v3.24.1.u1
Secured Borrowings (Tables)
 3 Months Ended
Mar. 31, 2024
Secured Debt [Abstract]  
Schedule of Secured Financing Agreements
The following table is a summary of our secured financing agreements in place as of March 31, 2024 and December 31, 2023 (dollars in thousands):
Outstanding Balance at
Current
Maturity		   
Extended
Maturity (a)
   Weighted Average
Pricing		Pledged Asset
Carrying Value		Maximum
Facility Size		   March 31, 2024December 31, 2023
Repurchase Agreements:
Commercial LoansJun 2024 to Dec 2028
(b)
Oct 2025 to Dec 2030
(b)
Index + 2.05%
(c)
$9,736,328 $12,234,452 
(d)
$6,010,151 $7,170,389 
Residential LoansMar 2025 to Feb 2026Mar 2025 to Apr 2026
SOFR + 1.90%
2,516,364 3,450,000 2,269,811 2,287,655 
Infrastructure LoansSep 2024Sep 2026
SOFR + 2.07%
571,784 650,000 475,763 453,217 
Conduit LoansDec 2024 to Jun 2026Dec 2025 to Jun 2027
SOFR + 2.15%
72,402 375,000 56,507 26,930 
CMBS/RMBSDec 2024 to Apr 2032
(e)
Mar 2025 to Oct 2032
(e)
(f)1,397,945 990,460 706,459 
(g)
714,168 
Total Repurchase Agreements14,294,823 17,699,912 9,518,691 10,652,359 
Other Secured Financing:
Borrowing Base FacilityNov 2024Oct 2026
SOFR + 2.11%
104,276 750,000 
(h)
5,384 27,639 
Commercial Financing FacilitiesJul 2024 to Aug 2028Jul 2025 to Dec 2030
Index + 2.24%
580,687 571,030 
(i)
408,210 387,822 
Infrastructure Financing FacilitiesJul 2025 to Oct 2025Oct 2027 to Jul 2032
Index + 2.15%
818,997 1,050,000 594,211 631,187 
Property Mortgages - Fixed rateOct 2025 to Jun 2026N/A4.52%32,436 29,797 29,797 29,898 
Property Mortgages - Variable rateNov 2024 to Dec 2025N/A(j)677,616 707,941 705,916 853,145 
Term Loans and Revolver(k)N/A(k)N/A
(k)
1,513,281 1,363,281 1,366,778 
Total Other Secured Financing2,214,012 4,622,049 3,106,799 3,296,469 
$16,508,835 $22,321,961 12,625,490 13,948,828 
Unamortized net discount(23,530)(24,975)
Unamortized deferred financing costs(45,473)(55,857)
$12,556,487 $13,867,996 
______________________________________________________________________________________________________________________
(a)Subject to certain conditions as defined in the respective facility agreement.
(b)For certain facilities, borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions.
(c)Certain facilities with an outstanding balance of $2.5 billion as of March 31, 2024 are indexed to EURIBOR, BBSY, SARON and SONIA. The remainder are indexed to SOFR.
(d)Certain facilities with an aggregate initial maximum facility size of $11.8 billion may be increased to $12.2 billion, subject to certain conditions. The $12.2 billion amount includes such upsizes.
(e)Certain facilities with an outstanding balance of $330.9 million as of March 31, 2024 carry a rolling 12-month term which may reset quarterly with the lender’s consent. These facilities carry no maximum facility size.
(f)A facility with an outstanding balance of $279.0 million as of March 31, 2024 has a weighted average fixed annual interest rate of 3.54%. All other facilities are variable rate with a weighted average rate of SOFR + 2.19%.
(g)Includes: (i) $279.0 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $32.2 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 March 31, 2024 of $450.0 million may be increased to $750.0 million, subject to certain conditions.
(i)Certain facilities with an aggregate initial maximum facility size of $471.0 million may be increased to $571.0 million, subject to certain conditions. The $571.0 million amount includes such upsizes.
(j)Includes a $600.0 million first mortgage and mezzanine loan secured by our Medical Office Portfolio. This debt has a weighted average interest rate of SOFR + 2.18% that we swapped to a fixed rate of 3.46%. The remainder have a weighted average rate of SOFR + 2.73%.
(k)Consists of: (i) a $770.8 million term loan facility that matures in July 2026, of which $382.0 million has an annual interest rate of SOFR + 2.60% and $388.8 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 $592.5 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 $5.9 billion as of March 31, 2024.
