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v3.25.4

Secured Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2025
Secured Debt [Abstract] |
Schedule of Secured Financing Agreements | The following table is a summary of our secured financing agreements in place as of December 31, 2025 and 2024 (dollars in thousands):
|  |  |  |  |  |  |  |  |  |  | Outstanding Balance at
| Current Maturity |  | Extended Maturity (a) |  | Weighted Average Coupon |  | Pledged Asset Carrying Value |  | Maximum Facility Size |  | December 31, 2025 |  | December 31, 2024
Repurchase Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Loans | Aug 2026 to May 2031 | (b) | Jun 2029 to Dec 2033 | (b) | Index + 1.83% | (c) | $ | 9,986,198 |  |  | $ | 12,243,159 |  | (d) | $ | 6,048,734 |  |  | $ | 5,137,103 |
Residential Loans | Mar 2026 to Oct 2027 |  | Mar 2026 to Apr 2028 |  | SOFR + 1.65% |  | 2,275,806 |  |  | 3,450,000 |  |  | 1,929,400 |  |  | 2,126,692 |
Infrastructure Loans | Sep 2027 |  | Sep 2029 |  | Index + 2.00% |  | 299,123 |  |  | 650,000 |  |  | 211,651 |  |  | 264,432 |
Conduit Loans | Feb 2026 to Jun 2028 |  | Feb 2027 to Jun 2029 |  | SOFR + 2.15% |  | — |  |  | 375,000 |  |  | — |  |  | 87,061 |
CMBS/RMBS | Jun 2026 to Apr 2032 | (e) | Jul 2026 to Oct 2032 | (e) | (f) |  | 1,255,407 |  |  | 939,978 |  |  | 700,307 |  | (g) | 721,097 |
Total Repurchase Agreements |  |  |  |  |  |  | 13,816,534 |  |  | 17,658,137 |  |  | 8,890,092 |  |  | 8,336,385 |
Other Secured Financing: |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowing Base Facility | Oct 2027 |  | Oct 2029 |  | SOFR + 2.00% |  | 52,855 |  |  | 1,250,000 |  | (h) | 2,000 |  |  | 2,000 |
Commercial Financing Facilities | Dec 2026 to Apr 2030 |  | Jan 2027 to Dec 2033 |  | Index + 1.98% |  | 705,143 |  |  | 978,143 |  | (i) | 480,611 |  |  | 330,081 |
Infrastructure Financing Facilities | Jul 2028 to Oct 2028 |  | Aug 2030 to Jul 2033 |  | SOFR + 1.96% |  | 671,973 |  |  | 1,175,000 |  |  | 515,004 |  |  | 499,242 |
Property Financing | Dec 2025 to Dec 2026 | (j) | Dec 2025 to May 2029 | (j) | SOFR + 2.52% |  | 792,501 |  |  | 1,110,191 |  |  | 622,906 |  | (k) | 615,854 |
Term Loans and Revolver | Nov 2027 to Sep 2032 |  | N/A |  | SOFR + 2.00% |  | N/A | (l) | 2,470,180 |  |  | 2,270,180 |  |  | 1,452,567 |
Total Other Secured Financing |  |  |  |  |  |  | 2,222,472 |  |  | 6,983,514 |  |  | 3,890,701 |  |  | 2,899,744 |
|  |  |  |  |  |  | $ | 16,039,006 |  |  | $ | 24,641,651 |  |  | 12,780,793 |  |  | 11,236,129 |
Unamortized net discount |  |  |  |  |  |  |  |  |  | (19,084) |  |  | (19,338) |
Unamortized deferred financing costs |  |  |  |  |  |  |  |  |  | (82,761) |  |  | (65,234) |
|  |  |  |  |  |  |  |  |  |  | $ | 12,678,948 |  |  | $ | 11,151,557 |
