The following table is a summary of our secured financing agreements in place as of December 31, 2020 and 2019 (dollars in thousands):

(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 $1.5 billion as of December 31, 2020 are indexed to GBP LIBOR and EURIBOR. The remainder have a weighted average rate of LIBOR + 2.03%.

(d)	The aggregate initial maximum facility size of $8.8 billion may be increased at our option, subject to certain conditions. This amount includes such upsizes.

(e)	Certain facilities with an outstanding balance of $271.0 million as of December 31, 2020 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 $212.2 million as of December 31, 2020 has a weighted average fixed annual interest rate of 3.29%. All other facilities are variable rate with a weighted average rate of LIBOR + 1.80%.

(g)	Includes: (i) $212.2 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $41.3 million outstanding on one of our repurchase facilities that represents the 49% pro rata share owed by a non-controlling partner in a consolidated joint venture (see Note 15).

(h)	The initial maximum facility size of $300.0 million may be increased to $650.0 million, subject to certain conditions.

(i)	Consists of an annual interest rate of the applicable currency benchmark index + 2.00%.

(j)	The weighted average maturity is 6.8 years as of December 31, 2020.

(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 LIBOR + 2.07% that we swapped to a fixed rate of 3.34%. The remainder have a weighted average rate of LIBOR + 2.59%.

(l)

Consists of: (i) a $645.0 million term loan facility that matures in July 2026, of which $395.0 million has an annual interest rate of LIBOR + 2.50% and $250.0 million has an annual interest rate of LIBOR + 3.50%, subject to a 75 bps LIBOR floor, and (ii) a $120.0 million revolving credit facility that matures in July 2024 with an annual interest rate of LIBOR + 3.00%. These facilities are secured by the equity interests in certain of our subsidiaries which totaled $4.0 billion as of December 31, 2020.

In the normal course of business, the Company is in discussions with its lenders to extend or amend any financing facilities which contain near term expirations.

In January 2020, we entered into a CMBS/RMBS repurchase facility to finance certain CMBS investments within a consolidated joint venture in which we hold a 51% ownership interest. The facility carries a rolling 12-month term which may reset quarterly with the lender’s consent and an annual interest rate of three-month LIBOR + 1.35% to 1.85%. The facility’s maximum facility size is at the discretion of the lender. This facility does not permit valuation adjustments based on capital markets activity.

In February 2020, we amended a Commercial Loans repurchase facility to increase available borrowings by $200.0 million to $1.8 billion.

In March 2020, we amended an Infrastructure Financing Facility to increase available borrowings by $250.0 million to $750.0 million.

In March 2020, we entered into a Commercial Financing Facility to finance non-U.S. commercial loans held-for-investment. The facility carries a two-year initial term with three one-year extension options and includes an option to extend the maturity for each underlying asset for up to four additional years. The facility has an annual interest rate of GBP LIBOR + 1.75%. This facility shares up to $500.0 million of $2.0 billion of maximum borrowings with a Commercial Loans repurchase facility.

During the three months ended June 30, 2020, we entered into mortgage loans with total borrowings of $217.1 million to refinance our Woodstar I Portfolio. The loans carry ten-year terms and weighted average annual interest rates of LIBOR + 2.71%. A portion of the net proceeds from the mortgage loans was used to repay $117.0 million of outstanding government sponsored mortgage loans. We recognized a loss on extinguishment of debt of $2.2 million in our consolidated statement of operations in connection with the repayment of the government sponsored mortgage loans.

In September 2020, we entered into a Residential Loan financing facility to finance residential loans held-for-sale. The facility carries a two-year initial term with the option to subsequently convert the loan to a three-year term loan. The facility has a maximum facility size of $250.0 million and an annual interest rate of the greater of 3.50% or one-month LIBOR + 2.75%. This facility does not permit valuation adjustments based on capital markets activity.

In October 2020, we amended the Term Loan facility to increase borrowings by $250.0 million. This increase to the Term Loan carries a six-year term and an annual interest rate of LIBOR + 3.50%, subject to a 75 bps LIBOR floor.

