Investments in Real Estate Debt (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Investments [Abstract]

Summary of Investments in Real Estate Debt

The following tables detail the Company’s investments in real estate debt as of September 30, 2023 and December 31, 2022 ($ in thousands):

		September 30, 2023
Type of Security/Loan	Number of Positions	Weighted Average Coupon (1)	Weighted Average Maturity Date (3)	Cost Basis		Fair Value
CMBS - floating	6	B + 4.50%	February 2037	$	255,466	$	250,111
Term loans	2	B + 4.96%	January 2027		1,461,417		1,327,837
Total investments in real estate debt	8	B + 4.89%	July 2028	$	1,716,883	$	1,577,948

		December 31, 2022
Type of Security/Loan	Number of Positions	Weighted Average Coupon (2)	Weighted Average Maturity Date (3)	Cost Basis		Fair Value
CMBS - floating	8	B + 4.18%	May 2037	$	306,026	$	290,807
Term loans	2	B + 4.96%	January 2027		1,461,417		1,366,856
Total investments in real estate debt	10	B + 4.82%	October 2028	$	1,767,443	$	1,657,663

(1)The symbol “B” refers to the relevant benchmark rates, which includes 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)The symbol “B” refers to the relevant benchmark rates, which includes one-month LIBOR, one-month SOFR, three-month BBSY and SONIA as applicable to each security and loan.

(3)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 CMBS 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
	September 30, 2023		December 31, 2022
CMBS	$	250,111	$	290,807
Total	$	250,111	$	290,807