing Facility N/A N/A N/A — — — 244,418 Infrastructure Financing Facilities Jun 2025 to Oct 2025 Jun 2027 to Jul 2032 Index + 2.14% 857,350 1,550,000 608,847 765,265 Property Mortgages - Fixed rate Oct 2025 to Oct 2027 (j) N/A 4.40% 326,161 224,898 224,898 261,100 Property Mortgages - Variable rate Nov 2024 to Dec 2027 N/A (k) 965,870 849,328 846,946 847,633 Term Loans and Revolver (l) N/A (l) N/A (l) 1,520,275 1,370,275 1,380,766 Total Other Secured Financing 2,699,799 5,447,820 3,410,848 3,811,007 $ 17,352,777 $ 22,787,928 13,643,930 14,610,127 Unamortized net discount (26,039) (30,320) Unamortized deferred financing costs (60,010) (78,275) $ 13,557,881 $ 14,501,532 ______________________________________________________________________________________________________________________ (a) Subject to certain conditions as defined in the respective facility agreement. (b) For certain facilities, borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions. (c) Certain facilities with an outstanding balance of $2.7 billion as of September 30, 2023 are indexed to EURIBOR, BBSY, SARON and SONIA. The remainder are indexed to SOFR. (d) Certain facilities with an aggregate initial maximum facility size of $11.9 billion may be increased to $12.0 billion, subject to certain conditions. The $12.0 billion amount includes such upsizes. (e) Certain facilities with an outstanding balance of $348.0 million as of September 30, 2023 carry a rolling 11-month or 12-month term which may reset monthly or quarterly with the lender’s consent. These facilities carry no maximum facility size. (f) A facility with an outstanding balance of $259.5 million as of September 30, 2023 has a weighted average fixed annual interest rate of 3.27%. All other facilities are variable rate with a weighted average rate of SOFR + 2.21%. (g) Includes: (i) $259.5 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $40.6 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, 2023 of $450.0 million may be increased to $750.0 million, subject to certain conditions. (i) Certain facilities with an aggregate initial maximum facility size of $453.3 million may be increased to $553.3 million, subject to certain conditions. The $553.3 million amount includes such upsizes. (j) The weighted average maturity is 3.8 years as of September 30, 2023. (k) Includes a $600.0 million first mortgage and mezzanine loan secured by our Medical Office Portfolio. This debt has a weighted average interest rate of SOFR + 2.07% that we swapped to a fixed rate of 3.34%. The remainder have a weighted average rate of SOFR + 3.36%. (l) Consists of: (i) a $774.8 million term loan facility that matures in July 2026, of which $384.0 million has an annual interest rate of SOFR + 2.60% and $390.8 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 $595.5 million term loan facility that matures in November 2027, with an annual interest rate of SOFR + 3.25%, subject to a 0.50% SOFR floor. These facilities are secured by the equity interests in certain of our subsidiaries which totaled $5.7 billion as of September 30, 2023.
Schedule of Collateralized Loan Obligations	The following table is a summary of our CLOs and our SASB as of September 30, 2023 and December 31, 2022 (amounts in thousands): September 30, 2023 Count Face Carrying Weighted Maturity STWD 2022-FL3 Collateral assets 50 $ 999,998 $ 1,009,424 SOFR + 3.53% (a) April 2026 (b) Financing 1 842,500 840,414 SOFR + 1.93% (c) November 2038 (d) STWD 2021-HTS Collateral assets 1 230,000 231,293 SOFR + 3.87% (a) April 2026 (b) Financing 1 210,091 209,639 SOFR + 2.75% (c) April 2034 (d) STWD 2021-FL2 Collateral assets 36 1,275,042 1,288,073 Index + 3.94% (a) November 2025 (b) Financing 1 1,077,375 1,074,437 SOFR + 1.85% (c) April 2038 (d) STWD 2019-FL1 Collateral assets 14 737,444 747,484 Index + 3.49% (a) April 2025 (b) Financing 1 578,016 578,016 SOFR + 1.64% (c) July 2038 (d) STWD 2021-SIF2 Collateral assets 30 498,888 513,296 SOFR + 3.87% (a) January 2028 (b) Financing 1 410,000 407,940 SOFR + 2.11% (c) January 2033 (d) STWD 2021-SIF1 Collateral assets 31 499,203 513,618 SOFR + 3.98% (a) August 2027 (b) Financing 1 410,000 407,828 SOFR + 2.22% (c) April 2032 (d) Total Collateral assets $ 4,240,575 $ 4,303,188 Financing $ 3,527,982 $ 3,518,274 December 31, 2022 Count Face Carrying Weighted Maturity STWD 2022-FL3 Collateral assets 51 $ 1,000,000 $ 1,010,051 Index + 3.52% (a) February 2026 (b) Financing 1 842,500 842,374 SOFR + 1.93% (c) November 2038 (d) STWD 2021-HTS Collateral assets 1 230,000 231,186 LIBOR + 3.85% (a) April 2026 (b) Financing 1 210,091 208,961 LIBOR + 2.71% (c) April 2034 (d) STWD 2021-FL2 Collateral assets 36 1,277,474 1,284,240 Index + 4.04% (a) June 2025 (b) Financing 1 1,077,375 1,072,403 LIBOR + 1.80% (c) April 2038 (d) STWD 2019-FL1 Collateral assets 16 902,799 906,409 Index + 3.67% (a) December 2024 (b) Financing 1 739,174 738,473 SOFR + 1.64% (c) July 2038 (d) STWD 2021-SIF2 Collateral assets 31 495,587 510,730 Index + 3.73% (a) February 2027 (b) Financing 1 410,000 407,260 SOFR + 2.11% (c) January 2033 (d) STWD 2021-SIF1 Collateral assets 31 495,781 511,471 Index + 3.76% (a) November 2026 (b) Financing 1 410,000 406,753 LIBOR + 2.15% (c) April 2032 (d) Total Collateral assets $ 4,401,641 $ 4,454,087 Financing $ 3,689,140 $ 3,676,224 ______________________________________________________________________________________________________________________________ (a) Represents the weighted-average coupon earned on variable rate loans during the respective year-to-date period. Of the loans financed by the STWD 2021-FL2 CLO as of September 30, 2023, 6% earned fixed-rate weighted average interest of 7.40%. Of the investments financed by the STWD 2021-SIF1 CLO as of September 30, 2023, 2% earned fixed-rate weighted average interest of 5.70%. (b) Represents the weighted-average maturity, assuming the extended contractual maturity of the collateral assets. (c) Represents the weighted-average cost of financing incurred during the respective year-to-date period, inclusive of deferred issuance costs. (d) Repayments of the CLOs and SASB are tied to timing of the related collateral asset repayments. The term of the CLOs and SASB financing obligations represents the legal final maturity date.
Schedule of Five-Year Principal Repayments for Secured Financings	The following table sets forth our principal repayments schedule for secured financings based on the earlier of (i) the extended contractual maturity of each credit facility or (ii) the extended contractual maturity of each of the investments that have been pledged as collateral under the respective credit facility (amounts in thousands): Repurchase Other Secured CLOs and SASB (a) Total 2023 (remainder of) $ 284,742 $ 6,137 $ 212,438 $ 503,317 2024 2,025,069 628,757 301,307 2,955,133 2025 2,073,125 291,132 1,015,613 3,379,870 2026 2,146,190 871,513 1,679,387 4,697,090 2027 3,283,708 1,426,009 123,920 4,833,637 Thereafter 420,248 187,300 195,317 802,865 Total $ 10,233,082 $ 3,410,848 $ 3,527,982 $ 17,171,912 ______________________________________________________________________________________________________________________ (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, 2023
Debt Instruments [Abstract]
Schedule of Unsecured Convertible Senior Notes Outstanding	The following table is a summary of our unsecured senior notes outstanding as of September 30, 2023 and December 31, 2022 (dollars in thousands): Coupon Effective Maturity Remaining Carrying Value at September 30, 2023 December 31, 2022 2023 Convertible Notes 4.38 % 4.57 % 4/1/2023 0.0 years — 250,000 2027 Convertible Notes 6.75 % 7.48 % 7/15/2027 3.8 years 380,750 — 2023 Senior Notes 5.50 % 5.71 % 11/1/2023 0.1 years 300,000 300,000 2024 Senior Notes 3.75 % 3.94 % 12/31/2024 1.3 years 400,000 400,000 2025 Senior Notes 4.75 % (2) 5.04 % 3/15/2025 1.5 years 500,000 500,000 2026 Senior Notes 3.63 % 3.77 % 7/15/2026 2.8 years 400,000 400,000 2027 Senior Notes 4.38 % (3) 4.49 % 1/15/2027 3.3 years 500,000 500,000 Total principal amount 2,480,750 2,350,000 Unamortized discount—Convertible Notes (9,085) (118) Unamortized discount—Senior Notes (6,276) (9,051) Unamortized deferred financing costs (8,806) (11,620) Total carrying amount $ 2,456,583 $ 2,329,211 ______________________________________________________________________________________________________________________ (1) Effective rate includes the effects of underwriter purchase discount. (2) The coupon on the 2025 Senior Notes is 4.75%. At closing, we swapped $470.0 million of the notes to a floating rate of LIBOR + 2.53% , which was converted to SOFR + 2.53% effective July 2023. (3) The coupon on the 2027 Senior Notes is 4.375%. At closing, we swapped the notes to a floating rate of SOFR + 2.95%.
Schedule of Conversion Attributes on Convertible Notes Outstanding	The following table details the conversion attributes of our Convertible Notes outstanding as of September 30, 2023 (amounts in thousands, except rates): September 30, 2023 Conversion Conversion Rate (1) Price (2) 2027 Convertible Notes 48.1783 $ 20.76 (1) The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount of 2027 Convertible Notes converted, as adjusted in accordance with the indenture governing the 2027 Convertible Notes (including the applicable supplemental indenture). (2) As of September 30, 2023, the market price of the Company's common stock was $19.35.

Loan Securitization_Sale Acti_2

Loan Securitization/Sale Activities (Tables)	9 Months Ended
Loan Securitization/Sale Activities (Tables)	Sep. 30, 2023
Loan Securitization/Sale Activities
Schedule of Face Amount and Proceeds of Loans	The following summarizes the face amount and proceeds of commercial and residential loans securitized for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands): Commercial Loans Residential Loans Face Amount Proceeds Face Amount Proceeds For the Three Months Ended September 30, 2023 $ 119,764 $ 123,633 $ — $ — 2022 33,000 30,957 — — For the Nine Months Ended September 30, 2023 $ 292,651 $ 294,951 $ — $ — 2022 1,038,889 1,022,754 1,905,829 1,913,459
Schedule of Loans Sold	The following table summarizes our loans sold by the Commercial and Residential Lending Segment, net of expenses (amounts in thousands): Loan Transfers Accounted for as Sales Commercial Loans Residential Loans For the Three Months Ended September 30, Face amount (1) Proceeds (1) Face Amount Proceeds 2023 $ 42,496 $ 42,370 $ — $ — 2022 63,656 64,539 1,152 1,141 For the Nine Months Ended September 30, 2023 $ 95,496 $ 95,282 $ — $ — 2022 70,636 71,008 1,057,013 1,056,683 ______________________________________________________________________________________________________________________ (1) 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, 2022, we sold $63.7 million of whole loan interests for proceeds of $64.5 million. During the nine months ended September 30, 2022, we also sold $7.0 million of senior interests in first mortgage loans for proceeds of $6.5 million.

Derivatives and Hedging Activ_2

Derivatives and Hedging Activity (Tables)	9 Months Ended
Derivatives and Hedging Activity (Tables)	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Non-Designated Derivatives	The following table summarizes our non-designated derivatives as of September 30, 2023 (notional amounts in thousands): Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Buy Euros (“EUR”) 11 45,627 EUR October 2023 - April 2026 Fx contracts – Buy Pounds Sterling (“GBP”) 18 122,142 GBP October 2023 - January 2027 Fx contracts – Buy Australian dollar (“AUD”) 5 379,571 AUD October 2024 - January 2026 Fx contracts – Sell EUR 194 824,687 EUR October 2023 - February 2027 Fx contracts – Sell GBP 205 648,549 GBP October 2023 - April 2027 Fx contracts – Sell AUD 110 1,070,581 AUD October 2023 - October 2026 Fx contracts – Sell Swiss Franc (“CHF”) 73 20,891 CHF November 2023 - November 2025 Interest rate swaps – Paying fixed rates 56 4,385,516 USD April 2024 - September 2033 Interest rate swaps – Receiving fixed rates 2 970,000 USD March 2025 - January 2027 Interest rate caps 4 624,666 USD November 2023 - April 2025 Interest rate caps 1 61,000 GBP April 2024 Credit instruments 3 49,000 USD September 2058 - August 2061 Interest rate swap guarantees 1 102,331 USD June 2025 Total 683
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, 2023 and December 31, 2022 (amounts in thousands): Fair Value of Derivatives Fair Value of Derivatives September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Interest rate contracts $ 12,070 $ 10,756 $ 69,756 $ 69,776 Foreign exchange contracts 119,908 97,289 15,901 21,628 Credit instruments 1,038 576 — — Total derivatives $ 133,016 $ 108,621 $ 85,657 $ 91,404 ___________________________________________________ (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, 2023 and 2022 (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, 2023 2022 2023 2022 Interest rate contracts Gain on derivative financial instruments, net $ 46,255 $ 78,508 $ 99,788 $ 218,698 Interest rate swap guarantees Gain on derivative financial instruments, net — — — 260 Foreign exchange contracts Gain on derivative financial instruments, net 48,549 127,358 18,412 242,042 Credit instruments Gain on derivative financial instruments, net 79 204 231 921 $ 94,883 $ 206,070 $ 118,431 $ 461,921

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	9 Months Ended
Offsetting Assets and Liabilities (Tables)	Sep. 30, 2023
Offsetting [Abstract]
Schedule of Offsetting Assets and Liabilities	The following tables present the potential effects of netting arrangements on our financial position for financial assets and liabilities within the scope of ASC 210-20, Balance Sheet—Offsetting , which for us are derivative assets and liabilities as well as repurchase agreement liabilities (amounts in thousands): (ii) (iii) = (i) - (ii) (iv) (i) Financial Cash Collateral (v) = (iii) - (iv) As of September 30, 2023 Derivative assets $ 133,016 $ — $ 133,016 $ 82,124 $ — $ 50,892 Derivative liabilities $ 85,657 $ — $ 85,657 $ 82,124 $ 3,533 $ — Repurchase agreements 10,233,082 — 10,233,082 10,233,082 — — $ 10,318,739 $ — $ 10,318,739 $ 10,315,206 $ 3,533 $ — As of December 31, 2022 Derivative assets $ 108,621 $ — $ 108,621 $ 69,221 $ — $ 39,400 Derivative liabilities $ 91,404 $ — $ 91,404 $ 69,221 $ 22,183 $ — Repurchase agreements 10,799,120 — 10,799,120 10,799,120 — — $ 10,890,524 $ — $ 10,890,524 $ 10,868,341 $ 22,183 $ —

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
Variable Interest Entities (Tables)	Sep. 30, 2023
Variable Interest Entities
Schedule of Assets and Liabilities of our Consolidated CLO	The following table details the assets and liabilities of our consolidated CLOs and SASB as of September 30, 2023 and December 31, 2022 (amounts in thousands): September 30, 2023 December 31, 2022 Assets: Cash and cash equivalents $ 34,825 $ 31,611 Loans held-for-investment 4,223,445 4,365,791 Investment securities 10,487 36,466 Accrued interest receivable 25,894 20,088 Other assets 8,537 131 Total Assets $ 4,303,188 $ 4,454,087 Liabilities Accounts payable, accrued expenses and other liabilities $ 20,382 $ 17,737 Collateralized loan obligations and single asset securitization, net 3,518,274 3,676,224 Total Liabilities $ 3,538,656 $ 3,693,961

Stockholders' Equity and Non-_2

Stockholders' Equity and Non-Controlling Interests (Tables)	9 Months Ended
Stockholders' Equity and Non-Controlling Interests (Tables)	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Schedule of Dividends Declared by Board of Directors	During the nine months ended September 30, 2023, our board of directors declared the following dividends: Declaration Date Record Date Ex-Dividend Date Payment Date Amount Frequency 9/15/23 9/30/23 9/29/23 10/16/23 $ 0.48 Quarterly 6/15/23 6/30/23 6/29/23 7/17/23 0.48 Quarterly 3/16/23 3/31/23 3/30/23 4/14/23 0.48 Quarterly
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, 2023 and 2022 (dollar amounts in thousands): Grant Date Type Amount Granted Grant Date Fair Value Vesting Period November 2022 RSU 1,500,000 $ 31,605 3 years November 2020 RSU 1,800,000 $ 30,078 3 years September 2019 RSU 1,200,000 29,484 (1) ______________________________________________________________________________________________________________________ (1) Of the amount granted, 218,898 vested immediately on the grant date and the remaining amount vests over a three-year period.
Schedule of Non-Vested Shares and Share Equivalents	Schedule of Non-Vested Shares and Share Equivalents (1) Equity Plan Manager Total Weighted Average Balance as of January 1, 2023 2,513,847 1,825,000 4,338,847 $ 20.65 Granted 914,694 — 914,694 18.93 Vested (687,743) (825,000) (1,512,743) 18.35 Forfeited (169,070) — (169,070) 22.76 Balance as of September 30, 2023 2,571,728 1,000,000 3,571,728 21.08 (1) Equity-based award activity for awards granted under the 2017 and 2022 Equity Plans is reflected within the Equity Plan column, and for awards granted under the 2017 and 2022 Manager Equity Plans, within the Manager Equity Plan column.

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
Earnings per Share (Tables)	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Reconciliation of Net Income and Number of Shares used in Computation of Earnings Per Share	The following table provides a reconciliation of net income and the number of shares of common stock used in the computation of basic EPS and diluted EPS (amounts in thousands, except per share amounts): For the Three Months Ended For the Nine Months Ended 2023 2022 2023 2022 Basic Earnings Income attributable to STWD common stockholders $ 47,435 $ 194,562 $ 268,252 $ 731,448 Less: Income attributable to participating shares not already deducted as non-controlling interests (1,510) (2,929) (4,962) (15,673) Basic earnings $ 45,925 $ 191,633 $ 263,290 $ 715,775 Diluted Earnings Income attributable to STWD common stockholders $ 47,435 $ 194,562 $ 268,252 $ 731,448 Less: Income attributable to participating shares not already deducted as non-controlling interests (1,510) (2,929) (4,962) (15,673) Add: Interest expense on Convertible Notes * 2,906 * 8,724 Add: Undistributed earnings to participating shares — 1,818 — 11,629 Less: Undistributed earnings reallocated to participating shares — (1,763) — (11,280) Diluted earnings $ 45,925 $ 194,594 $ 263,290 $ 724,848 Number of Shares: Basic — Average shares outstanding 310,268 306,704 309,471 304,908 Effect of dilutive securities — Convertible Notes * 9,649 * 9,649 Effect of dilutive securities — Contingently issuable shares — 23 — 23 Effect of dilutive securities — Unvested non-participating shares 298 199 267 161 Diluted — Average shares outstanding 310,566 316,575 309,738 314,741 Earnings Per Share Attributable to STWD Common Stockholders: Basic $ 0.15 $ 0.62 $ 0.85 $ 2.35 Diluted $ 0.15 $ 0.61 $ 0.85 $ 2.30 ___________________________________________________ * Our Convertible Notes were not dilutive for the three and nine months ended September 30, 2023.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
Accumulated Other Comprehensive Income (Tables)	Sep. 30, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Schedule of Changes in AOCI by Component	The changes in AOCI by component are as follows (amounts in thousands): Cumulative 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 Three Months Ended September 30, 2022 Balance at July 1, 2022 $ 28,970 OCI before reclassifications (6,194) Amounts reclassified from AOCI — Net period OCI (6,194) Balance at September 30, 2022 $ 22,776 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 Nine Months Ended September 30, 2022 Balance at January 1, 2022 $ 40,953 OCI before reclassifications (18,177) Amounts reclassified from AOCI — Net period OCI (18,177) Balance at September 30, 2022 $ 22,776