______________________________________________________________________________________________________________________ (a)Subject to certain conditions as defined in the respective facility agreement. (b)For certain facilities, borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions. (c)Certain facilities with an outstanding balance of $2.7 billion as of December 31, 2025 are indexed to EURIBOR, BBSY, SARON, SONIA and STIBOR. The remainder are indexed to SOFR. (d)Certain facilities with an aggregate initial maximum facility size of $11.8 billion may be increased to $12.2 billion, subject to certain conditions. The $12.2 billion amount includes such upsizes. (e)Certain facilities with an outstanding balance of $246.4 million as of December 31, 2025 carry a rolling 6 or 12-month term which may reset monthly or quarterly with the lender's consent. These facilities carry no maximum facility size. (f)Certain facilities with an outstanding balance of $340.5 million as of December 31, 2025 have a weighted average fixed annual interest rate of 4.02%. All other facilities are variable rate with a weighted average rate of SOFR + 1.65%. (g)Includes: (i) $319.5 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $25.8 million outstanding on one of our repurchase facilities that represents the 49% pro rata share owed by a non-controlling partner in a consolidated joint venture (see Note 16). (h)The maximum facility size as of December 31, 2025 of $615.0 million may be increased to $1.3 billion, subject to certain conditions. The $1.3 billion amount includes such upsize. (i)Certain facilities with an aggregate initial maximum facility size of $878.1 million may be increased to $978.1 million, subject to certain conditions. The $978.1 million amount includes such upsizes. (j)In December 2025, a $17.6 million property mortgage loan to a joint venture in which we hold a 75% interest matured. We are in the process of negotiating a maturity extension with the lender. (k)Of the total balance, $115.3 million relates to Fundamental. (l)These facilities are secured by the equity interests in certain of our subsidiaries which totaled $7.7 billion as of December 31, 2025.
Schedule of Collateralized Loan Obligations | The following table is a summary of our securitized financing as of December 31, 2025 and 2024 (amounts in thousands):
December 31, 2025 | Count |  | Face Amount |  | Carrying Value |  | Weighted Average Rate |  |  | Maturity |
STWD 2025-FL4 |  |  |  |  |  |  |  |  |  |  |
Collateral assets | 21 |  | $ | 1,049,200 |  |  | $ | 1,108,352 |  |  | SOFR + 3.19% | (a) |  | July 2029 | (b)
Financing | 1 |  | 968,628 |  |  | 961,078 |  |  | SOFR + 1.85% | (c) |  | December 2042 | (d)
STWD 2022-FL3 |  |  |  |  |  |  |  |  |  |  |
Collateral assets | 23 |  | 662,525 |  |  | 668,530 |  |  | SOFR + 2.99% | (a) |  | April 2027 | (b)
Financing | 1 |  | 505,973 |  |  | 505,973 |  |  | SOFR + 1.82% | (c) |  | November 2038 | (d)
STWD 2021-HTS |  |  |  |  |  |  |  |  |  |  |
Collateral assets | 1 |  | 102,602 |  |  | 103,101 |  |  | SOFR + 3.97% | (a) |  | April 2026 | (b)
Financing | 1 |  | 82,693 |  |  | 82,693 |  |  | SOFR + 3.80% | (c) |  | April 2034 | (d)
STWD 2021-FL2 |  |  |  |  |  |  |  |  |  |  |
Collateral assets | 18 |  | 886,773 |  |  | 896,979 |  |  | SOFR + 3.22% | (a) |  | December 2026 | (b)
Financing | 1 |  | 674,494 |  |  | 674,494 |  |  | SOFR + 1.77% | (c) |  | April 2038 | (d)
