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Secured Borrowings (Tables)
 3 Months Ended
Mar. 31, 2025
Secured Debt [Abstract]  
Schedule of Secured Financing Agreements
The following table is a summary of our secured financing agreements in place as of March 31, 2025 and December 31, 2024 (dollars in thousands):
Outstanding Balance at
Current
Maturity		   
Extended
Maturity (a)
   
Weighted Average
Coupon
Pledged Asset
Carrying Value		Maximum
Facility Size		   March 31, 2025December 31, 2024
Repurchase Agreements:
Commercial LoansJun 2025 to Nov 2029
(b)
Oct 2025 to Dec 2033
(b)
Index + 2.09%
(c)
$9,978,479 $11,265,459 
(d)
$6,135,951 $5,137,103 
Residential LoansOct 2025 to Feb 2027Mar 2026 to Feb 2028
SOFR + 1.73%
2,371,209 3,450,000 2,124,368 2,126,692 
Infrastructure LoansSep 2027Sep 2029
Index + 2.18%
486,388 650,000 371,480 264,432 
Conduit LoansDec 2025 to Jun 2027Feb 2026 to Jun 2028
SOFR + 2.18%
57,664 375,000 44,979 87,061 
CMBS/RMBSSep 2025 to Apr 2032
(e)
Dec 2025 to Oct 2032
(e)
(f)1,365,828 981,253 699,290 
(g)
721,097 
Total Repurchase Agreements14,259,568 16,721,712 9,376,068 8,336,385 
Other Secured Financing:
Borrowing Base FacilityOct 2027Oct 2029
SOFR + 2.10%
16,800 750,000 
(h)
1,000 2,000 
Commercial Financing FacilitiesJan 2026 to Aug 2028Jan 2027 to Dec 2033
Index + 1.99%
519,077 739,907 
(i)
359,476 330,081 
Infrastructure Financing FacilitiesJul 2025 to Aug 2028Oct 2027 to Jul 2032
SOFR + 2.02%
812,409 1,425,000 593,902 499,242 
Property Mortgages - Variable rateSep 2025 to May 2026N/A
SOFR + 2.56%
652,387 597,941 595,555 595,645 
Property Mortgages - Fixed rateDec 2025 to Jun 2026N/A4.51%23,465 20,154 20,154 20,209 
Term Loans and RevolverNov 2027 to Jan 2030 N/A
SOFR + 2.25%
N/A
(j)
1,783,803 1,583,803 1,452,567 
Total Other Secured Financing2,024,138 5,316,805 3,153,890 2,899,744 
$16,283,706 $22,038,517 12,529,958 11,236,129 
Unamortized net discount(20,134)(19,338)
Unamortized deferred financing costs(71,386)(65,234)
$12,438,438 $11,151,557 
______________________________________________________________________________________________________________________
(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 $2.6 billion as of March 31, 2025 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 $10.9 billion may be increased to $11.3 billion, subject to certain conditions. The $11.3 billion amount includes such upsizes.
(e)Certain facilities with an outstanding balance of $322.2 million as of March 31, 2025 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 $322.4 million as of March 31, 2025 has a weighted average fixed annual interest rate of 3.94%. All other facilities are variable rate with a weighted average rate of SOFR + 2.02%.
(g)Includes: (i) $322.4 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $28.1 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, 2025 of $410.0 million may be increased to $750.0 million, subject to certain conditions.
(i)Certain facilities with an aggregate initial maximum facility size of $639.9 million may be increased to $739.9 million, subject to certain conditions. The $739.9 million amount includes such upsizes.
(j)These facilities are secured by the equity interests in certain of our subsidiaries which totaled $5.8 billion as of March 31, 2025.
