Secured Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Secured Financing Agreements

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


													Outstanding Balance at
	Current Maturity		Extended Maturity (a)		Weighted Average Pricing		Pledged Asset Carrying Value			Maximum Facility Size			December 31, 2023			December 31, 2022
Repurchase Agreements:
Commercial Loans	Jun 2024 to Dec 2028	(b)	Oct 2025 to Dec 2030	(b)	Index + 2.07%	(c)	$	10,267,245		$	12,109,808	(d)	$	7,170,389		$	7,746,867
Residential Loans	Aug 2024 to Oct 2025		Aug 2024 to Apr 2026		SOFR + 1.90%		2,602,728			3,450,000			2,287,655			1,912,774
Infrastructure Loans	Sep 2024		Sep 2026		SOFR + 2.07%		541,979			650,000			453,217			290,431
Conduit Loans	Dec 2024 to Jun 2026		Dec 2025 to Jun 2027		SOFR + 2.30%		31,690			375,000			26,930			8,423
CMBS/RMBS	Sep 2024 to Apr 2032	(e)	Dec 2024 to Oct 2032	(e)	(f)		1,424,610			995,907			714,168		(g)	840,625
Total Repurchase Agreements							14,868,252			17,580,715			10,652,359			10,799,120
Other Secured Financing:
Borrowing Base Facility	Nov 2024		Oct 2026		SOFR + 2.11%		479,925			750,000		(h)	27,639			—
Commercial Financing Facilities	Jul 2024 to Aug 2028		Jul 2025 to Dec 2030		Index + 2.20%		557,888			572,552		(i)	387,822			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%		877,591			1,550,000			631,187			765,265
Property Mortgages - Fixed rate	Oct 2025 to Jun 2026		N/A		4.52%		32,772			29,898			29,898			261,100
Property Mortgages - Variable rate	Jun 2024 to Mar 2026		N/A		(j)		895,159			855,080			853,145			847,633
Term Loans and Revolver	(k)		N/A		(k)		N/A		(k)	1,516,778			1,366,778			1,380,766
Total Other Secured Financing							2,843,335			5,274,308			3,296,469			3,811,007
							$	17,711,587		$	22,855,023		13,948,828			14,610,127
Unamortized net discount													(24,975)			(30,320)
Unamortized deferred financing costs													(55,857)			(78,275)
													$	13,867,996		$	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 $2.8 billion as of December 31, 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 $11.7 billion may be increased to $12.1 billion, subject to certain conditions. The $12.1 billion amount includes such upsizes.

(e)Certain facilities with an outstanding balance of $332.6 million as of December 31, 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 $281.3 million as of December 31, 2023 has a weighted average fixed annual interest rate of 3.54%. All other facilities are variable rate with a weighted average rate of SOFR + 2.22%.

(g)Includes: (i) $281.3 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $33.0 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, 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 $472.6 million may be increased to $572.6 million, subject to certain conditions. The $572.6 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 + 3.38%.

(k)Consists of: (i) a $772.8 million term loan facility that matures in July 2026, of which $383.0 million has an annual interest rate of SOFR + 2.60% and $389.8 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 $594.0 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 December 31, 2023.

Schedule of Collateralized Loan Obligations

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


December 31, 2023	Count	Face Amount		Carrying Value		Weighted Average Spread		Maturity
STWD 2022-FL3
Collateral assets	48	$	997,569	$	1,007,532	SOFR + 3.53%	(a)	May 2026	(b)
Financing	1	$	840,620	$	837,881	SOFR + 1.89%	(c)	November 2038	(d)
STWD 2021-HTS
Collateral assets	1	$	223,193	$	224,509	SOFR + 3.87%	(a)	April 2026	(b)
Financing	1	$	203,284	$	203,058	SOFR + 2.82%	(c)	April 2034	(d)
STWD 2021-FL2
Collateral assets	34	$	1,272,585	$	1,288,165	SOFR + 3.95%	(a)	January 2026	(b)
Financing	1	$	1,065,713	$	1,063,454	SOFR + 1.85%	(c)	April 2038	(d)
STWD 2019-FL1
Collateral assets	14	$	734,099	$	739,684	SOFR + 3.51%	(a)	May 2025	(b)
Financing	1	$	570,546	$	570,546	SOFR + 1.62%	(c)	July 2038	(d)
STWD 2021-SIF2
Collateral assets	30	$	499,401	$	514,286	SOFR + 3.87%	(a)	December 2027	(b)
Financing	1	$	410,000	$	408,166	SOFR + 2.11%	(c)	January 2033	(d)
STWD 2021-SIF1
Collateral assets	32	$	499,767	$	514,594	SOFR + 3.97%	(a)	August 2027	(b)
Financing	1	$	410,000	$	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

December 31, 2022
STWD 2022-FL3
Collateral assets	51	$	1,000,000	$	1,010,051	Index + 3.52%	(a)	February 2026	(b)
Financing	1	$	842,500	$	842,374	SOFR + 1.93%	(c)	November 2038	(d)
STWD 2021-HTS
Collateral assets	1	$	230,000	$	231,186	LIBOR + 3.85%	(a)	April 2026	(b)
Financing	1	$	210,091	$	208,961	LIBOR + 2.71%	(c)	April 2034	(d)
STWD 2021-FL2
Collateral assets	36	$	1,277,474	$	1,284,240	Index + 4.04%	(a)	June 2025	(b)
Financing	1	$	1,077,375	$	1,072,403	LIBOR + 1.80%	(c)	April 2038	(d)
STWD 2019-FL1
Collateral assets	16	$	902,799	$	906,409	Index + 3.67%	(a)	December 2024	(b)
Financing	1	$	739,174	$	738,473	SOFR + 1.64%	(c)	July 2038	(d)
STWD 2021-SIF2
Collateral assets	31	$	495,587	$	510,730	Index + 3.73%	(a)	February 2027	(b)
Financing	1	$	410,000	$	407,260	SOFR + 2.11%	(c)	January 2033	(d)
STWD 2021-SIF1
Collateral assets	31	$	495,781	$	511,471	Index + 3.76%	(a)	November 2026	(b)
Financing	1	$	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 and excludes loans for which interest income is not recognized. Of the loans financed by the STWD 2021-FL2 CLO as of December 31, 2023, 7% earned fixed-rate weighted average interest of 7.39%. Of the investments financed by the STWD 2021-SIF1 CLO as of December 31, 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, 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 (a)		CLOs and SASB (b)		Total
2024	$	1,326,226	$	658,382	$	505,165	$	2,489,773
2025	2,186,047		279,752		831,133		3,296,932
2026	2,951,048		1,041,635		1,818,554		5,811,237
2027	3,225,566		1,119,753		129,044		4,474,363
2028	753,565		189,387		206,597		1,149,549
Thereafter	209,907		7,560		9,670		227,137
Total	$	10,652,359	$	3,296,469	$	3,500,163	$	17,448,991

______________________________________________________________________________________________________________________

(a)Excludes debt related to properties held-for-sale (see Note 7).

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