Secured Borrowings (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Secured Financing Agreements

The following table is a summary of our secured financing agreements in place as of March 31, 2024 and December 31, 2023 (dollars in thousands):


													Outstanding Balance at
	Current Maturity		Extended Maturity (a)		Weighted Average Pricing		Pledged Asset Carrying Value			Maximum Facility Size			March 31, 2024			December 31, 2023
Repurchase Agreements:
Commercial Loans	Jun 2024 to Dec 2028	(b)	Oct 2025 to Dec 2030	(b)	Index + 2.05%	(c)	$	9,736,328		$	12,234,452	(d)	$	6,010,151		$	7,170,389
Residential Loans	Mar 2025 to Feb 2026		Mar 2025 to Apr 2026		SOFR + 1.90%		2,516,364			3,450,000			2,269,811			2,287,655
Infrastructure Loans	Sep 2024		Sep 2026		SOFR + 2.07%		571,784			650,000			475,763			453,217
Conduit Loans	Dec 2024 to Jun 2026		Dec 2025 to Jun 2027		SOFR + 2.15%		72,402			375,000			56,507			26,930
CMBS/RMBS	Dec 2024 to Apr 2032	(e)	Mar 2025 to Oct 2032	(e)	(f)		1,397,945			990,460			706,459		(g)	714,168
Total Repurchase Agreements							14,294,823			17,699,912			9,518,691			10,652,359
Other Secured Financing:
Borrowing Base Facility	Nov 2024		Oct 2026		SOFR + 2.11%		104,276			750,000		(h)	5,384			27,639
Commercial Financing Facilities	Jul 2024 to Aug 2028		Jul 2025 to Dec 2030		Index + 2.24%		580,687			571,030		(i)	408,210			387,822

Infrastructure Financing Facilities	Jul 2025 to Oct 2025		Oct 2027 to Jul 2032		Index + 2.15%		818,997			1,050,000			594,211			631,187
Property Mortgages - Fixed rate	Oct 2025 to Jun 2026		N/A		4.52%		32,436			29,797			29,797			29,898
Property Mortgages - Variable rate	Nov 2024 to Dec 2025		N/A		(j)		677,616			707,941			705,916			853,145
Term Loans and Revolver	(k)		N/A		(k)		N/A		(k)	1,513,281			1,363,281			1,366,778
Total Other Secured Financing							2,214,012			4,622,049			3,106,799			3,296,469
							$	16,508,835		$	22,321,961		12,625,490			13,948,828
Unamortized net discount													(23,530)			(24,975)
Unamortized deferred financing costs													(45,473)			(55,857)
													$	12,556,487		$	13,867,996

______________________________________________________________________________________________________________________

(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 $2.5 billion as of March 31, 2024 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 $11.8 billion may be increased to $12.2 billion, subject to certain conditions. The $12.2 billion amount includes such upsizes.

(e)Certain facilities with an outstanding balance of $330.9 million as of March 31, 2024 carry a rolling 12-month term which may reset quarterly with the lender’s consent. These facilities carry no maximum facility size.

(f)A facility with an outstanding balance of $279.0 million as of March 31, 2024 has a weighted average fixed annual interest rate of 3.54%. All other facilities are variable rate with a weighted average rate of SOFR + 2.19%.

(g)Includes: (i) $279.0 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $32.2 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, 2024 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 $471.0 million may be increased to $571.0 million, subject to certain conditions. The $571.0 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 + 2.73%.

(k)Consists of: (i) a $770.8 million term loan facility that matures in July 2026, of which $382.0 million has an annual interest rate of SOFR + 2.60% and $388.8 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 $592.5 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 $5.9 billion as of March 31, 2024.

Schedule of Collateralized Loan Obligations

The following table is a summary of our CLOs and our SASB as of March 31, 2024 and December 31, 2023 (amounts in thousands):

March 31, 2024

Count

Face
Amount

Carrying
Value

Weighted
Average Spread

Maturity

STWD 2022-FL3

Collateral assets

1,000,000

1,007,284

SOFR + 3.49%

(a)

August 2026

(b)

Financing

840,620

837,805

SOFR + 1.89%

(c)

November 2038

(d)

STWD 2021-HTS

Collateral assets

210,181

216,750

SOFR + 4.02%

(a)

April 2026

(b)

Financing

195,576

SOFR + 2.42%

(c)

April 2034

(d)

STWD 2021-FL2

Collateral assets

1,206,319

1,216,834

SOFR + 3.81%

(a)

April 2026

(b)

Financing

988,749

987,167

SOFR + 1.89%

(c)

April 2038

(d)

STWD 2019-FL1

Collateral assets

550,006

553,096

SOFR + 3.58%

(a)

June 2026

(b)

Financing

386,381

386,380

SOFR + 1.83%

(c)

July 2038

(d)

STWD 2021-SIF2

Collateral assets

458,687

514,678

SOFR + 3.80%

(a)

January 2028

(b)

Financing

410,000

408,393

SOFR + 2.11%

(c)

January 2033

(d)

STWD 2021-SIF1

Collateral assets

439,322

515,246

SOFR + 3.88%

(a)

September 2027

(b)

Financing

410,000

408,546

SOFR + 2.42%

(c)

April 2032

(d)

Total

Collateral assets

3,864,515

4,023,888

Financing

3,231,326

3,223,867

December 31, 2023

Count

Face
Amount

Carrying
Value

Weighted
Average Spread

Maturity

STWD 2022-FL3

Collateral assets

997,569

1,007,532

SOFR + 3.53%

(a)

May 2026

(b)

Financing

840,620

837,881

SOFR + 1.89%

(c)

November 2038

(d)

STWD 2021-HTS

Collateral assets

223,193

224,509

SOFR + 3.87%

(a)

April 2026

(b)

Financing

203,284

203,058

SOFR + 2.82%

(c)

April 2034

(d)

STWD 2021-FL2

Collateral assets

1,272,585

1,288,165

SOFR + 3.95%

(a)

January 2026

(b)

Financing

1,065,713

1,063,454

SOFR + 1.85%

(c)

April 2038

(d)

STWD 2019-FL1

Collateral assets

734,099

739,684

SOFR + 3.51%

(a)

May 2025

(b)

Financing

570,546

SOFR + 1.62%

(c)

July 2038

(d)

STWD 2021-SIF2

Collateral assets

499,401

514,286

SOFR + 3.87%

(a)

December 2027

(b)

Financing

410,000

408,166

SOFR + 2.11%

(c)

January 2033

(d)

STWD 2021-SIF1

Collateral assets

499,767

514,594

SOFR + 3.97%

(a)

August 2027

(b)

Financing

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

______________________________________________________________________________________________________________________________

(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 March 31, 2024, 7% earned fixed-rate weighted average interest of 7.39%. Of the investments financed by the STWD 2021-SIF1 CLO as of March 31, 2024, 2% earned fixed-rate weighted average interest of 5.68%.

(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		CLOs and SASB (a)		Total
2024 (remainder of)	$	515,639	$	634,084	$	167,665	$	1,317,388
2025	2,093,167		301,171		941,958		3,336,296
2026	2,938,739		923,618		1,689,436		5,551,793
2027	2,988,663		1,086,335		176,026		4,251,024
2028	774,644		144,203		181,306		1,100,153
Thereafter	207,839		17,388		74,935		300,162
Total	$	9,518,691	$	3,106,799	$	3,231,326	$	15,856,816

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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.