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
Fair Value (Tables)	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Carried at Fair Value on a Recurring Basis	The following tables present our financial assets and liabilities carried at fair value on a recurring basis in the consolidated balance sheets by their level in the fair value hierarchy as of September 30, 2023 and December 31, 2022 (amounts in thousands): September 30, 2023 Total Level I Level II Level III Financial Assets: Loans under fair value option $ 2,602,265 $ — $ — $ 2,602,265 RMBS 102,076 — — 102,076 CMBS 18,740 — — 18,740 Equity security 8,829 8,829 — — Woodstar Fund investments 1,979,184 — — 1,979,184 Domestic servicing rights 18,188 — — 18,188 Derivative assets 133,016 — 133,016 — VIE assets 44,668,904 — — 44,668,904 Total $ 49,531,202 $ 8,829 $ 133,016 $ 49,389,357 Financial Liabilities: Derivative liabilities $ 85,657 $ — $ 85,657 $ — VIE liabilities 42,997,104 — 37,628,700 5,368,404 Total $ 43,082,761 $ — $ 37,714,357 $ 5,368,404 December 31, 2022 Total Level I Level II Level III Financial Assets: Loans under fair value option $ 2,784,594 $ — $ — $ 2,784,594 RMBS 113,386 — — 113,386 CMBS 19,108 — — 19,108 Equity security 9,840 9,840 — — Woodstar Fund investments 1,761,002 — — 1,761,002 Domestic servicing rights 17,790 — — 17,790 Derivative assets 108,621 — 108,621 — VIE assets 52,453,041 — — 52,453,041 Total $ 57,267,382 $ 9,840 $ 108,621 $ 57,148,921 Financial Liabilities: Derivative liabilities $ 91,404 $ — $ 91,404 $ — VIE liabilities 50,754,355 — 45,248,412 5,505,943 Total $ 50,845,759 $ — $ 45,339,816 $ 5,505,943
Schedule of Changes in Financial Assets and Liabilities Classified as Level III	The changes in financial assets and liabilities classified as Level III are as follows for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands): Three Months Ended September 30, 2023 Loans at RMBS CMBS Woodstar 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) Three Months Ended September 30, 2022 Loans at RMBS CMBS Woodstar Fund Investments Domestic VIE Assets VIE Total July 1, 2022 balance $ 2,197,501 $ 124,439 $ 20,965 $ 1,558,850 $ 17,499 $ 57,993,563 $ (5,980,634) $ 55,932,183 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale (87,474) — (84) 110,415 515 (3,778,193) 824,214 (2,930,607) Net accretion — 1,744 — — — — — 1,744 Included in OCI — (6,194) — — — — — (6,194) Purchases / Originations 186,397 — — — — — — 186,397 Sales (1,266) — — — — — — (1,266) Cash repayments / receipts (37,998) (3,412) (229) — — — (4,887) (46,526) Transfers into Level III 1,700 — — — — — (573,303) (571,603) Transfers out of Level III (70,389) — — — — — 241,613 171,224 September 30, 2022 balance $ 2,188,471 $ 116,577 $ 20,652 $ 1,669,265 $ 18,014 $ 54,215,370 $ (5,492,997) $ 52,735,352 Amount of unrealized gains (losses) attributable to assets still held at September 30, 2022: Included in earnings $ (92,162) $ 1,744 $ (84) $ 110,415 $ 515 $ (3,778,193) $ 824,214 $ (2,933,551) Included in OCI $ — $ (6,194) $ — $ — $ — $ — $ — $ (6,194) 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) Nine Months Ended September 30, 2022 Loans at RMBS CMBS Woodstar Fund Investments Domestic VIE Assets VIE Total January 1, 2022 balance $ 2,936,025 $ 143,980 $ 22,244 $ 1,040,309 $ 16,780 $ 61,280,543 $ (4,780,221) $ 60,659,660 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale (326,737) — (1,441) 628,956 1,234 (10,696,486) 1,746,436 (8,648,038) Net accretion — 6,974 — — — — — 6,974 Included in OCI — (18,177) — — — — — (18,177) Purchases / Originations 3,793,467 — — — — — — 3,793,467 Sales (3,588,953) — — — — — — (3,588,953) Cash repayments / receipts (152,847) (16,200) (681) — — — (5,712) (175,440) Transfers into Level III 1,847 — — — — — (1,203,420) (1,201,573) Transfers out of Level III (474,331) — — — — — 559,062 84,731 Consolidation of VIEs — — — — — 4,361,325 (1,810,101) 2,551,224 Deconsolidation of VIEs — — 530 — — (730,012) 959 (728,523) September 30, 2022 balance $ 2,188,471 $ 116,577 $ 20,652 $ 1,669,265 $ 18,014 $ 54,215,370 $ (5,492,997) $ 52,735,352 Amount of unrealized gains (losses) attributable to assets still held at September 30, 2022: Included in earnings $ (258,652) $ 6,641 $ (911) $ 628,956 $ 1,234 $ (10,696,486) $ 1,746,436 $ (8,572,782) Included in OCI $ — $ (17,771) $ — $ — $ — $ — $ — $ (17,771)
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, 2023 December 31, 2022 Carrying Fair Carrying Fair Financial assets not carried at fair value: Loans $ 17,234,205 $ 17,185,073 $ 18,401,439 $ 18,215,072 HTM debt securities 591,948 562,523 673,470 637,275 Financial liabilities not carried at fair value: Secured financing agreements, CLOs and SASB $ 17,076,155 $ 16,926,451 $ 18,177,756 $ 18,017,651 Unsecured senior notes 2,456,583 2,314,681 2,329,211 2,199,135
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, 2023 Valuation Unobservable Range (Weighted Average) as of (1) September 30, 2023 December 31, 2022 Loans under fair value option $ 2,602,265 Discounted cash flow, market pricing Coupon (d) 2.8% - 9.9% (4.6%) 2.8% - 9.3% (4.5%) Remaining contractual term (d) 4.5 - 38.8 years (27.1 years) 5.3 - 39.5 years (28.6 years) FICO score (a) 585 - 900 (749) 585 - 900 (749) LTV (b) 0% - 138% (66%) 4% - 92% (67%) Purchase price (d) 80.0% - 114.1% (101.3%) 80.0% - 108.6% (101.4%) RMBS 102,076 Discounted cash flow Constant prepayment rate (a) 2.7% - 10.0% (5.0%) 2.8% - 12.0% (5.5%) Constant default rate (b) 1.0% - 4.2% (1.8%) 1.1% - 4.4% (2.0%) Loss severity (b) 0% - 91% (20%) (f) 0% - 109% (24%) (f) Delinquency rate (c) 8% - 24% (14%) 6% - 29% (16%) Servicer advances (a) 27% - 78% (51%) 31% - 77.7% (53%) Annual coupon deterioration (b) 0% - 3.2% (0.1%) 0% - 2.6% (0.1%) Putback amount per projected total collateral loss (e) 0% - 8% (0.5%) 0% - 8% (0.5%) CMBS 18,740 Discounted cash flow Yield (b) 0% - 663.2% (10.7%) 0% - 117.5% (10.1%) Duration (c) 0 - 6.9 years (2.6 years) 0 - 7.7 years (3.0 years) Woodstar Fund investments 1,979,184 Discounted cash flow Discount rate - properties (b) N/A 6.3% - 6.8% (6.5%) Discount rate - debt (a) 5.7% - 7.7% (6.3%) 5.6% - 6.7% (6.1%) Terminal capitalization rate (b) N/A 5.0% - 5.5% (5.1%) Direct capitalization rate (b) 4.2% (4.2%) 4.2% (4.2%) (Implied) Domestic servicing rights 18,188 Discounted cash flow Debt yield (a) 8.50% (8.50%) 8.25% (8.25%) Discount rate (b) 15% (15%) 15% (15%) VIE assets 44,668,904 Discounted cash flow Yield (b) 0% - 420.1% (16.8%) 0% - 453.6% (15.3%) Duration (c) 0 - 10.2 years (2.4 years) 0 - 11.0 years (2.4 years) VIE liabilities 5,368,404 Discounted cash flow Yield (b) 0% - 420.1% (11.8%) 0% - 453.6% (10.4%) Duration (c) 0 - 10.2 years (2.1 years) 0 - 11.0 years (1.8 years) ______________________________________________________________________________________________________________________ (1) Unobservable inputs were weighted by the relative carrying value of the instruments as of September 30, 2023 and December 31, 2022. Information about Uncertainty of Fair Value Measurements (a) Significant increase (decrease) in the unobservable input in isolation would result in a significantly higher (lower) fair value measurement. (b) Significant increase (decrease) in the unobservable input in isolation would result in a significantly lower (higher) fair value measurement. (c) Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (higher or lower) fair value measurement depending on the structural features of the security in question. (d) This unobservable input is not subject to variability as of the respective reporting dates. (e) Any delay in the putback recovery date leads to a decrease in fair value for the majority of securities in our RMBS portfolio. (f) 7% and 10% of the portfolio falls within a range of 45% - 80% as of September 30, 2023 and December 31, 2022, respectively.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
Income Taxes (Tables)	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Income Tax Rate Reconciliation	The following table is a reconciliation of our U.S. federal income tax provision determined using our statutory federal tax rate to our reported income tax (benefit) for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Federal statutory tax rate $ 8,395 21.0 % $ 36,768 21.0 % $ 66,049 21.0 % $ 176,580 21.0 % REIT and other non-taxable income (17,486) (43.7) % (75,642) (43.1) % (81,262) (25.8) % (213,073) (25.3) % State income taxes (2,987) (7.5) % (12,772) (7.3) % (4,999) (1.6) % (11,990) (1.4) % Federal benefit of state tax deduction 628 1.6 % 2,682 1.5 % 1,050 0.3 % 2,518 0.3 % Intra-entity transfers — — % — — % — — % (3,868) (0.5) % Other 51 0.1 % 209 0.1 % 165 0.1 % 834 0.1 % Effective tax rate $ (11,399) (28.5) % $ (48,755) (27.8) % $ (18,997) (6.0) % $ (48,999) (5.8) %

Segment Data (Tables)

Segment Data (Tables)	9 Months Ended
Segment Data (Tables)	Sep. 30, 2023
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, 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 Acquisition and investment pursuit costs 207 4 — — — 211 — 211 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 516 — — — — 516 — 516 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 three months ended September 30, 2022 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 284,197 $ 43,018 $ — $ 1,139 $ — $ 328,354 $ — $ 328,354 Interest income from investment securities 28,560 1,204 — 27,585 — 57,349 (38,330) 19,019 Servicing fees 142 — — 11,830 — 11,972 (3,545) 8,427 Rental income 1,944 — 22,886 8,102 — 32,932 — 32,932 Other revenues 138 129 54 1,491 — 1,812 (3) 1,809 Total revenues 314,981 44,351 22,940 50,147 — 432,419 (41,878) 390,541 Costs and expenses: Management fees 227 — — — 27,129 27,356 — 27,356 Interest expense 145,107 22,500 9,266 6,601 39,166 222,640 (217) 222,423 General and administrative 16,458 3,588 933 20,046 4,384 45,409 86 45,495 Acquisition and investment pursuit costs 1,164 2 — 47 — 1,213 — 1,213 Costs of rental operations 2,633 — 5,793 3,780 — 12,206 — 12,206 Depreciation and amortization 1,629 101 8,161 2,720 — 12,611 — 12,611 Credit loss provision, net 8,401 6,942 — — — 15,343 — 15,343 Total costs and expenses 175,619 33,133 24,153 33,194 70,679 336,778 (131) 336,647 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 37,146 37,146 Change in fair value of servicing rights — — — 357 — 357 158 515 Change in fair value of investment securities, net 16,398 — — (21,412) — (5,014) 4,931 (83) Change in fair value of mortgage loans, net (90,159) — — 2,685 — (87,474) — (87,474) Income from affordable housing fund investments — — 117,527 — — 117,527 — 117,527 (Loss) earnings from unconsolidated entities (4,044) 1,892 — 602 — (1,550) (494) (2,044) (Loss) gain on sale of investments and other assets, net (288) — — 13,741 — 13,453 — 13,453 Gain (loss) on derivative financial instruments, net 220,296 331 10,262 6,849 (31,668) 206,070 — 206,070 Foreign currency (loss) gain, net (107,087) (253) 22 — — (107,318) — (107,318) Loss on extinguishment of debt — — — (212) — (212) — (212) Other loss, net (56,391) — — — — (56,391) — (56,391) Total other income (loss) (21,275) 1,970 127,811 2,610 (31,668) 79,448 41,741 121,189 Income (loss) before income taxes 118,087 13,188 126,598 19,563 (102,347) 175,089 (6) 175,083 Income tax benefit (provision) 53,099 2 — (4,346) — 48,755 — 48,755 Net income (loss) 171,186 13,190 126,598 15,217 (102,347) 223,844 (6) 223,838 Net income attributable to non-controlling interests (3) — (28,486) (793) — (29,282) 6 (29,276) Net income (loss) attributable to Starwood Property Trust, Inc . $ 171,183 $ 13,190 $ 98,112 $ 14,424 $ (102,347) $ 194,562 $ — $ 194,562 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 Acquisition and investment pursuit costs 665 17 — (57) — 625 — 625 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 1,451 — 23 16 — 1,490 — 1,490 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 results of operations for the nine months ended September 30, 2022 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Revenues: Interest income from loans $ 714,222 $ 100,097 $ — $ 8,804 $ — $ 823,123 $ — $ 823,123 Interest income from investment securities 71,987 3,124 — 75,964 — 151,075 (102,767) 48,308 Servicing fees 420 — — 41,517 — 41,937 (10,965) 30,972 Rental income 4,674 — 67,879 23,483 — 96,036 — 96,036 Other revenues 251 287 152 10,999 3 11,692 (12) 11,680 Total revenues 791,554 103,508 68,031 160,767 3 1,123,863 (113,744) 1,010,119 Costs and expenses: Management fees 758 — — — 113,517 114,275 — 114,275 Interest expense 301,935 49,431 22,421 19,202 109,150 502,139 (647) 501,492 General and administrative 39,905 10,730 2,964 66,603 14,354 134,556 265 134,821 Acquisition and investment pursuit costs 2,401 3 7 (259) — 2,152 — 2,152 Costs of rental operations 4,978 — 16,010 11,106 — 32,094 — 32,094 Depreciation and amortization 3,106 310 24,559 8,523 — 36,498 — 36,498 Credit loss provision, net 13,027 7,096 — — — 20,123 — 20,123 Other expense 1,251 — 55 7 — 1,313 — 1,313 Total costs and expenses 367,361 67,570 66,016 105,182 237,021 843,150 (382) 842,768 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 72,268 72,268 Change in fair value of servicing rights — — — 683 — 683 551 1,234 Change in fair value of investment securities, net (5,019) — — (38,853) — (43,872) 42,189 (1,683) Change in fair value of mortgage loans, net (327,743) — — 1,006 — (326,737) — (326,737) Income from affordable housing fund investments — — 658,733 — — 658,733 — 658,733 (Loss) earnings from unconsolidated entities (2,598) 2,631 — 2,501 — 2,534 (1,623) 911 Gain on sale of investments and other assets, net 86,460 — — 25,599 — 112,059 — 112,059 Gain (loss) on derivative financial instruments, net 465,831 1,228 33,162 43,719 (82,019) 461,921 — 461,921 Foreign currency (loss) gain, net (212,672) (570) 41 — — (213,201) — (213,201) Loss on extinguishment of debt (206) (469) — (360) — (1,035) — (1,035) Other (loss) income, net (90,988) — — — — (90,988) 25 (90,963) Total other income (loss) (86,935) 2,820 691,936 34,295 (82,019) 560,097 113,410 673,507 Income (loss) before income taxes 337,258 38,758 693,951 89,880 (319,037) 840,810 48 840,858 Income tax benefit (provision) 57,682 7 — (8,690) — 48,999 — 48,999 Net income (loss) 394,940 38,765 693,951 81,190 (319,037) 889,809 48 889,857 Net income attributable to non-controlling interests (10) — (148,379) (9,972) — (158,361) (48) (158,409) Net income (loss) attributable to Starwood Property Trust, Inc . $ 394,930 $ 38,765 $ 545,572 $ 71,218 $ (319,037) $ 731,448 $ — $ 731,448
Schedule of Consolidated Balance Sheet by Business Segment	The table below presents our consolidated balance sheet as of September 30, 2023 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Assets: Cash and cash equivalents $ 7,078 $ 35,247 $ 37,281 $ 9,840 $ 105,873 $ 195,319 $ — $ 195,319 Restricted cash 29,474 22,178 997 4,746 178,556 235,951 — 235,951 Loans held-for-investment, net 14,950,568 2,274,318 — 9,319 — 17,234,205 — 17,234,205 Loans held-for-sale 2,499,681 — — 102,584 — 2,602,265 — 2,602,265 Investment securities 1,237,362 19,582 — 1,106,436 — 2,363,380 (1,641,787) 721,593 Properties, net 469,343 — 851,713 84,735 — 1,405,791 — 1,405,791 Investments of consolidated affordable housing fund — — 1,979,184 — — 1,979,184 — 1,979,184 Investments in unconsolidated entities 25,207 48,224 — 33,050 — 106,481 (14,557) 91,924 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Intangible assets 14,153 — 26,375 61,435 — 101,963 (35,974) 65,989 Derivative assets 123,662 134 2,640 6,580 — 133,016 — 133,016 Accrued interest receivable 160,815 9,574 1,298 1,770 88 173,545 (285) 173,260 Other assets 394,099 6,306 51,914 19,533 54,590 526,442 — 526,442 VIE assets, at fair value — — — — — — 44,668,904 44,668,904 Total Assets $ 19,911,442 $ 2,534,972 $ 2,951,402 $ 1,580,465 $ 339,107 $ 27,317,388 $ 42,976,301 $ 70,293,689 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 266,031 $ 21,885 $ 12,724 $ 35,998 $ 71,077 $ 407,715 $ — $ 407,715 Related-party payable — — — — 24,282 24,282 — 24,282 Dividends payable — — — — 152,737 152,737 — 152,737 Derivative liabilities 15,901 — — — 69,756 85,657 — 85,657 Secured financing agreements, net 9,974,212 935,043 791,461 539,820 1,338,203 13,578,739 (20,858) 13,557,881 Collateralized loan obligations and single asset securitization, net 2,702,506 815,768 — — — 3,518,274 — 3,518,274 Unsecured senior notes, net — — — — 2,456,583 2,456,583 — 2,456,583 VIE liabilities, at fair value — — — — — — 42,997,104 42,997,104 Total Liabilities 12,958,650 1,772,696 804,185 575,818 4,112,638 20,223,987 42,976,246 63,200,233 Temporary Equity: Redeemable non-controlling interests — — 409,659 — — 409,659 — 409,659 Permanent Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 3,205 3,205 — 3,205 Additional paid-in capital 1,522,081 616,063 (428,536) (680,659) 4,827,013 5,855,962 — 5,855,962 Treasury stock — — — — (138,022) (138,022) — (138,022) Retained earnings (accumulated deficit) 5,416,479 146,213 1,957,453 1,531,338 (8,465,727) 585,756 — 585,756 Accumulated other comprehensive income 14,114 — — — — 14,114 — 14,114 Total Starwood Property Trust, Inc. Stockholders’ Equity 6,952,674 762,276 1,528,917 850,679 (3,773,531) 6,321,015 — 6,321,015 Non-controlling interests in consolidated subsidiaries 118 — 208,641 153,968 — 362,727 55 362,782 Total Permanent Equity 6,952,792 762,276 1,737,558 1,004,647 (3,773,531) 6,683,742 55 6,683,797 Total Liabilities and Equity $ 19,911,442 $ 2,534,972 $ 2,951,402 $ 1,580,465 $ 339,107 $ 27,317,388 $ 42,976,301 $ 70,293,689 The table below presents our consolidated balance sheet as of December 31, 2022 by business segment (amounts in thousands): Commercial and Infrastructure Property Investing Corporate Subtotal Securitization Total Assets: Cash and cash equivalents $ 68,593 $ 31,153 $ 31,194 $ 39,023 $ 91,098 $ 261,061 $ — $ 261,061 Restricted cash 18,556 31,133 981 5,259 65,143 121,072 — 121,072 Loans held-for-investment, net 16,038,930 2,352,932 — 9,577 — 18,401,439 — 18,401,439 Loans held-for-sale 2,763,458 — — 21,136 — 2,784,594 — 2,784,594 Investment securities 1,250,893 66,204 — 1,165,628 — 2,482,725 (1,666,921) 815,804 Properties, net 463,492 — 864,778 121,716 — 1,449,986 — 1,449,986 Investments of consolidated affordable housing fund — — 1,761,002 — — 1,761,002 — 1,761,002 Investments in unconsolidated entities 25,326 47,078 — 33,030 — 105,434 (13,542) 91,892 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Intangible assets 11,908 — 29,613 66,310 — 107,831 (39,058) 68,773 Derivative assets 101,082 122 1,803 5,614 — 108,621 — 108,621 Accrued interest receivable 151,852 9,856 863 1,105 5,120 168,796 (275) 168,521 Other assets 170,177 3,614 54,313 12,929 56,444 297,477 — 297,477 VIE assets, at fair value — — — — — — 52,453,041 52,453,041 Total Assets $ 21,064,267 $ 2,661,501 $ 2,744,547 $ 1,621,764 $ 217,805 $ 28,309,884 $ 50,733,245 $ 79,043,129 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 146,897 $ 20,656 $ 11,716 $ 46,377 $ 73,353 $ 298,999 $ — $ 298,999 Related-party payable — — — — 41,186 41,186 — 41,186 Dividends payable — — — — 151,511 151,511 — 151,511 Derivative liabilities 21,523 105 — — 69,776 91,404 — 91,404 Secured financing agreements, net 10,804,970 1,042,679 789,719 543,256 1,342,074 14,522,698 (21,166) 14,501,532 Collateralized loan obligations and single asset securitization, net 2,862,211 814,013 — — — 3,676,224 — 3,676,224 Unsecured senior notes, net — — — — 2,329,211 2,329,211 — 2,329,211 VIE liabilities, at fair value — — — — — — 50,754,355 50,754,355 Total Liabilities 13,835,601 1,877,453 801,435 589,633 4,007,111 21,111,233 50,733,189 71,844,422 Temporary Equity: Redeemable non-controlling interests — — 362,790 — — 362,790 — 362,790 Permanent Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 3,181 3,181 — 3,181 Additional paid-in capital 2,124,496 683,258 (405,955) (646,662) 4,051,950 5,807,087 — 5,807,087 Treasury stock — — — — (138,022) (138,022) — (138,022) Retained earnings (accumulated deficit) 5,083,100 100,790 1,777,643 1,514,119 (7,706,415) 769,237 — 769,237 Accumulated other comprehensive income 20,955 — — — — 20,955 — 20,955 Total Starwood Property Trust, Inc. Stockholders’ Equity 7,228,551 784,048 1,371,688 867,457 (3,789,306) 6,462,438 — 6,462,438 Non-controlling interests in consolidated subsidiaries 115 — 208,634 164,674 — 373,423 56 373,479 Total Permanent Equity 7,228,666 784,048 1,580,322 1,032,131 (3,789,306) 6,835,861 56 6,835,917 Total Liabilities and Equity $ 21,064,267 $ 2,661,501 $ 2,744,547 $ 1,621,764 $ 217,805 $ 28,309,884 $ 50,733,245 $ 79,043,129

Business and Organization (Deta

Business and Organization (Details)	9 Months Ended
Business and Organization (Details)	Sep. 30, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable business segments	4

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)			9 Months Ended
Summary of Significant Accounting Policies (Details)	Nov. 06, 2021 USD ($)	Nov. 05, 2021 USD ($) property unit	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
REO assets as a percent of consolidated VIE assets			1%
Loans as a percent of consolidated VIE assets			99%
Permitted reinvestment under static investment in VIEs			$ 0
Number of properties in portfolio investment \| property		59
Number of units in portfolio investment \| unit		15,057
Contributions from non-controlling interests			$ 0	$ 21,926,000
Woodstar Fund
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of interest sold		20.60%
Contributions from non-controlling interests	$ 214,200,000	$ 216,000,000
Fund term		8 years

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details)	3 Months Ended		9 Months Ended
Acquisitions and Divestitures (Details)	Sep. 30, 2023 USD ($) property residential_unit	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) property residential_unit	Sep. 30, 2022 USD ($) property	Dec. 31, 2022 USD ($)	Apr. 30, 2019 USD ($)
Business Acquisition [Line Items]
Carrying Value	$ 20,107,790,000		$ 20,107,790,000		$ 21,285,446,000
Commercial and Residential Lending Segment \| Orlando, Florida \| Credit deteriorated
Business Acquisition [Line Items]
Carrying Value						$ 18,500,000
Operating Properties \| Investing and Servicing Segment
Business Acquisition [Line Items]
Number of properties sold \| property	2		3	2
Gain on sale of property	$ 10,600,000	$ 13,700,000	$ 15,400,000	$ 25,400,000
Proceeds from sale of operating properties	34,600,000	$ 19,500,000	50,900,000	54,000,000
Gain on sale of property attributable to noncontrolling interest				600,000
Operating Properties \| Commercial and Residential Lending Segment \| Orlando, Florida
Business Acquisition [Line Items]
Gain on sale of property				86,600,000
Proceeds from sale of operating properties				$ 114,800,000
Residential Units \| Commercial and Residential Lending Segment
Business Acquisition [Line Items]
Gain on sale of property	0		0
Proceeds from sale of operating properties	$ 9,100,000		$ 12,100,000
Number of residential units sold \| residential_unit	3		4