Schedule of Collateralized Loan Obligations
The following table is a summary of our CLOs and our SASB as of March 31, 2025 and December 31, 2024 (amounts in thousands):
March 31, 2025CountFace
Amount		Carrying
Value		Weighted
Average Spread		Maturity
STWD 2022-FL3
Collateral assets33$916,341 $920,294 
SOFR + 2.99%
(a)December 2026(b)
Financing1756,961 756,256 
SOFR + 1.95%
(c)November 2038(d)
STWD 2021-HTS
Collateral assets1159,013 159,844 
SOFR + 3.97%
(a)April 2026(b)
Financing1139,104 139,104 
SOFR + 2.98%
(c)April 2034(d)
STWD 2021-FL2
Collateral assets21992,433 1,043,555 
SOFR + 3.27%
(a)December 2026(b)
Financing1819,633 819,633 
SOFR + 1.69%
(c)April 2038(d)
STWD 2019-FL1
Collateral assets7383,740 385,898 
SOFR + 3.42%
(a)September 2026(b)
Financing1220,115 220,115 
SOFR + 2.10%
(c)July 2038(d)
Starwood 2024-SIF4
Collateral assets30581,763 623,028 
SOFR + 3.95%
(a)December 2029(b)
Financing1496,200 493,152 
SOFR + 2.10%
(c)October 2036(d)
STWD 2024-SIF3
Collateral assets30395,865 408,778 
SOFR + 3.98%
(a)August 2029(b)
Financing1330,000 327,737 
SOFR + 2.41%
(c)April 2036(d)
STWD 2021-SIF2
Collateral assets27406,543 514,493 
SOFR + 3.83%
(a)August 2029(b)
Financing1410,000 409,299 
SOFR + 2.11%
(c)January 2033(d)
Total
Collateral assets$3,835,698 $4,055,890 
Financing$3,172,013 $3,165,296 
December 31, 2024CountFace
Amount		Carrying
Value		Weighted
Average Spread		Maturity
STWD 2022-FL3
Collateral assets35$921,139 $927,656 
SOFR + 3.32%
(a)October 2026(b)
Financing1764,223 762,992 
SOFR + 1.94%
(c)November 2038(d)
STWD 2021-HTS
Collateral assets1174,417 175,338 
SOFR + 4.01%
(a)April 2026(b)
Financing1154,508 154,508 
SOFR + 2.81%
(c)April 2034(d)
STWD 2021-FL2
Collateral assets221,047,685 1,053,503 
SOFR + 3.64%
(a)August 2026(b)
Financing1829,137 829,137 
SOFR + 1.68%
(c)April 2038(d)
STWD 2019-FL1
Collateral assets7383,853 385,712 
SOFR + 3.50%
(a)August 2026(b)
Financing1220,228 220,228 
SOFR + 2.10%
(c)July 2038(d)
Starwood 2024-SIF4
Collateral assets33558,707 609,072 
SOFR + 3.95%
(a)June 2029(b)
Financing1496,200 492,936 
SOFR + 2.10%
(c)October 2036(d)
STWD 2024-SIF3
Collateral assets31394,070 410,263 
SOFR + 4.01%
(a)April 2029(b)
Financing1330,000 327,553 
SOFR + 2.41%
(c)April 2036(d)
STWD 2021-SIF2
Collateral assets30500,898 515,425 
SOFR + 3.79%
(a)May 2029(b)
Financing1410,000 409,072 
 SOFR + 2.11%
(c)January 2033(d)
Total
Collateral assets$3,980,769 $4,076,969 
Financing$3,204,296 $3,196,426 
______________________________________________________________________________________________________________________________
(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.
(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
2025 (remainder of)$576,969 $141,539 $442,398 $1,160,906 
20262,654,842 47,531 1,213,782 3,916,155 
20272,467,375 1,161,864 595,967 4,225,206 
20282,645,024 146,998 205,960 2,997,982 
2029942,388 558,595 340,516 1,841,499 
Thereafter89,470 1,097,363 373,390 1,560,223 
Total$9,376,068 $3,153,890 $3,172,013 $15,701,971 
______________________________________________________________________________________________________________________
(a)For the CLOs, the above does not assume utilization of their reinvestment features. The SASB does not have a reinvestment feature.