Investments in Real Estate Debt (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Investments [Abstract]

Summary of Investments in Real Estate Debt

The following tables detail the Company’s investments in real estate debt ($ in thousands):

		December 31, 2022
Type of Security/Loan	Number of Positions	Weighted Average Coupon (1)	Weighted Average Maturity Date (2)	Cost Basis		Fair Value
CMBS - floating	8	L + 4.18%	May 2037	$	306,026	$	290,807
Total real estate debt securities	8	L + 4.18%	May 2037		306,026		290,807
Term loans	2	L + 4.96%	January 2027		1,461,417		1,366,856
Total investments in real estate debt	10	L + 4.82%	October 2028	$	1,767,443	$	1,657,663

		December 31, 2021
Type of Security	Number of Positions	Weighted Average Coupon (1)	Weighted Average Maturity Date (2)	Cost Basis		Fair Value
RMBS	50	L + 3.07%	July 2045	$	165,600	$	168,309
CMBS - floating	4	L + 3.46%	July 2038		296,928		295,465
CMBS - fixed	1	6.26%	July 2039		2,522		2,701
Total real estate debt securities	55	L + 3.34%	January 2041		465,050		466,475
Term loan	1	L + 5.35%	February 2026		504,540		487,602
Total investments in real estate debt	56	L + 4.41%	April 2033	$	969,590	$	954,077

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(1)The term “L” refers to the relevant benchmark rates, which includes one-month LIBOR, one-month Secured Overnight Financing Rate (“SOFR”), three-month Bank Bill Swap Bid Rate (“BBSY”) and Sterling Overnight Index Average (“SONIA”) as applicable to each security and loan.

(2)Weighted average maturity date is based on the fully extended maturity date of the underlying collateral.

The Company’s investments in real estate debt include CBMS collateralized by properties owned by Starwood Capital investment vehicles. The following table details the Company’s affiliate investments in real estate debt ($ in thousands):

	Fair Value
	December 31, 2022		December 31, 2021
CMBS	$	290,807	$	295,465
Total	$	290,807	$	295,465