Loans - Held for Investment (De

Loans - Held for Investment (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Investments in loans
Carrying Value	$ 20,107,790	$ 21,285,446
Face Amount	20,696,679	21,734,785
Credit loss allowances	(271,320)	(99,413)
Total net loans	$ 19,836,470	$ 21,186,033	$ 20,309,506	$ 18,413,649
Residential, fair value option
Investments in loans
Weighted Average Life	28 years	28 years 9 months 18 days
Commercial Portfolio Segment
Investments in loans
Carrying Value	$ 15,221,801
Credit loss allowances	(261,914)
Infrastructure Portfolio Segment
Investments in loans
Carrying Value	2,283,724
Credit loss allowances	(9,406)
Loans held for investment
Investments in loans
Carrying Value	17,505,525	$ 18,500,852
Face Amount	17,634,146	18,617,970
Credit loss allowances	(271,320)	(99,413)
Loans held for investment \| Commercial Portfolio Segment
Investments in loans
Carrying Value	15,221,801	16,137,308
Face Amount	15,299,674	16,222,208
Credit loss allowances	(261,914)	(88,801)
Total net loans	14,959,887	16,048,507	15,676,202	13,450,198
Loans held for investment \| Infrastructure Portfolio Segment
Investments in loans
Carrying Value	2,283,724	2,363,544
Face Amount	$ 2,334,472	$ 2,395,762
Weighted Average Life	4 years	3 years 10 months 24 days
Credit loss allowances	$ (9,406)	$ (10,612)
Total net loans	$ 2,274,318	$ 2,352,932	2,374,444	2,027,426
Loans held for investment \| Weighted-average \| Infrastructure Portfolio Segment
Investments in loans
Weighted Average Coupon	9.60%	8.60%
Loans under fair value option
Investments in loans
Carrying Value	$ 2,602,265	$ 2,784,594
Face Amount	3,062,533	3,116,815
Credit loss allowances	0
Total net loans	2,602,265	2,784,594	$ 2,205,684	$ 2,876,800
Loans under fair value option \| Residential, fair value option
Investments in loans
Carrying Value	2,499,681	2,763,458
Face Amount	2,954,536	3,092,915
Loans under fair value option \| Commercial, fair value option
Investments in loans
Carrying Value	102,584	21,136
Face Amount	$ 107,997	$ 23,900
Weighted Average Life	6 years 1 month 6 days	8 years 7 months 6 days
Loans under fair value option \| Weighted-average \| Residential, fair value option
Investments in loans
Weighted Average Coupon	4.50%	4.50%
Loans under fair value option \| Weighted-average \| Commercial, fair value option
Investments in loans
Weighted Average Coupon	7%	5.70%
First Mortgages \| Loans held for investment
Investments in loans
Carrying Value	$ 14,812,543	$ 15,562,452
Face Amount	$ 14,887,200	$ 15,648,358
Weighted Average Life	1 year 3 months 18 days	1 year 8 months 12 days
First Mortgages \| Loans held for investment \| Weighted-average
Investments in loans
Weighted Average Coupon	9%	7.90%
Subordinated Mortgages \| Loans held for investment
Investments in loans
Carrying Value	$ 75,097	$ 71,100
Face Amount	$ 75,617	$ 72,118
Weighted Average Life	1 year 1 month 6 days	1 year 9 months 18 days
Subordinated Mortgages \| Loans held for investment \| Weighted-average
Investments in loans
Weighted Average Coupon	14.80%	13.60%
Mezzanine Loans
Investments in loans
Total net loans	$ 1,100,000	$ 1,300,000
Mezzanine Loans \| Loans held for investment
Investments in loans
Carrying Value	246,968	445,363
Face Amount	$ 248,518	$ 442,339
Weighted Average Life	1 year 7 months 6 days	1 year
Mezzanine Loans \| Loans held for investment \| Weighted-average
Investments in loans
Weighted Average Coupon	13.50%	12.90%
Other \| Loans held for investment
Investments in loans
Carrying Value	$ 87,193	$ 58,393
Face Amount	$ 88,339	$ 59,393
Weighted Average Life	1 year 7 months 6 days	1 year 4 months 24 days
Other \| Loans held for investment \| Weighted-average
Investments in loans
Weighted Average Coupon	9.60%	8.20%

Loans - Variable Rate Loans Hel

Loans - Variable Rate Loans Held for Investment (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Variable rate loans held-for-investment
Carrying Value	$ 16,813,983
Weighted-average Spread Above Index	4%
Commercial loans
Variable rate loans held-for-investment
Carrying Value	$ 14,532,060
Weighted-average Spread Above Index	4%
Infrastructure loans
Variable rate loans held-for-investment
Carrying Value	$ 2,281,923
Weighted-average Spread Above Index	4.10%

Loans - Risk Ratings by Class o

Loans - Risk Ratings by Class of Loan (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments in loans
Total Amortized Cost Basis	$ 20,107,790	$ 21,285,446
Credit Loss Allowance	271,320	99,413
Loans under fair value option
Investments in loans
Total Amortized Cost Basis	2,602,265	$ 2,784,594
Credit Loss Allowance	0
Commercial Portfolio Segment
Investments in loans
2023	420,646
2022	3,993,258
2021	7,282,056
2020	722,823
2019	1,527,576
Prior	1,275,442
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	15,221,801
Credit Loss Allowance	261,914
Commercial Portfolio Segment \| LTV less than 60%
Investments in loans
2023	265,245
2022	1,937,607
2021	3,101,829
2020	188,077
2019	991,760
Prior	206,365
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	6,690,883
Credit Loss Allowance	24,768
Commercial Portfolio Segment \| LTV 60% - 70%
Investments in loans
2023	85,019
2022	1,911,675
2021	3,526,879
2020	94,397
2019	102,782
Prior	386,971
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	6,107,723
Credit Loss Allowance	73,696
Commercial Portfolio Segment \| LTV > 70%
Investments in loans
2023	40,008
2022	102,433
2021	653,348
2020	440,349
2019	433,034
Prior	637,766
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	2,306,938
Credit Loss Allowance	158,525
Commercial Portfolio Segment \| Credit deteriorated
Investments in loans
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	29,065
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	29,065
Credit Loss Allowance	4,925
Commercial Portfolio Segment \| Defeased and other
Investments in loans
2023	30,374
2022	41,543
2021	0
2020	0
2019	0
Prior	15,275
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	87,192
Credit Loss Allowance	0
Infrastructure Portfolio Segment
Investments in loans
2023	554,050
2022	123,212
2021	453,913
2020	75,616
2019	466,991
Prior	602,137
Revolving Loans Amortized Cost Total	7,805
Total Amortized Cost Basis	2,283,724
Credit Loss Allowance	9,406
Infrastructure Portfolio Segment \| Credit deteriorated
Investments in loans
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	1,801
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	1,801
Credit Loss Allowance	0
Infrastructure Portfolio Segment \| Defeased and other
Investments in loans
2023	48,744
2022	0
2021	0
2020	0
2019	0
Prior	0
Revolving Loans Amortized Cost Total	0
Total Amortized Cost Basis	48,744
Credit Loss Allowance	201
Infrastructure Portfolio Segment \| Power
Investments in loans
2023	288,797
2022	0
2021	107,644
2020	75,616
2019	278,309
Prior	465,377
Revolving Loans Amortized Cost Total	5,757
Total Amortized Cost Basis	1,221,500
Credit Loss Allowance	3,722
Infrastructure Portfolio Segment \| Oil and gas
Investments in loans
2023	216,509
2022	123,212
2021	346,269
2020	0
2019	188,682
Prior	134,959
Revolving Loans Amortized Cost Total	2,048
Total Amortized Cost Basis	1,011,679
Credit Loss Allowance	$ 5,483

Loans - Narrative (Details)

Loans - Narrative (Details) $ in Thousands	1 Months Ended	9 Months Ended
Loans - Narrative (Details) $ in Thousands	May 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value		$ 20,107,790			$ 21,285,446
Allowance for credit losses		271,320			99,413
Loan foreclosure		42,000	$ 50,151
Properties, net		1,405,791			1,449,986
Intangible assets		65,989			$ 68,773
Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value		15,221,801
Allowance for credit losses		261,914
Infrastructure Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value		2,283,724
Allowance for credit losses		9,406
Mortgage Loan \| Irvine, California \| Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value		$ 197,200
Granted team extension period		19 months
Mortgage loans on real estate gross percentage		0.013
Preferred equity commitment		$ 25,100
Unfunded commitments		19,600
Senior Loans \| Chicago \| Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan foreclosure	$ 41,100
Properties, net	36,800
Intangible assets	$ 4,300
Credit deteriorated \| Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value		29,065
Allowance for credit losses		4,925
Credit deteriorated \| Infrastructure Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value		1,801
Allowance for credit losses		0
Credit deteriorated \| Mortgage Loan \| Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value		38,800
Allowance for credit losses				$ 14,700
Credit deteriorated \| Senior Loans \| Chicago \| Infrastructure Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value		4,900
Credit deteriorated \| Infrastructure Loans \| Infrastructure Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value		12,900
Credit deteriorated \| Infrastructure Loans \| Chicago \| Infrastructure Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses				$ 11,100
90 days or greater past due \| Non-Credit Deterioration
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value		229,900
90 days or greater past due \| Non-Credit Deterioration \| Residential Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value		60,700
90 days or greater past due \| Non-Credit Deterioration \| Mortgage Loan \| Washington, DC \| Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value		122,200
90 days or greater past due \| Non-Credit Deterioration \| Leasehold Mortgage Loan \| California \| Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value		37,800
90 days or greater past due \| Non-Credit Deterioration \| Senior Loans \| New York \| Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value		9,200
Not 90 days or greater past due \| Non-Credit Deterioration
Financing Receivable, Allowance for Credit Loss [Line Items]
Past due loan converted to equity interests		7,300
Not 90 days or greater past due \| Non-Credit Deterioration \| Senior Loans \| New Jersey \| Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Carrying Value		220,100
Not 90 days or greater past due \| Non-Credit Deterioration \| Mortgage and Mezzanine Loan \| Portland, Oregon
Financing Receivable, Allowance for Credit Loss [Line Items]
Past due loan converted to equity interests		$ 60,800

Loans - Activity in Portfolio (

Loans - Activity in Portfolio (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
Loans - Activity in Portfolio (Details) $ in Thousands	May 31, 2023 USD ($)	Sep. 30, 2023 USD ($) power_plant	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) power_plant	Sep. 30, 2022 USD ($)
Activity in allowance for loan losses
Credit loss allowance at beginning of the period				$ 99,413
Credit loss provision, net				197,675	$ 25,341
Credit loss allowance at the end of the period		$ 271,320		$ 271,320
Number of natural gas power plant \| power_plant		2		2
Activity in loan portfolio
Balance at the beginning of the period				$ 21,186,033	18,413,649
Acquisitions/originations/additional funding				2,022,544	8,800,865
Capitalized Interest				92,202	87,674
Basis of loans sold				(390,321)	(4,062,841)
Loan maturities/principal repayments				(2,723,990)	(1,957,881)
Discount accretion/premium amortization				51,031	47,468
Changes in fair value		$ (66,806)	$ (87,474)	(111,247)	(326,737)
Foreign currency translation loss, net				(50,107)	(617,199)
Credit loss provision, net				(197,675)	(25,341)
Loan foreclosure				(42,000)	(50,151)
Transfer to/from other asset classifications or between segments				0	0
Balance at the end of the period		19,836,470	20,309,506	19,836,470	20,309,506
Loan foreclosure				42,000	50,151
Funded Commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period				99,413
Credit loss provision, net				197,675
Charge-offs				(25,768)
Credit loss allowance at the end of the period		271,320		271,320
Activity in loan portfolio
Credit loss provision, net				(197,675)
Unfunded commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period				9,873
Credit loss provision, net				10,266
Credit loss allowance at the end of the period		20,139		20,139
Unfunded commitments		1,462,086		1,462,086
Activity in loan portfolio
Credit loss provision, net				(10,266)
HTM Preferred Intrests
Activity in allowance for loan losses
Credit loss allowance at beginning of the period				0
Credit loss provision, net				6,695
Credit loss allowance at the end of the period		6,695		6,695
Unfunded commitments		19,543		19,543
Activity in loan portfolio
Credit loss provision, net				(6,695)
CMBS
Activity in allowance for loan losses
Credit loss allowance at beginning of the period				52
Credit loss provision, net				88
Credit loss allowance at the end of the period		140		140
Unfunded commitments		33,806		33,806
Activity in loan portfolio
Credit loss provision, net				(88)
Total loans held-for-investment
Activity in allowance for loan losses
Credit loss allowance at beginning of the period				99,413
Credit loss allowance at the end of the period		271,320		271,320
Loans under fair value option
Activity in allowance for loan losses
Credit loss provision, net				0	0
Credit loss allowance at the end of the period		0		0
Activity in loan portfolio
Balance at the beginning of the period				2,784,594	2,876,800
Acquisitions/originations/additional funding				363,520	3,793,467
Capitalized Interest				172	402
Basis of loans sold				(337,321)	(4,056,511)
Loan maturities/principal repayments				(137,916)	(146,184)
Discount accretion/premium amortization				0	0
Changes in fair value				(111,247)	(326,252)
Foreign currency translation loss, net				0	0
Credit loss provision, net				0	0
Loan foreclosure				(929)	0
Transfer to/from other asset classifications or between segments				41,392	63,962
Balance at the end of the period		2,602,265	2,205,684	2,602,265	2,205,684
Loan foreclosure				929	0
Commercial Portfolio Segment
Activity in allowance for loan losses
Credit loss allowance at the end of the period		261,914		261,914
Commercial Portfolio Segment \| Credit deteriorated
Activity in allowance for loan losses
Credit loss allowance at the end of the period		4,925		4,925
Commercial Portfolio Segment \| Senior Loans \| Chicago
Activity in loan portfolio
Loan foreclosure	$ (41,100)
Loan foreclosure	$ 41,100
Commercial Portfolio Segment \| Funded Commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period				88,801
Credit loss provision, net				187,775
Charge-offs				(14,662)
Credit loss allowance at the end of the period		261,914		261,914
Activity in loan portfolio
Credit loss provision, net				(187,775)
Commercial Portfolio Segment \| Loans Held-For-Investment
Activity in allowance for loan losses
Credit loss allowance at beginning of the period				9,749
Credit loss provision, net				3,141
Credit loss allowance at the end of the period		12,890		12,890
Unfunded commitments		1,362,554		1,362,554
Activity in loan portfolio
Credit loss provision, net				(3,141)
Commercial Portfolio Segment \| Total loans held-for-investment
Activity in allowance for loan losses
Credit loss allowance at beginning of the period				88,801
Credit loss provision, net				187,775	18,262
Credit loss allowance at the end of the period		261,914		261,914
Activity in loan portfolio
Balance at the beginning of the period				16,048,507	13,450,198
Acquisitions/originations/additional funding				1,053,627	4,410,306
Capitalized Interest				91,641	85,454
Basis of loans sold				(53,000)	(6,330)
Loan maturities/principal repayments				(1,903,021)	(1,558,907)
Discount accretion/premium amortization				40,733	40,179
Changes in fair value				0	0
Foreign currency translation loss, net				(48,362)	(612,669)
Credit loss provision, net				(187,775)	(18,262)
Loan foreclosure				(41,071)	(50,151)
Transfer to/from other asset classifications or between segments				(41,392)	(63,616)
Balance at the end of the period		14,959,887	15,676,202	14,959,887	15,676,202
Loan foreclosure				41,071	50,151
Infrastructure Portfolio Segment
Activity in allowance for loan losses
Credit loss allowance at the end of the period		9,406		9,406
Infrastructure Portfolio Segment \| Credit deteriorated
Activity in allowance for loan losses
Credit loss allowance at the end of the period		0		0
Infrastructure Portfolio Segment \| Infrastructure Loans \| Chicago \| Credit deteriorated
Activity in allowance for loan losses
Credit loss allowance at beginning of the period		11,100
Charge-offs				(11,100)
Infrastructure Portfolio Segment \| Funded Commitments
Activity in allowance for loan losses
Credit loss allowance at beginning of the period				10,612
Credit loss provision, net				9,900
Charge-offs				(11,106)
Credit loss allowance at the end of the period		9,406		9,406
Activity in loan portfolio
Credit loss provision, net				(9,900)
Infrastructure Portfolio Segment \| Loans Held-For-Investment
Activity in allowance for loan losses
Credit loss allowance at beginning of the period				72
Credit loss provision, net				342
Credit loss allowance at the end of the period		414		414
Unfunded commitments		46,183		46,183
Activity in loan portfolio
Credit loss provision, net				(342)
Infrastructure Portfolio Segment \| Total loans held-for-investment
Activity in allowance for loan losses
Credit loss allowance at beginning of the period				10,612
Credit loss provision, net				9,900	7,079
Credit loss allowance at the end of the period		9,406		9,406
Activity in loan portfolio
Balance at the beginning of the period				2,352,932	2,027,426
Acquisitions/originations/additional funding				605,397	597,092
Capitalized Interest				389	373
Basis of loans sold				0	0
Loan maturities/principal repayments				(683,053)	(246,127)
Discount accretion/premium amortization				10,298	7,289
Changes in fair value				0	0
Foreign currency translation loss, net				(1,745)	(4,530)
Credit loss provision, net				(9,900)	(7,079)
Loan foreclosure				0	0
Transfer to/from other asset classifications or between segments				0	0
Balance at the end of the period		2,274,318	2,374,444	2,274,318	2,374,444
Loan foreclosure				0	0
Residential Portfolio Segment \| Residential Loans
Activity in loan portfolio
Loan foreclosure				(900)
Loan foreclosure				900
Residential Portfolio Segment \| Total loans held-for-investment
Activity in allowance for loan losses
Credit loss provision, net				0	0
Activity in loan portfolio
Balance at the beginning of the period				0	59,225
Acquisitions/originations/additional funding				0	0
Capitalized Interest				0	1,445
Basis of loans sold				0	0
Loan maturities/principal repayments				0	(6,663)
Discount accretion/premium amortization				0	0
Changes in fair value				0	(485)
Foreign currency translation loss, net				0	0
Credit loss provision, net				0	0
Loan foreclosure				0	0
Transfer to/from other asset classifications or between segments				0	(346)
Balance at the end of the period		$ 0	$ 53,176	0	53,176
Loan foreclosure				$ 0	$ 0

Investment Securities - Investm

Investment Securities - Investment Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	$ 102,076	$ 113,386
Credit loss allowance	12,994	3,182
HTM debt securities	604,942	676,652
Total investment securities	721,593	815,804
VIE eliminations
Debt Securities, Available-for-sale [Line Items]
Equity security	(1,641,787)	(1,666,921)
CMBS
Debt Securities, Available-for-sale [Line Items]
Credit loss allowance	492	172
HTM debt securities	569,867	577,681
CMBS \| Non- Controlling Interests
Debt Securities, Available-for-sale [Line Items]
Equity security	187,300	198,900
Before consolidation of securitization VIEs
Debt Securities, Available-for-sale [Line Items]
HTM debt securities	591,948	673,470
Equity security, fair value	8,829	9,840
Total investment securities	2,363,380	2,482,725
Before consolidation of securitization VIEs \| RMBS
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	102,076	113,386
Equity security	451,191	423,183
Before consolidation of securitization VIEs \| CMBS
Debt Securities, Available-for-sale [Line Items]
Equity security	$ 1,209,336	$ 1,262,846

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	$ 5,536	$ 0	$ 6,988	$ 86,058
Sales and redemptions	1,427	0	1,722	0
Principal collections	36,331	4,251	87,679	19,431
HTM Securities
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	5,536	0	6,988	86,058
Sales and redemptions	0		0	0
Principal collections	33,762	609	79,543	2,549
Equity Security
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	0	0	0	0
Sales and redemptions	878	0	1,173	0
Principal collections	0	0	0	0
Securitization VIEs
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	0	0	0	(289,833)
Sales and redemptions	0	0	0	0
Principal collections	(13,624)	(21,802)	(54,071)	(64,555)
RMBS \| Available-for-sale
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	0	0	0	0
Sales and redemptions	549	0	549	0
Principal collections	2,468	3,412	7,451	16,200
RMBS \| Fair value option
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	0	0	0	226,152
Sales and redemptions	0	0	0	0
Principal collections	12,979	16,914	41,776	58,843
CMBS \| Fair value option
Debt Securities, Available-for-sale [Line Items]
Purchases/fundings	0	0	0	63,681
Sales and redemptions	0	0	0	0
Principal collections	$ 746	$ 5,118	$ 12,980	$ 6,394

Investment Securities - Availab

Investment Securities - Available-for-Sale RMBS (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 87,962	$ 92,431
Credit Loss Allowance	0	0
Net Basis	87,962	92,431
Gross Unrealized Gains	17,182	21,765
Gross Unrealized Losses	(3,068)	(810)
Net Fair Value Adjustment	14,114	20,955
Fair Value	$ 102,076	$ 113,386
Available-for-sale \| SOFR
Debt Securities, Available-for-sale [Line Items]
Effective variable rate basis	5.319%
RMBS \| B- Rating \| Available-for-sale
Debt Securities, Available-for-sale [Line Items]
Weighted Average Coupon	5.80%
WAL (Years)	7 years 4 months 24 days

Investment Securities - Narrati

Investment Securities - Narrative (Details)	3 Months Ended		9 Months Ended		12 Months Ended
Investment Securities - Narrative (Details)	Sep. 30, 2023 USD ($) security shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) security shares	Sep. 30, 2022 USD ($)	Dec. 31, 2012 shares	Dec. 31, 2022 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Cost of third party management	$ 200,000	$ 200,000	$ 600,000	$ 800,000
Number of securities with unrealized losses \| security	14		14			10
Credit loss allowance	$ 12,994,000		$ 12,994,000			$ 3,182,000
Amortized Cost Basis	$ 604,942,000		$ 604,942,000			676,652,000
SEREF
Debt Securities, Available-for-sale [Line Items]
Number of shares acquired (in shares) \| shares					9,140,000
Number of shares redeemed (in shares) \| shares	672,166		895,182
Proceeds from shares redeemed	$ 900,000		$ 1,200,000
Remaining held (in shares) \| shares	8,244,818		8,244,818
Equity security, fair value	$ 8,800,000		$ 8,800,000			9,800,000
Ownership percentage			2%
Fair Value Option
Debt Securities, Available-for-sale [Line Items]
Fair value of mortgage backed securities	1,700,000,000		$ 1,700,000,000
VIE eliminations
Debt Securities, Available-for-sale [Line Items]
Fair value of investment securities before consolidation of VIEs eliminated against VIE liabilities	18,700,000		18,700,000
RMBS
Debt Securities, Available-for-sale [Line Items]
Portion of securities with variable rate	$ 91,100,000		$ 91,100,000
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	451,200,000		451,200,000
Unpaid principal balance of investment securities before consolidation of VIEs	326,300,000		326,300,000
CMBS
Debt Securities, Available-for-sale [Line Items]
Credit loss allowance	492,000		492,000			172,000
Amortized Cost Basis	569,867,000		569,867,000			577,681,000
CMBS \| Fair Value Option
Debt Securities, Available-for-sale [Line Items]
Portion of securities with variable rate	102,900,000		102,900,000
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]
Credit loss allowance	10,082,000		10,082,000			3,010,000
Amortized Cost Basis	29,664,000		29,664,000			$ 69,214,000
Infrastructure bonds \| Credit deteriorated \| Infrastructure Portfolio Segment \| Choctaw, Mississippi
Debt Securities, Available-for-sale [Line Items]
Credit loss allowance	7,200,000		7,200,000
Allowance for credit loss to date	10,000,000		10,000,000
Amortized Cost Basis	$ 19,200,000		$ 19,200,000

