Secured Borrowings (Tables)

3 Months Ended

Mar. 31, 2022

The following table is a summary of our secured financing agreements in place as of March 31, 2022 and December 31, 2021 (dollars in thousands):


													Outstanding Balance at
	Current Maturity		Extended Maturity (a)		Weighted Average Pricing		Pledged Asset Carrying Value			Maximum Facility Size			March 31, 2022			December 31, 2021
Repurchase Agreements:
Commercial Loans	Aug 2022 to Jul 2026	(b)	Jun 2025 to Dec 2030	(b)	Index + 1.98%	(c)	$	9,013,669		$	11,572,553	(d)	$	6,121,160		$	6,556,438
Residential Loans	Feb 2023 to Dec 2023		N/A		Index + 1.93%		1,965,289			2,850,000			1,594,785			1,744,225
Infrastructure Loans	Sep 2024		Sep 2026		LIBOR + 2.00%		310,044			650,000			256,044			379,095
Conduit Loans	Feb 2023 to Jun 2024		Feb 2024 to Jun 2025		Index + 2.04%		333,827			650,000			260,177			174,130
CMBS/RMBS	Dec 2022 to May 2031	(e)	Mar 2023 to Nov 2031	(e)	(f)		1,213,883			827,204			688,316		(g)	688,146
Total Repurchase Agreements							12,836,712			16,549,757			8,920,482			9,542,034
Other Secured Financing:
Borrowing Base Facility	Nov 2024		Oct 2026		SOFR + 2.11%		193,173			750,000		(h)	100,742			213,478
Commercial Financing Facilities	Dec 2023 to Jan 2025		Jan 2027 to Dec 2030		Index + 1.66%		255,131			241,981			207,051			167,476
Residential Financing Facility	Mar 2024		Mar 2027		2.45%		386,635			500,000			22,948			102,018

Infrastructure Financing Facilities	Jul 2022 to Oct 2022		Oct 2024 to Jul 2027		Index + 2.03%		820,121			1,250,000			653,312			855,646
Property Mortgages - Fixed rate	Nov 2024 to Sep 2029	(i)	N/A		4.35%		387,022			272,321			272,321			272,522
Property Mortgages - Variable rate	Nov 2022 to Dec 2025		N/A		(j)		655,967			654,900			640,541			712,493
Term Loan and Revolver	(k)		N/A		(k)		N/A		(k)	936,756			786,756			788,753

Total Other Secured Financing							2,698,049			4,605,958			2,683,671			3,112,386
							$	15,534,761		$	21,155,715		11,604,153			12,654,420
Unamortized net discount													(12,862)			(13,350)
Unamortized deferred financing costs													(59,720)			(64,220)
													$	11,531,571		$	12,576,850

______________________________________________________________________________________________________________________

(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 March 31, 2022 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 $10.7 billion may be increased to $11.6 billion, subject to certain conditions. The $11.6 billion amount includes such upsizes.

(e)Certain facilities with an outstanding balance of $284.1 million as of March 31, 2022 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 $240.5 million as of March 31, 2022 has a weighted average fixed annual interest rate of 3.20%. All other facilities are variable rate with a weighted average rate of Index + 1.89%.

(g)Includes: (i) $240.5 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $38.8 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 15).

(h)The maximum facility size as of March 31, 2022 of $650.0 million is scheduled to decline to $450.0 million as of December 31, 2022 and may be increased to $750.0 million, subject to certain conditions.

(i)The weighted average maturity is 5.3 years as of March 31, 2022.

(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 Index + 2.35%.

(k)Consists of: (i) a $786.8 million term loan facility that matures in July 2026, of which $390.0 million has an annual interest rate of LIBOR + 2.50% and $396.8 million 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 $4.8 billion as of March 31, 2022.

Schedule of Collateralized Loan Obligations

The following table is a summary of our CLOs and our SASB as of March 31, 2022 and December 31, 2021 (amounts in thousands):

March 31, 2022

Count

Face
Amount

Carrying
Value

Weighted
Average Spread

Maturity

STWD 2022-FL3

Collateral assets

1,000,000

1,011,426

LIBOR + 3.61%

(a)

January 2026

(b)

Financing

842,500

844,461

SOFR + 1.91%

(c)

November 2038

(d)

STWD 2021-HTS

Collateral assets

230,000

230,609

LIBOR + 3.89%

(a)

April 2026

(b)

Financing

210,091

208,283

LIBOR + 2.69%

(c)

April 2034

(d)

STWD 2021-FL2

Collateral assets

1,276,181

1,280,262

LIBOR + 4.19%

(a)

April 2025

(b)

Financing

1,077,375

1,070,369

LIBOR + 1.78%

(c)

April 2038

(d)

STWD 2019-FL1

Collateral assets

999,432

1,031,438

LIBOR + 4.08%

(a)

January 2025

(b)

Financing

865,225

862,524

SOFR + 1.64%

(c)

July 2038

(d)

STWD 2021-SIF2

Collateral assets

482,796

504,479

LIBOR + 3.72%

(a)

December 2026

(b)

Financing

410,000

406,581

SOFR + 2.11%

(c)

January 2033

(d)

STWD 2021-SIF1

Collateral assets

483,243

506,443

Index + 3.91%

(a)

June 2026

(b)

Financing

410,000

405,677

LIBOR + 2.16%

(c)

April 2032

(d)

Total

Collateral assets

4,471,652

4,564,657

Financing

3,815,191

3,797,895

December 31, 2021

Count

Face
Amount

Carrying
Value

Weighted
Average Spread

Maturity

STWD 2021-HTS

Collateral assets

230,000

230,587

LIBOR + 4.12%

(a)

April 2026

(b)

Financing

210,091

208,057

LIBOR + 2.48%

(c)

April 2034

(d)

STWD 2021-FL2

Collateral assets

1,272,133

1,279,678

LIBOR + 4.22%

(a)

February 2025

(b)

Financing

1,077,375

1,069,691

LIBOR + 1.78%

(c)

April 2038

(d)

STWD 2019-FL1

Collateral assets

1,092,887

1,103,513

LIBOR + 4.19%

(a)

November 2024

(b)

Financing

936,375

933,049

SOFR + 1.63%

(c)

July 2038

(d)

STWD 2021-SIF1

Collateral assets

491,299

506,666

LIBOR + 3.91%

(a)

March 2026

(b)

Financing

410,000

405,319

LIBOR + 2.15%

(c)

April 2032

(d)

Total

Collateral assets

3,086,319

3,120,444

Financing

2,633,841

2,616,116

______________________________________________________________________________________________________________________________

(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 March 31, 2022, 7% earned fixed-rate weighted average interest of 7.55%. Of the loans financed by the STWD 2021-SIF2 CLO as of March 31, 2022, 3% earned fixed-rate weighted average interest of 7.75%. Of the loans financed by the STWD 2021-SIF1 CLO as of March 31, 2022, 3% earned fixed-rate weighted average interest of 5.88%.

(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 (remainder of)	$	610,746	$	55,197	$	151,048	$	816,991
2023	1,847,990		732,451		652,409		3,232,850
2024	1,279,084		238,653		444,452		1,962,189
2025	2,878,826		138,669		705,374		3,722,869
2026	1,591,498		1,035,301		1,731,283		4,358,082
Thereafter	712,338		483,400		130,625		1,326,363
Total	$	8,920,482	$	2,683,671	$	3,815,191	$	15,419,344

______________________________________________________________________________________________________________________

(a)For the CLOs, the above does not assume utilization of their reinvestment features. The SASB does not have a reinvestment feature.