Starwood 2025-SIF6 |  |  |  |  |  |  |  |  |  |  |
Collateral assets | 27 |  | 487,404 |  |  | 503,199 |  |  | SOFR + 3.75% | (a) |  | July 2031 | (b)
Financing | 1 |  | 413,500 |  |  | 410,792 |  |  | SOFR + 1.91% | (c) |  | October 2037 | (d)
Starwood 2025-SIF5 |  |  |  |  |  |  |  |  |  |  |
Collateral assets | 29 |  | 444,427 |  |  | 510,441 |  |  | SOFR + 3.64% | (a) |  | February 2031 | (b)
Financing | 1 |  | 413,500 |  |  | 410,945 |  |  | SOFR + 1.94% | (c) |  | April 2037 | (d)
Starwood 2024-SIF4 |  |  |  |  |  |  |  |  |  |  |
Collateral assets | 27 |  | 551,333 |  |  | 612,505 |  |  | SOFR + 3.69% | (a) |  | March 2031 | (b)
Financing | 1 |  | 496,200 |  |  | 493,800 |  |  | SOFR + 2.10% | (c) |  | October 2036 | (d)
STWD 2024-SIF3 |  |  |  |  |  |  |  |  |  |  |
Collateral assets | 27 |  | 354,210 |  |  | 408,594 |  |  | SOFR + 3.78% | (a) |  | November 2030 | (b)
Financing | 1 |  | 330,000 |  |  | 330,000 |  |  | SOFR + 2.41% | (c) |  | April 2036 | (d)
Subtotal - CLOs and SASB |  |  |  |  |  |  |  |  |  |  |
Collateral assets |  |  | 4,538,474 |  |  | 4,811,701 |  |  |  |  |  |  |
Financing |  |  | 3,884,988 |  |  | 3,869,775 |  |  |  |  |  |  |
ABS Financing |  |  |  |  |  |  |  |  |  |  |
Collateral assets | 433 |  | N/A |  | 1,927,934 |  |  | N/A |  |  | N/A |
ABS Master Series | 4 |  | 1,268,328 |  |  | 1,261,678 |  |  | 5.73% | (e) |  | Mar 2028 to Oct 2032 |
Total Securitized Financing |  |  |  |  |  |  |  |  |  |  |
Collateral assets |  |  | $ | 4,538,474 |  |  | $ | 6,739,635 |  |  |  |  |  |  |
Financing |  |  | $ | 5,153,316 |  |  | $ | 5,131,453 |  |  |  |  |  |  |
December 31, 2024 | Count |  | Face Amount |  | Carrying Value |  | Weighted Average Rate |  |  | Maturity |
STWD 2022-FL3 |  |  |  |  |  |  |  |  |  |  |
Collateral assets | 35 |  | $ | 921,139 |  |  | $ | 927,656 |  |  | SOFR + 3.32% | (a) |  | October 2026 | (b)
Financing | 1 |  | 764,223 |  |  | 762,992 |  |  | SOFR + 1.94% | (c) |  | November 2038 | (d)
STWD 2021-HTS |  |  |  |  |  |  |  |  |  |  |
Collateral assets | 1 |  | 174,417 |  |  | 175,338 |  |  | SOFR + 4.01% | (a) |  | April 2026 | (b)
Financing | 1 |  | 154,508 |  |  | 154,508 |  |  | SOFR + 2.81% | (c) |  | April 2034 | (d)
STWD 2021-FL2 |  |  |  |  |  |  |  |  |  |  |
Collateral assets | 22 |  | 1,047,685 |  |  | 1,053,503 |  |  | SOFR + 3.64% | (a) |  | August 2026 | (b)
Financing | 1 |  | 829,137 |  |  | 829,137 |  |  | SOFR + 1.68% | (c) |  | April 2038 | (d)
STWD 2019-FL1 |  |  |  |  |  |  |  |  |  |  |
Collateral assets | 7 |  | 383,853 |  |  | 385,712 |  |  | SOFR + 3.50% | (a) |  | August 2026 | (b)
Financing | 1 |  | 220,228 |  |  | 220,228 |  |  | SOFR + 2.10% | (c) |  | July 2038 | (d)
Starwood 2024-SIF4 |  |  |  |  |  |  |  |  |  |  |
Collateral assets | 33 |  | 558,707 |  |  | 609,072 |  |  | SOFR + 3.95% | (a) |  | June 2029 | (b)
Financing | 1 |  | 496,200 |  |  | 492,936 |  |  | SOFR + 2.10% | (c) |  | October 2036 | (d)
STWD 2024-SIF3 |  |  |  |  |  |  |  |  |  |  |
Collateral assets | 31 |  | 394,070 |  |  | 410,263 |  |  | SOFR + 4.01% | (a) |  | April 2029 | (b)