Investment Securities - AFS and

Investment Securities - AFS and Fair Value Option (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Estimated Fair Value
Securities with a loss less than 12 months	$ 11,098	$ 6,961
Securities with a loss greater than 12 months	6,077	1,889
Unrealized Losses
Securities with a loss less than 12 months	(1,626)	(502)
Securities with a loss greater than 12 months	$ (1,442)	$ (308)

Investment Securities - HTM Deb

Investment Securities - HTM Debt Securities, Amortized Cost (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
HTM Securities
Amortized Cost Basis	$ 604,942	$ 676,652
Credit Loss Allowance	(12,994)	(3,182)
Net Carrying Amount	591,948	673,470
Gross Unrealized Holding Gains	237	202
Gross Unrealized Holding Losses	(29,662)	(36,397)
Fair Value	562,523	637,275
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at beginning	3,182
Credit loss provision, net	9,812
Credit loss allowance at ending	12,994
HTM preferred equity interests
Less than one year	96,520
One to three years	432,007
Three to five years	54,307
Thereafter	9,114
Total	591,948
CMBS
HTM Securities
Amortized Cost Basis	569,867	577,681
Credit Loss Allowance	(492)	(172)
Net Carrying Amount	569,375	577,509
Gross Unrealized Holding Gains	79	30
Gross Unrealized Holding Losses	(28,474)	(30,424)
Fair Value	540,980	547,115
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at beginning	172
Credit loss provision, net	320
Credit loss allowance at ending	492
HTM preferred equity interests
Less than one year	96,520
One to three years	428,684
Three to five years	44,171
Thereafter	0
Total	569,375
Preferred interests
HTM Securities
Amortized Cost Basis	5,411	29,757
Credit Loss Allowance	(2,420)	0
Net Carrying Amount	2,991	29,757
Gross Unrealized Holding Gains	125	125
Gross Unrealized Holding Losses	(1,170)	(4,863)
Fair Value	1,946	25,019
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at beginning	0
Credit loss provision, net	2,420
Credit loss allowance at ending	2,420
HTM preferred equity interests
Less than one year	0
One to three years	2,991
Three to five years	0
Thereafter	0
Total	2,991
Infrastructure bonds
HTM Securities
Amortized Cost Basis	29,664	69,214
Credit Loss Allowance	(10,082)	(3,010)
Net Carrying Amount	19,582	66,204
Gross Unrealized Holding Gains	33	47
Gross Unrealized Holding Losses	(18)	(1,110)
Fair Value	19,597	$ 65,141
Activity in credit loss allowance for HTM debt securities
Credit loss allowance at beginning	3,010
Credit loss provision, net	7,072
Credit loss allowance at ending	10,082
HTM preferred equity interests
Less than one year	0
One to three years	332
Three to five years	10,136
Thereafter	9,114
Total	$ 19,582

Properties - Narrative (Details

Properties - Narrative (Details) ft² in Millions	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
Properties - Narrative (Details) ft² in Millions	Sep. 30, 2017 ft² property	Sep. 30, 2023 USD ($) property residential_unit	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) property residential_unit	Sep. 30, 2022 USD ($) property	Dec. 31, 2016 ft² building
Real Estate Properties [Line Items]
Property impairment loss				$ 23,800,000
Operating Properties \| Commercial and Residential Lending Segment \| Montgomery Alabama
Real Estate Properties [Line Items]
Proceeds from sale of operating properties					$ 114,800,000
Gain on sale of property					$ 86,600,000
Operating Properties \| Investing and Servicing Segment
Real Estate Properties [Line Items]
Number of properties sold \| property		2		3	2
Proceeds from sale of operating properties		$ 34,600,000	$ 19,500,000	$ 50,900,000	$ 54,000,000
Gain on sale of property		10,600,000	13,700,000	15,400,000	25,400,000
Gain on sale of property attributable to noncontrolling interest					$ 600,000
Residential Units \| Commercial and Residential Lending Segment
Real Estate Properties [Line Items]
Proceeds from sale of operating properties		9,100,000		12,100,000
Gain on sale of property		$ 0		$ 0
Number of residential units sold \| residential_unit		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		$ 776,400,000		$ 776,400,000
Debt		597,900,000		597,900,000
Master Lease Portfolio
Real Estate Properties [Line Items]
Total gross properties and lease intangibles		343,800,000		343,800,000
Debt		193,600,000		193,600,000
Number of retail properties acquired \| property	16
Number of square feet of properties \| ft²	1.9
Term of master lease agreements	24 years 7 months 6 days
Master Lease Portfolio \| Minimum \| Retail Properties \| Geographic Concentration Risk \| Utah, Florida, Texas and Minnesota
Real Estate Properties [Line Items]
Concentration risk (as a percent)	50%
REIS Equity Portfolio
Real Estate Properties [Line Items]
Total gross properties and lease intangibles		142,900,000		142,900,000
Debt		$ 93,100,000		$ 93,100,000
Number of retail properties acquired \| property				7
REIS Equity Portfolio \| Operating Properties
Real Estate Properties [Line Items]
Number of properties sold \| property		2		3	2
Proceeds from sale of operating properties		$ 34,600,000	19,500,000	$ 50,900,000	$ 54,000,000
Gain on sale of property		10,600,000	$ 13,700,000	15,400,000	$ 25,400,000
Commercial and Residential Lending Segment Property Portfolio
Real Estate Properties [Line Items]
Total gross properties and lease intangibles		494,400,000		494,400,000
Debt		$ 204,400,000		$ 204,400,000

Properties - Properties Held (D

Properties - Properties Held (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Real Estate Properties [Line Items]
Properties, cost	$ 1,636,589	$ 1,659,495
Less: accumulated depreciation	(230,798)	(209,509)
Properties, net	1,405,791	1,449,986
Property Segment
Real Estate Properties [Line Items]
Land and land improvements	176,140	176,029
Buildings and building improvements	864,314	856,411
Furniture & fixtures	$ 606	446
Property Segment \| Minimum
Real Estate Properties [Line Items]
Land and land improvements, Depreciable Life	0 days
Building and building improvements, Depreciable Life	0 days
Furniture & fixtures, Depreciable Life	3 years
Property Segment \| Maximum
Real Estate Properties [Line Items]
Land and land improvements, Depreciable Life	15 years
Building and building improvements, Depreciable Life	45 years
Furniture & fixtures, Depreciable Life	5 years
Investing and Servicing Segment
Real Estate Properties [Line Items]
Land and land improvements	$ 27,334	34,613
Buildings and building improvements	89,434	122,384
Furniture & fixtures	$ 2,858	3,207
Investing and Servicing Segment \| Minimum
Real Estate Properties [Line Items]
Land and land improvements, Depreciable Life	0 days
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	$ 95,603	99,043
Buildings and building improvements	113,467	79,661
Construction in progress	$ 266,833	$ 287,701
Commercial and Residential Lending Segment \| Minimum
Real Estate Properties [Line Items]
Building and building improvements, Depreciable Life	0 days
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, 2023 USD ($) affordable_housing_community affordable_housing_unit	Dec. 31, 2018 affordable_housing_community	Dec. 31, 2016 affordable_housing_community	Dec. 31, 2015 affordable_housing_community	Dec. 31, 2022 USD ($)
Investments in and Advances to Affiliates [Line Items]
Investments of consolidated affordable housing fund, at fair value		$ 1,979,184				$ 1,761,002
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		$ 728,800
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		$ 475,600

Investments of Consolidated A_4

Investments of Consolidated Affordable Housing Fund - Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments in and Advances to Affiliates [Line Items]
Unrealized change in fair value of investments	$ 2,199	$ 110,415	$ 218,182	$ 628,956
Primary Beneficiary
Investments in and Advances to Affiliates [Line Items]
Distributions from affordable housing fund investments	14,709	7,112	35,514	29,777
Income from affordable housing fund investments	$ 16,908	$ 117,527	$ 253,696	$ 658,733

Investments in Unconsolidated_3

Investments in Unconsolidated Entities (Details)	1 Months Ended	9 Months Ended
Investments in Unconsolidated Entities (Details)	Mar. 31, 2021 USD ($) entity retail_center	Sep. 30, 2023 USD ($) investment power_plant	Dec. 31, 2022 USD ($) power_plant
Equity method investments:
Number of natural gas power plant \| power_plant		2
Equity method, Carrying value		$ 70,054,000	$ 68,901,000
Other equity investments:
Other equity investments, carrying value		21,870,000	22,991,000
Investment in unconsolidated entities		$ 91,924,000	$ 91,892,000
Number of publicly traded investments \| investment		0
Carrying value over (under) equity in net assets		$ 0
Equity interest in two natural gas power plants
Equity method investments:
Number of natural gas power plant \| power_plant		2	2
Equity method, Carrying value		$ 47,763,000	$ 46,618,000
Investor entity which owns equity in an online real estate company
Equity method investments:
Equity method, Participation / Ownership %		50%
Equity method, Carrying value		$ 5,495,000	5,457,000
Equity interest in a residential mortgage originator
Equity method investments:
Equity method, Carrying value		0	1,449,000
Various
Equity method investments:
Equity method, Carrying value		$ 16,796,000	15,377,000
Equity interest in a servicing and advisory business
Other equity investments:
Cost method, Participation / Ownership %		2%
Other equity investments, carrying value		$ 12,955,000	12,955,000
Investment funds which own equity in a loan servicer and other real estate assets
Other equity investments:
Other equity investments, carrying value		$ 940,000	940,000
Investor entities which own equity interests in two entertainment and retail centers
Other equity investments:
Cost method, Participation / Ownership %		15%
Other equity investments, carrying value		$ 6,201,000	7,322,000
Investment in unconsolidated entities	$ 7,300,000
Number of investor entities \| entity	2
Number of shopping malls \| retail_center	2
Received a capital distribution		1,100,000
Various
Other equity investments:
Other equity investments, carrying value		$ 1,774,000	$ 1,774,000
Minimum \| Equity interest 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 %		1%
Maximum \| Equity interest 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 %		3%

Goodwill and Intangibles - Narr

Goodwill and Intangibles - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
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	54,200	56,800
VIE eliminations \| Domestic servicing rights, at fair value
Goodwill [Line Items]
Servicing rights intangibles	36,000	39,100
Infrastructure Lending Segment
Goodwill [Line Items]
Goodwill	119,400	119,400
Investing and Servicing Segment
Goodwill [Line Items]
Goodwill	$ 140,400	$ 140,400

Goodwill and Intangibles - Inta

Goodwill and Intangibles - Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Goodwill [Line Items]
Gross Carrying Value	$ 144,960	$ 143,061
Accumulated Amortization	(78,971)	(74,288)
Net Carrying Value	65,989	68,773
In-place lease intangible assets
Goodwill [Line Items]
Gross Carrying Value	97,913	98,622
Accumulated Amortization	(67,548)	(64,246)
Net Carrying Value	30,365	34,376
Favorable lease intangible assets
Goodwill [Line Items]
Gross Carrying Value	28,859	26,649
Accumulated Amortization	(11,423)	(10,042)
Net Carrying Value	17,436	16,607
Domestic servicing rights, at fair value
Goodwill [Line Items]
Gross Carrying Value	18,188	17,790
Net Carrying Value	$ 18,188	$ 17,790

Goodwill and Intangibles - Acti

Goodwill and Intangibles - Activity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Intangible Assets, Net (Excluding Goodwill) [Roll Forward]
Beginning balnce	$ 68,773
Acquisition	4,341
Amortization	(6,672)
Sales	(851)
Changes in fair value due to changes in inputs and assumptions	398
Ending balance	65,989
In-place Lease Intangible Assets
Intangible Assets, Net (Excluding Goodwill) [Roll Forward]
Beginning balnce	34,376
Acquisition	2,061
Amortization	(5,221)
Sales	(851)
Changes in fair value due to changes in inputs and assumptions	0
Ending balance	30,365
Favorable Lease Intangible Assets
Intangible Assets, Net (Excluding Goodwill) [Roll Forward]
Beginning balnce	16,607
Acquisition	2,280
Amortization	(1,451)
Sales	0
Changes in fair value due to changes in inputs and assumptions	0
Ending balance	17,436
Domestic servicing rights
Intangible Assets, Net (Excluding Goodwill) [Roll Forward]
Beginning balnce	17,790
Acquisition	0
Amortization	0
Sales	0
Changes in fair value due to changes in inputs and assumptions	398
Ending balance	$ 18,188

Goodwill and Intangibles - Futu

Goodwill and Intangibles - Future Expected Amortization (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (remainder of)	$ 2,071
2024	7,241
2025	6,136
2026	4,610
2027	4,116
Thereafter	23,627
Total	$ 47,801

Secured Borrowings - Secured Fi

Secured Borrowings - Secured Financing Agreements (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Secured Borrowings
Pledged Asset Carrying Value	$ 102,076	$ 102,076	$ 113,386
Secured financing agreements, net	13,557,881	13,557,881	14,501,532
Revolving Credit Facility
Secured Borrowings
Maximum borrowing capacity	150,000	150,000
Equity interests in certain subsidiaries used to secure facilities		5,700,000
Borrowing Base Facility
Secured Borrowings
Maximum Facility Size	450,000	450,000
Maximum facility size subject to certain conditions	750,000	750,000
Commercial Financing Facilities
Secured Borrowings
Maximum Facility Size	453,300	$ 453,300
Property Mortgages - Fixed rate
Secured Borrowings
Maturity period		3 years 9 months 18 days
Term Loan Facility
Secured Borrowings
Maximum borrowing capacity	774,800	$ 774,800
Term Loan Facility Maturing November 2027
Secured Borrowings
Maximum borrowing capacity	$ 595,500	$ 595,500
Floor interest rate (as a percent)		0.50%
SOFR
Secured Borrowings
Pricing margin (as a percent)	2.53%
SOFR \| Revolving Credit Facility
Secured Borrowings
Coupon Rate	2.60%	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)		3.25%
SOFR + 2.60% \| Term Loan Facility
Secured Borrowings
Pricing margin (as a percent)		2.60%
Maximum borrowing capacity	$ 384,000	$ 384,000
SOFR + 3.35% \| Term Loan Facility
Secured Borrowings
Pricing margin (as a percent)		3.35%
Maximum borrowing capacity	390,800	$ 390,800
Secured Borrowings
Secured Borrowings
Maximum Facility Size	22,787,928	22,787,928
Long term debt, gross	13,643,930	13,643,930	14,610,127
Unamortized net discount	(26,039)	(26,039)	(30,320)
Unamortized deferred financing costs	(60,010)	(60,010)	(78,275)
Secured financing agreements, net	13,557,881	13,557,881	14,501,532
Secured Borrowings \| Borrowing Base Facility
Secured Borrowings
Maximum Facility Size	750,000	750,000
Long term debt, gross	3,920	3,920	0
Secured Borrowings \| Commercial Financing Facilities
Secured Borrowings
Maximum Facility Size	553,319	553,319
Long term debt, gross	355,962	355,962	311,825
Secured Borrowings \| Residential Financing Facility
Secured Borrowings
Maximum Facility Size	0	0
Long term debt, gross	0	0	244,418
Secured Borrowings \| Infrastructure Financing Facilities
Secured Borrowings
Maximum Facility Size	1,550,000	1,550,000
Long term debt, gross	$ 608,847	$ 608,847	765,265
Secured Borrowings \| Property Mortgages - Fixed rate
Secured Borrowings
Coupon Rate	4.40%	4.40%
Maximum Facility Size	$ 224,898	$ 224,898
Long term debt, gross	224,898	224,898	261,100
Secured Borrowings \| Property Mortgages - Variable rate
Secured Borrowings
Maximum Facility Size	849,328	849,328
Long term debt, gross	846,946	846,946	847,633
Secured Borrowings \| Term Loans and Revolver
Secured Borrowings
Maximum Facility Size	1,520,275	1,520,275
Long term debt, gross	1,370,275	1,370,275	1,380,766
Secured Borrowings \| Total Other Secured Financing
Secured Borrowings
Maximum Facility Size	5,447,820	5,447,820
Long term debt, gross	$ 3,410,848	$ 3,410,848	3,811,007
Secured Borrowings \| First Mortgage and Mezzanine
Secured Borrowings
Coupon Rate	3.34%	3.34%
Long term debt, gross	$ 600,000	$ 600,000
Secured Borrowings \| Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value	17,352,777	17,352,777
Secured Borrowings \| Asset Pledged as Collateral \| Borrowing Base Facility
Secured Borrowings
Pledged Asset Carrying Value	47,724	47,724
Secured Borrowings \| Asset Pledged as Collateral \| Commercial Financing Facilities
Secured Borrowings
Pledged Asset Carrying Value	502,694	502,694
Secured Borrowings \| Asset Pledged as Collateral \| Residential Financing Facility
Secured Borrowings
Pledged Asset Carrying Value	0	0
Secured Borrowings \| Asset Pledged as Collateral \| Infrastructure Financing Facilities
Secured Borrowings
Pledged Asset Carrying Value	857,350	857,350
Secured Borrowings \| Asset Pledged as Collateral \| Property Mortgages - Fixed rate
Secured Borrowings
Pledged Asset Carrying Value	326,161	326,161
Secured Borrowings \| Asset Pledged as Collateral \| Property Mortgages - Variable rate
Secured Borrowings
Pledged Asset Carrying Value	965,870	965,870
Secured Borrowings \| Asset Pledged as Collateral \| Total Other Secured Financing
Secured Borrowings
Pledged Asset Carrying Value	2,699,799	$ 2,699,799
Secured Borrowings \| Index \| Commercial Financing Facilities
Secured Borrowings
Pricing margin (as a percent)		2.16%
Secured Borrowings \| Index \| Infrastructure Financing Facilities
Secured Borrowings
Pricing margin (as a percent)		2.14%
Secured Borrowings \| SOFR \| Borrowing Base Facility
Secured Borrowings
Pricing margin (as a percent)		2.11%
Secured Borrowings \| SOFR \| First Mortgage and Mezzanine \| Weighted Average
Secured Borrowings
Pricing margin (as a percent)		2.07%
Line of Credit \| Commercial Financing Facilities
Secured Borrowings
Line of credit capacity if conditions are met	553,300	$ 553,300
Commercial Loans
Secured Borrowings
Maximum Facility Size	11,900,000	11,900,000
Secured financing agreements, net	2,700,000	2,700,000
Line of credit capacity if conditions are met	12,000,000	$ 12,000,000
Commercial Loans \| SOFR \| Weighted Average
Secured Borrowings
Pricing margin (as a percent)		3.36%
Commercial Loans \| Secured Borrowings
Secured Borrowings
Maximum Facility Size	12,039,568	$ 12,039,568
Long term debt, gross	6,768,758	6,768,758	7,746,867
Commercial Loans \| Secured Borrowings \| Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value	10,197,141	$ 10,197,141
Commercial Loans \| Secured Borrowings \| Index
Secured Borrowings
Pricing margin (as a percent)		2.02%
Residential Loans \| Secured Borrowings
Secured Borrowings
Maximum Facility Size	3,200,000	$ 3,200,000
Long term debt, gross	2,321,057	2,321,057	1,912,774
Residential Loans \| Secured Borrowings \| Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value	2,509,325	$ 2,509,325
Residential Loans \| Secured Borrowings \| SOFR
Secured Borrowings
Pricing margin (as a percent)		1.97%
Infrastructure Loans \| Secured Borrowings
Secured Borrowings
Maximum Facility Size	650,000	$ 650,000
Long term debt, gross	333,119	333,119	290,431
Infrastructure Loans \| Secured Borrowings \| Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value	397,130	$ 397,130
Infrastructure Loans \| Secured Borrowings \| SOFR
Secured Borrowings
Pricing margin (as a percent)		2.07%
Conduit Loans \| Secured Borrowings
Secured Borrowings
Maximum Facility Size	388,937	$ 388,937
Long term debt, gross	53,059	53,059	8,423
Conduit Loans \| Secured Borrowings \| Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value	$ 68,058	$ 68,058
Conduit Loans \| Secured Borrowings \| SOFR
Secured Borrowings
Pricing margin (as a percent)		2.07%
CMBS/RMBS
Secured Borrowings
Coupon Rate	3.27%	3.27%
Secured financing agreements, net	$ 259,500	$ 259,500
Amount outstanding on a repurchase facility not subject to margin calls	259,500	259,500
Amount outstanding on repurchase facility	$ 40,600	$ 40,600
Pro rata share owned by a non-controlling partner in a consolidated joint venture	49%	49%
CMBS/RMBS \| Certain Facilities
Secured Borrowings
Secured financing agreements, net	$ 348,000	$ 348,000
Rolling maturity period		11 months
Maturity period		12 months
CMBS/RMBS \| SOFR \| Weighted Average
Secured Borrowings
Coupon Rate	2.21%	2.21%
CMBS/RMBS \| Secured Borrowings
Secured Borrowings
Maximum Facility Size	$ 1,061,603	$ 1,061,603
Long term debt, gross	757,089	757,089	840,625
CMBS/RMBS \| Secured Borrowings \| Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value	1,481,324	1,481,324
Total Repurchase Agreements \| Secured Borrowings
Secured Borrowings
Maximum Facility Size	17,340,108	17,340,108
Long term debt, gross	10,233,082	10,233,082	$ 10,799,120
Total Repurchase Agreements \| Secured Borrowings \| Asset Pledged as Collateral
Secured Borrowings
Pledged Asset Carrying Value	$ 14,652,978	$ 14,652,978

