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Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Pay Versus Performance
 
 
 
 
Pay Versus Performance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Value of Initial
Fixed $100
Investment Based
on:(5)
 
 
 
 
 
 
 
 
Year(1)
 
 
Summary
Compensation
Table Total
for PEO
($)(2)(3)
 
 
Compensation
Actually
Paid to PEO
($)(3)
 
 
Average
Summary
Compensation
Table Total for
non-PEO
Named
Executive
Officers
($)(2)
 
 
Average
Compensation
Actually
Paid to
non-PEO
Named
Executive
Officers
($)(4)
 
 
Total
Shareholder
Return
($)(5)
 
 
Peer
Group
Total
Shareholder
Return
($)(5)(6)
 
 
Net
Income
($000)
 
 
Company
Selected
Measure
(Distributable
Earnings)
($000)(7)
 
 
2024
 
 
—
 
 
—
 
 
8,075,003
 
 
7,548,462
 
 
125.07
 
 
79.96
 
 
359,933
 
 
674,961
 
 
2023
 
 
—
 
 
—
 
 
2,945,974
 
 
2,700,278
 
 
125.95
 
 
79.79
 
 
339,213
 
 
662,566
 
 
2022
 
 
—
 
 
—
 
 
3,396,884
 
 
1,578,165
 
 
99.48
 
 
69.27
 
 
871,475
 
 
726,297
 
 
2021
 
 
—
 
 
—
 
 
7,496,760
 
 
9,094,143
 
 
120.03
 
 
94.05
 
 
447,739
 
 
794,116
 
 
2020
 
 
—
 
 
—
 
 
3,613,987
 
 
3,643,526
 
 
88.36
 
 
81.38
 
 
331,689
 
 
585,299
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Mr. Sternlicht served as the Company’s principal executive officer for the entirety of 2020 – 2024 and the Company’s other named executive officers for the applicable years were as follows:
-
2024: Jeffrey F. DiModica and Rina Paniry
-
2023 – 2020: Jeffrey F. DiModica, Rina Paniry and Andrew J. Sossen (resigned effective April 28, 2023)
(2)
Amounts reported in this column represent (i) the total compensation reported in the Summary Compensation Table for the applicable year in the case of Mr. Sternlicht and (ii) the average of the total compensation reported in the Summary Compensation Table for the applicable year for the Company’s named executive officers for the applicable year other than the principal executive officer for such years.
(3)
Mr. Sternlicht does not receive any direct compensation from the Manager or the Company for his services as the Chairman of the Board and Chief Executive Officer of the Company, and the Company does not reimburse Starwood Capital Group or any of its affiliates for compensation paid to Mr. Sternlicht.
(4)
Amounts reported in this column represent the compensation actually paid to the Company’s named executive officers other than Mr. Sternlicht in the indicated fiscal year, based on the average total compensation for such named executive officers reported in the Summary Compensation Table for the indicated fiscal year and adjusted as shown in the table below:
 
 
 
 
 
 
 
 
 
 
Other Named Executive Officers Average(a)
 
 
 
 
 
2024
 
 
2023
 
 
2022
 
 
2021
 
 
2020
 
 
Summary Compensation Table - Total
Compensation(b)
 
 
$8,075,003
 
 
$2,945,974
 
 
$3,396,884
 
 
$7,496,760
 
 
$3,613,987
 
 
- Grant Date Fair Value of Stock Awards Granted in Fiscal Year(c)
 
 
$(5,234,153)
 
 
$(920,003)
 
 
$(938,550)
 
 
$(4,938,594)
 
 
$(1,089,710)
 
 
+ Fair Value at Fiscal Year-End of Outstanding and Unvested Stock Awards Granted in Fiscal Year(d)
 
 
$4,876,461
 
 
$707,708
 
 
$736,389
 
 
$5,828,590
 
 
$1,775,664
 
 
+ Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Fiscal Years(e)
 
 
$(100,597)
 
