Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues:
Interest income from loans	$ 353,923	$ 463,492
Interest income from investment securities	12,221	18,206
Servicing fees	17,460	9,689
Rental income	29,183	28,847
Other revenues	5,393	2,854
Total revenues	418,180	523,088
Costs and expenses:
Management fees	40,763	46,014
Interest expense	292,158	355,956
General and administrative	48,147	50,663
Costs of rental operations	14,820	10,344
Depreciation and amortization	11,484	9,818
Credit loss (reversal) provision, net	(24,999)	35,839
Other expense	1,851	674
Total costs and expenses	384,224	509,308
Other income (loss):
Change in net assets related to consolidated VIEs	28,691	10,086
Change in fair value of servicing rights	753	228
Change in fair value of investment securities, net	(173)	915
Change in fair value of mortgage loans, net	58,404	(29,013)
Earnings from unconsolidated entities	537	7,675
Gain on sale of investments and other assets, net	0	91,962
(Loss) gain on derivative financial instruments, net	(39,689)	101,939
Foreign currency gain (loss), net	34,791	(41,870)
Loss on extinguishment of debt	0	(1,454)
Other loss, net	(1,313)	(2,630)
Total other income (loss)	85,911	147,286
Income (loss) before income taxes	119,867	161,066
Income tax provision	(3,766)	(1,206)
Net income	116,101	159,860
Net income attributable to non-controlling interests	(3,846)	(5,528)
Net income (loss) attributable to Starwood Property Trust, Inc.	$ 112,255	$ 154,332
Earnings per share data attributable to Starwood Property Trust, Inc.:
Basic (in dollars per share)	$ 0.33	$ 0.49
Diluted (in dollars per share)	$ 0.33	$ 0.48
Primary Beneficiary
Other income (loss):
Income from affordable housing fund investments	$ 3,910	$ 9,448