Secured Borrowings - Narrative

Secured Borrowings - Narrative (Details) $ in Thousands	1 Months Ended				3 Months Ended		9 Months Ended
Secured Borrowings - Narrative (Details) $ in Thousands	Feb. 28, 2022 USD ($)	Jan. 31, 2022 USD ($)	Jul. 31, 2021 USD ($) hotel	Apr. 30, 2021 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	May 31, 2021 USD ($)	Aug. 31, 2019 USD ($)
Secured Borrowings
Principal amount of notes purchased by third-party investors			$ 210,100
RMBS
Secured Borrowings
Securitizations of loans			$ 230,000
Number of hotels \| hotel			41
Residential Loans Credit Facility
Secured Borrowings
Maximum borrowing capacity					$ 1,800,000		$ 1,800,000
STWD 2022-FL3
Secured Borrowings
Face Amount	$ 1,000,000
Principal amount of notes purchased by third-party investors	842,500
Long term debt, gross	82,500
Liquidation preference	$ 75,000
CLO contribution period	2 years
Additional contribution to CLO							50,200
STWD 2021-FL2
Secured Borrowings
Face Amount										$ 1,300,000
Principal amount of notes purchased by third-party investors										1,100,000
Long term debt, gross										70,100
Liquidation preference										$ 127,500
Additional contribution to CLO							93,700
STWD 2019-FL1
Secured Borrowings
Face Amount											$ 1,100,000
Principal amount of notes purchased by third-party investors											936,400
Long term debt, gross											86,600
Liquidation preference											$ 77,000
Repayments of debt							161,200
STWD 2021-SIF2
Secured Borrowings
Face Amount		$ 500,000
Principal amount of notes purchased by third-party investors		410,000
Liquidation preference		$ 90,000
CLO contribution period		3 years
Additional contribution to CLO							154,400
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							159,100
Commercial Loans Repurchase Facilities
Secured Borrowings
Maximum borrowing capacity					63,400		63,400
CLOs and SASB
Secured Borrowings
Amortization of deferred financing costs					2,000	$ 2,700	6,700	$ 7,800
Incurred debt issuance costs							37,900
Deferred financing costs, net of amortization					11,500		11,500		$ 18,200
Morgan Stanley Bank, N.A.
Secured Borrowings
Amount at risk					775,900		$ 775,900
Weighted average extended maturities							3 years 1 month 6 days
Wells Fargo Bank, N.A.
Secured Borrowings
Amount at risk					733,000		$ 733,000
Weighted average extended maturities							7 years
Goldman Sachs Bank, USA
Secured Borrowings
Amount at risk					$ 702,900		$ 702,900
Weighted average extended maturities							3 years 6 months
Line of Credit \| Residential Loans Credit Facility
Secured Borrowings
Decrease in borrowing capacity, existing facilities							$ (337,900)
Decrease in weighted average spread							0.39%
Line of Credit \| Commercial Loans Repurchase Facilities
Secured Borrowings
Decrease in borrowing capacity, existing facilities							$ 200,000
Repurchase Agreements
Secured Borrowings
Percentage of repurchase agreements for which margin calls are limited to collateral specific credit marks					69%		69%
Percentage of repurchase agreements containing margin call provisions for general capital market activity					31%		31%
Percentage of repurchase agreements containing margin call provisions that pertain to loans held-for-sale					7%		7%
Secured Borrowings
Secured Borrowings
Amortization of deferred financing costs					$ 10,300	$ 9,500	$ 31,100	$ 28,300
Long term debt, gross					$ 13,643,930		$ 13,643,930		$ 14,610,127

Secured Borrowings - Collateral

Secured Borrowings - Collateralized Loan Obligations (Details) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) security	Sep. 30, 2023 USD ($) security	Dec. 31, 2022 USD ($) security	Feb. 28, 2022 USD ($)	Jan. 31, 2022 USD ($)	May 31, 2021 USD ($)	Apr. 30, 2021 USD ($)	Aug. 31, 2019 USD ($)
Summary of CLO
Carrying Value	$ 3,518,274	$ 3,518,274	$ 3,676,224
Collateral assets
Summary of CLO
Face Amount	4,240,575	4,240,575	4,401,641
Carrying Value	4,303,188	4,303,188	4,454,087
Financing
Summary of CLO
Face Amount	3,527,982	3,527,982	3,689,140
Carrying Value	$ 3,518,274	$ 3,518,274	$ 3,676,224
SOFR
Summary of CLO
Weighted Average Spread	2.53%
STWD 2022-FL3
Summary of CLO
Face Amount				$ 1,000,000
STWD 2022-FL3 \| Collateral assets
Summary of CLO
Count \| security	50	50	51
Face Amount	$ 999,998	$ 999,998	$ 1,000,000
Carrying Value	$ 1,009,424	$ 1,009,424	$ 1,010,051
STWD 2022-FL3 \| Financing
Summary of CLO
Count \| security	1	1	1
Face Amount	$ 842,500	$ 842,500	$ 842,500
Carrying Value	$ 840,414	$ 840,414	$ 842,374
STWD 2022-FL3 \| SOFR \| Collateral assets
Summary of CLO
Weighted Average Spread		3.53%
STWD 2022-FL3 \| SOFR \| Financing
Summary of CLO
Weighted Average Spread		1.93%	1.93%
STWD 2022-FL3 \| Index \| Collateral assets
Summary of CLO
Weighted Average Spread			3.52%
STWD 2021-HTS \| Collateral assets
Summary of CLO
Count \| security	1	1	1
Face Amount	$ 230,000	$ 230,000	$ 230,000
Carrying Value	$ 231,293	$ 231,293	$ 231,186
STWD 2021-HTS \| Financing
Summary of CLO
Count \| security	1	1	1
Face Amount	$ 210,091	$ 210,091	$ 210,091
Carrying Value	$ 209,639	$ 209,639	$ 208,961
STWD 2021-HTS \| SOFR \| Collateral assets
Summary of CLO
Weighted Average Spread		3.87%
STWD 2021-HTS \| SOFR \| Financing
Summary of CLO
Weighted Average Spread		2.75%
STWD 2021-HTS \| LIBOR \| Collateral assets
Summary of CLO
Weighted Average Spread			3.85%
STWD 2021-HTS \| LIBOR \| Financing
Summary of CLO
Weighted Average Spread			2.71%
STWD 2021-FL2
Summary of CLO
Face Amount						$ 1,300,000
Percent of outstanding loan	6%	6%
Debt, weighted average interest rate	7.40%	7.40%
STWD 2021-FL2 \| Collateral assets
Summary of CLO
Count \| security	36	36	36
Face Amount	$ 1,275,042	$ 1,275,042	$ 1,277,474
Carrying Value	$ 1,288,073	$ 1,288,073	$ 1,284,240
STWD 2021-FL2 \| Financing
Summary of CLO
Count \| security	1	1	1
Face Amount	$ 1,077,375	$ 1,077,375	$ 1,077,375
Carrying Value	$ 1,074,437	$ 1,074,437	$ 1,072,403
STWD 2021-FL2 \| SOFR \| Financing
Summary of CLO
Weighted Average Spread		1.85%
STWD 2021-FL2 \| Index \| Collateral assets
Summary of CLO
Weighted Average Spread		3.94%	4.04%
STWD 2021-FL2 \| LIBOR \| Financing
Summary of CLO
Weighted Average Spread			1.80%
STWD 2019-FL1
Summary of CLO
Face Amount								$ 1,100,000
STWD 2019-FL1 \| Collateral assets
Summary of CLO
Count \| security	14	14	16
Face Amount	$ 737,444	$ 737,444	$ 902,799
Carrying Value	$ 747,484	$ 747,484	$ 906,409
STWD 2019-FL1 \| Financing
Summary of CLO
Count \| security	1	1	1
Face Amount	$ 578,016	$ 578,016	$ 739,174
Carrying Value	$ 578,016	$ 578,016	$ 738,473
STWD 2019-FL1 \| SOFR \| Financing
Summary of CLO
Weighted Average Spread		1.64%	1.64%
STWD 2019-FL1 \| Index \| Collateral assets
Summary of CLO
Weighted Average Spread		3.49%	3.67%
STWD 2021-SIF2
Summary of CLO
Face Amount					$ 500,000
STWD 2021-SIF2 \| Collateral assets
Summary of CLO
Count \| security	30	30	31
Face Amount	$ 498,888	$ 498,888	$ 495,587
Carrying Value	$ 513,296	$ 513,296	$ 510,730
STWD 2021-SIF2 \| Financing
Summary of CLO
Count \| security	1	1	1
Face Amount	$ 410,000	$ 410,000	$ 410,000
Carrying Value	$ 407,940	$ 407,940	$ 407,260
STWD 2021-SIF2 \| SOFR \| Collateral assets
Summary of CLO
Weighted Average Spread		3.87%
STWD 2021-SIF2 \| SOFR \| Financing
Summary of CLO
Weighted Average Spread		2.11%	2.11%
STWD 2021-SIF2 \| Index \| Collateral assets
Summary of CLO
Weighted Average Spread			3.73%
STWD 2021-SIF1
Summary of CLO
Face Amount							$ 500,000
Percent of outstanding loan	2%	2%
Debt, weighted average interest rate	5.70%	5.70%
STWD 2021-SIF1 \| Collateral assets
Summary of CLO
Count \| security	31	31	31
Face Amount	$ 499,203	$ 499,203	$ 495,781
Carrying Value	$ 513,618	$ 513,618	$ 511,471
STWD 2021-SIF1 \| Financing
Summary of CLO
Count \| security	1	1	1
Face Amount	$ 410,000	$ 410,000	$ 410,000
Carrying Value	$ 407,828	$ 407,828	$ 406,753
STWD 2021-SIF1 \| SOFR \| Collateral assets
Summary of CLO
Weighted Average Spread		3.98%
STWD 2021-SIF1 \| SOFR \| Financing
Summary of CLO
Weighted Average Spread		2.22%
STWD 2021-SIF1 \| Index \| Collateral assets
Summary of CLO
Weighted Average Spread			3.76%
STWD 2021-SIF1 \| LIBOR \| Financing
Summary of CLO
Weighted Average Spread			2.15%

Secured Borrowings - Principal

Secured Borrowings - Principal Repayments (Details) $ in Thousands	Sep. 30, 2023 USD ($)
CLOs and SASB
Repayment of secured financings
2023 (remainder of)	$ 212,438
2024	301,307
2025	1,015,613
2026	1,679,387
2027	123,920
Thereafter	195,317
Total	3,527,982
Secured Borrowings
Repayment of secured financings
2023 (remainder of)	503,317
2024	2,955,133
2025	3,379,870
2026	4,697,090
2027	4,833,637
Thereafter	802,865
Total	17,171,912
Repurchase Agreements
Repayment of secured financings
2023 (remainder of)	284,742
2024	2,025,069
2025	2,073,125
2026	2,146,190
2027	3,283,708
Thereafter	420,248
Total	10,233,082
Other Secured Financing
Repayment of secured financings
2023 (remainder of)	6,137
2024	628,757
2025	291,132
2026	871,513
2027	1,426,009
Thereafter	187,300
Total	$ 3,410,848

Unsecured Senior Notes - Unsecu

Unsecured Senior Notes - Unsecured Convertible Senior Notes Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2023	Jul. 31, 2023	Dec. 31, 2022	Mar. 31, 2017
Unsecured Senior Notes
Unsecured Senior Notes
Long term debt, gross	$ 2,480,750		$ 2,480,750		$ 2,350,000
Unamortized deferred financing costs	(8,806)		(8,806)		(11,620)
Total carrying amount	2,456,583		2,456,583		2,329,211
Unamortized discount—Convertible Notes
Unsecured Senior Notes
Unamortized discount	(9,085)		(9,085)		(118)
Unamortized discount—Senior Notes
Unsecured Senior Notes
Unamortized discount	$ (6,276)		$ (6,276)		(9,051)
2023 Convertible Notes
Unsecured Senior Notes
Coupon Rate	4.38%		4.38%			4.375%
Effective Rate	4.57%		4.57%
Remaining Period of Amortization			0 years
Long term debt, gross	$ 0		$ 0		250,000
2027 Convertible Notes
Unsecured Senior Notes
Coupon Rate	6.75%		6.75%	6.75%
Effective Rate	7.48%		7.48%
Remaining Period of Amortization			3 years 9 months 18 days
Long term debt, gross	$ 380,750		$ 380,750		0
2023 Senior Notes
Unsecured Senior Notes
Coupon Rate	5.50%		5.50%
Effective Rate	5.71%		5.71%
Remaining Period of Amortization			1 month 6 days
Long term debt, gross	$ 300,000		$ 300,000		300,000
2024 Senior Notes
Unsecured Senior Notes
Coupon Rate	3.75%		3.75%
Effective Rate	3.94%		3.94%
Remaining Period of Amortization			1 year 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			1 year 6 months
Long term debt, gross	$ 500,000		$ 500,000		500,000
2026 Senior Notes
Unsecured Senior Notes
Coupon Rate	3.63%		3.63%
Effective Rate	3.77%		3.77%
Remaining Period of Amortization			2 years 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			3 years 3 months 18 days
Long term debt, gross	$ 500,000		$ 500,000		$ 500,000
LIBOR \| 2025 Senior Notes
Unsecured Senior Notes
Long term debt, gross	$ 470,000		$ 470,000
Pricing margin (as a percent)		2.53%
SOFR
Unsecured Senior Notes
Pricing margin (as a percent)	2.53%
SOFR \| 2027 Senior Notes
Unsecured Senior Notes
Pricing margin (as a percent)			2.95%

Unsecured Senior Notes - Narrat

Unsecured Senior Notes - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) $ / shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) Item $ / shares	Sep. 30, 2022 USD ($)	Apr. 01, 2023 USD ($)	Mar. 31, 2017 USD ($)
Unsecured Senior Notes
Interest expense		$ 368,357	$ 222,423	$ 1,066,990	$ 501,492
Closing share price (in dollars per share) \| $ / shares		$ 19.35		$ 19.35
Convertible Senior Notes
Unsecured Senior Notes
Interest expense		$ 6,700	$ 2,900	$ 9,700	$ 8,700
2027 Convertible Notes
Unsecured Senior Notes
Face amount	$ 380,800
Coupon rate (as a percent)	6.75%	6.75%		6.75%
Proceeds from convertible debt	$ 371,200
Amount by which if-converted value of the Notes are less than principal amount				$ 25,800
Conversion price (in dollars per share) \| $ / shares		$ 20.76		$ 20.76
If-converted value		$ 355,000		$ 355,000
Convertible notes carrying value		371,000		371,000
Convertible notes fair value		$ 359,700		$ 359,700
Minimum number of conditions to be satisfied for conversion of debt \| Item				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%
2023 Convertible Notes
Unsecured Senior Notes
Face amount							$ 250,000
Coupon rate (as a percent)		4.38%		4.38%			4.375%
Repurchased face amount						$ 250,000

Unsecured Senior Notes - Conver

Unsecured Senior Notes - Conversion Attributes on Convertible Notes Outstanding (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares
Unsecured Senior Notes
Closing share price (in dollars per share)	$ 19.35
2027 Convertible Notes
Unsecured Senior Notes
Conversion rate	48.1783
Conversion price (in dollars per share)	$ 20.76

Loan Securitization_Sale Acti_3

Loan Securitization/Sale Activities - Loans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investing and Servicing Segment \| Commercial Loans
Loan Transfer Activities
Face Amount	$ 119,764	$ 33,000	$ 292,651	$ 1,038,889
Proceeds	123,633	30,957	294,951	1,022,754
Investing and Servicing Segment \| Residential Loans
Loan Transfer Activities
Face Amount	0	0	0	1,905,829
Proceeds	0	0	0	1,913,459
Commercial and Residential Lending Segment \| Mezzanine Loans
Loan Transfers Accounted for as Sales Residential Loans
Face Amount	42,500		95,500
Commercial and Residential Lending Segment \| Whole Loan Interests
Loan Transfers Accounted for as Sales Residential Loans
Face Amount		63,700		63,700
Proceeds from sale of mortgage loans		64,500		64,500
Commercial and Residential Lending Segment \| First Mortgage Loans
Loan Transfers Accounted for as Sales Residential Loans
Face Amount				7,000
Proceeds from sale of mortgage loans				6,500
Commercial and Residential Lending Segment \| Commercial Loans
Loan Transfers Accounted for as Sales Residential Loans
Face Amount	42,496	63,656	95,496	70,636
Proceeds	42,370	64,539	95,282	71,008
Commercial and Residential Lending Segment \| Residential Loans
Loan Transfers Accounted for as Sales Residential Loans
Face Amount	0	1,152	0	1,057,013
Proceeds	$ 0	$ 1,141	$ 0	$ 1,056,683

Loan Securitization_Sale Acti_4

Loan Securitization/Sale Activities - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Commercial and Residential Lending Segment
Loan Transfer Activities
Net gains (losses) on the sale of loan qualifying for sales treatment	$ 0	$ (300,000)	$ 0	$ (100,000)
Infrastructure Lending Segment
Loan Transfer Activities
Loans held-for-sale face amount	$ 0	$ 0	$ 0	$ 0

Derivatives and Hedging Activ_3

Derivatives and Hedging Activity - Designated and Non-Designated Hedges (Details) € in Thousands, £ in Thousands, SFr in Thousands, $ in Thousands, $ in Thousands	Sep. 30, 2023 EUR (€) contract	Sep. 30, 2023 GBP (£) contract	Sep. 30, 2023 AUD ($) contract	Sep. 30, 2023 CHF (SFr) contract	Sep. 30, 2023 USD ($) contract
Derivatives
Number of Contracts	683	683	683	683	683
Foreign exchange contracts \| EUR \| Long
Derivatives
Number of Contracts	11	11	11	11	11
Aggregate Notional Amount \| €	€ 45,627
Foreign exchange contracts \| EUR \| Short
Derivatives
Number of Contracts	194	194	194	194	194
Aggregate Notional Amount \| €	€ 824,687
Foreign exchange contracts \| GBP \| Long
Derivatives
Number of Contracts	18	18	18	18	18
Aggregate Notional Amount \| £		£ 122,142
Foreign exchange contracts \| GBP \| Short
Derivatives
Number of Contracts	205	205	205	205	205
Aggregate Notional Amount \| £		£ 648,549
Foreign exchange contracts \| AUD \| Long
Derivatives
Number of Contracts	5	5	5	5	5
Aggregate Notional Amount \| $			$ 379,571
Foreign exchange contracts \| AUD \| Short
Derivatives
Number of Contracts	110	110	110	110	110
Aggregate Notional Amount \| $			$ 1,070,581
Foreign exchange contracts \| CHF \| Short
Derivatives
Number of Contracts	73	73	73	73	73
Aggregate Notional Amount \| SFr				SFr 20,891
Interest rate swaps – Paying fixed rates \| USD
Derivatives
Number of Contracts	56	56	56	56	56
Aggregate Notional Amount \| $					$ 4,385,516
Interest rate swaps – Receiving fixed rates \| USD
Derivatives
Number of Contracts	2	2	2	2	2
Aggregate Notional Amount \| $					$ 970,000
Interest rate caps \| GBP
Derivatives
Number of Contracts	1	1	1	1	1
Aggregate Notional Amount \| £		£ 61,000
Interest rate caps \| USD
Derivatives
Number of Contracts	4	4	4	4	4
Aggregate Notional Amount \| $					$ 624,666
Credit instruments \| USD
Derivatives
Number of Contracts	3	3	3	3	3
Aggregate Notional Amount \| $					$ 49,000
Interest rate swap guarantees \| USD
Derivatives
Number of Contracts	1	1	1	1	1
Aggregate Notional Amount \| $					$ 102,331

Derivatives and Hedging Activ_4

Derivatives and Hedging Activity - Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	$ 133,016	$ 108,621
Fair Value of Derivatives in a Liability Position	85,657	91,404
Interest rate contracts
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	12,070	10,756
Fair Value of Derivatives in a Liability Position	69,756	69,776
Foreign exchange contracts
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	119,908	97,289
Fair Value of Derivatives in a Liability Position	15,901	21,628
Credit instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	1,038	576
Fair Value of Derivatives in a Liability Position	$ 0	$ 0

Derivatives and Hedging Activ_5

Derivatives and Hedging Activity - Effect on Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivatives
Gain (Loss) Recognized in Income	$ 94,883	$ 206,070	$ 118,431	$ 461,921
Interest rate contracts
Derivatives
Gain (Loss) Recognized in Income	46,255	78,508	99,788	218,698
Interest rate swap guarantees
Derivatives
Gain (Loss) Recognized in Income	0	0	0	260
Foreign exchange contracts
Derivatives
Gain (Loss) Recognized in Income	48,549	127,358	18,412	242,042
Credit instruments
Derivatives
Gain (Loss) Recognized in Income	$ 79	$ 204	$ 231	$ 921

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivative assets
Gross Amounts Recognized	$ 133,016	$ 108,621
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	133,016	108,621
Derivative assets, Gross Amounts Not Offset in the Statements of Financial Position, Financial Instruments	82,124	69,221
Derivative assets, Gross Amounts Not Offset in the Statements of Financial Position, Cash Collateral Received/Pledged	0	0
Total net derivative assets	50,892	39,400
Derivative liabilities
Gross Amounts Recognized	85,657	91,404
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	85,657	91,404
Derivative liabilities, Gross Amounts Not Offset in the Statements of Financial Position, Financial Instruments	82,124	69,221
Derivative liabilities, Gross Amounts Not Offset in the Statements of Financial Position, Cash Collateral Received/Pledged	3,533	22,183
Total net derivative liabilities	0	0
Repurchase agreements
Gross Amounts Recognized	10,233,082	10,799,120
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	10,233,082	10,799,120
Repurchase agreements, Gross Amounts Not Offset in the Statements of Financial Position, Financial Instruments	10,233,082	10,799,120
Repurchase agreements, Gross Amounts Not Offset in the Statements of Financial Position, Cash Collateral Received/Pledged	0	0
Total net repurchase agreements	0	0
Offsetting Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned [Abstract]
Gross Amounts Recognized	10,318,739	10,890,524
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts Presented in the Statement of Financial Position	10,318,739	10,890,524
Liabilities, Gross Amounts Not Offset in the Statements of Financial Position, Financial Instruments	10,315,206	10,868,341
Liabilities, Gross Amounts Not Offset in the Statements of Financial Position, Cash Collateral Received/Pledged	3,533	22,183
Total net liabilities	$ 0	$ 0