Schedule of Collateralized Loan Obligations
The following table is a summary of our CLOs and our SASB as of March 31, 2024 and December 31, 2023 (amounts in thousands):
March 31, 2024CountFace
Amount		Carrying
Value		Weighted
Average Spread		Maturity
STWD 2022-FL3
Collateral assets46$1,000,000 $1,007,284 
SOFR + 3.49%
(a)August 2026(b)
Financing1840,620 837,805 
SOFR + 1.89%
(c)November 2038(d)
STWD 2021-HTS
Collateral assets1210,181 216,750 
SOFR + 4.02%
(a)April 2026(b)
Financing1195,576 195,576 
SOFR + 2.42%
(c)April 2034(d)
STWD 2021-FL2
Collateral assets311,206,319 1,216,834 
SOFR + 3.81%
(a)April 2026(b)
Financing1988,749 987,167 
SOFR + 1.89%
(c)April 2038(d)
STWD 2019-FL1
Collateral assets10550,006 553,096 
SOFR + 3.58%
(a)June 2026(b)
Financing1386,381 386,380 
SOFR + 1.83%
(c)July 2038(d)
STWD 2021-SIF2
Collateral assets28458,687 514,678 
SOFR + 3.80%
(a)January 2028(b)
Financing1410,000 408,393 
SOFR + 2.11%
(c)January 2033(d)
STWD 2021-SIF1
Collateral assets30439,322 515,246 
SOFR + 3.88%
(a)September 2027(b)
Financing1410,000 408,546 
SOFR + 2.42%
(c)April 2032(d)
Total
Collateral assets$3,864,515 $4,023,888 
Financing$3,231,326 $3,223,867 
December 31, 2023CountFace
Amount		Carrying
Value		Weighted
Average Spread		Maturity
STWD 2022-FL3
Collateral assets48$997,569 $1,007,532 
SOFR + 3.53%
(a)May 2026(b)
Financing1840,620 837,881 
SOFR + 1.89%
(c)November 2038(d)
STWD 2021-HTS
Collateral assets1223,193 224,509 
SOFR + 3.87%
(a)April 2026(b)
Financing1203,284 203,058 
SOFR + 2.82%
(c)April 2034(d)
STWD 2021-FL2
Collateral assets341,272,585 1,288,165 
SOFR + 3.95%
(a)January 2026(b)
Financing11,065,713 1,063,454 
SOFR + 1.85%
(c)April 2038(d)
STWD 2019-FL1
Collateral assets14734,099 739,684 
SOFR + 3.51%
(a)May 2025(b)
Financing1570,546 570,546 
SOFR + 1.62%
(c)July 2038(d)
STWD 2021-SIF2
Collateral assets30499,401 514,286 
SOFR + 3.87%
(a)December 2027(b)
Financing1410,000 408,166 
 SOFR + 2.11%
(c)January 2033(d)
STWD 2021-SIF1
Collateral assets32499,767 514,594 
SOFR + 3.97%
(a)August 2027(b)
Financing1410,000 408,187 
SOFR + 2.42%
(c)April 2032(d)
Total
Collateral assets$4,226,614 $4,288,770 
Financing$3,500,163 $3,491,292 
______________________________________________________________________________________________________________________________
(a)Represents the weighted-average coupon earned on variable rate loans during the respective year-to-date period and excludes loans for which interest income is not recognized. Of the loans financed by the STWD 2021-FL2 CLO as of March 31, 2024, 7% earned fixed-rate weighted average interest of 7.39%. Of the investments financed by the STWD 2021-SIF1 CLO as of March 31, 2024, 2% earned fixed-rate weighted average interest of 5.68%.
(b)Represents the weighted-average maturity, assuming the extended contractual maturity of the collateral assets.
(c)Represents the weighted-average cost of financing, inclusive of deferred issuance costs.
(d)Repayments of the CLOs and SASB are tied to timing of the related collateral asset repayments. The term of the CLOs and SASB financing obligations represents the legal final maturity date.
Schedule of Five-Year Principal Repayments for Secured Financings The following table sets forth our principal repayments schedule for secured financings based on the earlier of (i) the extended contractual maturity of each credit facility or (ii) the extended contractual maturity of each of the investments that have been pledged as collateral under the respective credit facility (amounts in thousands):
Repurchase
Agreements		Other Secured
Financing		CLOs and SASB (a)Total
2024 (remainder of)$515,639 $634,084 $167,665 $1,317,388 
20252,093,167 301,171 941,958 3,336,296 
20262,938,739 923,618 1,689,436 5,551,793 
20272,988,663 1,086,335 176,026 4,251,024 
2028774,644 144,203 181,306 1,100,153 
Thereafter207,839 17,388 74,935 300,162 
Total$9,518,691 $3,106,799 $3,231,326 $15,856,816 
______________________________________________________________________________________________________________________
(a)For the CLOs, the above does not assume utilization of their reinvestment features. The SASB does not have a reinvestment feature.