In October 2020, we entered into a Residential Loans repurchase facility to finance residential loans. The facility carries a three-year term consisting of an 18-month revolving period and an 18 month extension period and an annual interest rate of one-month LIBOR + 2.30%. The maximum facility size is $350.0 million.

In October 2020, we entered into a $50.0 million mortgage loan to finance a property in our Commercial and Residential Lending Segment. The loan carries a three-year term with no prepayment penalty after 12 months or upon sale of the asset, and an annual interest rate of one-month LIBOR + 2.40%.

During the year ended December 31, 2020, we extended maturities by a period of one to two years on ten facilities with an aggregate maximum facility size of $6.0 billion, including $4.9 billion related to commercial lending facilities and $500.0 million related to infrastructure lending facilities.

Our secured financing agreements contain certain financial tests and covenants. As of December 31, 2020, 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 72% of these agreements, do not permit valuation adjustments based on capital markets activity Instead, margin calls on these facilities are limited to collateral-specific credit marks. 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 28% of repurchase agreements containing margin call provisions for general capital markets activity, approximately 15% of these pertain to our loans held-for-sale, for which we manage credit risk through the purchase of credit index instruments. We further seek to manage risks associated with our repurchase agreements by matching the maturities and interest rate characteristics of our loans with the related repurchase agreement.

For the years ended December 31, 2020, 2019 and 2018, approximately $36.4 million, $34.3 million and $27.0 million, respectively, of amortization of deferred financing costs from secured financing agreements was included in interest expense on our consolidated statements of operations.

Collateralized Loan Obligations

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 principal amount of notes, of which $936.4 million was 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, allows us to contribute new loans or participation interests in loans to the CLO in exchange for cash. During the years ended December 31, 2020 and 2019, we utilized the reinvestment feature, contributing $134.7 million and $88.1 million, respectively, of additional interests into the CLO.

The following table is a summary of our CLO as of December 31, 2020 and 2019 (amounts in thousands):

Face

Carrying

Weighted

December 31, 2020

Count

Amount

Value

Average Spread

Maturity

Collateral assets

1,002,445

1,099,439

LIBOR + 3.93%

(a)

Apr 2024

(b)

Financing

936,375

930,554

LIBOR + 1.64%

(c)

July 2038

(d)

December 31, 2019

Collateral assets

1,073,504

LIBOR + 3.34%

(a)

Nov 2023

(b)

Financing

936,375

928,060

LIBOR + 1.65%

(c)

July 2038

(d)

(a)

Represents the weighted-average coupon earned on variable rate loans during the years ended December 31, 2020 and 2019. Of the loans financed during the years ended December 31, 2020 and 2019, the weighted-average fixed interest rate earned on fixed-rate loans was 7.07% and 6.84%, respectively. As of December 31, 2020, there were no fixed-rate loans financed by the CLO.

(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 years ended December 31, 2020 and 2019, inclusive of deferred issuance costs.

(d)	Repayments of the CLO are tied to timing of the related collateral asset repayments. The term of the CLO financing obligation represents the legal final maturity date.

We incurred $9.2 million of issuance costs in connection with the CLO, which are amortized on an effective yield basis over the estimated life of the CLO. For the years ended December 31, 2020 and 2019, approximately $2.5 million and $0.9 million, respectively, of amortization of deferred financing costs was included in interest expense on our consolidated statements of operations. As of December 31, 2020 and 2019, our unamortized issuance costs were $5.8 million and $8.3 million, respectively.

The CLO is considered a VIE, for which we are deemed the primary beneficiary. We therefore consolidate the CLO. 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
	Agreements		Financing		CLO			Total
2021	$	656,717	$	476,484	$	—		$	1,133,201
2022		1,213,850		465,487		—			1,679,337
2023		1,536,451		771,380		—			2,307,831
2024		905,731		299,625		—			1,205,356
2025		1,268,066		461,967		—			1,730,033
Thereafter		227,992		1,949,839		936,375	(a)		3,114,206
Total	$	5,808,807	$	4,424,782	$	936,375		$	11,169,964

(a)	Assumes utilization of the reinvestment feature.