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details)	9 Months Ended
Variable Interest Entities - Narrative (Details)	Sep. 30, 2023 USD ($) loan collateralized_loan_obligation	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Variable interest entities
Number of CLOs \| collateralized_loan_obligation	5
Number of SASBs \| loan	1
VIE assets	$ 70,293,689,000		$ 79,043,129,000
VIE liabilities	63,200,233,000		71,844,422,000
Temporary equity	409,659,000	$ 408,034,000	362,790,000	$ 344,373,000	$ 322,753,000	$ 214,915,000
Investments in unconsolidated entities	$ 91,924,000		$ 91,892,000
CMBS JV
Variable interest entities
Ownership percentage	51%
Primary Beneficiary
Variable interest entities
VIE assets	$ 74,800,000
VIE liabilities	34,800,000
Primary Beneficiary \| CMBS Venture Holdings
Variable interest entities
VIE assets	341,300,000
VIE liabilities	83,900,000
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	18,700,000
Not primary beneficiary \| Measurement Period Adjustments
Variable interest entities
Investments in unconsolidated entities	900,000
Not primary beneficiary \| Securitization SPEs
Variable interest entities
Long term debt, gross	$ 4,500,000,000

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Consolidated CLO (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 195,319	$ 261,061
Loans held-for-investment, net	17,234,205	18,401,439
Investment securities	721,593	815,804
Accrued interest receivable	173,260	168,521
Other assets	526,442	297,477
Total Assets	70,293,689	79,043,129
Liabilities
Collateralized loan obligations and single asset securitization, net	3,518,274	3,676,224
Total Liabilities	63,200,233	71,844,422
Primary Beneficiary
Assets:
Total Assets	74,800
Liabilities
Total Liabilities	34,800
CLOs and SASB \| Primary Beneficiary
Assets:
Cash and cash equivalents	34,825	31,611
Investment securities	10,487	36,466
Accrued interest receivable	25,894	20,088
Other assets	8,537	131
Total Assets	4,303,188	4,454,087
Liabilities
Accounts payable, accrued expenses and other liabilities	20,382	17,737
Collateralized loan obligations and single asset securitization, net	3,518,274	3,676,224
Total Liabilities	3,538,656	3,693,961
CLOs and SASB \| Primary Beneficiary \| Loans held for investment
Assets:
Loans held-for-investment, net	$ 4,223,445	$ 4,365,791

Related-Party Transactions - Ma

Related-Party Transactions - Management Agreement (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related-Party Transactions
Granted (in shares)			914,694
Manager Equity Plan
Related-Party Transactions
Granted (in shares)			0
Employee Stock
Related-Party Transactions
Share-based expense	$ 100,000	$ 100,000	$ 400,000	$ 100,000
S P T Management L L C
Related-Party Transactions
Management fee expense	21,800,000	21,700,000	65,500,000	64,900,000
Base management fee payable	21,800,000		21,800,000
Accrued incentive fee	0	900,000	16,200,000	35,100,000
Unpaid incentive fee	0		0		$ 14,500,000
Executive compensation expense	2,400,000	$ 2,800,000	6,000,000	$ 6,400,000
Unpaid reimbursable compensation	$ 2,500,000		$ 2,500,000		$ 4,900,000
S P T Management L L C \| Restricted Stock Awards
Related-Party Transactions
Granted (in shares)	0	0	226,955	200,972
Share-based expense	$ 2,200,000	$ 1,900,000	$ 6,500,000	$ 6,800,000
Grant date values			$ 4,300,000	4,800,000
S P T Management L L C \| Restricted Stock Awards \| Manager Equity Plan
Related-Party Transactions
Vesting Period			3 years
S P T Management L L C \| Employee Stock
Related-Party Transactions
Share-based expense	$ 0	$ 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
	Nov. 30, 2022	Nov. 30, 2020	Sep. 30, 2019	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related-Party Transactions
Granted (in shares)						914,694
Manager Equity Plan
Related-Party Transactions
Granted (in shares)						0
Restricted stock units \| Manager Equity Plan
Related-Party Transactions
Granted (in shares)	1,500,000	1,800,000	1,200,000
Share-based expense				$ 5.1	$ 4.5	$ 15.4	$ 13.5

Related-Party Transactions - In

Related-Party Transactions - Investments in Loans and Securities (Details) $ in Millions	1 Months Ended			3 Months Ended	9 Months Ended	12 Months Ended
	Aug. 31, 2023 USD ($)	Mar. 31, 2022 USD ($) Item	Dec. 31, 2012 USD ($) shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2023 USD ($) shares	Dec. 31, 2012 USD ($) shares
SEREF
Related-Party Transactions
Number of shares acquired (in shares) \| shares						9,140,000
Number of shares redeemed (in shares) \| shares				672,166	895,182
Proceeds from shares redeemed				$ 0.9	$ 1.2
Remaining held (in shares) \| shares				8,244,818	8,244,818
Ownership percentage					2%
Affiliated Entity \| SEREF
Related-Party Transactions
Number of shares acquired (in shares) \| shares			9,140,000
Investment securities value at acquisition			$ 14.7			$ 14.7
Investment in equity securities percentage ownership acquired			4%
Number of shares redeemed (in shares) \| shares				672,166	895,182
Proceeds from shares redeemed				$ 0.9	$ 1.2
Remaining held (in shares) \| shares				8,244,818	8,244,818
Ownership percentage					2%
Affiliated Entity \| Development and Recapitalization of Luxury Rental Cabins
Related-Party Transactions
Loans payable				$ 148.6	$ 148.6
Loan number of extension options \| Item		3
Loan extension term		1 year
Loan payable, payment deferral term		10 months
Loan payable, payment deferral interest rate		3%
Loans payable, payment deferral, interest				$ 1.1
Affiliated Entity \| Development and Recapitalization of Luxury Rental Cabins \| SOFR
Related-Party Transactions
Loans payable, basis spread		6.50%
Affiliated Entity \| Origination Of First Mortgage Loan
Related-Party Transactions
Proceeds from repayments on loans	$ 29.4
First priority term loan	$ 339.2
Affiliated Entity \| Loans Payable \| Development and Recapitalization of Luxury Rental Cabins
Related-Party Transactions
Face Amount		$ 200
Maturity period		24 months

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, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Apr. 30, 2020 USD ($)
Related-Party Transactions
Area of office space \| ft²	64,424
Term of master lease agreements	15 years		15 years		15 years
Annual base rent (in dollars per sq ft) \| $ / sqft	52
Percent increase in base rent	3%
Security deposit						$ 1.9
Rent payments		$ 1.1		$ 4
Payments for tenant improvements		0.5	$ 1	0.8	$ 2.9
Rent expense		$ 2.1	$ 1	$ 5.4	$ 1

Related-Party Transactions - Ot

Related-Party Transactions - Other Related-Party Arrangements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Highmark Residential
Related-Party Transactions
Amounts of transaction	$ 1.5	$ 1.4	$ 4.4	$ 4.1

Stockholders' Equity and Non-_3

Stockholders' Equity and Non-Controlling Interests - Declared Dividends (Details) - $ / shares				3 Months Ended		9 Months Ended
	Sep. 15, 2023	Jun. 15, 2023	Mar. 16, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 1.44	$ 1.44

Stockholders' Equity and Non-_4

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 ($) shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) extension $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)	Dec. 31, 2018 shares	May 31, 2022 USD ($)
Equity Incentive Plans
Commission costs under ATM agreement						$ 0	$ 756
Contributions from non-controlling interests						0	21,926
Net income				$ 3,114	$ 23,795	51,062	134,298
Net income (loss) attributable to non-controlling interests				$ 3,942	29,276	$ 65,265	158,409
CMBS JV
Equity Incentive Plans
Participation / Ownership %				51%		51%
Class A Units
Equity Incentive Plans
Number of units outstanding (in shares) \| shares				9,800,000		9,800,000
Woodstar II Portfolio \| Class A Units
Equity Incentive Plans
Net income (loss) attributable to non-controlling interests				$ 4,700	4,700	$ 14,100	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			1,900,000
Subsidiaries \| Woodstar II Portfolio \| Class A Units \| Non- Controlling Interests
Equity Incentive Plans
Redemption of units						$ 208,500		$ 208,500
Woodstar Fund
Equity Incentive Plans
Percentage of interest sold		20.60%
Contributions from non-controlling interests	$ 214,200	$ 216,000
Initial term						8 years
Number of extension options \| extension						2
Extension term						1 year
CMBS JV
Equity Incentive Plans
Non-controlling interest				$ 135,600		$ 135,600		$ 144,300
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				$ (4,500)	$ (400)	$ (1,600)	$ 4,500
Starwood Property Trust, Inc. Equity Plan and Manager Equity Plan
Equity Incentive Plans
Number of shares of authorized for issuance (in shares) \| shares			18,700,000
Common stock available for future grants (in shares) \| shares				16,500,000		16,500,000
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				21,088	34,625	110,112	34,625
Purchase price (in dollars per share) \| $ / shares				$ 16.51	$ 18.04	$ 15.17	$ 18.04
Share-based expense				$ 100	$ 100	$ 400	$ 100
Common stock available for future issuance (in shares) \| shares				1,800,000		1,800,000
ATM Agreement
Equity Incentive Plans
Authorized value of stock under ATM agreement										$ 500,000
Number of shares issued (in shares) \| shares				0		0	1,415,564
Proceeds from ATM Agreement							$ 33,300
Sale of stock average price (in dollars per share) \| $ / shares					$ 23.54		$ 23.54
Commission costs under ATM agreement							$ 700

Stockholders' Equity and Non-_5

Stockholders' Equity and Non-Controlling Interests - Equity Incentive Plans (Details) - USD ($) $ in Thousands	1 Months Ended			9 Months Ended
	Nov. 30, 2022	Nov. 30, 2020	Sep. 30, 2019	Sep. 30, 2023
Equity Incentive Plans
Amount Granted				914,694
Manager Equity Plan
Equity Incentive Plans
Amount Granted				0
Restricted stock units \| Manager Equity Plan
Equity Incentive Plans
Amount Granted	1,500,000	1,800,000	1,200,000
Grant Date Fair Value	$ 31,605	$ 30,078	$ 29,484
Vesting Period	3 years	3 years
Restricted stock units \| Manager Equity Plan \| Vested immediately on the grant date
Equity Incentive Plans
Amount Granted			218,898
Restricted stock units \| Manager Equity Plan \| Remaining vesting
Equity Incentive Plans
Vesting Period			3 years

Stockholders' Equity and Non-_6

Stockholders' Equity and Non-Controlling Interests - Non-Vested Shares (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	4,338,847
Granted (in shares)	914,694
Vested (in shares)	(1,512,743)
Forfeited (in shares)	(169,070)
Balance at the end of the period (in shares)	3,571,728
Weighted Average Grant Date Fair Value (per share)
Balance at the beginning of period (in dollars per share) \| $ / shares	$ 20.65
Granted (in dollars per share) \| $ / shares	18.93
Vested (in dollars per share) \| $ / shares	18.35
Forfeited (in dollars per share) \| $ / shares	22.76
Balance at the end of period (in dollars per share) \| $ / shares	$ 21.08
Equity Plan
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	2,513,847
Granted (in shares)	914,694
Vested (in shares)	(687,743)
Forfeited (in shares)	(169,070)
Balance at the end of the period (in shares)	2,571,728
Manager Equity Plan
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	1,825,000
Granted (in shares)	0
Vested (in shares)	(825,000)
Forfeited (in shares)	0
Balance at the end of the period (in shares)	1,000,000

Earnings per Share - Reconcilia

Earnings per Share - Reconciliation of Net Income and Number of Shares used in Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Basic Earnings
Income attributable to STWD common stockholders	$ 47,435	$ 194,562	$ 268,252	$ 731,448
Less: Income attributable to participating shares not already deducted as non-controlling interests	(1,510)	(2,929)	(4,962)	(15,673)
Basic earnings	45,925	191,633	263,290	715,775
Diluted Earnings
Income attributable to STWD common stockholders	47,435	194,562	268,252	731,448
Less: Income attributable to participating shares not already deducted as non-controlling interests	(1,510)	(2,929)	(4,962)	(15,673)
Add: Undistributed earnings to participating shares	0	1,818	0	11,629
Less: Undistributed earnings reallocated to participating shares	0	(1,763)	0	(11,280)
Diluted earnings	$ 45,925	$ 194,594	$ 263,290	$ 724,848
Number of Shares:
Basic - Average shares outstanding (in shares)	310,268	306,704	309,471	304,908
Effect of dilutive securities - Contingently issuable shares (in shares)	0	23	0	23
Effect of dilutive securities - Unvested non-participating shares (in shares)	298	199	267	161
Diluted - Average shares outstanding (in shares)	310,566	316,575	309,738	314,741
Earnings Per Share Attributable to STWD Common Stockholders:
Basic (in dollars per share)	$ 0.15	$ 0.62	$ 0.85	$ 2.35
Diluted (in dollars per share)	$ 0.15	$ 0.61	$ 0.85	$ 2.30
Unamortized discount—Convertible Notes
Diluted Earnings
Add: Interest expense on Convertible Notes		$ 2,906		$ 8,724
Number of Shares:
Effect of dilutive securities - Convertible Notes (in shares)		9,649		9,649

Earnings per Share - Narrative

Earnings per Share - Narrative (Details) - shares shares in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Class A Units
Antidilutive securities and effect of dilutive securities
Number of anti-dilutive common shares excluded from the calculation of diluted income per share (in shares)	9.8	9.8
Restricted Stock
Antidilutive securities and effect of dilutive securities
Number of anti-dilutive common shares excluded from the calculation of diluted income per share (in shares)	12.9	12.4

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Changes in AOCI by component
Beginning balance	$ 6,784,943	$ 6,774,387	$ 6,835,917	$ 6,433,892
Ending balance	6,683,797	6,821,185	6,683,797	6,821,185
Cumulative Unrealized Gain (Loss) on Available-for- Sale Securities
Changes in AOCI by component
Beginning balance	17,355	28,970	20,955	40,953
OCI before reclassifications	(3,286)	(6,194)	45	(18,177)
Amounts reclassified from AOCI	45	0	(6,886)	0
Net period OCI	(3,241)	(6,194)	(6,841)	(18,177)
Ending balance	$ 14,114	$ 22,776	$ 14,114	$ 22,776

Fair Value - Narrative (Details

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

Fair Value - Financial Assets a

Fair Value - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Financial Assets:
Available-for-sale securities	$ 102,076	$ 113,386
Domestic servicing rights	18,188	17,790
Derivative assets	133,016	108,621
VIE assets	70,293,689	79,043,129
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	85,657	91,404
VIE liabilities	63,200,233	71,844,422
Primary Beneficiary
Financial Assets:
Woodstar Fund investments	1,979,184	1,761,002
VIE assets	74,800
Liabilities, Fair Value Disclosure [Abstract]
VIE liabilities	34,800
Fair value measurements on recurring basis
Financial Assets:
Equity security	8,829	9,840
Derivative assets	133,016	108,621
Total	49,531,202	57,267,382
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	85,657	91,404
Total	43,082,761	50,845,759
Fair value measurements on recurring basis \| Loans under fair value option
Financial Assets:
Loans under fair value option	2,602,265	2,784,594
Fair value measurements on recurring basis \| RMBS
Financial Assets:
Available-for-sale securities	102,076	113,386
Fair value measurements on recurring basis \| CMBS
Financial Assets:
Available-for-sale securities	18,740	19,108
Fair value measurements on recurring basis \| Woodstar Fund investments
Financial Assets:
Woodstar Fund investments	1,979,184	1,761,002
Fair value measurements on recurring basis \| Domestic servicing rights
Financial Assets:
Domestic servicing rights	18,188	17,790
Fair value measurements on recurring basis \| VIE assets \| Primary Beneficiary
Financial Assets:
VIE assets	44,668,904	52,453,041
Fair value measurements on recurring basis \| VIE liabilities \| Primary Beneficiary
Liabilities, Fair Value Disclosure [Abstract]
VIE liabilities	42,997,104	50,754,355
Fair value measurements on recurring basis \| Level I
Financial Assets:
Equity security	8,829	9,840
Derivative assets	0	0
Total	8,829	9,840
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	0	0
Total	0	0
Fair value measurements on recurring basis \| Level I \| Loans under fair value option
Financial Assets:
Loans under fair value option	0	0
Fair value measurements on recurring basis \| Level I \| RMBS
Financial Assets:
Available-for-sale securities	0	0
Fair value measurements on recurring basis \| Level I \| CMBS
Financial Assets:
Available-for-sale securities	0	0
Fair value measurements on recurring basis \| Level I \| Woodstar Fund investments
Financial Assets:
Woodstar Fund investments	0	0
Fair value measurements on recurring basis \| Level I \| Domestic servicing rights
Financial Assets:
Domestic servicing rights	0	0
Fair value measurements on recurring basis \| Level I \| VIE assets \| Primary Beneficiary
Financial Assets:
VIE assets	0	0
Fair value measurements on recurring basis \| Level I \| VIE liabilities \| Primary Beneficiary
Liabilities, Fair Value Disclosure [Abstract]
VIE liabilities	0	0
Fair value measurements on recurring basis \| Level II
Financial Assets:
Equity security	0	0
Derivative assets	133,016	108,621
Total	133,016	108,621
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	85,657	91,404
Total	37,714,357	45,339,816
Fair value measurements on recurring basis \| Level II \| Loans under fair value option
Financial Assets:
Loans under fair value option	0	0
Fair value measurements on recurring basis \| Level II \| RMBS
Financial Assets:
Available-for-sale securities	0	0
Fair value measurements on recurring basis \| Level II \| CMBS
Financial Assets:
Available-for-sale securities	0	0
Fair value measurements on recurring basis \| Level II \| Woodstar Fund investments
Financial Assets:
Woodstar Fund investments	0	0
Fair value measurements on recurring basis \| Level II \| Domestic servicing rights
Financial Assets:
Domestic servicing rights	0	0
Fair value measurements on recurring basis \| Level II \| VIE assets \| Primary Beneficiary
Financial Assets:
VIE assets	0	0
Fair value measurements on recurring basis \| Level II \| VIE liabilities \| Primary Beneficiary
Liabilities, Fair Value Disclosure [Abstract]
VIE liabilities	37,628,700	45,248,412
Fair value measurements on recurring basis \| Level III
Financial Assets:
Equity security	0	0
Derivative assets	0	0
Total	49,389,357	57,148,921
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities	0	0
Total	5,368,404	5,505,943
Fair value measurements on recurring basis \| Level III \| Loans under fair value option
Financial Assets:
Loans under fair value option	2,602,265	2,784,594
Fair value measurements on recurring basis \| Level III \| RMBS
Financial Assets:
Available-for-sale securities	102,076	113,386
Fair value measurements on recurring basis \| Level III \| CMBS
Financial Assets:
Available-for-sale securities	18,740	19,108
Fair value measurements on recurring basis \| Level III \| Woodstar Fund investments
Financial Assets:
Woodstar Fund investments	1,979,184	1,761,002
Fair value measurements on recurring basis \| Level III \| Domestic servicing rights
Financial Assets:
Domestic servicing rights	18,188	17,790
Fair value measurements on recurring basis \| Level III \| VIE assets \| Primary Beneficiary
Financial Assets:
VIE assets	44,668,904	52,453,041
Fair value measurements on recurring basis \| Level III \| VIE liabilities \| Primary Beneficiary
Liabilities, Fair Value Disclosure [Abstract]
VIE liabilities	$ 5,368,404	$ 5,505,943

Fair Value - Level III (Details

Fair Value - Level III (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Fair Value - Level III (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Total realized and unrealized gains (losses):
Net accretion			$ 7,119	$ 9,725
Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	$ 45,767,691	$ 55,932,183	51,642,978	60,659,660
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	(2,102,931)	(2,930,607)	(7,214,413)	(8,648,038)
Net accretion	1,170	1,744	3,583	6,974
Included in OCI	(3,241)	(6,194)	(6,841)	(18,177)
Purchases / Originations	113,237	186,397	362,688	3,793,467
Sales	(64,458)	(1,266)	(235,775)	(3,588,953)
Cash repayments / receipts	(56,482)	(46,526)	(158,347)	(175,440)
Transfers into Level III	(488,051)	(571,603)	(1,686,976)	(1,201,573)
Transfers out of Level III	854,018	171,224	1,314,056	84,731
Consolidation of VIEs				2,551,224
Deconsolidation of VIEs				(728,523)
Balance at the end of the period	44,020,953	52,735,352	44,020,953	52,735,352
Amount of unrealized gains (losses) attributable to assets
Included in earnings	(2,108,185)	(2,933,551)	(7,233,293)	(8,572,782)
Included in OCI	(3,286)	(6,194)	(6,875)	(17,771)
Level III \| Loans at Fair Value
Changes in financial assets classified as Level III
Balance at the beginning of the period	2,673,220	2,197,501	2,784,594	2,936,025
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	(66,806)	(87,474)	(111,247)	(326,737)
Net accretion	0	0	0	0
Included in OCI	0	0	0	0
Purchases / Originations	113,237	186,397	362,688	3,793,467
Sales	(63,857)	(1,266)	(235,174)	(3,588,953)
Cash repayments / receipts	(53,265)	(37,998)	(137,916)	(152,847)
Transfers into Level III	20	1,700	26	1,847
Transfers out of Level III	(284)	(70,389)	(60,706)	(474,331)
Consolidation of VIEs				0
Deconsolidation of VIEs				0
Balance at the end of the period	2,602,265	2,188,471	2,602,265	2,188,471
Amount of unrealized gains (losses) attributable to assets
Included in earnings	(73,230)	(92,162)	(133,679)	(258,652)
Included in OCI	0	0	0	0
Level III \| RMBS
Changes in financial assets classified as Level III
Balance at the beginning of the period	107,216	124,439	113,386	143,980
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	0	0	0	0
Net accretion	1,170	1,744	3,583	6,974
Included in OCI	(3,241)	(6,194)	(6,841)	(18,177)
Purchases / Originations	0	0	0	0
Sales	(601)	0	(601)	0
Cash repayments / receipts	(2,468)	(3,412)	(7,451)	(16,200)
Transfers into Level III	0	0	0	0
Transfers out of Level III	0	0	0	0
Consolidation of VIEs				0
Deconsolidation of VIEs				0
Balance at the end of the period	102,076	116,577	102,076	116,577
Amount of unrealized gains (losses) attributable to assets
Included in earnings	1,170	1,744	3,552	6,641
Included in OCI	(3,286)	(6,194)	(6,875)	(17,771)
Level III \| CMBS
Changes in financial assets classified as Level III
Balance at the beginning of the period	18,603	20,965	19,108	22,244
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	241	(84)	317	(1,441)
Net accretion	0	0	0	0
Included in OCI	0	0	0	0
Purchases / Originations	0	0	0	0
Sales	0	0	0	0
Cash repayments / receipts	(104)	(229)	(685)	(681)
Transfers into Level III	0	0	0	0
Transfers out of Level III	0	0	0	0
Consolidation of VIEs				0
Deconsolidation of VIEs				530
Balance at the end of the period	18,740	20,652	18,740	20,652
Amount of unrealized gains (losses) attributable to assets
Included in earnings	241	(84)	317	(911)
Included in OCI	0	0	0	0
Level III \| Woodstar Fund investments
Changes in financial assets classified as Level III
Balance at the beginning of the period	1,976,985	1,558,850	1,761,002	1,040,309
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	2,199	110,415	218,182	628,956
Net accretion	0	0	0	0
Included in OCI	0	0	0	0
Purchases / Originations	0	0	0	0
Sales	0	0	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	0
Consolidation of VIEs				0
Deconsolidation of VIEs				0
Balance at the end of the period	1,979,184	1,669,265	1,979,184	1,669,265
Amount of unrealized gains (losses) attributable to assets
Included in earnings	2,199	110,415	218,182	628,956
Included in OCI	0	0	0	0
Level III \| Domestic servicing rights
Changes in financial assets classified as Level III
Balance at the beginning of the period	18,256	17,499	17,790	16,780
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	(68)	515	398	1,234
Net accretion	0	0	0	0
Included in OCI	0	0	0	0
Purchases / Originations	0	0	0	0
Sales	0	0	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	0
Consolidation of VIEs				0
Deconsolidation of VIEs				0
Balance at the end of the period	18,188	18,014	18,188	18,014
Amount of unrealized gains (losses) attributable to assets
Included in earnings	(68)	515	398	1,234
Included in OCI	0	0	0	0
Level III \| VIE Assets
Changes in financial assets classified as Level III
Balance at the beginning of the period	46,864,870	57,993,563	52,453,041	61,280,543
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	(2,195,966)	(3,778,193)	(7,784,137)	(10,696,486)
Net accretion	0	0	0	0
Included in OCI	0	0	0	0
Purchases / Originations	0	0	0	0
Sales	0	0	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	0
Consolidation of VIEs				4,361,325
Deconsolidation of VIEs				(730,012)
Balance at the end of the period	44,668,904	54,215,370	44,668,904	54,215,370
Amount of unrealized gains (losses) attributable to assets
Included in earnings	(2,195,966)	(3,778,193)	(7,784,137)	(10,696,486)
Included in OCI	0	0	0	0
Level III \| VIE Liabilities
Changes in financial assets classified as Level III
Balance at the beginning of the period	(5,891,459)	(5,980,634)	(5,505,943)	(4,780,221)
Total realized and unrealized gains (losses):
Change in fair value / gain on sale	157,469	824,214	462,074	1,746,436
Net accretion	0	0	0	0
Included in OCI	0	0	0	0
Purchases / Originations	0	0	0	0
Sales	0	0	0	0
Cash repayments / receipts	(645)	(4,887)	(12,295)	(5,712)
Transfers into Level III	(488,071)	(573,303)	(1,687,002)	(1,203,420)
Transfers out of Level III	854,302	241,613	1,374,762	559,062
Consolidation of VIEs				(1,810,101)
Deconsolidation of VIEs				959
Balance at the end of the period	(5,368,404)	(5,492,997)	(5,368,404)	(5,492,997)
Amount of unrealized gains (losses) attributable to assets
Included in earnings	157,469	824,214	462,074	1,746,436
Included in OCI	$ 0	$ 0	$ 0	$ 0