 
$579,420
 
 
$(1,554,917)
 
 
$378,157
 
 
$(238,795)
 
 
+ Fair Value at Vesting of Stock Awards Granted in Fiscal Year That Vested During Fiscal Year(f)
 
 
$—
 
 
$—
 
 
$—
 
 
$—
 
 
$—
 
 
+ Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year(g)
 
 
$(68,252)
 
 
$(42,764)
 
 
$(61,641)
 
 
$329,230
 
 
$(417,620)
 
 
- Fair Value as of Prior Fiscal Year-End of Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year(h)
 
 
$—
 
 
$(570,057)
 
 
$—
 
 
$—
 
 
$—
 
 
= Compensation Actually Paid
 
 
$7,548,462
 
 
$2,700,278
 
 
$1,578,165
 
 
$9,094,143
 
 
$3,643,526
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Please see footnote 1 for the named executive officers included in the average for each indicated fiscal year.
(b)
Represents the average Total Compensation as reported in the Summary Compensation Table for the reported named executive officers in the indicated fiscal year.
(c)
Represents the average aggregate grant date fair value of the stock awards granted to the reported named executive officers during the indicated fiscal year, computed in accordance with FASB ASC 718.
(d)
Represents the average aggregate fair value as of the indicated fiscal year-end of the reported named executive officers’ outstanding and unvested stock awards granted during such fiscal year, computed in accordance with FASB ASC 718.
(e)
Represents the average aggregate change in fair value during the indicated fiscal year of the outstanding and unvested stock awards held by the reported named executive officers as of the last day of the indicated fiscal year, computed in accordance with FASB ASC 718.
(f)
Represents the average aggregate fair value at vesting of the stock awards that were granted to the reported named executive officers and vested during the indicated fiscal year, computed in accordance with FASB ASC 718.
(g)
Represents the average aggregate change in fair value, measured from the prior fiscal year-end to the vesting date, of each stock award held by the reported named executive officers that was granted in a prior fiscal year and which vested during the indicated fiscal year, computed in accordance with FASB ASC 718.
(h)
Represents the average aggregate fair value as of the last day of the prior fiscal year of the reported named executive officers’ stock awards that were granted in a prior fiscal year and which failed to meet the applicable vesting conditions (such as through forfeiture) in the indicated fiscal year, computed in accordance with FASB ASC 718.
(5)
Pursuant to rules of the SEC, the comparison assumes $100 was invested on December 31, 2019 in our common stock. Historic stock price performance is not necessarily indicative of future stock price performance.
(6)
The TSR Peer Group consists of the FTSE NAREIT Mortgage REITs Index (FNMR-FTX), an independently prepared index that includes companies in the U.S. mortgage REIT industry.
(7)
As noted in the CD&A, for 2024, the Compensation Committee determined that Distributable Earnings continues to be viewed as a core driver of the Company’s performance and shareholder value creation. Distributable Earnings, a non-GAAP financial measure, is used to compute the Company’s incentive fees to its external manager and is an appropriate supplemental disclosure for a mortgage REIT. For the Company’s purposes, Distributable Earnings is defined as GAAP net income (loss) excluding non-cash equity compensation expense, the incentive fee due to the Company’s external manager, acquisition costs associated with successful acquisitions, depreciation and amortization of real estate and associated intangibles, any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period and, to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein. The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by the Company’s external manager and approved by a majority of the Company’s independent directors. Refer to the Company's relevant Annual Report on Form 10-K for additional information regarding Distributable Earnings, including reconciliations of GAAP net income to Distributable Earnings, for each of the years presented above.
       
