Secured Borrowings (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Secured Financing Agreements

The following table is a summary of our secured financing agreements in place as of September 30, 2023 and December 31, 2022 (dollars in thousands):


													Outstanding Balance at
	Current Maturity		Extended Maturity (a)		Weighted Average Pricing		Pledged Asset Carrying Value			Maximum Facility Size			September 30, 2023			December 31, 2022
Repurchase Agreements:
Commercial Loans	Oct 2023 to Jun 2028	(b)	Oct 2025 to Dec 2030	(b)	Index + 2.02%	(c)	$	10,197,141		$	12,039,568	(d)	$	6,768,758		$	7,746,867
Residential Loans	Dec 2023 to Sep 2025		Mar 2024 to Sep 2025		SOFR + 1.97%		2,509,325			3,200,000			2,321,057			1,912,774
Infrastructure Loans	Sep 2024		Sep 2026		SOFR + 2.07%		397,130			650,000			333,119			290,431
Conduit Loans	Dec 2023 to Jun 2026		Dec 2024 to Jun 2027		SOFR + 2.07%		68,058			388,937			53,059			8,423
CMBS/RMBS	Jun 2024 to Apr 2032	(e)	Sep 2024 to Oct 2032	(e)	(f)		1,481,324			1,061,603			757,089		(g)	840,625
Total Repurchase Agreements							14,652,978			17,340,108			10,233,082			10,799,120
Other Secured Financing:
Borrowing Base Facility	Nov 2024		Oct 2026		SOFR + 2.11%		47,724			750,000		(h)	3,920			—
Commercial Financing Facilities	Dec 2023 to Aug 2028		Jul 2025 to Dec 2030		Index + 2.16%		502,694			553,319		(i)	355,962			311,825
Residential Financing Facility	N/A		N/A		N/A		—			—			—			244,418
Infrastructure Financing Facilities	Jun 2025 to Oct 2025		Jun 2027 to Jul 2032		Index + 2.14%		857,350			1,550,000			608,847			765,265
Property Mortgages - Fixed rate	Oct 2025 to Oct 2027	(j)	N/A		4.40%		326,161			224,898			224,898			261,100
Property Mortgages - Variable rate	Nov 2024 to Dec 2027		N/A		(k)		965,870			849,328			846,946			847,633
Term Loans and Revolver	(l)		N/A		(l)		N/A		(l)	1,520,275			1,370,275			1,380,766
Total Other Secured Financing							2,699,799			5,447,820			3,410,848			3,811,007
							$	17,352,777		$	22,787,928		13,643,930			14,610,127
Unamortized net discount													(26,039)			(30,320)
Unamortized deferred financing costs													(60,010)			(78,275)
													$	13,557,881		$	14,501,532

______________________________________________________________________________________________________________________

(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 $2.7 billion as of September 30, 2023 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 $11.9 billion may be increased to $12.0 billion, subject to certain conditions. The $12.0 billion amount includes such upsizes.

(e)Certain facilities with an outstanding balance of $348.0 million as of September 30, 2023 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 $259.5 million as of September 30, 2023 has a weighted average fixed annual interest rate of 3.27%. All other facilities are variable rate with a weighted average rate of SOFR + 2.21%.

(g)Includes: (i) $259.5 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $40.6 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 September 30, 2023 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 $453.3 million may be increased to $553.3 million, subject to certain conditions. The $553.3 million amount includes such upsizes.

(j)The weighted average maturity is 3.8 years as of September 30, 2023.

(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 SOFR + 2.07% that we swapped to a fixed rate of 3.34%. The remainder have a weighted average rate of SOFR + 3.36%.

(l)Consists of: (i) a $774.8 million term loan facility that matures in July 2026, of which $384.0 million has an annual interest rate of SOFR + 2.60% and $390.8 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 $595.5 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 $5.7 billion as of September 30, 2023.