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Financial assets not carried at fair value:
Loans	$ 17,234,205	$ 18,401,439
HTM debt securities	604,942	676,652
Carrying Value
Financial assets not carried at fair value:
Loans	17,234,205	18,401,439
HTM debt securities	591,948	673,470
Financial liabilities not carried at fair value:
Secured financing agreements, CLOs and SASB	17,076,155	18,177,756
Unsecured senior notes	2,456,583	2,329,211
Fair Value
Financial assets not carried at fair value:
Loans	17,185,073	18,215,072
HTM debt securities	562,523	637,275
Financial liabilities not carried at fair value:
Secured financing agreements, CLOs and SASB	16,926,451	18,017,651
Unsecured senior notes	$ 2,314,681	$ 2,199,135

Fair Value - Significant Unobse

Fair Value - Significant Unobservable Inputs (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities	$ 102,076	$ 113,386
Domestic servicing rights	18,188	17,790
VIE assets	70,293,689	79,043,129
VIE liabilities	63,200,233	71,844,422
Primary Beneficiary
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Woodstar Fund investments	1,979,184	1,761,002
VIE assets	74,800
VIE liabilities	34,800
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	2,602,265	2,784,594
Fair value measurements on recurring basis \| RMBS
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities	102,076	113,386
Fair value measurements on recurring basis \| CMBS
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities	18,740	19,108
Fair value measurements on recurring basis \| Woodstar Fund investments
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Woodstar Fund investments	1,979,184	1,761,002
Fair value measurements on recurring basis \| Domestic servicing rights, at fair value
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Domestic servicing rights	18,188	17,790
Fair value measurements on recurring basis \| VIE assets \| Primary Beneficiary
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE assets	44,668,904	52,453,041
Fair value measurements on recurring basis \| VIE liabilities \| Primary Beneficiary
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE liabilities	42,997,104	50,754,355
Fair value measurements on recurring basis \| Level III \| Loans under fair value option
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	$ 2,602,265	$ 2,784,594
Fair value measurements on recurring basis \| Level III \| Loans under fair value option \| Minimum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option, duration	4 years 6 months	5 years 3 months 18 days
Fair value measurements on recurring basis \| Level III \| Loans under fair value option \| Minimum \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	0.028	0.028
Fair value measurements on recurring basis \| Level III \| Loans under fair value option \| Minimum \| FICO score
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	585	585
Fair value measurements on recurring basis \| Level III \| Loans under fair value option \| Minimum \| LTV
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	0	0.04
Fair value measurements on recurring basis \| Level III \| Loans under fair value option \| Minimum \| Purchase price
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	0.800	0.800
Fair value measurements on recurring basis \| Level III \| Loans under fair value option \| Maximum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option, duration	38 years 9 months 18 days	39 years 6 months
Fair value measurements on recurring basis \| Level III \| Loans under fair value option \| Maximum \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	0.099	0.093
Fair value measurements on recurring basis \| Level III \| Loans under fair value option \| Maximum \| FICO score
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	900	900
Fair value measurements on recurring basis \| Level III \| Loans under fair value option \| Maximum \| LTV
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	1.38	0.92
Fair value measurements on recurring basis \| Level III \| Loans under fair value option \| Maximum \| Purchase price
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	1.141	1.086
Fair value measurements on recurring basis \| Level III \| Loans under fair value option \| Weighted-average
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option, duration	27 years 1 month 6 days	28 years 7 months 6 days
Fair value measurements on recurring basis \| Level III \| Loans under fair value option \| Weighted-average \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	0.046	0.045
Fair value measurements on recurring basis \| Level III \| Loans under fair value option \| Weighted-average \| FICO score
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	749	749
Fair value measurements on recurring basis \| Level III \| Loans under fair value option \| Weighted-average \| LTV
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	0.66	0.67
Fair value measurements on recurring basis \| Level III \| Loans under fair value option \| Weighted-average \| Purchase price
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans under fair value option	1.013	1.014
Fair value measurements on recurring basis \| Level III \| RMBS
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities	$ 102,076	$ 113,386
Loss severity for specified percentage of portfolio (as a percent)	7%	10%
Fair value measurements on recurring basis \| Level III \| RMBS \| Minimum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loss severity for specified percentage of portfolio (as a percent)	45%	45%
Fair value measurements on recurring basis \| Level III \| RMBS \| Minimum \| Constant prepayment rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.027	0.028
Fair value measurements on recurring basis \| Level III \| RMBS \| Minimum \| Constant default rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.010	0.011
Fair value measurements on recurring basis \| Level III \| RMBS \| Minimum \| Loss severity
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0	0
Fair value measurements on recurring basis \| Level III \| RMBS \| Minimum \| Delinquency rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.08	0.06
Fair value measurements on recurring basis \| Level III \| RMBS \| Minimum \| Servicer advances
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.27	0.31
Fair value measurements on recurring basis \| Level III \| RMBS \| Minimum \| Annual coupon deterioration
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0	0
Fair value measurements on recurring basis \| Level III \| RMBS \| Minimum \| Putback amount per projected total collateral loss
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0	0
Fair value measurements on recurring basis \| Level III \| RMBS \| Maximum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loss severity for specified percentage of portfolio (as a percent)	80%	80%
Fair value measurements on recurring basis \| Level III \| RMBS \| Maximum \| Constant prepayment rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.100	0.120
Fair value measurements on recurring basis \| Level III \| RMBS \| Maximum \| Constant default rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.042	0.044
Fair value measurements on recurring basis \| Level III \| RMBS \| Maximum \| Loss severity
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.91	1.09
Fair value measurements on recurring basis \| Level III \| RMBS \| Maximum \| Delinquency rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.24	0.29
Fair value measurements on recurring basis \| Level III \| RMBS \| Maximum \| Servicer advances
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.78	0.777
Fair value measurements on recurring basis \| Level III \| RMBS \| Maximum \| Annual coupon deterioration
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.032	0.026
Fair value measurements on recurring basis \| Level III \| RMBS \| Maximum \| Putback amount per projected total collateral loss
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.08	0.08
Fair value measurements on recurring basis \| Level III \| RMBS \| Weighted-average \| Constant prepayment rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.050	0.055
Fair value measurements on recurring basis \| Level III \| RMBS \| Weighted-average \| Constant default rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.018	0.020
Fair value measurements on recurring basis \| Level III \| RMBS \| Weighted-average \| Loss severity
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.20	0.24
Fair value measurements on recurring basis \| Level III \| RMBS \| Weighted-average \| Delinquency rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.14	0.16
Fair value measurements on recurring basis \| Level III \| RMBS \| Weighted-average \| Servicer advances
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.51	0.53
Fair value measurements on recurring basis \| Level III \| RMBS \| Weighted-average \| Annual coupon deterioration
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.001	0.001
Fair value measurements on recurring basis \| Level III \| RMBS \| Weighted-average \| Putback amount per projected total collateral loss
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.005	0.005
Fair value measurements on recurring basis \| Level III \| CMBS
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities	$ 18,740	$ 19,108
Fair value measurements on recurring basis \| Level III \| CMBS \| Minimum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
CMBS, term	0 days	0 years
Fair value measurements on recurring basis \| Level III \| CMBS \| Minimum \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0	0
Fair value measurements on recurring basis \| Level III \| CMBS \| Maximum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
CMBS, term	6 years 10 months 24 days	7 years 8 months 12 days
Fair value measurements on recurring basis \| Level III \| CMBS \| Maximum \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	6.632	1.175
Fair value measurements on recurring basis \| Level III \| CMBS \| Weighted-average
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
CMBS, term	2 years 7 months 6 days	3 years
Fair value measurements on recurring basis \| Level III \| CMBS \| Weighted-average \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.107	0.101
Fair value measurements on recurring basis \| Level III \| Woodstar Fund investments
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Woodstar Fund investments	$ 1,979,184	$ 1,761,002
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	0.042	0.042
Fair value measurements on recurring basis \| Level III \| Woodstar Fund investments \| Minimum \| Discount rate - properties
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input		0.063
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	0.057	0.056
Fair value measurements on recurring basis \| Level III \| Woodstar Fund investments \| Minimum \| Terminal capitalization rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input		0.050
Fair value measurements on recurring basis \| Level III \| Woodstar Fund investments \| Maximum \| Discount rate - properties
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input		0.068
Fair value measurements on recurring basis \| Level III \| Woodstar Fund investments \| Maximum \| Discount rate - debt
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.077	0.067
Fair value measurements on recurring basis \| Level III \| Woodstar Fund investments \| Maximum \| Terminal capitalization rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input		0.055
Fair value measurements on recurring basis \| Level III \| Woodstar Fund investments \| Weighted-average \| Discount rate - properties
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input		0.065
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	0.063	0.061
Fair value measurements on recurring basis \| Level III \| Woodstar Fund investments \| Weighted-average \| Terminal capitalization rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input		0.051
Fair value measurements on recurring basis \| Level III \| Woodstar Fund investments \| Weighted-average \| Direct capitalization rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0.042	0.042
Fair value measurements on recurring basis \| Level III \| Domestic servicing rights, at fair value
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Domestic servicing rights	$ 18,188	$ 17,790
Fair value measurements on recurring basis \| Level III \| Domestic servicing rights, at fair value \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Domestic servicing rights	0.0850	0.0825
Fair value measurements on recurring basis \| Level III \| Domestic servicing rights, at fair value \| Discount rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Domestic servicing rights	0.15	0.15
Fair value measurements on recurring basis \| Level III \| Domestic servicing rights, at fair value \| Weighted-average \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Domestic servicing rights	0.0850	0.0825
Fair value measurements on recurring basis \| Level III \| Domestic servicing rights, at fair value \| Weighted-average \| Discount rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Domestic servicing rights	0.15	0.15
Fair value measurements on recurring basis \| Level III \| VIE assets \| Minimum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE duration (in years)	0 days	0 years
Fair value measurements on recurring basis \| Level III \| VIE assets \| Minimum \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE assets	0	0
Fair value measurements on recurring basis \| Level III \| VIE assets \| Maximum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE duration (in years)	10 years 2 months 12 days	11 years
Fair value measurements on recurring basis \| Level III \| VIE assets \| Maximum \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE assets	4.201	4.536
Fair value measurements on recurring basis \| Level III \| VIE assets \| Weighted-average
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE duration (in years)	2 years 4 months 24 days	2 years 4 months 24 days
Fair value measurements on recurring basis \| Level III \| VIE assets \| Weighted-average \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE assets	0.168	0.153
Fair value measurements on recurring basis \| Level III \| VIE assets \| Primary Beneficiary
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE assets	$ 44,668,904	$ 52,453,041
Fair value measurements on recurring basis \| Level III \| VIE liabilities \| Minimum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE duration (in years)	0 days	0 years
Fair value measurements on recurring basis \| Level III \| VIE liabilities \| Minimum \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE liabilities	0	0
Fair value measurements on recurring basis \| Level III \| VIE liabilities \| Maximum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE duration (in years)	10 years 2 months 12 days	11 years
Fair value measurements on recurring basis \| Level III \| VIE liabilities \| Maximum \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE liabilities	4.201	4.536
Fair value measurements on recurring basis \| Level III \| VIE liabilities \| Weighted-average
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE duration (in years)	2 years 1 month 6 days	1 year 9 months 18 days
Fair value measurements on recurring basis \| Level III \| VIE liabilities \| Weighted-average \| Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE liabilities	0.118	0.104
Fair value measurements on recurring basis \| Level III \| VIE liabilities \| Primary Beneficiary
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE liabilities	$ 5,368,404	$ 5,505,943

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Income Taxes
VIE assets	$ 70,293,689	$ 79,043,129
Investing and Servicing Segment \| TRS entities
Income Taxes
VIE assets	$ 3,100,000	$ 3,200,000

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reconciliation of statutory tax to effective tax
Federal statutory tax rate	$ 8,395	$ 36,768	$ 66,049	$ 176,580
REIT and other non-taxable income	(17,486)	(75,642)	(81,262)	(213,073)
State income taxes	(2,987)	(12,772)	(4,999)	(11,990)
Federal benefit of state tax deduction	628	2,682	1,050	2,518
Intra-entity transfers	0	0	0	(3,868)
Other	51	209	165	834
Effective tax rate	$ (11,399)	$ (48,755)	$ (18,997)	$ (48,999)
Reconciliation of statutory tax rate to effective tax rate
Federal statutory tax rate	21%	21%	21%	21%
REIT and other non-taxable income	(43.70%)	(43.10%)	(25.80%)	(25.30%)
State income taxes	(7.50%)	(7.30%)	(1.60%)	(1.40%)
Federal benefit of state tax deduction	1.60%	1.50%	0.30%	0.30%
Intra-entity transfers	0%	0%	0%	(0.50%)
Other	0.10%	0.10%	0.10%	0.10%
Effective tax rate	(28.50%)	(27.80%)	(6.00%)	(5.80%)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2023 USD ($)
Commitments \| Commercial and Residential Lending Segment
Property, Plant and Equipment [Line Items]
Value of loans with future funding commitments	$ 1,800
Value of loans with future funding commitments expected to fund	1,400
Commitments \| Infrastructure Lending Segment
Property, Plant and Equipment [Line Items]
Value of loans with future funding commitments	167.3
Revolvers and Letters of Credit \| Infrastructure Lending Segment
Property, Plant and Equipment [Line Items]
Value of loans with future funding commitments	121.1
Outstanding	8.5
Delayed Draw Term Loans \| Infrastructure Lending Segment
Property, Plant and Equipment [Line Items]
Value of loans with future funding commitments	$ 46.2

