Investments in Real Estate Debt (Tables)

3 Months Ended

Mar. 31, 2022

Summary of Investments in Real Estate Debt

The following tables detail the Company’s investments in real estate debt as of March 31, 2022 and December 31, 2021 ($ in thousands):

			March 31, 2022
Type of Security/Loan	Number of Positions		Weighted Average Coupon⁽¹⁾	Weighted Average Maturity Date ⁽²⁾	Cost Basis		Fair Value
RMBS	49		3.12%	November 7, 2045	$	157,991	$	156,659
CMBS - floating	3		L + 5.31%	March 15, 2035		109,175		109,124
CMBS - floating		4	L + 3.46%	July 15, 2038		296,928		288,942
CMBS - fixed	1		6.26%	July 25, 2039		2,507		2,621
Total real estate securities		57	3.92%	September 19, 2039		566,601		557,346
Term loan ⁽³⁾	1		L + 5.35%	February 26, 2026		504,540		473,994
Total investments in real estate debt		58	4.63%	June 2, 2033	$	1,071,141	$	1,031,340

			December 31, 2021
Type of Security	Number of Positions		Weighted Average Coupon⁽¹⁾	Weighted Average Maturity Date ⁽²⁾	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 ⁽³⁾		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

⁽¹⁾	The term “L” refers to the relevant benchmark rates, which include one-month LIBOR, one-month SOFR and 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.

⁽³⁾

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 loan is pre-payable at the option of the borrower at any time.

The Company’s investments in real estate debt include CMBS 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
	March 31, 2022		December 31, 2021
CMBS	$	398,066	$	295,465
Total	$	398,066	$	295,465