Company Selected Measure Name Distributable Earnings        
Named Executive Officers, Footnote
(1)
Mr. Sternlicht served as the Company’s principal executive officer for the entirety of 2020 – 2024 and the Company’s other named executive officers for the applicable years were as follows:
-
2024: Jeffrey F. DiModica and Rina Paniry
-
2023 – 2020: Jeffrey F. DiModica, Rina Paniry and Andrew J. Sossen (resigned effective April 28, 2023)
       
Peer Group Issuers, Footnote
(6)
The TSR Peer Group consists of the FTSE NAREIT Mortgage REITs Index (FNMR-FTX), an independently prepared index that includes companies in the U.S. mortgage REIT industry.
       
PEO Total Compensation Amount $ 0 $ 0 $ 0 $ 0 $ 0
PEO Actually Paid Compensation Amount $ 0 0 0 0 0
Adjustment To PEO Compensation, Footnote
(3)
Mr. Sternlicht does not receive any direct compensation from the Manager or the Company for his services as the Chairman of the Board and Chief Executive Officer of the Company, and the Company does not reimburse Starwood Capital Group or any of its affiliates for compensation paid to Mr. Sternlicht.
       
Non-PEO NEO Average Total Compensation Amount $ 8,075,003 2,945,974 3,396,884 7,496,760 3,613,987
Non-PEO NEO Average Compensation Actually Paid Amount $ 7,548,462 2,700,278 1,578,165 9,094,143 3,643,526
Adjustment to Non-PEO NEO Compensation Footnote
(4)
Amounts reported in this column represent the compensation actually paid to the Company’s named executive officers other than Mr. Sternlicht in the indicated fiscal year, based on the average total compensation for such named executive officers reported in the Summary Compensation Table for the indicated fiscal year and adjusted as shown in the table below:
 
 
 
 
 
 
 
 
 
 
Other Named Executive Officers Average(a)
 
 
 
 
 
2024
 
 
2023
 
 
2022
 
 
2021
 
 
2020
 
 
Summary Compensation Table - Total
Compensation(b)
 
 
$8,075,003
 
 
$2,945,974
 
 
$3,396,884
 
 
$7,496,760
 
 
$3,613,987
 
 
- Grant Date Fair Value of Stock Awards Granted in Fiscal Year(c)
 
 
$(5,234,153)
 
 
$(920,003)
 
 
$(938,550)
 
 
$(4,938,594)
 
 
$(1,089,710)
 
 
+ Fair Value at Fiscal Year-End of Outstanding and Unvested Stock Awards Granted in Fiscal Year(d)
 
 
$4,876,461
 
 
$707,708
 
 
$736,389
 
 
$5,828,590
 
 
$1,775,664
 
 
+ Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Fiscal Years(e)
 
 
$(100,597)
 
 
$579,420
 
 
$(1,554,917)
 
 
$378,157
 
 
$(238,795)
 
 
+ Fair Value at Vesting of Stock Awards Granted in Fiscal Year That Vested During Fiscal Year(f)
 
 
$—
 
 
$—
 
 
$—
 
 
$—
 
 
$—
 
 
+ Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year(g)
 
 
$(68,252)
 
 
$(42,764)
 
 
$(61,641)
 
 
$329,230
 
 
$(417,620)
 
 
- Fair Value as of Prior Fiscal Year-End of Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year(h)
 
 
$—
 
 
$(570,057)
 