Segment Data - Results of Opera

Segment Data - Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Interest income from loans	$ 457,299	$ 328,354	$ 1,344,056	$ 823,123
Interest income from investment securities	20,133	19,019	57,689	48,308
Servicing fees	8,630	8,427	22,228	30,972
Rental income	33,091	32,932	97,687	96,036
Other revenues	2,394	1,809	5,970	11,680
Total revenues	521,547	390,541	1,527,630	1,010,119
Costs and expenses:
Management fees	27,143	27,356	97,661	114,275
Interest expense	368,357	222,423	1,066,990	501,492
General and administrative	46,691	45,495	131,955	134,821
Acquisition and investment pursuit costs	211	1,213	625	2,152
Costs of rental operations	11,777	12,206	34,910	32,094
Depreciation and amortization	12,271	12,611	37,010	36,498
Credit loss provision, net	52,634	15,343	217,753	20,123
Other expense	516	0	1,490	1,313
Total costs and expenses	519,600	336,647	1,588,394	842,768
Other income (loss):
Change in net assets related to consolidated VIEs	43,763	37,146	139,024	72,268
Change in fair value of servicing rights	(68)	515	398	1,234
Change in fair value of investment securities, net	283	(83)	353	(1,683)
Change in fair value of mortgage loans, net	(66,806)	(87,474)	(111,247)	(326,737)
Earnings (loss) from unconsolidated entities	(1,309)	(2,044)	11,378	911
(Loss) gain on sale of investments and other assets, net	10,616	13,453	15,486	112,059
Gain (loss) on derivative financial instruments, net	94,883	206,070	118,431	461,921
Foreign currency (loss) gain, net	(56,646)	(107,318)	(18,293)	(213,201)
Loss on extinguishment of debt	(1,072)	(212)	(2,256)	(1,035)
Other (loss) income, net	(2,521)	(56,391)	(31,686)	(90,963)
Total other income	38,031	121,189	375,284	673,507
Income before income taxes	39,978	175,083	314,520	840,858
Income tax benefit	11,399	48,755	18,997	48,999
Net income	51,377	223,838	333,517	889,857
Net income attributable to non-controlling interests	(3,942)	(29,276)	(65,265)	(158,409)
Net income attributable to Starwood Property Trust, Inc.	47,435	194,562	268,252	731,448
Primary Beneficiary
Other income (loss):
Income from affordable housing fund investments	16,908	117,527	253,696	658,733
Subtotal
Revenues:
Interest income from loans	457,299	328,354	1,344,056	823,123
Interest income from investment securities	61,466	57,349	173,641	151,075
Servicing fees	11,375	11,972	30,913	41,937
Rental income	33,091	32,932	97,687	96,036
Other revenues	2,394	1,812	5,970	11,692
Total revenues	565,625	432,419	1,652,267	1,123,863
Costs and expenses:
Management fees	27,143	27,356	97,661	114,275
Interest expense	368,569	222,640	1,067,623	502,139
General and administrative	46,691	45,409	131,955	134,556
Acquisition and investment pursuit costs	211	1,213	625	2,152
Costs of rental operations	11,777	12,206	34,910	32,094
Depreciation and amortization	12,271	12,611	37,010	36,498
Credit loss provision, net	52,634	15,343	217,753	20,123
Other expense	516		1,490	1,313
Total costs and expenses	519,812	336,778	1,589,027	843,150
Other income (loss):
Change in net assets related to consolidated VIEs	0	0	0	0
Change in fair value of servicing rights	(983)	357	(2,684)	683
Change in fair value of investment securities, net	703	(5,014)	16,553	(43,872)
Change in fair value of mortgage loans, net	(66,806)	(87,474)	(111,247)	(326,737)
Earnings (loss) from unconsolidated entities	(917)	(1,550)	13,280	2,534
(Loss) gain on sale of investments and other assets, net	10,616	13,453	15,486	112,059
Gain (loss) on derivative financial instruments, net	94,883	206,070	118,431	461,921
Foreign currency (loss) gain, net	(56,646)	(107,318)	(18,293)	(213,201)
Loss on extinguishment of debt	(1,072)	(212)	(2,256)	(1,035)
Other (loss) income, net	(2,521)	(56,391)	(31,686)	(90,988)
Total other income	(5,835)	79,448	251,280	560,097
Income before income taxes	39,978	175,089	314,520	840,810
Income tax benefit	11,399	48,755	18,997	48,999
Net income	51,377	223,844	333,517	889,809
Net income attributable to non-controlling interests	(3,942)	(29,282)	(65,265)	(158,361)
Net income attributable to Starwood Property Trust, Inc.	47,435	194,562	268,252	731,448
Subtotal \| Primary Beneficiary
Other income (loss):
Income from affordable housing fund investments	16,908	117,527	253,696	658,733
Operating segment \| Commercial and Residential Lending Segment
Revenues:
Interest income from loans	397,045	284,197	1,166,758	714,222
Interest income from investment securities	36,178	28,560	102,462	71,987
Servicing fees	147	142	441	420
Rental income	2,470	1,944	6,410	4,674
Other revenues	822	138	2,007	251
Total revenues	436,662	314,981	1,278,078	791,554
Costs and expenses:
Management fees	199	227	629	758
Interest expense	247,727	145,107	724,452	301,935
General and administrative	15,659	16,458	42,117	39,905
Acquisition and investment pursuit costs	207	1,164	665	2,401
Costs of rental operations	2,475	2,633	7,505	4,978
Depreciation and amortization	1,912	1,629	5,262	3,106
Credit loss provision, net	51,487	8,401	200,439	13,027
Other expense	516		1,451	1,251
Total costs and expenses	320,182	175,619	982,520	367,361
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	21,456	16,398	62,766	(5,019)
Change in fair value of mortgage loans, net	(68,450)	(90,159)	(125,390)	(327,743)
Earnings (loss) from unconsolidated entities	1,142	(4,044)	3,563	(2,598)
(Loss) gain on sale of investments and other assets, net	(52)	(288)	(140)	86,460
Gain (loss) on derivative financial instruments, net	99,735	220,296	132,686	465,831
Foreign currency (loss) gain, net	(56,309)	(107,087)	(18,118)	(212,672)
Loss on extinguishment of debt	(757)	0	(1,822)	(206)
Other (loss) income, net	(2,527)	(56,391)	(31,693)	(90,988)
Total other income	(5,762)	(21,275)	21,852	(86,935)
Income before income taxes	110,718	118,087	317,410	337,258
Income tax benefit	9,823	53,099	15,981	57,682
Net income	120,541	171,186	333,391	394,940
Net income attributable to non-controlling interests	(3)	(3)	(10)	(10)
Net income attributable to Starwood Property Trust, Inc.	120,538	171,183	333,381	394,930
Operating segment \| Commercial and Residential Lending Segment \| Primary Beneficiary
Other income (loss):
Income from affordable housing fund investments	0	0	0	0
Operating segment \| Infrastructure Lending Segment
Revenues:
Interest income from loans	58,628	43,018	172,969	100,097
Interest income from investment securities	155	1,204	1,658	3,124
Servicing fees	0	0	0	0
Rental income	0	0	0	0
Other revenues	469	129	995	287
Total revenues	59,252	44,351	175,622	103,508
Costs and expenses:
Management fees	0	0	0	0
Interest expense	34,887	22,500	103,188	49,431
General and administrative	3,822	3,588	11,520	10,730
Acquisition and investment pursuit costs	4	2	17	3
Costs of rental operations	0	0	0	0
Depreciation and amortization	27	101	84	310
Credit loss provision, net	1,147	6,942	17,314	7,096
Other expense	0		0	0
Total costs and expenses	39,887	33,133	132,123	67,570
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	(2,459)	1,892	1,324	2,631
(Loss) gain on sale of investments and other assets, net	0	0	0	0
Gain (loss) on derivative financial instruments, net	98	331	244	1,228
Foreign currency (loss) gain, net	(382)	(253)	(225)	(570)
Loss on extinguishment of debt	0	0	0	(469)
Other (loss) income, net	(6)	0	0	0
Total other income	(2,749)	1,970	1,343	2,820
Income before income taxes	16,616	13,188	44,842	38,758
Income tax benefit	243	2	581	7
Net income	16,859	13,190	45,423	38,765
Net income attributable to non-controlling interests	0	0	0	0
Net income attributable to Starwood Property Trust, Inc.	16,859	13,190	45,423	38,765
Operating segment \| Infrastructure Lending Segment \| Primary Beneficiary
Other income (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	23,567	22,886	70,587	67,879
Other revenues	193	54	494	152
Total revenues	23,760	22,940	71,081	68,031
Costs and expenses:
Management fees	0	0	0	0
Interest expense	14,161	9,266	40,229	22,421
General and administrative	1,021	933	2,966	2,964
Acquisition and investment pursuit costs	0	0	0	7
Costs of rental operations	6,039	5,793	17,034	16,010
Depreciation and amortization	7,930	8,161	24,061	24,559
Credit loss provision, net	0	0	0	0
Other expense	0		23	55
Total costs and expenses	29,151	24,153	84,313	66,016
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
(Loss) gain on sale of investments and other assets, net	0	0	0	0
Gain (loss) on derivative financial instruments, net	557	10,262	4,448	33,162
Foreign currency (loss) gain, net	45	22	50	41
Loss on extinguishment of debt	0	0	0	0
Other (loss) income, net	0	0	(5)	0
Total other income	17,510	127,811	258,189	691,936
Income before income taxes	12,119	126,598	244,957	693,951
Income tax benefit	0	0	0	0
Net income	12,119	126,598	244,957	693,951
Net income attributable to non-controlling interests	(7,812)	(28,486)	(65,149)	(148,379)
Net income attributable to Starwood Property Trust, Inc.	4,307	98,112	179,808	545,572
Operating segment \| Property Segment \| Primary Beneficiary
Other income (loss):
Income from affordable housing fund investments	16,908	117,527	253,696	658,733
Operating segment \| Investing and Servicing Segment
Revenues:
Interest income from loans	1,626	1,139	4,329	8,804
Interest income from investment securities	25,133	27,585	69,521	75,964
Servicing fees	11,228	11,830	30,472	41,517
Rental income	7,054	8,102	20,690	23,483
Other revenues	407	1,491	1,302	10,999
Total revenues	45,448	50,147	126,314	160,767
Costs and expenses:
Management fees	0	0	0	0
Interest expense	8,448	6,601	24,752	19,202
General and administrative	21,365	20,046	62,052	66,603
Acquisition and investment pursuit costs	0	47	(57)	(259)
Costs of rental operations	3,263	3,780	10,371	11,106
Depreciation and amortization	2,402	2,720	7,603	8,523
Credit loss provision, net	0	0	0	0
Other expense	0		16	7
Total costs and expenses	35,478	33,194	104,737	105,182
Other income (loss):
Change in net assets related to consolidated VIEs	0	0	0	0
Change in fair value of servicing rights	(983)	357	(2,684)	683
Change in fair value of investment securities, net	(20,753)	(21,412)	(46,213)	(38,853)
Change in fair value of mortgage loans, net	1,644	2,685	14,143	1,006
Earnings (loss) from unconsolidated entities	400	602	8,393	2,501
(Loss) gain on sale of investments and other assets, net	10,668	13,741	15,626	25,599
Gain (loss) on derivative financial instruments, net	4,116	6,849	4,469	43,719
Foreign currency (loss) gain, net	0	0	0	0
Loss on extinguishment of debt	(315)	(212)	(434)	(360)
Other (loss) income, net	12	0	12	0
Total other income	(5,211)	2,610	(6,688)	34,295
Income before income taxes	4,759	19,563	14,889	89,880
Income tax benefit	1,333	(4,346)	2,435	(8,690)
Net income	6,092	15,217	17,324	81,190
Net income attributable to non-controlling interests	3,873	(793)	(106)	(9,972)
Net income attributable to Starwood Property Trust, Inc.	9,965	14,424	17,218	71,218
Operating segment \| Investing and Servicing Segment \| Primary Beneficiary
Other income (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	503	0	1,172	3
Total revenues	503	0	1,172	3
Costs and expenses:
Management fees	26,944	27,129	97,032	113,517
Interest expense	63,346	39,166	175,002	109,150
General and administrative	4,824	4,384	13,300	14,354
Acquisition and investment pursuit costs	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
Total costs and expenses	95,114	70,679	285,334	237,021
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
(Loss) gain on sale of investments and other assets, net	0	0	0	0
Gain (loss) on derivative financial instruments, net	(9,623)	(31,668)	(23,416)	(82,019)
Foreign currency (loss) gain, 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	(9,623)	(31,668)	(23,416)	(82,019)
Income before income taxes	(104,234)	(102,347)	(307,578)	(319,037)
Income tax benefit	0	0	0	0
Net income	(104,234)	(102,347)	(307,578)	(319,037)
Net income attributable to non-controlling interests	0	0	0	0
Net income attributable to Starwood Property Trust, Inc.	(104,234)	(102,347)	(307,578)	(319,037)
Corporate \| Primary Beneficiary
Other income (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	(41,333)	(38,330)	(115,952)	(102,767)
Servicing fees	(2,745)	(3,545)	(8,685)	(10,965)
Rental income	0	0	0	0
Other revenues	0	(3)	0	(12)
Total revenues	(44,078)	(41,878)	(124,637)	(113,744)
Costs and expenses:
Management fees	0	0	0	0
Interest expense	(212)	(217)	(633)	(647)
General and administrative	0	86	0	265
Acquisition and investment pursuit costs	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
Total costs and expenses	(212)	(131)	(633)	(382)
Other income (loss):
Change in net assets related to consolidated VIEs	43,763	37,146	139,024	72,268
Change in fair value of servicing rights	915	158	3,082	551
Change in fair value of investment securities, net	(420)	4,931	(16,200)	42,189
Change in fair value of mortgage loans, net	0	0	0	0
Earnings (loss) from unconsolidated entities	(392)	(494)	(1,902)	(1,623)
(Loss) gain on sale of investments and other assets, net	0	0	0	0
Gain (loss) on derivative financial instruments, net	0	0	0	0
Foreign currency (loss) gain, net	0	0	0	0
Loss on extinguishment of debt	0	0	0	0
Other (loss) income, net	0	0	0	25
Total other income	43,866	41,741	124,004	113,410
Income before income taxes	0	(6)	0	48
Income tax benefit	0	0	0	0
Net income	0	(6)	0	48
Net income attributable to non-controlling interests	0	6	0	(48)
Net income attributable to Starwood Property Trust, Inc.	0	0	0	0
Securitization VIEs \| Primary Beneficiary
Other income (loss):
Income from affordable housing fund investments	$ 0	$ 0	$ 0	$ 0

Segment Data - Balance Sheet (D

Segment Data - Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents	$ 195,319		$ 261,061
Restricted cash	235,951		121,072
Loans held-for-investment, net	17,234,205		18,401,439
Loans held-for-sale	2,602,265		2,784,594
Investment securities	721,593		815,804
Properties, net	1,405,791		1,449,986
Investments in unconsolidated entities	91,924		91,892
Goodwill	259,846		259,846
Intangible assets	65,989		68,773
Derivative assets	133,016		108,621
Accrued interest receivable	173,260		168,521
Other assets	526,442		297,477
VIE assets, at fair value	44,668,904		52,453,041
Total Assets	70,293,689		79,043,129
Liabilities:
Dividends payable	152,737		151,511
Derivative liabilities	85,657		91,404
Secured financing agreements, net	13,557,881		14,501,532
Collateralized loan obligations and single asset securitization, net	3,518,274		3,676,224
Unsecured senior notes, net	2,456,583		2,329,211
VIE liabilities, at fair value	42,997,104		50,754,355
Total Liabilities	63,200,233		71,844,422
Temporary Equity: Redeemable non-controlling interests	409,659		362,790
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	3,205		3,181
Additional paid-in capital	5,855,962		5,807,087
Treasury stock	(138,022)		(138,022)
Retained earnings (accumulated deficit)	585,756		769,237
Accumulated other comprehensive income	14,114		20,955
Total Starwood Property Trust, Inc. Stockholders’ Equity	6,321,015		6,462,438
Non-controlling interests in consolidated subsidiaries	362,782		373,479
Total Permanent Equity	6,683,797	$ 6,784,943	6,835,917	$ 6,821,185	$ 6,774,387	$ 6,433,892
Total Liabilities and Equity	70,293,689		79,043,129
Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	407,715		298,999
Related Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	24,282		41,186
Primary Beneficiary
Assets:
Investments of consolidated affordable housing fund	1,979,184		1,761,002
Total Assets	74,800
Liabilities:
Total Liabilities	34,800
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	195,319		261,061
Restricted cash	235,951		121,072
Loans held-for-investment, net	17,234,205		18,401,439
Loans held-for-sale	2,602,265		2,784,594
Investment securities	2,363,380		2,482,725
Properties, net	1,405,791		1,449,986
Investments in unconsolidated entities	106,481		105,434
Goodwill	259,846		259,846
Intangible assets	101,963		107,831
Derivative assets	133,016		108,621
Accrued interest receivable	173,545		168,796
Other assets	526,442		297,477
VIE assets, at fair value	0		0
Total Assets	27,317,388		28,309,884
Liabilities:
Dividends payable	152,737		151,511
Derivative liabilities	85,657		91,404
Secured financing agreements, net	13,578,739		14,522,698
Collateralized loan obligations and single asset securitization, net	3,518,274		3,676,224
Unsecured senior notes, net	2,456,583		2,329,211
VIE liabilities, at fair value	0		0
Total Liabilities	20,223,987		21,111,233
Temporary Equity: Redeemable non-controlling interests	409,659		362,790
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	3,205		3,181
Additional paid-in capital	5,855,962		5,807,087
Treasury stock	(138,022)		(138,022)
Retained earnings (accumulated deficit)	585,756		769,237
Accumulated other comprehensive income	14,114		20,955
Total Starwood Property Trust, Inc. Stockholders’ Equity	6,321,015		6,462,438
Non-controlling interests in consolidated subsidiaries	362,727		373,423
Total Permanent Equity	6,683,742		6,835,861
Total Liabilities and Equity	27,317,388		28,309,884
Subtotal \| Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	407,715		298,999
Subtotal \| Related Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	24,282		41,186
Subtotal \| Primary Beneficiary
Assets:
Investments of consolidated affordable housing fund	1,979,184		1,761,002
Operating segment \| Commercial and Residential Lending Segment
Assets:
Cash and cash equivalents	7,078		68,593
Restricted cash	29,474		18,556
Loans held-for-investment, net	14,950,568		16,038,930
Loans held-for-sale	2,499,681		2,763,458
Investment securities	1,237,362		1,250,893
Properties, net	469,343		463,492
Investments in unconsolidated entities	25,207		25,326
Goodwill	0		0
Intangible assets	14,153		11,908
Derivative assets	123,662		101,082
Accrued interest receivable	160,815		151,852
Other assets	394,099		170,177
VIE assets, at fair value	0		0
Total Assets	19,911,442		21,064,267
Liabilities:
Dividends payable	0		0
Derivative liabilities	15,901		21,523
Secured financing agreements, net	9,974,212		10,804,970
Collateralized loan obligations and single asset securitization, net	2,702,506		2,862,211
Unsecured senior notes, net	0		0
VIE liabilities, at fair value	0		0
Total Liabilities	12,958,650		13,835,601
Temporary Equity: Redeemable non-controlling interests	0		0
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	0		0
Additional paid-in capital	1,522,081		2,124,496
Treasury stock	0		0
Retained earnings (accumulated deficit)	5,416,479		5,083,100
Accumulated other comprehensive income	14,114		20,955
Total Starwood Property Trust, Inc. Stockholders’ Equity	6,952,674		7,228,551
Non-controlling interests in consolidated subsidiaries	118		115
Total Permanent Equity	6,952,792		7,228,666
Total Liabilities and Equity	19,911,442		21,064,267
Operating segment \| Commercial and Residential Lending Segment \| Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	266,031		146,897
Operating segment \| Commercial and Residential Lending Segment \| Related Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	0		0
Operating segment \| Commercial and Residential Lending Segment \| Primary Beneficiary
Assets:
Investments of consolidated affordable housing fund	0		0
Operating segment \| Infrastructure Lending Segment
Assets:
Cash and cash equivalents	35,247		31,153
Restricted cash	22,178		31,133
Loans held-for-investment, net	2,274,318		2,352,932
Loans held-for-sale	0		0
Investment securities	19,582		66,204
Properties, net	0		0
Investments in unconsolidated entities	48,224		47,078
Goodwill	119,409		119,409
Intangible assets	0		0
Derivative assets	134		122
Accrued interest receivable	9,574		9,856
Other assets	6,306		3,614
VIE assets, at fair value	0		0
Total Assets	2,534,972		2,661,501
Liabilities:
Dividends payable	0		0
Derivative liabilities	0		105
Secured financing agreements, net	935,043		1,042,679
Collateralized loan obligations and single asset securitization, net	815,768		814,013
Unsecured senior notes, net	0		0
VIE liabilities, at fair value	0		0
Total Liabilities	1,772,696		1,877,453
Temporary Equity: Redeemable non-controlling interests	0		0
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	0		0
Additional paid-in capital	616,063		683,258
Treasury stock	0		0
Retained earnings (accumulated deficit)	146,213		100,790
Accumulated other comprehensive income	0		0
Total Starwood Property Trust, Inc. Stockholders’ Equity	762,276		784,048
Non-controlling interests in consolidated subsidiaries	0		0
Total Permanent Equity	762,276		784,048
Total Liabilities and Equity	2,534,972		2,661,501
Operating segment \| Infrastructure Lending Segment \| Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	21,885		20,656
Operating segment \| Infrastructure Lending Segment \| Related Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	0		0
Operating segment \| Infrastructure Lending Segment \| Primary Beneficiary
Assets:
Investments of consolidated affordable housing fund	0		0
Operating segment \| Property Segment
Assets:
Cash and cash equivalents	37,281		31,194
Restricted cash	997		981
Loans held-for-investment, net	0		0
Loans held-for-sale	0		0
Investment securities	0		0
Properties, net	851,713		864,778
Investments in unconsolidated entities	0		0
Goodwill	0		0
Intangible assets	26,375		29,613
Derivative assets	2,640		1,803
Accrued interest receivable	1,298		863
Other assets	51,914		54,313
VIE assets, at fair value	0		0
Total Assets	2,951,402		2,744,547
Liabilities:
Dividends payable	0		0
Derivative liabilities	0		0
Secured financing agreements, net	791,461		789,719
Collateralized loan obligations and single asset securitization, net	0		0
Unsecured senior notes, net	0		0
VIE liabilities, at fair value	0		0
Total Liabilities	804,185		801,435
Temporary Equity: Redeemable non-controlling interests	409,659		362,790
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	0		0
Additional paid-in capital	(428,536)		(405,955)
Treasury stock	0		0
Retained earnings (accumulated deficit)	1,957,453		1,777,643
Accumulated other comprehensive income	0		0
Total Starwood Property Trust, Inc. Stockholders’ Equity	1,528,917		1,371,688
Non-controlling interests in consolidated subsidiaries	208,641		208,634
Total Permanent Equity	1,737,558		1,580,322
Total Liabilities and Equity	2,951,402		2,744,547
Operating segment \| Property Segment \| Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	12,724		11,716
Operating segment \| Property Segment \| Related Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	0		0
Operating segment \| Property Segment \| Primary Beneficiary
Assets:
Investments of consolidated affordable housing fund	1,979,184		1,761,002
Operating segment \| Investing and Servicing Segment
Assets:
Cash and cash equivalents	9,840		39,023
Restricted cash	4,746		5,259
Loans held-for-investment, net	9,319		9,577
Loans held-for-sale	102,584		21,136
Investment securities	1,106,436		1,165,628
Properties, net	84,735		121,716
Investments in unconsolidated entities	33,050		33,030
Goodwill	140,437		140,437
Intangible assets	61,435		66,310
Derivative assets	6,580		5,614
Accrued interest receivable	1,770		1,105
Other assets	19,533		12,929
VIE assets, at fair value	0		0
Total Assets	1,580,465		1,621,764
Liabilities:
Dividends payable	0		0
Derivative liabilities	0		0
Secured financing agreements, net	539,820		543,256
Collateralized loan obligations and single asset securitization, net	0		0
Unsecured senior notes, net	0		0
VIE liabilities, at fair value	0		0
Total Liabilities	575,818		589,633
Temporary Equity: Redeemable non-controlling interests	0		0
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	0		0
Additional paid-in capital	(680,659)		(646,662)
Treasury stock	0		0
Retained earnings (accumulated deficit)	1,531,338		1,514,119
Accumulated other comprehensive income	0		0
Total Starwood Property Trust, Inc. Stockholders’ Equity	850,679		867,457
Non-controlling interests in consolidated subsidiaries	153,968		164,674
Total Permanent Equity	1,004,647		1,032,131
Total Liabilities and Equity	1,580,465		1,621,764
Operating segment \| Investing and Servicing Segment \| Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	35,998		46,377
Operating segment \| Investing and Servicing Segment \| Related Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	0		0
Operating segment \| Investing and Servicing Segment \| Primary Beneficiary
Assets:
Investments of consolidated affordable housing fund	0		0
Corporate
Assets:
Cash and cash equivalents	105,873		91,098
Restricted cash	178,556		65,143
Loans held-for-investment, net	0		0
Loans held-for-sale	0		0
Investment securities	0		0
Properties, net	0		0
Investments in unconsolidated entities	0		0
Goodwill	0		0
Intangible assets	0		0
Derivative assets	0		0
Accrued interest receivable	88		5,120
Other assets	54,590		56,444
VIE assets, at fair value	0		0
Total Assets	339,107		217,805
Liabilities:
Dividends payable	152,737		151,511
Derivative liabilities	69,756		69,776
Secured financing agreements, net	1,338,203		1,342,074
Collateralized loan obligations and single asset securitization, net	0		0
Unsecured senior notes, net	2,456,583		2,329,211
VIE liabilities, at fair value	0		0
Total Liabilities	4,112,638		4,007,111
Temporary Equity: Redeemable non-controlling interests	0		0
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	3,205		3,181
Additional paid-in capital	4,827,013		4,051,950
Treasury stock	(138,022)		(138,022)
Retained earnings (accumulated deficit)	(8,465,727)		(7,706,415)
Accumulated other comprehensive income	0		0
Total Starwood Property Trust, Inc. Stockholders’ Equity	(3,773,531)		(3,789,306)
Non-controlling interests in consolidated subsidiaries	0		0
Total Permanent Equity	(3,773,531)		(3,789,306)
Total Liabilities and Equity	339,107		217,805
Corporate \| Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	71,077		73,353
Corporate \| Related Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	24,282		41,186
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, net	0		0
Loans held-for-sale	0		0
Investment securities	(1,641,787)		(1,666,921)
Properties, net	0		0
Investments in unconsolidated entities	(14,557)		(13,542)
Goodwill	0		0
Intangible assets	(35,974)		(39,058)
Derivative assets	0		0
Accrued interest receivable	(285)		(275)
Other assets	0		0
VIE assets, at fair value	44,668,904		52,453,041
Total Assets	42,976,301		50,733,245
Liabilities:
Dividends payable	0		0
Derivative liabilities	0		0
Secured financing agreements, net	(20,858)		(21,166)
Collateralized loan obligations and single asset securitization, net	0		0
Unsecured senior notes, net	0		0
VIE liabilities, at fair value	42,997,104		50,754,355
Total Liabilities	42,976,246		50,733,189
Temporary Equity: Redeemable non-controlling interests	0		0
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	0		0
Additional paid-in capital	0		0
Treasury stock	0		0
Retained earnings (accumulated deficit)	0		0
Accumulated other comprehensive income	0		0
Total Starwood Property Trust, Inc. Stockholders’ Equity	0		0
Non-controlling interests in consolidated subsidiaries	55		56
Total Permanent Equity	55		56
Total Liabilities and Equity	42,976,301		50,733,245
Securitization VIEs \| Nonrelated Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	0		0
Securitization VIEs \| Related Party
Liabilities:
Accounts payable, accrued expenses and other liabilities	0		0
Securitization VIEs \| Primary Beneficiary
Assets:
Investments of consolidated affordable housing fund	$ 0		$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)		1 Months Ended	9 Months Ended
Subsequent Events (Details) - USD ($)	Nov. 01, 2023	Oct. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Subsequent Events
Distribution of capital from unconsolidated entities			$ 4,788,000	$ 3,375,000
Carrying Value			20,107,790,000		$ 21,285,446,000
Commercial Portfolio Segment
Subsequent Events
Carrying Value			15,221,801,000
Senior Loans \| New Jersey \| Commercial Portfolio Segment \| Not 90 days or greater past due \| Non-Credit Deterioration
Subsequent Events
Carrying Value			$ 220,100,000
Subsequent Event \| Investor entities which own equity interests in two entertainment and retail centers
Subsequent Events
Distribution of capital from unconsolidated entities		$ 52,300,000
2023 Senior Notes \| Subsequent Event
Subsequent Events
Repaid upon maturity	$ 300,000,000