Investments in Real Estate Debt (Tables)

12 Months Ended

Dec. 31, 2021

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 December 31, 2021 and 2020 ($ in thousands):

		December 31, 2021
Type of Security/Loan	Number of Positions	Weighted Average Coupon	Weighted Average Maturity Date (1)	Cost Basis		Fair Value
RMBS	50	3.07%	July 9, 2045	$	165,600	$	168,309
CMBS - floating	4	L + 3.46%	July 15, 2038		296,928		295,465
CMBS - fixed	1	6.26%	July 25, 2039		2,522		2,701
Total real estate debt securities	55	3.34%	January 5, 2041		465,050		466,475
Term loan(2)	1	L + 5.35%	February 26, 2026		504,540		487,602
Total investments in real estate debt	56	4.41%	April 8, 2033	$	969,590	$	954,077

			December 31, 2020
Type of Security	Number of Positions		Weighted Average Coupon	Weighted Average Maturity Date (1)	Cost Basis		Fair Value
RMBS	55		3.22%	March 22, 2047	$	213,863	$	215,358
CMBS	1		6.26%	July 25, 2039		3,066		2,867
Total investments in real estate debt		56			$	216,929	$	218,225

^{(1) Weighted average maturity date is based on the fully extended maturity date of the underlying collateral.}

⁽²⁾ On February 26, 2021, the Company provided financing in the form of a term loan to an unaffiliated entity in connection with its acquisition of a premier United Kingdom holiday company. The loan is in the amount of £360 million and has an initial term of five years, with a two-year extension option.

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

	Fair Value
	December 31, 2021		December 31, 2020
CMBS	$	295,465	$	—
Total	$	295,465	$	—