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Secured Borrowings (Tables)
 12 Months Ended
Dec. 31, 2021
Secured Debt [Abstract]  
Summary of Secured Financing Agreements
The following table is a summary of our secured financing agreements in place as of December 31, 2021 and 2020 (dollars in thousands):
Outstanding Balance at
Current
Maturity		   Extended
Maturity (a)		   Weighted Average
Pricing		Pledged Asset
Carrying Value		Maximum
Facility Size		   December 31, 2021December 31, 2020
Repurchase Agreements:
Commercial LoansAug 2022 to Jul 2026(b)Jun 2025 to Dec 2030(b)
Index + 2.00%
(c)$9,141,387 $10,485,460 (d)$6,556,438 $4,878,939 
Residential LoansJul 2022 to Dec 2023N/A
Index + 2.02%
2,244,663 2,850,000 1,744,225 22,590 
Infrastructure LoansSep 2024Sep 2026
LIBOR + 2.00%
455,391 650,000 379,095 232,961 
Conduit LoansFeb 2022 to Jun 2024Feb 2023 to Jun 2025
LIBOR + 1.99%
226,634 350,000 174,130 53,554 
CMBS/RMBSSep 2022 to May 2031(e)Dec 2022 to Nov 2031(e)(f)1,166,352 819,979 688,146 (g)620,763 
Total Repurchase Agreements13,234,427 15,155,439 9,542,034 5,808,807 
Other Secured Financing:
Borrowing Base FacilityNov 2024Oct 2026
SOFR + 2.11%
600,525 750,000 (h)213,478 43,014 
Commercial Financing FacilitiesDec 2023 to Jan 2024Jan 2026 to Dec 2030
Index + 1.81%
208,022 243,476 167,476 81,218 
Residential Financing FacilitySep 2022Sep 20253.00%396,201 250,000 102,018 215,024 
Infrastructure Acquisition FacilityN/AN/AN/A— — — 467,450 
Infrastructure Financing FacilitiesJul 2022 to Oct 2022Oct 2024 to Jul 2027
Index + 2.01%
1,042,292 1,250,000 855,646 538,645 
Property Mortgages - Fixed rateNov 2024 to Sep 2029(i)N/A4.35%389,586 272,522 272,522 1,077,528 
Property Mortgages - Variable rateNov 2022 to Dec 2025N/A(j)699,124 734,350 712,493 960,903 
Term Loan and Revolver(k)N/A(k) N/A (k)938,753 788,753 645,000 
Federal Home Loan BankN/AN/AN/A— — — 396,000 
Total Other Secured Financing3,335,750 4,439,101 3,112,386 4,424,782 
$16,570,177 $19,594,540 12,654,420 10,233,589 
Unamortized net discount(13,350)(13,569)
Unamortized deferred financing costs(64,220)(73,830)
$12,576,850 $10,146,190 
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(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 $2.1 billion as of December 31, 2021 are indexed to GBP LIBOR, EURIBOR, BBSY and SONIA. The remainder are indexed to USD LIBOR or SOFR.
(d)Certain facilities with an aggregate initial maximum facility size of $9.4 billion may be increased to $10.5 billion, subject to certain conditions. The $10.5 billion amount includes such upsizes.
(e)Certain facilities with an outstanding balance of $276.9 million as of December 31, 2021 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 $240.8 million as of December 31, 2021 has a weighted average fixed annual interest rate of 3.20%. All other facilities are variable rate with a weighted average rate of LIBOR + 1.71%.
(g)Includes: (i) $240.8 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $35.8 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 16).
(h)The maximum facility size as of December 31, 2021 of $650.0 million is scheduled to decline to $450.0 million as of March 31, 2022 and may be increased to $750.0 million, subject to certain conditions.
(i)The weighted average maturity is 5.5 years as of December 31, 2021.
(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 LIBOR + 2.07% that we swapped to a fixed rate of 3.34%. The remainder have a weighted average rate of LIBOR + 2.39%.
(k)Consists of: (i) a $788.8 million term loan facility that matures in July 2026, of which $391.0 million has an annual interest rate of LIBOR + 2.50% and $397.8 million (the “Incremental Borrowings”) has an annual interest rate of LIBOR + 3.25%, subject to a 0.75% LIBOR floor, and (ii) a $150.0 million revolving credit facility that matures in April 2026 with an annual interest rate of SOFR + 2.50%. These facilities are secured by the equity interests in certain of our subsidiaries which totaled $5.5 billion as of December 31, 2021.

As of December 31, 2021, the above table no longer reflects property mortgages of the Woodstar Portfolios, which as discussed in Notes 2 and 8, are now reflected within “Investments of consolidated affordable housing fund” on our consolidated balance sheet.
Schedule of Collateralized Loan Obligations
The following table is a summary of our CLOs and our SASB as of December 31, 2021 and 2020 (amounts in thousands):
December 31, 2021CountFace
Amount		Carrying
Value		Weighted
Average Spread		Maturity
STWD 2019-FL1
Collateral assets24 $1,092,887 $1,103,513 
LIBOR + 4.19%
(a)November 2024(b)
Financing1 936,375 933,049 
SOFR + 1.63%
(c)July 2038(d)
STWD 2021-FL2
Collateral assets25 1,272,133 1,279,678 
LIBOR + 4.22%
(a)February 2025(b)
Financing1 1,077,375 1,069,691 
LIBOR + 1.78%
(c)April 2038(d)
STWD 2021-SIF1
Collateral assets31 491,299 506,666 
LIBOR + 3.91%
(a)March 2026(b)
Financing1 410,000 405,319 
LIBOR  + 2.15%
(c)April 2032(d)
STWD 2021-HTS
Collateral assets1 230,000 230,587 
LIBOR + 4.12%
(a)April 2026(b)
Financing1 210,091 208,057 
LIBOR + 2.48%
(c)April 2034(d)
Total
Collateral assets$3,086,319 $3,120,444 
Financing$2,633,841 $2,616,116 
December 31, 2020
STWD 2019-FL1
Collateral assets23 $1,002,445 $1,099,439 
LIBOR + 3.93%
(a)April 2024(b)
Financing1 936,375 930,554 
LIBOR + 1.64%
(c)July 2038(d)
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(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 December 31, 2021, 7% earned fixed-rate weighted average interest
of 7.49%. Of the loans financed by the STWD 2021-SIF1 CLO as of December 31, 2021, 2% earned fixed-rate weighted average interest of 5.62%.
(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
Agreements		Other Secured
Financing		CLOs and SASB (a)Total
2022$2,068,288 $60,194 $123,448 $2,251,930 
20231,090,287 826,666 643,689 2,560,642 
20241,089,101 319,918 445,272 1,854,291 
20253,263,185 256,299 497,976 4,017,460 
20261,777,704 1,207,092 923,456 3,908,252 
Thereafter253,469 442,217 — 695,686 
Total$9,542,034 $3,112,386 $2,633,841 $15,288,261 
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(a)For the CLOs, the above does not assume utilization of their reinvestment features. The SASB does not have a reinvestment feature.