Financing | 1 |  | 330,000 |  |  | 327,553 |  |  | SOFR + 2.41% | (c) |  | April 2036 | (d)
STWD 2021-SIF2 |  |  |  |  |  |  |  |  |  |  |
Collateral assets | 30 |  | 500,898 |  |  | 515,425 |  |  | SOFR + 3.79% | (a) |  | May 2029 | (b)
Financing | 1 |  | 410,000 |  |  | 409,072 |  |  | SOFR + 2.11% | (c) |  | January 2033 | (d)
Total Securitized Financing |  |  |  |  |  |  |  |  |  |  |
Collateral assets |  |  | $ | 3,980,769 |  |  | $ | 4,076,969 |  |  |  |  |  |  |
Financing |  |  | $ | 3,204,296 |  |  | $ | 3,196,426 |  |  |  |  |  |  |
___________________________________________________________________________________________________________________________________ (a)Represents the weighted-average coupon earned on variable rate loans during the respective year-to-date period and excludes loans for which interest income is not recognized. (b)Represents the weighted-average maturity, assuming the extended contractual maturity of the collateral assets. (c)Represents the weighted-average cost of financing, inclusive of any related deferred issuance costs. (d)Repayments of the CLOs and SASB are tied to timing of the related collateral asset repayments. The term of the CLOs and SASB financing obligations represents the legal final maturity date. (e)Includes: (i) $390.9 million outstanding under ABS Series 2025-1 with a weighted average fixed rate of 5.26%; (ii) $240.3 million outstanding under ABS Series 2024-1 with a weighted average fixed rate of 5.03%; (iii) $313.2 million outstanding under ABS Series 2023-2 with a weighted average fixed rate of 5.89% and (iv) $323.9 million outstanding under ABS Series 2023-1 with a weighted average fixed rate of 6.65%.
Schedule of Five-Year Principal Repayments for Secured Financings | The following table sets forth our principal repayments schedule for secured financings based on the earlier of (i) the extended contractual maturity of each credit facility or (ii) the extended contractual maturity of each of the investments that have been pledged as collateral under the respective credit facility (amounts in thousands):
| Repurchase Agreements |  | Other Secured Financing |  | Securitized Financing (a) |  | Total
2026 | $ | 1,053,645 |  |  | $ | 165,524 |  |  | $ | 1,060,291 |  |  | $ | 2,279,460 |
2027 | 2,358,748 |  |  | 989,142 |  |  | 571,017 |  |  | 3,918,907 |
2028 | 1,489,670 |  |  | 184,734 |  |  | 212,206 |  |  | 1,886,610 |
2029 | 1,075,994 |  |  | 537,198 |  |  | 297,578 |  |  | 1,910,770 |
2030 | 2,775,491 |  |  | 1,211,713 |  |  | 1,066,593 |  |  | 5,053,797 |
Thereafter | 136,544 |  |  | 802,390 |  |  | 1,945,631 |  |  | 2,884,565 |
Total | $ | 8,890,092 |  |  | $ | 3,890,701 |  |  | $ | 5,153,316 |  |  | $ | 17,934,109 |
______________________________________________________________________________________________________________________ (a)For the CLOs, the above does not assume utilization of their reinvestment features. The SASB and ABS financings do not have reinvestment features.

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