Secured Financings of Investments in Real Estate Debt

3 Months Ended

Mar. 31, 2025

Disclosure of Repurchase Agreements [Abstract]

Secured Financings of Investments in Real Estate Debt

Secured Financings of Investments in Real Estate Debt

The Company has entered into master repurchase agreements and other financing agreements secured by certain of its investments in real estate debt. The terms of the master repurchase agreements and other financing agreements provide the lenders the ability to determine the size and terms of the financing provided based upon the particular collateral pledged by the Company from time to time, and may require the Company to provide additional collateral in the form of cash, securities, or other assets if the market value of such financed investments declines.

As of March 31, 2025 and December 31, 2024, the Company’s secured financings of investments in real estate debt was $3.8 billion and $3.6 billion, respectively. As of March 31, 2025, the secured financings had a weighted average maturity date of April 22, 2026, and a weighted average interest rate of 1.5% over the relevant floating benchmark rates of the applicable financings, primarily SOFR and similar indices for non-USD facilities.

As of both March 31, 2025 and December 31, 2024, the Company had interest rate swaps outstanding with a notional value of $0.4 billion, that effectively convert a portion of its fixed rate investments in real estate debt to floating rates to mitigate its exposure to potential future interest rate increases under its floating-rate debt. Weighted average interest rate does not include the impact of such interest rate swaps or other derivatives.