 
$—
 
 
$—
 
 
$—
 
 
= Compensation Actually Paid
 
 
$7,548,462
 
 
$2,700,278
 
 
$1,578,165
 
 
$9,094,143
 
 
$3,643,526
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Please see footnote 1 for the named executive officers included in the average for each indicated fiscal year.
(b)
Represents the average Total Compensation as reported in the Summary Compensation Table for the reported named executive officers in the indicated fiscal year.
(c)
Represents the average aggregate grant date fair value of the stock awards granted to the reported named executive officers during the indicated fiscal year, computed in accordance with FASB ASC 718.
(d)
Represents the average aggregate fair value as of the indicated fiscal year-end of the reported named executive officers’ outstanding and unvested stock awards granted during such fiscal year, computed in accordance with FASB ASC 718.
(e)
Represents the average aggregate change in fair value during the indicated fiscal year of the outstanding and unvested stock awards held by the reported named executive officers as of the last day of the indicated fiscal year, computed in accordance with FASB ASC 718.
(f)
Represents the average aggregate fair value at vesting of the stock awards that were granted to the reported named executive officers and vested during the indicated fiscal year, computed in accordance with FASB ASC 718.
(g)
Represents the average aggregate change in fair value, measured from the prior fiscal year-end to the vesting date, of each stock award held by the reported named executive officers that was granted in a prior fiscal year and which vested during the indicated fiscal year, computed in accordance with FASB ASC 718.
(h)
Represents the average aggregate fair value as of the last day of the prior fiscal year of the reported named executive officers’ stock awards that were granted in a prior fiscal year and which failed to meet the applicable vesting conditions (such as through forfeiture) in the indicated fiscal year, computed in accordance with FASB ASC 718.
       
Compensation Actually Paid vs. Total Shareholder Return        
Compensation Actually Paid vs. Net Income        
Compensation Actually Paid vs. Company Selected Measure        
Total Shareholder Return Vs Peer Group        
Tabular List, Table
The following is a list of performance measures, that in the Company’s assessment represent the most important performance measures used by the Company to link compensation actually paid to the Named Executive Officers for 2024:
•
Profitability of the Company:
○
Net Income Attributable to the Company
○
Distributable Earnings
•
Performance of the Company’s common stock
•
Investment activity of the Company
•
Completed acquisitions and dispositions
       
Total Shareholder Return Amount $ 125.07 125.95 99.48 120.03 88.36
Peer Group Total Shareholder Return Amount 79.96 79.79 69.27 94.05 81.38
Net Income (Loss) $ 359,933,000 $ 339,213,000 $ 871,475,000 $ 447,739,000 $ 331,689,000
Company Selected Measure Amount 674,961,000 662,566,000 726,297,000 794,116,000 585,299,000
PEO Name Mr. Sternlicht Mr. Sternlicht Mr. Sternlicht Mr. Sternlicht Mr. Sternlicht
Measure:: 1          
Pay vs Performance Disclosure          
Name Profitability of the Company        
Measure:: 2          
Pay vs Performance Disclosure          
Name Net Income Attributable to the Company        
Measure:: 3          
Pay vs Performance Disclosure          
Name Distributable Earnings        
Non-GAAP Measure Description
(7)
As noted in the CD&A, for 2024, the Compensation Committee determined that Distributable Earnings continues to be viewed as a core driver of the Company’s performance and shareholder value creation. Distributable Earnings, a non-GAAP financial measure, is used to compute the Company’s incentive fees to its external manager and is an appropriate supplemental disclosure for a mortgage REIT. For the Company’s purposes, Distributable Earnings is defined as GAAP net income (loss) excluding non-cash equity compensation expense, the incentive fee due to the Company’s external manager, acquisition costs associated with successful acquisitions, depreciation and amortization of real estate and associated intangibles, any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period and, to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein. The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by the Company’s external manager and approved by a majority of the Company’s independent directors. Refer to the Company's relevant Annual Report on Form 10-K for additional information regarding Distributable Earnings, including reconciliations of GAAP net income to Distributable Earnings, for each of the years presented above.
       
Measure:: 4          
Pay vs Performance Disclosure          
Name Performance of the Company’s common stock        
Measure:: 5          
Pay vs Performance Disclosure          
Name Investment activity of the Company        
Measure:: 6          
Pay vs Performance Disclosure          
Name Completed acquisitions and dispositions        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (5,234,153) $ (920,003) $ (938,550) $ (4,938,594) $ (1,089,710)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 4,876,461 707,708 736,389 5,828,590 1,775,664
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (100,597) 579,420 (1,554,917) 378,157 (238,795)
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (68,252) (42,764) (61,641) 329,230 (417,620)
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 0 $ (570,057) $ 0 $ 0 $ 0