Schedule of Collateralized Loan Obligations

The following table is a summary of our CLOs and our SASB as of September 30, 2023 and December 31, 2022 (amounts in thousands):

September 30, 2023

Count

Face
Amount

Carrying
Value

Weighted
Average Spread

Maturity

STWD 2022-FL3

Collateral assets

999,998

1,009,424

SOFR + 3.53%

(a)

April 2026

(b)

Financing

842,500

840,414

SOFR + 1.93%

(c)

November 2038

(d)

STWD 2021-HTS

Collateral assets

230,000

231,293

SOFR + 3.87%

(a)

April 2026

(b)

Financing

210,091

209,639

SOFR + 2.75%

(c)

April 2034

(d)

STWD 2021-FL2

Collateral assets

1,275,042

1,288,073

Index + 3.94%

(a)

November 2025

(b)

Financing

1,077,375

1,074,437

SOFR + 1.85%

(c)

April 2038

(d)

STWD 2019-FL1

Collateral assets

737,444

747,484

Index + 3.49%

(a)

April 2025

(b)

Financing

578,016

SOFR + 1.64%

(c)

July 2038

(d)

STWD 2021-SIF2

Collateral assets

498,888

513,296

SOFR + 3.87%

(a)

January 2028

(b)

Financing

410,000

407,940

SOFR + 2.11%

(c)

January 2033

(d)

STWD 2021-SIF1

Collateral assets

499,203

513,618

SOFR + 3.98%

(a)

August 2027

(b)

Financing

410,000

407,828

SOFR + 2.22%

(c)

April 2032

(d)

Total

Collateral assets

4,240,575

4,303,188

Financing

3,527,982

3,518,274

December 31, 2022

Count

Face
Amount

Carrying
Value

Weighted
Average Spread

Maturity

STWD 2022-FL3

Collateral assets

1,000,000

1,010,051

Index + 3.52%

(a)

February 2026

(b)

Financing

842,500

842,374

SOFR + 1.93%

(c)

November 2038

(d)

STWD 2021-HTS

Collateral assets

230,000

231,186

LIBOR + 3.85%

(a)

April 2026

(b)

Financing

210,091

208,961

LIBOR + 2.71%

(c)

April 2034

(d)

STWD 2021-FL2

Collateral assets

1,277,474

1,284,240

Index + 4.04%

(a)

June 2025

(b)

Financing

1,077,375

1,072,403

LIBOR + 1.80%

(c)

April 2038

(d)

STWD 2019-FL1

Collateral assets

902,799

906,409

Index + 3.67%

(a)

December 2024

(b)

Financing

739,174

738,473

SOFR + 1.64%

(c)

July 2038

(d)

STWD 2021-SIF2

Collateral assets

495,587

510,730

Index + 3.73%

(a)

February 2027

(b)

Financing

410,000

407,260

SOFR + 2.11%

(c)

January 2033

(d)

STWD 2021-SIF1

Collateral assets

495,781

511,471

Index + 3.76%

(a)

November 2026

(b)

Financing

410,000

406,753

LIBOR + 2.15%

(c)

April 2032

(d)

Total

Collateral assets

4,401,641

4,454,087

Financing

3,689,140

3,676,224

______________________________________________________________________________________________________________________________

(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 September 30, 2023, 6% earned fixed-rate weighted average interest of 7.40%. Of the investments financed by the STWD 2021-SIF1 CLO as of September 30, 2023, 2% earned fixed-rate weighted average interest of 5.70%.

(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
2023 (remainder of)	$	284,742	$	6,137	$	212,438	$	503,317
2024	2,025,069		628,757		301,307		2,955,133
2025	2,073,125		291,132		1,015,613		3,379,870
2026	2,146,190		871,513		1,679,387		4,697,090
2027	3,283,708		1,426,009		123,920		4,833,637
Thereafter	420,248		187,300		195,317		802,865
Total	$	10,233,082	$	3,410,848	$	3,527,982	$	17,171,912

______________________________________________________________________________________________________________________

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